Opendoor Market Leadership and Valuation

Investment summary Massive, fragmented market $1.6T Existing home sales 70 Customer NPS <1% Online penetration 34% Real seller conversion Superior consumer experience Market leader with low cost platform. Rapid growth and scale Strong unit economics Significant upside via market and services expansion 12x More efficient 40%+ Scale cost savings $4.7B 2019 revenue 3.1% 1Q20 Contribution Margin 150%+ CAGR (2017-19) 90% % of markets with +CM +3% 100+ Market opportunity Additional service margin 41

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