Opendoor SPAC Presentation Deck

Long-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

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