Better Home & Finance Holding Company · NASDAQ:BETR
Better Home & Finance — Proxy Contest (September 2026)
34 slides from Better Home & Finance's proxy contest presentation, September 2026
Slide 1: Better Has a Brighter Future Under New Leadership
Better Home & Finance SaveBETR: Better Has a Brighter Future Under New Leadership September 2026
Slide 2: Executive Summary
Executive Summary The Special Committee unanimously recommends that shareholders disregard any green consent cards received from Mr. Garg 1 2 3 4 Better Is Executing Mr. Garg Has a Poor Mr. Garg’s Campaign Is Mr. Garg Is Seeking to a Plan to Deliver Track Record as a Self-Serving and Remove Valuable
Slide 3: Better Has a Brighter Future Under New Leadership
1 Better Has a Brighter Future Under New Leadership Our strategy: use Better’s leading technology and products to access distribution at structurally lower customer acquisition costs • Maintain one standardized platform across partners, rather than developing a separate build for every partner relat
Slide 4: Our Old Partnership Model Was Suboptimal, But Correctable
1 Our Old Partnership Model Was Suboptimal, But Correctable The opportunity in housing finance is not the problem; our execution under Mr. Garg’s leadership consistently fell short • In the last two years, two partnerships generated less than $30,000 in combined revenue; another two partnerships gen
Slide 5: A Better Partnership Model
1 A Better Partnership Model By changing how we approach partnerships, we believe we can realize significantly greater value from these relationships Go to where the customers Target partners with large existing customer bases with a reason to rapidly drive adoption already are Model revenue potenti
Slide 6: Our Operational Focus
1 Our Operational Focus Three priorities for our next phase of execution, underpinned by simplified operations Partner-led distribution across consumer platforms, wholesale brokers and Distribution NEO. Winning on manufacturing efficiency, not acquisition spend. Aggressive HELOC investment with diff
Slide 7: Powered by Tinman, Our Proprietary AI Mortgage Platform
1 Powered by Tinman®, Our Proprietary AI Mortgage Platform Customer Experience Tinman® Operational Excellence ▪ Tinman® AI drives better, ▪ Tinman® AI triangulates Point faster , and cheaper CRM consumer attributes, of Sale customer experience property attributes, and unique investor criteria ▪ Cust
Slide 8: Our Strategy in Action: Wholesale, Powered by TinmanGo
1 Our Strategy in Action: Wholesale, Powered by TinmanGo D2C shows us what consumers want; NEO shows us what loan officers need; TinmanGo brings those insights together and allows us to target a significant revenue opportunity Built from Better’s Apply Better’s digital consumer experience, automatio
Slide 9: Light Balance Sheet and Low-Risk Funding Model
Light Balance Sheet and Low-Risk Funding Model, Attracting New 1 Mortgage Investors Assets matchedto identified Assets acquiredby Better’s funding at origination,aligning to the network of third-party investors criteria of institutional investors Streamlined, tech-enabled Strong andgrowing instituti
Slide 10: Vishal Garg, Former CEO, Is Seeking to Take the Company Backward
Despite Our Momentum, Vishal Garg, Better’s Former CEO, Is Seeking to Take the Company Backward Who • Vishal Garg, Better’s founder and former CEO, who remains on the Board Is Running this • The Board, other than Mr. Garg, unanimously voted to remove Mr. Garg from his executive duties on August Cons
Slide 11: What Is Vishal Garg's Consent Solicitation About?
What Is Vishal Garg’s Consent Solicitation About? During his decade-long tenure as CEO of Better, Vishal Garg: Destroyed more than $7 billion of shareholder value;1 Presided over more than $2 billion in cumulative net losses; Repeatedly failed to deliver on his own commitments and financial ta
Slide 12: Mr. Garg Destroyed More Than $7 Billion of Value
Mr. Garg Destroyed More Than $7 Billion of Value in the Transition from 2 Private to Public Markets By the end of Mr. Garg’s tenure, Better’s equity valuation was just a fraction of what it was before the Company went public Better Equity Value ($B) $7.7 -93% $0.5 Peak Private Market Implied Post-Mo
Slide 13: Better Underperformed on a TSR Basis During Mr. Garg's Tenure
2 Better Underperformed on a TSR Basis During Mr. Garg’s Tenure Better lost more than 90% of its value as a public company during Mr. Garg’s tenure, much of which was lost shortly following the de-SPAC Total Shareholder Return During Mr. Garg’s Tenure 93% 66% (5%) (32%) (97%) Mortgage Originators Mo
Slide 14: Mr. Garg Has the Worst Track Record Among His Peers
2 Mr. Garg Has the Worst Track Record Among His Peers The annualized total shareholder returns Mr. Garg generated during his tenure were the lowest among mortgage CEOs Annualized Total Shareholder Return During CEO's Tenure 18% 13% 11% (7%) (17%) (32%) (36%) (36%) (37%) (83%) Source: Bloomberg. Data
Slide 15: Better Accumulated Billions in Net Losses Under Mr. Garg
2 Better Accumulated Billions in Net Losses Under Mr. Garg Despite Mr. Garg’s promises, profitability has been elusive, and Better has had 21 consecutive quarters of net losses Cumulative Net Loss ($B) Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2
Slide 16: Mr. Garg Has a Long History of Failing to Deliver
2 Mr. Garg Has a Long History of Failing to Deliver on His Commitments Mr. Garg missed the long-term targets he set when the Company was preparing to go public—by an extraordinary margin 2023 2023 2023 Total Expenses for Net Revenue ($M) Adjusted EBITDA ($M) Adjusted Net Income ($M) 9M Ending 9/30/2
Slide 17: Mr. Garg Continues to Miss Important Milestones
2 Mr. Garg Continues to Miss Important Milestones Mr. Garg missed his monthly loan volume target in Q2’26, which contributed to a significant decline in Better’s stock price Monthly Loan Volume ($M) $1,000 -44% $556 Mr. Garg's Target Q2'26 Average for May 2026 Monthly Loan Volume "We're already paci
Slide 18: Mr. Garg Was the Poster Child for Bad Bosses
2 Mr. Garg Was the “Poster Child for Bad Bosses”1 During His Tenure Mr. Garg’s “vulgar rants and public outbursts,”1 including one where he called employees “dumb dolphins,” were widely reported • On November 20, 2020, Forbes published a profile of Mr. Garg detailing his “volatile”2 leadership and “
Slide 19: Mr. Garg Gained International Notoriety for His Behavior
2 Mr. Garg Gained International Notoriety for His Behavior Mr. Garg’s termination of 900 Better employees on a Zoom call went viral and earned the Company unwanted publicity • On December 1, 2021, Mr. Garg held a Zoom call during which he laid off more than 900 employees, approximately 10% of Better
Slide 20: Mr. Garg Is Described by Employees in Unflattering Terms
2 Mr. Garg Is Described by Employees in Unflattering Terms Employee reviews of Mr. Garg portray him as a constant source of dysfunction and cultural deterioration “Toxic”1 “Chaotic “2 “Nut Case”3 “Abrasive”4 “Insecure”5 “Arrogant”5 “Unprofessional”6 “Profane”6 “An issue”7 “A toddler”8 “Narcissist”9
Slide 21: Mr. Garg Lost Credibility with Better Employees
2 Mr. Garg Lost Credibility with Better Employees Mr. Garg has one of the lowest Glassdoor approval ratings of any CEO of a publicly traded financial services company Glassdoor Approval Rating of All CEOs in the Russell 3000 Financial Services Index 100% With an approval rating of just 29%, Mr. Garg
Slide 22: We Believe Mr. Garg Violated Federal Securities Laws
3 We Believe Mr. Garg Violated Federal Securities Laws • We believe Mr. Garg is acting together with a self-proclaimed “group” of investors in an effort Coordinated with an to gain abrupt control of Better without paying a control premium A Undisclosed ”Group” of • However, Mr. Garg has not properly
Slide 23: The Special Committee Members Are Accomplished and Dedicated
4 The Special Committee Members Are Accomplished and Dedicated Michael Farello Hugh Frater Daniel Lewis Director Since 2023 | Age 61 Director Since 2026 | Age 71 Director Since 2026 | Age 51 • Managing Partner of L Catterton, a PE firm • Former CEO of Federal National Mortgage • Interim CEO of Bette
Slide 24: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Appendix
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report Adjusted Net Loss and Adjusted EBITDA, which are financial measures not prepared in accordance with generally accepted accounting principles (“non-GAAP”) that we use to supplement our financial results presented in accordance with GAAP. These non-GAAP financial
Slide 26: Non-GAAP Financial Measures (Continued)
Non-GAAP Financial Measures (Continued) Further, although we use these non-GAAP measures to assess the financial performance of our business, these measures have limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis of our financial results as
Slide 27: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Net Loss to Adjusted Net Loss Year Ended December 31, (Amounts in millions) 2023 Adjusted Net Loss Net loss (GAAP) ($536.4) Stock-based compensation expense1 54.1 Change in fair value of warrants2 0.5 Change in fair value of preferred stock warrants2 (0.3) Change
Slide 28: Reconciliation of Non-GAAP Measures (Continued)
Reconciliation of Non-GAAP Measures (Continued) Net Loss to Adjusted EBITDA Year Ended December 31, (Amounts in millions) 2023 Adjusted EBITDA Net loss (GAAP) ($536.4) Income tax expense 2.0 Depreciation and amortization expense5 42.9 Stock-based compensation expense1 54.1 Interest and amortization
Slide 29: Important Information
Important Information Appendix
Slide 30: Important Information
Important Information Forward-Looking Statements and Risk Factors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts should be considered forward-
Slide 31: Important Information (Continued)
Important Information (Continued) Important Additional Information and Where to Find It The Company has filed a consent revocation statement and accompanying statement and accompanying WHITE consent revocation card, and other relevant documents with the SEC in opposition to the solicitation of writt
Slide 32: Appendix: Glassdoor Citations
Appendix: Glassdoor Citations Section Seven 32
Slide 33: Glassdoor Citations (from Page 20)
Glassdoor Citations (from Page 20) 1. Senior Product Manager, May 8, 2026. 17. Loan Consultant, February 6, 2023. 2. Anonymous Employee, June 2, 2026. 18. Loan Processor, February 2, 2023. 3. Product Manager, February 9, 2026. 19. Anonymous Employee, November 28, 2022. 4. Coordinator, February 25, 2
Slide 34: Investor Contact
Investor Contact John Ferguson / Mike Coronato Saratoga Proxy Consulting LLC (212) 257-1311 / (888) 368-0379 info@saratogaproxy.com
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