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Marketplace Lending: A New Phase for a Growing Industry

  1. MARKETPLACE LENDING RON SUBER PRESIDENT, PROSPER MARKETPLACE @RONSUBER I @PROSPERLOANS MARKETPLACE LENDINGA NEW PHASE FOR A GROWING INDUSTRY
  2. “Profit Plan Strained By Cuts” “Cash Drain Worries Grow as Company Remains Grounded By Regulators” “Problems Blamed on Lack of Oversight”
  3. “Cash Drain Worries Grow as Company Remains Grounded By Regulators” “Profit Plan Strained By Cuts…” “Problems Blamed on Lack of Oversight” TRANSPORTATION “Job Cuts and Executive Shuffles…” “All of These Things Are Definitely Going to Make Investors Ask for More Scrutiny.” “Chief Executive Steps Down” MARKETPLACE LENDING
  4. “WHAT IS MARKETPLACE LENDING?”
  5. MARKETPLACE LENDERS PLATFORMS THAT CONNECTS CREDITWORTHY BORROWERS TO INVESTORS WHO WANT SOLID RETURNS
  6. TURBULENCE IN 2016 Q1 2016 Q2 2016 Q3 2016
  7. • FUNDING PRESSURE • RATES INCREASE • SPREADS WIDEN • PRESS SKEPTICISM Q1 2016 Q2 2016 Q3 2016
  8. • PLATFORMS RAISED RATES • MARKET VOLATILITY (BOND, STOCK & MPL) • PLATFORMS SCALE BACK Q1 2016 Q2 2016 Q3 2016
  9. • PUBLIC VALUATIONS RECOVERING • LOAN VOLUME INCREASING • SECURITIZATIONS Q1 2016 Q2 2016 Q3 2016
  10. WHAT’S HAPPENING TODAY • THE MARKET STRUCTURE • THE NEW NECESSARY NINE • THE SILVER BULLET
  11. PRIMARY MARKET SECONDARY MARKET THE MARKET STRUCTURE SECURITIZATIONS DERIVATIVES / SYNTHETICS
  12. PRIMARY MARKET SECONDARY MARKET THE MARKET STRUCTURE SECURITIZATIONS DERIVATIVES / SYNTHETICS
  13. PRIMARY MARKET SECONDARY MARKET THE MARKET STRUCTURE SECURITIZATIONS DERIVATIVES / SYNTHETICS
  14. THE NECESSARY FOR GLOBAL MARKETPLACE PLATFORM SUCCESS
  15. THE NEW NECESSARY FOR FUND PERFORMANCE
  16. THE NEW NECESSARY NINE FOR FUND PERFORMANCE STOP PURCHASING / CASH DRAG7 CURRENCY HEDGE9LOANS AT A PREMIUM (PREPAY)8 PLATFORM PERFORMANCE4 LEVERAGE6FUND FEES5 LOAN VALUATION1 LOAN SELECTION3ACCRUALS FOR DEFAULTS2
  17. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC PROSPER1,2 INTEREST3 2010 1.05% 0.96% 1.05% 0.90% 0.94% 0.87% 0.95% 0.75% 0.93% 0.83% 0.79% 0.83% 10.84% 19.20% 2011 1.04% 0.86% 0.99% 0.73% 0.80% 0.92% 1.07% 1.07% 1.08% 0.81% 0.71% 0.92% 11.02% 21.16% 2012 0.89% 0.79% 0.93% 0.79% 0.84% 0.87% 0.83% 0.94% 0.57% 0.74% 0.86% 0.58% 9.61% 19.71% 2013 0.80% 0.51% 0.68% 0.61% 0.70% 0.69% 0.79% 0.77% 0.72% 0.78% 0.67% 0.83% 8.56% 16,81% 2014 0.84% 0.75% 0.75% 0.85% 0.74% 0.81% 0.82% 0.79% 0.85% 0.80% 0.75% 0.76% 9.50% 14.19% 2015 0.77% 0.71% 0.60% 0.67% 0.58% 0.70% 0.71% 0.64% 0.64% 0.60% 0,61% 0.58% 7.82% 13.50% 2016 0.47% 0.54% 0.59% 0.58% 0.46% 0.57% 0.41% 0.41% 6.03% 13.82% 1. PROSPER FUNDING LLC OWNS THE MARKETPLACE THROUGH WHICH LOANS ARE ORIGINATED AND SOLD. PROSPER MARKETPLACE, INC. IS THE PARENT COMPANY OF PROSPER FUNDING LLC WHICH OPERATES THE MARKETPLACE ON BEHALF OF PROPSER FUNDING LLC. PROSPER MARKETPLACE, INC AND PROSPER FUNDING LLLC ARE COOLECCTIVELY REFERRED TO HEREIN AS “PROSPER.” ALL LOANS ORIGINATED THROUGH THE PROSPER MARKETPLACE ARE ORIGINATED BY WEBBANK, A UTAH-CHARTED INDUSTRIAL BANK, MEMBER FDIC. 2. PROSPER RETURNS SERIES IS CALCULATED AS THE TOTAL MONTHLY INTEREST, FEE AND NET RECOVERY PROCEEDS RECEIVED, NET OF CHARGE-OFFS AND SERVICING FEE, DIVIDED BY THE MONTHLY PRINCIPAL BALANCE; INCLUDING ALL LOANS BOOKED BETWEEN JULY 1, 2009 AND APRIL 30TH, 2016. PAST PERFORMANCE IF NOT INDICATIVE OF FUTURE PERFORMANCE. 3. INTEREST RATE SHOWN REPRESENTS WEIGHTED AVERAGE INTEREST RATE CHARGED ACROSS THE ENTIRE PROSPER PLATFORM DURING EACH CALENDAR YEAR. PROSPER PLATFORM HISTORICAL ANNUALIZED RETURNS SUMMARY STATISTICS MIN: 0.41% MAX: 1.08% AVERAGE: 0.77% MEDIAN: 0.79% STD. DEV: 0.15%
  18. UNSECURED CONSUMER CREDIT1 10-YEAR TREASURY BOND3 HIGH YIELD BONDS4 INVESTMENT GRADE BONDS5 REITS6 MUNICIPAL BONDS7 TREASURY BILLS3 YIELD 14% 2% 7% 3% 4% 3% <0.5% RETURN 9% 10% 7% 6% 6% 5% 2% DURATION 1.42 9.2 4.2 7.0 N/A N/A 0.2 UNSECURED CONSUMER CREDIT RETURNS ARE ATTRACTIVE RELATIVE TO OTHER FIXED INCOME ASSETS 1 BASED ON QUARTERLY DATA ON CREDIT CARD PERFORMANCE 1995-2015, REALIZED VOLATILITY OF CREDIT CARD ACCRUALS IS 2%. SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (US). • COMPONENT: INTEREST RATE, CARD ACCOUNTS ASSESSED INTEREST (A), TERMCBCCINTNS; CHARGE OFF RATE ON CREDIT CARD LOANS (B), CORCCACBS • RETURN = YIELD (A) - CHARGE OFF RATE (B) 2 DURATION FOR UNSECURED CONSUMER CREDIT BASED ON CURRENT WEIGHTED-AVERAGE FOR THREE- AND FIVE-YEAR LOANS ORIGINATED THROUGH PROSPER PLATFORM. 3 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (US) 1996-2016. 4 SOURCE: BARCLAYS US CORPORATE HIGH YIELD INDEX 1996-2016. 5 SOURCE: S&P US INVESTMENT GRADE CORPORATE BOND INDEX 2002-2016. 6 SOURCE: S&P BMI US REIT INDEX 1996-2016. 7 SOURCE: S&P MUNICIPAL BOND INDEX 1999-2016.
  19. THE SILVER BULLET ONLINE MARKETPLACES • NO BALANCE SHEET • FEE REVENUE • RETAIL & INSTITUTIONS BALANCE SHEET LENDERS • LINES OF CREDIT • PROPRIETY CAPITAL • RETAIN LOANS HYBRID/ COMPOSITES • COMBINATION OF THE TWO
  20. THERE IS N SILVER BULLET
  21. It’s not just about origination growth. It’s about building companies that last. A LOOK FORWARD
  22. “WHAT DO WE NEED TO GET RIGHT?”
  23. THE FOUR THINGS TO GET RIGHT RISK MANAGEMENT GROUPS • ENTERPRISE RISK MANAGEMENT (ERM) • COMPLIANCE • INFO. SECURITY • GOV. RISK COMPLIANCE (GRC)
  24. RISK MANAGEMENT GROUPSRISK MANAGEMENT GROUPS SUSTAINABILITY / PROFITABILTY EQUILIBRIUM TRUST & TRANSPARENCY THE FOUR THINGS TO GET RIGHT
  25. JIM MCNERNEY, BOEING CHIEF EXECUTIVE
  26. @ProsperLoans
  27. Disclosures This presentation includes forward-looking statements. Forward-looking statements inherently involve many risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans and expectations of our management and is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. All forward-looking statements speak only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements above. We undertake no obligation to update or revise forward-looking statements that may be made in this presentation to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. All personal loans are made by WebBank, a Member of FDIC. All personal loans through Prosper are unsecured, fully amortized personal loans. Neither Prosper Funding LLC nor Prosper Marketplace, Inc. are registered as an investment adviser with any federal or state regulatory agency. The information contained in this presentation is for informational purposes, and should not be construed as individually tailored investment advice or as a recommendation with respect to any security or investment approach. This presentation has been prepared without regard to the circumstances and objectives of its participants and should not be relied upon as authoritative or taken in substitution for the exercise of judgment by any individual. Each individual should consider the appropriateness of any investment decision having regard to his or her own circumstances, the full range of information available and appropriate professional advice. Prosper Funding LLC and Prosper Marketplace, Inc. recommend that each individual seek independent investment and financial advice concerning any services or investments discussed in this presentation.

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  4. Performance today primarily impacted by the 2015 vintage and borrower rate
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