Opendoor Investor Presentation Deck

Improving unit economics driven by 240bps of structural margin improvements Reduction in resale costs from improvements in holding costs and buyer broker commissions Lower acquisition transaction costs, offset by services via improved processes for home inspections and repair scoping, offset by growing services attach Limited contribution from increasing spreads with HPA as minor driver of margin improvement Note: All metrics presented are non-GAAP, see reconciliation in Appendix Bridge of Contribution Margin improvements as % of revenue 3.5% 63bps 99bps 141bps 240 bps of structural improvements via cost reductions and services 2018 Acq txn costs, Contribution Margin (resale gain & fee) net repairs & services Spread Holding & resale txn costs 6.5% 2021 Contribution Margin 27

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