Opendoor Market Leadership and Valuation

First offers sent (#) Note: COVID-19: Systems built to react quickly to changing market conditions Paused offers De-risked balance sheet Maintained margins Feb-20 15,192 7,362 Mar-20 Apr-20 Adjusted Gross Margin is a non-GAAP metric, see reconciliation in Appendix 2Q20 is preliminary and subject to change Inventory ($M) $1,019 $172 Adjusted Gross Margin (%) Feb-20 Jul-20 4Q19 5.6% 1Q20 7.1% >6.8% 2Q20 37 37

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