Aurora Investment: Better Overview

Better Real Estate is where Better Mortgage was in 2017, in an equally broken, commission-focused industry Better Plus There were approx. 7.5M real estate transactions in 2020 in the U.S. 1 ✓ Compass has ~4% market share, Redfin has 1% - further demonstrating the huge TAM and massive fragmentation ✓ Massive disruption potential for customer-focused, low- cost, automation driven model 1. Calculated from Redfin 2020 10k 2. Combination of 3rd party referral agent revenue and in-house BRE agents Real Estate Services revenue 3. 4. Revenue = Commission Revenue + Adjacent Services Revenue 5. Zero marketing expense reflects allocation of all CAC to Better's mortgage service, with Better Plus offered as an additional product to Better customers, compared to competitors that principally offer comparable services. Total CAC in 2020 was $80 million and total funded units was 70.3k in 2020. Allocation of CAC is subject to change. 6. Real Estate Services cost of revenue 7. Commissions and other related expense + operations and support expense. Market data per FactSet as of 5/7/21. Better All #s for FY 2020 Business Model # Transactions Better Real Estate Customer- Focused Real Estate REDFIN COMPASS Transaction Focused Agent Focused 2.4k 75.8k 144.7k Transaction Revenue $5.1M² $651.2M3 $3,720.8M4 Average Revenue per Transaction $2,136 $8,591 $25,699 Marketing Expense $05 $54.8M $407.9M Marketing Expense $05 $724 $2,817 per Transaction Fulfillment Expense $1.5M $417.1M6 $3,282.0M7 Fulfillment Expense per Transaction $645 $5,503 $22,668 Total Expense per Transaction $645 $6,227 $25,486 2021-2023 Revenue CAGR 304% n.a. 29% Market Cap $5.9B $6.3B 33

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