Investor Presentaiton

We have proven, positive unit economics 1Q20 Margin Performance Note: 7.3% (2.6%) (0.7%) $11K/home $8K/home $8K/home 4.0% $5K/home 3.0% 3.1% 1.9% Adjusted Gross Margin Selling Costs Holding Costs Contribution Margin Contribution Margin After Interest Contribution Margin Contribution Margin After Interest Phoenix All metrics presented are non-GAAP, see reconciliation in Appendix for TotalCo. Phoenix market metrics use same methodology as total company equivalents TotalCo 31

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