Aurora Investment: Better Overview

Building the leading integrated homeownership platform Better Plus ✓ We are seeking to aggressively grow our non-mortgage revenue by blitz-scaling our Better Plus businesses ✓ We are just getting started in these businesses today, and are well positioned to capture market share because of our strong customer value proposition, low-cost structure, and zero-CAC model ✓ Better Plus growth rates exceed peers' and we believe our integrated platform value proposition support greater value than standalone peers 1. Zero marketing expense reflects allocation of all CAC to Better's mortgage service, with Better Plus offered as an additional product to Better customers, compared to competitors that principally offer comparable services. Total CAC in 2020 was $80 million and total funded units was 70.3k in 2020. Allocation of CAC is subject to change. 2. Retained premiums and fees. 3. Better HOI revenue reported as NPV revenue, or value of the policy over the avg life discounted at Better's estimated cost of capital. 4. $333mm of total written premiums divided by $1,200 average premium. 5. Total earned premiums. 6. Average premium per policy. 7. Total earned premiums * FY 2020 loss ratio of 121%. 8. Average premium per policy * FY 2020 loss ratio of 121%. 9. Pro forma for pending de-SPAC. Market data per FactSet as of 5/7/21. Better All #s for FY 2020 Title HOI Better Settlement doma Better Hippo Cover Services Business Model Customer Focused Partner Focused Customer Focused Customer Focused # Transactions 32.4k 92.4k 2.6k 277.5k4 Transaction Revenue $33.7M $189.7M² $1.4M³ $299.0M5 Average Revenue per Transaction $1,039 $2,053 $537 $1,2006 Marketing Expense $01 $34.5M $01 n.a. Marketing Expense per Transaction $01 $373 $01 n.a. Fulfillment Expense $22.1M $98.0M $0.8M $361.8M7 Fulfillment Expense Per Transaction $681 $1,061 $304 $1,4528 Total Expense per $681 $1,434 $304 $1,452+ Transaction 2021-2023 Revenue 121% 43% 303% 80% CAGR Market Cap $3.5B⁹ $6.2B⁹ 32 32

View entire presentation