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First Quarter 2023 Results
April 26, 2023

Disclaimer

Some of the statements in this presentation, including statements regarding our competitive advantages, macroeconomic and business outlook, loan and financial performance, 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: macroeconomic conditions; our ability to continue to attract and retain new and existing customers; competition; the regulatory environment; demand for the types of loans facilitated by us; 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 – 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 beginning on page 19 of this presentation.

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

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Award-Winning Member-Focused Digital Marketplace Bank

Members

4.7+ Million

Originations
$85+ Billion
Become America’s Financial Health Club.

Mission
Empower Our Members on Their Path to Financial Health.

Vision

Promise To champion the financial success of our members with fairness, simplicity, and heart.

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Best Checking Account Overall

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Best Overall Checking Account

The Problem We’re Solving

40% of American households carry over $1 trillion of revolving debt, paying an estimated $111 billion in fees and interest in 2021 alone. In 2022, their average credit card rate increased by over 400 bps to over 20%, and that will continue through 2023. We exist to help Americans keep more of what they earn by providing access to more affordable credit.

LendingClub’s 4.7+ 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 savings for our members.

Revolving Consumer Credit Record High Outstanding Has Never Been Greater Total Addressable Market & Customer Value Proposition Interest Rates Record High Credit

(in thousands; Feb. 2008 to Feb. 2023, seasonally adjusted)
Commercial Bank Interest Rate on Credit Card Plans, Federal Reserve Bank of St. Louis, $1.2T revolving consumer Total outstanding

Strategically Positioned for Long-term Success

1Q23 Highlights: Exceeded Financial Targets

Strong Capital & Liquidity Position

STRONG DEPOSIT GROWTH

13%

Total Deposits growth of $826M, up to $7.2B

MAJORITY INSURED DEPOSITS

86%

$6.2B of $7.2B total deposits are insured, up from 78% at 12/31/22 compared to 52% avg. for all FDIC institutions as of 12/31/22

AMPLE CASH ON HAND

$1.6B Cash represents 19% of Total Assets; provides 160% coverage of uninsured deposits $4.1B additional borrowing capacity available

STRONG CAPITAL BUFFER

Strong Tier 1 leverage provides substantial capital buffer above minimum thresholds

12.8%

MINIMAL MARK ON SECURITIES

<3%

Accumulated Other Comprehensive Loss of -$34M represents less than 3% of total equity compared to ~15% for all FDIC-insured institutions as of 12/31/22

HFI LOAN FAIR VALUE

ABOVE CARRYING VALUE

>$200M

Short duration of assets uniquely positions the Company to have the fair value of the net held for investment loan portfolio above the carrying value, or an additional ~$2 per share

Resiliency of Business Model Evident in 1Q23 QoQ Results

NET REVENUE

6% Net Revenue decline due to marketplace revenue (-23%), partially offset by Net Interest Income (+8%)

NET INTEREST INCOME

8% Net Interest income of $146.7M, driven by average HFI loan portfolio growth of 15%

ENDING HFI LOAN PORTFOLIO

5% Held for Investment (HFI) loan portfolio of $6.2B, up $281M QoQ, including loans held for investment at fair value

NET INTEREST MARGIN

7.5% Net Interest Margin declined slightly from 7.8% a quarter ago

EARNINGS PER SHARE

$0.13 Diluted EPS of $0.13, down $0.09 QoQ

BOOK VALUE PER COMMON SHARE

$11.08 Book Value per Common Share of $11.08, up from $10.93 last quarter; Tangible Book Value per Common Share of $10.23, up from $10.06 last quarter

Higher Net Interest Income Growth Partially Mitigates Non-Interest Income Pressure

1 Total Net Revenue

($ in millions)

NON-INTEREST INCOME

Declined QoQ on lower sold loans as marketplace loan investors face rapidly increasing cost of capital and liquidity constraints.

NET INTEREST INCOME

Increased from 51% to 60% of total net revenue, reflecting growth of HFI portfolio. Recurring revenue including servicing fees now represents 70% of total net revenue.

Net Interest Income up 8% Sequentially as Consumer Loan Portfolio Balances Continue to Grow

Cost Reductions and Marketing Efficiency Helping to Offset Revenue Pressure

Total Non-Interest Expense 1

Efficiency Ratio (Non-Interest Expense as a % of Net Revenue) 1) Total Non-Interest Expense

Pre-Provision Net Revenue Increased QoQ from Net Income impacted by higher provision due to higher retained loans in the quarter and normalizing tax rate

Held for Investment Portfolio

Credit Performance In Line with Expectations

Expected Personal Loans Lifetime Net Loss Rate

▪ Lifetime Net Loss Rates translate to Annualized Net Credit Losses of approximately 5%

▪ 2021 vintage reflects outperformance due to pandemic-era stimulus and spending patterns

▪ 2022 vintage reflects post-pandemic credit performance on a higher quality credit mix when compared to 2021

▪ Future provision estimate range primarily reflects ongoing recognition of provision expense for discounted lifetime losses at origination (using discounted CECL methodology)

Targeting High Marginal ROEs on Personal Loans in 2023

2023 HFI Vintage Estimated Outlook

▪ Attractive marginal ROE opportunity on personal loans; targeting levered returns between 30% and 36% in 2023

▪ High returns provide resilience against future variability in credit performance and cost of funds

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

We believe Tangible Book Value (TBV) Per Common Share is an important measure used to evaluate the company’s use of equity.

| In thousands, except share and per share data. | March 31,2023 | | December 31,2022 | | March 31,2022 | | | --- | --- | --- | --- | --- | --- | | GAAP common equity | $ | 1,190,742 | $ | 1,164,294 | $ | 887,434 | | Less: Goodwill | | (75,717) | | (75,717) | | (75,717) | | Less: Intangible assets | | (15,201) | | (16,334) | | (19,886) | | Tangible common equity | $ | 1,099,824 | $ | 1,072,243 | $ | 791,831 | | Book value per common share | | | | | | | | GAAP common equity | $ | 1,190,742 | $ | 1,164,294 | $ | 887,434 | | Common shares issued and outstanding | | 107,460,734 | | 101,043,924 | | 102,194,037 | | Book value per common share | $ | 11.08 | $ | 10.93 | $ | 8.68 | | Tangible book value per common share | $ | | | | | | | Tangible common equity | $ | 1,099,824 | $ | 1,072,243 | $ | 791,831 | | Common shares issued and outstanding | | 107,460,734 | | 106,546,995 | | 102,194,037 | | Tangible book value per common share | $ | 10.23 | $ | 10.06 | $ | 7.75 |

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

We believe Pre-Provision Net Revenue (PPNR) is an important measure reflecting the financial performance of our business operations.

For the three months ended

For the three months ended

LendingClub