Investor Presentaiton

UMI and consumer trends Macroeconomic risk peaked in October 2022 and has leveled since March UMI 1.49 -2% QIQ 1.60 1.40 2 1.20 1.00 0.80 UMI has decreased m/m 0..60 upstart.com/umi 0.40 Mar Jun '20 '20 Sep Dec Mar '20 '20 '21 Jun Sep Dec Mar Jun Sep '21 '21 '21 '22 '22 '22 Dec Mar '22 '23 March consumer trends 5.1% Personal savings rate* vs 4.4% in December 6.5% CPI (Inflation)* 1 vs 6.6% in December 62.6% Labor force participation rate* vs 62.3% in December 1 The Upstart Macro Index (UMI) estimates the impact of the macroeconomy on credit losses for Upstart-powered unsecured personal loans. UMI is expressed as a multiple of defaults relative to a static baseline due to macroeconomic changes. For example, a UMI of 1.25 for a given month suggests that the macro caused default rates to be 25% higher than the long-run average. 1 https://fred.stlouisfed.org/ 2 Upstart internal measured data as of 5/2/23 Upstart *Statistics as of March

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