and build them once—but build them much better. When our point-SaaS competitors build things like reports and analytics, permissions, work昀氀ow automations, approvals, and more, they bolt it on as an afterthought. We go 100x deeper on these concepts because we’re building them for 30 different products instead of just one. No single point-SaaS competitor can afford to compete with our investment in these shared platform capabilities. 4. Composed of common UX patterns. Our customers only have to learn one set of UX patterns. If they learn how to create reports or build work昀氀ows in Rippling or take the time to learn the Rippling query language (RQL), they will have superpowers in any product that they buy from Rippling. Those superpowers will not exist for them if they buy products outside of Rippling. As a result, buyers who invest in Rippling have incentives to single-source software from us. 5. Bundled pricing and contracting. Rippling has important pricing advantages over point-SaaS competitors because we can optimize the cost of our software bundle rather than the price of any one SKU. This last one is a potent and unappreciated disadvantage of point-SaaS companies. Because point-SaaS companies can amortize sales and marketing and R&D costs over only a single SKU, they will increasingly be at a pricing disadvantage to compound companies like Rippling. And clients that choose to buy artisanal point-SaaS products will increasingly pay a penalty for doing so. This is not just a pitch for Rippling. It’s a prediction of how software will be built in the future and how the B2B software industry will evolve over the next decade. Until 15 years ago, most business software was purchased from a small number of megalopoly business software vendors, companies like SAP, Oracle, and Microsoft. Because these vendors were poorly positioned to rebuild their technology as cloud software, the shift to the cloud created a moment-in-time opportunity for focused competitors to peel off speci昀椀c features and products from these mega-vendors and turn them into standalone, point-SaaS companies. But as the cloud software ecosystem matures and the underlying delivery mechanisms like “cloud” and “mobile” grow 昀椀rmer roots, the overwhelming

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