Investor Presentaiton

Upstart risk separation Significantly better at differentiating risk than credit scores Annualized default rates¹ Upstart Risk Grades A+ B C D E- Average 700 or Above 1.0% 2.9% 5.4% 7.8% 12.2% 4.2% 680 to 699 1.1% 2.8% 5.2% 7.1% 12.0% 5.5% ~4x more defaults between highest and Upstart's risk grades predict a steadily increasing default rate from left to right as the borrowers get riskier. Looking down any column, there's significantly less difference between default rates, regardless of credit score. Credit Score 660 to 679 1.7% 3.3% 5.6% 7.7% 12.8% 7.2% lowest credit score 640 to 659 2.6% 3.9% 5.9% 8.5% 14.6% 9.2% 639 or Below 4.7% 5.5% 7.5% 10.3% 20.1% 15.1% Average 1.3% 3.4% 5.9% 8.5% 16.2% ~12x more defaults between highest and lowest Upstart risk grade 1 Upstart internal performance data as of April 27, 2023. Consists of all originations made 2018-Q1 to 2022-Q4 "vintages." Upstart 14

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