Overstock Results Presentation Deck

Quarterly Gross Margin and Contribution Margin* 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 18.9% 12.1% Q1-15 Q2-15 Q3-15 Q4-15 Gross margin 18.7% 12.1% Q1-16 Q2-16 Q3-16 Contribution margin Non-GAAP - see discussion and reconciliation in our earnings press release Contribution margin = Gross profit less Sales & Marketing expense plus Club O Rewards and Gift Card breakage as a percentage of revenue. overstock.com Q4-16 20.1% 11.6% Q1-17 30

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