Investor Presentaiton

Contribution Margin per home by market (1Q20) The vast majority of our markets are CM positive Note: $11K / home 4.0% Phoenix All metrics presented are non-GAAP, see reconciliation in Appendix. Based on 1Q20 performance for 19 markets. Excludes ramping markets with fewer than 50 Resale Closes in 1Q20 $8K /home TotalCo Contribution Margin 90% of markets are CM positive 32 32

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