2017 Social Capital. All rights reserved.

1
DISCLOSURES
THE OPINIONS EXPRESSED IN THIS PRESENTATION, WHICH IS BEING PROVIDED ON A CONFIDENTIAL BASIS, ARE CURRENT OPINIONS OF SOCIAL CAPITAL AS MAY 8,
2017 ONLY, AND MAY CHANGE AS SUBSEQUENT CONDITIONS VARY. ANY PROJECTIONS, MARKET OUTLOOKS OR ESTIMATES IN THIS PRESENTATION ARE FORWARD
LOOKING STATEMENTS AND ARE BASED UPON CERTAIN ASSUMPTIONS. OTHER EVENTS WHICH WERE NOT TAKEN INTO ACCOUNT MAY OCCUR AND MAY
SIGNIFICANTLY AFFECT RETURN OR PERFORMANCE. ANY PROJECTIONS, OUTLOOKS OR ASSUMPTIONS SHOULD NOT BE CONSTRUED TO BE INDICATIVE OF THE
ACTUAL EVENTS WHICH WILL OCCUR.

THIS PRESENTATION MAY CONTAIN FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, AS
AMENDED. BECAUSE SUCH FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES, ACTUAL RESULTS MAY DIFFER MATERIALLY FROM ANY
EXPECTATIONS, PROJECTIONS OR PREDICTIONS MADE OR IMPLICATED IN SUCH FORWARD-LOOKING STATEMENTS. INVESTORS ARE THEREFORE CAUTIONED NOT TO
PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS.

IN CONSIDERING THE PRIOR PERFORMANCE INFORMATION CONTAINED IN THIS PRESENTATION, INVESTORS SHOULD BEAR IN MIND THAT PAST RESULTS ARE NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS, AND THERE CAN BE NO ASSURANCE THAT ANY ACCOUNTS MANAGED BY SOCIAL CAPITAL WILL ACHIEVE RESULTS
COMPARABLE TO THOSE OF ANY PRIOR OR EXISTING FUND. RECIPIENTS SHOULD NOT ASSUME THAT SECURITIES IDENTIFIED IN THIS PRESENTATION, OR OTHERWISE
RELATED TO THE INFORMATION IN THIS PRESENTATION, ARE, HAVE BEEN OR WILL BE, INVESTMENTS HELD BY ACCOUNTS MANAGED BY SOCIAL CAPITAL.

THESE MATERIALS DO NOT PURPORT TO BE ALL-INCLUSIVE OR TO CONTAIN ALL THE INFORMATION THAT AN INVESTOR MAY DESIRE. THESE MATERIALS ARE MERELY
FOR DISCUSSION ONLY AND MAY NOT BE RELIED UPON FOR MAKING ANY INVESTMENT DECISION. THE INFORMATION PROVIDED HEREIN MAY BE MODIFIED OR
SUPPLEMENTED AT ANY TIME.

INVESTORS SHOULD NOT CONSTRUE THE CONTENTS OF THIS PRESENTATION OR ANY PRIOR OR SUBSEQUENT COMMUNICATION FROM SOCIAL CAPITAL OR ANY OF
ITS REPRESENTATIVES OR AFFILIATES, AS LEGAL, TAX, OR INVESTMENT ADVICE.

THIS PRESENTATION IS NOT AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY WHICH MAY ONLY BE MADE AT THE TIME A QUALIFIED OFFEREE RECEIVES
A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM OR CONFIDENTIAL EXPLANATORY MEMORANDUM (EACH, AN OFFERING MEMORANDUM) DESCRIBING THE
OFFERING AND RELATED SUBSCRIPTION AGREEMENT AND IN THE CASE OF ANY INCONSISTENCY BETWEEN THE DESCRIPTIONS OR TERMS IN THIS PRESENTATION AND
THE OFFERING MEMORANDUM, THE APPLICABLE OFFERING MEMORANDUM SHALL CONTROL. THIS PRESENTATION IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH DOCUMENTATION, INCLUDING THE RISK FACTORS AND POTENTIAL CONFLICTS OF INTEREST DISCLOSURES SET FORTH THEREIN. AN INVESTMENT IN ACCOUNTS
MANAGED BY SOCIAL CAPITAL IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK.

WHILE ALL THE INFORMATION CONTAINED IN THIS PRESENTATION IS BELIEVED TO BE ACCURATE, SOCIAL CAPITAL MAKES NO EXPRESS WARRANTY AS TO THE
COMPLETENESS OR ACCURACY NOR CAN IT ACCEPT RESPONSIBILITY FOR ERRORS APPEARING IN THE PRESENTATION. IN PARTICULAR, CERTAIN FACTUAL
INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM PUBLISHED SOURCES PREPARED BY OTHER PARTIES AND SOCIAL CAPITAL HAS NOT INDEPENDENTLY
VERIFIED SUCH INFORMATION

2017 Social Capital. All rights reserved. 2

DISCLOSURES
SLIDE 5:
LOGOS PRESENTED REPRESENT THE PAST EMPLOYERS OF SELECT PAST AND PRESENT EMPLOYEES, ENTREPRENEURS IN RESIDENCE AND BOARD PARTNERS OF SOCIAL
CAPITAL.

SLIDE 8:
40% INCEPTION TO DATE ANNUALIZED RETURN, THE INCEPTION TO DATE ANNUALIZED RETURN PRESENTED REPRESENTS THE RATE OF RETURN ON AMAZON FROM ITS
MAY 3, 2016 CLOSING PRICE TO THE CLOSING PRICE AS OF MAY 1, 2017.

SLIDE 62 & 63:

2021 (1.25%) AND 2022 (2.375%) AND $360 AND $327 CONVERSION PRICE, REPRESENTS THE ANNUAL INTEREST RATE ON TESLAS CONVERTIBLE SENIOR NOTES BASED
ON MATURITY DATES OF 2021 AND 2022, ALONG WITH THEIR CONVERSION PRICE. TO LEARN MORE ON THE CONVERTIBLE SENIOR NOTES, PLEASE REFER TO THE
PROSPECTUS, WHICH CAN BE FOUND ON HTTPS://WWW.SEC.GOV/ARCHIVES/EDGAR/DATA/1318605/000119312517086226/D535687D424B5.HTM.

2017 Social Capital. All rights reserved. 3

 To advance humanity by solving the
worlds hardest problems

SEE ENDNOTES FOR IMPORTANT ADDITIONAL DETAIL 2017 Social Capital. All rights reserved. 4
 We are technologists and
entrepreneurs who have helped build
and scale many of todays best
companies:

SEE ENDNOTES FOR IMPORTANT ADDITIONAL DETAIL 2017 Social Capital. All rights reserved. 5
SEE ENDNOTES FOR IMPORTANT ADDITIONAL DETAIL 2017 Social Capital. All rights reserved. 6
 10x in 10y

2017 Social Capital. All rights reserved. 7

 ITD: +40%

2017 Social Capital. All rights reserved. 8

 So far, so good

2017 Social Capital. All rights reserved. 9

 Lets talk about a controversial
company

2017 Social Capital. All rights reserved. 10

 2017 Social Capital. All rights reserved. 11
 Model S: gobbling up market share
Model S Luxury Sedan Market Share
Model S Luxury Car Market Share
32%

25%

18%
17%

4%

2012 2013 2014 2015 2016

2017 Social Capital. All rights reserved. 12

 Model X: gobbling up market share
Model X Luxury SUV Market Share
Model X Luxury SUV Market Share
9%

8%

6% 6%

3%

1%

Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

2017 Social Capital. All rights reserved. 13

 Model 3: 400,000 deposits = $16bn
sales

2017 Social Capital. All rights reserved. 14

 Model 3: already impacting
incumbents
400k

BMW 3 Series
Demand

BMW 3 Series US Sales

Model 3 Deposits
142k 141k
106k

-- --

2014 2015 2016

2017 Social Capital. All rights reserved. 15

 But

2017 Social Capital. All rights reserved. 16

 Selling cars today is just a start

2017 Social Capital. All rights reserved. 17

 Selling pickups and semis tomorrow

2017 Social Capital. All rights reserved. 18

 Autonomy and fleets in the near future

2017 Social Capital. All rights reserved. 19

 Please note that using a self-driving Tesla for car sharing and ride hailing for friends

and family is fine, but doing so for revenue purposes will only
be permissible on the Tesla Network , details of which

will be released next year.

2017 Social Capital. All rights reserved. 20

 Acquired SolarCity

2017 Social Capital. All rights reserved. 21

 Building multiple Gigafactories

2017 Social Capital. All rights reserved. 22

 Building machine that builds machines

2017 Social Capital. All rights reserved. 23

 Sustainable energy independence

2017 Social Capital. All rights reserved. 24

 And thats just through Q1 2017

2017 Social Capital. All rights reserved. 25

 These are all extremely capital
intensive

2017 Social Capital. All rights reserved. 26

 ~$20bn+ capex

2017 Social Capital. All rights reserved. 27

 So we modeled the business

2017 Social Capital. All rights reserved. 28

 #REF!

2017 Social Capital. All rights reserved. 29

 Product and technology first

2017 Social Capital. All rights reserved. 30

 2017 Social Capital. All rights reserved. 31
 Step 1:
Launch a revolutionary product

2017 Social Capital. All rights reserved. 32

 2017 Social Capital. All rights reserved. 33
 Step 2:
Sell into a fragmented, undifferentiated
market

2017 Social Capital. All rights reserved. 34

 2017 Social Capital. All rights reserved. 35
 Step 3:
Expand product scope + vertically
integrate

2017 Social Capital. All rights reserved. 36

Software Retail Developer Semis OTA OS Payments
Platform Upgrades
(2007+) (2007+) (2008+) (2010+) (2012+) (2014+)

2017 Social Capital. All rights reserved. 37

 Step 4:
Expand into adjacent markets

2017 Social Capital. All rights reserved. 38

 2017 Social Capital. All rights reserved. 39
 Result:
Redefine the market

2017 Social Capital. All rights reserved. 40

 Commanding share
Global Unit
Global Market
Unit MarketShare (Phones> >$300)
Share (Phones $300)
47%
44%

41%

36%
35%

29%

23%
19%

11%

4%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2017 Social Capital. All rights reserved. 41

 Pricing power

Smartphone ASPs
Smartphone ASPs

$712 $716
$703
$686 $680 $689
$669

$376
$358
$320
$276
$237
$215 $212

2010 2011 2012 2013 2014 2015 2016

AAPL Rest of industry

2017 Social Capital. All rights reserved. 42

 And all the profits
Global
Global SmartphoneProfit
Smartphone Profit Share
Share

104%

92% 92%

78%
73% 73%
68%
61%

46%

15%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2017 Social Capital. All rights reserved. 43



Dec-06

$73B
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
10x in 10y

Jun-09
Sep-09
Dec-09
Mar-10 $190B
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
$625B

Dec-12
Mar-13
2017 Social Capital. All rights reserved.

Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
$723B

Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
$754B

44
 Step 1:
Launch a revolutionary product

2017 Social Capital. All rights reserved. 45

 2017 Social Capital. All rights reserved. 46
 Step 2:
Sell into a fragmented, undifferentiated
market

2017 Social Capital. All rights reserved. 47

 NA market share by model
Ford F - Series PU
5%
Dodge Ram PU
3%

Chevrolet Silverado PU
3%

Nissan Rogue
3%

Toyota Camry
2%

Honda CR-V
2%

Toyota RAV4
2%

Honda Civic
2%

Toyota Corolla / Matrix

2%

Nissan Altima
2%

Ford Escape
2%

Honda Accord

Rest 2%

Hyundai Elantra
1%

60% Ford Explorer

2%
Chevrolet Equinox
2%
Nissan Sentra
1%
Jeep Grand Cherokee
1%
Ford Fusion
1%
Chevrolet Cruze
1%
GMC Sierra PU
1%

2017 Social Capital. All rights reserved. 48

 Step 3:
Expand product scope + vertically
integrate

2017 Social Capital. All rights reserved. 49

 Manufacturin
Battery Software Retail / Autopilot
g
Charging
(2012+) (2012+) (2013+) (2015+)
(2012+)

2017 Social Capital. All rights reserved. 50

 Step 4:
Expand into adjacent markets

2017 Social Capital. All rights reserved. 51

 2017 Social Capital. All rights reserved. 52
 Result:
Redefining the market?

2017 Social Capital. All rights reserved. 53

 TSLA on the same path as AAPL
Sales ($bn)
Sales ($bn)
$24

$19

iPhone
S/ X / 3
$9
$8

$2 $3

v1 v2 v3

2017 Social Capital. All rights reserved. 54

 Tesla can take 5% of the global auto
market
5%

0.13%

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

2017 Social Capital. All rights reserved. 55

 The business of selling cars
Global Car Units (mm) 80
% TSLA Market Share 5%
TSLA Units (mm) 4

Average ASP $50,000

Average GM% 20%
Average GP per Car $10,000

Gross Profit ($bn) $40

Operating Profit ($bn) $28

EBIT Multiple 12x

TSLA Auto Enterprise Value
$336
($bn)

2017 Social Capital. All rights reserved. 56

 Selling cars: $336bn (7x)

2017 Social Capital. All rights reserved. 57

 Plans and investments for:
Autonomous cars

Transportation as a service

Energy generation

Energy storage

2017 Social Capital. All rights reserved. 58

 How can we participate in another
potential 10x in 10y?

2017 Social Capital. All rights reserved. 59

 How can we share in the upside but
protect downside?

2017 Social Capital. All rights reserved. 60

 2022 Convertible Bonds

2017 Social Capital. All rights reserved. 61

 2.375% and $327 conversion price

2017 Social Capital. All rights reserved. 62

 No money lost as long as Tesla is worth
at least $15bn

2017 Social Capital. All rights reserved. 63

 And all the upside above $327 per
share

2017 Social Capital. All rights reserved. 64

 2017 Social Capital. All rights reserved. 65
 2017 Social Capital. All rights reserved. 66