Opendoor SPAC Presentation Deck

We 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

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