Sequoia Capital Market Presentation Deck

HOME PRICES GREW SUBSTANTIALLY ABOVE MEAN U.S. real home price index 250- 200- 150- 100- 50- 1900-1929 -1.2% annualized 1930 - 1997 0.7% annualized Source: Robert Shiller 1998-2006 8.0% annualized 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2007

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