#1Blend Labs, Inc. Deutsche Bank Technology Conference September 2021 blend#2Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Blend's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "could," "would," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Blend's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this presentation include, but are not limited to, statements regarding Blend's financial condition and operating performance, including its outlook, market size and growth opportunities, competitive positions, and strategic relationships. If any of the risks or uncertainties related to the forward-looking statements develop or if any of the assumptions related to the forward-looking statements prove incorrect, actual results could differ materially from those projected, expressed, or implied by our forward-looking statements. The forward-looking statements contained in this presentation are also subject to other risks and uncertainties, including those more fully described in Blend's filings with the Securities and Exchange Commission, including its prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 16, 2021, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 that will be filed following this presentation. All forward-looking statements in this presentation are based on information available to Blend and assumptions and beliefs as of the date hereof, and Blend disclaims any obligation to update any forward-looking statements, except as required by law. In addition to financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation includes certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP operating expenses, non-GAAP loss from operations, and non-GAAP net loss. These non-GAAP financial measures adjust the related GAAP financial measures to exclude non-cash stock-based compensation and warrant amortization expense, amortization of acquired intangible assets, non-recurring acquisition-related costs, and non-recurring income tax expenses or benefits related to acquisitions. These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. Blend's management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP financial measures, in evaluating Blend's ongoing operational performance and trends, in allowing for greater transparency with respect to measures used by Blend's management in their financial and operational decision making, and in comparing Blend's results of operations with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items excluded from, or included in, these non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. In addition, other companies may utilize metrics that are not similar to Blend's. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in Blend's financial statements. Please see the reconciliation tables at the end of this presentation for the reconciliation of GAAP and non-GAAP results. Management encourages investors and others to review Blend's financial information in its entirety and not rely on a single financial measure. This presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on Blend's internal sources. This information involves many assumptions and limi ns, and you are cautioned not to give undue weight to such information. Blend has not indep endent verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, Blend makes no representations as to the accuracy or completeness of that information nor does Blend undertake to update such information after the date of this presentation.#3Our vision: Bring simplicity and transparency to financial services Emblem Your money is on the way! P 1 blend#4The future of banking - Proactive Personalized Data-driven Emblem Good morning, Bailey! Based on your updated financial goals, we think you might be interested in a few great offers: Borrowing Protecting $50,000 $1,000,000 Homebuying Power Shop for more home with increased buying potential on a new mortgage. Saving $830,500 $1,000,000 Generate and send offer Investing Spending $50,000 Home Improvements Increase the value of your current home with a home equity line of credit. $250,000 $190,500 $1,000,000 Access HELOC funds blend#5Our software platform is designed to power end-to-end journeys for any banking product Truist Wells Fargo Mountain America Credit Union Mr. Cooper U.S. Bank BMO Harris Bank KeyBank M&T Bank Elements Financial Opendoor PRMI Lennar Mortgage PennyMac VJ Application Closing Verification Settlement Stipulations Product Selection Pre-approval Pricing blend#6Massive market opportunity Serviceable Addressable Market $33B+ 2020 North America home financing and consumer banking transactions VJ 3 $308M 2020 pro-forma revenue $72B 2020 global enterprise spend on software in the banking industry ₁ $19B 2020 Title insurance premiums 2 $106B 2020 Home insurance premiums 3 $124B 2020 Realty commissions 4 1.Gartner, Forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2019-2025, 1021 Update, March 2021. The Gartner content described herein, or the Gartner Content, representis) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc., or Gartner, and are not representations of fact. Gartner Content speaks as of its original publication date (and not as of the date of this prospectus) and the opinions expressed in the Gartner Content are subject to change without notice. 2. American Land Title Association, Preliminary Comparative 2020 vs 2019 Family Company Survey 3. IBISWorld Inc., Homeowners' Insurance, Worth the risk: growth in housing starts and homeownership rate will boost industry revenue, March 2020. 4. Based on data from the National Association of Realtors, EffectiveAgents.com, and the Louis Federal Reserve. blend#7Blend Overview □ Cloud-based software platform Our products make the process of getting a loan or opening a deposit account simpler, faster, and more secure Flexible, modular architecture We enable the rapid creation of new products through our modular architecture and low-code design tools Integrated marketplaces Through our products, we connect consumers to service providers at the precise moment of need Powerful network effects Our scale attracts an extensive ecosystem of partners, who integrate via our APIs, help us deliver value, and accelerate our growth $33B Serviceable addressable market <15% Effective market share of mortgage industry volumes * 51% YoY banking transaction volume growth 46% YoY increase in Blend platform revenues blend * Based on management's estimates.#8Our growth vectors +Products +Transactions Breadth Market Share Depth +Marketplaces blend#9Customer wins 1 - 3+ quarters Mr. Cooper Signed Mortgage, title, and close KeyBank Mortgage Bilt Credit card BECU Consumer banking 32 of the top 100 U.S. financial services firms are now Blend customers In deployment KeyBank Consumer banking suite $ Live 28 of the top 100 U.S. non-bank mortgage lenders are now Blend customers Fairway Independent Mortgage Mortgage as of June 30, 2021 Growth BMO Harris Bank *Note this is a selection of customers at each stage of our onboarding process, and does not account for all customers at each stage as of Q2 2021. Personal loans blend#10Q2 2021 Highlights Blend Platform Banking Transactions* 344K Q2 2020 51% YoY increase 520K Q2 2021 Total Platform Revenue $21.9M Q2 2020 46% YOY increase $32.1M Q2 2021 Non-GAAP Gross Profit $13.3M Q2 2020 50% YoY increase $19.9M Q2 2021 * Note that we also generate a small percentage of banking transactions under enterprise license agreements with certain customers that are not included in our reported transaction volume. blend#11Appendix blend#12Reconciliation of GAAP to Non-GAAP Measures $ in thousands GAAP gross profit Non-GAAP expenses: Stock-based compensation Non-GAAP gross profit GAAP operating expenses Non-GAAP expenses: Stock-based compensation and amortization of warrant Acquisition-related expenses Non-GAAP operating expenses Q ended June 30, 2021 $19,702 157 $19,859 $59,336 6,495 6,635 $46,206 Q ended June 30, 2020 $13,255 18 $13,273 $34,062 3,462 966 $29,634 YTD June 30, 2021 $40,717 215 $40,932 $107,558 10,626 10,842 $86,090 YTD June 30, 2020 $21,500 37 $21,537 $65,391 6,759 967 $57,665 blend#13Cash overview Cash, cash equivalents, and marketable securities as of June 30, 2021 IPO proceeds, including overallotment, net of underwriters' discounts and commissions Debt proceeds, net of issuance costs Title365 purchase consideration Pro forma cash $453,685 377,127 219,380 (420,216) $629,976 blend#14Share count outlook (in thousands) Estimated weighted average shares used in calculating net loss per share (basic and diluted) Estimated outstanding common shares as of period-end Quarter ended September 30, 2021 198,962 YTD September 30, 2021 99,188 September 30, 2021 231,651 Quarter ended December 31, 2021 234,267 YTD December 31, 2021 133,235 December 31, 2021 243,104 blend