Opendoor Investor Presentation Deck

Illustrative: we have a path to Adjusted Net Income breakeven at steady state run-rate of $10B of revenue Avg. Home Price ($) # of Homes Acquired and Sold / month Revenue Contribution Margin Adj. Operating Expenses Net Interest Expense Adj. Net Income P&L ($M): $10,000 $600-700 $(500-400) $(200) $0 $10B Steady State Run-Rate $ per Home Sold $375,000 $22,500-26,250 $(18,750-15,000) $(7,500) $0 $375,000 ~2,200 % of Revenue: 6-7% (5-4)% (2)% (1)-1% Assumes higher end of annual contribution margin target range 1 | | Assumes lower end of net interest expense range Path to positive ANI Annualized Revenue Contribution Margin Adj. Operating Expenses Net Interest Expense Adj. Net Income breakeven $10B 5-7% 4-5% 2-3% 33

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