LendingClub

Fourth Quarter 2023 Results

January 30, 2024

Disclaimer

Some of the statements in this presentation, including statements regarding our competitive advantages, loan and financial performance, macroeconomic and 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 measures to the most directly comparable GAAP measures on pages 13, 19 and 20, as applicable, of this presentation.

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

Award-Winning Member-Focused Digital Marketplace Bank

Members¹

4.8+

Million

Average Customer Review²

4.83

Out of 5 stars

Originations¹
$90+
Billion

Net Promoter
3 Score (NPS)

74

Best Checking
Account Overall

Best
Overall
Checking
Account

1. Total members and originations based on lifetime volume across all consumer products as of Dec. 31, 2023. “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 4.8+ 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.

Total Addressable Market & Customer Value Proposition Has Never Been Greater

Record High Outstanding Record High Credit Card

1 2

Revolving Consumer Credit Interest Rates

(in thousands; Nov. 2008 to Nov. 2023, seasonally adjusted)
(Nov. 2008 to Nov. 2023)

1. Revolving Consumer Credit Owned and Securitized, seasonally adjusted, G.19 Release, Federal Reserve Bank of St. Louis, November 2023
2. Commercial Bank Interest Rate on Credit Card Plans, G.19 Release, Federal Reserve Bank of St. Louis, November 2023

Strategically Positioned for Long-term Success

4Q23 Highlights: Achieved Financial Targets

Proactive, Prudent Decisioning Results in 12 Quarters of Credit Outperformance vs. Competitive Set

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

1. 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.

2. Delinquencies include 30+ day delinquencies for each respective quarterly vintage at month on book 9, including loans that are actively in hardship plans.

3. Competitive set includes marketplace lenders and direct competitors.

Strong Capital & Liquidity Position

MAJORITY INSURED DEPOSITS

87%

$6.4B of $7.3B total deposits are insured compared to 57% average for all FDIC-
1 insured institutions as of 09/30/23

AMPLE CASH ON HAND

$1.3B

Cash represents 14% of Total Assets; provides 135% coverage of uninsured
deposits

Strong Tier 1 leverage provides substantial capital buffer above minimum thresholds

STRONG CAPITAL BUFFER

12.9%

Includes loans and securities pledged as collateral with the Federal Reserve
Bank and Federal Home Loan Bank

MINIMAL MARK ON SECURITIES

BORROWING CAPACITY

<3%
$3.5B

Accumulated Other Comprehensive
Loss of ($30M) represents less than 3% of total equity compared to ~15% for all
1 FDIC-insured institutions as of 09/30/23

HFI LOAN FAIR VALUE
ABOVE CARRYING VALUE

$140M

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 ~$1.25 per share

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

HIGHER Day-1 Contribution LOWER to negative 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 VALUE to maturity Post Day-1 Contribution²

Day-1 Contribution²

LIFETIME (Current Economics) Day 1 CECL Provision Impact

$0

✓ Most capital efficient ✓ Credit risk remote ✓ Provides investors clarity on performance ✓ Highly scalable ✓ Highest returns on risk- 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 based on 4Q23 relative economics

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

Further Diversifying Balance Sheet with Assets

Driving Strong Marginal Return on Equity

Consumer Assets 1,2 ($ in millions)
Retained on Balance Sheet

MARGINAL
ROE TARGET3
20%
RISK WEIGHT
20%

MARGINAL
ROE TARGET3
25-30%
RISK WEIGHT
100%

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

2. LendingClub Structured Certificates held on balance sheet include senior note securities and risk retention securities added to the balance sheet in the quarter

3. Marginal ROE targets are based on leverage, not risk-based capital

Net Interest Margin Reflecting Lower-Risk Balance Sheet

Growing balance
sheet via low-risk
structured certificate
securities

1. Other interest-earning assets includes cash, cash equivalents, restricted cash, retail notes, and all other interest earning assets
2. Structured Certificate securities average balance in 4Q23 was $841M.

Structured Certificates Improving Risk-Adjusted Revenue

Total Net Revenue($ in millions)

NON-INTEREST INCOME

Sequential change primarily due to a 3Q23 non-recurring
$10M benefit from a purchase incentive forfeiture.

NET INTEREST INCOME

Sequential change driven by lower net interest margin
resulting from shift toward lower risk securities portfolio.

RISK-ADJUSTED REVENUE¹

Adjusting for credit loss provision, seeing sequential growth
as issuance of structured certificate securities increased.

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)

||at Year End|||Continued Profitability Driving TBV per Common Share to $10.54||| |---|---|---|---|---|---|---|---| ||Pre-Provision Net Revenue (PPNR)|1|||||| |($ in millions)|$82.7|$72.8|$55.6|Net Income ($ in millions)|$23.6|$5.0|$10.2| ||4Q22|3Q23|4Q23||4Q22|3Q23|4Q23| |Provision for Credit Losses Income Tax Benefit (Expense)|($61.5) $2.4 1)|($64.5) ($3.3) reconciliation of such measures to the nearest GAAP measures|($41.9) ($3.5)|Diluted EPS Book Value Per Common Share Tangible Book Value per Common Share¹ Pre-Provision Net Revenue and Tangible Book Value per Common Share are non-GAAP financial measures. Please see pages 19 & 20 for additional information on our use of non-GAAP financial measures and a|$0.22 $10.93 $10.06|$0.05 $11.02 $10.21|$0.09 $11.34 $10.54| ||||||||15|

Held for Investment Personal Loan Credit Performance by Vintage

Expected Personal Loans Lifetime Net Loss Rate¹

2021 Vintage 2022 Vintage 2023 Vintage

• 2023 vintage incorporates higher
  Future 2 Provision Estimate 8.9%

8.9% level of qualitative reserves for
(to be recognized8.8% in future periods) 8.3%0.1%

8.1%0.5% possible future economic
1.10% uncertainty Allowance on Book 1.2% (reserve taken for expected
1.8% future charge-offs + 3.9% qualitative reserve)

• 2022 vintage reflects post-
  4.8%

pandemic credit normalization within previously disclosed range

6.70% 7.1%

Net Charge-offs

6.3% • 2021 vintage maturing with
to Date

**4.9%**anticipated lifetime net loss rates 3.5%

reflecting post-pandemic outperformance

1.10% 9/30/23 12/31/23 9/30/23 12/31/23 12/31/23 Total allowance for loan losses is $269M, comprised Allowance for future of $312M for future estimated net charge-offs on Net Charge-offs$47M $150M $115M existing portfolio balances, net of $43M of estimated (as of 12/31/23) recoveries on previously charged-off loans

1. Estimates at 12/31/23 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)

Illustrative Lifecycle of a $100M Personal Loan Portfolio

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

Portfolio Vintage Dynamics 1

1 Portfolio Vintage Dynamics

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 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%

4. Does not include any qualitative loss estimates

1Q24 Guidance

Outlook Context 1Q24 Guidance

• Maintaining origination range from prior quarter reflecting stabilizing environment

Total

• PPNR assumes:

$1.5B to $1.7B

Originations

• Similar loan sales prices to 4Q23
• Lower Net Interest Margin due to balance sheet growth of lower risk structured

Pre-Provision

certificate securities

Net Revenue

$30M to $40M

• Maintain positive GAAP Net Income with

(PPNR)

lower provision for credit losses

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.

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