#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 (as amended, the "Registration Statement"), filed by Social Capital with the Securities and Exchange Commission (the "SEC") on October 5, 2020 (Registration No. 333-249302) 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 the Registration Statement. 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 Registration Statement. Investors and security holders of Social Capital and Opendoor are urged to read the Registration Statement and other relevant document filed with the SEC carefully and in their entirety because they contain important information about the proposed business combination. Investors and security holders are able to obtain free copies of the Registration 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.#3Agenda Business overview Eric Wu, Co-Founder and CEO Product overview Tom Willerer, Chief Product Officer Pricing and technology platform lan Wong, Co-Founder and Chief Technology Officer Operations and fulfillment Megan Meyer Toolson, Head of Operations Growth Eric Wu, Co-Founder and CEO Financial overview Carrie Wheeler, Chief Financial Officer | Q&A For Sale Opendoor opendoor.com#4"Incredible upgrade opportunity" My journey started at 2004 Mitchell Street#5Seasoned, deep and experienced team Eric Wu Co-Founder, CEO Head of Product, Trulia trulia Product Brian Tolkin Head of Seller Product Product, Uber David Sinsky Head of New Products Product, FourSquare Judd Schoenholtz Head of Buyer Product CEO, OpenListings Andrew Low Ah Kee President COO, GoDaddy Uber F FOURSQUARE OL Open Listings GoDaddy Engineering Megan Meyer Toolson Head of Operations Ops, Bain Capital BainCapital Mark Kinsella Head of Engineering Director, Lyft Nelson Ray, PhD Head of DS Research Data Scientist, Google lyf Google Mike Chen Head of Pricing Engineering twitter Sr Engineer, Twitter Daniel Morillo Chief Investment Officer Managing Director, Citadel CITADEL Design & Marketing Paul Smith Head of Design Director, Uber Reema Batta Head of Marketing Marketing, Expedia Annie Tang Design Manager Design, Google Uber Carrie Wheeler Chief Financial Officer Partner, TPG TPG Expedia Google Operations Nadia Aziz Head of Mortgages VP, Capital One Brad Bonney Market Operations Director T&S, Airbnb Tom Willerer Chief Product Officer VP Product, Netflix NETFLIX Capital One airbnb Square Merav Bloch Head of Operational Excellence Director, Square Finance lan Wong Co-Founder, CTO Head of Data Science, Square Square Rajiv Krishnarao Head of Finance Director, Uber Uber Dod Fraser Head of Capital Markets/Risk Principal, TPG Christy Schwartz Corporate Controller Controller, Yodlee TPG ENVESTNET Yodlee#6Unlock homeownership for millions of Americans PARE Buy, sell & move at the tap of a button 0 9:41 = Opendoor Trade in your home, Upgrade your life Sell Buy Trade O Enter your home address Select a city 8 Get Started Finance#7We are the market innovator and leader Key metrics 21 Markets 80K Homeowners served $10B Homes sold Revenue ($B) $0.7 2017 $1.8 2018 $4.7 1 7,470 3,127 2019 Homes sold Note: Markets, homeowners served and homes sold metrics since Company inception; homeowners served defined as number of home transactions 2017 2018 18,799 2019#8The largest, undisrupted market in the U.S. Massive market 68% of Americans are homeowners 5 million homes sold annually $841B/yr Used autos $1.0T/yr Food $1.6T/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 2 million real estate agents 28% of realtors have another occupation 66% 0-15 annual transactions 31% 15-50 annual transactions 4% 50+ annual transactions 8#9We've rebuilt the entire real estate service stack 9:38 opendoor.com Opendoor Sell your home from the comfort of your couch Enter your home address Get an instant offer, compare your options and ely with no showings, stress or surprises. We're here to help you sell no matter what Your safety and peace of mind are more portant thaver var stoutre selline Product Simple, certain and fast experience for customers Pricing Real-time models to predict the value of a home Operations Inspections, repairs, renovations, and maintenance of homes Foundation of software and data science Customer Experience Centralized sales and support teams to manage the transaction end-to-end#10Product Tom Willerer Chief Product Officer 10#11Process is complex, uncertain, time-consuming and offline Note: Today, 89% of buyers and sellers use an agent, and this is their experience > Decide to move Receive an offer for $240,000 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 $250,000 List on the market for months Search for new home Visit 12 occupied homes Wait for close 20% of deals fall through 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 Finally move Costing as much as 12%+ of the transaction Broker commission Item Seller concessions Closing costs Home renovation/repairs Double mortgage Moving costs Staging Home warranty Total Cost $13,750 $3,750 $3,750 $2,500 $2,500 $1,259 $1,185 $936 $29,630 11#12Offering greater simplicity, certainty, speed and safety Note: Traditional sale Complex Average of 6 counter parties to manage Uncertain -20% of transactions fall through Inflexible timelines to closing Slow Average of 87 days to close on the market Human intensive Averaging 12 visitors per listing with months of open houses 9:41 AM Wed Aug 24 = 123 Main St, Phoenix, AZ YOUR OFFER Price Fees Est. Closing costs Unforeseen costs Net proceeds Days on market Closing date Certainty Traditional Sale Opendoor $303,000-$342,000 5.5% 1% Up to 4% $271,185-$306,090 X 62 days X Depends on Buyer X Financing contingencies X Appraisal contingencies Opendoor $317,300 7.0% 1% 0% $291,916 ✓0 ✓ Up to you ✓ All-cash offer . 100% EH Opendoor Simple 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 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). Unforeseen costs assume 1% staging costs, 2% seller concessions and 1% overlap costs (moving, double mortgage) 12#13Receive an offer and sell on your timeline Online cash offer Flexible close date Digital closing 9:41 AM Wed Aug 24 < 456 N Cococinos Ave 9:41 AM Wed Aug 24 <Opendoor Let's facts 9:41 AM Wed Aug 24 Bedrooms 456 N Cococinos Ave Welcome back Brian ADD NEW ADDRESS 456 N Cococinos Ave, Phoenix AZ Full bathrooms Year built Sale price Digital signature Partial bathrooms Home value update +1.5% since last month Market Tools Juan Home value 456 N Cococinos Ave, Phoenix AZ 85709 $309,500 80% confidence score 2 Closing costs Service charge 1998 Repairs EDIT Neighborhood EDIT EDIT EDIT $309,500 Next Signed april 20th, 2021 +2% ↑ $285,000 0.7% $2,492 6% $23,688 Pending assessment Next step Review offer Finalize sale 13#14New experience to search, visit and buy thousands of homes Self-tour homes Financing in-app Digital offer process 11:12 nch Rd St Q Address, city, zip O zusa Canyon Park Safely tour any home in person or over live video W-126 W-12th St B Feed 1.3M M Azusa 768K E Tenth St 1.5M 998K E Sixth St E Third St 0 2.1M Slauson Park 5K Search 985K 930K 968K E Ninth St 1.6M Filters 1 My homes 988K 5M All listings ✓ Little Dalton Wash Itern Sta FOOK Chat neil Dr 540K 101 3 Hicre W Lea 1.7M 1.6 W Foothi Citrus e Azusa Pacific University - Azusa Campus E Duell S B My offers. 11:12 $988,000 14 days ago 1186 N Lopez Ln Azusa, CA 91702 4bd 3.5ba 3,284 sqft 9,251 sqft lot. Schedule tour Start an offer Unlocking... 360° Please wait at the door, s can take up to a minute 14#15Home sellers are choosing Opendoor Note: High intent customers 80% Browsing for a quote High conversion 34% 2019 real seller conversion 20% 90% Real sellers Sell direct to us without agents 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 Real seller conversion vs. fees 25% >10% 23% 24% 26% 9.5% 30% Even at 10% fees conversion is 23% 8.5% 31% 35% 7.5% -38% 40% 46% 6.5% 44% And at 6% fees conversion is 44%+ <6.0% 15#16Our customers want convenience and certainty Convenience sellers Customers focused on simplicity, certainty and speed 62% of sellers cite convenience and certainty as primary reasons to sell to Opendoor 49% of Opendoor sellers have kids (higher than national average) Note: Sellers looking to buy another home from September 2018 Opendoor closed seller survey; all other metrics from October 2020 Opendoor closed seller survey Contingent buyers Customers who need to unlock equity in current home in order to close on their next one 63% of Opendoor sellers also looking to buy another home 50% of Opendoor customers are selling their first home 16#17And are delighted by our experience Net Promoter Score Note: Opendoor 70 Opendoor Traditional Listing Mortgage Title NPS metrics based on Company data from last twelve months, public filings and 3rd-party research Category Leaders LLL Uber NETFLIX Cable Rental Car CARVANA Traditional Dealerships 17#18Pricing and Technology Platforms lan Wong Co-Founder, CTO 14.65% 673.27 Quality Score 9.38 #-0.1% 18#19Pricing & data science objectives Deliver competitive and accurate home valuations to sellers Set fees that anticipate dynamic market conditions 19#20Accuracy through proprietary, structured, hyper-local data Third party + in-house / offline data Note: Market data Proprietary data assets MLS transaction MLS prices 3rd party HPA Seller input flow Home assessment detail Visitor traffic Time spent in home Historical underwriting Feature level home data 145 Unique features per inspection 175K On-site inspections 25M Home level data inputs 1B Home level adjustments On-site inspections and home-level adjustment metrics reflect to-date company data as of August 2020; feature price adjustments are indicative Countertops +$5.1K for granite Bedrooms +$15.0K from 2 to 3 Appliances +$3.9K for stainless steel Roofing +$9.0K if < 5 yrs HVAC system +$8.5K if <3 yrs Hardwood floors +$1.5 / sq ft Garage +$4.5K/ space 20#21With leading edge pricing models and tooling Note: Models and tooling at each step from acquisition to resale 1010 belect one $185,855 $188.382 Potential outer comps changing valuation by 2 Eugevaluation by 2 Agents (45) $193,000 DOM (A) 26-201 AMHARE Grid Search: Fee and Markup Slope Dallas optimizer ORPOR fee calib model @f.c. baseline 3.5m Acquisition Resale Tooling Meaningful improvements in accuracy With step- function increases in automation Resale price prediction performance Predicted vs. actual resale price (absolute delta in %) Market maturity Least mature Offer automation rate 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 1Q16 More mature 41% 1Q18 2Q18 acquisition cohort 2Q19 acquisition cohort Most mature 63% 1Q20 21#22Highly scalable, predictive & accurate pricing engine Note: Superior inventory health and risk profile % Listings > 150 days on market Dec 18 Typical MLS range Dec 19 Underwriting enhancements as cities mature City Contribution Margin over time (cumulative) New market at launch New market at 1 year post-launch % Acquisition cohort sold Days on market calculated as of month-end; MLS range based on Company estimates for current operating markets City contribution based on quarterly acquisition contract cohorts for a new market launched in 2018 City maturation 100% 22#23Sold Operations and Fulfillment Opendoor Megan Meyer Toolson Head of Operations opendoor.com 23#24Low cost, repeatable and scalable transaction platform Data-science driven decision making Collect proprietary structured data at every step to feed pricing engine, drive decision making and support automation Centralization across the home journey Consolidate tasks online and leverage scale economies Software-enabled, streamlined processes Utilize software to enable accuracy, automation and remote workflows Scale economies to drive down costs Leverage scale to drive material and labor discounts 24#25The journey of a home from offer to resale First offer sent Sales + support Internal Assessment Consumer facing Flexible close Home acquired Home condition data collection Reno / Repair Home listed Repair and renovation Opendoor Potential buyer self-tours Resale contract Offer negotiation. $309.50 Buyer Buyer inspection mortgage Self-service listing technology Semi-automated maintenance disp Personalized customer support and transaction management Flexible close Home resold 25#26Cost improvements in home repairs due to superior operational processes and software Eliminating repair overruns 2018 82% decrease 1Q20 Reducing pre-list days Note: Performance data on repair overruns and pre-list days based on Opendoor acquisition cohorts 2018 50% decrease 1Q20 Opendoor Scout App to manage all home ops workflows Comp Day One Walk 304 Broad IN thank you 3064 Bradea T Notes you here Request pos wat cable Rekla Ar 3000 430 A Never Apr 28 2020 2:58 PM All pages are comp App to manage all the home op Opendoor Sc 26#27Centralization & automation driving ongoing cost reductions Note: Centralization & automation Transactions / person agent Opendoor We are 12x more efficient than a traditional agent Traditional Continued reduction in net cost structure (first 6 markets) 1Q18 1Q19 Opendoor productivity based on 2019 total closes and average operator headcount; traditional agent based on National Association of Realtors report Net cost structure based on transaction costs, holding costs, buyer broker commissions and interest expense, net of services contribution ~150bps improvement 1Q20 -$3,500/home eliminated from system 27#28Growth Eric Wu Co-founder, CEO 28#29Our first 6 markets reached $2.7B run-rate revenue in 1Q20 6 Markets 3.2% Market share $2.7B 1Q20 Run-rate revenue Note: Las Vegas $206M run-rate revenue 1.9% market share Phoenix $1.0B run-rate revenue 4.2% market share $664M run-rate revenue 4.6% market share Dallas-Fort Worth $329M run-rate revenue 1.7% market share Atlanta 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 $388M run-rate revenue 5.5% market share Raleigh-Durham $166M run-rate revenue 1.5% market share Orlando 29#30Today, we are in 21 markets and just scratching the surface 21 Markets 2.0% Market share $5.0B 1Q20 Run-rate revenue Note: Portland Sacramento Salt Lake City Las Vegas Los Angeles Riverside Phoenix Tucson Denver Minneapolis-St.Paul Dallas-Fort Worth Austin San Antonio Houston Nashville Atlanta Charlotte 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 Raleigh-Durham Jacksonville Orlando 30#31Our current playbook takes us to $50B in revenue 4% Market share 100 Markets $50B Run-rate revenue Seattle Tacoma Portland Salem Redding Reno Sacramento Oakland Stockton Modesto Hanford Bakersfield Kennewick Visalia Spokane Ventura Los Angeles Riverside Orange County Boise San Diego El Centro Las Vegas Ogden Salt Lake City Provo-Orem Phoenix Yuma Tucson Ft Collins Boulder Greeley Denver Colorado Springs Santa Fe Albuquerque Minneapolis-St.Paul Omaha Dallas-Fort Worth Killeen Oklahoma City Austin Kansas City San Antonio Tulsa Houston Grand Milwaukee Rapids Chicago St. Louis Memphis Baton Rouge Indianapolis Detroit Louisville Newark Trenton Cleveland Canton Pittsburgh Philadelphia Columbus Dover Cincinnati New Orleans Lexington Nashville Knoxville Birmingham Buffalo Baltimore Washington, DC Charlottesville Atlanta Boston Hudson Valley Providence Long Island Richmond Hampton Roads Ocala Charlotte Raleigh-Durham Tampa Savannah Wilmington Charleston Jacksonville Ft. Myers Orlando Vero Beach Ft. Lauderdale Miami 31#32With a U.S. market potential of $1.3T 5M Annual homes sold 87% Homes in buy box of $100K to $750K $1.3T Total annual GMV Note: Seattle Tacoma Portland Salem Redding Reno Sacramento Oakland Stockton Modesto Hanford Bakersfield Kennewick Visalia Spokane Ventura Los Angeles Riverside Orange County Boise San Diego El Centro Las Vegas Ogden Salt Lake City Provo-Orem Phoenix Yuma 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 Tucson Ft Collins Boulder Greeley Denver Colorado Springs Santa Fe Albuquerque Minneapolis-St.Paul Omaha Dallas-Fort Worth Killeen Oklahoma City Austin Kansas City San Antonio Tulsa Houston Grand Milwaukee Rapids Chicago St. Louis Memphis Baton Rouge Indianapolis Louisville Newark Trenton Detroit Cleveland Canton Pittsburgh Philadelphia Columbus Dover Cincinnati New Orleans Lexington Nashville Knoxville Birmingham Buffalo Baltimore Washington, DC Charlottesville Atlanta Boston Hudson Valley Providence Long Island Richmond Hampton Roads Ocala Charlotte Raleigh-Durham Tampa Savannah Wilmington Charleston Jacksonville Ft. Myers Orlando Vero Beach Ft. Lauderdale Miami 32#33Track record of new market launches Infrastructure in place to launch efficiently Note: Centralized customer operations Centralized teams to service sellers and buyers end-to-end Scalable pricing systems Mature market data improves pricing in new markets Small, efficient in-market launch teams Market share based on Company resale closes and MLS transaction data Market share by market maturity Market share 1.5% 1.3% 1.0% 0.8% 0.5% 0.3% 1 2 3 4 5 6 7 8 Month of operation 9 10 11 12 o Phoenix O Next 5 • Next 15 33#34The Future Eric Wu Co-founder, CEO 34#35Early stages of the digital transformation in real estate Category Note: % Online Market leader Market capitalization Retail 14% amazon ~$1.5T Transportation 4% Uber ~$80B Online penetration metrics are based on public filings and third party research; online penetration for real estate based on available iBuyer information Market capitalization values are approximated as of November 11, 2020 Used auto sales 1% CARVANA -$35B Real estate <1% Opendoor 35#36COVID-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 36#37Consumers demand digital experiences for the services that revolve around the home Title and Escrow Financing Insurance Warranty Upgrades Home maintenance Moving services ON O Opendoor - 37#38As the market leader, we are just getting started Today We've transformed how people sell a home Opendoor Sell your home from the comfort of your couch Enter your home address Get my free offer @opendoor.com 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 Tomorrow We will transform how people move 9:41 = Opendoor Sell Real-estate, re-invented Buy Trade ... Finance Digital one-stop shop to move 38#39Financial Overview Carrie Wheeler CFO 8 39#40Financial overview | Unit economics | Historical performance | 2020 and 2021 review | Balance sheet review | Projections F WET#41We have proven, positive unit economics 1Q20 Margin Performance Note: 7.3% Adjusted Gross Margin (2.6%) Selling Costs (0.7%) Holding Costs Phoenix $11K/home 4.0% Contribution Margin $8K/home 3.0% Contribution Margin After Interest All metrics presented are non-GAAP, see reconciliation in Appendix for total company. Phoenix market metrics use same methodology as total company equivalents $8K/home 3.1% Contribution Margin $5K/home 1.9% Contribution Margin After Interest Total Company 41#42Contribution 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 42#43Demonstrated success in adding high margin services First proof point with title & escrow Title & escrow transactions (#) Note: 5.7% 103 Q1 21.6% 510 Q2 36.1% 1,134 Q3 57.8% 2,381 Q4 74.5% 3,951 Q5 75.8% 4,720 Q6 Quarter since launch 78.4% 5,934 Q7 75.9% 7,031 Q8 82.9% 8,157 Q9 80% 60% 40% 20% Attach rate (%) Adjacent services roadmap Established Title & Escrow Recently launched Home Loans Buy with Opendoor List with Opendoor To be launched Home warranty, upgrade & remodel, home insurance, moving services 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 Target CM /home $1,750 $5,000 $5,000 $3,750 $7,500 43#44Significant margin upside from additional services and cost optimization 3.1% $8K/home 1Q20 Contribution Margin Note: 1.5% $3.8K/home Cost optimization Contribution Margin presented is non-GAAP, see reconciliation in Appendix $ amounts based on 1Q20 Revenue per home 2.4% $6.1K/home Total Company Additional services Cost optimization includes selling cost and holding cost improvements Carvana and AutoNation business mix based on public filings; AutoNation mix excludes parts and warranty services 7.0% $18K/home Long-term target Contribution Margin Ancillary Gross Margin Vehicle Gross Margin Ancillary Vehicle Gross Margin Gross Margin CARVANA AutoNation. Expect -50/50 long-term unit margin composition, similar to other "trade-in" business models 44#45Rapid growth at scale and improving profitability Revenue ($B) Homes sold 3,127 2017 CAGR +145% 7,470 2018 18,799 2019 $0.7 2017 CAGR +159% Note: Adjusted EBITDA Margin is a non-GAAP metric, see reconciliation in Appendix 1Q20 run rates do not reflect the full impact of COVID-19; see Summary Financials for full-year 2020 projections $1.8 2018 $4.7 2019 Adjusted EBITDA Margin (8.0%) 2017 (7.1%) 2018 (4.6%) 2019 45#46Updated expectations for 2020 Recent financial results $ in millions Homes Sold Total Revenue Adjusted Gross Profit % Margin Total Contribution Profit % Margin Adjusted EBITDA % Margin YTD Sep-19 13,768 $3,485 $226 6.5% $74 2.1% ($159) (4.6%) YTD Sep-20 9,064 $2,334 $173 7.4% $79 3.4% ($71) (3.0%) 3Q19 4,783 $1,211 $80 6.6% $29 2.4% ($53) (4.4%) Note: Adjusted Gross Profit and Adjusted EBITDA are non-GAAP metrics, see reconciliation in Appendix for historical numbers 3Q20 1,232 $339 $33 9.8% $20 5.8% ($21) (6.2%) Updated 2020 outlook Prior 2020E 9,673 $2,455 $172 7.0% $72 3.0% ($141) (5.7%) Updated 2020E 9,750 $2,500 $190 7.6% $90 3.6% ($120) (4.8%) 46#472021 Inventory and Revenue trajectory Inventory + Revenue performance indexed to 2019 140% 100% 0% 4Q19 3Q20 Revenue performance highly correlated with prior period- end inventory levels 4Q20P Note: All ensuing inventory and Revenue data points indexed to 4Q19 Inventory -O Inventory Revenue 4Q21P Expect strong sequential revenue growth throughout 2021 as we rebuild inventory 1H/2H Revenue cadence 48% 52% 2019 ~80% Typical H1 range ~20% H1 2020E -35% 2021E Inventory dynamics in 2020 and 2021 will drive revenue cadence for next year H2 -65% 47#48Well capitalized with scalable, efficient financing in place Note: Committed, non-recourse asset-backed facilities of $3.4B(¹) Lender recovery based on collateral Diversified and high quality lender base with staggered maturities Proven ability to scale capacity and reduce costs . Increased advance rate from ~80% to -100% Decreased interest spread from ~650 to -250 Attractive debt financing ~80% L+~650 2016 ~90% L + ~350 2018 (2) Advance rate" -100% L + ~250 2020 Senior debt cost (3) Pro forma equity capital ($M) $679 $551 Opendoor Adjusted Equity (4) (1) As of September 30, 2020, $3.4bn in total borrowing capacity with $2.0bn in committed capacity. Debt facilities are restricted use for the purchase of homes (2) Advance rate and senior debt cost are 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 September 30 2020, Adjusted Equity was equal to $673M in GAAP equity plus $6M in Warrant Liabilities (5) Cash includes Unrestricted Cash and Marketable Securities as of September 30, 2020 (6) Assumes no redemptions $972 Cash (5) Expected net transaction proceeds $1,651 $1,523 Pro Forma Adjusted Equity (6) Cash 48#49Summary financials Homes Sold % YoY Growth Total Revenue ($B) % YoY owth Adjusted Gross Profit ($M) % Margin Contribution Profit ($M) % Margin % YoY Growth Contribution Margin After Interest ($M) % Margin % YoY Growth Adjusted EBITDA ($M) % Margin 2017 3,127 113% $0.7 109% $66 9.3% $31 4.4% $24 3.4% ($57) (8.0%) 2018 7,470 139% $1.8 159% $146 7.9% $65 3.5% 107% $43 2.4% 82% ($131) (7.1%) 2019 18,799 152% $4.7 158% $297 6.3% $92 1.9% 42% $27 0.6% (36)% ($218) (4.6%) 2020P 9,750 (48%) $2.5 (47%) $190 7.6% $90 3.6% (2%) $60 2.4% 118% ($120) (4.8%) Note: Adjusted Gross Profit, Contribution Margin, Contribution Margin After Interest and Adjusted EBITDA are non-GAAP metrics, see reconciliation in Appendix for historical numbers 2021P 13,458 38% $3.5 38% $269 7.8% $142 4.1% 58% $116 3.3% 93% ($185) (5.4%) 2022P 24,030 79% $6.2 79% $521 8.4% $290 4.7% 104% $239 3.9% 106% ($123) (2.0%) 2023P 37,689 57% $9.8 58% $892 9.1% $539 5.5% 86% $458 4.7% 92% $9 0.1% 49#50Breakdown of expected growth drivers Note: Revenue $3.5B 2021 Revenue Existing markets New markets All metrics presented are non-GAAP, see reconciliation in Appendix Services $9.8B 2023 Revenue Contribution Profit $142M 2021 Contribution Profit 4.1% Margin Existing markets New markets Services $539M 2023 Contribution Profit 5.5% Margin 50#51Long-term margin targets Metric Total Contribution Margin Contribution Margin After Interest Adjusted EBITDA Margin Note: 2018 3.5% 2.4% (7.1%) All metrics presented are non-GAAP, see reconciliation in Appendix (1) Assumes home sale price of $250K 2019 1.9% 0.6% (4.6%) YTD 2020 3.4% 2.2% (3.0%) Long-term target 7-9% ($20K/home) 6 - 8% ($17.5K/home) 4 - 6% (1) 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 51#52Investment highlights Massive, fragmented market U.S. real estate industry is ripe for disruption Superior consumer experience Digital experience transforming a highly inefficient process Market innovator and 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 mu Real-estate, re-invented Sell Buy Trade Enter your home address all@ Get Started 8 Finance 52#53Eric Wu Co-founder, CEO Q&A Carrie Wheeler CFO Rajiv Krishnarao Head of Finance Dod Fraser Head of Capital Markets 53#54Appendices 1. Additional financial information 2. Inventory profile and management#55Non-GAAP Reference Key Metric Total Revenue Less: Less: Less: Adjusted Gross Profit Less: Less: Total Contribution Less: Less: Less: Less: Adjusted EBITDA Key Component Net Purchase Price Net Repairs Ancillary Product COGS Holding Costs Selling Costs Marketing Spend Operations Spend Fixed Opex Timing adjustments / other GAAP P&L Reference 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 Reno / 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 PR 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 55#56Non-GAAP reconciliations GAAP Gross Profit ($M) Adjustments: Net Impairment 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 $0 $0 $66 9.3% ($26) ($7) ($2) $31 4.4% ($6) ($2) $24 3.3% Annual 2018 $133 $13 $0 $146 7.9% ($62) ($16) ($3) $65 3.5% ($18) ($3) $43 2.4% 2019 $301 ($5) $0 $297 6.3% ($149) ($43) ($13) $92 1.9% ($51) ($13) $27 0.6% 9 Months Ended 9/30/2019 9/30/2020 $227 ($1) $0 $226 6.5% ($111) ($29) ($13) $74 2.1% ($35) ($13) $25 0.7% $181 ($10) $2 $173 7.4% ($68) ($15) ($11) $79 3.4% ($17) ($10) $51 2.2% 1Q20 $91 ($2) $0 $89 7.1% ($37) ($5) ($9) $39 3.1% ($7) ($9) $23 1.9% Quarterly 2Q20 $55 ($5) $2 $51 6.9% ($22) ($7) ($2) $20 2.8% ($7) ($2) $12 1.6% 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 YTD refers to year to date ending in September 3Q20 $36 ($3) $0 $33 9.8% ($9) ($4) $0 $20 5.8% ($3) $0 $16 4.8% 56#57Non-GAAP reconciliations GAAP Net Income ($M) Adjustments: Stock Based Compensation Derivative and Warrant FV Adjustment Intangibles Amort. Expense Net Impairment Restructuring Convertible Note PIK Interest, Amort. and Derivative FV Adjustment Other Adjusted Net Income Adjustments: Depreciation & Amortization Property Financing Other Interest Expense Interest Income Taxes 2017 ($85) $4 $0 $0 $0 $0 $0 $0 ($81) $1 $16 $7 ($1) $0 ($57) (8.0%) Annual 2018 ($240) $15 $18 $1 $13 $0 $0 $1 ($192) $5 $48 $12 ($4) $0 Adjusted EBITDA Adjusted EBITDA Margin Note: Financials may not sum due to rounding Other reflects Other Income, Other Expense, and Gain/(Loss) on Mortgage Rate Lock Commitment ($131) (7.1%) 2019 ($339) $13 ($6) $3 ($5) $3 $4 $0 ($327) $15 $84 $21 ($12) $0 ($218) (4.6%) 9 Months Ended 9/30/2019 9/30/2020 ($199) ($247) $10 ($7) $2 ($1) $2 $2 ($1) ($240) $10 $64 $16 ($9) $0 ($159) (4.6%) $9 $25 $3 ($10) $31 $8 $0 ($134) $17 $32 $18 ($4) $0 ($71) (3.0%) 1Q20 ($62) $3 $1 $1 ($2) $1 $3 $0 ($56) $5 $18 $7 ($3) $0 ($28) (2.3%) Quarterly 2Q20 ($56) $4 $0 $1 ($5) $12 $3 $0 ($42) $6 $9 $6 ($1) $0 ($22) (2.9%) 3Q20 ($81) $3 $24 $1 ($3) $17 $2 $0 ($36) $6 $5 $5 ($1) $0 ($21) (6.2%) 57#58Appendices 1. Additional financial information 2. Inventory profile and management#59Inventory profile and management Shorter duration real estate assets Pricing systems built to react quickly to changing market conditions Residential real estate markets move slowly#60Shorter duration real estate assets Average hold time for selected residential real estate assets Note: 3-4 mo Opendoor 9 mo "Fix & Flip" 12 mo Single family rental Holding period duration representative of credit investor asset exposure Inventory under resale contract reflects 2019 average 24 mo Non-performing loans 60 mo Homebuilder 84 mo Performing mortgages -35% of inventory under contract to be resold at any given time, reducing risk profile#61COVID-19: Systems built to react quickly to changing market conditions Paused offers First offers sent (#) Note: 15,192 Feb-20 7,362 Mar-20 Apr-20 Adjusted Gross Margin is a non-GAAP metric, see reconciliation in Appendix Inventory ($M) De-risked balance sheet $1,019 Feb-20 $172 Jul-20 Adjusted Gross Margin (%) Maintained margins 5.6% 4Q19 7.1% 1Q20 6.9% 2Q20 61#62Residential real estate prices move gradually Average QoQ price change Note: +3% 0% -3% 1Q75 with th 2Q20 Home price movements from Federal Housing Finance Agency (FHFA) All-Transactions Home Price Index (Not Seasonally Adjusted) (1) Seasonally adjusted annualized rate from National Association of Realtors data Only one quarter where prices dropped more than 3% since 1975 Even in the 2008 subprime housing crisis: Peak-to-trough, home prices took 5+ years to decline Annualized transaction volumes remained above 3.7M (1) 62#63Opendoor