Disclaimer

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.

2
Agenda
Business overview
Eric Wu, Co-Founder and CEO

Product overview
Tom Willerer, Chief Product Officer

Pricing and technology platform

Ian 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

3
 “Incredible upgrade opportunity”

My journey started at 2004 Mitchell Street

Seasoned, deep and experienced team

Eric Wu Andrew Low Ah Kee Megan Meyer Toolson Daniel Morillo Carrie Wheeler Tom Willerer Ian Wong
Co-Founder, CEO President Head of Operations Chief Investment Officer Chief Financial Officer Chief Product Officer Co-Founder, CTO
Head of Product, Trulia COO, GoDaddy Ops, Bain Capital Managing Director, Citadel Partner, TPG VP Product, Netflix Head of Data Science, Square

Product Engineering Design & Marketing Operations Finance

Brian Tolkin Mark Kinsella Paul Smith Nadia Aziz Rajiv Krishnarao
Head of Seller Product Head of Engineering Head of Design Head of Mortgages Head of Finance
Product, Uber Director, Lyft Director, Uber VP, Capital One Director, Uber

David Sinsky Nelson Ray, PhD Reema Batta Brad Bonney Dod Fraser
Head of New Products Head of DS Research Head of Marketing Market Operations Head of Capital Markets/Risk
Product, FourSquare Data Scientist, Google Marketing, Expedia Director T&S, Airbnb Principal, TPG

Judd Schoenholtz Mike Chen Annie Tang Merav Bloch Christy Schwartz
Head of Buyer Product Head of Pricing Engineering Design Manager Head of Operational Excellence Corporate Controller
CEO, OpenListings Sr Engineer, Twitter Design, Google Director, Square Controller, Yodlee

5
Unlock
homeownership
for millions of
Americans

Buy, sell & move

at the tap of a button
6
We are the market innovator and leader

Key metrics Revenue ($B) Homes sold

$4.7

21
18,799

Markets

80K
Homeowners served $1.8 7,470

$10B $0.7 3,127

Homes sold
2017 2018 2019 2017 2018 2019

Note: Markets, homeowners served and homes sold metrics since Company inception; homeowners served defined as number of home transactions

7
The largest, undisrupted market in the U.S.

Massive market Fragmented incumbents

68% of Americans are homeowners 2 million real estate agents
5 million homes sold annually 28% of realtors have another occupation

31%
15-50 annual
$1.6T/yr 66%
transactions

$1.0T/yr 0-15 annual

$841B/yr transactions
4%
50+ annual
transactions

Used autos Food Real estate

Note: Data sourced from public company filings, U.S. Bureau of Labor Statistics, U.S. Census Bureau and National Association of Realtors

8
We’ve rebuilt the entire real estate service stack

Customer
Product Pricing Operations
Experience
Simple, certain and Real-time models to Inspections, repairs,
fast experience for predict the value of a renovations, and Centralized sales and
customers home maintenance of homes support teams to manage
the transaction end-to-end

Foundation of software and data science

9
Product
Tom Willerer
Chief Product Officer

10
Process is complex, uncertain, time-consuming and offline

Today, 89% of buyers and sellers use an agent, and this is their experience Costing as much as 12%+ of the transaction

Item Cost
Decide to Find an agent Repair and prep
move Interview and find Repair, renovate and prep Broker commission $13,750
a listing agent home

Seller concessions $3,750

Receive an offer Host several List for sale

for $240,000 open houses for $250,000 Closing costs $3,750
Receive an offer, negotiate, 12 showings List on the market for months
and accept
Home renovation/repairs $2,500

Buyer inspection Negotiate repairs Search for new home Double mortgage $2,500
An inspector finds Seller has to negotiate the Visit 12 occupied homes
issues with the homes price or fix the issues
Moving costs $1,259

Staging $1,185
Settle for available home Miss out on dream home Wait for close
Make offer with no Make an offer with 20% of deals fall through
contingencies multiple contingencies Home warranty $936

Finally move Total $29,630

Note: 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 11
Offering greater simplicity, certainty, speed and safety

Traditional sale Opendoor

Complex Simple
Average of 6 counter
Integrated digital experience
parties to manage

Uncertain Certain
~20% of transactions fall through
Guaranteed close on your timeline
Inflexible timelines to closing
No unforeseen costs

Slow Fast
Average of 87 days to close
Flexible closing in as fast as 3 days
on the market

Human intensive Safe

Averaging 12 visitors per listing
Completely contactless sale
with months of open houses

Note: 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
Receive an offer
and sell on your timeline
Online cash offer

Flexible close date

Digital closing

13
New experience to
search, visit and buy
thousands of homes
Self-tour homes

Financing in-app

Digital offer process

14
Home sellers are choosing Opendoor

High intent customers High conversion Real seller conversion vs. fees

34%
46%
44%
40%
38%
80% 35%
And at 6% fees
Browsing for a 30% 31%
quote
2019 real seller conversion conversion is 44%+
25% 26%
23% 24%

90%
Even at 10% fees

20% conversion is 23%

Real sellers

Sell direct to us without agents

>10% 9.5% 8.5% 7.5% 6.5% <6.0%

Note: 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

15
Our customers want convenience and certainty

Convenience sellers Contingent buyers

Customers focused on simplicity, Customers who need to unlock
certainty and speed equity in current home in order
to close on their next one

62%
of sellers cite convenience and certainty
63%
of Opendoor sellers also looking
as primary reasons to sell to Opendoor to buy another home

49%
of Opendoor sellers have kids
(higher than national average)
50%
of Opendoor customers are
selling their first home

Note: Sellers looking to buy another home from September 2018 Opendoor closed seller survey; all other metrics from October 2020 Opendoor closed seller survey

16
And are delighted by our experience

Opendoor Category Leaders

70
Net Promoter Score

Traditional Mortgage Title Cable Rental Traditional

Listing Car Dealerships

Note: NPS metrics based on Company data from last twelve months, public filings and 3rd-party research

17
Pricing and Technology Platforms
Ian Wong
Co-Founder, CTO

18
Pricing & data science objectives

Deliver competitive and Set fees that

accurate home valuations anticipate dynamic
to sellers market conditions

19
Accuracy through proprietary, structured, hyper-local data
Third party + in-house / offline data Feature level home data

Bedrooms

145
MLS transaction
Market data

+$15.0K from 2 to 3
Roofing

Countertops +$9.0K if < 5 yrs

MLS prices
Unique features per +$5.1K for granite HVAC system
inspection +$8.5K if < 3 yrs
3rd party HPA

Seller input flow 175K

Proprietary data assets

On-site inspections
Home assessment detail

Visitor traffic
25M Garage
Home level data inputs +$4.5K / space
Time spent in home
Appliances

1B
Historical underwriting +$3.9K for stainless steel
Hardwood floors
+$1.5 / sq ft

Home level adjustments

Note: On-site inspections and home-level adjustment metrics reflect to-date company data as of August 2020; feature price adjustments are indicative

20
With leading edge pricing models and tooling
Resale price prediction performance

Models and tooling at each step from 2Q18 acquisition cohort

Predicted vs. actual resale price

acquisition to resale 2Q19 acquisition cohort

(absolute delta in %)
Meaningful
improvements
in accuracy
Acquisition

Least mature More mature Most mature

Market
maturity

Resale
Offer automation rate
63%

With step- 41%

function
Tooling
increases in
automation

1Q16 1Q18 1Q20

Note: 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

21
Highly scalable, predictive & accurate pricing engine

Superior inventory health and risk profile Underwriting enhancements as cities mature
% Listings > 150 days on market City Contribution Margin over time (cumulative)

Typical MLS range

City maturation

New market at launch

New market at 1 year post-launch

Dec 18 Dec 19 % Acquisition cohort sold 100%

Note: 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
22
Operations and Fulfillment
Megan Meyer Toolson
Head of Operations

23
Low 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
The journey of a home from offer to resale

First offer sent Home acquired Home listed Resale contract Home resold

Sales + Assessment Flexible Reno / Repair Potential buyer Offer Buyer Buyer Flexible
support close self-tours negotiation inspection mortgage close

Home condition data collection

Repair and renovation

Self-service listing technology

Internal

Consumer facing Semi-automated maintenance dispatch

Personalized customer support and transaction management

25
Cost improvements in home repairs due to superior
operational processes and software
Eliminating repair overruns Reducing pre-list days Opendoor Scout
App to manage all home ops workflows

82% 50%
decrease decrease

2018 1Q20 2018 1Q20

Note: Performance data on repair overruns and pre-list days based on Opendoor acquisition cohorts
26
Centralization & automation driving ongoing cost reductions

Centralization & automation Continued reduction in net cost structure (first 6 markets)
Transactions / person

~150bps improvement

Traditional agent Opendoor 1Q18 1Q19 1Q20

We are 12x more efficient

~$3,500/home eliminated from system
than a traditional agent

Note: 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
27
Growth
Eric Wu
Co-founder, CEO

28
Our first 6 markets reached $2.7B run-rate revenue in 1Q20

6
Markets

3.2%
$206M run-rate revenue
1.9% market share $388M run-rate revenue
5.5% market share

Las Vegas
$664M run-rate revenue Raleigh-Durham
Market share $1.0B run-rate revenue 4.6% market share
4.2% market share

$2.7B
Phoenix Atlanta

Dallas-Fort Worth $166M run-rate revenue

1.5% market share
1Q20 Run-rate revenue $329M run-rate revenue
Orlando
1.7% market share

Note: 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

29
Today, we are in 21 markets and just scratching the surface

21
Portland

Minneapolis-St.Paul

Markets

2.0%
Sacramento Salt Lake City
Denver

Las Vegas
Raleigh-Durham
Market share Nashville Charlotte
Los Angeles Riverside

$5.0B
Phoenix Atlanta

Tucson
Dallas-Fort Worth
Jacksonville
1Q20 Run-rate revenue Austin
Houston Orlando
Tampa
San Antonio

Note: 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

30
Our current playbook takes us to $50B in revenue

Seattle

4%
Tacoma Spokane
Kennewick
Portland
Salem

Boston
Boise Minneapolis-St.Paul
Market share Grand Buffalo Hudson Valley Providence
Long Island
Milwaukee Rapids Detroit Newark
Redding Trenton
Cleveland
Chicago

100
Ogden Canton Pittsburgh Philadelphia
Reno Omaha
Columbus Baltimore
Salt Lake City
Sacramento Ft Collins Indianapolis Washington, DC Dover
Oakland Stockton Provo-Orem Greeley Cincinnati
Boulder Charlottesville
Modesto Denver
Kansas City Louisville Richmond Hampton Roads
Colorado Springs St. Louis
Hanford Lexington
Visalia
Markets Bakersfield
Las Vegas
Nashville Knoxville
Raleigh-Durham
Charlotte
Ventura Tulsa Wilmington
Los Angeles Riverside Santa Fe
Oklahoma City Memphis

$50B
Orange County Albuquerque
San Diego El Centro Phoenix Atlanta Charleston
Yuma Birmingham
Tucson Savannah
Dallas-Fort Worth
Killeen Jacksonville

Run-rate revenue Austin

Houston
Baton Rouge
New Orleans
Ocala
Orlando
San Antonio
Tampa Vero Beach
Ft. Myers Ft. Lauderdale
Miami

31
With a U.S. market potential of $1.3T

Seattle

5M
Tacoma Spokane
Kennewick
Portland
Salem

Boston
Minneapolis-St.Paul
Annual homes sold
Boise
Grand Buffalo Hudson Valley Providence
Milwaukee Rapids Long Island
Detroit Newark
Redding Trenton
Cleveland
Chicago

87%
Ogden Canton Pittsburgh Philadelphia
Reno Omaha
Columbus Baltimore
Salt Lake City
Sacramento Ft Collins Indianapolis Washington, DC Dover
Oakland Stockton Provo-Orem Greeley Cincinnati
Boulder Charlottesville
Modesto Denver
Kansas City Louisville Richmond Hampton Roads
Colorado Springs St. Louis
Hanford Lexington
Visalia
Homes in buy box of $100K Bakersfield
Las Vegas
Nashville Knoxville
Raleigh-Durham
Charlotte
Ventura
to $750K Santa Fe Tulsa Wilmington
Los Angeles Riverside Memphis
Albuquerque Oklahoma City
Orange County
San Diego El Centro Phoenix Atlanta Charleston

$1.3T
Yuma Birmingham
Tucson Savannah
Dallas-Fort Worth
Killeen Jacksonville
Austin Baton Rouge Ocala
Houston New Orleans
Total annual GMV San Antonio Orlando

Tampa Vero Beach

Ft. Myers Ft. Lauderdale
Miami

Note: 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
32
Track record of new market launches

Infrastructure in place to launch efficiently Market share by market maturity

1.5%

Centralized customer operations

1.3% Phoenix
Centralized teams to service sellers and buyers end-to-end Next 5
Next 15
1.0%

Market share
Scalable pricing systems
0.8%
Mature market data improves pricing in new markets

0.5%
Small, efficient in-market launch teams
0.3%

1 2 3 4 5 6 7 8 9 10 11 12
Month of operation

Note: Market share based on Company resale closes and MLS transaction data

33
The Future
Eric Wu
Co-founder, CEO

34
 Early stages of the digital transformation in real estate

Category Retail Transportation Used auto sales Real estate

% Online 14% 4% 1% < 1%

Market leader

Market capitalization ~$1.5T ~$80B ~$35B

Note: 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
35
COVID-19 has accelerated shifts in consumer behavior

Customers are
prioritizing
Customers are
demanding digital Opendoor
safety first experiences
provides a digital,
contact-less way
to buy and sell a
De-urbanization Demand for home
is occurring as housing in our
buyers avoid markets is
dense areas strengthening

36
Consumers demand digital experiences for
the services that revolve around the home

Title and Escrow

Financing

Insurance

Warranty

Upgrades

Home maintenance

Moving services

37
As the market leader, we are just getting started

Today Tomorrow

We’ve transformed how We will transform how

people sell a home people move

Sold in a few taps Digital one-stop shop to move

38
Financial Overview
Carrie Wheeler
CFO

39
Financial overview

Unit economics

Historical performance

2020 and 2021 review

Balance sheet review

Projections

40
We have proven, positive unit economics

1Q20 Margin Performance

(2.6%)

(0.7%) $11K/home

7.3%
$8K/home $8K/home

4.0% $5K/home

3.0% 3.1%
1.9%

Adjusted Selling Costs Holding Costs Contribution Contribution Margin Contribution Contribution Margin
Gross Margin Margin After Interest Margin After Interest

Phoenix Total Company

Note: All metrics presented are non-GAAP, see reconciliation in Appendix for total company. Phoenix market metrics use same methodology as total company equivalents

41
 The vast majority of our markets are CM positive
Contribution Margin per home by market (1Q20)

$11K /
home
$8K / home
TotalCo Contribution Margin

90%
4.0% of markets are CM positive

Phoenix

Note: 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

42
Demonstrated success in adding high margin services

First proof point with title & escrow Adjacent services roadmap

Established Target CM / home

82.9%
78.4%
74.5% 75.8% 75.9% Title & Escrow $1,750
80%
Title & escrow transactions (#)

8,157
7,031 Recently launched
57.8%

Attach rate (%)

5,934 60%
Home Loans $5,000

36.1% 4,720
3,951 Buy with Opendoor $5,000
40%
21.6%
2,381 List with Opendoor $3,750
5.7% 1,134 20%

510 To be launched
103

Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Home warranty, upgrade &

remodel, home insurance, $7,500
Quarter since launch moving services

Note: 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
43
Significant margin upside from additional services and cost
optimization

2.4%
Ancillary Vehicle
Gross Margin Gross Margin

1.5%
7.0%

3.1%
Ancillary Vehicle
Gross Margin Gross Margin

$8K/home $3.8K/home $6.1K/home $18K/home

1Q20 Contribution Margin Cost optimization Additional services Long-term target
Contribution Margin

Expect ~50 / 50 long-term unit margin composition,

Total Company similar to other “trade-in” business models 

Note: Contribution Margin presented is non-GAAP, see reconciliation in Appendix

$ amounts based on 1Q20 Revenue per home
Cost optimization includes selling cost and holding cost improvements 44
Carvana and AutoNation business mix based on public filings; AutoNation mix excludes parts and warranty services
Rapid growth at scale and improving profitability

Homes sold Revenue Adjusted EBITDA Margin

($B)

18,799
$4.7
%

%
45

59
+1

+1
R

R
AG

AG
C

C
7,470 (4.6%)
$1.8

3,127
$0.7 (7.1%)

(8.0%)

2017 2018 2019

2017 2018 2019 2017 2018 2019

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
45
Updated expectations for 2020

Recent financial results Updated 2020 outlook

YTD YTD Prior Updated

$ in millions 3Q19 3Q20
Sep-19 Sep-20 2020E 2020E

Homes Sold 13,768 9,064 4,783 1,232 9,673 9,750

Total Revenue $3,485 $2,334 $1,211 $339 $2,455 $2,500

Adjusted Gross Profit $226 $173 $80 $33 $172 $190

% Margin 6.5% 7.4% 6.6% 9.8% 7.0% 7.6%

Total Contribution Profit $74 $79 $29 $20 $72 $90

% Margin 2.1% 3.4% 2.4% 5.8% 3.0% 3.6%

Adjusted EBITDA ($159) ($71) ($53) ($21) ($141) ($120)

% Margin (4.6%) (3.0%) (4.4%) (6.2%) (5.7%) (4.8%)

Note: Adjusted Gross Profit and Adjusted EBITDA are non-GAAP metrics, see reconciliation in Appendix for historical numbers

46
2021 Inventory and Revenue trajectory

Inventory + Revenue performance indexed to 2019 1H / 2H Revenue cadence

H1 H2
Inventory
~80%

~65%
Revenue

52%
48% Typical H1 range

t ~35%

~20%

2019 2020E 2021E

Revenue performance highly Expect strong sequential Inventory dynamics in 2020 and 2021
correlated with prior period- revenue growth throughout will drive revenue cadence for next
end inventory levels 2021 as we rebuild inventory year

Note: All ensuing inventory and Revenue data points indexed to 4Q19 Inventory

47
Well capitalized with scalable, efficient financing in place

Attractive debt financing Pro forma equity capital

($M)
Committed, non-recourse 100%
~100% 97% $972 $1,651
(1)
asset-backed facilities of $3.4B ~90%
~80%
Lender recovery based
on collateral

Diversified and high

L + ~650 $1,523 Cash
quality lender base with $679
staggered maturities

L + ~350
Proven ability to scale $551 Cash (5)
capacity and reduce costs L + ~250
• Increased advance rate from ~80% to ~100%
• Decreased interest spread from ~650 to ~250 Opendoor Expected net Pro Forma
2016 2018 2020
(2) (3) Adjusted Equity (4) transaction Adjusted Equity (6)
Advance rate Senior debt cost
proceeds

Note: (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 48
Summary financials
2017 2018 2019 2020P 2021P 2022P 2023P

Homes Sold 3,127 7,470 18,799 9,750 13,458 24,030 37,689

% YoY Growth 113% 139% 152% (48%) 38% 79% 57%

Total Revenue ($B) $0.7 $1.8 $4.7 $2.5 $3.5 $6.2 $9.8
% YoY Growth 109% 159% 158% (47%) 38% 79% 58%

Adjusted Gross Profit ($M) $66 $146 $297 $190 $269 $521 $892
% Margin 9.3% 7.9% 6.3% 7.6% 7.8% 8.4% 9.1%

Contribution Profit ($M) $31 $65 $92 $90 $142 $290 $539
% Margin 4.4% 3.5% 1.9% 3.6% 4.1% 4.7% 5.5%
% YoY Growth - 107% 42% (2%) 58% 104% 86%

Contribution Margin After Interest ($M) $24 $43 $27 $60 $116 $239 $458
% Margin 3.4% 2.4% 0.6% 2.4% 3.3% 3.9% 4.7%
% YoY Growth - 82% (36)% 118% 93% 106% 92%

Adjusted EBITDA ($M) ($57) ($131) ($218) ($120) ($185) ($123) $9

% Margin (8.0%) (7.1%) (4.6%) (4.8%) (5.4%) (2.0%) 0.1%

Note: Adjusted Gross Profit, Contribution Margin, Contribution Margin After Interest and Adjusted EBITDA are non-GAAP metrics, see reconciliation in Appendix for historical numbers

49
Breakdown of expected growth drivers

Revenue Contribution Profit

$9.8B $539M
Services

New Services
markets
New
markets

$3.5B Existing
markets Existing
$142M
markets

2021 2023 2021 2023

Revenue Revenue Contribution Contribution
Profit Profit
4.1% Margin 5.5% Margin

Note: All metrics presented are non-GAAP, see reconciliation in Appendix

50
Long-term margin targets

Metric 2018 2019 YTD 2020 Long-term target Key drivers

• Maturation of existing, launched markets

7 - 9%
Total Contribution Margin 3.5% 1.9% 3.4% (1) • Continuing optimization of cost structure
($20K/home)
• Penetration of high margin services

6 - 8% • Assumes 100bps of steady-state interest

Contribution Margin After Interest 2.4% 0.6% 2.2% (1)
($17.5K/home) expense

• Flow-through from improving contribution

Adjusted EBITDA Margin (7.1%) (4.6%) (3.0%) 4 - 6% • Leverage on operations, marketing and
fixed operating costs

Note: All metrics presented are non-GAAP, see reconciliation in Appendix

(1) Assumes home sale price of $250K
51
Investment 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

52
 Q&A

Eric Wu Carrie Wheeler Rajiv Krishnarao Dod Fraser

Co-founder, CEO CFO Head of Finance Head of Capital Markets

53
Appendices

1. Additional financial information

2. Inventory profile and management

54
 Non-GAAP Reference

Key Metric Key Component GAAP P&L Reference Description

Total Revenue Transaction Revenue (Net Resale Price x Homes Sold) + Ancillary Product Revenue

Less: Net Purchase Price Cost of Revenue Headline Purchase Price net of Service Charge

Less: Net Repairs Cost of Revenue Reno / repair spend net of any repair charges to seller

Less: Ancillary Product COGS Cost of Revenue COGS related to ancillary products such as Title & Escrow

Adjusted Gross Profit Gross Profit related to homes sold in a specific period

Less: Holding Costs Sales, marketing, and operations Property taxes, utilities, insurance, cleaning, and HOA dues

Less: Selling Costs Sales, marketing, and operations Buyer broker commission, other transaction costs

Total Contribution Contribution Margin related to homes sold in a specific period

Less: Marketing Spend Sales, marketing, and operations Online, offline, and PR spend

Less: Operations Spend Sales, marketing, and operations Primarily related to customer sales, support, and home operations

General and administrative


Less: Fixed Opex G&A, R&D, and other overhead costs
Technology and development

Less: Timing adjustments / other Sales, marketing, and operations Primarily related to costs for homes in inventory vs. resale cohort

Adjusted EBITDA Adjusted EBITDA excludes non-cash / non-recurring costs

55
Non-GAAP reconciliations
Annual 9 Months Ended Quarterly
2017 2018 2019 9/30/2019 9/30/2020 1Q20 2Q20 3Q20

GAAP Gross Profit ($M) $66 $133 $301 $227 $181 $91 $55 $36
Adjustments:

Net Impairment $0 $13 ($5) ($1) ($10) ($2) ($5) ($3)

Restructuring in Cost of Revenue $0 $0 $0 $0 $2 $0 $2 $0

Adjusted Gross Profit $66 $146 $297 $226 $173 $89 $51 $33
Adjusted Gross Margin 9.3% 7.9% 6.3% 6.5% 7.4% 7.1% 6.9% 9.8%

Direct Selling Costs ($26) ($62) ($149) ($111) ($68) ($37) ($22) ($9)

Holding Costs on Sales - Current Period ($7) ($16) ($43) ($29) ($15) ($5) ($7) ($4)

Holding Costs on Sales - Prior Period ($2) ($3) ($13) ($13) ($11) ($9) ($2) $0

Contribution Profit $31 $65 $92 $74 $79 $39 $20 $20
Contribution Margin 4.4% 3.5% 1.9% 2.1% 3.4% 3.1% 2.8% 5.8%

Interest on Homes Sold - Current Period ($6) ($18) ($51) ($35) ($17) ($7) ($7) ($3)

Interest on Homes Sold - Prior Periods ($2) ($3) ($13) ($13) ($10) ($9) ($2) $0

Contribution Profit After Interest $24 $43 $27 $25 $51 $23 $12 $16
Contribution Margin After Interest 3.3% 2.4% 0.6% 0.7% 2.2% 1.9% 1.6% 4.8%

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 56
Non-GAAP reconciliations
Annual 9 Months Ended Quarterly
2017 2018 2019 9/30/2019 9/30/2020 1Q20 2Q20 3Q20
GAAP Net Income ($M) ($85) ($240) ($339) ($247) ($199) ($62) ($56) ($81)
Adjustments:
Stock Based Compensation $4 $15 $13 $10 $9 $3 $4 $3
Derivative and Warrant FV Adjustment $0 $18 ($6) ($7) $25 $1 $0 $24
Intangibles Amort. Expense $0 $1 $3 $2 $3 $1 $1 $1
Net Impairment $0 $13 ($5) ($1) ($10) ($2) ($5) ($3)
Restructuring $0 $0 $3 $2 $31 $1 $12 $17
Convertible Note PIK Interest, Amort. and
$0 $0 $4 $2 $8 $3 $3 $2
Derivative FV Adjustment
Other $0 $1 $0 ($1) $0 $0 $0 $0
Adjusted Net Income ($81) ($192) ($327) ($240) ($134) ($56) ($42) ($36)
Adjustments:
Depreciation & Amortization $1 $5 $15 $10 $17 $5 $6 $6
Property Financing $16 $48 $84 $64 $32 $18 $9 $5
Other Interest Expense $7 $12 $21 $16 $18 $7 $6 $5
Interest Income ($1) ($4) ($12) ($9) ($4) ($3) ($1) ($1)
Taxes $0 $0 $0 $0 $0 $0 $0 $0
Adjusted EBITDA ($57) ($131) ($218) ($159) ($71) ($28) ($22) ($21)
Adjusted EBITDA Margin (8.0%) (7.1%) (4.6%) (4.6%) (3.0%) (2.3%) (2.9%) (6.2%)
Note: Financials may not sum due to rounding
Other reflects Other Income, Other Expense, and Gain/(Loss) on Mortgage Rate Lock Commitment
57
Appendices

1. Additional financial information

2. Inventory profile and management

58
Inventory profile and management

Shorter duration real estate assets

Pricing systems built to react quickly to changing market conditions

Residential real estate markets move slowly

Shorter duration real estate assets

Average hold time for selected residential real estate assets

84 mo
~35%
60 mo

24 mo
3-4 mo 12 mo
of inventory under contract to
9 mo
be resold at any given time,
Opendoor "Fix & Flip" Single family
rental
Non-performing
loans
Homebuilder Performing
mortgages
reducing risk profile

Note: Holding period duration representative of credit investor asset exposure

Inventory under resale contract reflects 2019 average
COVID-19: Systems built to react quickly
to changing market conditions
Paused offers De-risked balance sheet Maintained margins

15,192 $1,019 7.1% 6.9%

Adjusted Gross Margin (%)

5.6%
First offers sent (#)

7,362 Inventory ($M)

$172

Feb-20 Mar-20 Apr-20 Feb-20 Jul-20 4Q19 1Q20 2Q20

Note: Adjusted Gross Margin is a non-GAAP metric, see reconciliation in Appendix

61
Residential real estate prices move gradually

Only one quarter where prices

dropped more than 3% since 1975
Average QoQ price change

+3%

Even in the 2008 subprime housing crisis:

0%

Peak-to-trough, home prices took

5+ years to decline
-3%

Annualized transaction volumes

(1)
remained above 3.7M

1Q75 2Q20

Note: 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
62