#1For Sale Opendoor opendoor.com Opendoor Investor Presentation 2022#2Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking, including statements regarding [our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations]. These forward-looking statements generally are identified by the words "anticipate", "believe", "contemplate", "continue", "could", "estimate", "expect", "forecast", "future", "intend", "may", "might", "opportunity", "plan", "possible", "potential", "predict", "project," "should", "strategy", "strive", "target", "will", or "would", the negative of these words or other similar terms or expressions. 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 management's current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including but not limited to our public securities' potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption "Risk Factors" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 24, 2022, as updated by our other filings 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 we 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. We do not give any assurance that we will achieve our expectations. Non-GAAP Financial Metrics This presentation includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures, including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company's financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company's reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non- GAAP financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain items that may not be indicative of the Company's recurring operating results.#3We are the category innovator and market leader Transactions Net Promoter Score Real Seller Conversion 1Q22 Revenue 1Q22 Contribution Profit 1Q22 Adjusted Net Income Note: Customer transactions since Company inception Net Promoter Score in reference to sellers >160K+ >80 >35% $5.15B $332M $99M Real seller defined as unique lead who either accepts Opendoor offer or lists home on MLS within 60 days of receiving an offer For non-GAAP measures, please see reconciliation in Appendix Sold Opendoor opendco.com#4Investment highlights Massive, highly fragmented market Superior consumer experience Highly differentiated, purpose-built platform Proven playbook for growth at scale Attractive unit economics Durable financial profile across market cycles Significant runway and upside ahead The Weir Family Sold to Opendoor 4#5Investment highlights Massive, highly fragmented market Superior consumer experience Highly differentiated, purpose-built platform Proven playbook for growth at scale Attractive unit economics Durable financial profile across market cycles Significant runway and upside ahead Josh and Mel Menard Sold to Opendoor 5#6Real estate is the largest, fragmented category in the U.S. Massive market 66% of Americans are homeowners >6 million homes sold annually $840B/yr Used autos $960B/yr Food $2.3T/yr Real estate Note: Data sourced from public company filings, U.S. Bureau of Labor Statistics, U.S. Census Bureau and National Association of Realtors Fragmented incumbents 3 million real estate agents 25% of realtors have another occupation 66% 0-15 annual transactions 29% 15-50 annual transactions 5% 50+ annual transactions#7Current process is complex, uncertain and time-consuming Complex average of 6 counterparties to manage Uncertain ~20% of transactions fall through Slow upwards of 50 days on the market Human Intensive average of 12 visitors per listing Costly staging, repairs and double moves Today, 89% of buyers and sellers use an agent, and this is their experience: > Decide to move Receive an offer for $330,000 Receive an offer, negotiate and accept Buyer inspection An inspector finds issues with the homes. Settle for available home Make offer with no contingencies Find an agent Interview and find a listing agent Host several open houses 12+ showings Negotiate repairs Seller has to negotiate the price or fix the issues Miss out on dream home Make an offer with multiple contingencies Repair and prep Repair, renovate and prep home List for sale for $350,000 List on the market for months Search for new home Visit 12 occupied homes Wait for close Roughly 20% of deals fall through Finally move#8We are in the early stages of digital transformation for real estate Category % Online Market leader Retail ~$4.5T 20% amazon Note: Industry sizes and online penetration metrics are based on public filings and third party research Grocery ~$760B 10% *instacart Used Auto ~$840B 2% CARVANA Real Estate ~$2.3T <1% Opendoor 8#9Investment highlights Massive, highly fragmented market Superior consumer experience Highly differentiated, purpose-built platform Proven playbook for growth at scale Attractive unit economics Durable financial profile across market cycles Significant runway and upside ahead Rico Camp and Cole Howell Sold to Opendoor 9#10Our vision Buy, sell & move at the tap of a button m 9:41 = Opendoor Real estate, reinvented Sell Buy Enter your home address Get Started all Finance 10#11Our solution transforms the traditional process into a simple online experience Simplicity Skip showings, listings and making repairs Certainty Sell for a competitive cash offer Speed Get an offer in minutes, close when you want 0:41AMA 24 3 456 N Cococinos fue 941AM Wed Aug Opendoor Let's facts 41AM WA 24 455 N Cacocinos Awe Bedrooms Welcome back Brian ADD NEW ADDRESS 456 N Cococinos Ave, Phoenix AZ Sale price Full bathrooms Digital signature Home value update +15% since last month Partial bathrooms Year built My home Market Juana 465 N Cocos Av. Phoenix AZ 15709 $309,500 Home value Closing costs 2 Service charge 0 impairs 1998 $309,500 com Next 12% ↑ $205,000 017% $2.492 6% $23,688 Perding assessment Next stop Review offer Finalize nale 11#12Selling to Opendoor is four simple steps Get a preliminary offer Selling Offer History 1 T 4505 E Lane Cactus Dr. Preliminary offer $397,500 Range: $385k- 410k Mary offers incrocso after we see your home 2 Conduct online home assessment Schedule a video walkthrough What you'll get An expert will review your info You'll get a final offer in 2-3 days Earliest available time Mon, Aug 13 at 12:00 PM What's your mobile phone number? Selling Offer Finalize your offer History 3 4505 E Lone Cactus Dr. Finalized offer $400,000 Service charge Est. closing costs 5% ($20,000) 1% ($4,000) > See how simple it really is Selling Offer Select your closing date History 4 Offer price > $400,000 4505 E Lone Cactus Dr. You're selling your home! Close date > Sep, 3 2021 ✓ Final walkthrough @ >Close & get paid 12#13High converting seller product with industry-leading NPS Direct customers High conversion >80% >35% Sell direct to us without agents 2021 real seller conversion Net Promoter Score High NPS >80 Opendoor Note: Based on Company data for 2021. Real seller defined as unique lead who either accepts Opendoor offer or lists home on MLS within 60 days of receiving an offer NPS metrics based on Company data, public filings and 3rd-party research; Opendoor NPS refers to sellers Traditional Listing Mortgage Title 13#14Investment highlights Massive, highly fragmented market Superior consumer experience Highly differentiated, purpose-built platform Proven playbook for growth at scale Attractive unit economics Durable financial profile across market cycles Significant runway and upside ahead Julie and Bella Doumbia Sold to Opendoor 14#15We have rebuilt the entire real estate service stack 9:38 pedes.com Opendoor Sell your home from the comfort of your couch Feter your home address Owl am Instant offer, compare your options and ly with mo shrowloge, stress or surprises We're here to help you sell no matter what Your safety and peace of mind are shore portant shaw ST VENONSER Product Simple, certain and fast experience for customers Pricing Real-time models to predict the value of a home Operations Technology enabled assessments, repairs, maintenance and listings of homes Foundation of software and data science Customer Experience Centralized sales and support teams to manage the transaction end-to-end 15#16Pricing: Proprietary data collected at scale Third party and proprietary offline data Feature level home data Market data Proprietary data assets MLS transactions MLS prices 3rd party data Seller input flow Home assessment detail Visitor traffic Time spent in home Historical underwriting >120 unique features per inspection Countertops +$5.1K for granite Appliances +$3.9K for stainless steel 45M home level data inputs Bedrooms +$15.0K from 2 to 3 Roofing +$9.0K if < 5 yrs ad ✓ 1.4B home level adjustments Hardwood floors +$1.5/sq ft HVAC system +$8.5K if < 3 yrs Garage +$4.5K / space Cumulative home assessments ('000s) 400 300 200 100 O Note: Inspection and home-level adjustment metrics reflect company data as of April 2022; feature price adjustments are indicative. Home assessments include interior, exterior, and specialty Home assessment data 2017 2018 375K Home assessments 2019 2020 2021 16#17Pricing: Fully automated systems enabling offers at scale % of preliminary offers automated 6% 2017 41% 2018 55% 2019 Note: Offer automation based on initial offer valuation presented to potential sellers 86% 2020 100% 2021 Total offers by year 78K 2017 287K 2018 584K 2019 297K 2020 2.1M 2021 17#18Pricing: Improving model performance while increasing buybox coverage Absolute average error (normalized) by year 2017 2018 -24% error reduction in valuation model 2019 2020 2021 Total serviceable market Buybox coverage ~$165B 2019 42% -$230B 2020 46% ~$590B 2021 65% Note: Absolute average error (AAE) represents the change in backtested AAE from the production version of the Opendoor valuation model at year start versus year end, on MLS transactions in Opendoor's buybox at year start. Normalization refers to the fact that in each year, the same set of MLS transactions is used to compute the improvement in backtested error within that year; these relative within-year improvements are then successively applied to a starting value of 1.00 in 2017. Buybox coverage is defined as the % of homes we are able to underwrite and acquire in a given market based on characteristics such as price range, home type, home location, year built, and lot size as of year end 18#19Operations: Vertically integrated platform leveraging technology and centralization Virtualization Average time to complete a home assessment -3hrs 2018 ~40mins 2021 80% reduction in time to complete assessments after transition to virtual assessments Browse trade partner matches Trade Partner Bob's Contrecting Property Tech Contractors 10 Ontime Property Pros Top Quality Ren LLC Harchat Harry's Contracting 9 BuildCo Renovatora 9 Sharps Framers and Painters s first Cal Fros Turkey General Contractors 9 Teelson Pro Company 1 Brusse end select a vercor based on their match score with this work order. Show More Automation Vendor management platform Bob's Contracting 10 Match Goo 25 30 25 20 5 10 Current Utilization (5 00 55 50 45 Active What Huse Why this trade partner is a great matchi Ceverage Services cica Current Ut lizat cn 96.2% Capabilitios Conoral Contrector 4 more Cassification Preferred Cepecity Seret vendor In Progress Dra'l vender Accepted Cancel Open trace partner profile 65 32 18 Select trede partner Proprietary tool automating and optimizing assignment of trade partner capacity for home repairs Centralization % of pricing, customer experience and home operations personnel based in local markets 59% 2018 27% 2021 Centralization of previously in-market roles, increasing efficiency and throughput 19#20Operations: Technology investments driving operational efficiencies Proprietary software 41204 N Congressional Dr Tomorrow Friday Oct 13th Opendoor Scout Assigned Dimensions Floaring Material Condition Floaring Danged hardwood Send the hardwood floor Deer Walls -Paint Living Room Living Room Hardwood Needs work No work Home workflow management platform streamlining and integrating all home servicing functions Note: Opendoor productivity based on 2021 total closes and average operator headcount; traditional agent based on National Association of Realtors report Operational efficiency Transactions completed per person Traditional agent Opendoor 13x more efficient than the traditional agent 20#21Investment highlights Massive, highly fragmented market Superior consumer experience Highly differentiated, purpose-built platform Proven playbook for growth at scale Attractive unit economics Durable financial profile across market cycles Significant runway and upside ahead Julie Damavandi Sold to Opendoor 21#22Just scratching the surface with 48 markets today 48 Markets 1.9% 2021 market share San Francisco Portland Sacramento Vancouver Los Angeles Reno Riverside San Diego Boise Las Vegas Salt Lake City Prescott Phoenix Tucson Northern Colorado Denver Colorado Springs Note: Acquisition unit market share based on Company home acquisitions for 2021 across a footprint of 44 markets open as of Dec 31, 2021 Minneapolis-St.Paul Oklahoma City Dallas-Fort Worth Killeen Kansas City Austin Houston San Antonio Corpus Christi Indianapolis St. Louis Detroit Nashville Cleveland Canton Columbus Cincinnati Birmingham Knoxville Chattanooga Asheville Atlanta Buffalo Washington, DC Greensboro Charlotte Greenville Columbia Tampa Jacksonville Hudson Valley Orlando Ft. Myers Raleigh-Durham Naples Newark Miami Long Island Trenton 22#23Well-honed market launch playbook with a track record of geographic expansion Scalable, centralized pricing leveraging mature market data to improve pricing in new markets Efficient investment given limited local team and fixed cost structure to launch new markets Metered acquisition pace to test model performance before expanding investments Centralized customer operations serving sellers and buyers end-to-end Total markets by year 6 2017 18 2018 21 2019 21 2020 44 2021 23#24Share gains as markets mature, driven by predictable marketing investment Well-established acquisition playbook with a mix of digital and top-of-funnel spend Growing customer base unlocks re-engagement driving significant sellers from past offer engagement Increasing awareness aids conversion with materially higher awareness in mature markets Expanding national footprint drives ad spend efficiency with national media more efficient than local media 2021 market share by year of market launch Note: 2021 market share based on Company acquisitions as a % of MLS transaction data for respective markets We did not launch any new markets in 2020 due to the impact of COVID-19 0.6% 2021 cohort 1.9% 2021 total share 1.0% 2019 cohort 1.8% 2018 cohort 3.1% 2017 and older cohort 24#25On track to reach $50 billion in revenue 4% Market share 100 Markets $50B Run-rate revenue Redding Oakland Seattle Tacoma Portland Salem Sacramento Reno Stockton Modesto Hanford Visalia Bakersfield Ventura Los Angeles Orange County Riverside San Diego Kennewick Note: Acquisition unit market share for 1Q22 for top five markets by share noted on map Spokane El Centro Boise Las Vegas Yuma Ogden Salt Lake City Provo-Orem Ft Collins Boulder Phoenix market share 4.6% Greeley Denver Colorado Springs Santa Fe Albuquerque Tucson market share 4.6% Minneapolis-St.Paul Austin Omaha Oklahoma City Dallas-Fort Worth Killeen San Antonio Kansas City Tulsa Houston Milwaukee Grand Rapids Chicago St. Louis Memphis Indianapolis Baton Rouge Birmingham Detroit Louisville Nashville New Orleans Columbus Cincinnati Cleveland Canton Pittsburgh Lexington Knoxville Atlanta market share: 4.6% Buffalo Baltimore Washington, DC Charlottesville Ocala Savannah Hudson Valley Orlando Tampa Ft. Myers Long Island Newark Trenton Philadelphia Richmond Hampton Roads Raleigh-Durham Wilmington Charlotte market share: 4.6% Charleston Dover Jacksonville market share: 4.1% Boston Providence Vero Beach Ft. Lauderdale Miami 25#26Investment highlights Massive, highly fragmented market Superior consumer experience Highly differentiated, purpose-built platform Proven playbook for growth at scale Attractive unit economics Durable financial profile across market cycles Significant runway and upside ahead The Thomas Family Sold and bought with Opendoor 26#27Improving unit economics driven by 240bps of structural margin improvements Reduction in resale costs from improvements in holding costs and buyer broker commissions Lower acquisition transaction costs, offset by services via improved processes for home inspections and repair scoping, offset by growing services attach Limited contribution from increasing spreads with HPA as minor driver of margin improvement Note: All metrics presented are non-GAAP, see reconciliation in Appendix Bridge of Contribution Margin improvements as % of revenue 3.5% 63bps 99bps 141bps 240 bps of structural improvements via cost reductions and services 2018 Acq txn costs, Contribution Margin (resale gain & fee) net repairs & services Spread Holding & resale txn costs 6.5% 2021 Contribution Margin 27#28Positive margins across markets with improving profitability for successive cohorts 2021 Adjusted Gross Margin and Contribution Margin for pre-2021 markets Adjusted Gross Margin 9.6% TotalCo Adj. GM 6.5% TotalCo CM Contribution Margin Note: All metrics presented are non-GAAP, see reconciliation in Appendix. Margins by market include all markets launched pre-2021 Contribution Margin (CM) less marketing expense as % of revenue by market cohort, trailing twelve months 10% 5% 0% -5% H 12 - 24 Pre-2017 36 48 Number of months post launch 2017 2018 2019 60 2021 72 28#29Attractive unit level returns on investment Illustrative home acquisition price Equity investment Asset-level financing Contribution Profit per home Contribution Margin Interest expense Contribution Profit per home after interest expense Contribution Margin After Interest Annual Contribution Profit after interest expense Incremental return per home Note: Asset-level financing assumed at 85% loan to cost Based on high end of baseline Contribution Margin range of 4 to 6% Assumed interest rate of 4.5% Assumed annual inventory turns of 3.65x based on holding period of 100 days Illustrative unit level returns Unlevered $350,000 $350,000 $21,000 6.0% $21,000 6.0% $76,650 ~20% Levered $350,000 $52,500 $297,500 $21,000 6.0% $3,668 $17,332 5.0% $63,263 ~120% 29#30Investment highlights Massive, highly fragmented market Superior consumer experience Highly differentiated, purpose-built platform Proven playbook for growth at scale Attractive unit economics Durable financial profile across market cycles Significant runway and upside ahead Tyler and Tricia Botma Sold and bought with Opendoor 30#31Rapid growth, pacing at $20B in revenue Revenue ($B) $0.7 2017 CAGR of 83% $1.8 2018 Note: Latest twelve months (LTM) as of 3/31/22 $4.7 2019 $2.6 2020 $8.0 2021 $12.4 LTM Homes acquired 3,706 2017 CAGR of 78% 11,430 2018 18,804 2019 6,166 2020 36,908 2021 42,334 LTM 31#32While driving increasing unit profitability Adjusted Gross Profit ($M) $66 2017 CAGR of 85% $146 2018 $297 2019 $211 2020 Note: Latest twelve months (LTM) as of 3/31/22 All metrics presented are non-GAAP, see reconciliation in Appendix $769 2021 $1,184 LTM Contribution Profit ($M) $31 2017 CAGR of 103% $65 2018 $92 2019 $110 2020 $525 2021 $781 LTM 32#33And demonstrating improving margin performance Adjusted Operating Expense as % of revenue 12.4% 2017 10.7% 6.5% 8.1% 5.8% 4.4% 2018 2019 2020 2021 LTM Note: Latest twelve months (LTM) as of 3/31/22 All metrics presented are non-GAAP, see reconciliation in Appendix Adjusted EBITDA Margin (%) (8.0%) (7.1%) (4.6%) (3.8%) T 2017 2018 2019 0.7% 2020 2021 1.9% LTM Adjusted Net Income Margin (%) Break (11.4%) (10.4%) (6.9%) (6.8%) (1.4%) even 2017 2018 2019 2020 2021 LTM 33#34Robust risk management framework Dynamic and responsive pricing using high-frequency detailed metrics Diversification and risk mitigation benefits with scale across markets, price levels and home types Centralized decision making across pricing ensures consistency, scalability and appropriate controls Human oversight augments algorithmic valuations for all final offers % of listings > 120 days-on-market 12% 2017 18% 2018 10% Typical MLS range (20%-30%) 1% 2019 2020 Superior inventory health and risk profile versus the market 8% 2021 Inventory sell-through Year 2019 2020 2021 OPEN vs. MLS* 2.8x 3.6x 3.9x *for sell-through of >120 days-on-market inventory Consistently faster sell-through on aged inventory versus the market Note: Days on market as measured from initial listing date Typical MLS range reflects the broader market filtered for our buybox, defined as the types of homes we are able to underwrite and acquire in a given market based on characteristics such as price range, home type, home location, year built and lot size Inventory sell-through rate is based on the average across each given year 34#35Short duration, liquid assets limit downside exposure Average hold time for selected real estate assets 3-4 mo Opendoor 9 mo "Fix & Flip" 12 mo 24 mo Single family Non-performing rental loans Note: Holding period duration representative of credit investor asset exposure Inventory under resale contract reflects average from 2019 through the first quarter of 2022 60 mo Homebuilder 84 mo Performing mortgages ~35% of our inventory is under resale contract at any given time, reducing risk profile 35#36Strong track record managing through low HPA environments Home Price Appreciation (HPA) by month 3% 2% 1% 0% -1% O 1 - 2022 2 Typically stronger HPA 3 - 2021 4 5 Note: Case-Shiller U.S. National Home Price Index (monthly, not seasonally adjusted, as of Feb 2022) 2020 6 Month 2019 7 8 Typically lower to no HPA 2018 We have delivered 21 consecutive quarters of positive Contribution Margin across periods of positive, flat and negative HPA 10 - 2017 11 12 36#37Note: National FHFA Home Price Index (quarterly, all-transactions, not seasonally-adjusted, as of Q4 2021) 37 Economic recession Global Financial Crisis (GFC) / credit crisis Q1 1975 Q4 1975 Q3 1976 Q2 1977 Q1 1978 Q4 1978 Q3 1979 | Q2 1980 Q1 1981 Q4 1981 Q3 1982 Q2 1983 Q1 1984 Q4 1984 | Q3 1985 | Q2 1986 | Q1 1987 Q4 1987 Q3 1988 Q2 1989 Q1 1990 Q4 1990 | Q3 1991 Q2 1992 Q1 1993 Q4 1993 Q3 1994 Q2 1995 Q1 1996 Q4 1996 Q3 1997 Q2 1998 Q1 1999 Q4 1999 Q3 2000 Q2 2001 Q1 2002 Q4 2002 Q3 2003 Q2 2004 Q1 2005 Q4 2005 Q3 2006 Q2 2007 Q1 2008 Q4 2008 Q3 2009 Q2 2010 Q1 2011 Q4 2011 -4% Q3 2012 Q2 2013 | Q1 2014 Q4 2014 Q3 2015 Q2 2016 Q1 2017 Q4 2017 2018 Q3 2018 Q2 2019 Q1 2020 Q2 2020 Q3 2021 Contribution Margin current baseline for 4-6% -3% -2% -1% since 1975 quarters of <=1% crisis, only 6 down Outside of subprime -3% since 1975 national prices dropped Only one quarter where 0% 1% 2% 3% during GFC worst quarterly price drop 3% 4% 5% 6% price changes Quarterly home 6 declines ex. GFC quarters with ~1% or less HPA and our margin structure gives us buffer Real estate prices move slowly in market declines,#38Well capitalized with $35 billion+ in home purchasing power Non-recourse asset-backed facilities with $11.3B of capacity Diversified base of over 30 lenders with staggered maturities, allowing for ongoing upsizing Lender recovery based on collateral, no balance sheet risk to parent Highly efficient financing structure provides ability to finance up to 100% of home acq. price Funding capacity as of 3/31/2022 $2.8B of cash + equivalents $11.3B of non-recourse asset- backed debt facilities $35B+ in home purchase capacity Note: Facilities are restricted use for the purchase of homes. Purchase capacity assumes an average inventory turn of approximately 3.65x Facility structure Senior revolving loans Senior term loans Mezzanine loans Total Borrowing capacity $5.6B $2.3B $3.5B $11.3B 38#39Investment highlights Massive, highly fragmented market Superior consumer experience Highly differentiated, purpose-built platform Proven playbook for growth at scale Attractive unit economics Durable financial profile across market cycles Significant runway and upside ahead Meera Ramakrishnan Sold to Opendoor 39#40Opportunity to attach high margin services that surround the home transaction First proof point with Opendoor Title & Escrow T&E transactions and attach rate by year Title & escrow transactions (#) 14.7% 613 2017 64.8% 12,186 2018 80.0% 28,376 2019 86.5% 13,073 2020 77.4% 41,047 2021 84.1% 65,536 1Q22 Runrate 80% 60% 40% 20% Attach rate (%) Note: Attach rate based on total acquisition and resale closes in markets where Company title product is active T&E attach declined in 2021 due to the significant step up in transaction volume, leading to the use of third party providers to supplement capacity Long-term services roadmap ESTABLISHED Title & Escrow RECENTLY LAUNCHED Home Loans Buy with Opendoor TO BE LAUNCHED Home warranty, upgrade & remodel, home insurance, moving services Target CM / Home $2,500 $5,000 $7,000 $7,500 40#41Clear pathway to long-term margin targets Total Adjusted Gross Margin Total Contribution Margin Adjusted Operating Expenses Adjusted EBITDA Margin Interest, D&A, Taxes Adjusted Net Income Margin 2018 7.9% 3.5% (10.7%) (7.1%) (3.3%) (10.4%) 2019 6.3% 1.9% (6.5%) (4.6%) (2.3%) (6.9%) 2020 8.2% 4.3% (8.1%) (3.8%) (3.0%) (6.8%) 2021 9.6% 6.5% (5.8%) 0.7% (2.2%) (1.4%) LTM 9.5% 6.3% (4.4%) 1.9% (1.9%) 0.0% Long-term target 10 - 11% 7 - 9% -(3.0%) -4 to 6% ~(2.0%) ~2 to 4% . . . Key drivers Continued pricing and resale optimization and increasing penetration of services Future margin expansion via decreasing resale costs and increasing penetration of higher margin services Operating against an annual baseline target of 4 to 6% today Increasing marketing efficiency with growing national coverage Ongoing leverage against operations and fixed opex costs via investments in technology and automation Flow-through from improving contribution margins and opex leverage Appropriate proxy for operating free cash flow Notes: All metrics presented are non-GAAP, see reconciliation in Appendix. Latest twelve months (LTM) as of 3/31/22. Includes 3.65x inventory turns, 80% non-recourse leverage advance rate, and 4.5% blended cost of non-recourse funding and 30% corporate tax rate (illustrative) for long-term interest and tax assumption. This slide includes long-term goals that are forward-looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the Company's registration statement on Form S-1. Nothing on this slide should be regarded as a representatio by any person that these goals will be achieved and the Company undertakes no duty to update its goals. 41#42Investment highlights Massive, highly fragmented market Superior consumer experience Highly differentiated, purpose-built platform Proven playbook for growth at scale Attractive unit economics Durable financial profile across market cycles Significant runway and upside ahead $2.3T Existing home sales >80 Seller NPS 100% Automated offers 83% 4-yr revenue CAGR 240bps Structural margin improvements 21 Consecutive qtrs of +CM $50B+ Revenue opportunity <1% Online penetration >35% True seller conversion 13x More efficient than agent 48 Markets and growing 100%+ Levered unit-levels returns ~3.65x Inventory turns per year 7-9% Long-term CM 42#43Opendoor#44Appendix 44#45Non-GAAP references Key Metric Total revenue Less: Less: ss: Less: Adjusted Gross Profit Less: Less: Total Contribution Profit Less: Less: Less: Less: Adjusted EBITDA Less: Adjusted Net Income Key Component Net purchase price Acquisition transaction costs Net repairs Ancillary product COGS Holding costs Selling costs Marketing spend Operations spend Fixed opex Timing adjustments / other D&A / taxes / other GAAP P&L Reference Cost of revenue Cost of revenue Cost of revenue Cost of revenue Sales, marketing and operations Sales, marketing and operations Sales, marketing and operations Sales, marketing and operations General and administrative Technology and development Sales, marketing and operations Description Transaction revenue (net resale price x homes sold) + ancillary product revenue Headline purchase price net of service charge Transaction costs related to the purchase of the property no / repair spend net of any repair charges to seller COGS related to ancillary products such as Title & Escrow Gross Profit related to homes sold in a specific period Property taxes, utilities, insurance, cleaning and HOA dues Buyer broker commission, other transaction costs Contribution Margin related to homes sold in a specific period Online, offline and brand spend Primarily related to customer sales, support and home operations G&A, R&D and other overhead costs Primarily related to costs for homes in inventory vs. resale cohort Adjusted EBITDA excludes non-cash / non-recurring costs Depreciation and amortization, property financing, interest, and taxes Adjusted Net Income is a proxy for operating free cash flow II. 45#46Non-GAAP reconciliations $ IN MILLIONS GAAP Gross Profit Adjustments: Impairment - Current Period Impairment - Prior Period Restructuring in Cost of Revenue Adjusted Gross Profit Adjusted Gross Margin Direct Selling Costs Holding Costs on Sales - Current Period Holding Costs on Sales - Prior Period Contribution Profit Contribution Margin Interest on Homes Sold - Current Period Interest on Homes Sold - Prior Periods Contribution Profit After Interest Contribution Margin After Interest 2017 $66 $2 ($2) $66 9.3% ($26) ($7) ($2) $31 4.4% ($6) ($1) $24 3.3% Year Ended December 31, 2018 $133 $15 ($2) $146 7.9% ($62) ($16) ($3) $65 3.5% ($19) ($3) $43 2.4% 2019 $301 $11 ($15) $297 6.3% ($149) ($43) ($13) $92 1.9% ($52) ($13) $27 0.6% 2020 $220 $0 ($11) $2 $211 8.2% ($73) ($17) ($11) $110 4.3% ($18) ($10) $82 3.2% 2021 $730 $39 $769 9.6% ($195) ($47) ($2) $525 6.5% ($42) ($1) $482 6.0% Three Months Ended March 31, 2022 $535 $8 ($31) $512 9.9% ($136) ($16) ($28) $332 6.4% ($16) ($26) $290 5.6% Twelve Months Ended March 31, 2022 $1,168 $64 ($48) $1,184 9.5% ($313) ($38) ($52) $781 6.3% ($37) ($45) $699 5.6% 46#47Non-GAAP reconciliations $ IN MILLIONS GAAP Net Income (Loss) Adjustments: Stock-Based Compensation Equity Securities FV Adjustment Derivative and Warrant FV Adjustment Intangibles Amortization Expense Inventory valuation adjustment - Current Period Inventory valuation adjustment - Prior Period Restructuring Convertible Note PIK Interest and Discount Amort. Loss on extinguishment of debt Gain on lease termination Payroll tax on initial RSU release Legal accrual Other Adjusted Net Income (Loss) Adjusted Net Income (Loss) Margin Adjustments: Depreciation & Amortization Property Financing Other Interest Expense Interest Income Taxes Adjusted EBITDA Adjusted EBITDA Margin 2017 ($85) $4 $2 ($2) ($81) (11.4%) $1 $16 $8 ($1) ($57) (8.0%) Year Ended December 31, 2018 ($240) $15 $18 $1 $15 ($2) $1 ($192) (10.4%) $5 $48 $12 ($4) ($131) (7.1%) 2019 ($339) $13 ($6) $3 $11 ($15) $2 $4 ($327) (6.9%) $15 $84 $22 ($12) ($218) (4.6%) 2020 ($253) $38 ($8) $4 ($11) $31 $8 $11 $4 $1 ($175) (6.8%) $22 $38 $22 ($5) ($98) (3.8%) 2021 ($662) $536 ($35) ($12) $4 $39 ($5) $5 $14 ($116) (1.4%) $33 $119 $24 ($3) $1 $58 0.7% Three Months Ended March 31, 2022 $28 $67 $22 $2 $8 ($31) $3 $99 1.9% $9 $58 $10 $176 3.4% Twelve Months Ended March 31, 2022 ($364) $364 ($13) ($27) $6 $64 ($48) $5 $17 $4 0.0% $33 $170 $30 ($2) $1 $236 1.9% 47#48Non-GAAP reconciliations $ IN MILLIONS Operating Expenses (GAAP) Adjustments: Direct selling costs Holding costs on sales included in contribution profit Stock-based compensation Intangibles amortization expense Restructuring Gain on lease termination Payroll tax on initial RSU release Legal contingency accrual Depreciation and amortization, excluding amortization of intangibles Other Adjusted Operating Expenses Adjusted Operating Expenses Margin 2017 $128 $26 $9 $4 $1 $88 12.4% 2018 $297 $62 $19 $15 $1 $1 $5 ($2) $196 Year Ended December 31, 10.7% 2019 $549 $149 $56 $13 $3 $2 $15 $1 $310 6.5% 2020 $406 $73 $28 $38 $4 $31 $4 $22 ($2) $208 8.1% 2021 $1,298 $195 $49 $536 $4 ($5) $5 $14 $33 $467 5.8% Twelve Months Ended March 31, 2022 $1,373 $313 $90 $364 $6 $5 $17 $33 $545 4.4% 48#49Non-GAAP reconciliations definitions Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor's ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holdi osts and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, (2) inventory valuation adjustment in prior periods, and (3) restructuring in cost of revenue. Restructuring in cost of revenue reflects the costs associated with the reduction in our workforce in 2020, a portion of which were related to personnel included in cost of revenue. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit/ Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset- backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing. 49#50Non-GAAP reconciliations definitions Adjusted Net Income (Loss) and Adjusted EBITDA We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under AAP. These measures also include inventory valuation adjustments that were recorded in perio under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). Adjusted Net Income (Loss) We calculate Adjusted Net Income (Loss) as GAAP net income (loss) adjusted to exclude non-cash expenses of stock- based compensation, marketable equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring restructuring charges, convertible note payment-in-kind ("PIK") interest and issuance discount amortization, loss on extinguishment of debt, gain on lease termination, payroll tax on initial RSU release and legal contingency accrual. Adjusted Net Income (Loss) also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. Adjusted EBITDA We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted Operating Expense We present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing how unit level performance translates into overall operating performance as our revenue and volumes scale. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, nich operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. The measure excludes non-recurring gain on lease termination, payroll tax on initial RSU release, restructuring expenses, and legal contingency accrual. 50