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					    Corporate Presentation




1
 Forward-Looking Statements


 This presentation includes forward-looking statements. We have based these forward-looking
 statements largely on our current expectations and projections about future events and
 financial trends affecting the financial condition of our business. Forward-looking statements
 should not be read as a guarantee of future performance or results, and will not necessarily
 be accurate indications of the times at, or by, which such performance or results will be
 achieved. Forward-looking statements are based on information available at the time those
 statements are made and/or management's good faith belief as of that time with respect to
 future events, and are subject to risks and uncertainties that could cause actual performance
 or results to differ materially from those expressed in or suggested by the forward-looking
 statements. Important factors that could cause such differences include, but are not limited to
 those discussed in our annual report on Form 10-K, our quarterly reports on Form 10-Q and
 other filings with the SEC. OpenTable is providing this information as of the date of this
 presentation and does not undertake any obligation to update any forward looking statements
 contained in this presentation as a result of new information, future events or otherwise.




PROPRIETARY   2
    Company Overview and Strategy




3
 Our Challenge: Computerizing Restaurant Inventory

                            Suppliers             Inventory Management                Consumer Interface




     Airline
  Reservations

                                                        Sabre, Amadeus,
                          Dozens of Airlines
                                                        Galileo Worldspan




   Restaurant
  Reservations
                        Tens of Thousands of                                             Phone and voicemail
                                                     Inventory in paper book
                      Independent Restaurants                                               reservations


  • OpenTable was founded with the vision of delivering the convenience of online booking to restaurant
    reservations; however, a number of characteristics of the restaurant industry made delivering that vision
    particularly challenging.
  • Restaurant table inventory is highly fragmented, with tens of thousands of restaurant suppliers.
    And, reservations are managed in pen-and-paper reservation books instead of electronic form.


PROPRIETARY   4
 How We Solved The Problem

                                 Suppliers                  Inventory Management                       Consumer Interface




     Airline
  Reservations

                                                                   Sabre, Amadeus,
                              Dozens of Airlines
                                                                   Galileo Worldspan




   Restaurant
  Reservations
                            Tens of Thousands of                 OpenTable Electronic
                          Independent Restaurants                 Reservation Book


  To address these challenges, we made three big investments:
   • Developed our Electronic Reservation Book (“ERB”) to computerize the restaurant’s table inventory
   • Built a national sales force to help restaurants replace their pen-and-paper books with our ERB
   • Created OpenTable.com – a consumer destination website where diners can book online reservations at partner restaurants

  After 12 years and $65 million invested, OpenTable has emerged with a fast-growing, highly defensible
  business model.


PROPRIETARY    5
 Our Strategy




Our strategy is simple: We grow the OpenTable network by adding restaurants and attracting more diners. The
more restaurant selection we offer to diners, the more diners use the system. The more diners use the system,
the more value we offer to restaurants.
CONFIDENTIAL  6
 Company Highlights


   • OpenTable brings an inefficient, fragmented market online

   • We have a strong competitive position

   • The business model is highly predictable

   • OpenTable has a proven model, with operating leverage
     that has yielded increasing margins

   • We are investing significantly to replicate our
     success internationally




PROPRIETARY   7
 Our Benefits for Restaurants




PROPRIETARY   8
 OpenTable Replaces Restaurants’ Pen-and-Paper Book




 • Table inventory is tracked in
   pen-and-paper book

 • Guest preferences are stored
   in margins of reservation
   book or manager’s memory

 • Diners can’t make
   reservations online or
   around-the-clock




PROPRIETARY   9
 We Computerize Restaurants’ Host Stands




  Our proprietary software includes:
  • Reservation Management (phone and online)
  • Table Management
  • Guest Management & Marketing

  Our newest, 9th generation release provides:
  • Greater table selection for diners
  • Improved capacity utilization for restaurants
  • Easier operations for reservationists
PROPRIETARY   10
 We Help Restaurants Fill Their Seats




         “…business has picked up dramatically... The key to that
         upturn is OpenTable.”
                         Massi Boldrini, Chef-Owner| Riva Cucina| Berkeley, CA


        “We managed to increase sales 15% by simply taking advantage
        of the available operational benefits of the OpenTable system.”
                   Dan Simons, Managing Partner| Founding Farmers | Washington, DC



          “…the people we attracted with OpenTable are people we
          want to add to our customer base.”
                            David Perlman, Owner | The Essex | New York, NY




PROPRIETARY   11
 We Have A Simple, Recurring Revenue Model

                                          North American ERB Economics




                                                       Approx. $600 revenue per
                                                       ERB restaurant per month



        Monthly ERB Subscription Fee                     (1)                                        Pay-for-Performance Per Seated
                                                                                                      Diner Fee (2)
        • Includes touch-screen computer system,
          24/7 support, and software upgrades                                                       • $1.00 from OpenTable website/mobile

        • List price $199/month                                                                     • $0.25 from restaurant’s website

        • Add-on licenses and modules range from                                                    • $7.50 from 1,000-point listings
          $25 to $89/month




 (1) In addition, we charge a one-time installation fee that averages from $200 to $700 depending on market.
 (2) Excludes costs associated with Dining Rewards Program.
PROPRIETARY       12
 The Value Proposition Is Compelling for Restaurants


                           ROI for Typical OpenTable ERB Restaurant Customer
                        Average Diners Seated via OpenTable Reservations     4501
                            % Incremental to Restaurant                     50%2
                            Incremental Diners                               225
                        Check Average Per Diner                            $42.503
                        Variable Cost Per Diner                             35%2
                        Contribution Margin Per Diner                        $28
                        Gross Incremental Contribution Margin              $6,216


                        OpenTable Subscription Fees                         $199
                        OpenTable Diner Fees                                $3821
                        Total OpenTable Expenses                            $581

                        Return on Investment                               970%
                        % of Incremental Diners Required to Break Even      <5%



 1 Based on monthly data for the quarter ended December 31, 2010
 2 OpenTable estimate
 3 2010 OpenTable Restaurant Survey


PROPRIETARY       13
 OpenTable Connect Expands Addressable Market




 • Designed for restaurants that are primarily
   walk-in but accept reservations                            Reservation Intensive


 • Web-based product does not offer the
   operational benefits of the ERB
                                                                  Primarily Walk-in



 • Pricing is entirely pay-for-performance:
                                                                       Walk-in Only
      • $2.50/diner from OpenTable.com

      • $0.25/diner from restaurant’s site




                                                 Restaurant Segments




PROPRIETARY   14
 Our Benefits for Diners




PROPRIETARY   15
 We Eliminate the Hurdles of Phone Reservations




                   12:30 PM
                   Voicemail                             7:15 PM
                                                       Put on Hold




                                Need Dinner
                11:00 AM
                               Reservations…
               No Answer


                                               No Availability

PROPRIETARY   16
 OpenTable Provides the Convenience of Booking Online



                          • View real-time table availability

                          • Scan a range of relevant
                            dining choices

                          • Get content about restaurants

                          • Reserve/confirm instantly

                          • Free to diner

                          • Earn Dining Rewards Points

                          • Access via Web, WAP and seven
                            mobile apps


PROPRIETARY   17
 Native Traffic Is Dominant Source of Reservations


                              Online Reservation Sources



                                                          OpenTable.com,
                                                        OpenTable Mobile &
                                                       Restaurants’ Websites
                                                             90-95%




                   Partners
                    5-10%




PROPRIETARY   18
  Opportunity to Grow Restaurants, Seat More Diners


                        North America                                                San Francisco Bay Area

   100%                                                                       100%




    75%                                                                       75%




    50%                                                                       50%


                                                                                                                                      7.3 Million
                                                                                                                                    Diners Seated
                                                                                       ~64%
                                                                                                                                    via OpenTable
    25%                                                       62.4 Million    25%
                                                            Diners Seated
               ~37%                                         via OpenTable
                                                                                                                                   24%
                                      4%                    9%                                             ~10%
     0%                                                                        0%
            Reservation-Taking    Primarily Walk-in   Diners Seated through          Reservation-Taking   Primarily Walk-in   Diners Seated through
               Restaurants          Restaurants           Reservations                  Restaurants         Restaurants           Reservations


            Est. 35,000          Est. 20,000          Est. 700 Million                Est. 1,575          Est. 1,000          Est. 30 Million



Note: OpenTable estimates for the year ended December 31, 2010.

PROPRIETARY        19
 Opportunity to Help Restaurants Fill More Seats

                   Spotlight
                   Group-buying product enables diners to purchase
                   deeply discounted coupons at featured restaurants
                   •   Email offer highlights one restaurant per market
                   •   Targeted to deliver high value diners




                   POP
                   Pay-for-performance program incents diners
                   to try restaurants or dine at off-peak times
                   •   Diners receive 1,000 OpenTable points ($10 value)
                   •   Participating restaurants pay $7.50 per seated diner




                   Private Dining
                   Promotional listings help diners find event venues
                   and help restaurants book private rooms
                   •   Online inquiry form facilitates RFP process
                   •   Restaurants pay $99/month for premium listings


PROPRIETARY   20
 Opportunity for International Expansion


 • Investing to replicate proven North America model

 • Adapting go-to-market approach by country based on local
   characteristics and competitors

 • Maintaining core strategy: Add Restaurants, Add Diners

                                                                  Year                              Installed
                      Europe                                     Entered                          Restaurants           (1)




                               U.K.                                 2004                                   4,806

                               Germany                              2007                                     850


                      Asia

                               Japan                                2006                                     583

 (1) OpenTable restaurant customers as of December 31, 2010. UK includes OpenTable and toptable restaurant customers.

PROPRIETARY      21
 toptable.com Acquisition Strengthens UK Presence




                              Founded in 2000

                              3,000+ bookable UK restaurants

                              3M diners seated per year




 • Acquisition closed on October 1, 2010

 • Pairs our best-in-class software with a leading UK consumer
   destination site

 • Strengthens offerings for restaurants and diners


PROPRIETARY   22
 Our Strategy




PROPRIETARY   23
 Strategic Highlights


 • Strategy - Add more restaurants, which attracts more diners;
   more diners attract more restaurants
 • Challenges of building our network have created strong
   features for business:

              • Barriers to entry

              • Ability to deliver strong ROI to restaurant partners

              • 12-year first-mover advantage

              • Brand increasingly synonymous with online reservations

   • Focused on winning in newer, international markets



PROPRIETARY    24
 An Experienced, Proven Management Team


                                BACKGROUND

  Jeff Jordan
  President and CEO; Director   eBay, PayPal, Walt Disney Corporation
  Joined in 2007

  Matt Roberts
  CFO                           E-LOAN, NetDynamics, Berkeley Systems
  Joined in 2005

  Joel Brown
  SVP, Operations               Intuit, Charitableway, Arthur Andersen & Co.
  Joined in 2001

  Michael Dodson
  SVP, Sales                    American Express, The Destination Group
  Joined in 2002

  Charlie McCullough
  SVP, Engineering              Unisys, Wink Communications
  Joined in 2003


PROPRIETARY   25
     Finance Overview




26
 Steady Growth in Key Metrics

 Installed Restaurants                                                        Q4’10      Seated Diners                                                            Q4’10
                                                                            +62%                                                                               +59%
          North America          International                                    YoY           North America         International                                  YoY
      North America            International
                                                                                                                                                                     19.4

                                                                                          (millions)
                  (thousands)
                                                                                  20.0                                                                   15.6 15.9
                                                                                                                                                  14.5


                                                                           15.2                                                            12.1
                                                                    14.1
                                                             13.1
                                                      12.4                                                            10.1 10.3 10.3
                                               11.7
                          10.3 10.6 11.2                                                         8.6            8.7
                    9.7                                                                   8.5            8.4
            9.1
    8.4




    Q1      Q2      Q3    Q4     Q1     Q2       Q3   Q4     Q1     Q2     Q3      Q4

                                                                                          Q1     Q2    Q3       Q4    Q1    Q2        Q3   Q4     Q1     Q2   Q3      Q4

             2008                         2009                           2010                     2008                       2009                          2010




PROPRIETARY          27
 Strong Revenue Track Record

                                                                                                                                    Q4’10
                                                                                                                                   +61%
    • Consistent quarterly growth                                                                                                      YoY

    • Significant recurring revenue                                                                                              $30.8


    • High customer retention
                                                                                                                         $24.5
                                                                                                                 $22.5
                                                                                                         $21.3
                                                                                                 $19.1
                                                                                         $17.1
                                                                         $16.0   $16.4
                                                         $14.2   $14.5
                                         $13.3   $13.9
                                 $11.8
                         $10.5
       $9.1       $9.7




        Q1        Q2     Q3      Q4      Q1      Q2       Q3      Q4      Q1      Q2      Q3     Q4       Q1      Q2      Q3      Q4


                    2007                           2008                            2009                            2010

                                                 North America                 International

 Note: $ in millions.

PROPRIETARY        28
Strong Growth in Revenue and EBITDA


   Revenue (in millions)                                              $99.0                      EBITDA (in millions) (1)




                                                  $68.6

                             $57.9



        $42.5
                                                                                                                                                       $39.3



                                                                                                                                            $22.1

                                                                                                                                                       $34.8
                                                                                                                            $16.7
                                                                                                      $10.6                                 $16.9
                                                                                                        $2.8                 $9.0
                                                                                                       ($2.8)               ($7.7)          ($5.2)     ($4.5)
        2007                 2008                 2009                2010
                                                                                                      2007                  2008            2009       2010




                 North America                      International                                       North America                 International   Total


 (1) EBITDA is Non-GAAP; excludes stock based compensation, amortization of acquired intangibles, and acquisition related expenses.

PROPRIETARY         29
  Attractive Financial Model: North America



                                                                   2007                    2008                    2009                      2010

          Revenue                                                  100%                    100%                    100%                      100%

          Operations(1)                                             28%                     28%                     27%                       23%

          S&M(1)                                                    20%                     17%                     16%                       15%

          Technology(1)                                             14%                     16%                     15%                       12%

          G&A(1)                                                    19%                     15%                     16%                       13%

          Operating Margin(1)                                       20%                     24%                     27%                       37%

          EBITDA Margin(1)                                          27%                     31%                     34%                       44%




(1) Excludes stock-based compensation expense, acquisition-related expenses, amortization of acquired intangibles, and acquisition-related costs.

PROPRIETARY        30
 Financial Highlights



  Strong financial track record and steady revenue growth

  Predictable, profitable revenues

  Expanding operating margins




PROPRIETARY   31
       32 32
CONFIDENTIAL