Better Home & Finance Holding Company · NASDAQ:BETR
Better Home & Finance — Proxy Contest (September 2026)
22 slides from Better Home & Finance's proxy contest presentation, Sep 10, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION
Slide 2: Better's Future Requires Experienced, Accountable Leadership
Garg Group Better’s Future Requires Experienced, Accountable Leadership Investor Presentation September 2026 Restore accountable governance. Preserve operating momentum. Put the right people in the right roles. DISCUSSION MATERIALS
Slide 3: The choice is not "old Better" versus "new Better"
THE CHOICE BEFORE STOCKHOLDERS The choice is not “old Better” versus “new Better” Succession Planning Trajectory A 12-year mortgage / fintech operator was replaced by an interim Better was showing measurable operating improvement CEO without relevant operating experience. immediately before August 3
Slide 4: Two resolutions and a deliberately limited legal effect
WHAT STOCKHOLDERS ARE ACTUALLY VOTING ON Two resolutions — and a deliberately limited legal effect 1 | Bylaw Restoration Proposal 2 | Removal Proposal Preserve the pre-solicitation bylaws against intervening Board Remove Daniel Lewis, Harit Talwar, Arnaud Massenet, Bhaskar amendments. Better has ack
Slide 5: Removal is the legal action. A defined governance plan follows.
POST-CONSENT GOVERNANCE & LEADERSHIP Removal is the legal action. A defined governance plan follows. The Garg Group is seeking to remove directors via the consent solicitation; it does not appoint a CEO or replacement directors. These are the actions Garg will advocate after the consents are effecti
Slide 6: If successful, the remaining directors would move quickly to refresh the Board
INITIAL BOARD SLATE TO INCLUDE HIGHLY QUALIFIED INDEPENDENT DIRECTORS If successful, the remaining directors would move quickly to refresh the Board with highly qualified directors HOW THE COMPANY HAS TIED OUR HANDS WHAT WE HAVE DONE — AND WHAT HAPPENS NEXT Public criticism “ Preliminary outreach co
Slide 7: We believe Better installed an interim CEO without the operating experience Better's model demands
LEADERSHIP FIT MATTERS We believe Better installed an interim CEO without the operating experience Better’s model demands LEWIS BACKGROUND DESCRIBED BY BETTER OPERATES ACROSS BETTER Mortgage lending Consumer finance Fintech Experience: Activist investing / hedge funds Capital markets & AI / technolo
Slide 8: Recent conduct vs. current narrative
RECENT CONDUCT VS. CURRENT NARRATIVE Mar. Apr. May 21 Aug. 3 99.53% stockholder “Critical” to operations Board recommends Performance award >$15M continuing role support; ISS & GL FOR Abrupt CEO removal / strategy FOR reelection under consideration offered as director If the historical record made G
Slide 9: We believe the August 3 CEO transition was abrupt, unplanned, and unnecessarily disruptive
WHAT HAPPENED IN REAL TIME We believe the August 3 CEO transition was abrupt, unplanned, and unnecessarily disruptive Within minutes Before public Same afternoon announcement No advance notice Systems cut off No orderly handoff External confusion Garg was told in the middle of the Email, laptop and
Slide 10: The consequences of that disorderly transition were immediate
MARKET & STAKEHOLDER REACTION The consequences of that disorderly transition were immediate AUG 3 CLOSE AUG 4 CLOSE one-day repricing immediately after the announcement. At its peak, the stock lost nearly 60% of its value since August 3. The initial market reaction preceded the Garg Group’s consent
Slide 11: Leadership attrition
LEADERSHIP ATTRITION Two executives departed two days apart during Lewis’s first month as interim CEO SEPT 2 SEPT 4 CHAD M. SMITH BARRY FEIERSTEIN President, Better Mortgage Corporation Chief Operating Officer Employment ended by mutual agreement, Mutual Separation Agreement effective effective Sept
Slide 12: A single "track record" number compresses fundamentally different periods
CONTEXT FOR BETTER’S AGGREGATE LOSS STATISTICS A single “track record” number compresses fundamentally different periods –23 – Peak private Mortgage / refi Restructuring + AI Public market cap valuation downturn transformation Different business / market $7.7B post-money Industry-wide dislocation co
Slide 13: Mortgage-sector pressure provides important context for Better's stock-price performance
PUBLIC MARKET CONTEXT Mortgage-sector pressure provides important context for Better’s stock-price performance -Year Treasury Yield (TNX) ~4.85% ~4.0% -year yield created a tougher backdrop for mortgage and housing stocks. Two of three public mortgage peers declined more than Better over this period
Slide 14: Operating trajectory
OPERATING TRAJECTORY results FUNDED LOAN VOLUME OPERATING EXPENSE / FUNDED VOLUME CONTRIBUTION MARGIN 2.5× more than halved 5 quarters Q1’24 Q2’26 Q1’25 Q1’26 +14% loan units +15% revenue Q2 2026 quarter-over-quarter, despite a worsening mortgage backdrop Garg Group | Discussion Materials 13
Slide 15: Better's August strategy presentation largely validates the direction already underway
STRATEGY CONTINUITY Better’s August 31 strategy presentation largely validates the direction already underway BEFORE AUGUST 3 BETTER — Tinman / AI platform Build around Tinman Partner-led distribution Drive partner-led distribution HELOC / higher-margin channels Lead with HELOC Cost transformation /
Slide 16: The incidents Better highlights are years old and were fully known to this Board
The incidents Better highlights are years old — and were fully known to this Board – KNOWN TO THE BOARD -looking question The highly publicized employee-conduct and The Board knew those events for years — What succession plan best serves Better now? Zoom-layoff episodes were regrettable. yet in 2026
Slide 17: Current, named stakeholders provide a different perspective
FIRSTHAND VOICES MATTER Current, named stakeholders provide a different perspective from historical anecdotes and anonymous reviews CURRENT NAMED FIRSTHAND People with direct knowledge of Better’s Stockholder declarants have put their Employees with particularly relevant on technology, operations an
Slide 18: How Lewis came to lead Better raises a separate Board-judgment question
PROCESS MATTERS AS MUCH AS RÉSUMÉ How Lewis came to lead Better raises a separate Board-judgment question Jul. 27 | Board seat Aug. 3 | Interim CEO Lewis begins contacting Vishal as an Lewis proposes sweeping Still believing he can be a useful Seven days later, the Board removes engaged stockholder
Slide 19: The removal case is about judgment and accountability, not impressive résumés
WHY THESE FIVE DIRECTORS The removal case is about judgment and accountability — not impressive résumés Primary basis for removal Abrupt CEO removal • no orderly handoff • unqualified interim successor • defensive governance response Harit Arnaud Bhaskar Prabhu Daniel Talwar Massenet Menon Narasimha
Slide 20: Stockholders have the information needed to decide the governance question on the merits
DISCLOSURE & LITIGATION CONTEXT Stockholders have the information needed to decide the governance question on the merits 1 | CORRECTED 2 | DISCLOSED 3 | DECIDE The initial voting-power error was disclosed Better’s federal securities-law allegations The question for stockholders is which and correcte
Slide 21: A better succession model for Better's next chapter
A better succession model for Better’s next chapter Put the right people in the right roles. PERMANENT CEO VISHAL BOARD Daversa Partners — Day 1 Product / innovation / Tinman Strong independent majority Fintech + credit + AI Strategic partnerships Relevant operating expertise Goal: in place within 9
Slide 22: Disclaimer
Disclaimer The materials contained herein (the “Materials”) represent the opinions of Vishal Garg and The Materials contain forward-looking statements. All statements contained herein that are the other participants named in its proxy solicitation (collectively, “the Garg Group” or “we”) not clearly
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