Opendoor Market Leadership and Valuation

Long-term margin targets Metric 2018 2019 1Q20 Long-Term Target 7-9% Total Contribution Margin 3.5% 1.9% 3.1% ($20K/home)" • Contribution Margin After Interest 2.4% 0.6% 1.9% 6 - 8% ($17.5K/home)" (1) Adjusted EBITDA Margin (7.1%) (4.6%) (2.3%) 4 - 6% • Note: (1) Assumes home sale price of $250K All metrics presented are non-GAAP, see reconciliation in Appendix • Key Drivers • Maturation of existing, launched markets Continuing optimization of cost structure Penetration of high margin services. Assumes 100bps of steady-state interest expense Flow-through from improving contribution Leverage on operations, marketing and fixed operating costs 40

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