Social Finance, Inc. entered into a non-binding letter of intent acquire Social Capital Hedosophia Holdings Corp. V (NYSE:IPOE) (“SCH”) in a reverse merger transaction for for $8 billion on December 16, 2020. Social Finance, Inc. entered into an agreement and plan of merger to acquire Social Capital Hedosophia in a reverse merger transaction on January 7, 2021. Under the terms of the merger, all of the common stock and preferred stock of Social Finance will be converted into the right to receive an aggregate number of shares of common stock, SCH equal to the quotient obtained by dividing (x) $6.57 billion by (y) $10. Existing Social Finance shareholders will roll 100 percent of the equity into the combined company. SCH public shareholders will own approximately 9.1%, SoFi Stockholders will own approximately 74.7%, the Sponsor and related parties (including the Sponsor Related PIPE Investors) will collectively own approximately 5.4% and the Third Party PIPE Investors will own approximately 10.8% of of outstanding SoFi Technologies. The transaction is expected to provide up to $2.4 billion in cash proceeds including the contribution of up to $805 million of cash held in SCH's trust account from its initial public offering in October 2020 to Social Finance. On January 7, 2021, SCH also announced that, concurrently with the execution of the merger agreement, SCH entered into subscription agreements with certain investors pursuant to which, on the terms and subject to the conditions therein, the investors have collectively subscribed for 122.5 million shares of SCH common stock for an aggregate purchase price equal to $1.22 billion. The combination is further supported by commitments from funds and accounts managed by BlackRock, Altimeter Capital Management, Baron Capital Group, Coatue Management, Durable Capital Partners LP, and Healthcare of Ontario Pension Plan (HOOPP). SoFi also received a previous anchor investment from funds and accounts advised by T. Rowe Price Associates, Inc. Upon the consummation of the merger, Social Capital Hedosophia will be renamed "SoFi Technologies, Inc." Upon closing of the transaction, the newly combined company will operate as SoFi and plans to list on the New York Stock Exchange under the symbol SOFI.

The following are anticipated to be the executive officers and directors of combined company following the Closing of the Business Combination namely Anthony Noto, Chief Executive Officer and Director Nominee; Christopher Lapointe, Chief Financial Officer; Michelle Gill, Executive Vice President and Group Business Unit Leader–Lending & Capital Markets; Micah Heavener, Head of Operations; Robert Lavet, General Counsel and Secretary; Jennifer Nuckles, Executive Vice President and Group Business Unit Leader–Relay, Protect, Lantern, Content, At Work & Partnerships; Maria Renz, Executive Vice President and Group Business Unit Leader–SoFi Money, SoFi Invest & Credit Card; Assaf Ronen, Chief Product Officer; Lauren Stafford Webb, Chief Marketing Officer; Aaron J. Webster, Chief Risk Officer; Clay Wilkes, Chief Executive Officer–Galileo and Director Nominee; Tom Hutton, Chairman of the Board of Directors and Lead Independent Director; Steven Freibergm Vice Chairman of the Board of Directors; Ahmed Al- Hammadi, Director Nominee; Michael Bingle, Director Nominee; Michel Combes, Director Nominee; Clara Liang, Director Nominee; Carlos Medeiros, Director Nominee and Magdalena Yesil as Director Nominee. The Board of Directors of Social Capital Hedosophia shall consist of up to thirteen directors, as least seven of whom shall be “independent” directors for the purposes of NYSE rules.

The closing is subject to the satisfaction or waiver of certain closing conditions contained in the merger agreement, including the approval of SCH and Social Finance shareholders and other customary closing conditions, including regulatory approvals and The waiting period or periods under the HSR Act applicable to the transactions contemplated by this agreement and the ancillary agreements, shall have expired or been terminated; There shall not be in force any Governmental order, statute, rule or regulation enjoining or prohibiting the consummation of the Merger; provided, that the Governmental authority issuing such Governmental order has jurisdiction over the parties hereto with respect to the transactions contemplated hereby; SCH shall have at least $5,000,001 of net tangible assets after giving effect to the payment of the SCH share redemption amount; The Listing Application shall have been approved by NYSE (subject to official notice of issuance), FINRA approval, minimum available social capital hedosophia cash amount of $900 million and, as of immediately following the Effective Time, SCH shall be in compliance, in all material respects, with applicable initial and continuing listing requirements of NYSE, and SCH shall not have received any notice of non- compliance therewith from NYSE that has not been cured or would not be cured at or immediately following the Effective Time, and the Registration Statement Securities shall have been approved for listing on NYSE; The Registration Statement shall have become effective under the Securities Act and no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been initiated or threatened by the SEC and not withdrawn. The transaction has been unanimously approved by SCH's Board of Directors and the independent Directors of Social Finance's Board of Directors. SCH has entered into a stockholder support agreement by and among SCH, Social Finance and certain stockholders of Social Finance, pursuant to which the key stockholders have agreed to vote in favor of the merger agreement. SCH will hold an extraordinary general meeting to approve the transaction. The transaction is expected to close in the first quarter of 2021.

Connaught acted as financial advisor, Credit Suisse acted as financial advisor, capital markets advisor and placement agent, and Howard L. Ellin, Christopher M. Barlow, Gregg Noel, Michelle Gasaway, Victor Hollender, Susan Saltzstein, Patrick Rideout, Brian Christiansen, Austin Brown, Joseph Yaffe and Linda Barrett of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to SCH. Citi and Goldman Sachs & Co. acted as financial advisors and placement agent, and Raaj S. Narayan of Wachtell, Lipton, Rosen & Katz and Ben Marsh, Jocelyn Arel, Daniel Espinoza, Samantha M. Kirby, Kimberly Monty Holzel, Nicholas J. Losurdo, Brynn D. Peltz, Daniel S. Karelitz, Andy Barton, Brooks R. Brown, Caroline H. Bullerjahn and Carl E. Metzger of Goodwin Procter LLP acted as legal advisors to Social Finance. Maples and Calder acted as Cayman Islands legal advisor to SCH. Atif Azher, Kenneth B. Wallach, Hui Lin, James I. Rapp, Russell Light, Tristan Brown, Keith A. Noreika and Adam J. Cohen of Simpson Thacher & Bartlett acted as legal advisors to Silver Lake Partners in the transaction. Allen & Company LLC acted as financial advisor for Social Finance. Mark Zimkind of Continental Stock Transfer & Trust Company acted as transfer agent and Morrow & Co., LLC as an information agent for SCH. SCH has agreed to pay Morrow a fee of $37,500, plus disbursements. Suz Mac Cormac, Mitchell Presser, Omar Pringle, Shai Kalansky and Anthony Carbone of Morrison & Foerster LLP advised SoftBank Group Corp. as the largest investor in Social Finance, Inc. in connection with the acquisition. $5,635,000 will be paid to Connaught upon the closing of the Business Combination. Simpson Thacher & Bartlett LLP acted as legal advisor to SoFi Technologies, Inc. Shearman & Sterling LLP acted as legal advisor to Shearman & Sterling LLP.