#1Opendoor#2Disclaimer Confidentiality and Disclosures This presentation has been prepared for use by Social Capital Hedosophia Holdings Corp. II ("Social Capital") and Opendoor Labs Inc. ("Opendoor") in connection with their proposed business combination. This presentation is for information purposes only and is being provided to you solely in your capacity as a potential investor in considering an investment in Social Capital and may not be reproduced or redistributed, in whole or in part, without the prior written consent of Social Capital and Opendoor. Neither Social Capital nor Opendoor makes any representation or warranty as to the accuracy or completeness of the information contained in this presentation. This presentation is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Social Capital and is not intended to form the basis of any investment decision in Social Capital. You should consult your own legal, regulatory, tax, business, financial and accounting advisors to the extent you deem necessary, and must make your own investment decision and perform your own independent investigation and analysis of an investment in Social Capital and the transactions contemplated in this presentation. This presentation shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Forward-Looking Statements Certain statements in this presentation may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding Social Capital's or Opendoor's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of Social Capital's registration statement on Form S-1, the proxy statement/prospectus on Form S-4 relating to the business combination, which is expected to be filed by Social Capital with the Securities and Exchange Commission (the "SEC") and other documents filed by Social Capital from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Social Capital and Opendoor assume no obligation and do not intend to update or revise these forward- looking statements, whether as a result of new information, future events, or otherwise. Neither Social Capital nor Opendoor gives any assurance that either Social Capital or Opendoor will achieve its expectations. Use of Projections The financial projections, estimates and targets in this presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Social Capital's and Opendoor's control. While all financial projections, estimates and targets are necessarily speculative, Social Capital and Opendoor believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that Social Capital and Opendoor, or their representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. Use of Data The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. Social Capital and Opendoor assume no obligation to update the information in this presentation. Further, these financials were prepared by the Company in accordance with private Company AICPA standards. The Company is currently in the process of uplifting its financials to comply with public company and SEC requirements. Use of Non-GAAP Financial Metrics This presentation includes certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted Gross Profit, Contribution Profit, Adjusted EBITDA and Adjusted Net Income. Opendoor defines Adjusted Gross Margin as GAAP Gross Profit less Net Impairment, Contribution Profit defined as GAAP Gross Profit less selling and holding costs associated with the sale of a home, Adjusted EBITDA defined as net income (loss), adjusted for interest expense, interest income, income taxes, depreciation and amortization and Adjusted Net Income defined as GAAP Net Income less Stock Based Compensation, Warrant Expense, Net Impairment, Intangible Amortization Expense, Restructuring costs and Other. These non-GAAP measures are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of non-GAAP measures to their most directly comparable GAAP counterparts are included in the Appendix to this presentation. Opendoor believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about Opendoor. Opendoor's management uses forward looking non-GAAP measures to evaluate Opendoor's projected financial and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Opendoor's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Participants in Solicitation Social Capital and Opendoor and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of Social Capital's shareholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed business combination of Social Capital's directors and officers in Social Capital's filings with the Securities and Exchange Commission (the "SEC"), including Social Capital's registration statement on Form S-1, which was originally filed with the SEC on February 28, 2020. To the extent that holdings of Social Capital's securities have changed from the amounts reported in Social Capital's registration statement on Form S-1, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Social Capital's shareholders in connection with the proposed business combination is set forth in the proxy statement/prospectus on Form S-4 for the proposed business combination, which is expected to be filed by Social Capital with the SEC. Investors and security holders of Social Capital and Opendoor are urged to read the proxy statement/prospectus and other relevant documents that will be filed with the SEC carefully and in their entirety when they become available because they will contain important information about the proposed business combination. Investors and security holders will be able to obtain free copies of the proxy statement and other documents containing important information about Social Capital and Opendoor through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Social Capital can be obtained free of charge by directing a written request to Social Capital Hedosophia Holdings Corp. II, 317 University Ave, Suite 200, Palo Alto, California 94301. 2#3"Incredible upgrade opportunity" My journey started at 2004 Mitchell Street#4Seasoned, deep and experienced team Eric Wu Founder, CEO Head of Product, Trulia trulia Y Combinator Carrie Wheeler CFO Partner, TPG TPG Julie Todaro President, Homes & Services VP Operations, Amazon amazon airbnb lan Wong Founder, CTO Head of Data Science, Square □ Square Tom Willerer Chief Product Officer VP Product, Netflix Coursera NETFLIX Product Engineering Design & Marketing Operations Finance Brian Tolkin Uber Head of Seller Product Product, Uber Mark Kinsella Head of Engineering Director, Lyft lyf Paul Smith Uber Head of Design Director, Uber Megan Meyer Head of Operations Ops, Bain Capital BainCapital Rajiv Krishnarao Head of Finance Director, Uber Uber David Sinsky Head of New Products Product, FourSquare Judd Schoenholtz Head of Buyer Product CEO, OpenListings F FOURSQUARE OL Open Listings Nelson Ray, PhD Head of Data Science Data Scientist, Google Google Reema Batta Expedia Brad Bonney Dod Fraser Head of Marketing Marketing, Expedia Market Operations airbnb Director T&S, Airbnb Head of Capital Markets/Risk Principal, TPG Mike Chen Head of Pricing Engineering twitter Sr Engineer, Twitter Annie Tang Google Design Manager Design, Google Nadia Aziz Head of Mortgages VP, Capital One Christy Schwartz Capital One Corporate Controller Controller, Yodlee TPG ENVESTNET Yodlee 4#5Unlock homeownership for millions of PARE Americans BRACE Buy, sell & move PARE at the tap of a button 9:41 = Opendoor 川 ос Trade in your home, Upgrade your life Sell Buy Trade Finance O Enter your home address O Select a city Get Started LO 5#6Charlisa's next chapter An Opendoor story Read and watch her story www.opendoor.com/w/stories/charlisa-boyd 3 Mo 6#7We are the innovator and market leader Key metrics 21 Markets 80K Homeowners served $10B Homes sold Revenue ($B) $0.7 $1.8 $4.7 2017 2018 2019 Note: Markets, Homeowners served and Homes sold metrics since Company inception through August 31, 2020; Homeowners served defined as number of home transactions Competitors shown inclusive of iBuyer category, not all market competitors Homes sold (2019) 18,799 4.4x larger than the next closest competitor Opendoor #2 Competitor #3 Competitor 7#8Investment highlights Massive, fragmented market U.S. real estate industry is ripe for disruption. Superior consumer experience Digital experience transforming a highly inefficient process. Market leader with low cost transaction platform Highly efficient platform to buy and sell real estate Rapid growth and scale Demonstrated ability to grow rapidly and efficiently Strong unit economics Proven, replicable margins across multiple markets Significant upside ahead Revenue growth and margin improvement expected via market penetration and adjacent services 9:41 = Opendoor Real-estate, re-invented ос Sell Buy Trade Finance Enter your home address Get Started 8#9The largest, undisrupted market in the U.S. Massive market 68% of Americans are homeowners 5 million homes sold annually $1.0T/yr $841B/yr Used autos Note: Food Fragmented incumbents 2 million realtors 28% of realtors have another occupation. $1.6T/yr 66% 0-15 annual transactions 31% 15-50 annual transactions Real estate Data sourced from public company filings, U.S. Bureau of Labor Statistics, U.S. Census Bureau and National Association of Realtors 4% 50+ annual transactions 9#10Process is complex, uncertain, time-consuming and offline Note: Today, 89% of buyers and sellers use an agent, and this is their experience > Decides to move Find an agent Interview and find a listing agent Repair and prep Repair, renovate and prep home, spending $2,500 Costing as much as 12%+ of the transaction Item Broker commission Cost $13,750 Seller concessions $3,750 Receive an offer for $240,000 Receive an offer, negotiate, and accept Host several open houses 12 showings, 15 home visits List for sale for $250,000 Closing costs $3,750 List on the market for months Home renovation/repairs $2,500 Double mortgage $2,500 Buyer inspection An inspector finds issues with the homes Negotiate repairs Seller has to negotiate the price or fix the issues Search for new home Visit 12 occupied homes Moving costs $1,259 Staging $1,185 Settle for available home Make offer with no contingencies Miss out on dream home Make an offer with multiple contingencies Wait for close 20% of deals fall through Home warranty $936 Finally moves Total $29,630 Agent use, 89%, per National Association of Realtors report List days, home visits and fall-through metrics based on analysis of Multiple Listing Service (MLS) and Company data Per transaction $ values indicative based on $250K home value 10#119:41 AM Wed Aug 24 < 456 N Cococinos Ave My home Market Tools Neighborhood Sale price $309,500 Receive an offer and sell on your timeline Online cash offer Flexible close date Digital closing 9:41 AM Wed Aug 24 < Opendoor Welcome back Brian Digital signature Jam Signed april 20th, 2021 456 N Cococinos Ave, Phoenix AZ 85709 $309,500 80% confidence score +2% ↑ 456 N Cococinos Ave, Phoenix AZ Home value 9:41 AM Wed Aug 24 < 456 N Cococinos Ave ADD NEW ADDRESS Let's facts Home value update +1.5% since last month Bedrooms Full bathrooms Partial bathrooms Year built $285,000 Closing costs 0.7% $2,492 Service charge 6% $23,688 Repairs Pending assessment EDIT 2 EDIT 0 EDIT 1998 EDIT Next step Review offer Next +!! 3 100% BS Finalize sale 11#12New experience to search, visit and buy thousands of homes Self-tour homes Financing in-app Digital offer process inch R Rd 11:12 川 Q Address, city, zip Filters 1 = 11:12 Safely tour any home in person or over live video 1.3M M 1.6M 2.1M 998K 968K usa Canyon Park 768K 985K 930K 988K 5M W 12th St St h St St 39 N Dalton Ave N Alameda Ave E Tenth St Azusa Ave N Ala E-Sixth St N Pasadena Ave E Ninth St N Palm Dr neil Dr Hicre W Lea 1.7M $988,000 14 days ago 1186 N Lopez Ln Azusa, CA 91702 4bd 3.5ba 3,284 sqft 9,251 sqft lot 540K 1.6 N Citrus Ave W Foothi Citrus 1.5M Slauson Park 5K Little Dalton Wash N Rockval Azusa Pacific University- Azusa Campus E Third St alton Ave oldano Ave adena Ave All listings ✓ Itern St FOOK 360° Schedule tour Start an offer ་ E Duell S Unlocking... Please wait at the door, this can take up to a minute G a Feed Search My homes Chat My offers 12#13Offering greater simplicity, certainty, speed and safety Traditional sale Complex Average of 6 counter parties to manage 9:41 AM Wed Aug 24 123 Main Street Opendoor YOUR OFFER Traditional Sale $303,000-$342,000 Uncertain Price ~20% of transactions fall through Inflexible timelines to closing Fees 5.5% Est. Closing costs 1% Note: Slow Average of 87 days to close Hidden costs on the market Net proceeds Human intensive Averaging 12 visitors per listing with months of open houses Up to 4% $271,185-$306,090 Opendoor $317,300 7.0% 1% 0% $291,916 Days on market X 62 days ✓ O Closing date X Depends on Buyer ✓ Up to you Fall-throughs X 18% ✓ 0% Fall-through, days-on-market and visitors / listing based on analysis of MLS and Company data Offer comparison reflects a comparison of Company's listing and sell direct products (figures based on illustrative home) 100% Opendoor EH Simple 01 Integrated digital experience Certain Guaranteed close on your timeline No unforeseen costs Fast Flexible closing in as fast as 3 days Safe Completely contactless sale 13#14Home sellers are choosing Opendoor High intent customers High conversion 80% Browsing for a quote 34% 2019 real seller conversion 20% 90% Real seller conversion vs. fees 40% 46% 44% -38% - 35% 31% 30% And at 6% fees conversion is 44%+ 26% 25% 24% 23% Even at 10% fees conversion is 23% Real sellers Sell direct to us without agents >10% 9.5% 8.5% 7.5% 6.5% <6.0% Note: Based on Company data for 2019. Real seller defined as unique lead who either accepts Opendoor offer or lists home on MLS within 60 days of receiving an offer 14#15Note: Net Promoter Score And are delighted by our experience Opendoor 70 NPS metrics based on Company data, public filings and 3rd-party research Category Leaders Opendoor Traditional Mortgage Title Listing NETFLIX Cable Uber Rental Car CARVANA Traditional Dealerships 15#169:38 We've rebuilt the entire real estate service stack opendoor.com Opendoor Sell your home from the comfort of your couch Enter your home address Go Get an instant offer, compare your options and sell safely with no showings, stress or surprises. Pricing Real-time models to predict the current and future value of a home Home Ops Inspections, data collection, repairs and renovations Opendoor We're here to help you sell no matter what Your safety and peace of mind are more portant than ever whether you're selling Fulfillment Automated closing, title and escrow processes Capital Markets Efficient capital markets systems to bridge and fund assets Customer Experience Centralized sales and support teams to manage the customer experience end-to-end Foundation of software and data science 16#17Pricing advantage: data, accuracy and automation Feature level home data Meaningful improvements in accuracy 145 Unique features per inspection 175K On-site inspections 25M Home level data inputs 1B Home level adjustments Countertops +$5.1K for granite Bedrooms +$15.0K from 2 to 3 Roofing +$9.0K if < 5 yrs Appliances +$3.9K for stainless steel Hardwood floors +$1.5 / sq ft HVAC system +$8.5K if <3 yrs Garage +$4.5K / space Predicted vs. actual resale price (absolute delta) 2Q18 acquisition cohort. 2Q19 acquisition cohort. Least mature More mature Most mature Market maturity With step-function increases in automation 41% 63% 1Q16 1Q18 1Q20 Note: On-site inspections and home-level adjustment metrics reflect to-date company data as of August 2020; feature price adjustments indicative Accuracy data based on expected resale price at time of underwriting vs. realized sale price. Automation rate based on percentage of offers sent without human intervention 17#18Transactions / person Cost advantage: applying technology to reduce costs Centralization & automation Economies of scale 1:01 PM Fri Jul 17 Back 3084 Broadleaf Tri Work Order Messages 50% Reduction of spend/home over last 2 years. Day One Walk Notes 3084 Broadleaf Tri Renovation Apr 23-Jul 13 Project Notes Total Repair Costs $16976.84 Visit Information Visit Questions Work Orders VMT Doors-Atlanta markethello | Apr 24-Apr 27 Enter your message her Notes & Messages Request response Issues Knox Installer Complete Visit Bryan Whaley Apr 29, 2020 8:32 AM Thank you! Rashiya Neveya Tarvis Apr 28, 2020 2:58 PM All garage services are complete Installed new safety sensors 40%+ Bulk pricing discounts on home materials Reattached cables Replaced broken glass Lubed, serviced & adjusted door Total: $250 Thanks. App to manage all the Rashiya Neveya Tarvis Apr 27, 2020 11:52 AM Good afternoon. home ops The technician on site today was able to replace the broken sensors Opendoor Sco Note: Traditional agent Opendoor We are 12x more efficient than a traditional agent 10K+ Subcontractors on our platform Opendoor productivity based on 2019 total closes and average operator headcount; Traditional agent based on National Association of Realtors report Economies of scale metrics based on Company data О Opendoor Scout App to manage all home ops workflows. 100% 18#19Growth 796 19#20Our first 6 markets reached $2.7B run-rate revenue in 1Q20 6 Markets 3.2% Market share $2.7B 1Q20 Run-rate revenue $206M run-rate revenue 1.9% market share Las Vegas Phoenix ? $1.0B run-rate revenue 4.2% market share Dallas-Fort Worth 9 $388M run-rate revenue 5.5% market share Raleigh-Durham $664M run-rate revenue 4.6% market share Atlanta $166M run-rate revenue 1.5% market share $329M run-rate revenue 1.7% market share Note: Market share based on Company resales and MLS transaction data for respective markets as of 1Q20. 1Q20 run rates do not reflect the full impact of COVID-19; see Summary Financials for full-year 2020 projections ? Orlando 20#21Today, we are in 21 markets and just scratching the surface 21 Markets 2.0% Sacramento 9 Portland ↑ Las Vegas Market share Los Angeles 99 Riverside $5.OB 1Q20 Run-rate revenue Note: Phoenix • Salt Lake City ↑ Denver Minneapolis-St.Paul 9 Tucson i Dallas-Fort Worth San Antonio Nashville ? Atlanta i Raleigh-Durham Charlotte Jacksonville ↑ Austin ↑ Orlando Houston Tampa Market share based on Company resales and MLS transaction data for respective markets as of 1Q20. 1Q20 run rates do not reflect the full impact of COVID-19; see Summary Financials for full-year 2020 projections 21#22Track record of new market launches Infrastructure in place to launch efficiently Market share by market maturity 1.5% Centralized customer operations 1.3% Centralized teams to service sellers and buyers end-to-end Scalable pricing systems Mature market data improves pricing in new markets I Small, efficient in-market launch teams 3 in-market teammates to launch a new market Note: Market share based on Company Resale Closes and MLS transaction data Market share 1.0% 0.8% 0.5% 0.3% 2 3 4 5 6 7 8 7 8 9 Month of operation 10 11 12 • Phoenix Next 5 ● Next 15 22#23Our current playbook takes us to $50B in revenue 4% Market share Redding? Seattle Tacoma Portland • Salem Spokane Kennewick ↑ Boise Minneapolis- St.Paul Milwaukee Boston Grand Rapids Detroit Buffalo Hudson Valley ? Providence Long Island Newark Trenton Cleveland Chicago Ogden Omaha Salt Lake City? Canton Columbus.. Pittsburgh Philadelphia Baltimore Washington, DC Dover ? Provo-Orem Fort Collins Greeley Indianapolis Cincinnati Boulder ↑ Denver Charlottesville Kansas City Colorado Springs St. Louis Louisville? Lexington Richmond Hampton Roads ↑ Bakersfield Raleigh-Durham Riverside Las Vegas Nashville Knoxville Charlotte Tulsa Wilmington Memphis Phoenix ? Santa Fe ? Oklahoma City San Diego ↑ Yuma ↑ Albuquerque El Centro ↑ Tucson Dallas-Fort Worth? Atlanta ? Charleston Birmingham Savannah 100 Markets Sacramento Reno Oakland Stockton ↑ Modesto Hanford Visalia Ventura Los Angeles? Orange County $50B Run-rate revenue Jacksonville Austin BatonRKulen Ocala 9 ? New Orleans Houston San Antonio ↑ Orlando Tampa Ft. Myers Vero Beach Ft. Lauderdale Miami 23#24With a U.S. market potential of $1.3T Seattle Spokane Tacoma Kennewick Portland • Salem 5M Annual homes sold Redding? 87% Homes in buy box of $100K to $750K $1.3T Total annual GMV ↑ Boise Minneapolis- St.Paul Boston Milwaukee Rapids Grand Detroit Buffalo Hudson Valley ? Providence Long Island Newark Trenton Cleveland Chicago Ogden Reno Omaha Salt Lake City? Canton Columbus.. Pittsburgh Philadelphia Baltimore Washington, DC Dover Sacramento Oakland Stockton ? Provo-Orem Fort Collins Greeley Indianapolis ↑ Cincinnati Boulder ↑ Modesto Hanford Denver Charlottesville Kansas City Visalia Bakersfield Colorado Springs St. Louis Louisville Lexington Richmond Hampton Roads Ventura Raleigh-Durham Los Angeles? Riverside Las Vegas Nashville Knoxville Charlotte Orange County Tulsa Wilmington Memphis Phoenix ? Oklahoma City Santa Fe ? San Diego ९ ↑ Yuma ↑ Albuquerque El Centro ↑ Tucson Dallas-Fort Worth? Atlanta Charleston Birmingham Savannah Note: Annual homes sold and sales distribution per National Association of Realtors (NAR) Gross Merchandise Value = annual homes sold x $310k average sales price x 87%. Individual metrics per NAR Killeen Jacksonville ↑ Austin Baton Rouge Houston Ocala 9 New Orleans San Antonio ↑ Orlando Tampa Ft. Myers Vero Beach Ft. Lauderdale Miami 24 4#25And this is just the beginning 25#26Early stages of the digital transformation in real estate Category Retail Transportation Used auto sales Real estate % Online 14% 4% Market leader amazon Uber Market capitalization ~$1.5T ~$50B Note: Online penetration metrics are based on public filings and third party research Market capitalization values are approximated as of August 31, 2020 10 1% CARVANA <1% Opendoor ~$30B 26#27COVID-19 has accelerated shifts in consumer behavior Customers are prioritizing safety De-urbanization is occurring as buyers avoid dense areas Customers are demanding digital first experiences Demand for housing in our markets is strengthening Opendoor provides a digital, contact-less way to buy and sell a home Opendoor 27#28Consumers demand digital experiences for the services that revolve around the home Title and Escrow Financing Insurance Warranty Upgrades Home maintenance | Moving services Opendoor 480.351.6622 opendoer.com All-doy Open House O O 28#29As the market leader, we are just getting started Today We've transformed how people sell a home Opendoor opendoor.com m D Sell Buy Finance Sell your home from the comfort of your couch Enter your home address Get my free offer Get an instant offer, compare your options and sell safely with no showings, stress or surprises. We're here to help you sell no matter what Your safety and peace of mind are more important than ever. Whether you're selling now or listing, we'll guide you through every step. Learn how we make selling safe Sold in a few taps Seld to Opendoor Tomorrow We will transform how people move 9:41 Opendoor Real-estate, re-invented ос Sell Buy Trade Finance Enter your home address Digital one-stop shop to move 29 29#30Financial overview 30#31We have proven, positive unit economics 1Q20 Margin Performance Note: 7.3% (2.6%) (0.7%) $11K/home $8K/home $8K/home 4.0% $5K/home 3.0% 3.1% 1.9% Adjusted Gross Margin Selling Costs Holding Costs Contribution Margin Contribution Margin After Interest Contribution Margin Contribution Margin After Interest Phoenix All metrics presented are non-GAAP, see reconciliation in Appendix for TotalCo. Phoenix market metrics use same methodology as total company equivalents TotalCo 31#32Contribution 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#33Note: Demonstrated success in adding high margin services First proof point with title & escrow Title & escrow transactions (#) Adjacent services roadmap Established Target CM /home 82.9% 78.4% 75.8% 75.9% Title & Escrow $1,750 74.5% 80% 8,157 57.8% 7,031 Recently launched 5,394 60% 36.1% 4,720 3,951 40% Attach rate (%) Home Loans $5,000 Buy with Opendoor $5,000 21.6% 2,381 List with Opendoor $3,750 5.7% 1,134 510 103 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Quarter since launch 20% To be launched Home warranty, upgrade & remodel, home insurance, moving services $7,500 Attach rate based on total acquisition and Resale Closes in markets where Company title product is active, beginning 3Q17 Active adjacent services Contribution Margin / home based on Company forecasts assuming $250K home. To be launched category reflects Company estimates 33#34Significant margin upside from additional services and cost optimization Note: 4.0% $11K/home 0.6% $1.5K/home 1Q20 Contribution Margin Cost optimization 2.4% 7.0% $6.6K/home Additional services $19K/home Long-term target Contribution Margin Phoenix (at scale) Contribution Margin presented is non-GAAP, see reconciliation in Appendix Carvana and AutoNation business mix based on public filings; AutoNation mix excludes parts and warranty services Cost optimization includes selling cost and holding cost improvements Ancillary Gross Margin Vehicle Gross Margin CARVANA Ancillary Gross Margin Vehicle Gross Margin AutoNation Expect ~50/50 long-term unit margin composition, similar to other "trade-in" business models 34#35Rapid growth at scale and improving profitability Homes sold CAGR +145% 3,127 7,470 18,799 2017 2018 2019 1Q20 Run Rate Revenue ($B) 19,632 Note: Adjusted EBITDA Margin is a non-GAAP metric, see reconciliation in Appendix CAGR +159% $0.7 1Q20 run rates do not reflect the full impact of COVID-19; see Summary Financials for full-year 2020 projections $1.8 $5.0 $4.7 Adjusted EBITDA Margin (8.0%) (7.1%) (4.6%) 2017 2018 2019 1Q20 2017 2018 2019 1Q20 Run Rate (2.3%) 35 55#36Scalable, efficient financing in place Committed, non-recourse asset-backed facilities of $2.4B (1) Proven ability to scale capacity and reduce costs • Attractive debt financing Pro forma equity capital ($M) ~100% ~90% ~80% Increased advance rate from ~80% to -100% Decreased interest spread from ~650 to ~250 L+ ~650 Diversified and high quality lender base with staggered maturities Note: Metrics as of June 30, 2020 are preliminary and subject to change (1) As of June 30, 2020. Debt facilities restricted use for the purchase of homes $730 $979 $1,709 L+ ~350 $560 Cash (5) L+~250 2016 2018 2020 (2) (3) Opendoor Adjusted Equity (4) Expected net transaction Pro Forma Adjusted Equity Advance rate Senior debt cost (2) Advance rate and Senior debt cost as representative. Advance rate represents the combined senior and mezzanine advance on the purchase price of homes at time of acquisition (3) Interest rates presented are an approximate average, weighted by senior bank committed capacity (4) Adjusted Equity is a non-GAAP metric. As of June 30 2020, Adjusted Equity was equal to $539M in GAAP equity plus $191M in Convertible Notes and Derivative Liabilities on an as converted basis (5) Cash includes Unrestricted Cash and Marketable Securities as of June 30, 2020 proceeds 36#37First offers sent (#) Note: COVID-19: Systems built to react quickly to changing market conditions Paused offers De-risked balance sheet Maintained margins Feb-20 15,192 7,362 Mar-20 Apr-20 Adjusted Gross Margin is a non-GAAP metric, see reconciliation in Appendix 2Q20 is preliminary and subject to change Inventory ($M) $1,019 $172 Adjusted Gross Margin (%) Feb-20 Jul-20 4Q19 5.6% 1Q20 7.1% >6.8% 2Q20 37 37#38Projecting continued strong growth and path to profitability Revenue ($B) CAGR +58% $2.5 $3.5 $6.2 $9.8 2020P 2021P 2022P 2023P Contribution Margin ($M) CAGR +95% $142 $72 4.1% $539 $290 5.5% 4.7% Adjusted EBITDA Margin (5.4%) (5.7%) (2.0%) 0.1% 3.0% 2020P 2021P 2022P 2023P 2020P 2021P 2022P 2023P Note: Contribution Margin and Adjusted EBITDA Margin are non-GAAP metrics, see reconciliation in Appendix 38#39Summary financials 2017 2018 2019 2020P 2021P 2022P 2023P Homes Sold 3,127 7,470 18,799 9,673 13,458 24,030 37,689 % YoY Growth 113% 139% 152% (49%) 39% 79% 57% Total Revenue ($B) $0.7 $1.8 $4.7 $2.5 $3.5 $6.2 $9.8 % YoY Growth 109% 159% 158% (48%) 41% 79% 58% Adjusted Gross Profit ($M) $66 $146 $297 $172 $269 $521 $892 % Revenue 9.3% 7.9% 6.3% 7.0% 7.8% 8.4% 9.1% Contribution Margin ($M) $31 $65 $92 $72 $142 $290 $539 % Revenue 4.4% 3.5% 1.9% 3.0% 4.1% 4.7% 5.5% % YoY Growth 107% 42% (21%) 97% 104% 86% Contribution Margin After Interest ($M) $24 $43 $27 $44 $116 $239 $458 % Revenue 3.4% 2.4% 0.6% 1.8% 3.3% 3.9% 4.7% % YoY Growth 82% (36)% 61% 161% 106% 92% 0/ Adjusted EBITDA ($M) % Revenue ($57) (8.0%) ($131) (7.1%) ($218) ($141) ($185) ($123) $9 (4.6%) (5.7%) (5.4%) (2.0%) 0.1% Note: Adjusted Gross Profit, Contribution Margin, Contribution Margin After Interest and Adjusted EBITDA are non-GAAP metrics, see reconciliation in Appendix for historical numbers 39#40Long-term margin targets Metric 2018 2019 1Q20 Long-Term Target 7-9% Total Contribution Margin 3.5% 1.9% 3.1% ($20K/home)" • Contribution Margin After Interest 2.4% 0.6% 1.9% 6 - 8% ($17.5K/home)" (1) Adjusted EBITDA Margin (7.1%) (4.6%) (2.3%) 4 - 6% • Note: (1) Assumes home sale price of $250K All metrics presented are non-GAAP, see reconciliation in Appendix • Key Drivers • Maturation of existing, launched markets Continuing optimization of cost structure Penetration of high margin services. Assumes 100bps of steady-state interest expense Flow-through from improving contribution Leverage on operations, marketing and fixed operating costs 40#41Investment summary Massive, fragmented market $1.6T Existing home sales 70 Customer NPS <1% Online penetration 34% Real seller conversion Superior consumer experience Market leader with low cost platform. Rapid growth and scale Strong unit economics Significant upside via market and services expansion 12x More efficient 40%+ Scale cost savings $4.7B 2019 revenue 3.1% 1Q20 Contribution Margin 150%+ CAGR (2017-19) 90% % of markets with +CM +3% 100+ Market opportunity Additional service margin 41#42Opendoor#43Transaction overview 43#44Transaction overview Pro forma valuation ($M except per share values) Sources and uses ($M) Sources IPOB illustrative share price $10.00 Cash from PIPE (including co-investment) $600 Pro forma shares outstanding (M) (1) 630.7 Cash from IPOB $414 Total equity value $6,307 Total sources $1,014 Cash on balance sheet (2) $1,539 Total enterprise value $4,768 Uses Cash to balance sheet $979 Total Enterprise Value / Revenue Estimated transaction fees and expenses $35 1.0x (based on 2019 Revenue of $4.7B) 0.5x (based on 2023 Revenue of $9.8B) Total uses $1,014 Note: (1) Total shares includes 500.0 million rollover equity shares (inclusive of existing management options and RSUs rolling over), 41.4 million IPOB public shares, 60.0 million shares from PIPE, 10.4 million IPOB founder shares and 18.9 million bonus shares to management. Assumes no redemptions (2) Cash on balance sheet includes unrestricted cash and marketable securities of $560M as of June 30, 2020 plus $979M of proceeds from the transaction 44#45Transaction overview (continued) Note: Pro forma enterprise value of $4.8B | $600M PIPE raised at $10 / share consisting of: $200M from affiliated entities, led by $100M from Chamath Palihapitiya, Founder and CEO of SCH, and $58M from Hedosophia, with the remainder invested by existing Opendoor shareholders, Access Industries and Lennar, along with Opendoor management Top-tier institutional investors are investing an additional $400M including funds and accounts managed by BlackRock and Healthcare of Ontario Pension Plan (HOOPP) 100% rollover by existing Opendoor shareholders Over $1.5B of pro forma cash held on balance sheet | Completion of transaction is expected by 4Q20 Pro forma ownership (1) 9.5% PIPE 6.6% IPOB shareholders (2) 3.0% Management awards 1.6% IPOB sponsors (3) 79.3% Existing Opendoor shareholders (1) Total shares includes 500.0 million rollover equity shares (inclusive of existing management options and RSUs rolling over), 41.4 million IPOB public shares, 60.0 million shares from PIPE, 10.4 million IPOB founder shares and 18.9 million bonus shares to management. Assumes no redemptions (2) 1.0% of the management bonus award will be allocated to the CEO, while the remainder will be allocated by the compensation committee of the combined company within normal planning cycle (i.e., within the next year). One-quarter of these awards will vest 1-year after completion and the remainder of which will vest ratably over the following three years. (3) Excludes investment in PIPE 45#46Appendix 46#47Non-GAAP reconciliations 2017 2018 2019 1Q20 GAAP Gross Profit ($M) $66 $133 $301 $91 Adjustments: Net Impairment $0 $13 ($5) ($2) Adjusted Gross Profit $66 $146 $297 $89 Adjusted Gross Margin 9.3% 7.9% 6.3% 7.1% Direct Selling Costs ($26) ($62) ($149) ($37) Holding Costs on Sales ($9) ($19) ($55) ($14) Contribution Profit $31 $65 $92 $39 Contribution Margin 4.4% 3.5% 1.9% 3.1% Interest on Homes Sold Contribution Profit After Interest Contribution Margin After Interest ($7) ($21) ($65) ($15) $24 $43 $27 $23 3.4% 2.4% 0.6% 1.9% Note: Financials may not sum due to rounding Net Impairment reflects inventory valuation adjustments recorded during the period on homes remaining in inventory at period end net of inventory valuation adjustments recorded in prior periods related to homes sold in the period presented 47#48Non-GAAP reconciliations 2017 2018 2019 4Q19 1Q20 GAAP Gross Profit ($M) $66 $133 $301 $74 $91 Adjustments: Net Impairment $0 $13 ($5) ($3) ($2) Adjusted Gross Profit $66 $146 $297 $71 $89 Adjusted Gross Margin 9.3% 7.9% 6.3% 5.6% 7.1% Note: Financials may not sum due to rounding Net Impairment reflects inventory valuation adjustments recorded during the period on homes remaining in inventory at period end net of inventory valuation adjustments recorded in prior periods related to homes sold in the period presented 48#49Non-GAAP reconciliations 2017 2018 2019 1Q20 GAAP Net Income ($M) Adjustments: ($85) ($240) ($339) ($62) Stock Based Compensation Warrant Expense ӨӨ $4 $15 $13 $3 $0 $18 ($6) $1 Net Impairment $0 $13 ($5) ($2) Intangibles Amortization Expense $0 $1 $3 Restructuring $0 $0 Convertible Note Interest & Discount Amortization $0 $0 ӨӨ $3 毎毎 $1 $1 $4 $3 Other $0 $1 $0 $0 Adjusted Net Income ($81) ($192) ($327) ($56) Adjustments: Depreciation & Amortization $1 $5 $15 $5 Property Financing $16 $48 $84 $18 Other Interest and Amortization of Loan Costs $7 $12 $21 $7 Interest Income ($1) ($4) ($12) ($3) Taxes $0 $0 $0 Adjusted EBITDA ($57) ($131) ($218) ($28) Adjusted EBITDA Margin (8.0%) (7.1%) (4.6%) (2.3%) Note: Financials may not sum due to rounding Other reflects Other Income, Other Expense, and Gain/(Loss) on Mortgage Rate Lock Commitment 49