Lending Club Q2 2015 Earnings

Q2 Financial Results Top Consensus

Loan Originations of $1.91B, up 90% y/y

Operating Revenue of $96.1M, up 98% y/y (FactSet: $91.6M)
Adj. EBITDA of $13.4M vs. $4.0M last year (FactSet: $9.8M)
Adj. EPS of $0.03 vs. $0.01 last year (FactSet : $0.02)
GAAP EPS loss of ($0.01) vs. ($0.16) last year (FactSet: ($0.02))

Q2 Business Highlights
Opened to investors in Texas and Arizona in the second quarter and,
subsequent to the quarter end, opened to investors in Arkansas,
Iowa and Oklahoma. Lending Club is now available to investors in
33 states.
Opened to borrowers in Nebraska and North Dakota. Lending Club
is now available to borrowers in 47 states.
Investor base exceeds 100,000 active individual investors who
collectively invested over $1B on the Lending Club platform in Q2.
Launched an alliance with Ingram Micro (NYSE: IM), the worlds
largest wholesale technology distribution company, to be the
exclusive provider of unsecured lines of credit and term loans up to
$300,000 for Ingram Micros tens of thousands of U.S. value-added
resellers, and with Zulily, Inc. (NASDAQ: ZU), a specialty online
retailer thats topped a billion a year in sales.

Fast But Disciplined Growth

1,912
1,635
1,415
1,006
353

446

567

1,165

791

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15
96.1

Operating Revenue ($ in millions)

69.6

16.2

20.8

27.4

33.5

38.7

48.6

We had another very strong quarter

with accelerating revenue growth from
17% to 19% quarter over quarter and
expanding margins from 13.1% in Q1
to 13.9% in Q2. Strong platform
effects, industry leading position,
superior engineering, and record high
customer satisfaction translating into a
loyal repeat customer base, have
helped us continue to lower our
acquisition costs this quarter. These
results and the continued momentum
we are seeing give us the confidence
to, once again, raise our outlook for
the full year in terms of both growth
and margins.
Renaud Laplanche, Founder & CEO

Guidance Raised Above

Consensus (as of Aug 4th, 2015)

Originations ($ in millions)

698

Earnings Quote

81.0

56.5

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Q3 Provided new guidance above

consensus:
Operating Revenue: $106-$108M
Vs. FactSet of $102M
Adjusted EBITDA: $12-$14M
Vs. FactSet of $10.8M
FY2015 - Raised prior guidance
above consensus:
Operating Revenue: $405-$409M
Vs. FactSet of $392M
Adjusted EBITDA: $49-$53M
Vs. FactSet of $44.9M
FY2015 (prior guidance)
Operating Revenue: $385-$392M
Adjusted EBITDA: $40-$46M

August 4, 2015!

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Non-GAAP Measures: Our non-GAAP measures have limitations as analytical tools and you should not consider them in isolation or as a
substitute for an analysis of our results under GAAP. There are a number of limitations related to the use of these non-GAAP financial measures
versus their nearest GAAP equivalents. Contribution, contribution margin, adjusted EBITDA, adjusted EBITDA margin, and adjusted EPS should
not be viewed as substitutes for, or superior to, net income (loss), and basic and diluted EPS, as prepared in accordance with GAAP. Other
companies, including companies in our industry, may calculate these measures differently, which may reduce their usefulness as a comparative
measure. Contribution, contribution margin, adjusted EBITDA, adjusted EBITDA margin and adjusted EPS do not consider the potentially dilutive
impact of stock-based compensation. Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized
may have to be replaced in the future and adjusted EBITDA and adjusted EBITDA margin do not reflect cash capital expenditure requirements
for such replacements or for new capital expenditure requirements. Adjusted EBITDA and adjusted EBITDA margin do not reflect tax payments
that may represent a reduction in cash available to us. Please see the Reconciliation of GAAP to Non-GAAP Measures tables at the end of the
earnings press release. In evaluating contribution, contribution margin, adjusted EBITDA, adjusted EBITDA margin and adjusted EPS, you
should be aware that in the future we will incur expenses similar to the adjustments in this presentation.
Safe Harbor Statement: Some of the statements in this above 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. The Company 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. The Company does 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. Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be
any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.Additional information about Lending Club is available in the prospectus for Lending Clubs notes, which can
be obtained on Lending Clubs website at https://www.lendingclub.com/info/prospectus.action.

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