Investor Presentaiton

Scalable, 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

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