LendingClub 2Q24 Earnings Presentation

LendingClub

Second Quarter 2024 Results

July 30, 2024

Disclaimer

Some of the statements in this presentation, including statements regarding our competitive advantages, loan and financial performance, business outlook, and demand for our loan programs, are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our ability to continue to attract new and retain existing borrowers and platform investors; competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

This presentation contains non-GAAP financial measures relating to our performance – Risk-Adjusted Revenue, Pre-Provision Net Revenue and Tangible Book Value Per Common Share. Our non-GAAP financial measures have limitations as analytical tools, are not prepared under any comprehensive set of accounting rules or principles and should not be considered in isolation or as a substitute for our results under accounting principles generally accepted in the United States (GAAP). We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies. You can find the reconciliation of these non-GAAP financial measure to the most directly comparable GAAP measures on pages 11, 18 and 19, as applicable, of this presentation.

We do not provide a reconciliation of the forward-looking Pre-Provision Net Revenue, as disclosed on page 17 of this presentation, to the most directly comparable GAAP reported financial measure on a forward-looking basis because we are unable to predict future provision expense with reasonable certainty without unreasonable effort.

LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC.

Award-Winning Member-Focused Digital Marketplace Bank

Members¹

4.9+ Million

Average Customer Review²

4.83 Out of 5 stars

Originations¹

$90+ Billion

Net Promoter Score (NPS)

80

Best Checking Account Overall

Best Overall Checking Account

1. Total members and originations based on lifetime volume across all consumer products as of June 30, 2024. “Members” defined as consumers who have taken a LendingClub product.
2. Based on over 68,000 reviews collected and authenticated by Bazaarvoice.

The Solution We’re Providing

47% of American households carry over $1.3 trillion of revolving debt, paying an estimated $133 billion in fees and interest in 2022 alone – up 23% over the prior year. Since November 2021, average credit card rates have increased by more than 700bps to over 21%. We exist to help Americans keep more of what they earn by providing access to more affordable credit.

LendingClub’s 4.9+ million members have already come to us to access lower-cost credit. While we serve a broad range of borrowers, their average income is over $100K with a high FICO (700+ avg.), but they also have high debt.

And 83% tell us they want to do more with us!

Our direct-to-consumer digital marketplace bank features a vertically integrated model that allows us to reimagine banking, including lending, spending, and saving for our members.

Total Addressable Market & Customer Value Proposition Has Never Been Greater

Record High Outstanding Revolving Consumer Credit Interest Rates

(in thousands; May 2009 to May 2024, seasonally adjusted)

$1,350

$1.3T

$1,250 Total outstanding revolving consumer credit (May 2024)
$1,150
$1,050
$950
$850
$750

1. Revolving Consumer Credit Owned and Securitized, seasonally adjusted, G.19 Release, Federal Reserve Bank of St. Louis, May 2024
2. Commercial Bank Interest Rate on Credit Card Plans, G.19 Release, Federal Reserve Bank of St. Louis, May 2024

Strategically Positioned for Long-term Success

2Q24 Highlights: Achieved Financial Targets

Ongoing Credit Outperformance vs. Competitive Set

1,2 LendingClub vs. Competitive Set: 30-day+ Delinquencies & Hardships at Month on Book 9 by Quarterly Vintage

LendingClub Competitive Set³

FICO 660-719 FICO 720-779 FICO 780-850

7% 7% 7%
5.9% 6% 6% 5.6% 6%
5% 5% 5%
4.7% 45% 4% Lower 4% 4%
3.1% 3%
3.5% 3%
2.7% 3% 3.0% 2.4% 44% 2% 2.4% 2% Lower 2%
1.6% 1.6% 1% 1% 1.4% 1%
1.9% 2.0% 1.9% 49% Lower

1.1% 1.0%

1. Delinquencies include 30+ day delinquencies for each respective quarterly vintage at month on book 9, including loans that are actively in hardship plans.
2. Competitive set includes marketplace lenders and direct competitors. Comparison to competitive set is based on the average of the three most recent vintages. This data is provided by dv01 to be used for informational purposes only. dv01 is not liable for use of this data. The data is the property and confidential information of dv01. Distribution outside of this presentation is prohibited.

Multiple Loan Disposition Channels Available to Optimize In-Period Earnings and Return on Capital

HIGHER Day-1 Contribution LOWER Day-1 Contribution LOWER lifetime value, capital usage, and credit risk HIGHER lifetime value, capital usage, and credit risk

WHOLE LOAN STRUCTURED EXTENDED HELD FOR

SALES CERTIFICATES SEASONING¹ INVESTMENT

Maximum LTV if held to maturity Post Day-1 Contribution²

Day-1 Contribution²

LIFETIME VALUE(Current Economics) Post Day-1 Contribution
$0
✓ Most capital efficient ✓ Credit risk remote ✓ Provides investors Day 1 CECL clarity on performance Provision ✓ Highly scalable ✓ Highest returns on risk- Impact based capital ✓ Strong returns while on ✓ Serves broadest credit balance sheet spectrum ✓ Removes friction for loan investors ✓ No CECL provision ✓ Highest Post Day-1 Contribution

✓ Not marketplace dependent

Graphic is for illustrative purposes only

1. Loans in Extended Seasoning are categorized as Held for Sale; It is the Company’s intention to sell these loans before maturity, but for comparative purposes the above chart depicts lifetime economics.
2. Day-1 Contribution = Day-1 Revenue – variable expenses – provision for loan losses; Post Day-1 Contribution = Total net revenue – variable expenses – provision for loan losses – Day-1 Contribution

Continued Origination Growth

Higher amount of loans and senior securities growing the balance sheet

1 ($ in millions)

Consumer Loan Originations

$2,011

$1,800 - $1,900

$1,813

$1,630 $1,646

Whole Loan Sales 15% $1,508 Whole Loan Sales Whole Loan Sales Whole Loan Sales 20% 58% 22% Whole Loan Sales + Whole Loan Sales Structured 26% Certificate Program² Structured ~60% Certificate Program² Structured 49% Structured Certificate Program² Certificate Program² Structured 48% 2 Structured Cert. Program² 36% Certificate Program 9% 61%

Ext. Seasoning HFS Ext. Seasoning HFS Ext. Seasoning HFS 18% Ext. Seasoning HFS + Retained HFI 17% 15% Retained HFI 33% ~40% Ext. Seasoning HFS 5% Retained HFI Retained HFI Retained HFI 22% Retained HFI 19% 17% 12%

2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Estimate

1. There may be differences between the sum of the quarterly results due to rounding.
2. Structured Certificate Program loans are sold into a trust. In most cases, LendingClub retains a 5% vertical slice of the loan pool as a security as well as a risk-remote senior note, also in the form of a security.

||Revenue Growth Driven Primarily by Net Interest Income||
|---|---|---|---|---|
|||Total Net Revenue $232.5 $85.8 $146.7|($ in millions) $180.7 $57.8 $122.9|$187.2 $58.7 $128.5|NON-INTEREST INCOME Sequential growth primarily due to higher marketplace loans sold and loan sale pricing improvement, partially offset by the expected fair value adjustments on the maturing Held for Sale portfolio NET INTEREST INCOME|
||Non-Interest Income Net Interest Income||||Sequential growth driven by increase in interest-earning assets and stable net interest margin|
|Provision for||2Q23|1Q24|2Q24||
|Credit Losses||($66.6)|($31.9)|($35.6)||
|Risk-Adjusted Revenue|1|$165.9|$148.8|$151.7 1) Risk-Adjusted Revenue is a non-GAAP financial measure and is equal to Total Net Revenue less Provision for Credit Losses, as reflected and reconciled above to Total Net Revenue (the most directly comparable GAAP measure). We believe Risk-Adjusted Revenue is an important measure reflecting the credit risk-adjusted financial performance of our business operations.|RISK-ADJUSTED REVENUE¹ Sequential growth driven by revenue growth described above 11

Growing Balance Sheet with Stable Net Interest Margin

1. Includes cash, cash equivalents, restricted cash and all other interest-earning assets.
2. In the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value.” Prior period amounts have been reclassified to conform to the current period presentation.
3. There may be differences between the sum of the quarterly results due to rounding.

Stable sequential net interest margin

Growing balance sheet via low-risk structured certificate securities and the extended seasoning program

Balance sheet growth driving higher average balances and yields

Slowing deposit costs aiding NIM stability

Disciplined Expense Management

Total Non-Interest Expense 1

Efficiency Ratio

(Non-Interest Expense as a % of Net Revenue) 1 Total Non-Interest Expense ($ in millions)

1. There may be differences between the sum of the quarterly results due to rounding.

Continued Profitability Driving TBV per Common Share

Net Income

($ in millions)

Diluted EPS $0.09 $0.11 $0.13 ($66.6) ($31.9) ($35.6) EPS Credit Losses
Book Value Per Common Share $11.09 $11.40 $11.52
Income Tax ($4.7) ($4.3) ($4.5) Expense Tangible Book Value $10.26 $10.61 $10.75 per Common Share¹

1. Pre-Provision Net Revenue and Tangible Book Value per Common Share are non-GAAP financial measures. Please see pages 2, 18 and 19 for additional information on our use of non-GAAP financial measures and a reconciliation of such measures to the nearest GAAP measures

Held for Investment Personal Loan Credit Performance by Vintage

Expected lifetime net loss rates stable to improving compared to prior quarter

1,3

Expected Personal Loans Lifetime Net Loss Rate

2021 Vintage 2022 Vintage 2023 Vintage
LEGEND• 2023 vintage incorporates higher
8.9% 8.9% 8.9%
8.5% - 8.8% level of qualitative reserves for
8.3% 8.2% possible future economic uncertainty
Future
0.9% 0.4% - 0.7%
Provision
2.7%
Estimate² (to be recognized in future periods)

credit normalization in-line with

4.7%
Allowance previous reported ranges
5.8% on Book (reserve taken for expected future recoveries) reflecting post-pandemic

3.4%
Net outperformance
2.1%

Charge-offs to Date

3/31/24 6/30/24 3/31/24 6/30/24 3/31/24 6/30/24 Total allowance for loan losses is $153M, comprised of gross allowance of $206M for future estimated charge-offs on existing portfolio balances, net of $53M of estimated recoveries on previously charged-off loans

1. Estimates at 6/30/24 reflect current loss forecast expectations, including qualitative loss estimates; future results could differ materially from estimates, including impacts from economic outlook
2. Future provision estimate primarily reflects ongoing recognition of provision expense for discounted lifetime losses at origination (using discounted CECL methodology)
3. There may be differences between the sum of the quarterly results due to rounding.

Illustrative Lifecycle of a $100M Personal Loan Portfolio

Charge-offs ($) Peak at Approximately Six Quarters of Seasoning

Portfolio Vintage Dynamics 1

1. Illustrative of a hypothetical personal loan portfolio and may not be representative of the composition or performance of the Company's loan portfolio, which may vary materially from the illustration.
2. Annualized NCO = Net Charge-offs (NCO) / average Unpaid Principal Balance (UPB) during the period X 4 (above reported Annualized NCO rate is a quarterly metric)
3. Lifetime ANCL = Lifetime average Net Charge-offs / lifetime average monthly beginning Unpaid Principal Balance (UPB) X 12

Year 5
Lifetime ANCL³
4.7%

1. Does not include any qualitative loss estimates

Reconciliation of GAAP to Non-GAAP Measures: 1 Pre-Provision Net Revenue

Pre-Provision Net Revenue 1

For the three months ended

For the three months ended

Reconciliation of GAAP to Non-GAAP Measures: 1 Tangible Book Value Per Common Share

Tangible Book Value Per Common Share 1

LendingClub