<SEC-DOCUMENT>0000950123-21-003813.txt : 20210406
<SEC-HEADER>0000950123-21-003813.hdr.sgml : 20210406
<ACCEPTANCE-DATETIME>20210323172304
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-21-003813
CONFORMED SUBMISSION TYPE:	DRS
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20210323
<PUBLIC-REL-DATE>20210406
DATE AS OF CHANGE:		20210323

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Upstart Holdings, Inc.
		CENTRAL INDEX KEY:			0001647639
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				464332431
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	377-04491
		FILM NUMBER:		21765692

	BUSINESS ADDRESS:	
		STREET 1:		2950 S. DELAWARE STREET, SUITE 300
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403
		BUSINESS PHONE:		(650) 204-1000

	MAIL ADDRESS:	
		STREET 1:		2950 S. DELAWARE STREET, SUITE 300
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRS
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Draft Registration Statement</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>As confidentially submitted to the U.S. Securities and Exchange Commission on March 23, 2021. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>This draft registration statement has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly
confidential. </B></P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><B>Registration
<FONT STYLE="white-space:nowrap">No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>SECURITIES AND EXCHANGE
COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-1</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><I>THE SECURITIES ACT OF 1933
</I></B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>(Exact name of
registrant as specified in its charter) </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>7389</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">46-4332431</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>(Primary Standard Industrial</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>Classification Code Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>2950 S. Delaware Street, Suite 300 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>San Mateo,
California 94403 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>(650) <FONT STYLE="white-space:nowrap">204-1000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>(Address, including zip code, and telephone number, including </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>area code, of registrant&#146;s principal executive offices) </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Dave Girouard </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Chief Executive Officer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc.
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>2950 S. Delaware Street, Suite 300 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>San Mateo, California 94403 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>(650) <FONT
STYLE="white-space:nowrap">204-1000</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>(Name, address, including zip code, and telephone number, including </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>area code, of agent for service) </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B><I>Copies to:
</I></B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Jeffrey D. Saper</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Allison B. Spinner</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Wilson Sonsini
Goodrich&nbsp;&amp; Rosati, P.C.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>650 Page Mill Road</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Palo Alto, California 94304</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>(650) <FONT
STYLE="white-space:nowrap">493-9300</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Alison Nicoll</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Christopher Ing</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Emily Sairafian</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>2950 S. Delaware Street,
Suite 300</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>San Mateo, California 94403</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>(650) <FONT STYLE="white-space:nowrap">204-1000</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>John L. Savva</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Sullivan&nbsp;&amp; Cromwell LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>1870
Embarcadero Road</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Palo Alto, California 94303</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>(650) <FONT STYLE="white-space:nowrap">461-5600</FONT></B></P></TD></TR>
</TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Approximate date of commencement of proposed sale to the public: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>As soon as practicable after this registration statement becomes effective. </B></P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:5%; font-size:8pt; font-family:ARIAL">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933 check the following box.&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:5%; font-size:8pt; font-family:ARIAL">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:5%; font-size:8pt; font-family:ARIAL">If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:5%; font-size:8pt; font-family:ARIAL">If this Form is a post-effective amendment filed pursuant to Rule
462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:5%; font-size:8pt; font-family:ARIAL">Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT> filer, smaller reporting company, or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated
filer,&#148; &#147;smaller reporting company,&#148; and &#147;emerging growth company&#148; in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="21%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="53%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated&nbsp;filer</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9746;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">Emerging&nbsp;growth&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9746;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:5%; font-size:8pt; font-family:ARIAL">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>CALCULATION OF REGISTRATION FEE </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>Title of each Class&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>Securities to be Registered</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Amount<BR>to be<BR>Registered<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>Proposed&nbsp;Maximum</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>Aggregate&nbsp;Offering<BR>Price<SUP STYLE="font-size:85%; vertical-align:top">(1)(2)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>Amount&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>Registration&nbsp;Fee</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Common stock, par value $0.0001 per share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000">$<U></U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000">$<U></U></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Includes additional shares of our common stock that the underwriters have the option to purchase. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) of the Securities Act
of 1933, as amended, on the basis of the average of the high and low prices of the registrant&#146;s common stock as reported on the Nasdaq Global Select Market on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2021. </P></TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:5%; font-size:8pt; font-family:ARIAL"><B>The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
will file a further amendment which specifically states that this Registration Statement will thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as amended, or until the Registration Statement will become
effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine. </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:10in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P ALIGN="right" STYLE="font-family:ARIAL; font-size:0.5pt"><FONT COLOR="#FFFFFF">The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold
until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not
permitted. </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g126640g11a11.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:-753pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#de1a1e"><B>Subject to Completion. Dated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021. </B></FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#fcfcfc">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares </FONT></P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#fcfcfc"><B>Upstart Holdings, Inc. </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#fcfcfc">Common Stock </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#fcfcfc"><B>___________________ </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; margin-right:19%; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#fcfcfc">We are offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; margin-right:19%; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#fcfcfc">Our common stock is listed on the Nasdaq Global Select Market under the symbol &#147;UPST&#148;. On &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021, the last reported sale price of our common stock as
reported on the Nasdaq Global Select Market was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; margin-right:19%; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#fcfcfc">We are an &#147;emerging growth company&#148; as that term is defined under the federal
securities laws and, as such, we have elected to comply with certain reduced reporting requirements for this prospectus and may elect to do so in future filings. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#fcfcfc"><B>___________________ </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; margin-right:19%; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#fcfcfc"><B><I>See &#147;<A HREF="#cov126640_100">Risk Factors</A>&#148; beginning on
page 17 to read about factors you should consider before buying shares of our common stock. </I></B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#fcfcfc"><B>___________________ </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; margin-right:19%; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#fcfcfc"><B>Neither the Securities and Exchange Commission nor any other regulatory body has approved or
disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#fcfcfc"><B>___________________ </B></FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="62%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT COLOR="#ffffff"><U>Per&nbsp;Share</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT COLOR="#ffffff"><U>Total</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#ffffff">Public offering price<BR></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ffffff">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ffffff">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#ffffff">Underwriting
discount<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ffffff">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ffffff">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#ffffff">Proceeds, before expenses, to us</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ffffff">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ffffff">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ffffff">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19%; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#fcfcfc">__________ </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="19%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#fcfcfc">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="justify"><FONT COLOR="#fcfcfc">See &#147;Underwriting&#148; for a description of the compensation payable to the Underwriters.
</FONT></P></TD>
<TD WIDTH="19%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; margin-right:19%; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#fcfcfc">To the extent that the underwriters sell more than
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock, the underwriters have the option to purchase up to an additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares
from us at the public offering price less the underwriting discount. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; margin-right:19%; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#fcfcfc">The
underwriters expect to deliver the shares against payment in New York, New York on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021. </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="62%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:16pt" ALIGN="center">


<TR>

<TD WIDTH="48%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:16pt">
<TD VALIGN="top" NOWRAP><FONT COLOR="#ffffff"><B>Goldman&nbsp;Sachs&nbsp;&amp;&nbsp;Co.&nbsp;LLC</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT COLOR="#ffffff"><B>&nbsp;&nbsp;BofA Securities</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT COLOR="#ffffff"><B>Citigroup</B></FONT></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="62%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:15pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:15pt">
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#ffffff"><B>Jefferies</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#ffffff"><B>Barclays</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top"><FONT COLOR="#ffffff"><B>JMP Securities</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#ffffff"><B>Piper Sandler</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#fcfcfc"><B>___________________ </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#fcfcfc">Prospectus dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021. </FONT></P>
<P STYLE="font-size:105pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:105pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"> </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Prospectus </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_1">Prospectus Summary</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_2">Risk Factors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_3">Special Note Regarding Forward-Looking Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_4">Industry, Market and Other Data</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_5">Use of Proceeds</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_6">Market Price of Our Common Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_7">Dividend Policy</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_8">Capitalization</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_9">Selected Consolidated Financial and Other Data</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_10">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_11">Business</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">127</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_12">Management</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_13">Executive Compensation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_14">Certain Relationships and Related Party Transactions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_15">Principal and Selling Stockholders</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">185</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_16">Description of Capital Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_17">Shares Eligible for Future Sale</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">193</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_18">Material U.S. Federal Income Tax Consequences to <FONT STYLE="white-space:nowrap">Non-U.S.
</FONT> Holders of Our Common Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_19">Underwriting</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">201</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_20">Validity of Common Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_21">Experts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_22">Where You Can Find Additional Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc126640_23">Index to Consolidated Financial Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Neither we nor any of the underwriters have authorized anyone to provide any information or to make any representations other than those contained in
this prospectus or in any free writing prospectuses we have prepared. We, the selling stockholders and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give
you. This prospectus is an offer to sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For investors outside the United States: Neither we nor any of the underwriters have done anything that would permit this offering or possession or
distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe
any restrictions relating to, the offering of the shares of our common stock and the distribution of this prospectus outside the United States. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_1"></A>PROSPECTUS SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>This summary highlights selected information that is presented in greater detail elsewhere in this prospectus. This summary does not contain all of
the information you should consider before investing in our common stock. You should read this entire prospectus carefully, including the sections titled &#147;Risk Factors&#148; and &#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; and our consolidated financial statements and the related notes included elsewhere in this prospectus, before making an investment decision. Unless the context otherwise requires, the terms
&#147;Upstart,&#148; &#147;the company,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; in this prospectus refer to Upstart Holdings, Inc. and its consolidated subsidiaries. Our fiscal year end is December&nbsp;31, and our fiscal quarters
end on March&nbsp;31, June&nbsp;30, September&nbsp;30 and December 31. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Overview </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our mission is to enable effortless credit
based on true risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are a leading, cloud-based AI lending platform. AI lending enables a superior loan product with improved economics that can
be shared between consumers and lenders. Our platform aggregates consumer demand for high-quality loans and connects it to our network of Upstart <FONT STYLE="white-space:nowrap">AI-enabled</FONT> bank partners. Consumers on our platform benefit
from higher approval rates, lower interest rates, and a highly automated, efficient, <FONT STYLE="white-space:nowrap">all-digital</FONT> experience. Our bank partners benefit from access to new customers, lower fraud and loss rates, and increased
automation throughout the lending process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Credit is a cornerstone of the U.S. economy, and access to affordable credit is central to unlocking
upward mobility and opportunity. The FICO score was invented in 1989 and remains the standard for determining who is approved for credit and at what interest rate.<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> While FICO is rarely the only
input in a lending decision, most banks use simple rules-based systems that consider only a limited number of variables. Unfortunately, because legacy credit systems fail to properly identify and quantify risk, millions of creditworthy individuals
are left out of the system, and millions more pay too much to borrow money.<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We leverage the
power of AI to more accurately quantify the true risk of a loan. Our AI models have been continuously upgraded, trained and refined for more than eight years. We have discrete AI models that target fee optimization, income fraud, acquisition
targeting, loan stacking, prepayment prediction, identity fraud and time-delimited default prediction. Our models incorporate more than 1,000 variables and benefit from a rapidly growing training dataset that currently contains more than
10.5&nbsp;million repayment events. The network effects generated by our constantly improving AI models provide a significant competitive advantage&#151;more training data leads to higher approval rates and lower interest rates at the same loss
rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our AI models are provided to bank partners within a consumer-facing cloud application that streamlines the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">end-to-end</FONT></FONT> process of originating and servicing a loan. We have built a configurable, multi-tenant cloud application designed to integrate seamlessly into a bank&#146;s existing technology systems. Our highly
configurable platform allows each bank to define its own credit policy and determine the significant parameters of its lending program. Our AI models use and analyze data from </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Kaufman; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Ficklin and Watkins; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
all of our bank partners. As a result, these models are trained by every Upstart-powered loan, and each bank partner benefits from participating in a shared AI lending platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Consumers can discover Upstart-powered loans in one of two ways: either via Upstart.com or through a bank-branded product on our bank partners&#146; own
websites. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Loans issued through our platform can be retained by our originating bank partners, distributed to our broad base of approximately 100
institutional investors and buyers that invest in Upstart-powered loans or funded by Upstart&#146;s balance sheet. In the fourth quarter of 2020, 18<U></U>% of the loans funded through our platform were retained by the originating bank and
81<U></U>% of loans were purchased by institutional investors through our loan funding programs. Our institutional investors and buyers that participate in our loan funding programs invest in Upstart-powered loans through whole loan purchases,
purchases of pass-through certificates and investments in asset-backed securitizations. As of December&nbsp;31, 2020, we had twelve bank partners. In the year ended December&nbsp;31, 2020, Cross River Bank (CRB) originated 67% of the loans
facilitated on our platform and fees received from CRB accounted for 63% of our total revenue. Our current agreement with CRB began on January&nbsp;1, 2019 and has an initial four year term, with a renewal term for an additional two years following
the initial four year term. We enter into nonexclusive agreements with our whole loan purchasers and each of the grantor trust entities in our asset-backed securitizations, or ABS, under which our ABS investors benefit from our loan servicing
capabilities.<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> The remaining 1% of loans funded through our platform in the fourth quarter of 2020 were funded through our balance sheet. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our revenue is primarily comprised of fees paid by banks. We charge banks referral fees for each loan referred through Upstart.com and originated by a
bank partner, platform fees for each loan originated, regardless of its source, and loan servicing fees as consumers repay their loans. Our agreements with our bank partners are nonexclusive, generally have
<FONT STYLE="white-space:nowrap">12-month</FONT> terms that automatically renew, subject to certain early termination provisions and minimum fee amounts, and do not include any minimum origination obligation or origination limits. As a usage-based
platform, we target positive unit economics on each transaction, resulting in a cash efficient business model that features both high growth rates and profitability. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Recent Developments </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In March 2021, we entered into a
definitive agreement to acquire Prodigy Software, Inc., a provider of cloud-based automotive retail software. The aggregate consideration to be paid by us is estimated to be $100&nbsp;million, subject to customary purchase price adjustments, payable
in a combination of cash and shares of our common stock. The transaction is subject to customary closing conditions, and is expected to close in the second quarter of 2021. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Industry Overview </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Affordable Credit is Critical
to Unlocking Upward Mobility and Opportunity </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">With $3.6 trillion of consumer credit originated between April 2019 and March 2020,<SUP
STYLE="font-size:85%; vertical-align:top">4</SUP> credit is a cornerstone of the U.S. economy. Access to affordable credit is central to unlocking upward mobility </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">See the section titled &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#151;Liquidity and Capital Resources&#151;Term loans and revolving loan facilities&#148; and Note 7 to our consolidated financial statements for more information about our loan funding programs, including the role of our warehouse credit
facilities and special purpose entities. See &#147;Note 3. Securitizations and Variable Interest Entities&#148; to our consolidated financial statements for additional information regarding transactions with our VIEs. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on loan origination dollar amounts published by TransUnion; see the section titled &#147;Industry, Market and Other
Data.&#148; </P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
and opportunity. Reducing the price of borrowing for consumers has the potential to dramatically improve the quality of life for millions of people. Studies have demonstrated a strong statistical
link among access to affordable credit, personal well-being and income growth.<SUP STYLE="font-size:85%; vertical-align:top">5</SUP> The average American has approximately $29,800 in personal
debt.<SUP STYLE="font-size:85%; vertical-align:top">6</SUP> While access to affordable credit has allowed Americans to purchase and improve their homes, buy cars, pay for college tuition and cover emergency expenses, high interest rates can
negatively impact a consumer&#146;s financial health. The U.S. Federal Reserve reports that on average, 10% of household disposable personal income is spent on debt repayment.<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> In addition, 16% of
Americans spend 50% to 100% of their monthly income repaying debt.<SUP STYLE="font-size:85%; vertical-align:top">8</SUP> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Affordable Credit Is
Inaccessible for Millions because Existing Systems Fail to Accurately Quantify Risk </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The FICO score was invented in 1989 and has not
fundamentally changed since that time.<SUP STYLE="font-size:85%; vertical-align:top">9</SUP> The FICO score is used by over 90% of lenders to determine who is approved for credit and at what interest rate.<SUP
STYLE="font-size:85%; vertical-align:top">10</SUP> While FICO is rarely used in isolation, many credit models are simple rules-based systems. A leading expert found that bank credit models commonly incorporate eight to 15 variables, with the more
sophisticated models using as many as 30.<SUP STYLE="font-size:85%; vertical-align:top">11</SUP> Unsurprisingly, the world is more complicated than can be represented by these models, so they are limited in their ability to reliably estimate the
probability of default. Many borrowers suffer from the effects of inaccurate credit models. Many are approved for a loan that they ultimately will be unable to repay, negatively impacting both the consumer and the lender. Many others may be declined
for a loan that they could have successfully repaid if given the opportunity&#151;again doing harm to both consumer and lender. According to an Upstart retrospective study completed in December 2019, four out of five Americans who have taken out a
loan have never defaulted, yet less than half of Americans have access to prime credit.<SUP STYLE="font-size:85%; vertical-align:top">12</SUP> Even consumers with high credit scores tend to pay too much for loans because the rates they pay
effectively subsidize the losses from borrowers who default. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g126640g20a33.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Banks Will Continue to be at the Forefront of Consumer Lending </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Banks have been at the forefront of consumer lending in the U.S. for more than a century. They benefit from long-term structural advantages, including a
low cost of funding, a unique regulatory </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Wysen; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Northwestern Mutual; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Federal Reserve Household Debt; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Northwestern Mutual; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">9</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Kaufman; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">10</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Kaufman; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">11</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Siddiqi; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">12</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The study defined access to prime credit as individuals with credit reports with VantageScores of 720 or above.
</P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
framework, and high levels of consumer trust. Through large and reliable deposit bases, banks are able to maintain a very low cost of funds&#151;approximately 1% on average.<SUP
STYLE="font-size:85%; vertical-align:top">13</SUP> These cost savings are passed through to borrowers in the form of lower interest rates, a significant competitive advantage over <FONT STYLE="white-space:nowrap">non-depository</FONT> lending
institutions. Banks also benefit from a regulatory framework that allows them to create nation-wide lending programs that are largely uniform. Given these advantages, we believe that a partnership-based bank enablement approach will be more
successful than a disruption strategy. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Banks Must Undergo a Digital Transformation to Remain Competitive </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The largest four U.S. banks spend an estimated $38&nbsp;billion on technology and innovation
annually.<SUP STYLE="font-size:85%; vertical-align:top">14</SUP> These four banks may attempt to build AI lending models over time, once general market acceptance has been achieved. However, outside the largest four banks, there are approximately
5,200 FDIC insured institutions<SUP STYLE="font-size:85%; vertical-align:top">15</SUP> that are at risk of falling behind. Despite holding over $8 trillion in deposits,<SUP STYLE="font-size:85%; vertical-align:top">16</SUP> we believe these banks,
particularly small to <FONT STYLE="white-space:nowrap">medium-sized</FONT> banks, have outdated technology and lack the technical resources of larger banks to fund the digitization process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">At the same time, consumers are increasingly seeking digital, personalized and automated
experiences.<SUP STYLE="font-size:85%; vertical-align:top">17</SUP> A 2017 Bain survey found that approximately 50% of the U.S. population would be<B> </B>comfortable buying financial products from technology companies.<SUP
STYLE="font-size:85%; vertical-align:top">18</SUP> We believe that as consumers, both young and old, move their financial lives online, small and <FONT STYLE="white-space:nowrap">medium-sized</FONT> banks will be increasingly <FONT
STYLE="white-space:nowrap">ill-equipped</FONT> to serve them.<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We believe that these trends have been accelerated by the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic, as the lack of access to physical bank branches has increased the banking industry&#146;s focus on digital capabilities. The performance of our platform through this crisis has also given existing
and prospective bank partners an important new data point to underpin their growing confidence in our solution. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Increasing Recognition from
Regulators </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Many regulators including the FDIC, the OCC, the Federal Reserve and the CFPB increasingly recognize the opportunity to modernize
techniques used in lending.<SUP STYLE="font-size:85%; vertical-align:top">19</SUP> In December 2019, these agencies issued an inter-agency report in support of the use of alternative data in lending decisions.<SUP
STYLE="font-size:85%; vertical-align:top">20</SUP> Additionally, in November 2019, the CFPB director noted that despite external uncertainty regarding how AI will fit into regulatory frameworks, the CFPB is focused on ensuring a path to regulatory
clarity because it recognizes the value AI lending products can offer consumers.<SUP STYLE="font-size:85%; vertical-align:top">21</SUP> In fact, in 2017, in response to a request by Upstart, the CFPB issued Upstart the first <FONT
STYLE="white-space:nowrap">no-action</FONT> letter, which provides that the CFPB has no present intention to recommend enforcement action with regard to the application of the Equal Credit Opportunity Act against Upstart for its use of alternative
variables and AI </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">13</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Federal Home Loan Bank of San Francisco; see the section titled &#147;Industry, Market and Other Data.&#148;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">14</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Garcia; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">15</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">FDIC; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">16</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The dollar amount of deposits held by banks, other than the four largest banks, was aggregated by Upstart using data
provided by the FDIC; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">17</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Bain, PwC and RedPoint Global; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">18</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Bain; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">19</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">FDIC Interagency Statement; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">20</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">FDIC Interagency Statement; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">21</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Kraninger; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
and machine learning in credit decision-making.<SUP STYLE="font-size:85%; vertical-align:top">22</SUP> This <FONT STYLE="white-space:nowrap">no-action</FONT> letter expired on December&nbsp;1,
2020. On November&nbsp;30, 2020, the CFPB issued a new <FONT STYLE="white-space:nowrap">no-action</FONT> letter to Upstart under the CFPB&#146;s revised 2018 policy on <FONT STYLE="white-space:nowrap">no-action</FONT> letters. This new <FONT
STYLE="white-space:nowrap">no-action</FONT> letter, which will expire on November&nbsp;30, 2023, covers the use of our AI model to underwrite and price unsecured <FONT STYLE="white-space:nowrap">closed-end</FONT> loans, and is conditional on our
implementation of a Model Risk Assessment Plan that was developed with the CFPB. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>The AI Opportunity </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">AI has the potential to add $13 trillion to the current global economic output by 2030, a 16% increase over today&#146;s output.<SUP
STYLE="font-size:85%; vertical-align:top">23</SUP> According to the McKinsey Global Institute, AI will be slowly adopted in its early stages, followed by steep acceleration as the technology matures and companies learn how to best deploy it.<SUP
STYLE="font-size:85%; vertical-align:top">24</SUP> We believe the lending industry will follow this path. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Lending is a compelling application for
AI. First, it involves sophisticated decisioning for events that occur millions of times each day. Second, there is an almost unlimited supply of data that has the potential to be predictive and improve the accuracy of credit decisions. Third, given
the costs and risks associated with lending, the economic wins from AI are dramatic for both banks and consumers. This means that the significant investment required to overcome the technical and regulatory hurdles is well worth the effort. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">With our eight-year head start, our AI lending platform is well-positioned to power a significant portion of the U.S. credit market. To date, we have
focused on the unsecured personal loan market. From October 2019 to September<B> </B>2020, there were $92&nbsp;billion in U.S. unsecured personal loan originations.<SUP STYLE="font-size:85%; vertical-align:top">25</SUP> In the same period, we
facilitated the origination of $3.2<B> </B>billion in unsecured personal loans, or less than 5% of the total market.<SUP STYLE="font-size:85%; vertical-align:top">26</SUP> We not only have a large opportunity to capture market share in unsecured
personal loans, but by applying our AI models and technology to adjacent opportunities, we believe we are well-positioned to address the U.S. auto loan, credit card and mortgage markets. From October 2019 to September<B> </B>2020, there were
$626&nbsp;billion in U.S. auto loan originations, $258<B></B>&nbsp;billion in U.S. credit card originations and $3.4 trillion in U.S. mortgage originations.<SUP STYLE="font-size:85%; vertical-align:top">27</SUP> In June 2020, we began offering auto
loans on our platform, and in September 2020, the first auto loan was originated through the Upstart platform. Over time, we believe we are also capable of capturing market share in student loans, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">point-of-sales</FONT></FONT> loans and home equity lines of credit (&#147;HELOCs&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our AI Lending Platform </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our AI models are central to our value proposition and unique position in the industry. Our models incorporate more than 1,000 variables, which are
analogous to the columns in a spreadsheet. They have been trained by more than 10.5&nbsp;million repayment events, analogous to rows of data in a spreadsheet. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">These elements of our model are <FONT STYLE="white-space:nowrap">co-dependent;</FONT> the use of hundreds or thousands of variables is impractical
without sophisticated machine learning algorithms to tease out the interactions between </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">22</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">CFPB <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter; see the section titled &#147;Industry, Market and Other
Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">23</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">McKinsey; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">24</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">McKinsey; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">25</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on loan origination dollar amounts published by TransUnion; see the section titled &#147;Industry, Market and Other
Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">26</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on loan origination dollar amounts published by TransUnion; see the section titled &#147;Industry, Market and Other
Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">27</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on loan origination dollar amounts published by TransUnion; see the section titled &#147;Industry, Market and Other
Data.&#148; </P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
them. And sophisticated machine learning depends on large volumes of training data. Over time, we have been able to deploy and blend more sophisticated modeling techniques, leading to a more
accurate system. This <FONT STYLE="white-space:nowrap">co-dependency</FONT> presents a challenge to others who may aim to short-circuit the development of a competitive model. While incumbent lenders may have vast quantities of historical repayment
data, their training data lacks the hundreds of columns, or variables, that power our model. For more details regarding the variables, training data, and algorithms in our models, please see &#147;Business&#151;Evolution of Upstart&#146;s AI
Model.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Despite their sophistication, our AI models are delivered to banks in the form of a simple cloud application that shields borrowers
from the underlying complexity. Additionally, our platform allows banks to tailor lending applications based on their policies and business needs. Our bank partners can configure many aspects of their lending programs, including factors such as loan
duration, loan amount, minimum credit score, maximum <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debt-to-income</FONT></FONT> ratio and return target by risk grade. Within the construct of each bank&#146;s self-defined lending
program, our platform enables the origination of conforming and compliant loans at a low <FONT STYLE="white-space:nowrap">per-loan</FONT> cost. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our Ecosystem
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our platform connects consumers, banks and institutional investors through a shared AI lending platform. Because AI is a new and disruptive
technology, and banking is a traditionally conservative industry, we have brought our technology to market in a way that allows us to grow rapidly and improve on our AI models, while allowing banks to take a prudent and responsible approach to
assessing and adopting our platform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On the consumer side, we aggregate demand on Upstart.com, where consumers are presented with bank-branded
offers from our bank partners. In this way, we benefit banks who have adopted our AI lending technology. Bank partners can also offer Upstart-powered loans through a bank-branded interface on their own website or mobile application. Consumers on our
platform are generally offered unsecured personal loans ranging from $1,000 to $50,000 in size, at APRs typically ranging from approximately 6.5% to 35.99%, with terms typically ranging from three to seven years, with a monthly repayment schedule
and no prepayment penalty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On the funding side, our bank partners can retain loans that align with their business and risk objectives; loan volumes
exceeding their collective funding capacity or risk tolerance can be flowed through the Cross River Bank conduit and sold to our network of institutional investors, which have far broader and more diverse capacity to absorb and distribute risk. This
flexible approach allows banks to adopt AI lending at their own pace, while we continue to grow and improve our platform. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Value Proposition
to Consumers </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Higher approval rates and lower interest rates</I>&#151;The CFPB reported that a study by Upstart of its data using a
methodology specified by the CFPB, showed that our AI model approves 27% more borrowers than high-quality traditional lending models with a 16% lower average APR for approved loans.<SUP STYLE="font-size:85%; vertical-align:top">28</SUP> Our analyses
suggest that our loan offers have improved significantly over time relative to those of competitors.<SUP STYLE="font-size:85%; vertical-align:top">29</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Superior digital experience</I>&#151;Whether consumers apply for a loan through Upstart.com or directly through a bank
partner&#146;s website, the application experience is streamlined into a single </P></TD></TR></TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">28</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Ficklin and Watkins; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">29</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Since 2017, Upstart has used a third-party service to perform quarterly comparative studies of the interest rates offered
for Upstart-powered loans versus the interest rates offered by six other companies offering personal loans online. </P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">
application process and the loan offers provided are firm. In the year ended December&nbsp;31, 2020, approximately 70% of Upstart-powered loans were instantly approved with no document upload or
phone call required, an increase from 0% in late 2016. Such automation improvements were due in large part to improvements to our AI models and the application of such models to different aspects of the loan process, including data verification and
fraud detection. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Value Proposition to Bank Partners </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Competitive digital lending experienc</I>e&#151;We provide regional banks and credit unions with a cost effective way to
compete with the technology budgets of their much larger competitors. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Expanded customer bas</I>e&#151;We refer customers that apply for loans through Upstart.com to our bank partners,
helping them grow both loan volumes and number of customers. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Lower loss rates</I>&#151;An internal study comparing our model to that of several large U.S. banks found that our model
could enable these banks to lower loss rates by almost 75% while keeping approval rates constant.<SUP STYLE="font-size:85%; vertical-align:top">30</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>New product offering</I>&#151;Personal loans are one of the fastest-growing segments of credit in the U.S.<SUP
STYLE="font-size:85%; vertical-align:top">31</SUP> Our platform helps banks provide a product their customers want, rather than letting customers seek loans from competitors. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Institutional investor acceptance</I>&#151;Analyses by credit rating agencies, loan and bond buying institutions, and
credit underwriters help banks gain confidence that Upstart-powered loans are subject to significant and constant scrutiny from experts, the results of which are often publicly available. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our Competitive Strengths </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Constantly Improving
AI Models </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have been building and refining our AI models for more than eight years, and they have led directly to our growth and
profitability. Our models currently incorporate more than 1,000 variables and are trained by more than 10.5&nbsp;million repayment events. Beyond the advantages accrued by our constantly growing volume of training data, our machine learning team
continues to update our modeling techniques regularly. Model and technology improvements have increased our conversion rate over time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Flexible <FONT STYLE="white-space:nowrap">Two-Sided</FONT> Ecosystem </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We benefit from aggregating consumer demand on Upstart.com, referring consumers directly to our network of
<FONT STYLE="white-space:nowrap">AI-enabled</FONT> bank partners. Our consumer presence allows us to increase awareness of and interest in Upstart-powered loans, directly contributing to our own growth, as well as the growth and success of our bank
partners&#146; lending programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">With an expanding list of bank partners, we can solve the borrowing needs of an increasingly diverse array of
consumers. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">30</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">In an internal study, Upstart replicated three bank models using their respective underwriting policies and evaluated
their hypothetical loss rates and approval rates using Upstart&#146;s applicant base in late 2017. To compare the hypothetical loss rates between Upstart&#146;s model and each of the replicated bank models, Upstart held approval rates constant at
the rate called for by each bank&#146;s respective underwriting policy. Such result represents the average rate of improvement exhibited by Upstart&#146;s platform against each of the three respective bank models. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">31</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Beiseitov; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Capital Efficient <FONT STYLE="white-space:nowrap">Fee-Based</FONT> Business </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the year ended December&nbsp;31, 2020, we generated 98% of revenue from fees from banks and loan servicing. We have also achieved a high degree of
automation, with approximately 70% of Upstart-powered loans approved instantly and fully automated in the year ended December&nbsp;31, 2020, driving operating leverage and improving unit economics. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Regulatory Compliance </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have worked
with regulators since our inception to ensure we operate in compliance with applicable laws and regulations. AI lending expands access to affordable credit by constantly finding new ways to identify qualified borrowers, yet AI models must avoid
unlawful disparate impact or statistical bias that would be harmful to protected groups. We have demonstrated to the CFPB that our platform does not introduce unlawful bias to the credit decision and we have developed sophisticated reporting
procedures to ensure future versions of the model remain fair.<SUP STYLE="font-size:85%; vertical-align:top">32</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In September 2017, we
received the CFPB&#146;s first <FONT STYLE="white-space:nowrap">no-action</FONT> letter. The CFPB issues <FONT STYLE="white-space:nowrap">no-action</FONT> letters to reduce potential regulatory uncertainty for innovative products that may offer
significant consumer benefit.<SUP STYLE="font-size:85%; vertical-align:top">33</SUP> On November&nbsp;30, 2020, at the expiration of our first <FONT STYLE="white-space:nowrap">no-action</FONT> letter, we received a new
<FONT STYLE="white-space:nowrap">no-action</FONT> letter from the CFPB, which expires on November&nbsp;30, 2023. At this time, we do not know of any other lending platforms that have received similar <FONT STYLE="white-space:nowrap">no-action</FONT>
letters for fair lending from the CFPB. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our Growth Strategy </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Model Improvements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our growth has
historically been driven by AI model improvements and technology upgrades, and we expect this trend to continue for the foreseeable future. Model upgrades typically result in higher approval rates, better loan offers, higher degrees of automation
and other improvements that increase our total number of funded loans. As our model accuracy increases, we are able to <FONT STYLE="white-space:nowrap">re-target</FONT> and approve consumers who previously visited our site but were not eligible for
a loan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>More Efficient Funding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Growth is also driven by a reduced cost of funding for Upstart-powered loans. This can happen because more banks adopt our platform, or existing partners
increase their budget for Upstart-powered loans. Cost of funding can also be reduced as bank partners gain more confidence in our models and lower some of the constraints they choose to place on their lending program. The cost of funding through
institutional investors can also improve over time, based on market conditions and as credit rating agencies and loan and residual buyers gain confidence in the credit performance of Upstart-powered loans. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Bank Distribution </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Today, the vast
majority of borrowers are referred to our bank partners via Upstart.com. But these banks are also beginning to offer Upstart-powered loans through their own websites, supported by their own marketing programs. We expect the bank-driven distribution
of Upstart-powered loans to grow over time, as more bank partners roll out bank-branded versions of Upstart to serve their new and existing customers directly. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">32</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Ficklin and Watkins; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">33</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consumer Financial Protection Bureau, Policy on <FONT STYLE="white-space:nowrap">No-Action</FONT> Letters, September 2019.
</P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>New Products </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Personal loans are one of the fastest-growing segment of consumer credit in the U.S., but they are far from the largest.<SUP
STYLE="font-size:85%; vertical-align:top">34</SUP> As we apply our AI models and technology to other credit verticals, we will be able to serve the needs of more consumers and to play a broader technology enablement role for our bank partners. There
is significant opportunity to expand from personal loans to auto loans, credit cards, mortgages, student loans, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-of-sale</FONT></FONT> loans and HELOCs. In June 2020, we began
offering auto loans on our platform and in September 2020, the first auto loan was originated through the Upstart platform. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Risk Factors Summary </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our business is subject to numerous risks and uncertainties, including those highlighted in the section titled &#147;Risk Factors&#148; immediately
following this prospectus summary. These risks include, but are not limited to, the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">We are a rapidly growing company with a relatively limited operating history, which may result in increased risks,
uncertainties, expenses and difficulties, and makes it difficult to evaluate our future prospects. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Our revenue growth rate and financial performance in recent periods may not be indicative of future performance and such
growth may slow over time. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">The <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic has harmed and could continue to harm our business, financial
condition and results of operations. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">If we fail to effectively manage our growth, our business, financial condition and results of operations could be adversely
affected. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">We have incurred net losses in the past, and we may not be able to maintain or increase our profitability in the future.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Our quarterly results are likely to fluctuate and as a result may adversely affect the trading price of our common stock.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">If we are unable to continue to improve our AI models or if our AI models contain errors or are otherwise ineffective, our
growth prospects, business, financial condition and results of operations would be adversely affected. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">If our existing bank partners were to cease or limit operations with us or if we are unable to attract and onboard new bank
partners, our business, financial condition and results of operations could be adversely affected. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Cross River Bank and one other bank partner account for a substantial portion of the total number of loans facilitated by
our platform and our revenue. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">The sales and onboarding process of new bank partners could take longer than expected, leading to fluctuations or
variability in expected revenues and results of operations. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Our business may be adversely affected by economic conditions and other factors that we cannot control.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Our AI models have not yet been extensively tested during down-cycle economic conditions. If our AI models do not
accurately reflect a borrower&#146;s credit risk in such economic conditions, the performance of Upstart-powered loans may be worse than anticipated. </P></TD></TR></TABLE>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">34</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Beiseitov; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Our business is subject to a wide range of laws and regulations, many of which are evolving, and failure or perceived
failure to comply with such laws and regulations could harm our business, financial condition and results of operations. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Substantially all of our revenue is derived from a single loan product, and we are thus particularly susceptible to
fluctuations in the unsecured personal loan market. We also do not currently offer a broad suite of products that bank partners may find desirable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">We rely on strategic relationships with loan aggregators to attract applicants to our platform, and if we cannot maintain
effective relationships with loan aggregators or successfully replace their services, or if loan aggregators begin offering competing products, our business could be adversely affected. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">If we are unable to maintain a diverse and robust loan funding program, our growth prospects, business, financial condition
and results of operations could be adversely affected. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Corporate Information </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart Network, Inc. was incorporated in Delaware in 2012. Pursuant to a restructuring, Upstart Holdings, Inc. was incorporated in December 2013 and
became the holding company of Upstart Network, Inc. Our principal executive offices are located at 2950 S. Delaware Street, Suite 300, San Mateo, California 94403, and our telephone number is (650) <FONT STYLE="white-space:nowrap">204-1000.</FONT>
Our website address is www.Upstart.com. Information contained on, or that can be accessed through, our website does not constitute part of this prospectus and inclusions of our website address in this prospectus are inactive textual references only.
You should not consider information contained on our website to be part of this prospectus or in deciding whether to purchase shares of our common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart, our logo, and our other registered or common law trademarks, service marks, or trade names appearing in this prospectus are the property of
Upstart Holdings, Inc. or one of its subsidiaries. Other trademarks and trade names referred to in this prospectus are the property of their respective owners. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>JOBS Act </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We qualify as an &#147;emerging growth
company&#148; as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to
public companies. These provisions include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">reduced obligations with respect to financial data, including presenting only two years of audited financial statements and
only two years of selected financial data; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">an exception from compliance with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act of
2002, or the Sarbanes-Oxley Act; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements, and
registration statements; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">exemptions from the requirements of holding <FONT STYLE="white-space:nowrap">non-binding</FONT> advisory votes on executive
compensation or golden parachute arrangements. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We may take advantage of these provisions for up to five years or such earlier
time that we no longer qualify as an emerging growth company. We would cease to be an emerging growth company if we have more than $1.07&nbsp;billion in annual revenues, have more than $700&nbsp;million in market value of
</P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
our capital stock held by <FONT STYLE="white-space:nowrap">non-affiliates</FONT> or issue more than $1.0&nbsp;billion of <FONT STYLE="white-space:nowrap">non-convertible</FONT> debt over a
three-year period. We may choose to take advantage of some but not all of these reduced reporting burdens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, under the JOBS Act,
emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to avail ourselves of this exemption from new or revised accounting standards, and,
therefore, we will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies or that have opted out of using such extended transition period, which may make comparison of our
financial statements with those of other public companies more difficult. We may take advantage of these reporting exemptions until we no longer qualify as an emerging growth company, or, with respect to adoption of certain new or revised accounting
standards, until we irrevocably elect to opt out of using the extended transition period. We expect to lose &#147;emerging growth company&#148; status upon the filing of our Form 10-K for the year ending December 31, 2021. </P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>The Offering </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="52%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Common stock offered by us </P></TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="52%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Common stock to be outstanding after this offering </P></TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="52%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Option to purchase additional shares of common stock from us </P></TD>
<TD>We have granted the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional shares from
us. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="52%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Use of proceeds </P></TD>
<TD>We estimate that the net proceeds to us from the sale of shares of our common stock in this offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (or approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the underwriters&#146; option to purchase additional shares of our common stock is exercised in full), based on an assumed public offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, the last reported sale price of our common stock on the Nasdaq Global Select Market
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="52%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The principal purposes of this offering are to increase our financial flexibility, obtain additional capital and increase our public float . We intend to use the net proceeds from this offering for general corporate
purposes, including working capital, operating expenses, and capital expenditures. Additionally, we may use a portion of the net proceeds to acquire or invest in businesses, products, services, or technologies. However, other than as described
elsewhere in this prospectus, we do not have agreements or commitments for any acquisitions or investments at this time. See the section titled &#147;Use of Proceeds&#148; for additional information. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="52%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Concentration of ownership </P></TD>
<TD>Upon completion of this offering, our executive officers, directors, and holders of 5% or more of our common stock will beneficially own, in the aggregate, approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the outstanding
shares of our common stock. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="52%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap">Lock-up</FONT> Release </P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Goldman Sachs&nbsp;&amp; Co. LLC, BofA Securities, Inc. and Citigroup Global Markets Inc. have agreed to release the restriction on our issuing additional shares
of common stock, which was executed in connection with the IPO, with respect to up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
(or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares, if the underwriters exercise their option to purchase </P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="52%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:ARIAL">
additional shares of common stock in full), in order to permit this offering. See the section titled &#147;Underwriting.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="52%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Risk factors </P></TD>
<TD>See &#147;Risk Factors&#148; and the other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our common stock. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="52%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Nasdaq Global Select Market trading symbol </P></TD>
<TD>&#147;UPST&#148; </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The number of shares of our common stock that will be outstanding after this offering is based on 73,314,026
shares of our common stock outstanding as of December&nbsp;31, 2020, and excludes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">19,600,223 shares of our common stock issuable upon the exercise of options to purchase shares of our common stock
outstanding as of December&nbsp;31, 2020, with a weighted-average exercise price of $4.27 per share; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">606,830 shares of our common stock issuable upon the exercise of options to purchase shares of our common stock that were
granted after December&nbsp;31, 2020, with a weighted-average exercise price of $104.82<U></U> per share; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">834,472 restricted stock units, or RSUs, of Upstart Holdings, Inc. that were granted after December&nbsp;31, 2020; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">9,437,181 shares of our common stock reserved for future issuance under our equity compensation plans as of
December&nbsp;31, 2020, consisting of: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">8,057,181 shares of our common stock reserved for future issuance under our 2020 Equity Incentive Plan, or our 2020 Plan;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">1,380,000 shares of our common stock reserved for future issuance under our 2020 Employee Stock Purchase Plan, or our ESPP.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Each of our 2020 Plan and our ESPP provides for annual automatic increases in the number of shares reserved thereunder, and our
2020 Plan also provides for increases to the number of shares that may be granted thereunder based on awards under our 2012 Plan that expire, are forfeited, or otherwise repurchased by us, as more fully described in the section titled
&#147;Executive Compensation&#151;Employee Benefit and Stock Plans.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Except as otherwise indicated, all information in this prospectus
assumes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">no exercise or cancellation of outstanding stock options subsequent to December&nbsp;31, 2020; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">no exercise by the underwriters of their option to purchase additional shares. </P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>SUMMARY CONSOLIDATED FINANCIAL AND OTHER DATA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following tables summarize our consolidated historical financial and other data. We have derived the summary consolidated statements of operations
data for the years ended December&nbsp;31, 2018, 2019 and 2020 and the balance sheet data as of December&nbsp;31, 2020 from our audited consolidated financial statements included elsewhere in this prospectus. The summary consolidated financial data
in this section are not intended to replace our consolidated financial statements and related notes, and our historical results are not necessarily indicative of the results that may be expected in the future. The following summary consolidated
financial and other data should be read in conjunction with the section titled &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and our consolidated financial statements and related notes
included elsewhere in this prospectus. The last day of our fiscal year is December 31. Our fiscal quarters end on March&nbsp;31, June&nbsp;30, September&nbsp;30, and December 31. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Consolidated Statements of Operations Data </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><B></B><I>(In thousands, except share and per share amounts)</I><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Revenue:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">159,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">228,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Interest income and fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,342</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">233,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Sales and marketing<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,633</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Customer operations<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,581</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Engineering and product development<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">General, administrative, and other<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">168,764</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221,651</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Income (loss) from operations</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,971</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,575</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Other income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,036</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Expense on warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,734</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,407</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,364</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net income (loss) before income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,946</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net income (loss) before attribution to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,020</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net income (loss) attributable to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,554</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(404</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net income (loss) attributable to Upstart Holdings, Inc. common stockholders </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, basic and diluted<SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.87</TD>
<TD NOWRAP VALIGN="bottom">) &nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.03</TD>
<TD NOWRAP VALIGN="bottom">) &nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Weighted-average number of shares outstanding used in computing net income (loss) per share attributable to
Upstart Holdings, Inc. common stockholders, basic and diluted<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,128,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,335,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,513,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Pro forma net income per share attributable to Upstart Holdings, Inc. common stockholders, basic</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="64%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><B></B><I>(In thousands, except share and per share amounts)</I><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Pro forma weighted-average number of shares outstanding used in computing net income per share attributable
to Upstart Holdings, Inc. common stockholders, basic</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Pro forma net income per share attributable to Upstart Holdings, Inc. common stockholders, diluted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Pro forma weighted-average number of shares outstanding used in computing net income per share attributable
to Upstart Holdings, Inc. common stockholders, diluted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Includes stock-based compensation expense as follows (in thousands): </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Customer operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">178</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Engineering and product development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,803</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">General, administrative, and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">931</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE></DIV>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">See Note 15 to our consolidated financial statements for an explanation of the calculations of our basic and diluted net
loss per share attributable to Upstart Holdings, Inc. common stockholders, net income per share attributable to Upstart Holdings, Inc. common stockholders and the weighted-average number of shares used in the computation of the per share amounts.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Condensed Consolidated Balance Sheet Data </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31, 2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><B></B><I>(In thousands)</I><B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Actual</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As<BR>Adjusted<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">250,819</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Loans (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">477,255</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,626</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177,003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,222</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total stockholders&#146; equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total liabilities and stockholders&#146; equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">477,255</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The as adjusted column in the balance sheet data table above gives effect to the sale and issuance by us of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of our common stock in this offering, based upon an assumed public offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, the last reported sale price of our common stock on the Nasdaq Global Select Market on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2021, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Key Operating Metrics and <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We focus on several key operating and financial metrics to measure the performance of our business and help determine strategic direction. </P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><FONT STYLE="font-size:8pt"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><B></B><I>In thousands, except per share amounts</I><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Number of Loans Transacted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215,122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,379</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Conversion Rate</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Percentage of Loans Fully Automated</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Contribution Profit<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,098</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">48,940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">105,088</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Contribution Margin</I><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted EBITDA<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(6,226</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Adjusted EBITDA Margin</I><I><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6)%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted Net Income (Loss)<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(10,274</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,340</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,496</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted Net Income (Loss) per Share</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Basic<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Diluted<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Represents a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure. See the section titled
&#147;<I>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Reconciliation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures</I>&#148; for further information. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">See the section titled &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Key Operating Metrics&#148;
for more information. </P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_2"></A><A NAME="cov126640_100"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together
with all of the other information in this prospectus, including the section titled &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and our consolidated financial statements and related notes,
before making a decision to invest in our common stock. Our business, financial condition, results of operations, or prospects could also be harmed by risks and uncertainties not currently known to us or that we currently do not believe are
material. If any of the risks actually occur, our business, financial condition, results of operations, and prospects could be adversely affected. In that event, the market price of our common stock could decline, and you could lose part or all of
your investment. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>RISKS RELATED TO OUR BUSINESS AND INDUSTRY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We are a rapidly growing company with a relatively limited operating history, which may result in increased risks, uncertainties, expenses and difficulties, and
makes it difficult to evaluate our future prospects. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We were founded in 2012 and have experienced rapid growth in recent years. Our limited
operating history may make it difficult to make accurate predictions about our future performance. Assessing our business and future prospects may also be difficult because of the risks and difficulties we face. These risks and difficulties include
our ability to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">improve the effectiveness and predictiveness of our AI models; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">maintain and increase the volume of loans facilitated by our AI lending platform; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">enter into new and maintain existing bank partnerships; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">successfully maintain a diversified loan funding strategy, including bank partnerships and whole loan sales and
securitization transactions that enhance loan liquidity for the bank partners that use our loan funding capabilities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">successfully fund a sufficient quantity of our borrower loan demand with low cost bank funding to help keep interest rates
offered to borrowers competitive; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">maintain competitive interest rates offered to borrowers on our platform, while enabling our bank partners to achieve an
adequate return over their cost of funds, whether through their own balance sheets or through our loan funding programs; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">successfully build our brand and protect our reputation from negative publicity; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">increase the effectiveness of our marketing strategies, including our direct consumer marketing initiatives;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">continue to expand the number of potential borrowers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">successfully adjust our proprietary AI models, products and services in a timely manner in response to changing
macroeconomic conditions and fluctuations in the credit market; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">comply with and successfully adapt to complex and evolving regulatory environments; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">protect against increasingly sophisticated fraudulent borrowing and online theft; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">successfully compete with companies that are currently in, or may in the future enter, the business of providing online
lending services to financial institutions or consumer financial services to borrowers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">enter into new markets and introduce new products and services; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">effectively secure and maintain the confidentiality of the information received, accessed, stored, provided and used across
our systems; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">successfully obtain and maintain funding and liquidity to support continued growth and general corporate purposes;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">attract, integrate and retain qualified employees; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">effectively manage and expand the capabilities of our operations teams, outsourcing relationships and other business
operations. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If we are not able to timely and effectively address these risks and difficulties as well as those described
elsewhere in this &#147;Risk Factors&#148; section, our business and results of operations may be harmed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our revenue growth rate and financial performance
in recent years may not be indicative of future performance and such growth may slow over time. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have grown rapidly over the last several
years, and our recent revenue growth rate and financial performance may not be indicative of our future performance. In 2018, 2019, and 2020, our revenue was $99.3, million, $164.2&nbsp;million, and $233.4&nbsp;million, respectively, representing a
65% growth rate from 2018 to 2019 and a 42% growth rate from 2019 to 2020. You should not rely on our revenue for any previous quarterly or annual period as any indication of our revenue or revenue growth in future periods. As we grow our business,
our revenue growth rates may slow, or our revenue may decline, in future periods for a number of reasons, which may include slowing demand for our platform offerings and services, increasing competition, a decrease in the growth of our overall
credit market, increasing regulatory costs and challenges and our failure to capitalize on growth opportunities. Further, we believe our growth over the last several years has been driven in large part by our AI models and our continued improvements
to our AI models. Future incremental improvements to our AI models may not lead to the same level of growth as in past periods. In addition, we believe our growth over the last several years has been driven in part by our ability to rapidly
streamline and automate the loan application and origination process on our platform. The Percentage of Loans Fully Automated on our platform was 53% in 2018 and increased to 70% in 2020. We expect the Percentage of Loans Fully Automated to level
off and remain relatively constant in the long term, and to the extent we expand our loan offerings beyond unsecured personal loans, we expect that such percentage may decrease in the short term. As a result of these factors, our revenue growth
rates may slow, and our financial performance may be adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>The <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic has harmed and could
continue to harm our business, financial condition and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic
has caused extreme societal, economic, and financial market volatility, resulting in business shutdowns, an unprecedented reduction in economic activity and significant dislocation to businesses, the capital markets, and the broader economy. In
particular, the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on the finances of borrowers on our platform has been profound, as many have been, and will likely continue to be, impacted by unemployment, reduced earnings
and/or elevated economic disruption and insecurity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The magnitude and duration of the resulting decline in business activity cannot currently be
estimated with any degree of certainty and has had several effects on our business and results of operations, including, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">decreased origination volumes on our platform; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the potential for increased losses for new and existing originations using our AI models resulting from a rapid rise in
U.S. unemployment; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">a temporary reduction in the availability of loan funding from institutional investors and the capital markets; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">restricted sales operations and marketing efforts, and a reduction in the effectiveness of such efforts in some cases.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic may lead to a continued economic downturn, which is expected to
decrease technology spending generally and could adversely affect demand for our platforms and services, in addition to prolonging the foregoing challenges in our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In response to the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, we have undertaken a number of initiatives to support
borrowers on our platform who have suffered income loss or other hardships as a result of the pandemic. We worked with our bank partners to offer revised hardship and temporary relief plans to support borrowers impacted by the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic and adjust credit and underwriting processes and standards. While these changes to our hardship and temporary relief plans were designed to help borrowers impacted by the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic, the changes were implemented quickly and may not have had all the intended effects or desired impact. We continue to actively monitor the situation, assess possible implications to our business
and take appropriate actions in an effort to mitigate the adverse consequences of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. However, there can be no assurances that the initiatives we take will be sufficient or successful. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have also taken precautionary measures intended to reduce the risk of the virus spreading to our employees, bank partners, vendors, and the
communities in which we operate, including temporarily closing our offices and virtualizing, postponing, or canceling partner bank, employee, or industry events, which may negatively impact our business. Furthermore, as a result of the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic, we have required all employees who are able to do so to work remotely through the end of the second quarter of 2021. It is possible that widespread remote work arrangements may have a negative
impact on our operations, the execution of our business plans, the productivity and availability of key personnel and other employees necessary to conduct our business, and on third- party service providers who perform critical services for us, or
otherwise cause operational failures due to changes in our normal business practices necessitated by the outbreak and related governmental actions. If a natural disaster, power outage, connectivity issue, or other event occurred that impacted our
employees&#146; ability to work remotely, it may be difficult or, in certain cases, impossible, for us to continue our business for a substantial period of time. The increase in remote working may also result in increased consumer privacy, data
security, and fraud risks, and our understanding of applicable legal and regulatory requirements, as well as the latest guidance from regulatory authorities in connection with the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, may be
subject to legal or regulatory challenge, particularly as regulatory guidance evolves in response to future developments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Further, in response to
the market conditions caused by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, we made certain operational changes, including increases to the fees we charge our bank partners and reductions in our sales and marketing activities and
certain operational expenses. We continue to evaluate market and other conditions and may make additional changes to our fees or marketing activities, or implement additional operational changes, in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The extent to which the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic continues to impact our business and results of operations will also
depend on future developments that are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the disease, the duration and spread of the outbreak, the scope of travel restrictions imposed in
geographic areas in which we operate, mandatory or voluntary business closures, the impact on businesses and financial and capital </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
markets, and the extent and effectiveness of actions taken throughout the world to contain the virus or treat its impact. An extended period of economic disruption as a result of the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic could have a material negative impact on our business, results of operations, and financial condition, though the full extent and duration is uncertain. To the extent the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic continues to adversely affect our business and financial results, it is likely to also have the effect of heightening many of the other risks described in this &#147;Risk Factors&#148; section.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we fail to effectively manage our growth, our business, financial condition and results of operations could be adversely affected. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Over the last several years, we have experienced rapid growth in our business and the Number of Loans Transacted on our AI lending platform, and we
expect to continue to experience growth in the future. The Number of Loans Transacted on our platform increased from 114,125 in 2018 to 300,379 in 2020 representing a compound annual growth rate of 62%. This rapid growth has placed, and may continue
to place, significant demands on our management, processes and operational, technological and financial resources. Our ability to manage our growth effectively and to integrate new employees and technologies into our existing business will require
us to continue to retain, attract, train, motivate and manage employees and expand our operational, technological and financial infrastructure. From time to time, we rely on temporary independent contractor programs to scale our operations team.
Failure to effectively implement and manage such programs could result in misclassification or other employment related claims or inquiries by governmental agencies. Continued growth could strain our ability to develop and improve our operational,
technological, financial and management controls, enhance our reporting systems and procedures, recruit, train and retain highly skilled personnel and maintain user satisfaction. Any of the foregoing factors could negatively affect our business,
financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We have incurred net losses in the past, and we may not be able to maintain or increase our profitability in
the future. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For the years ended December&nbsp;31, 2018 and 2019 we have experienced net losses of $12.3&nbsp;million and $0.5&nbsp;million,
respectively. For the year ended December&nbsp;31, 2020 we generated net income of $6.0&nbsp;million. We intend to continue to expend significant funds to continue to develop and improve our proprietary AI models, improve our marketing efforts to
increase the number of borrowers on our platform, enhance the features and overall user experience of our platform, expand the types of loan offerings on our platform and otherwise continue to grow our business, and we may not be able to increase
our revenue enough to offset these significant expenditures. We may incur significant losses in the future for a number of reasons, including the other risks described in this section, and unforeseen expenses, difficulties, complications and delays,
macroeconomic conditions and other unknown events. Any failure to increase our revenue sufficiently to keep pace with our investments and other expenses could prevent us from maintaining or improving profitability on a consistent basis. If we are
unable to successfully address these risks and challenges as we encounter them, our business, financial condition and results of operations could be adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our quarterly results are likely to fluctuate and as a result may adversely affect the trading price of our common stock. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our quarterly results of operations, including the levels of our revenue, net income and other key metrics, are likely to vary significantly in the
future, and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> comparisons of our results of operations may not be meaningful. Accordingly, the results for any one quarter are not necessarily an accurate
indication of future performance. Our quarterly financial results may fluctuate due to a variety of factors, many of which are outside of our control. Factors that may cause fluctuations in our quarterly financial results include: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to improve the effectiveness and predictiveness of our AI models; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to attract new bank partners and investors of our loan funding programs; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to maintain relationships with existing bank partners and investors of our loan funding programs;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to maintain or increase loan volumes, and improve loan mix and the channels through which the loans, bank
partners and loan funding are sourced; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to maintain effective relationships with loan aggregators from which prospective borrowers access our website;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">general economic conditions, including economic slowdowns, recessions and tightening of credit markets, including due to
the economic impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">improvements to our AI models that negatively impact transaction volume, such as lower approval rates;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the timing and success of new products and services; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the effectiveness of our direct marketing and other marketing channels; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the amount and timing of operating expenses related to maintaining and expanding our business, operations and
infrastructure, including acquiring new and maintaining existing bank partners and investors and attracting borrowers to our platform; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our cost of borrowing money and access to loan funding sources; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the number and extent of loans facilitated on our platform that are subject to loan modifications and/or temporary
assistance due to disasters or emergencies; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the number and extent of prepayments of loans facilitated on our platform; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">changes in the fair value of assets and liabilities on our balance sheet; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">network outages or actual or perceived security breaches; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our involvement in litigation or regulatory enforcement efforts (or the threat thereof) or those that impact our industry
generally; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the length of the onboarding process related to acquisitions of new bank partners; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">changes in laws and regulations that impact our business; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">changes in the competitive dynamics of our industry, including consolidation among competitors or the development of
competitive products by larger well-funded incumbents. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, we experience seasonality in the demand for Upstart-powered
loans, which is generally lower in the first quarter. This seasonal slowdown is primarily attributable to high loan demand around the holidays in the fourth quarter and the general increase in borrowers&#146; available cash flows in the first
quarter, including cash received from tax refunds, which temporarily reduces borrowing needs. While our growth has obscured this seasonality in our overall financial results, we expect our results of operations to continue to be affected by such
seasonality in the future. Such seasonality and other fluctuations in our quarterly results may also adversely affect and, increase the volatility of, the trading price of our common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we are unable to continue to improve our AI models or if our AI models contain errors or are otherwise ineffective, our growth prospects, business, financial
condition and results of operations would be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our ability to attract potential borrowers to our platform and increase the
number of Upstart-powered loans will depend in large part on our ability to effectively evaluate a borrower&#146;s </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
creditworthiness and likelihood of default and, based on that evaluation, offer competitively priced loans and higher approval rates. Further, our overall operating efficiency and margins will
depend in large part on our ability to maintain a high degree of automation in our loan application process and achieve incremental improvements in the degree of automation. If our AI models fail to adequately predict the creditworthiness of
borrowers due to the design of our models or programming or other errors, and our AI models do not detect and account for such errors, or any of the other components of our credit decision process fails, we may experience higher than forecasted loan
losses. Any of the foregoing could result in <FONT STYLE="white-space:nowrap">sub-optimally</FONT> priced loans, incorrect approvals or denials of loans, or higher than expected loan losses, which in turn could adversely affect our ability to
attract new borrowers and bank partners to our platform, increase the number of Upstart-powered loans or maintain or increase the average size of loans facilitated on our platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our AI models also target and optimize other aspects of the lending process, such as borrower acquisition, fraud detection, default timing, loan
stacking, prepayment timing and fee optimization, and our continued improvements to such models have allowed us to facilitate loans inexpensively and virtually instantly, with a high degree of consumer satisfaction and with an insignificant impact
on loan performance. However, such applications of our AI models may prove to be less predictive than we expect, or than they have been in the past, for a variety of reasons, including inaccurate assumptions or other errors made in constructing such
models, incorrect interpretations of the results of such models and failure to timely update model assumptions and parameters. Additionally, such models may not be able to effectively account for matters that are inherently difficult to predict and
beyond our control, such as macroeconomic conditions, credit market volatility and interest rate fluctuations, which often involve complex interactions between a number of dependent and independent variables and factors. Material errors or
inaccuracies in such AI models could lead us to make inaccurate or <FONT STYLE="white-space:nowrap">sub-optimal</FONT> operational or strategic decisions, which could adversely affect our business, financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Additionally, errors or inaccuracies in our AI models could result in any person exposed to the credit risk of Upstart-powered loans, whether it be us,
our bank partners or investors in our loan funding programs, experiencing higher than expected losses or lower than desired returns, which could impair our ability to retain existing or attract new bank partners and investors to participate in our
loan funding programs, reduce the number, or limit the types, of loans bank partners and investors are willing to fund, and limit our ability to increase commitments under our warehouse and other debt facilities. Any of these circumstances could
reduce the number of Upstart-powered loans and harm our ability to maintain a diverse and robust loan funding program and could adversely affect our business, financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Continuing to improve the accuracy of our AI models is central to our business strategy. However, such improvements could negatively impact transaction
volume, such as by lowering approval rates. For example, an upgrade to our AI models in the fourth quarter of 2018 related to prepayment predictions led to a temporary decrease in the total number of loans approved. While we believe that continuing
to improve the accuracy of our AI models is key to our long-term success, those improvements could, from time to time, lead us to reevaluate the risks associated with certain borrowers, which could in turn cause us to lower approval rates or
increase interest rates for any borrowers identified as a higher risk, either of which could negatively impact our growth and results of operations in the short term. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If our existing bank partners were to cease or limit operations with us or if we are unable to attract and onboard new bank partners, our business, financial
condition and results of operations could be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the year ended December&nbsp;31, 2020, approximately 98% of our revenue
was generated from platform, referral and servicing fees that we receive from our bank partners. If any of our bank partners </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">22 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
were to suspend, limit or cease their operations or otherwise terminate their relationships with us, the number of loans facilitated through our platform could decrease and our revenue and
revenue growth rates could be adversely affected. Our sales and onboarding process with new bank partners can be long and unpredictable. If we are unable to timely onboard our bank partners, or if our bank partners are not willing to work with us to
complete a timely onboarding process, our results of operations could be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have entered into separate agreements with each of
our bank partners. Our agreements with our bank partners are nonexclusive, generally have <FONT STYLE="white-space:nowrap">12-month</FONT> terms that automatically renew, subject to certain early termination provisions and minimum fee amounts, and
do not include any minimum origination obligations or origination limits. Our bank partners could decide to stop working with us, ask to modify their agreement terms in a cost prohibitive manner when their agreement is up for renewal or enter into
exclusive or more favorable relationships with our competitors. In addition, their regulators may require that they terminate or otherwise limit their business with us, or impose regulatory pressure limiting their ability to do business with us. If
the bank partners listed above or any of our other bank partners were to stop working with us, suspend, limit or cease their operations or otherwise terminate their relationship with us, the number of loans facilitated through our platform could
decrease and our revenue and revenue growth rates could be adversely affected. We could in the future have disagreements or disputes with any of our bank partners, which could negatively impact or threaten our relationship with them. In our
agreements with bank partners, we make certain representations and warranties and covenants concerning our compliance with specific policies of a bank partner, our compliance with certain procedures and guidelines related to laws and regulations
applicable to our bank partners, as well as the services to be provided by us. If those representations and warranties were not accurate when made or if we fail to perform a covenant, we may be liable for any resulting damages, including potentially
any losses associated with impacted loans, and our reputation and ability to continue to attract new bank partners would be adversely affected. Additionally, our bank partners may engage in mergers, acquisitions or consolidations with each other,
our competitors or with third parties, any of which could be disruptive to our existing and prospective relationships with our bank partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In
addition, our bank partners have generally increasingly retained loans for their own customer base and balance sheet. In the year ended December&nbsp;31, 2020, approximately 21% of Upstart-powered loans were retained by the originating bank, while
about 77% of Upstart-powered loans were purchased by institutional investors through our loan funding programs. The percentage of Upstart-powered loans retained by the originating banks has fluctuated from <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">quarter-to-quarter,</FONT></FONT> but generally increased over the last few years. In general, banks can fund loans at lower rates due to the lower cost of funds available to them from their deposit base than is otherwise
available in the broader institutional investment markets. Accordingly, loans retained by the originating bank generally carry lower interest rates for borrowers, which leads to better conversion rates and faster growth for our platform. Separately,
as our number of bank partners grows, such banks will increasingly source new prospective borrowers from their own existing customer base and provide an incremental channel to attract borrowers. If we are unable to attract new bank partners or if we
are unable to maintain or expand the number of loans held on their balance sheets, our financial performance would suffer. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Cross River Bank and one other
bank partner account for a substantial portion of the total number of loans facilitated by our platform and our revenue. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Cross River Bank,
or CRB, a New Jersey-chartered community bank, originates a substantial majority of the loans on our platform. In the years ended December&nbsp;31, 2019 and 2020, CRB originated approximately 89% and 67%, respectively, of the loans facilitated on
our platform. CRB also accounts for a large portion of our revenues. In the years ended December&nbsp;31, 2019 and 2020, fees received from CRB accounted for 80% and 63%, respectively, of our total revenue. CRB funds a
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">23 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
certain portion of these originated loans by retaining them on its own balance sheet, and sells the remainder of the loans to us, which we in turn sell to institutional investors and to our
warehouse trust special purpose entities. Our most recent commercial arrangement with CRB began on January&nbsp;1, 2019 and has a term of four years with an automatic renewal provision for an additional two years following the initial four year
term. Either party may choose to not renew by providing the other party 120 days&#146; notice prior to the end of the initial term or any renewal term. In addition, even during the term of our arrangement, CRB could choose to reduce the volume of
Upstart-powered loans that it chooses to fund and retain on its balance sheet or to originate at all. We or CRB may terminate our arrangement immediately upon a material breach and failure to cure such breach within a cure period, if any
representations or warranties are found to be false and such error is not cured within a cure period, bankruptcy or insolvency of either party, receipt of an order or judgement by a governmental entity, a material adverse effect, or a change of
control whereby such party involved in such change of control provides 90 days&#146; notice to the other and payment of a termination fee of $450,000. If we are unable to continue to increase the number of other bank partners on our platform or if
CRB or one of our other bank partners were to suspend, limit or cease their operations or otherwise terminate their relationship with us, our business, financial condition and results of operations would be adversely affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the year ended December&nbsp;31, 2020, one of our other bank partners originated approximately 24% of the loans facilitated on our platform. In the
year ended December&nbsp;31, 2020, the fees received from this bank partner accounted for 18% of our total revenue. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>The sales and onboarding process of new
bank partners could take longer than expected, leading to fluctuations or variability in expected revenues and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our
sales and onboarding process with new bank partners can be long and typically takes between six to 15 months. As a result, revenues and results of operations may vary significantly from period to period. Prospective bank partners are often cautious
in making decisions to implement our platform and related services because of the risk management alignment and regulatory uncertainties related to their use of our AI models, including their oversight, model governance and fair lending compliance
obligations associated with using such models. In addition, prospective banks undertake an extensive diligence review of our platform, compliance and servicing activities before choosing to partner with us. Further, the implementation of our AI
lending model often involves shifts by the bank partner to a new software and/or hardware platform or changes in their operational procedures, which may involve significant time and expense to implement. Delays in onboarding new bank partners can
also arise while prospective bank partners complete their internal procedures to approve expenditures and test and accept our applications. Consequently, we face difficulty predicting the quarter in which new bank partners will begin using our
platform and the volume of fees we will receive, which can lead to fluctuations in our revenues and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our business may be adversely
affected by economic conditions and other factors that we cannot control. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Uncertainty and negative trends in general economic conditions,
including significant tightening of credit markets, historically have created a difficult operating environment for our industry. Many factors, including factors that are beyond our control, may impact our results of operations or financial
condition and our overall success by affecting a borrower&#146;s willingness to incur loan obligations or willingness or capacity to make payments on their loans. These factors include interest rates, unemployment levels, conditions in the housing
market, immigration policies, gas prices, energy costs, government shutdowns, trade wars and delays in tax refunds, as well as events such as natural disasters, acts of war, terrorism, catastrophes and pandemics. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">24 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For example, in response to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, bank
partners tightened their credit requirements or paused originations, and investors in our loan funding programs temporarily suspended making investments in Upstart-powered loans. Furthermore, nearly all personal loans presently facilitated through
our platform are issued with fixed interest rates. If interest rates rise, potential borrowers could seek to defer loans as they wait for interest rates to stabilize. As a result of these circumstances, bank partners, investors and borrowers may be
discouraged from engaging with our platform and as a result, reduce the volume of Upstart-powered loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Many new consumers on the Upstart platform
have limited or no credit history. Accordingly, such borrowers have historically been, and may in the future become, disproportionately affected by adverse macroeconomic conditions, such as the disruption and uncertainty caused by the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic. In addition, major medical expenses, divorce, death or other issues that affect borrowers could affect a borrower&#146;s willingness or ability to make payments on their loans. If borrowers
default on loans facilitated on our platform, the cost to service these loans may also increase without a corresponding increase in our servicing fees or other related fees and the value of the loans held on our balance sheet could decline. Higher
default rates by these borrowers may lead to lower demand by our bank partners and institutional investors to fund loans facilitated by our platform, which would adversely affect our business, financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">During periods of economic slowdown or recession, our current and potential investors in our loan funding programs may reduce the number of loans or
interests in loans they purchase or demand terms that are less favorable to us, to compensate for any increased risks. A reduction in the volume of the loans and loan financing products we sell would negatively impact our ability to maintain or
increase the number of loans facilitated by our platform. Any sustained decline in demand for loans or loan financing products, or any increase in delinquencies, defaults or foreclosures that result from economic downturns, may harm our ability to
maintain a robust loan funding program, which would adversely affect our business, financial condition and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For example, the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic and other related adverse economic events led to a significant increase in unemployment, comparable, and at times surpassing, the unemployment rates during the peak of the financial crisis in 2008.
There can be no assurance that levels of unemployment or underemployment will improve in the near term. The increase in the unemployment rate could increase the delinquency rate of borrowers of Upstart- powered loans or increase the rate of
borrowers declaring bankruptcy, any of which could adversely affect the attractiveness of Upstart-powered loans to the investors in our loan funding programs. If we are unable to improve our AI platform to account for events like the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic and the resulting rise in unemployment, or if our AI platform is unable to more successfully predict the creditworthiness of potential borrowers compared to other lenders, then our business,
financial condition and results of operations could be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Furthermore, the <FONT STYLE="white-space:nowrap">COVID-19</FONT>
pandemic has caused some borrowers on our platform to request a temporary extension or modification of the payment schedules of their loans under the temporary relief or loan modification programs, or hardship programs, offered by our bank partners
and investors in our loan funding programs. If a large number of borrowers seek to participate in such hardship programs, the investment returns of our bank partners and investors in our loan funding programs could decline. Further, if the rate of
borrowers that participate in such hardship programs is greater than those experienced by our competitors, then our bank partners and the investors in our loan funding programs may become less interested in purchasing or investing in Upstart-powered
loans, which could negatively impact our diversified loan funding strategy or significantly increase the cost of obtaining loan funding. Any of the foregoing could adversely affect our business, financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If there is an economic downturn that affects our current and prospective borrowers or our bank partners and institutional investors, or if we are
unable to address and mitigate the risks associated </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">25 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
with any of the foregoing, our business, financial condition and results of operations could be adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our AI models have not yet been extensively tested during down-cycle economic conditions. If our AI models do not accurately reflect a borrower&#146;s credit risk
in such economic conditions, the performance of Upstart- powered loans may be worse than anticipated. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The performance of loans facilitated
by our platform is significantly dependent on the effectiveness of our proprietary AI models used to evaluate a borrower&#146;s credit profile and likelihood of default. While our AI models have been refined and updated to account for the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic, the bulk of the data gathered and the development of our AI models have largely occurred during a period of sustained economic growth, and our AI models have not been extensively tested during a
down-cycle economy or recession and have not been tested at all during a down-cycle economy or recession without significant levels of government assistance. There is no assurance that our AI models can continue to accurately predict loan
performance under adverse economic conditions. If our AI models are unable to accurately reflect the credit risk of loans under such economic conditions, our bank partners, investors in our loan funding programs and we may experience greater than
expected losses on such loans, which would harm our reputation and erode the trust we have built with our bank partners and investors in our loan funding programs. In addition, the fair value of the loans on our balance sheet may decline. Any of
these factors could adversely affect our business, financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our business is subject to a wide range of laws and
regulations, many of which are evolving, and failure or perceived failure to comply with such laws and regulations could harm our business, financial condition and results of operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The legal and regulatory environment surrounding our AI lending platform is relatively new, susceptible to change and may require clarification or
interpretive guidance with respect to existing laws and regulations. The body of laws and regulations applicable to our business are complex and subject to varying interpretations, in many cases due to the lack of specificity regarding the
application of AI and related technologies to the already highly regulated consumer lending industry. As a result, the application of such laws and regulations in practice may change or develop over time through judicial decisions or as new guidance
or interpretations are provided by regulatory and governing bodies, such as federal, state and local administrative agencies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Since we launched our
AI lending platform, we have been proactively working with the federal government and regulatory bodies to ensure that our AI lending platform and other services are in compliance with applicable laws and regulations. For example, after significant
collaboration with the Consumer Financial Protection Bureau, or CFPB, the CFPB issued Upstart the first <FONT STYLE="white-space:nowrap">no-action</FONT> letter in 2017 and, upon its expiration, we received a second
<FONT STYLE="white-space:nowrap">no-</FONT> action letter regarding the use of our Al model to underwrite and price unsecured <FONT STYLE="white-space:nowrap">closed-end</FONT> loans. The current <FONT STYLE="white-space:nowrap">no-</FONT> action
letter expires on November&nbsp;30, 2023, unless terminated by the CFPB earlier for one of the bases provided for by the <FONT STYLE="white-space:nowrap">no-action</FONT> letter, and we can provide no assurance that the CFPB will continue to permit
us to operate under its current <FONT STYLE="white-space:nowrap">no-action</FONT> letter policies beyond that date, or will not change its position regarding supervisory or enforcement action against us in the future. Further, this <FONT
STYLE="white-space:nowrap">no-action</FONT> letter does not extend to other credit products offered on Upstart&#146;s platform. We plan to continue working and collaborating closely with regulators to provide visibility into AI and related emerging
technologies and the potential benefits such technologies can have on the consumer lending industry, while also addressing the related risks. New laws and regulations and changes to existing laws and regulations continue to be adopted, implemented
and interpreted in response to our industry and the emergence of AI and related technologies. As we expand our business into new markets, introduce new loan products on our platform and continue to improve and evolve our AI models, regulatory bodies
or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">26 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
courts may claim that we are subject to additional requirements. Such regulatory bodies could reject our applications for licenses or deny renewals, delay or impede our ability to operate, charge
us fees or levy fines or penalties, or otherwise disrupt our ability to operate our AI lending platform, any of which could adversely affect our business, financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Recent financial, political and other events may increase the level of regulatory scrutiny on financial technology companies. Regulatory bodies may
enact new laws or promulgate new regulations or view matters or interpret laws and regulations differently than they have in the past, or commence investigations or inquiries into our business practices. For example, in February 2020, we received a
letter from five members of the U.S. Senate asking questions in connection with claims of discriminatory lending made by an advocacy group. We responded to this inquiry, and in July 2020, three of the Senators issued their findings from this
inquiry, writing a letter to the Director of the CFPB recommending the CFPB further review Upstart&#146;s use of educational variables in its model and requesting that the CFPB stop issuing <FONT STYLE="white-space:nowrap">no-action</FONT> letters
related to the Equal Credit Opportunity Act, or ECOA. We have been subject to other governmental inquiries on this topic including an inquiry in June 2020 from the North Carolina Department of Justice. See the risk factor titled &#147;&#151;We have
been in the past and may in the future be subject to federal and state regulatory inquiries regarding our business&#148; for more information. Any such investigations or inquiries, whether or not accurate or warranted, or whether concerning us or
one of our competitors, could negatively affect our brand and reputation and the overall market acceptance of and trust in our AI lending platform. Any of the foregoing could harm our business, financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Substantially all of our revenue is derived from a single loan product, and we are thus particularly susceptible to fluctuations in the unsecured personal loan
market. We also do not currently offer a broad suite of products that bank partners may find desirable. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In 2020, we expanded the type of
loan products offered on our platform to include auto loans; however, the vast majority of loan originations facilitated through our platform are unsecured personal loans. The market for unsecured personal loans has grown rapidly in recent years,
and it is unclear to what extent such market will continue to grow, if at all. A wide variety of factors could impact the market for unsecured personal loans, including macroeconomic conditions, competition, regulatory developments and other
developments in the credit market. For example, FICO has recently changed its methodology in calculating credit scores in a manner that potentially penalizes borrowers who take out personal loans to pay off or consolidate credit card debt. This
change could negatively affect the overall demand for personal loans. Our success will depend in part on the continued growth of the unsecured personal loan market, and if such market does not further grow or grows more slowly than we expect, our
business, financial condition and results of operations could be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, bank partners may in the future seek partnerships
with competitors that are able to offer them a broader array of credit products. Over time, in order to preserve and expand our relationships with our existing bank partners, and enter into new bank partnerships, it may become increasingly important
for us to be able to offer a wider variety of products than we currently provide. We are also susceptible to competitors that may intentionally underprice their loan products, even if such pricing practices lead to losses. Such practices by
competitors would negatively affect the overall demand for personal loans facilitated on our platform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Further, because such personal loans are
unsecured, there is a risk that borrowers will not prioritize repayment of such loans, particularly in any economic downcycle. For example, the economic downcycle resulting from the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic may cause
borrowers to incur additional debt. To the extent borrowers have or incur other indebtedness that is secured, such as a mortgage, a home equity line of credit or an auto loan, borrowers may choose to repay obligations under such secured indebtedness
before repaying their Upstart-powered loans. In addition, borrowers may not view </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">27 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
Upstart-powered loans, which were originated through an online lending platform, as having the same significance as other credit obligations arising under more traditional circumstances, such as
loans from banks or other commercial financial institutions. Any of the forgoing could lead to higher default rates and decreased demand by our bank partners and institutional investors to fund loans facilitated by our platform, which would
adversely affect our business, financial condition and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are also more susceptible to the risks of changing and increased
regulations and other legal and regulatory actions targeted towards the unsecured personal loan market. It is possible that regulators may view unsecured personal loans as high risk for a variety of reasons, including that borrowers will not
prioritize repayment of such loans due to the unsecured nature of such loans or because existing laws and regulations may not sufficiently address the benefits and corresponding risks related to financial technology as applied to consumer lending.
If we are unable to manage the risks associated with the unsecured personal loan market, our business, financial condition and results of operations could be adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We are continuing to develop new loan products and services offerings, and if we are unable to manage the related risks, our growth prospects, business, financial
condition and results of operations could be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In 2020, we began offering auto loans and a credit decision application
programming interface to allow our bank partners to utilize our AI underwriting models to support their loan origination process for personal, auto, and student loans. We are continuing to invest in developing new loan products and service
offerings, which may include bank accounts, credit cards, mortgages, student loans, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-of-sale</FONT></FONT> loans and HELOCs. New initiatives are inherently risky, as each
involves unproven business strategies, new regulatory requirements and new financial products and services with which we, and in some cases our bank partners, have limited or no prior development or operating experience. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We cannot be sure that we will be able to develop, commercially market and achieve market acceptance of any new products and services. In addition, our
investment of resources to develop new products and services may either be insufficient or result in expenses that are excessive in light of revenue actually derived from these new products and services. If the profile of loan applicants using any
new products and services is different from that of those currently served by our existing loan products, our AI models may not be able to accurately evaluate the credit risk of such borrowers, and our bank partners and investors in our loan funding
programs may in turn experience higher levels of delinquencies or defaults. Failure to accurately predict demand or growth with respect to our new products and services could have an adverse impact on our reputation and business, and there is always
risk that new products and services will be unprofitable, will increase our costs, decrease operating margins or take longer than anticipated to achieve target margins. In addition, any new products or services may raise new and potentially complex
regulatory compliance obligations, which would increase our costs and may cause us to change our business in unexpected ways. Further, our development efforts with respect to these initiatives could distract management from current operations and
will divert capital and other resources from our existing business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We may also have difficulty with securing adequate funding for any such new
loan products and services, and if we are unable to do so, our ability to develop and grow these new offerings and services will be impaired. If we are unable to effectively manage the foregoing risks, our growth prospects, business, financial
condition and results of operations could be adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our reputation and brand are important to our success, and if we are unable to continue
developing our reputation and brand, our ability to retain existing and attract new bank </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">28 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>
partners, our ability to attract borrowers to our platform and our ability to maintain and improve our relationship with regulators of our industry could be adversely affected. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We believe maintaining a strong brand and trustworthy reputation is critical to our success and our ability to attract borrowers to our platform, attract
new bank partners and maintain good relations with regulators. Factors that affect our brand and reputation include: perceptions of artificial intelligence, our industry and our company, including the quality and reliability of our AI lending
platform; the accuracy of our AI models; perceptions regarding the application of artificial intelligence to consumer lending specifically; our loan funding programs; changes to the Upstart platform; our ability to effectively manage and resolve
borrower complaints; collection practices; privacy and security practices; litigation; regulatory activity; and the overall user experience of our platform. Negative publicity or negative public perception of these factors, even if inaccurate, could
adversely affect our brand and reputation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For example, consumer advocacy groups, politicians and certain government and media reports have, in the
past, advocated governmental action to prohibit or severely restrict consumer loan arrangements where banks contract with a third-party platform such as ours to provide origination assistance services to bank customers. These arrangements have
sometimes been criticized as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;renting-a-bank</FONT></FONT> charter.&#148; Such criticism has frequently been levied in the context of payday loan marketers, though other entities
operating programs through which loans similar to Upstart-powered loans are originated have also faced criticism. The perceived improper use of a bank charter by these entities has been challenged by both governmental authorities and private
litigants, in part because of the high rates and fees charged to consumers in certain payday and small-dollar lending programs. Bank regulators have even required banks to exit third-party programs that the regulators determined involved unsafe and
unsound practices. The payday or &#147;small-dollar&#148; loans that have been subject to more frequent criticism and challenge are fundamentally different from Upstart-powered loans in many ways, including that Upstart-powered loans typically have
lower interest rates and longer terms, and Upstart-powered loans do not renew. In particular, interest rates of Upstart-powered loans have always been and are currently less than 36%, as compared to the triple-digit interest rates of many payday or
small dollar loans that have been subject to such criticism. If we are nevertheless associated with such payday or small-dollar consumer loans, or if we are associated with increased criticism of <FONT STYLE="white-space:nowrap">non-payday</FONT>
loan programs involving relationships between bank originators and <FONT STYLE="white-space:nowrap">non-bank</FONT> lending platforms and program managers, demand for Upstart-powered loans could significantly decrease, which could cause our bank
partners to reduce their origination volumes or terminate their arrangements with us, impede our ability to attract new bank partners or delay the onboarding of bank partners, impede our ability to attract institutional investors to participate in
our loan funding programs or reduce the number of potential borrowers who use our platform. Any of the foregoing could adversely affect our results of operations and financial condition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Any negative publicity or public perception of Upstart-powered loans or other similar consumer loans or the consumer lending service we provide may also
result in us being subject to more restrictive laws and regulations and potential investigations and enforcement actions. In addition, regulators may decide they are no longer supportive of our AI lending platform if there is enough negative
perception surrounding such practices. We may also become subject to lawsuits, including class action lawsuits, or other challenges such as government enforcement or arbitration, against our bank partners or us for loans originated by our bank
partners on our platform, loans we service or have serviced. If there are changes in the laws or in the interpretation or enforcement of existing laws affecting consumer loans similar to those offered on our platform, or our marketing and servicing
of such loans, or if we become subject to such lawsuits, our business, financial condition and results of operations would be adversely affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Artificial intelligence and related technologies are subject to public debate and heightened regulatory scrutiny. Any negative publicity or negative
public perception of artificial intelligence could </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">29 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
negatively impact demand for our AI lending platform, hinder our ability to attract new bank partners or slow the rate at which banks adopt our AI lending platform. From time to time, certain
advocacy groups have made claims that unlawful or unethical discriminatory effects may result from the use of AI technology by various companies, including ours. Such claims, whether or not accurate, and whether or not concerning us or our AI
lending platform, may harm our ability to attract prospective borrowers to our platform, retain existing and attract new bank partners and achieve regulatory acceptance of our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For example, in February 2020, we received a letter from five members of the U.S. Senate asking questions in connection with claims of discriminatory
lending made by an advocacy group. We responded to this inquiry, and in July 2020, three of the Senators issued their findings from this inquiry, writing a letter to the Director of the CFPB recommending the CFPB further review Upstart&#146;s use of
educational variables in its model and requesting that the CFPB stop issuing <FONT STYLE="white-space:nowrap">no-action</FONT> letters related to ECOA. On December&nbsp;1, 2020, in connection with these inquiries, we entered into an agreement with
the NAACP Legal Defense and Education Fund, or the LDF, and Student Borrower Protection Center, or the SBPC, in which we agree to participate in fair lending reviews of our AI model, including, but not limited to, its use of educational variables.
The agreement provides for our engagement of a neutral third-party firm to perform periodic fair lending assessments over a two year period. Under the agreement, we have agreed to cooperate with, and provide data to, the third-party firm to conduct
fair lending testing of our underwriting model, and we, the LDF and the SBPC will provide input to the third-party firm on, among other things, the testing methodologies to be employed. The fair lending testing will be designed to assess lending
outcomes from our underwriting model to determine if the model causes or results in a disparate impact on any protected class, and if so, whether there are less discriminatory alternative practices that maintain the model&#146;s predictiveness. We
have also agreed to implement the auditor&#146;s recommendations, for modifications to our AI model that may promote more equitable outcomes while maintaining the model&#146;s predictiveness and meet any other legitimate business needs of Upstart.
The third-party firm will also prepare and make public periodic reports that summarize any general findings, recommendations and best practices, as well as any aspects of our AI model that raise particular fair lending concerns or implicate novel
insights on educational equity that serve the public interest. While we will have input on these reports, and the agreement provides that the third-party firm and the parties to the agreement will collaborate to reach agreement on any
recommendations, we could become involved in disagreements with the third-party firm, the LDF or the SBPC regarding the information we must provide, the contents of the reports or particular recommendations that may be made, the manner in which they
should be implemented, if at all, and whether they would maintain the predictiveness of our AI model. It is possible, however, that changes implemented in our AI model could negatively impact its predictiveness. In addition, if we do not implement
any recommendation, the LDF and/or the SBPC could terminate the agreement with us. Although we believe that this agreement will support our objective of providing visibility into AI and related emerging technologies and the potential benefits such
technologies can have for the consumer lending industry, if reports under the agreement were to raise significant fair lending concerns, or the third-party firm terminates its agreement with us and/or the agreement with the LDF and/or the SBPC is
terminated for any reason, our brand and reputation and the overall market acceptance of, and trust in, our AI lending platform could suffer, and we could be subject to increased regulatory and litigation risk. In addition, the publication of
information arising from our agreement with the LDF or the SBPC could lead to additional regulatory scrutiny for our bank partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have been
subject to other governmental inquiries on this topic including an inquiry in June 2020 from the North Carolina Department of Justice. See the risk factor titled &#147;&#151;We have been in the past and may in the future be subject to federal and
state regulatory inquiries regarding our business&#148; for more information. Negative public perception, actions by advocacy groups or legislative and regulatory interest groups could lead to lobbying for and enactment of more restrictive laws and
regulations that impact the use of AI technology in general, AI technology as applied to lending </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">30 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
operations generally or as used in our applications more specifically. Any of the foregoing could negatively impact our business, financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Harm to our reputation can also arise from many other sources, including employee or former employee misconduct, misconduct by outsourced service
providers or other counterparties, failure by us or our bank partners to meet minimum standards of service and quality, and inadequate protection of borrower information and compliance failures and claims. If we are unable to protect our reputation,
our business, financial condition and results of operations would be adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we do not compete effectively in our target markets, our
business, results of operations and financial condition could be harmed. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The consumer lending market is highly competitive and increasingly
dynamic as emerging technologies continue to enter into the marketplace. With the introduction of new technologies and the influx of new entrants, competition may persist and intensify in the future, which could have an adverse effect on our
operations or business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our inability to compete effectively could result in reduced loan volumes, reduced average size of loans facilitated on our
platform, reduced fees, increased marketing and borrower acquisition costs or the failure of the Upstart platform to achieve or maintain more widespread market acceptance, any of which could have an adverse effect on our business and results of
operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Consumer lending is a vast and competitive market, and we compete to varying degrees with all other sources of unsecured consumer
credit. This can include banks, <FONT STYLE="white-space:nowrap">non-bank</FONT> lenders including retail-based lenders and other financial technology lending platforms. Because personal loans often serve as a replacement for credit cards, we also
compete with the convenience and ubiquity that credit cards represent. Many of our competitors operate with different business models, such as
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">lending-as-a-service</FONT></FONT></FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-of-sale</FONT></FONT> lending,
have different cost structures or regulatory obligations, or participate selectively in different market segments. They may ultimately prove more successful or more adaptable to new regulatory, economic, technological and other developments,
including utilizing new data sources or credit models. We may also face competition from banks or companies that have not previously competed in the consumer lending market, including companies with access to vast amounts of consumer-related
information that could be used in the development of their own credit risk models. Our current or potential competitors may be better at developing new products due to their large and experienced data science and engineering teams, who are able to
respond more quickly to new technologies. Many of our current or potential competitors have significantly more resources, such as financial, technical and marketing resources, than we do and may be able to devote greater resources to the
development, promotion, sale and support of their platforms and distribution channels. We face competition in areas such as compliance capabilities, commercial financing terms and costs of capital, interest rates and fees (and other financing terms)
available to consumers from our bank partners, approval rates, model efficiency, speed and simplicity of loan origination, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ease-of-use,</FONT></FONT> marketing expertise, service
levels, products and services, technological capabilities and integration, borrower experience, brand and reputation, and terms available to our loan funding investor base. Our competitors may also have longer operating histories, lower commercial
financing costs or costs of capital, more extensive borrower bases, more diversified products and borrower bases, operational efficiencies, more versatile or extensive technology platforms, greater brand recognition and brand loyalty, broader
borrower and partner relationships, more extensive and/or more diversified loan funding investor bases than we have, and more extensive product and service offerings than we have. Furthermore, our existing and potential competitors may decide to
modify their pricing and business models to compete more directly with us. Our ability to compete will also be affected by our ability to provide our bank partners with a commensurate or more extensive suite of loan products than those offered by
our competitors. In addition, current or potential competitors, including financial technology </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">31 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
lending platforms and existing or potential bank partners, may also acquire or form strategic alliances with one another, which could result in our competitors being able to offer more
competitive loan terms due to their access to lower-cost capital. Such acquisitions or strategic alliances among our competitors or potential competitors could also make our competitors more adaptable to a rapidly evolving regulatory environment. To
stay competitive, we may need to increase our regulatory compliance expenditures or our ability to compete may be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our industry
is driven by constant innovation. We utilize artificial intelligence and machine learning, which is characterized by extensive research efforts and rapid technological progress. If we fail to anticipate or respond adequately to technological
developments, our ability to operate profitably could suffer. There can be no assurance that research, data accumulation and development by other companies will not result in AI models that are superior to our AI models or result in products
superior to those we develop or that any technologies, products or services we develop will be preferred to any existing or newly-developed technologies, products or services. If we are unable to compete with such companies or fail to meet the need
for innovation in our industry, the use of the Upstart platform could stagnate or substantially decline, or our loan products could fail to maintain or achieve more widespread market acceptance, which could harm our business, results of operations
and financial condition. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we are unable to manage the risks associated with fraudulent activity, our brand and reputation, business, financial condition
and results of operations could be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Fraud is prevalent in the financial services industry and is likely to increase as
perpetrators become more sophisticated. We are subject to the risk of fraudulent activity associated with borrowers and third parties handling borrower information and in limited situations cover certain fraud losses of our bank partners and
investors in our loan funding programs. Fraud rates could also increase in a downcycle economy. We use several identity and fraud detection tools, including tools provided by third-party vendors and our proprietary AI models, to predict and
otherwise validate or authenticate applicant-reported data and data derived from third-party sources. If such efforts are insufficient to accurately detect and prevent fraud, the level of fraud-related losses of Upstart-powered loans could increase,
which would decrease confidence in our AI lending platform. In addition, our bank partners, investors in our loan funding programs or we may not be able to recover amounts disbursed on loans made in connection with inaccurate statements, omissions
of fact or fraud, which could erode the trust in our brand and negatively impact our ability to attract new bank partners and investors in our loan funding programs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">High profile fraudulent activity also could negatively impact our brand and reputation. In addition, significant increases in fraudulent activity could
lead to regulatory intervention, which could increase our costs and also negatively impact our brand and reputation. Further, if there is any increase in fraudulent activity that increases the need for human intervention in screening loan
application data, the level of automation on our platform could decline and negatively affect our unit economics. If we are unable to manage these risks, our business, financial condition and results of operations could be adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We depend on our key personnel and other highly skilled personnel, and if we fail to attract, retain and motivate our personnel, our business, financial condition
and results of operations could be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our success significantly depends on the continued service of our senior management
team, including Dave Girouard, our <FONT STYLE="white-space:nowrap">Co-Founder</FONT> and Chief Executive Officer, and Paul Gu, our <FONT STYLE="white-space:nowrap">Co-Founder</FONT> and SVP of Product and Data Science, and other highly skilled
personnel. Our success also depends on our ability to identify, hire, develop, motivate and retain highly qualified personnel for all areas of our organization. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">32 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Competition for highly skilled personnel, including engineering and data analytics personnel, is
extremely intense, particularly in the San Francisco Bay Area where one of our headquarters is located. We have experienced, and expect to continue to face, difficulty identifying and hiring qualified personnel in many areas, especially as we pursue
our growth strategy. Further, as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, a large and increasing number of companies have adopted permanent work-from-home policies, which further increases the challenges associated
with hiring and retaining qualified personnel. We may not be able to hire or retain such personnel at compensation or flexibility levels consistent with our existing compensation and salary structure and policies. Many of the companies with which we
compete for experienced employees have greater resources than we have and may be able to offer more attractive terms of employment. In particular, candidates making employment decisions, specifically in high-technology industries, often consider the
value of any equity they may receive in connection with their employment. Any significant volatility in the price of our stock may adversely affect our ability to attract or retain highly skilled technical, financial and marketing personnel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, we invest significant time and expense in training our employees, which increases their value to competitors who may seek to recruit them.
If we fail to retain our employees, we could incur significant expenses in hiring and training their replacements. While we are in the process of training their replacements, the quality of our services and our ability to serve our bank partners,
investors and borrowers whose loans we service may suffer, resulting in an adverse effect on our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Security breaches of borrowers&#146; confidential
information that we store may harm our reputation, adversely affect our results of operations and expose us to liability. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are
increasingly dependent on information technology systems and infrastructure to operate our business. In the ordinary course of our business, we collect, process, transmit and store large amounts of sensitive information, including personal
information, credit information and other sensitive data of borrowers and potential borrowers. It is critical that we do so in a manner designed to maintain the confidentiality, integrity and availability of such sensitive information. We also have
arrangements in place with certain of our third-party vendors that require us to share consumer information. We have outsourced elements of our operations (including elements of our information technology infrastructure) to third parties, and as a
result, we manage a number of third-party vendors who may have access to our computer networks and sensitive or confidential information. In addition, many of those third parties may in turn subcontract or outsource some of their responsibilities to
other third parties. As a result, our information technology systems, including the functions of third parties that are involved or have access to those systems, is large and complex, with many points of entry and access. While all information
technology operations are inherently vulnerable to inadvertent or intentional security breaches, incidents, attacks and exposures, the size, complexity, accessibility and distributed nature of our information technology systems, and the large
amounts of sensitive information stored on those systems, make such systems potentially vulnerable to unintentional or malicious, internal and external attacks. Any vulnerabilities can be exploited from inadvertent or intentional actions of our
employees, third-party vendors, bank partners, loan investors, or by malicious third parties. Attacks of this nature are increasing in their frequency, levels of persistence, sophistication and intensity, and are being conducted by sophisticated and
organized groups and individuals with a wide range of motives (including, but not limited to, industrial espionage) and expertise, including organized criminal groups, &#147;hacktivists,&#148; nation states and others. In addition to the extraction
of sensitive information, such attacks could include the deployment of harmful malware, ransomware, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">denial-of-service</FONT></FONT> attacks, social engineering and other means to
affect service reliability and threaten the confidentiality, integrity and availability of information and systems. In addition, the prevalent use of mobile devices increases the risk of data security incidents. Further, our shift to a remote
working environment due to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic could increase the risk of a security breach. Significant disruptions of our, our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">33 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
bank partners and third-party vendors&#146; and/or other business partners&#146; information technology systems or other similar data security incidents could adversely affect our business
operations and result in the loss, misappropriation, or unauthorized access, use or disclosure of, or the prevention of access to, sensitive information, which could result in financial, legal, regulatory, business and reputational harm to us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Because techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until they are launched
against a target, we and our vendors may be unable to anticipate these techniques or to implement adequate preventative measures. In addition, many governments have enacted laws requiring companies to notify individuals of data security breaches
involving their personal data. These mandatory disclosures regarding a security breach are costly to implement and often lead to widespread negative publicity following a breach, which may cause borrowers and potential borrowers to lose confidence
in the effectiveness of our data security measures on our platform. Any security breach, whether actual or perceived, would harm our reputation and ability to attract new borrowers to our platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We also face indirect technology, cybersecurity and operational risks relating to the borrowers, bank partners, investors, vendors and other third
parties with whom we do business or upon whom we rely to facilitate or enable our business activities, including vendors, payment processors, and other parties who have access to confidential information due to our agreements with them. In addition,
any security compromise in our industry, whether actual or perceived, or information technology system disruptions, whether from attacks on our technology environment or from computer malware, natural disasters, terrorism, war and telecommunication
and electrical failures, could interrupt our business or operations, harm our reputation, erode borrower confidence, negatively affect our ability to attract new borrowers, or subject us to third-party lawsuits, regulatory fines or other action or
liability, which could adversely affect our business and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Like other financial services firms, we have been and continue to
be the subject of actual or attempted unauthorized access, mishandling or misuse of information, computer viruses or malware, and cyber-attacks that could obtain confidential information, destroy data, disrupt or degrade service, sabotage systems or
cause other damage, distributed denial of service attacks, data breaches and other infiltration, exfiltration or other similar events. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">While we
regularly monitor data flow inside and outside the company, attackers have become very sophisticated in the way they conceal access to systems, and we may not be aware that we have been attacked. Any event that leads to unauthorized access, use or
disclosure of personal information or other sensitive information that we or our vendors maintain, including our own proprietary business information and sensitive information such as personal information regarding borrowers, loan applicants or
employees, could disrupt our business, harm our reputation, compel us to comply with applicable federal and/or state breach notification laws and foreign law equivalents, subject us to time consuming, distracting and expensive litigation, regulatory
investigation and oversight, mandatory corrective action, require us to verify the correctness of database contents, or otherwise subject us to liability under laws, regulations and contractual obligations, including those that protect the privacy
and security of personal information. This could result in increased costs to us and result in significant legal and financial exposure and/or reputational harm. In addition, any failure or perceived failure by us or our vendors to comply with our
privacy, confidentiality or data security-related legal or other obligations to our bank partners or other third parties, actual or perceived security breaches, or any security incidents or other events that result in the unauthorized access,
release or transfer of sensitive information, which could include personally identifiable information, may result in governmental investigations, enforcement actions, regulatory fines, litigation, or public statements against us by advocacy groups
or others, and could cause our bank partners and other third parties to lose trust in us or we could be subject to claims by our bank partners and other third parties that we have breached </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">34 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
our privacy- or confidentiality-related obligations, which could harm our business and prospects. Moreover, data security incidents and other inappropriate access can be difficult to detect, and
any delay in identifying them may lead to increased harm of the type described above. There can be no assurance that our security measures intended to protect our information technology systems and infrastructure will successfully prevent service
interruptions or security incidents. For example, in April 2020, we were made aware of a software error which allowed access to certain consumers&#146; accounts through the Upstart website without providing such consumers&#146; passwords. As a
result, certain of such consumers&#146; personal information, such as their name, address and job information (but not full social security information), could be accessed by a third party. We promptly deployed an update to our software to address
such vulnerability and are conducting an internal investigation. Thus far, we are not aware of any information being compromised as a result of this error. We cannot provide any assurance that similar vulnerabilities will not arise in the future as
we continue to expand the features and functionalities of our platform and introduce new loan products on our platform, and we expect to continue investing substantially to protect against security vulnerabilities and incidents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We maintain errors, omissions, and cyber liability insurance policies covering certain security and privacy damages. However, we cannot be certain that
our coverage will continue to be available on economically reasonable terms or will be available in sufficient amounts to cover one or more large claims, or that an insurer will not deny coverage as to any future claim, or that any insurer will be
adequately covered by reinsurance or other risk mitigants or that any insurer will offer to renew policies at an affordable rate or offer such coverage at all in the future. The successful assertion of one or more large claims against us that exceed
available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or <FONT STYLE="white-space:nowrap">co-insurance</FONT> requirements, could have an adverse
effect on our business, financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we are unable to manage the risks related to our loan servicing and collections
obligations, our business, financial condition and results of operations could be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The vast majority of Upstart-powered
loans are not secured by any collateral, guaranteed or insured by any third party or backed by any governmental authority. As a result, we are limited in our ability to collect on such loans on behalf of our bank partners and investors of our loan
funding programs if a borrower is unwilling or unable to repay them. Substantially all our collection duties and obligations for loans we service that are more than 30 days past due are subcontracted to several collection agencies. If such
collection agencies do not perform as expected under our agreements with them or if these collection agents act unprofessionally and otherwise harm the user experience for borrowers of Upstart-powered loans, our brand and reputation could be harmed
and our ability to attract potential borrowers to our platform could be negatively impacted. For example, during periods of increased delinquencies caused by economic downturns or otherwise, it is important that the collection agents are proactive
and consistent in contacting a borrower to bring a delinquent balance current and ultimately avoid the related loan becoming charged off, which in turn makes it extremely important that the collection agents are properly staffed and trained to take
prompt and appropriate action. If the collection agents are unable to maintain a high quality of service, or fulfill their servicing obligations at all due to resource constraints resulting from the increased delinquencies, it could result in
increased delinquencies and charge-offs on the loans, which could decrease fees payable to us, cause our bank partners to decrease the volume of Upstart-powered loans kept on their balance sheets, erode trust in our platform or increase the costs of
our loan funding programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">While auto loans issued through our new auto lending platform will be secured by collateral, auto loans are inherently
risky, as they are often secured by assets that may be difficult to locate and can depreciate rapidly. We generally begin the repossession process for auto loans that become 75 days past due. We have engaged a third-party auto repossession vendor to
handle all repossession activity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">35 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
Following a repossession, if a borrower fails to redeem their vehicle or reinstate their loan agreement, the repossessed vehicle is sold at an auction and the proceeds are applied to the unpaid
balance of the loan and related expenses. If the proceeds do not cover the unpaid balance of the loan and any related expenses, the deficiency would be <FONT STYLE="white-space:nowrap">charged-off.</FONT> Further, if a vehicle cannot be located,
repossession and sale of the vehicle would not be possible, which could also lead to delinquencies and charge-offs. A significant number of delinquencies and charge-offs could decrease fees payable to us, cause our bank partners to decrease the
volume of Upstart-powered auto loans kept on their balance sheets, erode trust in our platform and increase the costs of our loan funding programs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Additionally, if such repossession vendors do not perform consistent with agreements entered into with us, or if vendors act unprofessionally or
otherwise harm the user experience for borrowers of Upstart-powered loans, our brand and reputation could be harmed and our ability to attract potential borrowers to our platform could be negatively impacted. We may also become subject to regulatory
scrutiny and potential litigation based on the conduct of our repossession vendors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, loan servicing is a highly manual process and an
intensely regulated activity. Errors in our servicing activities, or failures to comply with our servicing obligations, could affect our internal and external reporting of the loans that we service, adversely affect our business and reputation and
expose us to liability to borrowers, bank partners or investors in our loan funding programs. In addition, the laws and regulations governing these activities are subject to change. For example, during the
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic certain states prohibited or restricted collection activities. If we are unable to comply with such laws and regulations, we could lose one or more of our licenses or authorizations, become
subject to greater scrutiny by regulatory agencies or become subject to sanctions or litigation, which may have an adverse effect on our ability to perform our servicing obligations or make our platform available to borrowers in particular states.
Any of the foregoing could adversely affect our business, financial condition and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We primarily rely on three collection
agencies to perform substantially all of our duties as the servicer for delinquent and defaulted loans. One or more collection agents could take actions that result in our arrangements becoming cost prohibitive or enter into exclusive or more
favorable relationships with our competitors. If any of our collection agencies were to suspend or cease operations, or our relationship with one or more of them were to otherwise terminate, such as in the case of resource constraints caused by an
economic downturn, we may need to implement substantially similar arrangements with other collection agencies on terms that may not be commercially attractive. Transitioning this aspect of loan servicing to a new collection agency may result in
disruptions to our ability to service the loans made on our platform and loan performance may be impacted as a result. If we are unsuccessful in maintaining our relationships with our current collection agencies, our business, financial condition or
results of operations may be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, we charge our loan holders a fixed percentage servicing fee based on the outstanding
balance of loans serviced. If we fail to efficiently service such loans and the costs incurred exceed the servicing fee charged, our results of operations would be adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We may evaluate and potentially consummate acquisitions, which could require significant management attention, consume our financial resources, disrupt our
business and adversely affect our financial results. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our success will depend, in part, on our ability to grow our business. In some
circumstances, we may determine to do so through the acquisition of complementary businesses and technologies rather than through internal development. The identification of suitable acquisition candidates can be difficult,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">36 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
time-consuming, and costly, and we may not be able to successfully complete identified acquisitions. The risks we face in connection with acquisitions include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">diversion of management time and focus from operating our business to addressing acquisition integration challenges;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">utilization of our financial resources for acquisitions or investments that may fail to realize the anticipated benefits;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">inability of the acquired technologies, products or businesses to achieve expected levels of revenue, profitability,
productivity or other benefits; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">coordination of technology, product development and sales and marketing functions and integration of administrative
systems; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">transition of the acquired company&#146;s borrowers to our systems; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">retention of employees from the acquired company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">regulatory risks, including maintaining good standing with existing regulatory bodies or receiving any necessary approvals,
as well as being subject to new regulators with oversight over an acquired business; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">attracting financing; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">cultural challenges associated with integrating employees from the acquired company into our organization;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the need to implement or improve controls, procedures and policies at a business that prior to the acquisition may have
lacked effective controls, procedures and policies; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">potential write-offs of loans or intangibles or other assets acquired in such transactions that may have an adverse effect
on our results of operations in a given period; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">liability for activities of the acquired company before the acquisition, including patent and trademark infringement
claims, violations of laws, commercial disputes, tax liabilities and other known and unknown liabilities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">assumption of contractual obligations that contain terms that are not beneficial to us, require us to license or waive
intellectual property or increase our risk for liability; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">litigation, claims or other liabilities in connection with the acquired company. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our failure to address these risks or other problems encountered in connection with any acquisitions and investments could cause us to fail to realize
the anticipated benefits of these acquisitions or investments, cause us to incur unanticipated liabilities and harm our business generally. Acquisitions could also result in dilutive issuances of our equity securities, the incurrence of debt,
contingent liabilities, amortization expenses or the write- off of goodwill, any of which could harm our financial condition. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Borrowers may prepay a loan at
any time without penalty, which could reduce our servicing fees and deter our bank partners and investors from investing in loans facilitated by our platform. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">A borrower may decide to prepay all or a portion of the remaining principal amount on a loan at any time without penalty. If the entire or a significant
portion of the remaining unpaid principal amount of a loan is prepaid, we would not receive a servicing fee, or we would receive a significantly lower servicing fee associated with such prepaid loan. Prepayments may occur for a variety of reasons,
including if interest rates decrease after a loan is made. If a significant volume of prepayments occurs, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">37 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
the amount of our servicing fees would decline, which could harm our business and results of operations. Our AI models are designed to predict prepayment rates. However, if a significant volume
of prepayments occur that our AI models do not accurately predict, returns targeted by our bank partners and investors in our loan funding programs would be adversely affected and our ability to attract new bank partners and investors in our loan
funding programs would be negatively affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our marketing efforts and brand promotion activities may not be effective. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Promoting awareness of our AI lending platform is important to our ability to grow our business, attract new bank partners, increase the number of
potential borrowers on our platform and attract investors to participate in our loan funding programs. We believe that the importance of brand recognition will increase as competition in the consumer lending industry expands. However, because our
bank partners are increasingly adopting our bank- branded version of our AI lending platform through their own websites, potential borrowers may not be aware they are experiencing our AI lending platform, which may hinder recognition of our brand.
Successful promotion of our brand will depend largely on the effectiveness of marketing efforts and the overall user experience of our bank partners and potential borrowers on the Upstart platform, which factors are outside our control. The
marketing channels that we employ may also become more crowded and saturated by other lending platforms, which may decrease the effectiveness of our marketing campaigns and increase borrower acquisition costs. Also, the methodologies, policies and
regulations applicable to marketing channels may change. For example, internet search engines could revise their methodologies, which could adversely affect borrower volume from organic ranking and paid search. Search engines may also implement
policies that restrict the ability of companies such as us to advertise their services and products, which could prevent us from appearing in a favorable location or any location in the organic rankings or paid search results when certain search
terms are used by the consumer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our brand promotion activities may not yield increased revenues. If we fail to successfully build trust in our AI
lending platform and the performance and predictability of Upstart-powered loans, we may lose existing bank partners and investors in our loan funding programs to our competitors or be unable to attract new bank partners and investors in our loan
funding programs, which in turn would harm our business, results of operations and financial condition. Even if our marketing efforts result in increased revenue, we may be unable to recover our marketing costs through increases in loan volume,
which could result in a higher borrower acquisition cost per account. Any incremental increases in loan servicing costs, such as increases due to greater marketing expenditures, could have an adverse effect on our business, financial condition and
results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Unfavorable outcomes in legal proceedings may harm our business and results of operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are, and may in the future become, subject to litigation, claims, examinations, investigations, legal and administrative cases and proceedings,
whether civil or criminal, or lawsuits by governmental agencies or private parties, which may affect our results of operations. These claims, lawsuits, and proceedings could involve labor and employment, discrimination and harassment, commercial
disputes, intellectual property rights (including patent, trademark, copyright, trade secret, and other proprietary rights), class actions, general contract, tort, defamation, data privacy rights, antitrust, common law fraud, government regulation,
or compliance, alleged federal and state securities and &#147;blue sky&#148; law violations or other investor claims, and other matters. Due to the consumer-oriented nature of our business and the application of certain laws and regulations,
participants in our industry are regularly named as defendants in litigation alleging violations of federal and state laws and regulations and consumer law torts, including fraud. Many of these legal proceedings involve alleged violations of
consumer protection laws. In addition, we have in the past and may in the future be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">38 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
subject to litigation, claims, examinations, investigations, legal and administrative cases and proceedings related to the offer and sale of Upstart-powered loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In particular, lending programs that involve originations by a bank in reliance on origination-related services being provided by <FONT
STYLE="white-space:nowrap">non-bank</FONT> lending platforms and/or program managers are subject to potential litigation and government enforcement claims based on
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;rent-a-charter&#148;</FONT></FONT> or &#147;true lender&#148; theories, particularly where such programs involve the subsequent sale of such loans or interests therein to the
platform. See&#151;&#147;If loans facilitated through our platform for one or more bank partners were subject to successful challenge that the bank partner was not the &#147;true lender,&#148; such loans may be unenforceable, subject to rescission
or otherwise impaired, we or other program participants may be subject to penalties, and/or our commercial relationships may suffer, each which would adversely affect our business and results of operations,&#148; below. In addition, loans originated
by banks (which are exempt from certain state requirements under federal banking laws), followed by the sale, assignment, or other transfer to <FONT STYLE="white-space:nowrap">non-banks</FONT> of such loans are subject to potential litigation and
government enforcement claims based on the theory that transfers of loans from banks to <FONT STYLE="white-space:nowrap">non-banks</FONT> do not transfer the ability to enforce contractual terms such as interest rates and fees from which only banks
benefit under federal preemption principles. See&#151;&#147;If loans originated by our bank partners were found to violate the laws of one or more states, whether at origination or after sale by the originating bank partner, loans facilitated
through our platform may be unenforceable or otherwise impaired, we or other program participants may be subject to, among other things, fines and penalties, and/or our commercial relationships may suffer, each of which would adversely affect our
business and results of operations,&#148; below. In addition, the recent inquiries related to our model&#146;s use of education variables in assessing credit risk could prompt potential litigation and government enforcement claims based on perceived
violations of ECOA. See &#151;&#147;We have been in the past and may in the future be subject to federal and state regulatory inquiries regarding our business&#148; below. If we were subject to such litigation or enforcement, then any unfavorable
results of pending or future legal proceedings may result in contractual damages, usury related claims, fines, penalties, injunctions, the unenforceability, rescission or other impairment of loans originated on our platform or other censure that
could have an adverse effect on our business, results of operations and financial condition. Even if we adequately address the issues raised by an investigation or proceeding or successfully defend a third-party lawsuit or counterclaim, we may have
to devote significant financial and management resources to address these issues, which could harm our business, financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our business is subject to the risks of natural disasters and other catastrophic events, and to interruption by <FONT STYLE="white-space:nowrap">man-made</FONT>
problems. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Significant natural disasters or other catastrophic events, such as earthquakes, fires, hurricanes, blizzards, or floods (many of
which are becoming more acute and frequent as a result of climate change), or interruptions by strikes, crime, terrorism, epidemics, pandemics, cyber-attacks, computer viruses, internal or external system failures, telecommunications failures, power
outages or increased risk of cybersecurity breaches due to a swift transition to remote work brought about by a catastrophic event, could have an adverse effect on our business, results of operations and financial condition. For example, the
outbreak of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic beginning in early 2020 has had a significant impact on the global economy and consumer confidence. If the outbreak persists or worsens, it could continue to adversely impact
the economy and consumer confidence, and could negatively impact our operations and our platform, each of which could seriously harm our business. In addition, it is possible that continued widespread remote work arrangements may have a negative
impact on our operations, the execution of our business plans, the productivity and availability of key personnel and other employees necessary to conduct our business, or otherwise cause operational failures due to changes in our normal business
practices necessitated by the outbreak and related governmental actions. There is no guarantee that we will be as effective while working remotely because our team is dispersed, employees may have less capacity to work due to increased personal
obligations (such as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">39 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
childcare, eldercare, or caring for family members who become sick), may become sick themselves and be unable to work, or may be otherwise negatively affected, mentally or physically, by the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic and prolonged social distancing. Additionally, remote work arrangements may make it more difficult to scale our operations efficiently, as the recruitment, onboarding and training of new employees
may be prolonged or delayed. If a natural disaster, power outage, connectivity issue, or other event occurred that impacted our employees&#146; ability to work remotely, it may be difficult or, in certain cases, impossible, for us to continue our
business for a substantial period of time. The increase in remote working may also result in privacy, data protection, data security, and fraud risks. Further, one of our headquarters is located in the San Francisco Bay Area, a region known for
seismic activity and wildfires, and our other headquarters is located in Columbus, Ohio, a region subject to blizzards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, acts of war
and other armed conflicts, disruptions in global trade, travel restrictions and quarantines, terrorism and other civil, political and <FONT STYLE="white-space:nowrap">geo-political</FONT> unrest could cause disruptions in our business and lead to
interruptions, delays or loss of critical data. Any of the foregoing risks may be further increased if our business continuity plans prove to be inadequate and there can be no assurance that both personnel and
<FONT STYLE="white-space:nowrap">non-mission</FONT> critical applications can be fully operational after a declared disaster within a defined recovery time. If our personnel, systems or data centers are impacted, we may suffer interruptions and
delays in our business operations. In addition, to the extent these events impact the ability of borrowers to timely repay their loans, our business could be negatively affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We may not maintain sufficient business interruption or property insurance to compensate us for potentially significant losses, including potential harm
to our business that may result from interruptions in our ability to provide our financial products and services. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If our estimates or judgments relating to
our critical accounting policies prove to be incorrect or financial reporting standards or interpretations change, our results of operations could be adversely affected. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires our management to make
estimates and assumptions that affect the amounts reported and disclosed in our consolidated financial statements and accompanying notes. We base our estimates and assumptions on historical experience and on various other assumptions that we believe
to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets, liabilities, and equity, and the amount of revenue and expenses that are not readily apparent from
other sources. Significant assumptions and estimates used in preparing our consolidated financial statements include those related to fair value determinations, stock-based compensation, consolidation of variable interest entities, and provision for
income taxes, net of valuation allowance for deferred tax assets. Our results of operations may be adversely affected if our assumptions change or if actual circumstances differ from those in our assumptions, which could cause our results of
operations to fall below the expectations of industry or financial analysts and investors, resulting in a decline in the trading price of our common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Additionally, we regularly monitor our compliance with applicable financial reporting standards and review new pronouncements and drafts thereof that
are relevant to us. As a result of new standards, or changes to existing standards, and changes in their interpretation, we might be required to change our accounting policies, alter our operational policies and implement new or enhance existing
systems so that they reflect new or amended financial reporting standards, or we may be required to restate our published financial statements. Such changes to existing standards or changes in their interpretation may have an adverse effect on our
reputation, business, financial condition, and profit and loss, or cause an adverse deviation from our revenue and operating profit and loss target, which may negatively impact our results of operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">40 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we fail to maintain an effective system of disclosure controls and internal control over financial reporting,
our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As a public
company, we are subject to the reporting requirements of the Securities Exchange Act of 1934, or the Exchange Act, the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, and the rules and regulations of the applicable listing standards of the
Nasdaq Global Select Market. We expect that the requirements of these rules and regulations will continue to increase our legal, accounting, and financial compliance costs, make some activities more difficult, time-consuming, and costly, and place
significant strain on our personnel, systems, and resources. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Sarbanes-Oxley Act requires, among other things, that we maintain effective
disclosure controls and procedures and internal control over financial reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the
reports that we will file with the SEC is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and
communicated to our principal executive and financial officers. We are also continuing to improve our internal control over financial reporting. In order to maintain and improve the effectiveness of our disclosure controls and procedures and
internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs, and significant management oversight. Our current controls and any new controls
that we develop may become inadequate because of changes in conditions in our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Further, weaknesses in our disclosure controls and internal
control over financial reporting have been discovered in the past and may be discovered in the future. For example, we identified a material weakness in our internal control over financial reporting that contributed to the revision of our
previously-issued 2017 and 2018 financial statements. A &#147;material weakness&#148; is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material
misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. This material weakness principally related to a lack of adequate review processes and controls within our accounting and finance
organization and a lack of sufficient financial reporting and accounting personnel with the technical expertise to appropriately account for certain transactions including loan servicing and securitizations. During 2019 and 2020, we took a number of
actions to improve our internal control over financial reporting, such as hiring external specialists and personnel with technical accounting expertise, designing additional review procedures in our accounting and finance organization, and
identifying and implementing improved processes and controls. Our management believes that these and other actions taken during this time have been fully implemented and such enhancements to our internal controls are operating effectively. Due to
our remediation efforts in 2019, we concluded that the previously-identified material weakness in our internal controls was remediated as of December&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">However, we cannot assure you that the measures we have taken to date, or any measures we may take in the future, will be sufficient to identify or
prevent future material weaknesses or deficiencies. The nature of our business is such that our financial statements involve a number of complex accounting policies, many of which involve significant elements of judgment, including determinations
regarding the consolidation of variable interest entities, determinations regarding the fair value of financial assets and liabilities (including loans, notes receivable, payable to securitization note holders and residual certificate holders,
servicing assets and liabilities, and trailing fee liabilities) and the appropriate classification of various items within our financial statements. See Note 1 to our consolidated financial statements for more information about our significant
accounting policies. The inherent complexity of these accounting matters and the nature and variety of transactions in which we </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">41 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
are involved require that we have sufficient qualified accounting personnel with an appropriate level of experience and controls in our financial reporting process commensurate with the
complexity of our business. While we believe we have sufficient internal accounting personnel and external resources and appropriate controls to address the demands of our business, we expect that the growth and development of our business will
place significant additional demands on our accounting resources. Any failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement could harm our results of operations or cause us to fail
to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting could also adversely affect the results of
periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic
reports that will be filed with the SEC. Ineffective disclosure controls and procedures and internal control over financial reporting could also cause investors to lose confidence in our reported financial and other information, which would likely
have a negative effect on the trading price of our common stock. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the Nasdaq Global Select Market. We are not currently required to comply
with the SEC rules that implement Section&nbsp;404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. As a public company, we
are required to provide an annual management report on the effectiveness of our internal control over financial reporting. There can be no assurance that we will maintain internal control over financial reporting sufficient to enable us to identify
or avoid material weaknesses in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our independent registered public accounting firm is not required to formally attest to the
effectiveness of our internal control over financial reporting until after we are no longer an &#147;emerging growth company&#148; as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. At such time, our independent
registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial reporting is documented, designed, or operating. Any failure to maintain effective
disclosure controls and internal control over financial reporting could materially and adversely affect our business, results of operations, and financial condition and could cause a decline in the trading price of our common stock. We expect to
lose our &#147;emerging growth company&#148; status upon the filing of the Form 10-K for the year ending December 31, 2021. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Some of our market opportunity
estimates, growth forecasts and key metrics included in this prospectus could prove to be inaccurate, and any real or perceived inaccuracies may harm our reputation and negatively affect our business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Market opportunity estimates and growth forecasts included in this prospectus, including those we have generated ourselves, are subject to significant
uncertainty and are based on assumptions and estimates that may not prove to be accurate. The estimates and forecasts in this prospectus relating to the size and expected growth of our target market may prove to be inaccurate. It is impossible to
offer every loan product, term or feature that every customer wants or that any given bank partner is necessarily capable of supporting, and our competitors may develop and offer loan products, terms or features that we do not offer. The variables
that go into the calculation of our market opportunity are subject to change over time, and there is no guarantee that any particular number or percentage of the loans covered by our market opportunity estimates will generate any particular level of
revenues for us. Even if the markets in which we compete meet the size estimates and growth forecasted in this prospectus, we may be unable to address these markets successfully and our business could fail to grow for a variety of reasons outside of
our control, including competition in our industry. We regularly review and may adjust our processes for calculating our key metrics to improve their accuracy. Our key metrics may differ from estimates published by third parties or from similarly
titled metrics of our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">42 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
competitors due to differences in methodology. If investors or analysts do not perceive our metrics to be accurate representations of our business, or if we discover material inaccuracies in our
metrics, our reputation, business, results of operations, and financial condition would be adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Some of our estimates, including our key
metrics in this prospectus, are subject to inherent challenges in measurement, and any real or perceived inaccuracies may harm our reputation and negatively affect our business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain estimates and growth forecasts included in this prospectus, including those we have generated ourselves, are subject to significant uncertainty
and are based on assumptions and estimates that may not prove to be accurate. The estimates and forecasts in this prospectus relating to the size and expected growth of our target market may prove to be inaccurate. It is impossible to offer every
loan product, term or feature that every customer wants or that any given bank partner is necessarily capable of supporting, and our competitors may develop and offer loan products, terms or features that we do not offer. Even if the markets in
which we compete meet the size estimates and growth forecasted in this prospectus, we may be unable to address these markets successfully and our business could fail to grow for a variety of reasons outside of our control, including competition in
our industry. We regularly review and may adjust our processes for calculating our key metrics to improve their accuracy. Our key metrics may differ from estimates published by third parties or from similarly titled metrics of our competitors due to
differences in methodology. If investors or analysts do not perceive our metrics to be accurate representations of our business, or if we discover material inaccuracies in our metrics, our reputation, business, results of operations, and financial
condition would be adversely affected. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">43 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>RISKS RELATED TO OUR INTELLECTUAL PROPERTY AND PLATFORM DEVELOPMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>It may be difficult and costly to protect our intellectual property rights, and we may not be able to ensure their protection. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our ability to operate our platform depends, in part, upon our proprietary technology. We may be unable to protect our proprietary technology effectively
which would allow competitors to duplicate our AI models or AI lending platform and adversely affect our ability to compete with them. We rely on a combination of copyright, trade secret, patent, trademark laws and other rights, as well as
confidentiality procedures, contractual provisions and our information security infrastructure to protect our proprietary technology, processes and other intellectual property. While we have two patent applications pending, we do not yet have patent
protection and our patent applications may not be successful. The steps we take to protect our intellectual property rights may be inadequate. For example, a third party may attempt to reverse engineer or otherwise obtain and use our proprietary
technology without our consent. The pursuit of a claim against a third party for infringement of our intellectual property could be costly, and there can be no guarantee that any such efforts would be successful. Our failure to secure, protect and
enforce our intellectual property rights could adversely affect our brand and adversely impact our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our proprietary technology, including
our AI models, may actually or may be alleged to infringe upon third-party intellectual property, and we may face intellectual property challenges from such other parties. We may not be successful in defending against any such challenges or in
obtaining licenses to avoid or resolve any intellectual property disputes. If we are unsuccessful, such claim or litigation could result in a requirement that we pay significant damages or licensing fees, or we could in some circumstances be
required to make changes to our business to avoid such infringement, which would negatively impact our financial performance. We may also be obligated to indemnify parties or pay substantial settlement costs, including royalty payments, in
connection with any such claim or litigation and to modify applications or refund fees, which could be costly. Even if we were to prevail in such a dispute, any litigation regarding our intellectual property could be costly and time consuming and
divert the attention of our management and key personnel from our business operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Moreover, it has become common in recent years for
individuals and groups to purchase intellectual property assets for the sole purpose of making claims of infringement and attempting to extract settlements from companies such as ours. Even in instances where we believe that claims and allegations
of intellectual property infringement against us are without merit, defending against such claims is time consuming and expensive and could result in the diversion of time and attention of our management and employees. In addition, although in some
cases a third party may have agreed to indemnify us for such costs, such indemnifying party may refuse or be unable to uphold its contractual obligations. In other cases, our insurance may not cover potential claims of this type adequately or at
all, and we may be required to pay monetary damages, which may be significant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Furthermore, our technology may become obsolete or inadequate, and
there is no guarantee that we will be able to successfully develop, obtain or use new technologies to adapt our models and systems to compete with other technologies as they develop. If we cannot protect our proprietary technology from intellectual
property challenges, or if our technology becomes obsolete or inadequate, our ability to maintain our model and systems, facilitate loans or perform our servicing obligations on the loans could be adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Any significant disruption in our AI lending platform could prevent us from processing loan applicants and servicing loans, reduce the effectiveness of our AI
models and result in a loss of bank partners or borrowers. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the event of a system outage or other event resulting in data loss or
corruption, our ability to process loan applications, service loans or otherwise facilitate loans on our platform would be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">44 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
adversely affected. We also rely on facilities, components, and services supplied by third parties, including data center facilities and cloud storage services. We host our AI lending platform
using Amazon Web Services, or AWS, a provider of cloud infrastructure services. In the event that our AWS service agreements are terminated, or there is a lapse of service, interruption of internet service provider connectivity or damage to AWS data
centers, we could experience interruptions in access to our platform as well as delays and additional expense in the event we must secure alternative cloud infrastructure services. Any interference or disruption of our technology and underlying
infrastructure or our use of third-party services could adversely affect our relationships with our bank partners and investors in our funding programs, and the overall user experience of our platform. Also, as our business grows, we may be required
to expand and improve the capacity, capability and reliability of our infrastructure. If we are not able to effectively address capacity constraints, upgrade our systems as needed and continually develop our technology and infrastructure to reliably
support our business, our business, financial condition and results of operations could be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Additionally, in the event of damage
or interruption, our insurance policies may not adequately compensate us for any losses incurred. Our disaster recovery plan has not been tested under actual disaster conditions, and we may not have sufficient capacity to recover all data and
services in the event of an outage or other event resulting in data loss or corruption. These factors could prevent us from processing or posting payments on the loans, damage our brand and reputation, divert our employees&#146; attention, subject
us to liability and cause borrowers to abandon our business, any of which could adversely affect our business, results of operations and financial condition. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our platform and internal systems rely on software that is highly technical, and if our software contains undetected errors, our business could be adversely
affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our platform and internal systems rely on software that is highly technical and complex. In addition, our platform and internal
systems depend on the ability of such software to store, retrieve, process and manage high volumes of data. The software in which we rely has contained, and may now or in the future contain, undetected errors or bugs. Some errors may only be
discovered after the code has been released for external or internal use. Errors or other design defects within the software on which we rely may result in failure to accurately predict a loan applicant&#146;s creditworthiness, failure to comply
with applicable laws and regulations, approval of <FONT STYLE="white-space:nowrap">sub-optimally</FONT> priced loans, incorrectly displayed interest rates to applicants or borrowers, or incorrectly charged interest to borrowers or fees to bank
partners or institutional investors, failure to present or properly display regulatory disclosures to applicants for an extended period of time, failure to detect fraudulent activity on our platform, a negative experience for consumers or bank
partners, delayed introductions of new features or enhancements, or failure to protect borrower data or our intellectual property. Any errors, bugs or defects discovered in the software on which we rely could result in harm to our reputation, loss
of consumers or bank partners, increased regulatory scrutiny, fines or penalties, loss of revenue or liability for damages, any of which could adversely affect our business, financial condition and results of operations. Furthermore, updates made to
our software to remediate any errors discovered may prove to be ineffective, resulting in repeated issues and further harm to our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Some
aspects of our business processes include open source software, and any failure to comply with the terms of one or more of these open source licenses could negatively affect our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We incorporate open source software into processes supporting our business. Such open source software may include software covered by licenses like the
GNU General Public License and the Apache License. The terms of various open source licenses have not been interpreted by U.S. courts, and there is a risk that such licenses could be construed in a manner that limits our use of the software,
inhibits certain aspects of our systems and negatively affects our business operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">45 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Some open source licenses contain requirements that we make source code available at no cost for
modifications or derivative works we create based upon the type of open source software we use. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We may face claims from third parties claiming
ownership of, or demanding the release or license of, such modifications or derivative works (which could include our proprietary source code or AI models) or otherwise seeking to enforce the terms of the applicable open source license. If portions
of our proprietary AI models are determined to be subject to an open source license, or if the license terms for the open source software that we incorporate change, we could be required to publicly release the affected portions of our source code, <FONT
STYLE="white-space:nowrap">re-engineer</FONT> all or a portion of our model or change our business activities, any of which could negatively affect our business operations and potentially our intellectual property rights. If we were required to
publicly disclose any portion of our proprietary models, it is possible we could lose the benefit of trade secret protection for our models. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In
addition to risks related to license requirements, the use of open source software can lead to greater risks than the use of third-party commercial software, as open source licensors generally do not provide warranties or controls on the origin of
the software. Use of open source software may also present additional security risks because the public availability of such software may make it easier for hackers and other third parties to determine how to breach our website and systems that rely
on open source software. Many of the risks associated with the use of open source software cannot be eliminated and could adversely affect our business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">46 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>RISKS RELATED TO OUR DEPENDENCE ON THIRD PARTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We rely on strategic relationships with loan aggregators to attract applicants to our platform, and if we cannot maintain effective relationships with loan
aggregators or successfully replace their services, or if loan aggregators begin offering competing products, our business could be adversely affected. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">A significant number of consumers that apply for a loan on Upstart.com learn about and access Upstart.com through the website of a loan aggregator,
typically with a hyperlink from such loan aggregator&#146;s website to a landing page on our website. For example, for the year ended December&nbsp;31, 2019 and 2020, 38% and 52%, respectively, of loan originations were derived from traffic from
Credit Karma. Our most recent agreement with Credit Karma dated November&nbsp;6, 2020 provides that either party may terminate our arrangement immediately upon a material breach of any provision of the agreement or at any time, with or without
cause, by providing no less than 30 days&#146; notice. Even during the term of our agreement, our agreement does not require Credit Karma to display offers from lenders on Upstart.com nor prohibit them from working with our competitors or from
offering competing services. In this regard, Credit Karma recently began directing more customer traffic to a program that hosts and aggregates the credit models of other loan providers directly on its platform for the purpose of giving credit
offers. Upstart currently does not participate in this program. In November 2020, we experienced a reduction in the number of loan applicants directed to the Upstart platform by Credit Karma and a corresponding decrease in the number of loans
originated on our platform, and we may experience additional reductions in traffic from Credit Karma in the future. If traffic from Credit Karma decreases again in the future as a result of this program or for other reasons, our loan originations
and results of operations would be adversely affected. There is also no assurance that Credit Karma will continue its contract with us on commercially reasonable terms or at all. Further, on December 3, 2020, Credit Karma was acquired by Intuit Inc.
It is possible Intuit may not continue our agreement on commercially reasonable terms or at all, which would adversely affect our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">While
we are planning to move towards more direct acquisition channels, we anticipate that we will continue to depend in significant part on relationships with loan aggregators to maintain and grow our business. Our current agreements with these loan
aggregators do not require them to display offers from lenders on Upstart.com nor prohibit them from working with our competitors or from offering competing services. Further, there is no assurance that a loan aggregator will renew its contract with
us on commercially reasonable terms or at all. Our competitors may be effective in providing incentives to loan aggregators to favor their products or services or in reducing the volume of loans facilitated through our platform. Loan aggregators may
not perform as expected under our agreements with them, and we may have disagreements or disputes with them, which could adversely affect our brand and reputation. If we cannot successfully enter into and maintain effective strategic relationships
with loan aggregators, our business could be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, the limited information such loan aggregators collect from applicants
does not always allow us to offer rates to applicants that we would otherwise be able to through direct applicant traffic to Upstart.com. Typically, the rates offered to borrowers who come to Upstart.com directly are lower and more competitive than
those rates offered through aggregators. In the event we do not successfully optimize direct traffic, our ability to attract borrowers would be adversely affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Such loan aggregators also face litigation and regulatory scrutiny for their part in the consumer lending ecosystem, and as a result, their business
models may require fundamental change or may not be sustainable in the future. For example, loan aggregators are increasingly required to be licensed as loan brokers or lead generators in many states, subjecting them to increased regulatory
supervision and more stringent business requirements. While we require loan aggregators to make certain disclosures in connection with our bank partners&#146; offers and restrict how loan aggregators may display
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">47 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
such loan offers, loan aggregators may nevertheless alter or even remove these required disclosures without notifying us, which may result in liability to us. Further, we do not have control over
any content on loan aggregator websites, and it is possible that our brand and reputation may be adversely affected by being associated with such content. An unsatisfied borrower could also seek to bring claims against us based on the content
presented on a loan aggregator&#146;s website. Such claims could be costly and time consuming to defend and could distract management&#146;s attention from the operation of the business. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our proprietary AI models rely in part on the use of loan applicant and borrower data and other third-party data, and if we lose the ability to use such data, or
if such data contain inaccuracies, our business could be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We rely on our proprietary AI models, which are statistical
models built using a variety of data-sets. Our AI models rely on a wide variety of data sources, including data collected from applicants and borrowers, credit bureau data and our credit experience gained through monitoring the payment performance
of borrowers over time. Under our agreements with our bank partners, we receive licenses to use data collected from loan applicants and borrowers. If we are unable to access and use data collected from applicants and borrowers, data received from
credit bureaus, repayment data collected as part of our loan servicing activities, or other third-party data used in our AI models, or our access to such data is limited, our ability to accurately evaluate potential borrowers, detect fraud and
verify applicant data would be compromised. Any of the foregoing could negatively impact the accuracy of our pricing decisions, the degree of automation in our loan application process and the volume of loans facilitated on our platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Third-party data sources on which we rely include the consumer reporting agencies regulated by the CFPB and other alternative data sources. Such data is
electronically obtained from third parties and used in our AI models to price applicants and in our fraud model to verify the accuracy of applicant-reported information. Data from national credit bureaus and other consumer reporting agencies and
other information that we receive from third parties about an applicant or borrower, may be inaccurate or may not accurately reflect the applicant or borrower&#146;s creditworthiness for a variety of reasons, including inaccurate reporting by
creditors to the credit bureaus, errors, staleness or incompleteness. For example, loan applicants&#146; credit scores may not reflect such applicants&#146; actual creditworthiness because the credit scores may be based on outdated, incomplete or
inaccurate consumer reporting data, including, as a consequence of us utilizing credit reports for a specific period of time after issuance before such reports are deemed to be outdated. Similarly, the data taken from an applicant&#146;s credit
report may also be based on outdated, incomplete or inaccurate consumer reporting data. Although we use numerous third-party data sources and multiple credit factors within our proprietary models, which helps mitigate this risk, it does not
eliminate the risk of an inaccurate individual report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Further, although we attempt to verify the income, employment and education information
provided by certain selected applicants, we cannot guarantee the accuracy of applicant information. Our fraud model relies in part on data we receive from a number of third-party verification vendors, data collected from applicants, and our
experience gained through monitoring the performance of borrowers over time. Information provided by borrowers may be incomplete, inaccurate or intentionally false. Applicants may also misrepresent their intentions for the use of loan proceeds. We
do not verify or confirm any statements by applicants as to how loan proceeds are to be used after loan funding. If an applicant supplied false, misleading or inaccurate information and our fraud detection processes do not flag the application,
repayments on the corresponding loan may be lower, in some cases significantly lower, than expected, leading to losses for the bank partner or investor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, if third party data used to train and improve our AI models is inaccurate, or access to such third-party data is limited or becomes
unavailable to us, our ability to continue to improve our AI </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">48 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
models would be adversely affected. Any of the foregoing could result in <FONT STYLE="white-space:nowrap">sub-optimally</FONT> and inefficiently priced loans, incorrect approvals or denials of
loans, or higher than expected loan losses, which in turn could adversely affect our ability to attract new borrowers and partners to our platform or increase the number of Upstart-powered loans and adversely affect our business, financial condition
and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We rely on third-party vendors and if such third parties do not perform adequately or terminate their relationships with us, our
costs may increase and our business, financial condition and results of operations could be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our success depends in part
on our relationships with third-party vendors. In some cases, third-party vendors are one of a limited number of sources. For example, we rely on national consumer reporting agencies, such as TransUnion, for a large portion of the data used in our
AI models. In addition, we rely on third-party verification technologies and services that are critical to our ability to maintain a high level of automation on our platform. In addition, because we are not a bank, we cannot belong to or directly
access the ACH payment network. As a result, we rely on one or more banks with access to the ACH payment network to process collections on Upstart-powered loans. Most of our vendor agreements are terminable by either party without penalty and with
little notice. If any of our third-party vendors terminates its relationship with us or refuses to renew its agreement with us on commercially reasonable terms, we would need to find an alternate provider, and may not be able to secure similar terms
or replace such providers in an acceptable timeframe. We also rely on other software and services supplied by vendors, such as communications, analytics and internal software, and our business may be adversely affected to the extent such software
and services do not meet our expectations, contain errors or vulnerabilities, are compromised or experience outages. Any of these risks could increase our costs and adversely affect our business, financial condition and results of operations.
Further, any negative publicity related to any of our third-party partners, including any publicity related to quality standards or safety concerns, could adversely affect our reputation and brand, and could potentially lead to increased regulatory
or litigation exposure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We incorporate technology from third parties into our platform. We cannot be certain that our licensors are not infringing
the intellectual property rights of others or that the suppliers and licensors have sufficient rights to the technology in all jurisdictions in which we may operate. Some of our license agreements may be terminated by our licensors for convenience.
If we are unable to obtain or maintain rights to any of this technology because of intellectual property infringement claims brought by third parties against our suppliers and licensors or against us, or if we are unable to continue to obtain the
technology or enter into new agreements on commercially reasonable terms, our ability to develop our platform containing that technology could be severely limited and our business could be harmed. Additionally, if we are unable to obtain necessary
technology from third parties, we may be forced to acquire or develop alternate technology, which may require significant time and effort and may be of lower quality or performance standards. This would limit and delay our ability to provide new or
competitive loan products or service offerings and increase our costs. If alternate technology cannot be obtained or developed, we may not be able to offer certain functionality as part of our platform and service offerings, which could adversely
affect our business, financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Failure by our third-party vendors or our failure to comply with legal or regulatory
requirements or other contractual requirements could have an adverse effect on our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have significant vendors that provide us
with a number of services to support our platform. If any third- party vendors fail to comply with applicable laws and regulations or comply with their contractual requirements, including failure to maintain adequate systems addressing privacy and
data protection and security, we could be subject to regulatory enforcement actions and suffer economic </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">49 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
and reputational harm that could harm our business. Further, we may incur significant costs to resolve any such disruptions in service or failure to provide contracted services, which could
adversely affect our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The CFPB and each of the prudential bank regulators that supervise our bank partners have issued guidance stating
that institutions under their supervision may be held responsible for the actions of the companies with which they contract. As a service provider to those supervised entities, we must ensure we have implemented an adequate vendor management
program. We or our bank partners could be adversely impacted to the extent our vendors fail to comply with the legal requirements applicable to the particular products or services being offered. Our use of third- party vendors is subject to
increasing regulatory attention. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The CFPB and other regulators have also issued regulatory guidance that has focused on the need for financial
institutions to perform increased due diligence and ongoing monitoring of third-party vendor relationships, thus increasing the scope of management involvement in connection with using third-party vendors. Moreover, if regulators conclude that we or
our bank partners have not met the heightened standards for oversight of our third- party vendors, we or our bank partners could be subject to enforcement actions, civil monetary penalties, supervisory orders to cease and desist or other remedial
actions, which could have an adverse effect on our business, financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If loans originated by our bank partners were
found to violate the laws of one or more states, whether at origination or after sale by the originating bank partner, loans facilitated through our platform may be unenforceable or otherwise impaired, we or other program participants may be subject
to, among other things, fines and penalties, and/or our commercial relationships may suffer, each of which would adversely affect our business and results of operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">When establishing the interest rates and structures (and the amounts and structures of certain fees constituting interest under federal banking law, such
as origination fees, late fees and <FONT STYLE="white-space:nowrap">non-sufficient</FONT> funds fees) that are charged to borrowers on loans originated on our platform, our bank partners rely on certain authority under federal law to export the
interest rate requirements of the state where each bank partner is located to borrowers in all other states. Further, certain of our bank partners and institutional investors rely on the ability of subsequent holders to continue charging such rate
and fee structures and enforce other contractual terms agreed to by our bank partners which are permissible under federal banking laws following the acquisition of the loans. The current annual percentage rates of the loans facilitated through our
platform typically range from approximately 6.5% to 35.99%. In some states, the interest rates of certain Upstart-powered loans exceed the maximum interest rate permitted for consumer loans made by <FONT STYLE="white-space:nowrap">non-bank</FONT>
lenders to borrowers residing in, or that have nexus to, such states. In addition, the rate structures for Upstart-powered loans may not be permissible in all states for <FONT STYLE="white-space:nowrap">non-bank</FONT> lenders and/or the amount or
structures of certain fees charged in connection with Upstart-powered loans may not be permissible in all states for <FONT STYLE="white-space:nowrap">non-bank</FONT> lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Usury, fee, and disclosure related claims involving Upstart-powered loans may be raised in multiple ways. Program participants may face litigation,
government enforcement or other challenge, for example, based on claims that bank lenders did not establish loan terms that were permissible in the state they were located or did not correctly identify the home or host state in which they were
located for purposes of interest exportation authority under federal law. Alternatively, we or our investors may face litigation, government enforcement or other challenge, for example, based on claims that rates and fees were lawful at origination
and through any period during which the originating bank partner retained the loan and interests therein, but that subsequent purchasers were unable to enforce the loan pursuant to its <FONT STYLE="white-space:nowrap">contracted-for</FONT> terms, or
that certain disclosures were not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">50 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
provided at origination because while such disclosures are not required of banks they may be required of <FONT STYLE="white-space:nowrap">non-bank</FONT> lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In Madden v. Midland Funding, LLC, 786 F.3d 246 (2d Cir. 2015), cert. denied, 136 S.Ct. 2505 (June 27, 2016), for example, the United States Court of
Appeals for the Second Circuit held that the <FONT STYLE="white-space:nowrap">non-bank</FONT> purchaser of defaulted credit card debt could not rely on preemption standards under the National Bank Act applicable to the originator of such debt in
defense of usury claims. Madden addressed circumstances under which a defaulted extension of credit under a consumer credit card account was assigned, following default, to a <FONT STYLE="white-space:nowrap">non-bank</FONT> debt buyer that then
attempted to collect the loan and to continue charging interest at the <FONT STYLE="white-space:nowrap">contracted-for</FONT> rate. The debtor filed a suit claiming, among other claims, that the rate charged by the
<FONT STYLE="white-space:nowrap">non-bank</FONT> collection entity exceeded the usury rates allowable for such entities under New York usury law. Reversing a lower court decision, the Second Circuit held that preemption standards under the National
Bank Act applicable to the bank that issued the credit card were not available to the <FONT STYLE="white-space:nowrap">non-bank</FONT> debt buyer as a defense to usury claims. Following denial of a petition for rehearing by the Second Circuit, the
defendant sought review by the United&nbsp;States Supreme Court. Following the United States Supreme Court&#146;s request that the Solicitor General file a brief setting forth the government&#146;s position on whether the Supreme Court should hear
the case in 2016, the Solicitor General filed its brief recommending that the petition for a writ of certiorari be denied for certain vehicle suitability reasons, although the Solicitor General&#146;s brief concluded that the Second Circuit&#146;s
decision was substantively incorrect as a matter of law. The Supreme Court denied certiorari on June&nbsp;27, 2016, such that the Second Circuit&#146;s decision remains binding on federal courts in the Second Circuit (which include all federal
courts in New York, Connecticut, and Vermont). Upon remand to the District Court for consideration of additional issues, including whether a choice of law provision in the debtor&#146;s credit card agreement was enforceable to displace New York
usury law and class certification, the parties settled the matter in 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The scope and validity of the Second Circuit&#146;s Madden decision
remain subject to challenge and clarification. For example, the Colorado Administrator of the Colorado Uniform Consumer Credit Code, or the UCCC, reached a settlement with respect to complaints against two online lending platforms whose operations
share certain commonalities with ours, including with respect to the role of bank partners and sale of loans to investors. The complaints included, among other claims, allegations, grounded in the Second Circuit&#146;s Madden decision, that the
rates and fees for certain loans could not be enforced lawfully by <FONT STYLE="white-space:nowrap">non-bank</FONT> purchasers of bank-originated loans. Under the settlement, these banks and nonbank partners committed to, among other things, limit
the annual percentage rates, or APR, on loans to Colorado consumers to 36% and take other actions to ensure that the banks were in fact the true lenders. The nonbanks also agreed to obtain and maintain a Colorado lending license. In Colorado, this
settlement should provide a helpful model for what constitutes an acceptable bank partnership model. However, the settlement may also invite other states to initiate their own actions, and set their own regulatory standards through enforcement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, in June 2019 private plaintiffs filed class action complaints against multiple traditional credit card securitization programs, including,
Petersen, et al. v. Chase Card Funding, LLC, et al., (No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1:19-cv-00741-</FONT></FONT> <FONT STYLE="white-space:nowrap">LJV-JJM</FONT> (W.D.N.Y. June&nbsp;6, 2019)) and Cohen, et al.
v. Capital One Funding, LLC et al., (No. <FONT STYLE="white-space:nowrap">19-03479</FONT> (E.D.N.Y. June&nbsp;12, 2019)). In Petersen, the plaintiffs sought class action status against certain defendants affiliated with a national bank that have
acted as special purpose entities in securitization transactions sponsored by the bank. The complaint alleges that the defendants&#146; acquisition, collection and enforcement of the bank&#146;s credit card receivables violated New York&#146;s civil
usury law and that, as in Madden, the defendants, as <FONT STYLE="white-space:nowrap">non-bank</FONT> entities, are not entitled to the benefit of federal preemption of state usury law. The complaint sought a judgment declaring the receivables
unenforceable, monetary damages and other legal and equitable remedies, such as disgorgement of all sums paid in excess of the usury limit. Cohen was a materially similar claim against a separate national bank. On January&nbsp;22, 2020, the
magistrate judge in Petersen issued a report and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">51 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
recommendation responding to the defendants&#146; motion to dismiss. The magistrate recommended that the motion to dismiss be granted as to both of the plaintiffs&#146; claims (usury and unjust
enrichment). On September&nbsp;21, 2020, the District Court accepted the magistrate&#146;s recommendation and dismissed all claims. The District Court found that the usury claims were expressly preempted by the National Bank Act and referenced the
OCC&#146;s recent rulemaking (discussed further below) that &#147;[i]nterest on a loan that is permissible under [the National Bank Act] shall not be affected by the sale, assignment, or other transfer of the loan.&#148; Among other things, the
Court deferred to the &#147;OCC&#146;s reasoned judgment that enforcing New York&#146;s usury laws against the Chase defendants would significantly interfere with [the bank&#146;s] exercise of its [National Bank Act] powers.&#148; The Cohen case was
dismissed on September&nbsp;29, 2020. The plaintiffs in both Cohen and Petersen filed, but ultimately dropped, their appeals of the decision to the second circuit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As noted above, federal prudential regulators have also taken actions to address the Madden decision. On May&nbsp;29, 2020, the OCC issued a final rule
clarifying that, when a national bank or savings association sells, assigns, or otherwise transfers a loan, interest permissible before the transfer continues to be permissible after the transfer. That rule took effect on August&nbsp;3, 2020. As
discussed further below, the OCC also has issued a rule pertaining to the &#147;true lender&#148; issue, which was challenged by state attorneys general in a complaint filed January&nbsp;5, 2021. Similarly, the FDIC finalized on June&nbsp;25, 2020
its 2019 proposal declaring that the interest rate for a loan is determined when the loan is made, and will not be affected by subsequent events. On July&nbsp;29, 2020, California, New York and Illinois filed suit in the U.S. District Court for the
Northern District of California to enjoin enforcement of the OCC rule (Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">20-CV-5200)</FONT></FONT> and, similarly in the same court, on August&nbsp;20, 2020 California,
Illinois, Massachusetts, Minnesota, New Jersey, New York, North Carolina, and the District of Columbia sought to enjoin enforcement of the FDIC rule (Case No.
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">20-CV-5860),</FONT></FONT> in each case related to permissible interest rates post-loan transfer on the grounds that the OCC and FDIC exceeded their authority when promulgating those
rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">There are factual distinctions between our program and the circumstances addressed in the Second Circuit&#146;s Madden decision, as well as
the circumstances in the Colorado UCCC settlement, credit card securitization litigation, and similar cases. As noted above, there are also bases on which the Madden decision&#146;s validity might be subject to challenge or the Madden decision may
be addressed by federal regulation or legislation. Nevertheless, there can be no guarantee that a Madden-like claim will not be brought successfully against us or other Upstart program participants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If a borrower or any state agency were to successfully bring a claim against us, our bank partners, our securitization vehicles and/or the trustees of
such vehicles or our institutional investors for a state usury law or fee restriction violation and the rate or fee at issue on the loan was impermissible under applicable state law, we, our bank partners, securitization vehicles and/or trustees or
investors in our loan funding programs may face various commercial and legal repercussions, including that such parties would not receive the total amount of interest expected, and in some cases, may not receive any interest or principal, may hold
loans that are void, voidable, rescindable, or otherwise impaired or may be subject to monetary, injunctive or criminal penalties. Were such repercussions to apply to us, we may suffer direct monetary loss or may be a less attractive candidate for
bank partners, securitization trustees or institutional investors to enter into or renew relationships; and were such repercussions to apply to our bank partners or institutional investors, such parties could be discouraged from using our platform.
We may also be subject to payment of damages in situations where we agreed to provide indemnification, as well as fines and penalties assessed by state and federal regulatory agencies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">52 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If loans facilitated through our platform for one or more bank partners were subject to successful challenge that
the bank partner was not the &#147;true lender,&#148; such loans may be unenforceable, subject to rescission or otherwise impaired, we or other program participants may be subject to penalties, and/or our commercial relationships may suffer, each
which would adversely affect our business and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart-powered loans are originated in reliance on the fact that our
bank partners are the &#147;true lenders&#148; for such loans. That true lender status determines various Upstart-powered loan program details, including that we do not hold licenses required solely for being the party that extends credit to
consumers, and Upstart-powered loans may involve interest rates and structures (and certain fees and fees structures) permissible at origination only because the loan terms and lending practices are permissible only when the lender is a bank, and/or
the disclosures provided to borrowers would be accurate and compliant only if the lender is a bank. Because the loans facilitated by our platform are originated by our bank partners, many state consumer financial regulatory requirements, including
usury restrictions (other than the restrictions of the state in which a bank partner originating a particular loan is located) and many licensing requirements and substantive requirements under state consumer credit laws, are treated as inapplicable
based on principles of federal preemption or express exemptions provided in relevant state laws for certain types of financial institutions or loans they originate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain recent litigation and regulatory enforcement has challenged, or is currently challenging, the characterization of bank partners as the
&#147;true lender&#148; in connection with programs involving origination and/or servicing relationships between a bank partner and <FONT STYLE="white-space:nowrap">non-bank</FONT> lending platform or program manager. As noted above, the Colorado
Administrator has entered into a settlement agreement with certain banks and nonbanks that addresses this true lender issue. Specifically, the settlement agreement sets forth a safe harbor indicating that a bank is the true lender if certain
specific terms and conditions are met. However, other states could also bring lawsuits based on these types of relationships. For example, on June&nbsp;5, 2020, the Washington, DC Attorney General filed a lawsuit against online lender Elevate for
allegedly deceptively marketing high-cost loans with interest rates above the Washington, DC usury cap. The usury claim is based on an allegation that Elevate, which was not licensed in Washington, DC, and not its partner bank, originated these
loans, and were therefore in violation of the state&#146;s usury laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We note that the OCC issued on October&nbsp;27, 2020, a final rule to
address the &#147;true lender&#148; issue for lending transactions involving a national bank. For certain purposes related to federal banking law, including the ability of a national bank to &#147;export&#148; interest-related requirements from the
state from which they lend, the rule would treat a national bank as the &#147;true lender&#148; if it is named as the lender in the loan agreement or funds the loan. However, on January&nbsp;5, 2021, Attorneys General from seven states &#150; New
York, California, Colorado, Massachusetts, Minnesota, New Jersey, and North Carolina&#151;and the District of Columbia filed suit against the OCC in the U.S. District Court for the Southern District of New York, challenging the rule, and the outcome
of the litigation is uncertain. In addition, the OCC rule does not apply to state-chartered banks and there can be no assurance that the FDIC will issue a similar rule applicable to state-chartered banks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We, bank partners, securitization vehicles and similarly situated parties could become subject to challenges like that presented by the Colorado
settlement and, if so, we could face penalties and/or Upstart-powered loans may be void, voidable or otherwise impaired in a manner that may have adverse effects on our operations (directly, or as a result of adverse impact on our relationships with
our bank partners, institutional investors or other commercial counterparties). However, we have taken steps to confirm that our business model conforms with the requirements of the Colorado safe harbor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">53 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">There have been no formal proceedings against us or indication of any proceedings against us to date,
but there can be no assurance that the Colorado Administrator will not make assertions similar to those made in its present actions with respect to the loans facilitated by our platform in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">It is also possible that other state agencies or regulators could make similar assertions. If a court, or a state or federal enforcement agency, were to
deem Upstart, rather than our bank partners, the &#147;true lender&#148; for loans originated on our platform, and if for this reason (or any other reason) the loans were deemed subject to and in violation of certain state consumer finance laws, we
could be subject to fines, damages, injunctive relief (including required modification or discontinuation of our business in certain areas) and other penalties or consequences, and the loans could be rendered void or enforceable in whole or in part,
any of which could have a material adverse effect on our business (directly, or as a result of adverse impact on our relationships with our bank partners, institutional investors or other commercial counterparties). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">54 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>RISKS RELATED TO OUR REGULATORY ENVIRONMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Litigation, regulatory actions and compliance issues could subject us to significant fines, penalties, judgments, remediation costs and/or requirements resulting
in increased expenses. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the ordinary course of business, we have been named as a defendant in various legal actions, including a class
action lawsuit and other litigation. Generally, this litigation arises from the dissatisfaction of a consumer with the products or services offered on our platform; some of this litigation, however, has arisen from other matters, including claims of
violation of laws related to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">do-not-call,</FONT></FONT> credit reporting and collections. All such legal actions are inherently unpredictable and, regardless of the merits of the
claims, litigation is often expensive, time- consuming, disruptive to our operations and resources, and distracting to management. In addition, certain actions may include claims for indeterminate amounts of damages. Our involvement in any such
matter also could cause significant harm to our or our bank partners&#146; reputations and divert management attention from the operation of our business, even if the matters are ultimately determined in our favor. If resolved against us, legal
actions could result in excessive verdicts and judgments, injunctive relief, equitable relief, and other adverse consequences that may affect our financial condition and how we operate our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, a number of participants in the consumer financial services industry have been the subject of putative class action lawsuits, state
attorney general actions and other state regulatory actions, federal regulatory enforcement actions, including actions relating to alleged unfair, deceptive or abusive acts or practices, violations of state licensing and lending laws, including
state usury and disclosure laws, actions alleging discrimination on the basis of race, ethnicity, gender or other prohibited bases, and allegations of noncompliance with various state and federal laws and regulations relating to originating,
servicing, and collecting consumer finance loans and other consumer financial services and products. The current regulatory environment, increased regulatory compliance efforts and enhanced regulatory enforcement have resulted in us undertaking
significant time-consuming and expensive operational and compliance improvement efforts, which may delay or preclude our or our bank partners&#146; ability to provide certain new products and services. There is no assurance that these regulatory
matters or other factors will not, in the future, affect how we conduct our business and, in turn, have a material adverse effect on our business. In particular, legal proceedings brought under state consumer protection statutes or under several of
the various federal consumer financial services statutes may result in a separate fine assessed for each statutory and regulatory violation or substantial damages from class action lawsuits, potentially in excess of the amounts we earned from the
underlying activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Some of our agreements used in the course of our business include arbitration clauses. If our arbitration agreements were to
become unenforceable for any reason, we could experience an increase to our consumer litigation costs and exposure to potentially damaging class action lawsuits, with a potential material adverse effect on our business and results of operations.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We contest our liability and the amount of damages, as appropriate, in each pending matter. The outcome of pending and future matters could be
material to our results of operations, financial condition and cash flows, and could materially adversely affect our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, from
time to time, through our operational and compliance controls, we identify compliance issues that require us to make operational changes and, depending on the nature of the issue, result in financial remediation to impacted borrowers. These
self-identified issues and voluntary remediation payments could be significant, depending on the issue and the number of borrowers impacted, and could generate litigation or regulatory investigations that subject us to additional risk. See the
section titled &#147;Risk Factors&#151;Risks Related to our Intellectual Property and Platform Development. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">55 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We are subject to or facilitate compliance with a variety of federal, state, and local laws, including those
related to consumer protection and loan financings. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We must comply with regulatory regimes or facilitate compliance with regulatory regimes
on behalf of our bank partners that are independently subject to federal and/or state oversight by bank regulators, including those applicable to our referral and marketing services, consumer credit transactions, loan servicing and collection
activities and the purchase and sale of whole loans and other related transactions. While these requirements will not immediately change with the incoming presidential administration, this new administration is expected to bring an increased focus
on enforcement of federal consumer protection laws and appoint consumer-oriented regulators at federal agencies such as the CFPB, the OCC and the FDIC. It is possible that regulators in the presidential administration could promulgate rulemakings
and bring enforcement actions that materially impact our business and the business of our originating bank partners. These regulators may augment requirements that apply to loans facilitated by our platform, or impose new programs and restrictions,
including new forbearance initiatives related to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, and could otherwise revise or create new regulatory requirements that apply to us (or our bank partners), impacting our business,
operations, and profitability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain state laws generally regulate interest rates and other charges and require certain disclosures. In addition,
other federal and state laws may apply to the origination, servicing and collection of loans originated on our platform, the purchase and sale of whole loans or asset-backed securitizations. In particular, certain laws, regulations and rules we or
our bank partners are subject to include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">state lending laws and regulations that require certain parties to hold licenses or other government approvals or filings
in connection with specified activities, and impose requirements related to loan disclosures and terms, fees and interest rates, credit discrimination, credit reporting, servicemember relief, debt collection, repossession, unfair or deceptive
business practices and consumer protection, as well as other state laws relating to privacy, information security, conduct in connection with data breaches and money transmission; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Truth-in-Lending</FONT></FONT> Act and Regulation Z
promulgated thereunder, and similar state laws, which require certain disclosures to borrowers regarding the terms and conditions of their loans and credit transactions, require creditors to comply with certain lending practice restrictions, limit
the ability of a creditor to impose certain loan terms and impose disclosure requirements in connection with credit card origination; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Equal Credit Opportunity Act and Regulation B promulgated thereunder, and similar state fair lending laws, which
prohibit creditors from discouraging or discriminating against credit applicants on the basis of race, color, sex, age, religion, national origin, marital status, the fact that all or part of the applicant&#146;s income derives from any public
assistance program or the fact that the applicant has in good faith exercised any right under the federal Consumer Credit Protection Act; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Fair Credit Reporting Act and Regulation V promulgated thereunder, imposes certain obligations on users of consumer
reports and those that furnish information to consumer reporting agencies, including obligations relating to obtaining consumer reports, marketing using consumer reports, taking adverse action on the basis of information from consumer reports,
addressing risks of identity theft and fraud and protecting the privacy and security of consumer reports and consumer report information; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Section&nbsp;5 of the Federal Trade Commission Act, which prohibits unfair and deceptive acts or practices in or affecting
commerce, and Section&nbsp;1031 of the Dodd-Frank Act, which prohibits unfair, deceptive or abusive acts or practices in connection with any consumer financial product or service, and analogous state laws prohibiting unfair, deceptive or abusive
acts or practices; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">56 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Credit Practices Rule which (i)&nbsp;prohibits lenders from using certain contract provisions that the Federal Trade
Commission has found to be unfair to consumers; (ii)&nbsp;requires lenders to advise consumers who <FONT STYLE="white-space:nowrap">co-</FONT> sign obligations about their potential liability if the primary obligor fails to pay; and
(iii)&nbsp;prohibits certain late charges; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Fair Debt Collection Practices Act, Regulation F (including new federal requirements set to take effect
November&nbsp;30, 2021), and similar state debt collection laws, which provide guidelines and limitations on the conduct of third-party debt collectors (and some limitation on creditors collecting their own debts) in connection with the collection
of consumer debts; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Gramm-Leach-Bliley Act and Regulation P promulgated thereunder, which includes limitations on financial
institutions&#146; disclosure of nonpublic personal information about a consumer to nonaffiliated third parties, in certain circumstances requires financial institutions to limit the use and further disclosure of nonpublic personal information by
nonaffiliated third parties to whom they disclose such information and requires financial institutions to disclose certain privacy notices and practices with respect to information sharing with affiliated and unaffiliated entities as well as to
safeguard personal borrower information, and other privacy laws and regulations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Bankruptcy Code, which limits the extent to which creditors may seek to enforce debts against parties who have filed
for bankruptcy protection; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Servicemembers Civil Relief Act, which allows military members to suspend or postpone certain civil obligations,
requires creditors to reduce the interest rate to 6% on loans to military members under certain circumstances, and imposes restrictions on enforcement of loans to servicemembers, so that the military member can devote his or her full attention to
military duties; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Military Lending Act, which requires those who lend to &#147;covered borrowers&#148;, including members of the military
and their dependents, to only offer Military APRs (a specific measure of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">all-in-cost-of-credit)</FONT></FONT></FONT></FONT> under 36%, prohibits arbitration clauses in loan agreements, and
prohibits certain other loan agreement terms and lending practices in connection with loans to military servicemembers, among other requirements, and for which violations may result in penalties including voiding of the loan agreement;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Electronic Fund Transfer Act and Regulation E promulgated thereunder, which provide guidelines and restrictions on the
electronic transfer of funds from consumers&#146; bank accounts, including a prohibition on a creditor requiring a consumer to repay a credit agreement in preauthorized (recurring) electronic fund transfers and disclosure and authorization
requirements in connection with such transfers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Telephone Consumer Protection Act and the regulations promulgated thereunder, which impose various consumer consent
requirements and other restrictions in connection with telemarketing activity and other communication with consumers by phone, fax or text message, and which provide guidelines designed to safeguard consumer privacy in connection with such
communications; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Federal Controlling the Assault of <FONT STYLE="white-space:nowrap">Non-Solicited</FONT> Pornography and Marketing Act
of 2003 and the Telemarketing Sales Rule and analogous state laws, which impose various restrictions on marketing conducted use of email, telephone, fax or text message; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Electronic Signatures in Global and National Commerce Act and similar state laws, particularly the Uniform Electronic
Transactions Act, which authorize the creation of legally binding and enforceable agreements utilizing electronic records and signatures and which require creditors and loan servicers to obtain a consumer&#146;s consent to electronically receive
disclosures required under federal and state laws and regulations; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">57 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Right to Financial Privacy Act and similar state laws enacted to provide the financial records of financial institution
customers a reasonable amount of privacy from government scrutiny; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Bank Secrecy Act and the USA PATRIOT Act, which relate to compliance with anti-money laundering, borrower due diligence
and record-keeping policies and procedures; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the regulations promulgated by the Office of Foreign Assets Control under the U.S. Treasury Department related to the
administration and enforcement of sanctions against foreign jurisdictions and persons that threaten U.S. foreign policy and national security goals, primarily to prevent targeted jurisdictions and persons from accessing the U.S. financial system;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">federal and state securities laws, including, among others, the Securities Act of 1933, as amended, or the Securities Act,
the Exchange Act, the Investment Advisers Act of 1940, as amended, or the IAA, and the Investment Company Act of 1940, as amended, or the Investment Company Act, rules and regulations adopted under those laws, and similar state laws and regulations,
which govern how we offer, sell and transact in our loan financing products; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">other state-specific and local laws and regulations. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We may not always have been, and may not always be, in compliance with these and other applicable laws, regulations and rules. Compliance with these
requirements is also costly, time-consuming and limits our operational flexibility. Additionally, Congress, the states and regulatory agencies, as well as local municipalities, could further regulate the consumer financial services industry in ways
that make it more difficult or costly for us to offer our AI lending platform and related services or facilitate the origination of loans for our bank partners. These laws also are often subject to changes that could severely limit the operations of
our business model. For example, in 2019, a bill was introduced in the U.S. Senate that would create a national cap of the lesser of 15% APR or the maximum rate permitted by the state in which the consumer resides. Although such a bill may never be
enacted into law, if such a bill were to be enacted, it would greatly restrict the number of loans that could be funded through our platform. Further, changes in the regulatory application or judicial interpretation of the laws and regulations
applicable to financial institutions also could impact the manner in which we conduct our business. The regulatory environment in which financial institutions operate has become increasingly complex, and following the financial crisis that began in
2008, supervisory efforts to apply relevant laws, regulations and policies have become more intense. Additionally, states are increasingly introducing and, in some cases, passing laws that restrict interest rates and APRs on loans similar to the
loans made on our platform. For example, California recently enacted legislation to create a &#147;mini-CFPB,&#148; which could increase its oversight over bank partnership relationships and strengthen state consumer protection authority of state
regulators to police debt collections and unfair, deceptive or abusive acts and practices. Additionally, voter referendums have been introduced and, in some cases, passed, restrictions on interest rates and/ or APRs. If such legislation or bills
were to be propagated, or state or federal regulators seek to restrict regulated financial institutions such as our bank partners from engaging in business with Upstart in certain ways, our bank partners&#146; ability to originate loans in certain
states could be greatly reduced, and as a result, our business, financial condition and results of operations would be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Where
applicable, we seek to comply with state broker, credit service organization, small loan, finance lender, servicing, collection, money transmitter and similar statutes. Nevertheless, if we are found to not comply with applicable laws, we could lose
one or more of our licenses or authorizations, become subject to greater scrutiny by other state regulatory agencies, face other sanctions or be required to obtain a license in such jurisdiction, which may have an adverse effect on our ability to
continue to facilitate loans, perform our servicing obligations or make our platform available to consumers in particular states, which may harm our business. Further, failure to comply with the laws
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">58 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
and regulatory requirements applicable to our business and operations may, among other things, limit our ability to collect all or part of the principal of or interest on Upstart-powered loans.
In addition, <FONT STYLE="white-space:nowrap">non-compliance</FONT> could subject us to damages, revocation of required licenses, class action lawsuits, administrative enforcement actions, rescission rights held by investors in securities offerings
and civil and criminal liability, all of which would harm our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Internet-based loan origination processes may give rise to greater risks than
paper-based processes and may not always be allowed under state law. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We use the internet to obtain application information and distribute
certain legally required notices to applicants and borrowers, and to obtain electronically signed loan documents in lieu of paper documents with actual borrower signatures. These processes may entail greater risks than would paper-based loan
origination processes, including risks regarding the sufficiency of notice for compliance with consumer protection laws, risks that borrowers may challenge the authenticity of loan documents, and risks that despite internal controls, unauthorized
changes are made to the electronic loan documents. In addition, our software could contain &#147;bugs&#148; that result in incorrect calculations or disclosures or other <FONT STYLE="white-space:nowrap">non-compliance</FONT> with federal or state
laws or regulations. If any of those factors were to cause any loans, or any of the terms of the loans, to be unenforceable against the borrowers, or impair our ability to service loans, the performance of the underlying promissory notes could be
adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For auto loans issued under our new auto lending platform, certain state laws may not allow for electronic lien and title
transfer, which would require us to use a paper-based title process to secure title to the underlying collateral. While this process may help mitigate some of the risks associated with online processes, because it is outside of our usual practices
and titling rules can vary by state, we may encounter greater difficulty complying with the proper procedures. If we fail to effectively follow such procedures we may, among other things, be limited in our ability to secure the collateral associated
with loans issued under our auto lending platform. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we are found to be operating without having obtained necessary state or local licenses, our business,
financial condition and results of operations could be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain states have adopted laws regulating and requiring
licensing by parties that engage in certain activities regarding consumer finance transactions, including facilitating and assisting such transactions in certain circumstances. Furthermore, certain states and localities have also adopted laws
requiring licensing for consumer debt collection or servicing and/or purchasing or selling consumer loans. While we believe we have obtained or are in the process of obtaining all necessary licenses, the application of some consumer finance
licensing laws to our AI lending platform and the related activities we perform is unclear. In addition, state licensing requirements may evolve over time, including, in particular, recent trends toward increased licensing requirements and
regulation of parties engaged in loan solicitation and student loan servicing activities. States also maintain licensing requirements pertaining to the transmission of money, and certain states may broadly interpret such licensing requirements to
cover loan servicing and the transmission of funds to investors. If we were found to be in violation of applicable state licensing requirements by a court or a state, federal, or local enforcement agency, we could be subject to fines, damages,
injunctive relief (including required modification or discontinuation of our business in certain areas), criminal penalties and other penalties or consequences, and the loans originated by our bank partners on our platform could be rendered void or
unenforceable in whole or in part, any of which could have a material adverse effect on our business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">59 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>The CFPB is a relatively new agency that has sometimes taken expansive views of its authority to regulate
consumer financial services, creating uncertainty as to how the agency&#146;s actions or the actions of any other agency could impact our business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The CFPB, which commenced operations in July 2011, has broad authority to create and modify regulations under federal consumer financial protection laws
and regulations, such as the Truth in Lending Act and Regulation Z, ECOA and Regulation B, the Fair Credit Reporting Act, the Electronic Funds Transfer Act and Regulation E, among other regulations, and to enforce compliance with those laws. The
CFPB supervises banks, thrifts and credit unions with assets over $10&nbsp;billion and examines certain of our bank partners. Further, the CFPB is charged with the examination and supervision of certain participants in the consumer financial
services market, including short-term, small dollar lenders, and larger participants in other areas of financial services. The CFPB is also authorized to prevent &#147;unfair, deceptive or abusive acts or practices&#148; through its rulemaking,
supervisory and enforcement authority. To assist in its enforcement, the CFPB maintains an online complaint system that allows consumers to log complaints with respect to various consumer finance products, including our loan products. This system
could inform future CFPB decisions with respect to its regulatory, enforcement or examination focus. The CFPB may also request reports concerning our organization, business conduct, markets and activities and conduct
<FONT STYLE="white-space:nowrap">on-site</FONT> examinations of our business on a periodic basis if the CFPB were to determine, through its complaint system, that we were engaging in activities that pose risks to consumers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">There continues to be uncertainty about the future of the CFPB and as to how its strategies and priorities, including in both its examination and
enforcement processes, will impact our business and our results of operations going forward. Our current <FONT STYLE="white-space:nowrap">no-action</FONT> letter expires on November&nbsp;30, 2023, unless terminated by the CFPB earlier for one of the
bases provided for by the <FONT STYLE="white-space:nowrap">no-action</FONT> letter, and there is no assurance that the CFPB will permit us to continue to operate under its current <FONT STYLE="white-space:nowrap">no-action</FONT> letter policies or
that it will not change its position regarding supervisory or enforcement action against us in the future. Further, this <FONT STYLE="white-space:nowrap">no-action</FONT> letter does not extend to other credit products offered on Upstart&#146;s
platform. In addition, evolving views regarding the use of alternative variables and machine learning in assessing credit risk could result in the CFPB taking actions that result in requirements to alter or cease offering affected financial products
and services, making them less attractive and restricting our ability to offer them. For example, in response to a February 2020 inquiry, three members of the U.S. Senate recommended as part of their findings, that the CFPB further review
Upstart&#146;s use of educational variables in its model. The CFPB could also implement rules that restrict our effectiveness in servicing our financial products and services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Although we have committed resources to enhancing our compliance programs, future actions by the CFPB (or other regulators) against us, our bank
partners or our competitors could discourage the use of our services or those of our bank partners, which could result in reputational harm, a loss of bank partners, borrowers or investors in our loan funding programs, or discourage the use of our
or their services and adversely affect our business. If the CFPB changes regulations that were adopted in the past by other regulators and transferred to the CFPB by the Dodd-Frank Act, or modifies through supervision or enforcement past regulatory
guidance or interprets existing regulations in a different or stricter manner than they have been interpreted in the past by us, the industry or other regulators, our compliance costs and litigation exposure could increase materially. This is
particularly true with respect to the application of ECOA and Regulation B to credit risk models that rely upon alternative variables and machine learning, an area of law where regulatory guidance is currently uncertain and still evolving, and for
which there are not well-established regulatory norms for establishing compliance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The new presidential administration is expected to appoint
consumer-oriented regulators at federal agencies such as the CFPB, Federal Trade Commission, the OCC and the FDIC and the government&#146;s focus on enforcement of federal consumer protection laws is expected to increase. It is
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">60 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
possible that these newly appointed regulators could promulgate rulemakings and bring enforcement actions that materially impact our business and the business of our bank partners. If future
regulatory or legislative restrictions or prohibitions are imposed that affect our ability to offer certain of our products or that require us to make significant changes to our business practices, and if we are unable to develop compliant
alternatives with acceptable returns, these restrictions or prohibitions could have a material adverse effect on our business. If the CFPB, or another regulator, were to issue a consent decree or other similar order against us, this could also
directly or indirectly affect our results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our compliance and operational costs and litigation exposure could increase if and when
the CFPB or another agency amends or finalizes any proposed regulations, including the regulations discussed above or if the CFPB or other regulators enact new regulations, change regulations that were previously adopted, modify, through supervision
or enforcement, past regulatory guidance, or interpret existing regulations in a manner different or stricter than have been previously interpreted. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We have
been in the past and may in the future be subject to federal and state regulatory inquiries regarding our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have, from time to
time in the normal course of our business, received, and may in the future receive or be subject to, inquiries or investigations by state and federal regulatory agencies and bodies such as the CFPB, FTC, state Attorneys General, the SEC, state
financial regulatory agencies and other state or federal agencies or bodies regarding the Upstart platform, including the marketing of loans for lenders, underwriting and pricing of consumer loans for our bank partners, our fair lending compliance
program and licensing and registration requirements. We have addressed these inquiries directly and engaged in open dialogue with regulators. For example, following constructive and transparent discussions with the CFPB regarding the manner in which
our platform operates in compliance with federal fair lending laws, we applied for and received a <FONT STYLE="white-space:nowrap">no-action</FONT> letter from the CFPB that stated the CFPB had no present intent to recommend initiation of
supervisory or enforcement action against us with respect to ECOA as it pertains to the use of our AI model to underwrite applicants for unsecured <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit. Under the terms of the 2020 <FONT
STYLE="white-space:nowrap">no-action</FONT> letter, we are required to continue to share certain information with the CFPB regarding the updates to our model and the variables it considers, loan performance reports, the results of fair lending tests
we conduct, and research we conduct to identify less discriminatory alternatives, as well as information on how our AI models expand access to credit for traditionally underserved populations. We must also update the CFPB of material changes to
information included in our <FONT STYLE="white-space:nowrap">no-action</FONT> letter application or if our products or services are not performing as expected in a material way. Such <FONT STYLE="white-space:nowrap">no-action</FONT> letter expires
on November&nbsp;30, 2023, unless terminated by the CFPB earlier for one of the bases provided for by the <FONT STYLE="white-space:nowrap">no-action</FONT> letter. We can provide no assurance that the CFPB will continue to provide such relief, and
it is possible the CFPB will change its position regarding supervisory or enforcement action against us in the future. Further, this <FONT STYLE="white-space:nowrap">no-action</FONT> letter does not extend to other credit products offered on
Upstart&#146;s platform. Moreover, were we determined to be conducting business contrary to the facts presented to, and relied on, by the CFPB in issuing the <FONT STYLE="white-space:nowrap">no-action</FONT> letter, we would be subject to heightened
enforcement risk by the CFPB. We have also received an inquiry from the North Carolina Department of Justice regarding our role in facilitating the origination of loans for educational purposes. We have provided information in response to that
inquiry, and cannot provide any assurances regarding the outcome of that inquiry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have also received inquiries from state regulatory agencies
regarding requirements to obtain licenses from or register with those states, including in states where we have determined that we are not required to obtain such a license or be registered with the state, and we expect to continue to receive such
inquiries. Any such inquiries or investigations could involve substantial time and expense to analyze and respond to, could divert management&#146;s attention and other resources from running our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">61 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
business, and could lead to public enforcement actions or lawsuits and fines, penalties, injunctive relief, and the need to obtain additional licenses that we do not currently possess. Our
involvement in any such matters, whether tangential or otherwise and even if the matters are ultimately determined in our favor, could also cause significant harm to our reputation, lead to additional investigations and enforcement actions from
other agencies or litigants, and further divert management attention and resources from the operation of our business. Formal enforcement actions are generally made public, which carries reputational risk. The market price of our common stock could
decline as a result of the initiation of a CFPB investigation of Upstart or even the perception that such an investigation could occur, even in the absence of any finding by the CFPB that we have violated any state or federal law. As a result, the
outcome of legal and regulatory actions arising out of any state or federal inquiries we receive could be material to our business, results of operations, financial condition and cash flows and could have a material adverse effect on our business,
financial condition or results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For nonbank financial institutions, the FTC is also a primary regulator, and in recent years the FTC
has been focused on practices of financial technology companies. Based on publicly available actions, the FTC&#146;s primary focus has been with respect to financial technology company marketing and disclosure practices. For instance, in October
2018 the FTC took action against student loan refinance lender SoFi, claiming that the company made prominent false statements regarding the average savings a consumer would realize over the lifetime of the loan if they refinanced with SoFi. In
addition, SoFi allegedly exaggerated claims of anticipated borrower savings by excluding certain customer populations from the analysis. The FTC also is currently engaged in litigation with LendingClub regarding, among other things, the adequacy of
its disclosures of an origination fee associated with the product. Based upon recent statements by FTC officials, we believe this scrutiny will continue in the near future. While we maintain policies and procedures that require our marketing and
loan application and servicing operations comply with UDAP standards, we may not be successful in our efforts to achieve compliance either due to internal or external factors, such as resource allocation limitations or a lack of vendor cooperation.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>The collection, processing, storage, use and disclosure of personal data could give rise to liabilities as a result of existing or new governmental
regulation, conflicting legal requirements or differing views of personal privacy rights. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We receive, transmit and store a large volume of
personally identifiable information and other sensitive data from applicants and borrowers. Each bank partner can access information about their respective borrowers and declined applicants via daily loan reports and other reporting tools that are
provided via the platform. For loan investors, while we generally limit access to personally identifiable information, we do share some personally identifiable information about borrowers with certain investors in our loan funding programs. There
are federal, state and foreign laws regarding privacy and the storing, sharing, use, disclosure and protection of personally identifiable information and sensitive data. Specifically, cybersecurity and data privacy issues, particularly with respect
to personally identifiable information are increasingly subject to legislation and regulations to protect the privacy and security of personal information that is collected, processed and transmitted. For example, the Gramm-Leach-Bliley Act includes
limitations on financial institutions&#146; disclosure of nonpublic personal information about a consumer to nonaffiliated third parties, in certain circumstances requires financial institutions to limit the use and further disclosure of nonpublic
personal information by nonaffiliated third parties to whom they disclose such information and requires financial institutions to disclose certain privacy notices and practices with respect to information sharing with affiliated and unaffiliated
entities as well as to safeguard personal borrower information. Privacy requirements under the GLBA are enforced by the CFPB, as well as the Federal Trade Commission, or FTC, and under Section&nbsp;5 of the Federal Trade Commission Act, we and our
bank partners are prohibited from engaging in unfair and deceptive acts and practices, or UDAP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">62 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, the California Consumer Privacy Act, or the CCPA, which went into effect on
January&nbsp;1, 2020, requires, among other things, that covered companies provide disclosures to California consumers and afford such consumers new abilities to <FONT STYLE="white-space:nowrap">opt-out</FONT> of certain sales or retention of their
personal information by us. Aspects of the CCPA and its interpretation remain unclear. We cannot fully predict the impact of the CCPA on our business or operations, but it may require us to further modify our data infrastructure and data processing
practices and policies and to incur additional costs and expenses in an effort to continue to comply. In addition, California voters approved Proposition 24 in the November 2020 election to create the California Privacy Rights Act, which amends and
purports to strengthen the CCPA and will create a state agency to enforce privacy laws. The CPRA creates obligations relating to consumer data beginning on January&nbsp;1, 2022, with implementing regulations expected on or before July&nbsp;1, 2022,
and enforcement beginning July&nbsp;1, 2023. Additionally, other U.S. states, such as Virginia, are proposing and enacting laws and regulations that impose obligations similar to the CCPA or that otherwise involve significant obligations and
restrictions. Compliance with current and future borrower privacy data protection and information security laws and regulations could result in higher compliance, technical or operating costs. Further, any actual or perceived violations of these
laws and regulations may require us to change our business practices, data infrastructure or operational structure, address legal claims and regulatory investigations and proceedings and sustain monetary penalties and/or other harms to our business.
We could also be adversely affected if new legislation or regulations are adopted or if existing legislation or regulations are modified such that we are required to alter our systems or change our business practices or privacy policies. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>As the regulatory framework for artificial intelligence and machine learning technology evolves, our business, financial condition and results of operations may
be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The regulatory framework for artificial intelligence and machine learning technology is evolving and remains
uncertain. It is possible that new laws and regulations will be adopted in the United States, or existing laws and regulations may be interpreted in new ways, that would affect the operation of our platform and the way in which we use artificial
intelligence and machine learning technology, including with respect to fair lending laws. Further, the cost to comply with such laws or regulations could be significant and would increase our operating expenses, which could adversely affect our
business, financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we are required to register under the Investment Company Act, our ability to conduct business
could be materially adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Investment Company Act contains substantive legal requirements that regulate the manner in which
&#147;investment companies&#148; are permitted to conduct their business activities. In general, an &#147;investment company&#148; is a company that holds itself out as an investment company or holds more than 40% of the total value of its assets
(minus cash and government securities) in &#147;investment securities.&#148; We believe we are not an investment company. We do not hold ourselves out as an investment company. We understand, however, that the loans held on our balance sheet could
be viewed by the SEC or its staff as &#147;securities,&#148; which could in turn cause the SEC or its staff to view Upstart Holdings, Inc., Upstart Network, Inc., or an affiliate as an &#147;investment company&#148; subject to regulation under the
Investment Company Act. To provide clarity on this issue, we applied for and, on December&nbsp;1, 2020, received an exemptive order from the SEC exempting us from regulation under the Investment Company Act, subject to certain conditions.
Notwithstanding the exemptive order, we believe that we have never been an investment company because, among other reasons, we are primarily engaged in the business of providing an <FONT STYLE="white-space:nowrap">AI-</FONT> based lending platform
to banks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Exemptive orders provided by the SEC under the Investment Company Act may cease to be effective if the facts and analysis upon which they
are based materially change or the recipient of the order fails to comply with conditions outlined in the order. Although not currently anticipated, it is </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">63 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
possible that our business will change in the future in a way that causes the exemptive order to no longer apply to our business, either because the facts of how we conduct our business change or
because we no longer meet the conditions outlined in the order. If the exemptive order ceases to apply to our business, we could be deemed an investment company and may be required to institute burdensome compliance requirements, restricting our
activities in a way that could adversely affect our business, financial condition and results of operations. If we were ever deemed to be in <FONT STYLE="white-space:nowrap">non-compliance</FONT> with the Investment Company Act, we could also be
subject to various penalties, including administrative or judicial proceedings that might result in censure, fine, civil penalties, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cease-and-desist</FONT></FONT> orders or other
adverse consequences, as well as private rights of action, any of which could materially adversely affect our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we are required to register under
the Investment Advisers Act, our ability to conduct business could be materially adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The IAA contains substantive legal
requirements that regulate the manner in which &#147;investment advisers&#148; are permitted to conduct their business activities. We do not believe that we or our affiliates are required to register as an investment adviser with either the SEC or
any of the various states, because our business consists of providing a platform for consumer lending and loan financing for which investment adviser registration and regulation does not apply under applicable federal or state law. However, one of
our affiliates, Upstart Network, Inc., has notice filed as an exempt reporting adviser with the state of California based on its limited activities advising two funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">While we believe our current practices do not require us or any of our other affiliates subsidiaries to register or notice file as an investment
adviser, or require us to extend regulations related to Upstart Network, Inc.&#146;s status as an exempt reporting adviser to our other operations, if a regulator were to disagree with our analysis with respect to any portion of our business, we or
a subsidiary may be required to register or notice file as an investment adviser and to comply with applicable law. Registering as an investment adviser could adversely affect our method of operation and revenues. For example, the IAA requires that
an investment adviser act in a fiduciary capacity for its clients. Among other things, this fiduciary obligation requires that an investment adviser manage a client&#146;s portfolio in the best interests of the client, have a reasonable basis for
its recommendations, fully disclose to its client any material conflicts of interest that may affect its conduct and seek best execution for transactions undertaken on behalf of its client. The IAA also limits the ways in which a company can market
its services and offerings. It could be difficult for us to comply with these obligations without meaningful changes to our business operations, and there is no guarantee that we could do so successfully. If we were ever deemed to be in <FONT
STYLE="white-space:nowrap">non-compliance</FONT> with applicable investment adviser regulations, we could also be subject to various penalties, including administrative or judicial proceedings that might result in censure, fine, civil penalties, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cease-and-desist</FONT></FONT> orders or other adverse consequences, as well as private rights of action, any of which could materially adversely affect our business. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If our transactions with investors in our loan funding programs are found to have been conducted in violation of the Securities Act or similar state law, or we
have generally violated any applicable law, our ability to obtain financing for loans facilitated through our platform could be materially adversely affected, and we could be subject to private or regulatory actions. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain transactions in our loan funding programs have relied on exemptions from the registration requirements of the Securities Act provided for in
Regulation D or Section&nbsp;4(a)(2) of the Securities Act. If any of these transactions were found to not be in compliance with the requirements necessary to qualify for these exemptions from Securities Act registration, or otherwise found to be in
violation of the federal or state securities laws, our business could be materially adversely affected. The SEC or state securities regulators could bring enforcement actions against us, or we could be subject to private
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">64 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
litigation risks as a result of any violation of the federal or state securities laws, which could result in civil penalties, injunctions and cease and desist orders from further violations, as
well as monetary penalties of disgorgement, <FONT STYLE="white-space:nowrap">pre-judgment</FONT> interest, rescission of securities sales, or civil penalties, any of which could materially adversely affect our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If we are found to be in violation of state or federal law generally, we also may be limited in our ability to conduct future transactions. For example,
we could in the future become ineligible to sell securities under Regulation D if we become subject to &#147;bad actor&#148; disqualification pursuant to Rule&nbsp;506(d) of Regulation D. Under Rule 506(d), issuers are ineligible &#147;bad
actors&#148; if they or certain related persons, including directors and certain affiliates, are subject to disqualifying events, including certain <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cease-and-desist</FONT></FONT>
orders obtained by the SEC. If we were subject to this or other &#147;bad actor&#148; provisions of the securities laws, we may not be able to continue sales of whole loans, fractional interests in loans, or asset-backed securities, or we could be
subject to significant additional expense associated with making our offerings, which would adversely affect our business, financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we are required to register with the SEC or under state securities laws as a broker-dealer, our ability to conduct business could be materially adversely
affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are not currently registered with the SEC as a broker-dealer under the Exchange Act or any comparable state law. The SEC
heavily regulates the manner in which broker-dealers are permitted to conduct their business activities. We believe we have conducted, and we intend to continue to conduct, our business in a manner that does not result in our being characterized as
a broker-dealer, based on guidance published by the SEC and its staff. Among other reasons, this is because we do not believe we take any compensation that would be viewed as being based on any transactions in securities in any of our business
lines. To the extent that the SEC or its staff publishes new or different guidance with respect to these matters, we may be required to adjust our business operations accordingly. Any additional guidance from the SEC staff could provide additional
flexibility to us, or it could inhibit our ability to conduct our business operations. There can be no assurance that the laws and regulations governing our broker-dealer status or that SEC guidance will not change in a manner that adversely affects
our operations. If we are deemed to be a broker-dealer, we may be required to institute burdensome compliance requirements and our activities may be restricted, which would adversely affect our business, financial condition and results of
operations. We may also be subject to private litigation and potential rescission of certain investments investors in our loan financing products have made, which would harm our operations as well. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Similarly, we do not believe that our sales of whole loans and asset-backed securities will subject us to broker-dealer registration in any state in
which we operate, primarily because we do not accept compensation that we believe could be viewed as transaction-based. However, if we were deemed to be a broker-dealer under a state&#146;s securities laws, we could face civil penalties, or costly
registration requirements, that could adversely affect our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Anti-money laundering, anti-terrorism financing, anti-corruption and economic sanctions
laws could have adverse consequences for us. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We maintain a compliance program designed to enable us to comply with all applicable anti-money
laundering and anti-terrorism financing laws and regulations, including the Bank Secrecy Act and the USA PATRIOT Act and U.S. economic sanctions laws administered by the Office of Foreign Assets Control. This program includes policies, procedures,
processes and other internal controls designed to identify, monitor, manage and mitigate the risk of money laundering and terrorist financing and engaging in transactions involving sanctioned countries persons and entities. These controls include
procedures and processes to detect and report suspicious transactions, perform borrower due </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">65 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
diligence, respond to requests from law enforcement, and meet all recordkeeping and reporting requirements related to particular transactions involving currency or monetary instruments. We are
also subject to anti-corruption and anti-bribery and similar laws, such as the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. &#167; 201, and the U.S. Travel Act, which
prohibit companies and their employees and agents from promising, authorizing, making, or offering improper payments or other benefits to government officials and others in the private sector in order to influence official action, direct business to
any person, gain any improper advantage, or obtain or retain business. We have implemented an anti-corruption policy to ensure compliance with these anti-corruption and anti-bribery laws. No assurance is given that our programs and controls will be
effective to ensure compliance with all applicable anti- money laundering and anti-terrorism financing and anti-corruption laws and regulations, and our failure to comply with these laws and regulations could subject us to significant sanctions,
fines, penalties, contractual liability to our bank partners or institutional investors, and reputational harm, all of which could harm our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our
securitizations, whole loan sales and warehouse facilities expose us to certain risks, and we can provide no assurance that we will be able to access the securitization or whole loan sales markets, or secured warehouse credit facilities, in the
future, which may require us to seek more costly financing. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have facilitated the securitizations, and may in the future facilitate
securitizations, of certain loans acquired from our bank partners in order to allow certain of our originating bank partners, our whole loan purchasers and ourselves to liquidate their loans through the asset-backed securities markets or through
other capital markets products. In term asset-backed securities transactions, we sell and convey pools of loans to a special purpose entity, or SPE. We likewise fund certain loans on our balance sheet by selling loans to warehouse trust SPEs, which
loan sales are partially financed with associated warehouse credit facilities from banks. Concurrently, each securitization SPE issues notes or certificates pursuant to the terms of indentures and trust agreements, or in the case of the warehouse
facilities, the warehouse trust SPE borrows money from banks pursuant to credit and security agreements. The securities issued by the SPEs in asset-backed securitization transactions and the lines of credit borrowed by the warehouse SPEs are each
secured by the pool of loans owned by the applicable SPE. In exchange for the sale of a portion of a given pool of loans to the SPE, we and/or our whole loan purchasers who contribute loans to the transactions receive cash and/or securities
representing equity interests in such SPE, which are the proceeds from the sale of the securities. The equity interests the SPEs are residual interests in that they entitle the equity owners of such SPEs, including us, to a certain proportion of the
residual cash flows, if any, from the loans and to any assets remaining in such SPEs once the notes are satisfied and paid in full (or in the case of a revolving loan, paid in full and all commitments terminated). As a result of challenging credit
and liquidity conditions, the value of the subordinated securities we or other transaction participants retain in such SPEs might be reduced or, in some cases, eliminated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">During periods of financial disruption, such as the financial crisis that began in 2008 and the <FONT STYLE="white-space:nowrap">COVID-19</FONT>
pandemic that began in early 2020, the securitization market has constrained, and this could continue or occur again in the future. In addition, other matters, such as (i)&nbsp;accounting standards applicable to securitization transactions and (ii)
capital and leverage requirements applicable to banks and other regulated financial institutions holding asset- backed securities, could result in decreased investor demand for securities issued through our securitization transactions, or increased
competition from other institutions that undertake securitization transactions. In addition, compliance with certain regulatory requirements, including the Dodd-Frank Act, the Investment Company Act and the
<FONT STYLE="white-space:nowrap">so-called</FONT> &#147;Volcker Rule,&#148; may affect the type of securitizations that we are able to complete. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If
it is not possible or economical for us to securitize loans in the future, we would need to seek alternative financing to support our loan funding programs and to meet our existing debt obligations. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">66 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
Such funding may not be available on commercially reasonable terms, or at all. If the cost of such loan funding mechanisms were to be higher than that of our securitizations, the fair value of
the loans would likely be reduced, which would negatively impact our results of operations. If we are unable to access such financing, our ability to originate loans and our results of operations, financial condition and liquidity would be
materially adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The gain on sale and related servicing fees generated by our whole loan sales, and the servicing fees based on sales
of asset-backed securities and interests in our legacy fractional loan program, also represent a significant source of our earnings. We cannot assure you that our loan purchasers will continue to purchase loans or interests in loans on our platform
(either through whole loan sales or asset-backed securities) or that they will continue to purchase loans in transactions that generate the same spreads and/or fees that we have historically obtained. Factors that may affect loan purchaser demand
for loans include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">competition among loan originators that can sell either larger pools of loans than we are able to sell or pools of loans
that have characteristics that are more desirable to certain loan purchasers than the characteristics that our loan pools have; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the extent to which servicing fees and other expenses may reduce overall net return on purchased pools of loans;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the actual or perceived credit performance and loan grade and term mix of the portfolios of loans offered for sale;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">loan purchasers&#146; sector and company investment diversification requirements and strategies; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">higher yielding investment opportunities at a risk profile deemed similar to our sold loan portfolios;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">borrower prepayment behavior within the underlying pools; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">regulatory or investment practices related to maintaining net asset value, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">mark-to-market</FONT></FONT> and similar metrics surrounding pools of purchased loans; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the ability of our loan purchasers to access funding and liquidity channels, including securitization markets, on terms
they find acceptable to deliver an appropriate return net of funding costs, as well as general market trends that affect the appetite for loan financing investments. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Potential investors in our loan funding programs may also reduce the prices investors in those products are willing to pay for the loans or interests in
loans they purchase during periods of economic slowdown or recession to compensate for any increased risks. A reduction in the sale price of the loans and loan financing products we sell would negatively impact our operations and returns. Any
sustained decline in demand for loans or loan financing products, or any increase in delinquencies, defaults or losses that result from economic downturns, may also reduce the price we receive on future loan sales. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our securitizations are subject to regulation under federal law, and failure to comply with those laws could adversely affect our business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our loan securitizations and sales of asset-backed securities are subject to regulation under federal law, and banks and other regulated financial
institutions acquiring and holding asset-based securities, including asset-backed securities sponsored by us, are subject to capital and leverage requirements. These requirements, which are costly to comply with, could decrease investor demand for
securities issued through our securitization transactions. For example, the Credit Risk Retention rule, codified as Regulation RR under the Exchange Act, was jointly adopted by the SEC, the Department of the Treasury, the Federal Reserve System, the
Federal Deposit Insurance Corporation, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">67 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
the Federal Housing Finance Agency, and the Department of Housing and Urban Development in 2014. Regulation RR generally requires the sponsor of asset-backed securities to retain not less than
five percent of the credit risk of the assets collateralizing the securities, and generally prohibits the sponsor or its affiliate from directly or indirectly hedging or otherwise selling or transferring the retained credit risk for a specified
period of time, depending on the type of asset that is securitized. Some aspects of these risk retention rules have not been the subject of significant separate guidance. We believe, but cannot be certain, that we have conducted our business, and
will continue to conduct our business, in such a way that we are compliant with these risk retention rules. However, if we have failed to comply, or should fall out of compliance with these rules, it could adversely affect our source of funding and
our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We may also face regulatory risks related to compliance with Section&nbsp;13 of the Bank Holding Company Act, commonly known as the
&#147;Volcker Rule,&#148; which prohibits banking entities from acquiring an ownership interest in entities that are investment companies for purposes of the Investment Company Act, or would be investment companies but for Sections 3(c)(1) or
3(c)(7) of the Investment Company Act, which are generally known as &#147;private funds.&#148; This means that in order for a banking entity regulated under the Volcker Rule to purchase certain asset-backed securities issued by our affiliates, such
affiliates may need to rely on another exemption or exception from being deemed &#147;investment companies&#148; if they wish to continue selling to banking entities. Currently, those affiliates generally rely on Rule
<FONT STYLE="white-space:nowrap">3a-7</FONT> under the Investment Company Act, which provides an exclusion to the definition of an investment company for issuers that pool income-producing assets and issue securities backed by those assets. However,
if a regulator or other third party were to find or assert that our analysis under Rule <FONT STYLE="white-space:nowrap">3a-7</FONT> (or, where applicable, some other exemption or exemption) is incorrect, banks that have purchased asset-backed
securities may be able to rescind those sales, which would adversely affect our business. We believe, but cannot guarantee, that we have conducted our business, and will continue to conduct our business, in such a way that enables our applicable
banking entity investors to be compliant with the Volcker Rule. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">68 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>RISKS RELATED TO LOAN FUNDING AND INDEBTEDNESS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>If we are unable to maintain a diverse and robust loan funding program, our growth prospects, business, financial condition and results of operations could be
adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our business depends on sourcing and maintaining a diverse and robust loan funding program to fund Upstart-powered loans
that our bank partners are unable or unwilling to retain on their balance sheets. In the year ended December&nbsp;31, 2020, approximately 21% of Upstart-powered loans were retained by the originating bank while approximately 77% of Upstart-powered
loans were purchased by investors through our loan funding program, which includes whole loan sales to institutional investors, asset-backed securitization transactions, and utilization of committed and uncommitted warehouse credit facilities. While
our loan funding program is diverse, only a limited portion of such funding sources are committed or guaranteed. We cannot be sure that these funding sources will continue to be available on reasonable terms or at all beyond the current maturity
dates of our existing securitizations and debt financing arrangements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Further, events of default or breaches of financial, performance or other
covenants, or worse than expected performance of certain pools of loans underpinning our asset-backed securitizations or other debt facilities, could reduce or terminate our access to funding from institutional investors. Loan performance is
dependent on a number of factors, including the predictiveness of our AI models and social and economic conditions. The availability and capacity of certain loan funding sources also depends on many factors that are outside of our control, such as
credit market volatility and regulatory reforms. For example, at the start of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, the availability of most of our loan funding sources was significantly reduced. In the event of another
sudden or unexpected shortage or restriction on the availability of loan funding sources, we may not be able to maintain the necessary levels of funding to retain current loan volume without incurring substantially higher funding costs, which could
adversely affect our business, financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>In connection with our loan funding programs, we make representations and
warranties to our bank partners regarding the loans underwritten and to loan purchasers and investors concerning the loans sold, and if such representations and warranties are not accurate when made, we could be required to indemnify our bank
partners or repurchase the loans sold. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In our loan funding programs, including loans originated and retained by bank partners and loans
funded through asset-backed securitizations and whole loan sales, we make numerous representations and warranties concerning the characteristics of the Upstart-powered loans originated, sold and transferred in connection with such transactions,
including representations and warranties that the loans meet the eligibility requirements of those partners and facilities and of investors in our loan funding programs. If we do not comply with contractual requirements relating to compliance with
the underwriting guidelines of our bank partners, we may be obligated to indemnify them for losses that they incur. In addition, if representations and warranties that we make in connection with asset-backed securitizations and whole-loan sales were
not accurate when made, we may be required to repurchase the underlying loans. Failure to repurchase <FONT STYLE="white-space:nowrap">so-called</FONT> ineligible loans when required could constitute an event of default or termination event under the
agreements governing our various loan funding programs. Through December&nbsp;31, 2020, the number of repurchased Upstart-powered loans as a result of inaccurate representations and warranties represents less than 0.34% of all Upstart-powered loans.
While we have not been required to make substantial indemnity payments to our bank partners in the past, and only a small number of Upstart-powered loans have been historically repurchased by us, we may find issues in the underwriting logic of our
lending platform that could result in failures to comply with such underwriting guidelines or representations and warranties, and, due to the complexity of our lending platform, it is possible that such errors could be undiscovered for a substantial
period of time. Although we have not incurred significant liabilities or obligations as a result of such errors in the past, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">69 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
we cannot be certain that we will not incur more significant indemnity obligations or obligations to repurchase loans in the future. Such indemnity or repurchase obligations could be limited in
scope, relating to small pools of loans, or significant in scope, across multiple pools of loans. If we were subject to substantial indemnity or repurchase obligations, and if we do not have adequate liquidity to satisfy such obligations, our
business, financial condition and results of operations could be adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Corporate and asset-backed debt ratings could adversely affect our
ability to fund loans through our loan funding programs at attractive rates, which could negatively affect our results of operations, financial condition and liquidity. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our unsecured senior corporate debt currently has no rating, and we have never issued unsecured debt securities in the capital markets. Asset-backed
securities sponsored or <FONT STYLE="white-space:nowrap">co-sponsored</FONT> by us are currently rated by a limited number of debt rating agencies. Structured finance ratings reflect these rating agencies&#146; opinions of our receivables credit
performance and ability of the receivables cash flows to pay interest on a timely basis and repay the principal of such asset-backed securitizations, as well as our ability to service the receivables and comply with other obligations under such
programs, such as the obligation to repurchase loans subject to breaches of loan-level representations and warranties. Such ratings also reflect the rating agencies&#146; opinions of other service providers in such transactions, such as trustees, <FONT
STYLE="white-space:nowrap">back-up</FONT> servicers, <FONT STYLE="white-space:nowrap">charged-off</FONT> loan purchasers and others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Any future
downgrade or <FONT STYLE="white-space:nowrap">non-publication</FONT> of ratings may increase the interest rates that are required to attract investment in such asset-backed securities, adversely impacting our ability to provide loan liquidity to our
bank partners and whole loan purchasers. As a result, our lack of parent debt rating and any possible downgrades to the ratings of our asset-backed securities could negatively impact our business, financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We rely on borrowings under our corporate and warehouse credit facility to fund certain aspects of our operations, and any inability to meet our obligations as
they come due or to comply with various covenants could harm our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our corporate credit facilities consist of term loans and
revolving loan facilities that we have drawn on to finance our operations and for other corporate purposes. As of December&nbsp;31, 2020, we had $20.5&nbsp;million outstanding principal under the term loans and revolving credit facilities. These
borrowings are secured by all the assets of the company that have not otherwise been sold or pledged to secure bank debt or securities associated with structured finance facilities, such as assets belonging to our consolidated warehouse trust
special purpose entities and securitization trusts. These credit agreements contain operating and financial covenants, including customary limitations on the incurrence of certain indebtedness and liens, restrictions on certain transactions and
limitations on dividends and stock repurchases. We have in the past, and may in the future, fail to comply with certain operating or financial covenants in our credit agreements, requiring a waiver from our lenders. Our ability to comply with or
renegotiate these covenants may be affected by events beyond our control, and breaches of these covenants could result in a default under such agreements and any future financial agreements into which we may enter. If we were to default on our
credit obligations and such defaults were not waived, our lenders may require repayment of any outstanding debt and terminate their agreements with us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, we, through our warehouse trust special purpose entities, have entered into warehouse credit facilities to partially finance the purchase
of loans from certain banks that originate loans through our platform, which credit facilities are secured by the purchased loans. We generally hold these loans on our balance sheet until we can contribute them into term securitization transactions
or otherwise liquidate them. Occasionally some of these loans may stay on our balance sheet </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">70 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
indefinitely, including some loans that are the result of product development activities. On November&nbsp;2, 2020, we repaid all outstanding borrowings under one of our warehouse credit
facilities in the amount of $4.0&nbsp;million and terminated the corresponding warehouse credit facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under our warehouse credit facility, we
may borrow up to $100.0&nbsp;million until May 2021, and any outstanding principal, together with any accrued and unpaid interest, are due and payable by the warehouse trust special purpose entity in May 2022. As of December&nbsp;31, 2020, the
amount borrowed under this credit facility was $35.0&nbsp;million, and $60.2&nbsp;million of aggregated fair value of loans purchased were pledged as collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our warehouse credit facility imposes operating and financial covenants on the warehouse trust special purpose entity, and under certain events of
default, the lender could require that all outstanding borrowings become immediately due and payable or terminate their agreement with us. We have in the past, and may in the future, fail to comply with certain operating or financial covenants in
our warehouse credit facility, requiring a waiver from our lenders. If we are unable to repay our obligations at maturity or in the event of default, the borrowing warehouse trust special purpose entity may have to liquidate the loans held as
collateral at an inopportune time or price or, if the lender liquidated the loans, such warehouse trust would have to pay any amount by which the original purchase price exceeded their sale price. An event of default would negatively impact our
ability to purchase loans from our platform and require us to rely on alternative funding sources, which might increase our costs or which might not be available when needed. If we were unable to arrange new or alternative methods of financing on
favorable terms, we might have to curtail our loan funding programs, which could have an adverse effect on our bank partners&#146; ability or willingness to originate new loans, which in turn would have an adverse effect on our business, results of
operations and financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Some of our borrowings carry a floating rate of interest linked to the London Inter-bank Offered Rate, or
LIBOR. On July&nbsp;27, 2017, the United Kingdom Financial Conduct Authority, or FCA, announced that it intends to stop persuading or compelling banks to submit rates for the calculation of LIBOR after 2021. On March 5, 2021, the FCA announced that
all LIBOR settings will either cease to be provided by any administrator, or no longer be representative immediately after December 31, 2021, for all GBP, EUR, CHF and JPY LIBOR settings and one-week and two-month US dollar LIBOR settings, and
immediately after June 30, 2023 for the remaining US dollar LIBOR settings, including three-month US&nbsp;dollar LIBOR. As a result, while the FCA and the submitting LIBOR banks have indicated they will support the LIBOR indices through December 31,
2021 for certain settings specified above and through June 30, 2023 for certain settings specified above, in each case to allow for an orderly transition to an alternative reference rate, it is possible that beginning in 2022, certain LIBOR settings
will no longer be available as a reference rate, with the remaining LIBOR settings becoming unavailable after June 30, 2023. In particular, the interest rate of borrowings under our warehouse credit facility and certain related interest rate hedging
arrangements are predominately based upon LIBOR. While these agreements generally include alternative rates to LIBOR, if a change in indices results in interest rate increases on our debt, debt service requirements will increase, which could
adversely affect our cash flow and results of operations. We do not expect a materially adverse change to our financial condition or liquidity as a result of any such changes or any other reforms to LIBOR that may be enacted in the United Kingdom or
elsewhere. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We may need to raise additional funds in the future, including through equity, debt or convertible debt financings, to support business growth and
those funds may not be available on acceptable terms, or at all. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We intend to continue to make investments to support our business growth
and may require additional funds to respond to business challenges, including the need to develop new loan products, enhance our AI models, improve our operating infrastructure, or acquire complementary businesses and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">71 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
technologies. Accordingly, we may need to engage in equity, debt or convertible debt financings to secure additional funds. If we raise additional funds by issuing equity securities or securities
convertible into equity securities, our stockholders may experience dilution. Debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any debt or additional equity financing that we
raise may contain terms that are not favorable to us or our stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If we are unable to obtain adequate financing or on terms satisfactory to
us when we require it, we may be unable to pursue certain business opportunities and our ability to continue to support our business growth and to respond to business challenges could be impaired and our business may be harmed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">72 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>RISKS RELATED TO TAXES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our ability to use our deferred tax assets to offset future taxable income may be subject to certain limitations that could subject our business to higher tax
liability. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We may be limited in the portion of net operating loss carryforwards, or NOLs, that we can use in the future to offset taxable
income for U.S. federal and state income tax purposes. The Tax Cuts and Jobs Act, or the Tax Act, made broad and complex changes to U.S. tax law, including changes to the uses and limitations of NOLs. For example, in the Tax Act, as modified by the
Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, NOLs arising in taxable years beginning after December&nbsp;31, 2017 and before January&nbsp;1, 2021 may be carried back to each of the five taxable years preceding the taxable
year of such loss, but NOLs arising in taxable years beginning after December&nbsp;31, 2020 may not be carried back. Additionally, under the Tax Act, as modified by the CARES Act, NOLs from taxable years that began after December&nbsp;31, 2017 may
offset no more than 80% of current taxable income annually for taxable years beginning after December&nbsp;31, 2020, but the 80% limitation on the use of NOLs from taxable years that began after December&nbsp;31, 2017 does not apply for taxable
income in taxable years beginning before January 1, 2021. NOLs arising in taxable years ending after December 31, 2017 can be carried forward indefinitely, but NOLs generated in taxable years ending before January&nbsp;1, 2018 will continue to have
a <FONT STYLE="white-space:nowrap">two-year</FONT> carryback and twenty-year carryforward period. A lack of future taxable income would adversely affect our ability to utilize these NOLs. In addition, under Section&nbsp;382 of the Internal Revenue
Code of 1986, as amended, or the Code, a corporation that undergoes an &#147;ownership change&#148; is subject to limitations on its ability to utilize its NOLs to offset future taxable income. Future changes in our stock ownership, including this
or future offerings, as well as other changes that may be outside of our control, could result in additional ownership changes under Section&nbsp;382 of the Code. Our NOLs may also be impaired under similar provisions of state law. We assess the
available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. On the basis of this evaluation, a full valuation allowance has historically been recorded to
recognize only deferred tax assets that are more likely than not to be realized. Certain of our deferred tax assets may expire unutilized or underutilized, which could prevent us from offsetting future taxable income. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Changes in tax laws could have a material adverse effect on our business, financial condition and results of operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Changes in tax laws could have a material adverse effect on our business, financial condition and results of operations. For example, the Tax Act
contained significant changes to U.S. tax law, including a reduction in the corporate tax rate and a transition to a new territorial system of taxation. The primary impact of the Tax Act on our provision for income taxes was a reduction of the
future tax benefits of our deferred tax assets as a result of the reduction in the corporate tax rate. The impact of the Tax Act may be subject to ongoing technical guidance and accounting interpretation, which we will continue to monitor and
assess. As we expand the scale of our business activities, any changes in the U.S. taxation of such activities may increase our effective tax rate and harm our business, financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are subject to taxes in the United States under federal, state and local jurisdictions in which we operate. The governing tax laws and applicable tax
rates vary by jurisdiction and are subject to interpretation and macroeconomic, political or other factors. For example, the results of the recent U.S Presidential and Congressional elections may lead to tax law changes. We may be subject to
examination in the future, by federal, state and local authorities on income, employment, sales and other tax matters. While we regularly assess the likelihood of adverse outcomes from such examinations and the adequacy of our provision for taxes,
there can be no assurance that such provision is sufficient and that a determination by a tax authority would not have an adverse effect on </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">73 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
our business, financial condition and results of operations. Various tax authorities may disagree with tax positions we take and if any such tax authorities were to successfully challenge one or
more of our tax positions, the results could adversely affect our financial condition. Further, the ultimate amount of tax payable in a given financial statement period may be impacted by sudden or unforeseen changes in tax laws, changes in the mix
and level of earnings by taxing jurisdictions, or changes to existing accounting rules or regulations. The determination of our overall provision for income and other taxes is inherently uncertain as it requires significant judgment around complex
transactions and calculations. As a result, fluctuations in our ultimate tax obligations may differ materially from amounts recorded in our financial statements and could adversely affect our business, financial condition and results of operations
in the periods for which such determination is made. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Taxing authorities may successfully assert that we should have collected or in the future should collect
sales and use, gross receipts, value added or similar taxes and may successfully impose additional obligations on us, and any such assessments or obligations could adversely affect our business, financial condition and results of operations.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The application of indirect taxes, such as sales and use tax, value-added tax, goods and services tax, business tax and gross receipts tax,
to platform businesses is a complex and evolving issue. Many of the fundamental statutes and regulations that impose these taxes were established before the adoption and growth of the Internet and <FONT STYLE="white-space:nowrap">e-commerce.</FONT>
Significant judgment is required on an ongoing basis to evaluate applicable tax obligations and as a result amounts recorded are estimates and are subject to adjustments. In many cases, the ultimate tax determination is uncertain because it is not
clear how new and existing statutes might apply to our business. In addition, governments are increasingly looking for ways to increase revenue, which has resulted in discussions about tax reform and other legislative action to increase tax revenue,
including through indirect taxes. Such taxes could adversely affect our financial condition and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We may face various indirect
tax audits in various U.S. jurisdictions. In certain jurisdictions, we collect and remit indirect taxes. However, tax authorities may raise questions about or challenge or disagree with our calculation, reporting or collection of taxes and may
require us to collect taxes in jurisdictions in which we do not currently do so or to remit additional taxes and interest, and could impose associated penalties and fees. A successful assertion by one or more tax authorities requiring us to collect
taxes in jurisdictions in which we do not currently do so or to collect additional taxes in a jurisdiction in which we currently collect taxes, could result in substantial tax liabilities, including taxes on past sales, as well as penalties and
interest, could harm our business, financial condition and results of operations. Although we have reserved for potential payments of possible past tax liabilities in our financial statements, if these liabilities exceed such reserves, our financial
condition will be harmed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As a result of these and other factors, the ultimate amount of tax obligations owed may differ from the amounts recorded
in our financial statements and any such difference may adversely impact our results of operations in future periods in which we change our estimates of our tax obligations or in which the ultimate tax outcome is determined. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">74 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>RISKS RELATED TO THIS OFFERING AND OWNERSHIP OF OUR COMMON STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>The trading price of our common stock has been and may continue to be highly volatile, and you could lose all or part of your investment. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The trading price of our common stock has been and may continue to be highly volatile and could be subject to significant fluctuations in response to
various factors, some of which are beyond our control. For example, since January 2021, the intraday trading price of our common stock has varied between a low of $38.05 on January&nbsp;4, 2021 and a high of $165.66 on March&nbsp;22, 2021. These
fluctuations could cause you to lose all or part of your investment in our common stock. Factors that could cause fluctuations in the trading price of our common stock include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">price and volume fluctuations in the overall stock market from time to time; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">volatility in the trading prices and trading volumes of financial technology stocks; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">changes in operating performance and stock market valuations of other financial technology companies and technology
companies that offer services to financial institutions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">sales of shares of our common stock by us or our stockholders; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">failure of securities analysts to maintain coverage of us, changes in financial estimates by securities analysts who follow
our company, or our failure to meet these estimates or the expectations of investors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the financial projections we may provide to the public, any changes in those projections, or our failure to meet those
projections; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">announcements by us or our competitors of new products, features, or services; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the public&#146;s reaction to our press releases, other public announcements, and filings with the SEC;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">rumors and market speculation involving us or other companies in our industry; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">actual or anticipated changes in our results of operations or fluctuations in our results of operations;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">changes in prevailing interest rates; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">quarterly fluctuations in demand for the loans we facilitate through our platform; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">fluctuations in the trading volume of our shares or the size of our public float; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">actual or anticipated developments in our business, our competitors&#146; businesses or the competitive landscape
generally; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">litigation involving us, our industry, or both, or investigations by regulators into our operations or those of our
competitors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">compliance with government policies or regulations; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the issuance of any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cease-and-desist</FONT></FONT> orders
from regulatory agencies that we are subject to; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">developments or disputes concerning our intellectual property or other proprietary rights; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">actual or perceived data security breaches or other data security incidents; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">announced or completed acquisitions of businesses, products, services, or technologies by us or our competitors;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">new laws or regulations or new interpretations of existing laws or regulations applicable to our business;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">75 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">changes in accounting standards, policies, guidelines, interpretations, or principles; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">recruitment or departure of key personnel; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">other events or factors, including those resulting from war, incidents of terrorism, political unrest, natural disasters,
pandemics or responses to these events; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">general economic conditions and slow or negative growth of our markets. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating
performance of listed companies. Broad market and industry factors may seriously affect the market price of our common stock, regardless of our actual operating performance. In the past, following periods of volatility in the overall market and the
market prices of particular companies&#146; securities, securities class action litigation has often been instituted against these companies. Litigation of this type, if instituted against us, could result in substantial costs and a diversion of our
management&#146;s attention and resources. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Certain insiders have significant voting power, which could limit your ability to influence the outcome of key
transactions, including a change of control. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our directors, officers, and each of our stockholders who own greater than 5% of our
outstanding capital stock and their affiliates, in the aggregate, beneficially own a majority of the outstanding shares of our capital stock. As a result, these stockholders, if acting together, are able to influence matters requiring approval by
our stockholders, including the election of directors and the approval of mergers, acquisitions, or other extraordinary transactions. They may also have interests that differ from yours and may vote in a way with which you disagree and which may be
adverse to your interests. This concentration of ownership may have the effect of delaying, preventing or deterring a change of control, could deprive our stockholders of an opportunity to receive a premium for their common stock as part of a sale,
and might ultimately affect the trading price of our common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>A substantial portion of the outstanding shares of our common stock are restricted from
immediate resale but may be sold on a stock exchange in the near future. The large number of shares of our capital stock eligible for public sale or subject to rights requiring us to register them for public sale could depress the market price of
our common stock. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The market price of our common stock could decline as a result of sales of a large number of shares of our common stock in
the market, and the perception that these sales could occur may also depress the market price of our common stock. In connection with our initial public offering, or IPO, our executive officers, directors, and the holders of substantially all of our
capital stock and securities convertible into or exchangeable for our capital stock entered into market standoff agreements with us or entered into <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements with the underwriters under which they
have agreed, subject to specific exceptions, not to sell any of our stock for 180 days after December&nbsp;15, 2020. We refer to such period as the <FONT STYLE="white-space:nowrap">lock-up</FONT> period. In addition, the underwriter representatives
may, in their discretion, release all or some portion of the shares subject to <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements prior to the expiration of the <FONT STYLE="white-space:nowrap">lock-up</FONT> period. Sales of a substantial
number of such shares upon expiration, or the perception that such sales may occur, or early release of the <FONT STYLE="white-space:nowrap">lock-up,</FONT> could cause our share price to fall or make it more difficult for you to sell your common
stock at a time and price that you deem appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Subject to the provisions of Rule 144 or Rule 701 under the Securities Act, beginning 181 days
after December&nbsp;15, 2020 (subject to the terms of the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements and market standoff agreements described above), a significant number shares of our common stock will be eligible for sale in the
public market from time to time thereafter, subject in some cases to the volume and other restrictions of Rule 144, as described below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">76 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain stockholders are entitled, under our investors&#146; rights agreement, to require us to
register shares owned by them for public sale in the United States. In addition, we may file a registration statement to register shares reserved for future issuance under our equity compensation plans. As a result, subject to the satisfaction of
applicable exercise periods and the expiration or waiver of the market standoff agreements and <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements referred to above, the shares issued upon exercise of outstanding stock options will be
available for immediate resale in the United States in the open market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Sales of our shares may make it more difficult for us to sell equity
securities in the future at a time and at a price that we deem appropriate. These sales also could cause the trading price of our common stock to fall and make it more difficult for you to sell shares of our common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our common stock does not provide any rights directly related to the loans we hold. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Investors in our common stock own a form of equity that may provide returns based on either an increase in the value of the stock or any distributions
made to common stockholders. Investors will not, however, receive any interest in or fees based on the loans or other assets we hold on our balance sheet. In particular, investors in our common stock will not receive any distributions directly based
on principal or interest payments made by borrowers on the loans we hold. Those loans are not directly related in any way to the common stock investors&#146; purchase. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>You may be diluted by the future issuance of additional common stock in connection with our equity incentive plans, acquisitions or otherwise. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated certificate of incorporation authorizes us to issue our 626,685,974 shares of authorized but unissued common stock and rights
relating to common stock for the consideration and on the terms and conditions established by our Board of Directors in its sole discretion, whether in connection with acquisitions or otherwise. We have reserved 5,520,000 shares for issuance under
our 2020 Equity Incentive Plan subject to adjustment in certain events. Any common stock that we issue, including under our 2020 Equity Incentive Plan or other equity incentive plans that we may adopt in the future, could dilute the percentage
ownership held by the investors in our common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We have broad discretion over the use of the net proceeds from this offering and we may not use them
effectively. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We cannot specify with any certainty the particular uses of the net proceeds that we will receive from this offering. Our
management will have broad discretion in the application of the net proceeds from this offering, including for any of the purposes described in &#147;Use of Proceeds,&#148; and you will not have the opportunity as part of your investment decision to
assess whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently
intended use. If our management fails to apply these proceeds effectively, such failure could adversely affect our business, results of operations, financial condition, and the price of our common stock. Pending their use, we may invest our proceeds
in a manner that does not produce income or that loses value. Our investments may not yield a favorable return to our investors and may negatively impact the price of our common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer, or proxy
contest difficult, thereby depressing the market price of our common stock. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our status as a Delaware corporation and the anti-takeover
provisions of the Delaware General Corporation Law may discourage, delay, or prevent a change in control by prohibiting us from </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">77 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
engaging in a business combination with an interested stockholder for a period of three years after the person becomes an interested stockholder, even if a change of control would be beneficial
to our existing stockholders. In addition, our amended and restated certificate of incorporation and amended and restated bylaws contain provisions that may make the acquisition of our company more difficult, including the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our Board of Directors is classified into three classes of directors with staggered three-year terms and directors are only
able to be removed from office for cause; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">vacancies on our Board of Directors will be able to be filled only by our Board of Directors and not by stockholders;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">only the Chair of our Board of Directors, our Chief Executive Officer, or a majority of our entire Board of Directors are
authorized to call a special meeting of stockholders; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">certain litigation against us can only be brought in Delaware; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">advance notice procedures apply for stockholders to nominate candidates for election as directors or to bring matters
before an annual meeting of stockholders; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any amendment of the above anti-takeover provisions in our amended and restated certificate of incorporation or amended and
restated bylaws will require the approval of <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the combined vote of our then-outstanding shares of our common stock. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">These anti-takeover defenses could discourage, delay, or prevent a transaction involving a change in control of our company. These provisions could also
discourage proxy contests and make it more difficult for stockholders to elect directors of their choosing and to cause us to take other corporate actions they desire, any of which, under certain circumstances, could limit the opportunity for our
stockholders to receive a premium for their shares of our capital stock, and could also affect the price that some investors are willing to pay for our common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our amended and restated bylaws designate a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes
between us and our stockholders, which could limit our stockholders&#146; ability to choose the judicial forum for disputes with us or our directors, officers or employees. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated bylaws provide that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by
law, the sole and exclusive forum for (i)&nbsp;any derivative action or proceeding brought on our behalf, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, or other employees to us or our
stockholders, (iii)&nbsp;any action arising pursuant to any provision of the Delaware General Corporation Law, our amended and restated certificate of incorporation, or our amended and restated bylaws, or (iv)&nbsp;any other action asserting a claim
that is governed by the internal affairs doctrine shall be the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware), in all cases subject to the
court having jurisdiction over indispensable parties named as defendants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Section&nbsp;22 of the Securities Act creates concurrent jurisdiction for
federal and state courts over all such Securities Act actions. Accordingly, both state and federal courts have jurisdiction to entertain such claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or
contrary rulings by different courts, among other considerations, our amended and restated bylaws also provide that the federal district courts of the United States of America is the exclusive forum for resolving any complaint asserting a cause of
action arising under the Securities Act. We note, however, that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder, and that there is uncertainty as to whether a court would enforce this
exclusive </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">78 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
forum provision. Further, the enforceability of similar choice of forum provisions in other companies&#146; charter documents has been challenged in legal proceedings, and it is possible that a
court could find these types of provisions to be inapplicable or unenforceable. For example, in December 2018, the Court of Chancery of the State of Delaware determined that a provision stating that U.S. federal district courts are the exclusive
forum for resolving any complaint asserting a cause of action arising under the Securities Act is not enforceable. Although this decision was reversed by the Delaware Supreme Court in March 2020, other courts may still find these provisions to be
inapplicable or unenforceable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Any person or entity purchasing or otherwise acquiring any interest in any of our securities shall be deemed to have
notice of and consented to this provision. This exclusive-forum provision may limit a stockholder&#146;s ability to bring a claim in a judicial forum of its choosing for disputes with us or our directors, officers, or other employees, which may
discourage lawsuits against us and our directors, officers, and other employees. This exclusive forum provision does not apply to any causes of action arising under the Exchange Act or any other claim for which the federal courts have exclusive
jurisdiction. If a court were to find either exclusive-forum provision in our amended and restated bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions,
which could harm our results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our common stock market price and trading volume could decline if equity or industry analysts do not publish
research or publish inaccurate or unfavorable research about our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The trading market for our common stock will depend in part on
the research and reports that equity or industry analysts publish about us or our business. The analysts&#146; estimates are based upon their own opinions and are often different from our estimates or expectations. If one or more of the analysts who
cover us downgrade our common stock or publish inaccurate or unfavorable research about our business, the price of our securities would likely decline. If few securities analysts commence coverage of us, or if one or more of these analysts cease
coverage of us or fail to publish reports on us regularly, demand for our securities could decrease, which might cause the price and trading volume of our common stock to decline. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We are an &#147;emerging growth company&#148; and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make
our common stock less attractive to investors. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are an &#147;emerging growth company,&#148; as defined in the JOBS Act, and we intend to
take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not &#147;emerging growth companies,&#148; including not being required to comply with the auditor attestation
requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, exemptions from the requirements of holding a
<FONT STYLE="white-space:nowrap">non-binding</FONT> advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. In addition, under the JOBS Act, emerging growth companies can delay the
adoption of certain new or revised accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this exemption from new or revised accounting standards and, therefore, we will not be
subject to the same new or revised accounting standards as other public companies that are not emerging growth companies or that have opted out of using such extended transition period, which may make comparison of our financial statements with
those of other public companies more difficult. We may take advantage of these exemptions for so long as we are an &#147;emerging growth company.&#148; We cannot predict if investors will find our common stock less attractive to the extent that we
rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and the price of our common stock may be more volatile. We expect to lose our
&#147;emerging growth company&#148; status upon filing of the Form 10-K for the year ending December 31, 2021. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">79 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>The requirements of being a public company may strain our resources, divert management&#146;s attention and
affect our ability to attract and retain qualified board members. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As a public company, we are subject to the reporting requirements of the
Exchange Act, the Sarbanes- Oxley Act, the Dodd-Frank Act, the listing requirements of the Nasdaq Global Select Market and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and
financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources, especially once we are no longer an &#147;emerging growth company.&#148; The Exchange Act requires, among
other things, that we file annual, quarterly and current reports with respect to our business and results of operations. In addition, we expect that our management and other personnel will need to divert attention from operational and other business
matters to devote substantial time to these public company requirements. We cannot predict or estimate the amount of additional costs we may incur as a result of becoming a public company or the timing of such costs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We also expect that being a public company will make it more expensive for us to maintain director and officer liability insurance, and we may be
required to accept reduced coverage, incur substantially higher costs to obtain coverage or only obtain coverage with a significant deductible. These factors could also make it more difficult for us to attract and retain qualified executive officers
and qualified members of our Board of Directors, particularly to serve on our audit committee and compensation committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, changing
laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time-consuming. These laws,
regulations and standards are subject to varying interpretations in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies.
This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We invest resources to comply with evolving laws, regulations and standards, and this
investment may result in increased general and administrative expenses and a diversion of management&#146;s time and attention from revenue- generating activities to compliance activities. If, notwithstanding our efforts, we fail to comply with new
laws, regulations and standards or our efforts differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us, and
our business may be adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Our management team has limited experience managing a public company. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our management team has limited experience managing a publicly traded company, interacting with public company investors, and complying with the
increasingly complex laws pertaining to public companies. These new obligations and constituents require significant attention from our management team and may divert their attention away from the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of our business, which could harm our business, results of operations, and financial condition. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>We do not intend to pay dividends for the foreseeable future. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have never declared nor paid cash dividends on our capital stock. We currently intend to retain any future earnings to finance the operation and
expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. In addition, the terms of our existing corporate debt agreements do, and any future debt agreements may, preclude us from paying dividends. As
a result, capital appreciation of our common stock, if any, will be the only way for stockholders to realize any future gains on their investment for the foreseeable future. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">80 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_3"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">This prospectus contains forward-looking statements within the meaning of the federal securities laws about us and our industry, which statements
involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as
&#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;anticipate,&#148; &#147;seek,&#148; &#147;could,&#148; &#147;intend,&#148; &#147;target,&#148; &#147;aim,&#148; &#147;project,&#148;
&#147;contemplate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;predict,&#148; &#147;potential,&#148; or &#147;continue,&#148; or the negative of these words or other similar terms or expressions that concern our expectations, strategy,
plans, or intentions. Forward-looking statements contained in this prospectus include statements about: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our future financial performance, including our expectations regarding our revenue, our operating expenses, our ability to
determine reserves and our ability to remain profitable; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to improve the effectiveness and predictiveness of our AI models and our expectations that improvements in our
AI models can lead to higher approval rates and lower interest rates; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to increase the volume of loans facilitated by our AI lending platform; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to enter into new and maintain existing bank partnerships; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to successfully maintain a diversified loan funding strategy, including bank partnerships and whole loan sales
and securitization transactions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to maintain competitive interest rates offered to borrowers on our platform, while enabling our bank partners
to achieve an adequate return over their cost of funding; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to successfully build our brand and protect our reputation from negative publicity; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to increase the effectiveness of our marketing strategies, including our direct consumer marketing initiatives;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and any associated economic downturn on our
business and results of operations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our expectations and management of future growth, including expanding the number of potential borrowers;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to successfully adjust our proprietary AI models, products and services in a timely manner in response to
changing macroeconomic conditions and fluctuations in the credit market; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our compliance with applicable local, state and federal laws; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to comply with and successfully adapt to complex and evolving regulatory environments, including regulation of
artificial intelligence and machine learning technology; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our expectations regarding regulatory support of our approach to <FONT STYLE="white-space:nowrap">AI-based</FONT> lending,
including our ongoing discussions with the CFPB; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to protect against increasingly sophisticated fraudulent borrowing and online theft; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to service loans and the ability of third-party collection agents, to pursue collection of delinquent and
defaulted loans; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to successfully compete with companies that are currently in, or may in the future enter, the markets in which
we operate; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our expectations regarding new and evolving markets and our ability enter into new markets and introduce new products and
services, such as our recent introduction of auto loans; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">81 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to effectively secure and maintain the confidentiality of the information received, accessed, stored, provided
and used across our systems; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to successfully obtain and maintain funding and liquidity to support continued growth and general corporate
purposes; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to attract, integrate and retain qualified employees; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to effectively manage and expand the capabilities of our operations teams, outsourcing relationships and other
business operations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our ability to maintain, protect and enhance our intellectual property; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our expectations regarding outstanding litigation and regulatory investigations; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the increased expenses associated with being a public company; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our anticipated uses of net proceeds from this offering. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this
prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these
forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled &#147;Risk Factors&#148; and elsewhere in this prospectus. Moreover, we operate in a very competitive and rapidly
changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. We cannot
assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking
statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.
Moreover, the forward-looking statements made in this prospectus relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this prospectus to reflect events or
circumstances after the date of this prospectus or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking
statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, statements that &#147;we believe&#148; and similar statements reflect our beliefs and opinions on the relevant subject. These
statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not
be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">82 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_4"></A>INDUSTRY, MARKET AND OTHER DATA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Unless otherwise indicated, estimates and information contained in this prospectus concerning our industry and the market in which we operate, including
our general expectations, market position, market opportunity, and market size, are based on industry publications and reports generated by third-party providers, other publicly available studies, and our internal sources and estimates. This
information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we are responsible for all of the disclosure contained in this prospectus and we believe the information from
the industry publications and other third-party sources included in this prospectus is reliable, we have not independently verified the accuracy or completeness of the data contained in such sources. The content of, or accessibility through, the
below sources and websites, except to the extent specifically set forth in this prospectus, does not constitute a portion of this prospectus and is not incorporated herein, and any websites are an inactive textual reference only. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The source of certain statistical data, estimates and forecasts contained in this prospectus are the following independent industry publications or
reports: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Adrian D. Garcia, Bankrate: JPM, Big Banks Spend Billions on Tech but Innovation Lags, July&nbsp;2018.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Bain&nbsp;&amp; Company, Inc., Evolving the Customer Experience in Banking, 2017. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance
Corporation, National Credit Union Administration and Office of the Comptroller of the Currency, Interagency Statement on the Use of Alternative Data in Credit Underwriting, December 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Eldar Beiseitov, Federal Reserve Bank of St. Louis: Unsecured Personal Loans Get a Boost From Fintech Lenders, July 2019.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Consumer Financial Protection Bureau, <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter to Upstart Network, Inc.
dated September&nbsp;14, 2017, as modified on September&nbsp;11, 2020. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Consumer Financial Protection Bureau, Policy on <FONT STYLE="white-space:nowrap">No-Action</FONT> Letters, September 2019.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Federal Home Loan Bank of San Francisco, Cost of Funds Index, December 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Federal Deposit Insurance Corporation, Statistics on Depository Institutions, December 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">The Federal Reserve Board, Statistical Release: Consumer Credit, December 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">The Federal Reserve Board, Household Debt Service and Financial Obligations Ratios, December 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Forbes, citing Temkin Group Insight Report, NPS Benchmark Study, 2018, October 2018. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Matt Komos, TransUnion: Consumer Credit Origination, Balance and Delinquency Trends: Q2&nbsp;2020, September 2020.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Matt Komos, TransUnion: Consumer Credit Origination, Balance and Delinquency Trends: Q1&nbsp;2020, June 2020.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Matt Komos, TransUnion: Consumer Credit Origination, Balance and Delinquency Trends: Q4&nbsp;2019, March 2020.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Matt Komos, TransUnion: Consumer Credit Origination, Balance and Delinquency Trends: Q3&nbsp;2019, November 2019.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Kathleen L. Kraninger, Consumer Financial Protection Bureau: Director Kraninger&#146;s Remarks at <FONT
STYLE="white-space:nowrap">TCH-BPI</FONT> Conference, November 2019. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">83 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Kirsten Wysen, Open Source Solutions: Why Credit Scores and Payday Lending Matter for Health, October 2019.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Kroll Bond Rating Agency, KBRA Surveillance Reports, December 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">McKinsey Global Institute, Notes From the AI Frontier: Modeling the Impact of AI on the World Economy, September 2018.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Naeem Siddiqi, Intelligent Credit Scoring: Building and Implementing Better Credit Risk Scorecards&#151;2nd Edition, 2017.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Northwestern Mutual, 2019 Planning&nbsp;&amp; Progress Study: The Debt Debacle, 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Patrice Ficklin and Paul Watkins, Consumer Financial Protection Bureau Blog: An Update on Credit Access and the
Bureau&#146;s First <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter, August 2019. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">PricewaterhouseCoopers LLP, Experience Is Everything: Here&#146;s How to Get It Right, 2018. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">RedPoint Global and the Harris Poll, Addressing the Gaps in Customer Experience: A Benchmark Study Exploring the Ever
Evolving Customer Experience and How Marketers and Consumers Are Adapting, March 2019. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Rob Kaufman, myFico Blog: The History of the FICO Score, August 2018. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Statista: Value of Loans of all Commercial Banks in the United States from March 2014 to August 2020, September 2020.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Wei Wu, Vadim Verkhoglyad and Alex Kale, dv01 Insights: <FONT STYLE="white-space:nowrap">Covid-19</FONT> Performance Report
Volume&nbsp;9, July 2020. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">References to market size estimates are based on quarterly U.S. loan origination data published by
TransUnion as part of its quarterly Consumer Credit Origination, Balance and Delinquency Trends reports. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The industry in which we operate is
subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled &#147;Risk Factors&#148; and elsewhere in this prospectus. These and other factors could cause results to differ materially
from those expressed in the estimates made by the independent parties and by us. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">84 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_5"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We estimate that the net proceeds to us from the sale of shares of our common stock in this offering will be approximately
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, based upon an assumed public offering price of
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share, the last reported sale price of our common stock on the Nasdaq Global Select Market on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2021, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. If the
underwriters&#146; option to purchase additional shares of our common stock from us is exercised in full, we estimate that the net proceeds to us would be approximately
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Each $1.00 increase or decrease in the assumed public offering price of
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share, the last reported sale price of our common stock on the Nasdaq Global Select Market on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2021, would increase or decrease the net proceeds that we receive from this offering by approximately
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the
estimated underwriting discounts and commissions payable by us. Similarly, each increase or decrease of 1.0&nbsp;million in the number of shares of our common stock offered by us would increase or decrease the net proceeds that we receive from this
offering by approximately $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, assuming the assumed public offering price remains the same and after deducting the estimated underwriting discounts
and commissions payable by us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The principal purposes of this offering are to increase financial flexibility, obtain additional capital and
increase our public float. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We intend to use the net proceeds we receive from this offering for general corporate purposes, including working
capital, operating expenses and capital expenditures. Additionally, we may use a portion of the net proceeds we receive from this offering to acquire or invest in businesses, products, services or technologies. However, other than as described
elsewhere in this prospectus, we do not have agreements or commitments for any acquisitions or investments at this time. We cannot specify with certainty the particular uses of the net proceeds that we will receive from this offering. Accordingly,
we will have broad discretion in using these proceeds. Pending the use of proceeds from this offering as described above, we may invest the net proceeds that we receive in this offering in short-term, investment grade, interest-bearing instruments.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">85 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_6"></A>MARKET INFORMATION RELATING TO OUR COMMON STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our common stock began trading on the Nasdaq Global Select Market on December&nbsp;16, 2020 under the symbol &#147;UPST&#148;. Prior to that date, there
was no public trading market for our common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020, we had <U></U>214 holders of record of our common stock. The
actual number of stockholders is greater than this number of record holders and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">86 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_7"></A>DIVIDEND POLICY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have never declared or paid any cash dividends on our capital stock. We currently intend to retain any future earnings and do not expect to pay any
dividends in the foreseeable future. Any future determination to declare cash dividends will be made at the discretion of our board of directors, subject to applicable laws, and will depend on a number of factors, including our financial condition,
results of operations, capital requirements, contractual restrictions, general business conditions, and other factors that our board of directors may deem relevant. Additionally, our ability to pay cash dividends on our common stock is limited by
restrictions under the terms of our credit facilities with Silicon Valley Bank. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">87 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_8"></A>CAPITALIZATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table sets forth our cash and capitalization as of December&nbsp;31, 2020 as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">an actual basis; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">on an as adjusted basis, giving effect to the sale and issuance by us of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of our common stock in this offering, based upon the assumed public offering price of
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share, the last reported sale price of our common stock on the Nasdaq Global Select Market on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2021, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The as adjusted information set forth in the table below is illustrative only and will be adjusted based on the actual public offering price and other
terms of this offering determined at pricing. You should read this table together with our consolidated financial statements and related notes, and the sections titled &#147;Selected Consolidated Financial and Other Data&#148; and
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; that are included elsewhere in this prospectus. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(In&nbsp;thousands,&nbsp;except&nbsp;share&nbsp;and&nbsp;per&nbsp;share&nbsp;amounts)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Actual</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As<BR>adjusted<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">250,819</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,626</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stockholders&#146; equity:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Common stock, par value $0.0001 per share: 700,000,000 shares authorized, 73,314,026 shares issued and
outstanding, actual; 700,000,000&nbsp;shares authorized, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares issued and outstanding, as adjusted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">369,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,222</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total stockholders&#146; equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total capitalization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">362,878</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Each $1.00 increase or decrease in the assumed public offering price of
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share, which is the last reported sale price of our common stock on the Nasdaq Global Select Market on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2021, would increase or decrease the amount of our as adjusted cash, additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital, total stockholders&#146; equity
and total capitalization by approximately $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and
after deducting estimated underwriting discounts and commissions payable by us. An increase or decrease of 1.0&nbsp;million shares in the number of shares offered by us would increase or decrease, as applicable, the amount of our as adjusted cash,
additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital, total stockholders&#146; equity, and total capitalization by $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, assuming the public offering price
remains the same, and after deducting estimated underwriting discounts and commissions payable by us. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If the underwriters&#146;
option to purchase additional shares of our common stock from us were exercised in full, as adjusted cash, additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital, total stockholders&#146; equity, total capitalization, and shares
outstanding as of December&nbsp;31, 2020 would be $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The as adjusted column in the table above are based on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of our common stock outstanding as of December&nbsp;31, 2020, and excludes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">19,600,223 shares of our common stock issuable upon the exercise of options to purchase shares of our common stock
outstanding as of December&nbsp;31, 2020, with a weighted-average exercise price of $<U>4.27</U> per share; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">88 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">606,830 shares of our common stock issuable upon the exercise of options to purchase shares of our common stock that were
granted after December&nbsp;31, 2020, with a weighted-average exercise price of $104.82 per share; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">834,472&nbsp;restricted stock units, or RSUs, of Upstart Holdings, Inc. that were granted after December&nbsp;31, 2020; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">9,437,181 shares of our common stock reserved for future issuance under our equity compensation plans as of
December&nbsp;31, 2020, consisting of: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">8,057,181 shares of our common stock reserved for future issuance under our 2020 Equity Incentive Plan, or our 2020 Plan;
and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">1,380,000 shares of our common stock reserved for future issuance under our 2020 Employee Stock Purchase Plan, or our ESPP.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Each of our 2020 Plan and our ESPP provides for annual automatic increases in the number of shares reserved thereunder, and our
2020 Plan also provides for increases to the number of shares that may be granted thereunder based on awards under our 2012 Plan that expire, are forfeited, or otherwise repurchased by us, as more fully described in the section titled
&#147;Executive Compensation&#151;Employee Benefit and Stock Plans.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">89 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_9"></A>SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following selected consolidated statements of operations data for the years ended December&nbsp;31, 2018, 2019, and 2020 and the consolidated
balance sheet data as of December&nbsp;31, 2019 and 2020 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be
expected in the future. You should read the following selected consolidated financial and other data below in conjunction with the section titled &#147;<I>Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations</I>&#148; and our consolidated financial statements and related notes included elsewhere in this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Consolidated Statements
of Operations Data </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt" ALIGN="center">


<TR>

<TD WIDTH="63%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(In thousands, except share and per share amounts)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Revenue:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">159,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">228,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Interest income and fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,342</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">233,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Sales and marketing<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,633</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Customer operations<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,581</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Engineering and product development<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">General, administrative, and other<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">168,764</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221,651</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Income (loss) from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,971</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,575</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Other income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,036</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Expense on warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,734</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,407</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,364</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Net income (loss) before income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,946</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Net income (loss) before attribution to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,020</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Net income (loss) attributable to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,554</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(404</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Net income (loss) attributable to Upstart Holdings, Inc. common stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, basic and diluted.<SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.87&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">) $&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.03</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Weighted-average number of shares outstanding used in computing net income (loss) per share attributable to
Upstart Holdings, Inc. common stockholders, basic and diluted<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,128,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,335,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,513,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Pro forma net income per share attributable to Upstart Holdings, Inc. common stockholders, basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Pro forma weighted-average number of shares outstanding used in computing net income per share attributable
to Upstart Holdings, Inc. common stockholders, basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Pro forma net income per share attributable to Upstart Holdings, Inc. common stockholders, diluted</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Pro forma weighted-average number of shares outstanding used in computing net income per share attributable
to Upstart Holdings, Inc. common stockholders, diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">90 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Includes stock-based compensation expense as follows: </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Customer operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">178</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Engineering and product development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,803</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">General, administrative, and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">931</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">See Note 15 to our consolidated financial statements for an explanation of the calculations of our basic and diluted net
loss per share attributable to Upstart Holdings, Inc. common stockholders, net income per share attributable to Upstart Holdings, Inc. common stockholders and the weighted-average number of shares used in the computation of the per share amounts.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Condensed Consolidated Balance Sheet Data </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">44,389</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">250,819</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Loans (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">232,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Notes receivable and residual certificates (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">393,462</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">477,255</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,626</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Payable to securitization note holders and residual certificate holders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">292,604</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177,003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">162,546</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(75,205</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,222</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total Upstart Holdings, Inc. stockholders&#146; equity (deficit)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,714</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total stockholders&#146; equity (deficit)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(61,688</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total liabilities, convertible preferred stock and stockholders&#146; equity (deficit)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">393,462</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">477,255</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">91 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Key Operating Metrics and <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We focus on several key operating and financial metrics to measure the performance of our business and help determine strategic direction. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><B></B><I>In thousands, except per share amounts</I><B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Number of Loans Transacted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215,122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,379</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Conversion Rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.2%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Percentage of Loans Fully Automated</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Contribution Profit<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,098</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">48,940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">105,088</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Contribution Margin</I><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted EBITDA<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(6,226</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Adjusted EBITDA Margin</I><SUP STYLE="font-size:85%; vertical-align:top">(1) </SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6)%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted Net Income (Loss)<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(10,274</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,340</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,496</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted Net Income (Loss) per Share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Basic<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Diluted<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Represents a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure. See the section titled
&#147;<I>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Reconciliation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures</I>&#148; for further information. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">See the section titled &#147;<I>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Key Operating
Metrics</I>&#148; for more information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">92 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_10"></A>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>The following discussion and analysis of our financial condition and results of operations should be read in
conjunction with the section titled &#147;Selected Consolidated Financial and Other Data&#148; and the consolidated financial statements and related notes thereto included elsewhere in this prospectus. This discussion contains forward-looking
statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled &#147;Risk Factors&#148; and other parts of this prospectus. Our
historical results are not necessarily indicative of the results that may be expected for any period in the future. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Overview </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart applies modern data science and technology to the process of underwriting consumer credit. By providing our bank partners with a proprietary <FONT
STYLE="white-space:nowrap">AI-based</FONT> origination platform, we help them originate credit with higher approval rates, lower loss rates and a high degree of automation. As our technology continues to improve and additional banks adopt our
platform, consumers benefit from improved access to affordable and frictionless credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We believe that banks will continue to be at the forefront
of consumer lending in the United&nbsp;States. We believe AI lending will become increasingly critical as this industry continues to undergo a broad digital transformation. Our strategy is to partner with banks, providing them with an exceptional AI
lending platform that they can configure as they originate consumer loans under their own brand, according to their own business and regulatory requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Consumers can obtain Upstart-powered loans in one of two ways: either by referral from Upstart.com to one of our bank partners, or directly through our
bank partners&#146; own websites, where our lending technology and experience is bank-branded. Our direct bank partner channel represents a small but growing portion of our overall volume, and we believe this portion will continue to grow over time
as we onboard new bank partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our bank partners can retain loans that align with their business and risk objectives. For loans that are not
retained by our bank partners, we help diversify the funding of these loans to a broad base of institutional investors that invest in Upstart-powered loans. In the fourth quarter of 2020, <U></U>18% of the loans funded through our platform were
retained by the originating bank (compared to <U></U>21% in the fourth quarter of 2019). <U></U>81% of loans were purchased by institutional investors through our loan funding programs in the fourth quarter of 2020 (compared to <U></U>72% in the
fourth quarter of 2019), and the remaining <U></U>1% were funded through our balance sheet (compared to <U></U>7% in the fourth quarter of 2019). Over the last few years, the percentage of loans purchased by institutional investors and retained by
bank partners has fluctuated from quarter-to-quarter, but generally increased, while the percentage of loans funded through our balance sheet has generally decreased. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Our Economic Model </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart&#146;s revenues
are primarily earned in the form of three separate usage-based fees, which can be either dollar or percentage based depending on the contractual arrangement. We charge our bank partners a referral fee each time we refer a borrower who obtains a
loan. Separately, we charge bank partners a platform fee each time they originate a loan using our platform. These fees are contracted for and charged separately, although they are generally combined for accounting purposes as they usually represent
a single performance obligation. We do not charge the borrowers on our platform any referral, platform or other similar fees for our loan matching services. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">93 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We also charge the holder of the loan (either a bank or institutional investor) an ongoing annualized
servicing fee based on the outstanding principal over the lifetime of the loan for ongoing servicing of the loan. In addition, we earn a small portion of our revenue from interest income and our securitization activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Loans on our platform today are predominantly sourced from Upstart.com. For these loans, we incur variable costs in the form of borrower acquisition
costs and borrower verification and servicing costs. Borrower acquisition cost and borrower verification and servicing cost are highly correlated with the Number of Loans Transacted on our platform and trended upwards on an annual basis. A small
number of loans were sourced directly through bank partners in which we received no referral fee and incurred no acquisition cost. The rising level of automation and continued improvements to our Conversion Rate achieved through our increasingly
sophisticated risk models and our evolving channel mix have contributed to improving loan unit economics over time. We further believe that bank-sourced loans can be an important driver of volume growth in the medium-term future; to the extent we
are able to increase the number of loans sourced directly through our bank partners, our contribution margin would be positively impacted. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I><FONT
STYLE="white-space:nowrap">COVID-19</FONT> Pandemic Impact </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The onset of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic began
to impact origination volumes on our platform in the second half of March 2020. A rapid rise in unemployment in the United States led to the potential for increased losses for new originations by our AI models, reduction in originations by bank
partners, and a temporary pause in loan funding from institutions and capital markets. These factors collectively resulted in an 86% reduction in the number of loans originated and a 73% reduction in revenue in the second quarter of 2020 compared to
the first quarter of 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In response to the market conditions caused by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, we made
certain operational changes, including increases to the fees we charge our bank partners and reductions in our sales and marketing activities and certain operational expenses. We continue to evaluate market and other conditions and may make
additional changes to our fees or marketing activities, or implement additional operational changes, in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Origination volumes recovered
quickly, beginning in June 2020, as unemployment plateaued. For the year ended December&nbsp;31, 2020, the Number of Loans Transacted was 300,379, representing a 40% increase compared to the Number of Loans Transacted in the year ended
December&nbsp;31, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">To support borrowers suffering from income loss due to the pandemic, Upstart worked with its bank partners to offer
hardship plans that, among other things, allowed affected borrowers to defer loan payments for up to two months. At the peak, approximately 5.6% of borrowers on our platform had enrolled in a hardship program, less than half the rate of online
lending industry benchmarks. Since this time, approximately 95% of these impacted borrowers have exited the hardship program and resumed making loan payments. Due to the strength of our AI model, we expect that the
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic will have minimal impact on bank partners and institutional investor performance for Upstart-powered loans originated prior to the second quarter of 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Although significant government assistance was provided during the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, the resilience of our bank
partner results during this time provides evidence of the benefits that our AI models can offer to bank lending programs. We believe these benefits are even more compelling and valuable during periods of economic downturn. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">94 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Factors Affecting Our Performance </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Continued Improvements to Our AI Models </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Much of our
historical growth has been driven by improvements to our AI models. These models benefit over time from a flywheel effect that is characteristic of machine learning systems: accumulation of repayment data leads to improved accuracy of risk and fraud
predictions, which results in higher approval rates and lower interest rates, leading to increased volume, and consequently greater accumulation of repayment data. This virtuous cycle describes an important mechanism by which our business grows
simply through model learning and recalibration. We expect to continue to invest significantly in the development of our AI models and platform functionalities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Beyond the ongoing accumulation of repayment data used to train our models, we also frequently make discrete improvements to model accuracy by upgrading
algorithms and incorporating new variables, both of which have historically resulted in higher approval rates, more competitive loan offers, increased automation, and faster growth. As a second order effect, the impact of these improvements on our
conversion funnel also allow us to unlock new marketing channels over time that have previously been unprofitable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We believe that ongoing
improvements to our technology in this manner will allow us to further expand access and lower rates for creditworthy borrowers, which will continue to fuel our growth. Should the pace of these improvements slow down or cease, or should we discover
forms of model upgrades which improve accuracy at the expense of volume, our growth rates could be adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Bank and Market Adoption </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Banks play two key roles in Upstart&#146;s ecosystem: funding loans and acquiring new customers. Banks tend to enjoy among the most efficient sources of
funding due to their expansive base of deposits. As they adopt our technology and fund a growing proportion of our platform transactions, offers made to borrowers will typically improve, generally leading to higher conversion rates and faster growth
for our platform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">New bank partners also represent additional acquisition channels through which we can reach and source prospective new borrowers,
as these banks develop and implement their own digital and <FONT STYLE="white-space:nowrap">in-branch</FONT> campaigns to drive traffic from their existing customer base to our platform. We view this emerging growth channel to be additive to the
marketing acquisition programs we currently run at Upstart. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">To provide funding support for our bank partners, we have built a broad network of
institutional investors that can fund Upstart-powered loans through secondary loan purchasing, issuance of pass-through certificates and investment in asset-backed securitizations. This diverse network of capital helps to minimize our reliance on
any one funding source. However, any trend towards reduced participation by banks will generally erode the overall competitiveness of the offers on our platform, and any declining trend in the participation of broader institutional investment
markets with respect to funding availability for Upstart-powered loans could adversely affect our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Product Expansion and Innovation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We intend to continue developing new financial products that address a broader set of consumer needs over time. We recently announced our entry into the
auto lending market and we believe that significant growth opportunities exist to apply our evolving technology to additional segments of credit, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">95 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
such as credit cards, mortgages, student loans, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-of-sale</FONT></FONT> loans, and HELOCs. In addition, we aim to serve a
broader role of technology enablement for banks, which we believe will seek more comprehensive technology solutions from their suppliers. For example, we recently began offering an application programming interface product to banks that allows them
to utilize our AI underwriting models to support their loan origination process for personal, auto, and student loans. We will incur expenses and opportunity cost to develop and launch new products. Monetization prospects for new products are
uncertain, and costs associated with developing and marketing new products might not be recovered, which could weigh on our <FONT STYLE="white-space:nowrap">top-line</FONT> growth and profitability. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Impact of Macroeconomic Cycles </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Economic cycles can
impact our financial performance and related metrics, including consumer demand for loans, conversion rates and the interest rates our bank partners and institutional investors are willing to accept. In a potential downturn, we believe consumer
lending will generally contract, including the volume transacted on our own platform. However, the performance of Upstart-powered loans through an economic downturn, such as that experienced during the
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, will be important in further validating our AI models with banks and institutional investors. If we are able to continue demonstrating the resilience of Upstart-powered loans through future
macroeconomic cycles relative to general consumer credit, it could strengthen our competitive positioning as we emerge from such downturns. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Key
Operating and Financial Metrics </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We focus on several key operating and financial metrics to measure the performance of our business and help
determine strategic direction. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><FONT STYLE="font-size:8pt"><B>Year Ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>In thousands, except per share amounts</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Number of Loans Transacted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215,122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,379</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Conversion Rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.2%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Percentage of Loans Fully Automated</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Contribution Profit<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,098</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">48,940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">105,088</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Contribution Margin</I><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted EBITDA<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(6,226</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Adjusted EBITDA Margin</I><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6)%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted Net Income (Loss)<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(10,274</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,340</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,496</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted Net Income (Loss) per Share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Basic<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Diluted<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Represents a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure. See the section titled
&#147;<I>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Reconciliation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures</I>&#148; for further information. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Number of Loans Transacted </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We define the Number of
Loans Transacted as the transaction volume, measured by number of loans facilitated on our platform, between a borrower and originating bank during the period presented. We believe this metric to be a good proxy for our overall scale and reach as a
platform. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Conversion Rate </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We define Conversion
Rate as the Number of Loans Transacted in a period divided by the number of rate inquiries received, which we record when a borrower requests a loan offer on our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">96 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
platform. We track this metric to understand the impact of improvements to the efficiency of our borrower funnel on our overall growth. Historically, our Conversion Rate has benefited from
improvements to our technology, which have made our evaluation of risk more accurate and our verification process more automated, or from the addition of bank partners that have made our offers more competitive. Our ability to continue to improve
our Conversion Rate depends in part on our ability to continue to improve our AI models and Percentage of Loans Fully Automated and the mix of marketing channels in any given period. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Percentage of Loans Fully Automated </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">A key driver of
our contribution margin and operating efficiency is the Percentage of Loans Fully Automated, which is defined as the total number of loans in a given period originated
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> (from initial rate request to final funding) with no human involvement divided by the Number of Loans Transacted in the same period. We have been successful
in increasing the level of loan automation on the platform over the past few years while simultaneously holding fraud rates constant and at very low levels. We believe our growth over the last several years has been driven in part by our ability to
rapidly streamline and automate the loan application and origination process on our platform. We expect the Percentage of Loans Fully Automated to level off and remain relatively constant in the long term, and to the extent we expand our loan
offerings beyond unsecured personal loans, we expect that such percentage may decrease in the short term. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Contribution Profit and Contribution Margin
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">To derive Contribution Profit, we subtract from revenue from fees, net our borrower acquisition costs as well as our borrower verification
and servicing costs. To calculate Contribution Margin we divide Contribution Profit by revenue from fees, net. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table provides a
calculation of Contribution Profit and Contribution Margin (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Referral fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">53,869</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">90,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 133,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Platform fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,512</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,383</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,832</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Servicing fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">228,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Borrower acquisition costs<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(61,658</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(89,569</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91,700</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Borrower verification and servicing costs<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,726</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,338</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31,812</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total direct expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(75,384</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(110,907</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(123,512</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Contribution Profit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 13,098</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 48,940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 105,088</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Contribution Margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Borrower acquisition costs consist of our sales and marketing expenses adjusted to exclude costs not directly attributable
to attracting a new borrower, such as payroll-related expenses for our business development and marketing teams, as well as other operational, brand awareness and marketing activities </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in
loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock- based compensation for certain members of our customer operations team whose work is not directly
attributable to onboarding and servicing loans. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">See the section titled &#147;<I>Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations&#151;Reconciliation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures</I>&#148; for a reconciliation of income (loss) from operations to Contribution Profit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">97 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Adjusted EBITDA and Adjusted EBITDA Margin </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We calculate Adjusted EBITDA as net income (loss) attributable to Upstart Holdings, Inc. stockholders adjusted to exclude stock-based compensation
expense, depreciation and amortization, expense on warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses, net and provision for income taxes. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total
revenue. Adjusted EBITDA and Adjusted EBITDA Margin includes interest expense from corporate debt and warehouse credit facilities which is incurred in the course of earning corresponding interest income. See the section titled
&#147;<I>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Reconciliation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measure</I>s&#148; for a reconciliation of net loss attributable to
Upstart Holdings, Inc. common stockholders to Adjusted EBITDA and Adjusted EBITDA Margin. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">See the section titled &#147;<I>Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#151;Reconciliation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures</I>&#148; for a reconciliation of net income (loss) attributable to Upstart Holdings, Inc. common stockholders to Adjusted Net Income (Loss) and
Adjusted Net Income (Loss) Per Share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Components of Results of Operations </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Revenue from Fees, Net </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Platform and Referral
Fees, Net </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We charge our bank partners platform fees in exchange for usage of our AI lending platform, which includes collection of loan
application data, underwriting of credit risk, verification and fraud detection, and the delivery of electronic loan offers and associated documentation. We also charge referral fees to our bank partners in exchange for the referral of borrowers
from Upstart.com. Referral fees are charged to bank partners on a per borrower basis upon origination of a loan. For bank partners that use our loan funding capabilities, these fees are charged net of any fees the bank partner charges Upstart.
Upstart pays these bank partners a <FONT STYLE="white-space:nowrap">one-time</FONT> loan premium fee upon completion of the minimum holding periods. Upstart also pays bank partners monthly loan trailing fees based on the amount and timing of
principal and interest payments made by borrowers of the underlying loans. See &#147;<I>Note 2. Revenue</I>&#148; to our consolidated financial statements included in this prospectus for more information about loan premium fees and trailing fees.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Servicing Fees, Net </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Servicing
fees are calculated as a percentage of outstanding principal and are charged monthly to any entities holding loans facilitated through our platform, to compensate us for activities we perform throughout the loan term, including collection,
processing and reconciliations of payments received, investor reporting and borrower customer support. Servicing fees are recorded net of any gains, losses or changes to fair value recognized in the underlying servicing rights and obligations, which
are carried as assets and liabilities on our consolidated balance sheets. Upstart currently acts as loan-servicer for substantially all outstanding loans facilitated through the Upstart platform. Borrower payment collections for loans that are more
than 30 days past due or charged off are generally outsourced to third-party collection agencies. Upstart charges bank partners and institutional investors for collection agency fees related to their outstanding loan portfolio. Upstart also receives
certain ancillary fees on a per transaction basis inclusive of late payment fees and ACH fail fees. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Interest Income and Fair Value Adjustments, Net
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Interest income and fair value adjustments, net is comprised of interest income, interest expense and net changes in the fair value of
financial instruments held on our consolidated balance sheets as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">98 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
part of our ongoing operating activities, excluding loan servicing assets and liabilities, common stock warrant liabilities, and convertible preferred stock warrant liabilities. Interest income
and fair value adjustments, net also includes the full amount of net interest income and expense incurred by consolidated variable interest entities, or VIEs, the majority of which has been historically allocated to third parties in the line item
net income (loss) attributable to noncontrolling interests on our consolidated statements of operations and comprehensive income (loss). Interest income and fair value adjustments, net can fluctuate based on the fair value of financial instruments
held on our consolidated balance sheets. This amount has historically been a small percentage of our total revenue, and we do not manage our business with a focus on growing this component of revenue. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Sales and Marketing </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Sales and marketing expenses
primarily consist of costs incurred across various advertising channels, including expenses for partnerships with third parties providing borrower referrals, direct mail and digital advertising campaigns, as well as other expenses associated with
building overall brand awareness and experiential marketing costs. Sales and marketing expenses also include payroll and other personnel-related costs, including stock-based compensation expense. These costs are recognized in the period incurred. We
expect that our sales and marketing expenses will increase in absolute dollars and may fluctuate as a percentage of our total revenue from period to period as we hire additional sales and marketing personnel, increase our marketing activities and
build greater brand awareness. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Customer Operations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Customer operations expenses include payroll and other personnel-related expenses, including stock-based compensation expense, for personnel engaged in
borrower onboarding, loan servicing, customer support and other operational teams. These costs also include systems, third-party services and tools we use as part of loan servicing, information verification, fraud detection and payment processing
activities. These costs are recognized in the period incurred. We expect that our customer operations expenses will increase in absolute dollars and may fluctuate as a percentage of our total revenue over time, as we expand our portfolio and
increase the Number of Loans Transacted. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Engineering and Product Development </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Engineering and product development expenses primarily consist of payroll and other personnel-related expenses, including stock-based compensation
expense, for the engineering and product development teams as well the costs of systems and tools used by these teams. These costs are recognized in the period incurred. We expect that our engineering and product development expenses will increase
in absolute dollars and may increase as a percentage of our total revenue over time, as we expand our engineering and product development team to continue to improve our AI models and develop new products and product enhancements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>General, Administrative and Other </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">General,
administrative and other expenses consist primarily of payroll and other personnel-related expenses, including stock-based compensation expense, for legal and compliance, finance and accounting, human resources and facilities teams, as well as
depreciation and amortization of property, equipment and software, professional services fees, facilities and travel expenses. These costs are recognized in the period incurred. Following the completion of our IPO in December 2020, we expect to
continue to incur additional general, administrative and other expenses as a result of operating as a public company, including expenses related to compliance with the rules and regulations of the SEC, additional insurance expenses, investor
relations activities and other administrative and professional </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">99 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
services. We also expect to increase the size of our general and administrative function to support the growth of our business. As a result, we expect that our general, administrative and other
expenses will increase in absolute dollars but may fluctuate as a percentage of our total revenue from period to period. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Other Income </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Other income primarily consists of dividend income earned on our unrestricted cash balances and in 2018 also included sublease income. Other income is
recognized in the period earned. During the year ended December&nbsp;31, 2020, other income also included the proceeds from a forgivable loan under the Paycheck Protection Program. For additional details, refer to &#147;<I>Note 1. Description of
Business and Significant Accounting Policie</I>s&#148; of our consolidated financial statements included in this prospectus. In March 2021, our board of directors approved a voluntarily repayment of the proceeds received under the Paycheck
Protection Program in the second quarter of 2021. There has been no change in our assessment that forgiveness of the loan under the CARES Act is reasonably assured. Upon repayment, our other income will be reduced by the repayment amount by
approximately $5.3&nbsp;million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Expense on Warrants and Other <FONT STYLE="white-space:nowrap">Non-Operating</FONT> Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Expense on warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses is primarily comprised of the net changes in the fair value
of our common and convertible preferred stock warrant liabilities, as well as interest expense on convertible notes outstanding in 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Results
of Operations </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table summarizes our historical consolidated statements of operations data: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="71%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP><I>(In thousands, except share and per share amounts)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Revenue:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">159,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">228,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Interest income and fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,342</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">233,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Sales and marketing<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,633</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Customer operations<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,581</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Engineering and product development<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">General, administrative, and other<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">168,764</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221,651</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Income (loss) from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,971</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,575</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Other income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,036</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Expense on warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,734</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,407</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,364</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net income (loss) before income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,946</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net income (loss) before attribution to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,020</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net income (loss) attributable to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,554</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(404</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net income (loss) attributable to Upstart Holdings, Inc. common stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">100 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Includes stock-based compensation expense as follows (in thousands): </P></TD></TR></TABLE><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">183 </TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Customer operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">178</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Engineering and product development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,803</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">General, administrative, and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">931</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Revenue </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Revenue from Fees, Net
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table set forth our revenue from fees, net in the periods shown (in thousands): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2018&nbsp;to&nbsp;2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2019&nbsp;to&nbsp;2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>% change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>% change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Platform and referral fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">83,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">144,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">200,257</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Servicing fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">210</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">159,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">228,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2019 Compared to 2020 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Revenue from fees, net increased $68.8&nbsp;million, or 43%, in the year ended December&nbsp;31, 2020, compared to the prior year, which included an
increase of $56.2&nbsp;million in revenue from platform and referral fees, net and an increase of $12.6&nbsp;million in servicing fees, net. The increase of the platform and referral fees, net was primarily driven by a 40% increase in the Number of
Loans Transacted from 215,122 in the year ended December&nbsp;31, 2019 to 300,379 in the year ended December&nbsp;31, 2020 as well as an increase in prices of our services in response to the market conditions caused by the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic. The increase in the servicing fees, net was primarily due to an 96% increase in outstanding loan principal, as well as a downward revaluation to the net liability of our servicing obligation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2018 Compared to 2019 </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Revenue from fees, net
increased $71.4&nbsp;million, or 81%, in the year ended December&nbsp;31, 2019, compared to the prior year. The increase was primarily due to an increase of $60.7&nbsp;million in revenue from platform and referral fees, net. This increase was
primarily driven by an 88% increase in the Number of Loans Transacted from 114,125 in 2018 to 215,122 in 2019. Servicing fees, net increased by $10.7&nbsp;million due to a doubling in average outstanding loan principal, as well as a downward
revaluation to the net liability of our servicing obligation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">101 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Interest Income and Fair Value Adjustments, Net </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December 31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018&nbsp;to&nbsp;2019</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019&nbsp;to&nbsp;2020</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><I>(in thousands)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Operating entities<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,924</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16,092</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,582</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,818</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,184</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,634</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,619</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(796</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,230</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,185</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Other consolidated entities<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,759</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(86</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,665</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,301</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,392</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(88</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37,750</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31,690</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,336</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(89</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total Company:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(58</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,483</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,485</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,026</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(70</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(39,369</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,486</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,566</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(58</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total interest income and fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,342</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(60</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consist of balances recognized by entities participating in ongoing operating activities of the Company, including
warehouse entities. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of balances recognized by other entities, including securitization entities and the fractional loan program
(discontinued in 2019). </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2019 Compared to 2020 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Interest income and fair value adjustments, net increased $0.5&nbsp;million, or 11%, in the year ended December&nbsp;31, 2020, compared to the prior
year. The increase was driven by a $40.4&nbsp;million decline in interest income partially offset by a decline in interest expense and fair value adjustments, of $16.9&nbsp;million and $28.4&nbsp;million, respectively, recognized by other
consolidated entities. These decreases were due to a reduction of consolidated loan balances from securitization-related VIEs caused by the deconsolidation of previously consolidated securitizations <FONT STYLE="white-space:nowrap">2017-1,</FONT> <FONT
STYLE="white-space:nowrap">2017-2,</FONT> and <FONT STYLE="white-space:nowrap">2018-1.</FONT> The deconsolidation of these entities was a result of the expiration of the related risk retention requirements, which caused us to conclude that we are no
longer a primary beneficiary of these entities. For additional details, refer to &#147;<I>Note 3. Securitizations and Variable Interest Entities</I>&#148; of our consolidated financial statements included in this prospectus. The decrease of the
total net interest income and fair value adjustments, net was also caused by an increase of $9.4&nbsp;million of fair value adjustments recognized by the operating entities. These negative adjustments were primarily due to the market changes caused
by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. This increase was partially offset by an increase of $3.5&nbsp;million of interest income in these entities. This increase was a result of an increased average loan balances held by
the operating entities during these periods. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2018 Compared to 2019 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Interest income and fair value adjustments, net decreased $6.5&nbsp;million, or 60%, in the year ended December&nbsp;31, 2019 compared to the prior year.
The decrease was primarily driven by a $19.5&nbsp;million decline in interest income due to a reduction of consolidated loan balances from other consolidated entities, including securitization-related VIEs, in the year ended December&nbsp;31, 2019.
This reduction was primarily a result of the change in the structure of the risk retention for securitizations sponsored by the Company, which allowed the Company to conclude that it is not a primary beneficiary of securitizations completed after
the first half of 2018. For additional details, refer to &#147;<I>Note 3. Securitizations and Variable Interest Entities</I>&#148; of our consolidated financial statements included in this prospectus. This decrease was partially offset by the
increase of $6.2&nbsp;million in the amount of interest </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">102 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
income recognized by the operating entities due to a higher average loan balances held by operating entities as well as the lower amount of fair value adjustments to consolidated assets held by
the other consolidated entities, which decreased by $6.0&nbsp;million, primarily due to a reduction of consolidated loan balances from these entities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Operating Expenses </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Sales and Marketing </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="55%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018&nbsp;to&nbsp;2019</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019&nbsp;to&nbsp;2020</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">63,633</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">93,175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">99,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2019 Compared to 2020 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Sales and marketing expenses increased by $6.5&nbsp;million, or 7%, in the year ended December&nbsp;31, 2020 compared to the prior year. The increase was
primarily due to a $3.0&nbsp;million increase in payroll and other personnel- related expenses driven by increased headcount, as well as a $2.1&nbsp;million increase in advertising and other traffic acquisition costs. As a percentage of total
revenue, sales and marketing expenses decreased from 57% to 43%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2018 Compared to 2019 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Sales and marketing expenses increased by $29.5&nbsp;million, or 46%, in the year ended December&nbsp;31, 2019 compared to the prior year. The increase
was primarily due to increased spending of $26.8&nbsp;million for partnerships with parties providing borrower referrals and a $1.6&nbsp;million increase in payroll and other personnel-related expenses driven by increased headcount, as well as a
$1.1&nbsp;million increase in advertising and other traffic acquisition costs. As a percentage of total revenue, sales and marketing expenses decreased from 64% to 57%. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Customer Operations </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="55%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018&nbsp;to&nbsp;2019</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019&nbsp;to&nbsp;2020</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Customer operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">24,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">37,581</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2019 Compared to 2020 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Customer operations expenses increased by $12.6&nbsp;million, or 51%, in the year ended December&nbsp;31, 2020, compared to the prior year. The increase
was primarily due to an increase of $9.4&nbsp;million in payroll and other personnel-related expenses due to an increase in headcount as well as increased spending of $3.1&nbsp;million in information verification and platform operations due to a
growing volume of loans facilitated through our platform. As a percentage of total revenue, customer operations expenses increased from 15% to 16%. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2018 Compared to 2019 </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Customer operations
expenses increased by $9.5&nbsp;million, or 62%, in the year ended December&nbsp;31, 2019 compared to the prior year. The increase was primarily due to an increase of $5.0&nbsp;million in payroll and other personnel-related expenses due to increases
in headcount, as well as increased spending of $4.4&nbsp;million in information verification and platform operations due to a growing volume of loans facilitated through our platform. As a percentage of total revenue, customer operations expenses
decreased from 16% to 15%. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">103 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Engineering and Product Development </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="57%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018&nbsp;to&nbsp;2019</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019&nbsp;to&nbsp;2020</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Engineering and product development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">8,415</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">18,777</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">38,802</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">123</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2019 Compared to 2020 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Engineering and product development expenses increased by $20.0&nbsp;million, or 107%, year ended December&nbsp;31, 2020, compared to the prior year. The
increase was primarily due to an increase of $15.7&nbsp;million in payroll and other personnel-related expenses driven by an increase in headcount, as well as a $4.3&nbsp;million increase in spending on consultants and other engineering support
services. As a percentage of total revenue, engineering and product development expenses increased from 11% to 17%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2018 Compared to 2019
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Engineering and product development expenses increased by $10.4&nbsp;million, or 123%, in the year ended December&nbsp;31, 2019 compared to the
prior year. The increase was primarily due to an increase of $8.9&nbsp;million in payroll and other personnel-related expenses driven by an increase in headcount, as well as a $1.5&nbsp;million increase in spending on consultants and other
engineering services. As a percentage of total revenue, engineering and product development expenses increased from 8% to 11%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>General, Administrative, and
Other </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="55%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018&nbsp;to&nbsp;2019</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019&nbsp;to&nbsp;2020</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">General, administrative, and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">19,820</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">31,865</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">45,609</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2019 Compared to 2020 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">General, administrative, and other expenses increased by $13.7&nbsp;million, or 43%, in the year ended December&nbsp;31, 2020, compared to the prior
year. The increase was primarily due to an increase of $6.2&nbsp;million in personnel- related costs as a result of increased headcount; an increase of $2.3&nbsp;million in office rent and other facility-related expenses due to the opening of our
second headquarters in Columbus, Ohio, and relocation of our first headquarters from San Carlos, California to San Mateo, California; an increase of $1.9&nbsp;million in legal and compliance-related expenses. As a percentage of total revenue,
general, administrative, and other expenses increased from 19% to 20%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2018 Compared to 2019 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">General, administrative, and other expenses increased by $12.0&nbsp;million, or 61%, in the year ended December&nbsp;31, 2019 compared to the prior year.
The increase was primarily due to an increase of $6.0&nbsp;million in personnel-related costs as a result of increased headcount; an increase of $2.6&nbsp;million in office rent and other facility-related expenses due to the opening of our second
headquarters in Columbus, Ohio, and relocation of our first headquarters from San Carlos, California to San Mateo, California; an increase of $1.1&nbsp;million in legal and compliance-related expenses; and an increase of $1.0&nbsp;million in
professional services fees. As a percentage of total revenue, general, administrative, and other expenses decreased from 20% to 19%. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">104 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Other Income </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="61%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018&nbsp;to&nbsp;2019</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019&nbsp;to&nbsp;2020</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Other income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">487</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,036</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">5,549</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">113</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">436</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2019 Compared to 2020 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Other income increased by $4.5&nbsp;million, or 436%, in the year ended December&nbsp;31, 2020, compared to the prior year. The increase was primarily
due to receipt of funds under the PPP, totaling $5.3&nbsp;million, which was partially offset by a decrease in dividend income of $0.8&nbsp;million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2018 Compared to 2019 </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Other income increased
by $0.5&nbsp;million, or 113%, in the year ended December&nbsp;31, 2019 compared to the prior year. The increase was primarily due to an increase in unrestricted cash balances held in interest-bearing deposit accounts throughout the year at
commercial banks. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Expense on Warrants and Other <FONT STYLE="white-space:nowrap">Non-operating</FONT> Expenses, Net </I></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="55%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018&nbsp;to&nbsp;2019</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019&nbsp;to&nbsp;2020</B><br><B>% change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Expense on warrants and other non-operating expenses, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">3,734</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,407</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">11,364</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">708</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2019 Compared to 2020 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Expense on warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses, net increased by $10.0&nbsp;million, or 708%, in the year
ended December&nbsp;31, 2020, compared to the prior year. The increase was primarily a result of a $5.9&nbsp;million increase in the fair value of convertible preferred stock warrants and $4.1&nbsp;million increase in the fair value of common stock
warrants driven by the increase in the fair value of our common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>2018 Compared to 2019 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Expense on warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses, net decreased by $2.3&nbsp;million, or 62%, in the year
ended December&nbsp;31, 2019 compared to the prior year. The decrease was primarily due to a decrease of $2.1&nbsp;million in the fair value of outstanding convertible preferred stock warrants as a result of warrants exercised or repurchased and
retired during the year, and a decrease in interest expense on convertible notes of $0.7&nbsp;million as the convertible notes were converted into convertible preferred stock in the year ended December&nbsp;31, 2018. The decrease was partially
offset by an increase of $0.5&nbsp;million in the fair value of common stock warrants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Quarterly Results of Operations </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table sets forth our unaudited quarterly consolidated results of operations for each of the quarterly periods for the last eight quarters.
These unaudited quarterly results of operations have been prepared on the same basis as our audited consolidated financial statements included elsewhere in this prospectus. In the opinion of management, the financial information set forth in the
table below reflects all normal recurring adjustments necessary for a fair presentation of the results of operations </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">105 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
for these periods. Our historical results are not necessarily indicative of the results that may be expected in the future. The following unaudited quarterly consolidated results of operations
should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="30" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands, except share and per share<BR>amounts)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar.&nbsp;31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun.&nbsp;30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep.&nbsp;30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec.&nbsp;31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar.&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun. 30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep.&nbsp;30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec.&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Revenue:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">22,242</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">28,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">47,899</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">61,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">68,013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">62,861</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">84,421</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Interest income and fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,631</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,961</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,424</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,019</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,048</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,498</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,572</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,353</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86,710</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Sales and marketing<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,593</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,314</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,329</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,939</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,952</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,436</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,546</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Customer operations<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,518</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,354</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,811</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,789</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Engineering and product development<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,932</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,485</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,063</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,297</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,966</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">General, administrative, and other<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,959</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,144</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,499</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,441</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,741</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,317</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Income (loss) from operations</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,625</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,988</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,516</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">553</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,388</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Other income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">358</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">225</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">204</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,297</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Income (expense) on warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses,
net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(89</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(119</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,418</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,219</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,588</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,047</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Net income (loss) before income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,185</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,495</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(205</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,939</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">992</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,109</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,398</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Net income (loss) before attribution to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,185</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,495</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(205</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">992</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,109</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Net income (loss) attributable to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,720</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,186</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(488</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Net income (loss) attributable to Upstart Holdings, Inc. common stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4,465</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,730</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(322</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(6,193</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Includes stock-based compensation expense as follows (in thousands): </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="30" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar.&nbsp;31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun.&nbsp;30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep.&nbsp;30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec.&nbsp;31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar.&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun.&nbsp;30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep.&nbsp;30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec.&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 447</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Customer operations</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">273</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Engineering and product development</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">234</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">376</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">871</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">926</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,143</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,663</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">General, administrative, and other</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">233</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">312</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">318</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">797</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">807</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,049</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Total stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,602</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,965</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,411</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table provides the key operating metrics we use to evaluate our business for each of the last eight
quarters: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="30" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar. 31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun. 30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep. 30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec. 31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar. 31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun. 30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep. 30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec. 31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Number of Loans Transacted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,998</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41,211</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,259</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84,214</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,876</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,893</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123,396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Conversion Rate</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Percentage of Loans Fully Automated</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">106 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table provides the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures we
use to evaluate our business for each of the last eight quarters: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="30" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands except share and<BR>per share amounts)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar. 31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun. 30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep. 30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec. 31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar. 31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun. 30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep. 30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec. 31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Contribution Profit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,479</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">23,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">25,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,256</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">33,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">41,390</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Contribution Profit Margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,709</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(734</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 3,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 6,958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,671</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,121</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,456</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Adjusted EBITDA Margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted Net Income (Loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,888</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(950</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 7,653</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 3,445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,674</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 5,438</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Adjusted Net Income (Loss) per Share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.27</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.07</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.25</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.27</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.07</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.25</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.07</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table provides the calculation of Contribution Profit for each of the last eight quarters: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="30" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>in thousands</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar. 31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun. 30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep. 30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec. 31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar. 31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun. 30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep. 30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec. 31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Referral fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 13,042</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 16,938</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 26,137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 34,555</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 38,219</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 4,597</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 38,012</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 52,597</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Platform fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,532</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,011</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,015</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,631</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Servicing fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,933</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,088</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,629</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,783</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,218</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,242</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,899</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,861</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84,421</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Borrower acquisition costs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,724</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,575</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,804</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(34,703</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,578</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,183</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,238</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Borrower verification and servicing costs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,962</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,613</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,799</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,964</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,650</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,471</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,898</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,793</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total direct expenses</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,686</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,079</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,374</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37,768</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42,353</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,049</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29,081</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(43,031</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Contribution Profit</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 4,556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 5,479</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 15,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 23,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 25,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 4,256</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 33,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 41,390</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">See the section titled &#147;Reconciliation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures&#148;
for a reconciliation of loss from operations to Contribution Profit and of net loss attributable to Upstart Holdings, Inc. common stockholders to Adjusted EBITDA. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Quarterly Trends </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Revenue from Fees, Net </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Revenue from fees, net trended upwards on an annual basis, but fluctuated during the quarters presented. Revenue from fees, net is highly correlated with
the Number of Loans Transacted on our platform during the period. The increase in revenue from the first quarter of 2019 to the first quarter of 2020 was primarily a result of the overall growth of our business, continuous improvements to our AI
models and technology, and our ability to streamline and automate the loan application and origination </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">107 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
process. The changes in the second to fourth quarter of 2020 were driven by the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on our business and a recovery from it,
respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Interest Income and Fair Value Adjustments, Net </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Interest income and fair value adjustments, net fluctuated quarterly primarily due to the outstanding balance of loans included in our consolidated
balance sheets and changes to the characteristics of such loans, such as the average age of the loans and the interest rates of the loans, during the respective periods presented. The decrease in interest income and fair value adjustment in the
first quarter of 2020 was primarily due to the market changes caused by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Sales and Marketing
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Sales and marketing expenses trended upwards on an annual basis, but fluctuated during the quarters presented. The overall increase and the
changes between different periods are primarily driven by the timing and extent of borrower acquisition and marketing initiatives across various channels. The changes in the second to fourth quarter of 2020 were driven by decreased spending on
marketing campaigns as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and a recovery from it, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Customer Operations
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Similar to sales and marketing, customer operations trended upwards on an annual basis but fluctuated during the quarters presented primarily
due variability in the Number of Loans Transacted. The increase was primarily due to increases in payroll and personnel-related expenses driven by increases in our headcount, as well as an overall increase in spending related to our information
verification and platform operations due to the growing volume of loans facilitated through our platform. The changes in the second to fourth quarter of 2020 were driven by decreased spending on information verification as a result of the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic on our business and a recovery from it, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Engineering and Product Development </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Engineering and product development generally increased for the quarters presented. This was primarily due to increases in payroll and personnel-related
expenses driven by increases in our headcount, as well as increases in infrastructure-related costs. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>General, Administrative and Other </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">General, administrative and other expenses have trended upwards on an annual basis but fluctuated during the quarters presented. The overall increase is
reflective of increasing costs of fees for professional services, including legal and financial services as well an increase in personnel-related costs driven by additions of legal, human resources, and finance personnel. In the second half of 2019,
general, administrative and other expenses also increased as a result of an increase in office rent and other facility-related expenses due to the opening of our second headquarters in Columbus, Ohio and relocation of our first headquarters from San
Carlos, California, to San Mateo, California. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Income (Expense) on Warrants and Other <FONT STYLE="white-space:nowrap">Non-operating</FONT> Expenses, Net
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Expense on warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses, net fluctuated during the quarters presented and
reflect the variable nature and timing of the increases and decreases in the fair value of outstanding common stock warrants and convertible preferred stock warrants, which highly correlate with the valuation of the underlying securities. We
incurred higher expenses in the quarters when the increases in the valuation of our preferred and common stock increased the most. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">108 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We recorded income on warrants and convertible notes reported in the fourth quarter of 2019 due to a
gain on repurchase and retirement of convertible preferred stock warrants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Number of Loans Transacted </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Number of Loans Transacted trended upwards on an annual basis but fluctuated during the quarters presented. The overall increase was primarily a result
of continuous improvements to our AI models and technology, and our ability to streamline and automate the loan application and origination process. However, such improvements could occasionally impact transaction volume negatively. In addition, we
experience significant seasonality in the demand for Upstart-powered loans, which is generally lower in the first quarter. This seasonal slowdown is primarily attributable to high loan demand around the holidays in the fourth quarter and the general
increase in borrowers&#146; available cash flows in the first quarter, including cash received from tax refunds, which temporarily reduces borrowing needs. The changes in the second to fourth quarter of 2020 were driven by the impact of the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic on our business and a recovery from it, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Conversion Rate </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Conversion Rate has trended upwards on an annual basis but fluctuated during the quarters presented. The overall increase was primarily a result of
continuous improvements to our AI models and technology. Historically, our Conversion Rate has benefitted from improvements to our technology, which have made our evaluation of risk more accurate and our verification process more automated, or from
the addition of bank partners that have made our offers more competitive. The changes in the second to fourth quarter of 2020 were driven by the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on our business and a recovery
from it, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Percentage of Loans Fully Automated </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Percentage of Loans Fully Automated has trended upwards on an annual basis, but fluctuated during the quarters presented. The overall increase was
primarily a result of continuous improvements to our AI models and technology. Better AI models increased our ability to rapidly streamline and automate the loan application and origination process on our platform. The changes in the second to
fourth quarter of 2020 were driven by the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on our business and a recovery from it, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Contribution Profit </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Contribution Profit Is highly correlated
with the Number of Loans Transacted on our platform during the period and trended upwards on an annual basis but fluctuated during the quarters presented. The overall increase was primarily due to improvements to borrower acquisition efforts and our
operating efficiency. The quarterly fluctuations are primarily due to the timing and extent of borrower acquisition and marketing initiatives across various channels. The changes in the second to fourth quarter of 2020 are driven by the impact of
the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on our business and a recovery from it, respectively. See the section titled &#147;Reconciliation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures&#148; for a
reconciliation of loss from operations to Contribution Profit. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>Adjusted EBITDA </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Adjusted EBITDA trended upwards on an annual basis but fluctuated during the quarters presented. Adjusted EBITDA is highly correlated with the Number of
Loans Transacted on our platform during the period. The overall increase was primarily due to business growth outpacing expense growth. The changes in the second to fourth quarter of 2020 are driven by the impact of the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">109 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
pandemic on our business and a recovery from it, respectively. See the section titled &#147;Reconciliation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures&#148; for a
reconciliation of net loss attributable to Upstart Holdings, Inc. common stockholders to Adjusted EBITDA. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Reconciliation of <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">To supplement our consolidated financial statements prepared and presented in
accordance with GAAP, we use the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures Contribution Profit, Contribution Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), and Adjusted Net Income (Loss) Per
Share to provide investors with additional information about our financial performance and to enhance the overall understanding of our past performance and future prospects. We are presenting these <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
financial measures because we believe they provide an additional tool for investors to use in comparing our core financial performance over multiple periods with the performance of other companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">However, <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures have limitations in their usefulness to investors because they have no
standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures may be calculated differently from, and
therefore may not be directly comparable to, similarly titled measures used by other companies. As a result, <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures should be viewed as supplementing, and not as an alternative or
substitute for, our consolidated financial statements prepared and presented in accordance with GAAP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">To address these limitations, we provide a
reconciliation of Contribution Profit, Contribution Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), and Adjusted Net Income (Loss) Per Share to loss from operations and net loss attributable to Upstart Holdings, Inc.
common stockholders, respectively. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view Contribution Profit, Contribution Margin, Adjusted EBITDA, Adjusted
EBITDA Margin, Adjusted Net Income (Loss), and Adjusted Net Income (Loss) Per Share in conjunction with their respective related GAAP financial measures. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Contribution Profit and Contribution Margin </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We use
Contribution Profit and Contribution Margin as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to
communicate with our Board of Directors concerning our financial performance. We believe Contribution Profit and Contribution Margin are useful to investors for <FONT STYLE="white-space:nowrap">period-to</FONT> period comparisons of our business and
in evaluating and understanding our operating results and ability to scale. Contribution Profit and Contribution Margin are also useful to investors because our management uses Contribution Profit and Contribution Margin, in conjunction with
financial measures prepared in accordance with GAAP, to evaluate our operating results and financial performance and the effectiveness of our strategies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Contribution Profit and Contribution Margin have limitations as analytical tools, and you should not consider them in isolation or as substitutes for
analysis of our results as reported under GAAP. Contribution Profit and Contribution Margin are not GAAP financial measures of, nor do they imply, profitability. Even if our revenue exceeds variable expenses over time, we may not be able to achieve
or maintain profitability, and the relationship of revenue to variable expenses is not necessarily indicative of future performance. Contribution Profit and Contribution Margin do not reflect all of our variable expenses and involve some judgment
and discretion around what costs vary directly with loan </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">110 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
volume. Other companies that present Contribution Profit and Contribution Margin calculate them differently and, therefore, similarly titled measures presented by other companies may not be
directly comparable to ours. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table presents reconciliations of income (loss) from operations to Contribution Profit and Operating
Margin to Contribution Margin. We define Operating Margin as our income (loss) from operations divided by revenue from fees, net. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December 31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018 </B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019 </B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">159,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">228,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Income (loss) from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,971</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,575</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Operating Margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I></I>(9</TD>
<TD NOWRAP VALIGN="bottom"><I></I>)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Sales and marketing, net of borrower acquisition
costs<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,606</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,959</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Customer operations, net of borrower verification and servicing costs<SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,690</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,769</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Engineering and product development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">General, administrative, and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Interest income and fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,831</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,342</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,816</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Contribution Profit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,098</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">48,940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">105,088</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Contribution Margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I></I>15</TD>
<TD NOWRAP VALIGN="bottom"><I></I>%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Borrower acquisition costs were $61.7&nbsp;million, $89.6&nbsp;million and $91.7&nbsp;million for the years ended
December&nbsp;31, 2018, 2019 and 2020, respectively. Borrower acquisition costs consist of our sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for our
business development and marketing teams, as well as other operational, brand awareness and marketing activities. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Borrower verification and servicing costs were $13.7&nbsp;million, $21.3&nbsp;million and $31.8&nbsp;million the years
ended December&nbsp;31, 2018, 2019 and 2020 respectively. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing
system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of our customer operations team whose work is not directly attributable to onboarding and servicing loans. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="30" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar.&nbsp;31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun.&nbsp;30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep.&nbsp;30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec.&nbsp;31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar.&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun. 30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep.&nbsp;30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec.&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">22,242</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">28,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">47,899</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">61,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">68,013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">62,861</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">84,421</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Income (loss) from operations</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,625</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,988</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,516</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">553</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,388</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><I>Operating Margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I></I>(38</TD>
<TD NOWRAP VALIGN="bottom"><I></I>)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(86</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Sales and marketing, net of borrower acquisition
costs<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">869</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">848</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">754</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,858</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Customer operations, net of borrower verification and servicing costs<SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">773</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">890</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,390</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,161</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,462</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,996</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Engineering and product development</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,932</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,485</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,063</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,297</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,966</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">General, administrative, and other</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,959</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Interest income and fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,631</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,961</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,588</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,424</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,019</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,048</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,498</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,289</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Contribution Profit</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,479</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">23,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">25,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,256</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">33,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">41,390</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><I>Contribution Margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I></I>20</TD>
<TD NOWRAP VALIGN="bottom"><I></I>%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Borrower acquisition costs were $13.7 million, $18.5 million, $26.6 million, and $30.8 million for the three months ended
March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively; $34.7 million, $3.6 million, $21.2 million, and $32.2 million for the three months ended March 31, 2020, June 30, 2020, September 30, 2020, and December 31, 2020,
respectively. Borrower acquisition costs consist of our sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for our business development and marketing teams,
as well as other operational, brand awareness and marketing activities. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Borrower verification and servicing costs were $4.0 million, $4.6 million, $5.8 million and $7.0 million for the three
months ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively; $7.7 million, $5.5 </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">111 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
million, $7.9 million, and $10.8 million for the three months ended March 31, 2020, June 30, 2020, September 30, 2020, and December 31, 2020, respectively. Borrower verification and servicing
costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation
for certain members of our customer operations team whose work is not directly attributable to onboarding and servicing loans. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Adjusted EBITDA
and Adjusted EBITDA Margin </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We believe that Adjusted EBITDA and Adjusted EBITDA Margin are useful for investors to use in comparing our
financial performance with the performance of other companies for the following reasons: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Adjusted EBITDA and Adjusted EBITDA Margin are widely used by investors and securities analysts to measure a company&#146;s
operating performance without regard to items such as depreciation, and interest expense, that can vary substantially from company to company depending upon their financing and capital structures, and the method by which assets were acquired; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Adjusted EBITDA and Adjusted EBITDA Margin eliminate the impact of certain items such as stock- based compensation expense
and warrant expense that may obscure trends in the underlying performance of our business; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Adjusted EBITDA and Adjusted EBITDA Margin provide consistency and comparability with our past financial performance, and
facilitates comparisons with other companies, many of which use similar <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures to supplement their GAAP results. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our use of Adjusted EBITDA and Adjusted EBITDA Margin have limitations as analytical tools, and you should not consider these measures in isolation or as
a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Although depreciation expense is a <FONT STYLE="white-space:nowrap">non-cash</FONT> charge, the assets being depreciated
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; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Adjusted EBITDA and Adjusted EBITDA Margin exclude stock-based compensation expense, which has been, and will continue to
be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Adjusted EBITDA and Adjusted EBITDA Margin do not reflect: (1)&nbsp;changes in, or cash requirements for, our working
capital needs; (2)&nbsp;interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces cash available to us; or (3)&nbsp;tax payments that may represent a reduction in cash available to us;
and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the expenses and other items that we exclude in our calculation of Adjusted EBITDA and Adjusted EBITDA Margin may differ
from the expenses and other items, if any, that other companies may exclude from Adjusted EBITDA and Adjusted EBITDA Margin when they report their operating results. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Because of these limitations, Adjusted EBITDA and Adjusted EBITDA Margin should be considered along with other operating and financial performance
measures presented in accordance with GAAP. The following table provides a reconciliation of net income (loss) attributable to Upstart Holdings, Inc. common stockholders to Adjusted EBITDA and net income (loss) margin to Adjusted EBITDA Margin. We
define net income (loss) margin as net income (loss) attributable to Upstart Holdings, Inc. common stockholders divided by total revenue. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">112 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December 31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018 </B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019 </B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">99,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">164,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">233,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net income (loss) attributable to Upstart Holdings, Inc. common stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><I>Net income (loss) margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I></I>(12</TD>
<TD NOWRAP VALIGN="bottom"><I></I>)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Adjusted to exclude the following:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">314</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">774</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Expense on warrants and other non-operating
expenses<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,407</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(6,226</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><I>Adjusted EBITDA Margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I></I>(6</TD>
<TD NOWRAP VALIGN="bottom"><I></I>)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of fair value adjustments to our warrant liability and interest expense on convertible notes.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="30" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar. 31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun. 30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep. 30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec. 31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar. 31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun. 30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep. 30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec. 31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,572</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,353</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86,710</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net income (loss) attributable to Upstart Holdings, Inc. common stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4,465</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,730</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(322</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(6,193</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><I>Net income (loss) margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I></I>(23</TD>
<TD NOWRAP VALIGN="bottom"><I></I>)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Adjusted to exclude the following:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,602</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,965</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,411</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">450</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">515</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">535</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">581</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">647</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Expense on warrants and other non-operating
expenses<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,219</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(289</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,047</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,709</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(734</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,671</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,121</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,456</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><I>Adjusted EBITDA Margin</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I></I>-19</TD>
<TD NOWRAP VALIGN="bottom"><I></I>%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-18</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of fair value adjustments to our warrant liability and interest expense on convertible notes.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We define Adjusted Net Income (Loss) as net income (loss) exclusive of stock-based compensation expense. Adjusted Net Income (Loss) Per Share is
calculated by dividing Adjusted Net Income (Loss) by the weighted-average common shares outstanding. We believe Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share are useful measures for investors in evaluating our ability to
generate earnings, more readily compare between past and future periods, and provide comparability of our performance with the performance of other companies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">113 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December 31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020 </B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019 </B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net income (loss) attributable to Upstart Holdings, Inc. common stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Adjusted to exclude the following:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Adjusted net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,496</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,340</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,274</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net income (loss) per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.03</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.87</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.03</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.87</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Adjusted net income (loss) per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Weighted-average common shares outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,513,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,335,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,128,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,098,275</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72,336,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,128,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="30" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom"><I>(in thousands except<BR>share and per share<BR>amounts)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar&nbsp;31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun.&nbsp;30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep.&nbsp;30,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec.&nbsp;31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Mar.&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Jun.&nbsp;30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Sep.&nbsp;30,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dec.&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Net income (loss) attributable to Upstart Holdings, Inc. common stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4,465</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,730</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(322</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(6,193</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Adjusted to exclude the following:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,602</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,965</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,411</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Adjusted Net Income (Loss)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,888</TD>
<TD NOWRAP VALIGN="bottom">) &nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(950</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,653</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,674</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,438</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Net income (loss) per share</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.31</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.02</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.06</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.31</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.02</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Adjusted Net Income (Loss) per Share</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.27</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.07</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.25</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.27</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.07</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.25</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 0.07</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Weighted-average common shares outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,301,641</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,312,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,325,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,401,927</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,625,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,657,399</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,707,717</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,001,856</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,301,641</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,312,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,563,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,511,809</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,545,518</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,657,399</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74,978,905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,275,422</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Liquidity and Capital Resources </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Since inception, we have financed our operations, corporate investments, and capital expenditures primarily through the sale of convertible preferred
stock, term loans and draws on our revolving credit facilities, and cash generated from operations. We have also periodically issued convertible promissory notes, none of which were outstanding as of December&nbsp;31, 2020. In December 2020, we
completed our IPO which resulted in $167.4&nbsp;million of proceeds, net of underwriting discounts, and before deducting deferred offering costs of $7.9&nbsp;million. Deferred offering costs consisted primarily of incremental accounting, legal, and
other fees related to the IPO. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our outstanding debt consists of borrowings from term loan agreements, advances on our revolving credit facilities,
including our warehouse credit facilities, and amounts borrowed under loan and security agreements to finance risk retention balances for certain unconsolidated securitizations </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">114 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
we sponsor. As of December&nbsp;31, 2020, we had an aggregate principal balance of $62.7&nbsp;million outstanding, of which $20.5&nbsp;million is due within the next 12 months. See &#147;<I>Note
7. Borrowings</I>&#148; in our consolidated financial statements included in this prospectus for further information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020,
our primary source of liquidity was cash of $250.8&nbsp;million. Changes in the balance of cash are generally a result of working capital fluctuations or the timing of purchases of loans facilitated through our platform. To finance purchases of
certain loans facilitated through our platform, we rely on our warehouse credit facility, which allows us to borrow up to an aggregate of $100.0&nbsp;million through the special- purpose trust, or the warehouse trust. Loans purchased by the trust
are classified as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT> and can be sold to third-party investors or in securitization transactions to generate additional liquidity. As of December&nbsp;31,
2020, the amount borrowed under this credit facility was $35.0&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We believe that our cash on hand, funds available from our revolving
credit facilities, amounts borrowed under our term loans, and our cash flow from operations will be sufficient to meet our liquidity needs for at least the next 12 months. Our future capital requirements will depend on multiple factors, including
our revenue growth, working capital requirements, volume of loan purchases for product development purposes and our capital expenditures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">To the
extent our cash balances, cash generated by operations, revolving credit facilities, term loans and the proceeds from our IPO and this offering are insufficient to satisfy our liquidity needs in the future, we may need to raise additional capital
through equity or debt financing and may not be able to do so on terms acceptable to us or at all. If we are unable to raise additional capital when needed, our results of operations and financial condition would be materially and adversely
impacted. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Term Loans </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In 2016, we, along with our
wholly owned subsidiary, Upstart Network, Inc., or UNI, as the <FONT STYLE="white-space:nowrap">co-borrower,</FONT> entered into a loan and security agreement, or LSA, with a third-party lender to obtain a term loan of $5.5&nbsp;million. The term
loan matured on December&nbsp;1, 2020 and we paid in full the outstanding principal and the accrued interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In 2018, we entered into a mezzanine
loan and security agreement with the same lender to obtain a second term loan of up to $15.0&nbsp;million, or the Mezzanine Loan. The Mezzanine Loan bears interest at the greater of prime rate plus 5.25% or 10.00% per annum and matures on
October&nbsp;1, 2021. As of December&nbsp;31, 2020, the outstanding principal balance of the Mezzanine Loan was $15.0&nbsp;million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Revolving Credit Facility
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our revolving credit facility has an aggregate credit limit of $5.5&nbsp;million and as of December&nbsp;31, 2020, we were fully drawn on
such facility. During the year ended December&nbsp;31, 2020, the parties agreed to extend the maturity date from June&nbsp;1, 2020 to June&nbsp;1, 2021 when the outstanding principal and any accrued and unpaid interest are due and payable in full.
Our revolving credit facility bears floating interest rates, payable on a monthly basis, and contains certain financial covenants. Failure to comply with these covenants may result in an acceleration of payment on the outstanding principal and
accrued interest. Borrowings under the revolving credit facility are secured by all assets of the company, excluding assets of consolidated securitizations and cash and restricted cash related to other borrowing arrangements. As of December&nbsp;31,
2019 and 2020, we were in compliance with the applicable covenants under our revolving credit facility. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Warehouse Credit Facilities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have entered into two warehouse credit facilities with separate third-party lenders through our warehouse trusts, which are consolidated VIEs. On
November&nbsp;2, 2020, we repaid all outstanding </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">115 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
borrowings under one of our warehouse credit facilities in the amount of $4.0&nbsp;million and terminated the corresponding warehouse credit facility. The remaining warehouse facility is used to
fund purchases of personal whole loans originated by certain bank partners on our platform; the assets of the warehouse trust secure the borrowings provided by the warehouse lender and are not available to settle claims of our general creditors. In
May 2020, the maturity date of this credit facility, with a borrowing limit of $100.0&nbsp;million, was extended to May 2022 when repayment of any outstanding principal, together with any accrued interest and unpaid interest, is due and payable. As
of December&nbsp;31, 2020, we have borrowed $35.0&nbsp;million under this warehouse credit facility and may continue to borrow under this warehouse credit facility until May 2021. Our warehouse credit facility bears floating interest rates, payable
on a monthly basis, and contain certain financial covenants. Failure to comply with these covenants may result in an acceleration of payment on outstanding principal and accrued interest. As of December&nbsp;31, 2019 and 2020, we were in compliance
with the applicable covenants under our remaining warehouse credit facility. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Risk Retention Funding Loans </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We obtained financing under two loan and security agreements to fund the purchase of securitization notes and residual certificates issued by certain of
our consolidated VIEs in our sponsored securitization transactions. These purchases were made in the amounts required to satisfy the requirements of U.S. risk retention regulations. The loans under these agreements bear interest at rates of 4.00%
and 4.33% per annum. Interest is paid using cash distributions received monthly on the related securitization notes and residual certificates held by these entities. As of December&nbsp;31, 2020, the aggregate outstanding principal amount of these
loans was $7.2&nbsp;million. These borrowings are solely obligations of these consolidated VIEs and are not available to satisfy potential claims of our creditors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Cash Flows </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table summarizes our cash
flows during the years indicated: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">50,338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,582</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,697</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net cash (used in) provided by investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(137,237</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136,517</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net cash (used in) provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135,766</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(119,190</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,052</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Net increase (decrease) in cash and restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">48,867</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(42,175</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">231,266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Net Cash from Operating Activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our main sources of cash provided by operating activities are our revenue from fees earned under contracts with bank partners and loan investors and
interest income we receive for loans held on our balance sheet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our main uses of cash in our operating activities include payments to marketing
partners, vendor payments, payroll and other personnel-related expenses, payments for facilities, and other general business expenditures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Net cash
provided by operating activities was $15.7&nbsp;million for the year ended December&nbsp;31, 2020, which primarily consisted of a $32.1&nbsp;million change in net operating assets and liabilities, offset by a change in fair value of financial
instruments of $29.0&nbsp;million, stock-based compensation of $11.5&nbsp;million and net income before attribution to noncontrolling interests of $5.6&nbsp;million. The change in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">116 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
fair value of financial instruments was primarily due to a $19.1&nbsp;million decrease in the fair value of loans and a $6.5&nbsp;million an increase in the fair value of preferred stock
liabilities. The change in net operating assets and liabilities was mainly related to a $116.1&nbsp;million increase in purchases of loans <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale,</FONT></FONT> partially
offset by $47.6&nbsp;million of net proceeds from loans <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT> and $19.4&nbsp;million increase in payable to investors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Net cash provided by operating activities was $31.6&nbsp;million for the year ended December&nbsp;31, 2019, which primarily consisted of a net loss
before attribution to noncontrolling interests of $5.0&nbsp;million, offset by a change in fair value of financial instruments of $34.7&nbsp;million. The change in fair value of financial instruments was primarily related to a $42.1&nbsp;million
decrease in the fair value of loans <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment,</FONT></FONT> partially offset by a $6.1&nbsp;million decrease in the fair value of payable to securitization note holders and
residual certificate holders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Net cash provided by operating activities was $50.3&nbsp;million for the year ended December&nbsp;31, 2018, which
primarily consisted of a net loss before attribution to noncontrolling interests of $11.2&nbsp;million, offset by a change in fair value of financial instruments of $42.3&nbsp;million and a $14.0&nbsp;million change in net operating assets and
liabilities. The change in fair value of financial instruments was primarily related to a $45.8&nbsp;million decrease in the fair value of loans <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment.</FONT></FONT> The
change in net operating assets and liabilities was mainly related to a $14.1&nbsp;million increase in payable to investors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Net Cash from Investing
Activities </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our primary sources of cash from investing activities are principal repayments received on loans
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-</FONT></FONT> investment through credit facilities and held by consolidated securitizations, proceeds from the sale of loans and payments on residual certificates held for
risk retention purposes in sponsored securitizations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The primary use of cash for investing activities includes purchases of loans <FONT
STYLE="white-space:nowrap">held-for</FONT> investment, including loans collateralized in consolidated securitizations, as well as purchases of securitization notes and residual certificates to fulfill risk retention requirements in securitizations
we have sponsored in the past. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Net cash provided by investing activities was $136.5&nbsp;million for the year ended December&nbsp;31, 2020 as a
result of $97.3&nbsp;million of net proceeds from sale of loans and $39.8&nbsp;million of principal payments received for loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Net cash provided
by investing activities was $45.4&nbsp;million for the year ended December&nbsp;31, 2019 as a result of $207.0&nbsp;million of principal payments received on loans and $100.7&nbsp;million in net proceeds from the sale of loans, which were partially
offset by $265.3&nbsp;million in purchase of loans <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment.</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Net cash used in investing activities was $137.2&nbsp;million for the year ended December&nbsp;31, 2018 as a result of $421.1&nbsp;million in purchases
of loans, which was partially offset by $238.0&nbsp;million in principal payments received on loans and $45.7&nbsp;million in net proceeds from the sale of loans. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Net Cash from Financing Activities </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The main sources
of cash from financing activities include proceeds from issuance of securitization notes and residual certificates from consolidated securitizations, proceeds from borrowings, and proceeds from the issuance of convertible preferred stock, and notes
payable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">117 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The primary uses of cash for financing activities include payments made to holders of securitization
notes and residual certificates for consolidated securitizations and repayments of notes payable and borrowings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Net cash provided by financing
activities was $79.1&nbsp;million for the year ended December&nbsp;31, 2020 as a result of $159.5&nbsp;million in proceeds from our IPO, net of underwriting discounts and deferred offering costs, and $92.1 in proceeds from borrowings, which was
partially offset by $174.2&nbsp;million in payment on borrowings and securitization notes and certificates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Net cash used in financing activities
was $119.2&nbsp;million for the year ended December&nbsp;31, 2019 as a result of $199.4&nbsp;million in payment on notes payable and securitization notes and certificates, which was partially offset by $43.6&nbsp;million in net proceeds from
borrowings and $39.9&nbsp;million in proceeds from issuance of notes payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Net cash provided by financing activities was $135.8&nbsp;million for
the year ended December&nbsp;31, 2018 as a result of $285.0&nbsp;million in proceeds from issuance of notes payable and securitization notes and certificates, $51.1&nbsp;million in net proceeds from borrowings and $49.9&nbsp;million in proceeds from
the issuance of convertible preferred stock, net of issuance costs, which were partially offset by $248.2&nbsp;million in payment on notes payable and securitization notes and certificates. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Contractual Obligations and <FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Contractual Obligations </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our principal commitments
consist of obligations under our loan purchase agreements, debt obligations related to our revolving credit facilities, term loans and risk retention funding loans, and operating leases for office spaces. The following table summarizes our
contractual obligations as of December&nbsp;31, 2020 and the timing and effect that such commitments are expected to have on our liquidity and capital requirements in future periods: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Less&nbsp;than&nbsp;1<BR>year</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>1&nbsp;to&nbsp;3&nbsp;years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>3&nbsp;to&nbsp;5&nbsp;years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>More&nbsp;than<BR>5 years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loan purchase obligations<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">39,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">39,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Term loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Interest payments on term loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Warehouse and revolving credit facilities.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,494</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Risk retention funding loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Operating lease obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,840</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,540</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,737</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,417</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total contractual obligations </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">125,190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">65,709</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">52,918</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,417</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Represents loans facilitated through our platform of which certain of our originating banks retain ownership for the
duration of the holding period required by our contracts with the banks. This period is generally equal to three business days. We have committed to purchase the loans for the unpaid principal balance, plus accrued interest, at the conclusion of the
required period. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For a discussion of our long-term debt obligations, operating lease obligations and loan repurchase agreement as
of December&nbsp;31, 2020, see &#147;<I>Note 7. Borrowings</I>,&#148; &#147;<I>Note 11. Leases,</I>&#148; and &#147;<I>Note 12. Commitments and Contingencies</I>,&#148; respectively, in our consolidated financial statements included in this
prospectus for further information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">118 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the ordinary course of business, we engage in activities that are not reflected on our consolidated balance sheets, generally referred to as <FONT
STYLE="white-space:nowrap">off-balance</FONT> sheet arrangements. These activities involve transactions with unconsolidated VIEs, including our sponsored and <FONT STYLE="white-space:nowrap">co-sponsored</FONT> securitization transactions, which we
contractually service. We use these transactions to provide a source of liquidity to finance our business and to diversify our investor base. When required by law, we retain at least 5% of the credit risk of the securities issued in these
securitizations. We also engaged in activities with a personal loan trust entity created to facilitate fractional loan transactions. The fractional loan program was closed to new investments in 2019. We provide additional information regarding
transactions with unconsolidated VIEs in &#147;<I>Note 3. Securitizations and Variable Interest Entitie</I>s&#148; in our consolidated financial statements included in this prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Critical Accounting Policies and Estimates </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The preparation of consolidated financial statements requires us to make judgments, estimates and assumptions that affect the reported amounts of
assets, liabilities, revenue, costs and expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ
significantly from our estimates. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our significant accounting policies are described in &#147;<I>Note 1. Description of Business and Significant Accounting Policies</I>&#148; in our
consolidated financial statements included in this prospectus. We believe that the accounting policies described below reflect our most critical accounting policies and estimates, which represent those that involve a significant degree of judgment
and complexity. Accordingly, we believe these policies are critical in fully understanding and evaluating our reported financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Variable Interest Entities </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">A legal entity is
considered a VIE if it either has a total equity investment that is insufficient to finance its operations without additional subordinated financial support or whose equity holders lack the characteristics of a controlling financial interest. Our
variable interest arises from contractual, ownership, or other monetary interests in the entity. We consolidate a VIE when we are deemed to be the primary beneficiary. We determine whether we are the primary beneficiary if we have the power to
direct activities that significantly impact the VIE&#146;s economic performance and we have the obligation to absorb losses or receive benefits of the VIE that could be potentially significant to the VIE. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are required to apply judgment in performing this assessment, including in identifying the activities that most significantly impact a VIE&#146;s
economic performance and determining significance of our obligation to absorb losses or receive benefits. Factors considered in assessing the significance include: the design of the VIE, including its capitalization structure; subordination of
interests; payment priority; relative share of interests held within the VIE&#146;s capital structure; and the nature of or reason behind our interest in the entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We also apply judgment to determine whether decision-maker or service-provider fees are variable interests. Decision-maker or service-provider fees are
not considered variable interests when the arrangement does not expose Upstart to risks of loss that a potential VIE was designed to pass on to its variable interest holders, the fees are commensurate, the arrangement is at market, and we do not
have any other interests (including direct interests and certain indirect interests held through </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">119 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
related parties) that absorb more than an insignificant amount of a VIE&#146;s potential variability. Changes in our level of other interests in a potential VIE, such as those resulting from
disposals of investments in securitization trusts serviced by us subsequent to the expiration of applicable risk retention requirements, can affect whether a decision-maker or service-provider fee is deemed a variable interest. This determination
can have a significant impact on our consolidation conclusions, as it could affect whether a legal entity is a VIE and whether Upstart is the primary beneficiary of a VIE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">At a VIE&#146;s inception, we determine whether we are the primary beneficiary based on the facts and circumstances. We assess whether or not we are the
primary beneficiary of a VIE on an ongoing basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart has an ongoing contractual relationship with one of its VIEs, Upstart Loan Trust, which
is a bankruptcy-remote special purpose borrowing entity. Upstart, from time to time and <FONT STYLE="white-space:nowrap">as-desired,</FONT> sells loans to Upstart Loan Trust pursuant to a loan sale agreement, and services those loans from the time
of transfer to Upstart Loan Trust until such loans are either <FONT STYLE="white-space:nowrap">charged-off</FONT> or mature pursuant to a loan servicing agreement. Upstart Loan Trust borrows from one bank pursuant to a revolving credit and security
agreement in order to finance the purchases of the loans from Upstart. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart has also established a VIE special purpose trust, Upstart Loan Trust
2, that holds loans that have been repurchased by us following breaches of loan-level representations and warranties, or loans that are ineligible to finance through the warehouse trust. Upstart services the loans held by Upstart Loan Trust 2 until
the loans are either <FONT STYLE="white-space:nowrap">charged-off</FONT> or mature pursuant to a loan servicing agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In connection with each
securitization transaction prior to <FONT STYLE="white-space:nowrap">2019-3,</FONT> Upstart also established VIEs and grantor trusts pursuant to its sponsored securitization transactions involving the issuance of asset-backed securities, or ABS.
Such VIEs or grantor trusts are respectively referred to elsewhere in this prospectus with the nomenclature Upstart Securitization Trust [Year]-[Number] and Upstart Funding Grantor Trust [Year]- [Number]. For such securitization transactions, we
(along with certain other loan contributors that have previously purchased whole loans from us) sold Upstart-powered loans via a bankruptcy-remote intermediate entity to the issuing trust and then to the grantor trust. For each transaction, the
grantor trust holds legal title to the loans and issues a collateral certificate representing the beneficial interest in such loans to the issuing trust. The issuing trust in turn issues various tranches of asset-backed securitization notes and
certificates, which are purchased by one or more investment bank initial purchasers for resale to qualified institutional buyers and backed by the payments from the grantor trust to the issuing trust reflecting payments on the underlying securitized
loans. Upstart, in addition to being party to various loan transfer agreements that facilitate the contribution of loans to the grantor trust, also services the loans held by each grantor trust from the time of transfer to the trust until the loans
are charged off or mature pursuant to a loan servicing agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In connection with each sponsored securitization transaction prior to <FONT
STYLE="white-space:nowrap">2019-3,</FONT> Upstart facilitated the creation of a majority-owned affiliate, or MOA, which is a limited liability company and VIE. The purpose of these MOAs is to enable Upstart&#146;s compliance with its risk retention
obligations as a securitization sponsor pursuant to Regulation RR. Each MOA has held the requisite amount of ABS to comply with these obligations for the length of time required by the regulation. Upstart is party to the limited liability company
agreement establishing each MOA. There were no MOAs set up for securitizations subsequent to <FONT STYLE="white-space:nowrap">2019-2</FONT> as Upstart has not been subject to risk retention requirements for these deals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart has also established Upstart Network Trust, a special purpose entity that purchased loans from Upstart in which individual accredited investors
in turn have purchased securities representing fractional interests in such purchased loans. Upstart, in addition to being party to a transfer agreement </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">120 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
that facilitates the contribution of loans to Upstart Network Trust, services the loans held by Upstart Network Trust from the time of transfer until the loans are charged off or mature pursuant
to a loan servicing agreement. Upstart Network Trust was closed to new investments as of the end of 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Fair Value of Loans, Notes Receivable and Residual
Certificates, and Payable to Securitization Note Holders and Residual Certificate Holders </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have elected the fair value option for loans
and financial instruments related to securitization transactions, including notes receivable and residual certificates representing required risk retention for sponsored <FONT STYLE="white-space:nowrap">non-consolidated</FONT> securitizations, and
amounts payable to note holders and residual certificate holders in consolidated securitizations. We believe the estimate of fair value of these financial instruments requires significant judgment. We use a discounted cash flow model to estimate the
fair value of these financial instruments based on the present value of estimated future cash flows. This model uses both observable and unobservable inputs and reflects our best estimates of the assumptions a market participant would use to
calculate fair value. Primary inputs that require significant judgment include discount rates, credit risk rates, and expected prepayment rates. These inputs are based on historical performance of loans facilitated through our platform, as well as
the consideration of market participant requirements. See &#147;<I>Note 4. Fair Value Measurement</I>&#148; in our consolidated financial statements included in this prospectus for additional information. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Fair Value of Loan Servicing Assets and Liabilities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We also record loan servicing assets and liabilities at estimated fair value when we transfer loans which qualify as sales under Topic 860, Transfers and
Servicing with servicing rights retained or when we enter into servicing agreements with banks partners that retain Upstart-powered loans. Loan servicing assets and liabilities are reported in other assets and accrued expenses and other liabilities
on our consolidated balance sheets. The gain or loss on loan sale, as well as changes in the fair value of loan servicing assets and liabilities are reported in revenue from fees, net, on our consolidated statements of operations and comprehensive
income (loss) in the period in which the changes occur. We use a discounted cash flow model to estimate the fair values of loan servicing assets and liabilities. The cash flows in the valuation model represent the difference between the servicing
fees charged to loan investors and an estimated market servicing fee. Since servicing fees are generally based on the monthly unpaid principal balance of the underlying loans, the expected cash flows in the model incorporate estimated credit risk
and expected prepayments on the loans. These inputs are consistent with the assumptions used in the valuation of loans <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment</FONT></FONT> and related securitization
notes and residual certificates. See &#147;<I>Note 4. Fair Value Measurement</I>&#148; in our consolidated financial statements included in this prospectus for additional information. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Revenue Recognition </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our revenue consists of two
components: revenue from fees, net and interest income and fair value adjustments, net. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Revenue From Fees, Net </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The revenue from fees, net line item on the consolidated statements of operations is primarily comprised of platform and referral fees, net, which are
recognized based on Accounting Standards Update, or ASU, <FONT STYLE="white-space:nowrap">2014-09,</FONT> Revenue from Contracts with Customers (Topic 606). We adopted Topic 606 as of January&nbsp;1, 2019, using the modified retrospective method for
all contracts not completed as of the date of adoption. The adoption of Topic 606 had no material impact on our consolidated balance sheets, consolidated statement of operations and comprehensive income (loss) and consolidated statement of cash
flows as of the adoption date or for the year ended December&nbsp;31, 2019. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">121 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Topic 606 outlines a single comprehensive model to use in accounting for revenue arising from contracts
with customers. The core principle, involving a five-step process, of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the
entity expects to be entitled in exchange for those goods or services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our arrangements for platform and referral services typically consist of an
obligation to provide one or both of these services to customers on a when and if needed basis (a stand-ready obligation), and we recognize revenue as such services are performed, which coincides with the amount billable to the customer.
Additionally, the services have the same pattern and period of transfer, and when provided individually or together, are accounted for as a single combined performance obligation representing a series of distinct days of service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our platform and referral fees represent variable consideration. Since the variable fees relate directly to the day the service is provided, they
generally meet the criteria for allocating variable consideration entirely to one or more, but not all, performance obligations in a contract. Accordingly, when the requisite criteria are met, variable fees are allocated to and recognized on the day
the services are provided. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We also charge an ongoing loan servicing fee to the holder of the loan (either a bank or institutional investor) based
on a predetermined percentage of the outstanding principal balance. Loan servicing fees are recognized in the period the services are provided. Servicing fees, net also includes gains and losses on assets and liabilities recognized under loan
servicing arrangements for loans retained by bank partners or loans sold to institutional investors. Such gains or losses are recognized based on whether the benefits of servicing are expected to more than adequately compensate us for carrying out
our servicing obligations. Servicing fees also include changes in fair value of loan servicing assets and liabilities in the periods presented. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Interest Income and Fair Value Adjustments, Net </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Interest income and fair value adjustments, net is comprised of interest income, interest expense and net changes in fair value of financial instruments
from our normal course of business held at fair value, including loans, notes receivable and residual certificates, and payable to securitization note holders and residual certificate holders. We record these adjustments in earnings in the period
incurred and include both realized and unrealized adjustments to the value of related assets and liabilities. See the subsection titled &#147;<I>Fair Value of Loans, Notes Receivable and Residual Certificates, and Payable to Securitization Note
Holders and Residual Certificate Holders</I>&#148; above for further details on the estimates of fair value of these assets and liabilities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Stock-Based
Compensation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We estimate the grant date fair value of stock options granted to employees and nonemployees using the Black-Scholes
option-pricing model. The fair value of stock options that is expected to vest is recognized as compensation expense on a straight-line basis over the requisite service period, which is typically the vesting period of the respective awards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Black-Scholes option-pricing model considers several variables and assumptions in estimating the grant date fair value of stock-based awards. These
assumptions include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Fair Value of Common Stock</I>&#151;Prior to the completion of our IPO, the fair value was determined by the
Company&#146;s Board of Directors as there was no public market for the Company&#146;s common stock. The Board of Directors determined the fair value of the common </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">122 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">
stock by considering a number of objective and subjective factors, including: third-party valuations of the Company&#146;s common stock, the valuation of comparable companies, the Company&#146;s
operating and financial performance, and general and industry specific economic outlook, among other factors. After the completion of the IPO, the fair value of the Company&#146;s common stock is determined by the closing price, on the date of
grant, of its common stock, which is traded on the Nasdaq Global Select Market. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Expected Term</I>&#151;The expected term represents the period that the stock-based awards are expected to be
outstanding. We determined the expected term for employee stock options based on historical terminations and exercise behavior, which factors in an extended post-termination exercise provision for vested awards for certain employees who provide more
than three years of service. We use the contractual term for all nonemployee awards </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Expected Volatility</I>&#151;Since we have limited trading history for our common stock, the expected volatility is
estimated based on the average historical volatilities of common stock of comparable publicly traded entities over a period equal to the expected term of the stock option grants. We will continue to apply this process until a sufficient amount of
historical information regarding the volatility of our own stock price becomes available. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Risk-Free Interest Rate</I>&#151;The risk-free interest rate is based on the U.S. Treasury yield in effect at the time
of grant for <FONT STYLE="white-space:nowrap">zero-coupon</FONT> U.S. Treasury notes with maturities approximately equal to the expected term of the stock option award. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Expected Dividend&#151;We have never paid dividends on our common stock since our inception, nor do we expect to pay
dividends in the foreseeable future. Therefore, we used an expected dividend yield of zero. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">See &#147;<I>Note 10. Equity
Incentive Plans</I>&#148; in our consolidated financial statements included in this prospectus for information concerning certain of the specific assumptions we used in applying the Black-Scholes option-pricing model to determine the estimated fair
value of our stock options granted in the years ended December&nbsp;31, 2018, 2019 and 2020. Such assumptions involved inherent uncertainties and the application of significant judgment. As a result, if factors or expected outcomes change and we use
significantly different assumptions or estimates, our stock-based compensation could be materially different. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Stock-based compensation expense was
$2.0&nbsp;million, $3.8&nbsp;million, and $11.5&nbsp;million during the years ended December&nbsp;31, 2018, 2019 and 2020, respectively. As of December&nbsp;31, 2019 and 2020, we had $15.3&nbsp;million and $35.3&nbsp;million, respectively, of total
unrecognized stock-based compensation costs which we expect to recognize over a weighted-average period of 2.5 years and 2.8 years, respectively. These amounts reflect our reassessment of the fair value of our common stock in the years ended
December&nbsp;31, 2019 and 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Recent Accounting Pronouncements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">See &#147;<I>Note 1. Description of Business and Significant Accounting Policies</I>&#148; to our financial statements included in this prospectus for
recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted as December&nbsp;31, 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Emerging Growth Company
Status </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are an emerging growth company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new
or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We elected to use this extended transition period for complying with new or revised
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">123 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
accounting standards that have different effective dates for public and private companies until the earlier of the date that we (i)&nbsp;are no longer an emerging growth company or
(ii)&nbsp;affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these consolidated financial statements may not be comparable to companies that comply with the new or revised accounting
pronouncements as of public company effective dates. The JOBS Act does not preclude an emerging growth company from early adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. We early
adopted ASU <FONT STYLE="white-space:nowrap">2016-02,</FONT> <I>Leases </I>(Topic 842) effective January&nbsp;1, 2019 and have elected not to restate comparative periods presented in the consolidated financial statements. We expect to use the
extended transition period for any other new or revised accounting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Quantitative and Qualitative Discussions of Market Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are exposed to market risks in the ordinary course of our business, which primarily relate to fluctuations in market discount rates, credit risks,
and interest rates. We are exposed to market risk directly through loans and securities held on our consolidated balance sheets, access to the securitization markets, investor demand for unsecured personal loans facilitated through our platform, and
availability of funding under our current credit facilities and term loans. Such fluctuations to date have not been significant. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Discount Rate Risk
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Discount rate sensitivity refers to the risk of loss to future earnings, values or future cash flows that may result from changes in market
discount rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Loans at Fair Value</I>&#151;As of December&nbsp;31, 2019 and 2020, we were exposed to market discount rate risk on
$141.6&nbsp;million and $78.5&nbsp;million, respectively of loans <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment</FONT></FONT> and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT> on our consolidated balance sheets. The fair value of these loans is estimated using a discounted cash flow methodology, where the discount rate represents
an estimate of the required rate of return by market participants. The discount rates for loans facilitated through our platform may change due to changes in expected loan performance or changes in the expected returns of similar financial
instruments available in the market. Any gains and losses from discount rate changes are recorded in earnings. As of December&nbsp;31, 2019 a hypothetical 100 basis point and 200 basis point increase in discount rate would result in a
$1.9&nbsp;million and $3.8&nbsp;million decrease, respectively, in the fair value of these loans. As of December&nbsp;31, 2020, a hypothetical 100 basis point and 200 basis point increase in discount rate would result in a $1.0&nbsp;million and
$1.9&nbsp;million decrease, respectively, in the fair value of these loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Assets and Liabilities related to Securitization
Transactions</I>&#151;As of December&nbsp;31, 2019, we were exposed to discount rate risk on $34.1&nbsp;million of notes receivable and residual certificates and $89.7&nbsp;million of payable to securitization note holders and residual certificate
holders. As of December&nbsp;31, 2020, we were exposed to discount rate risk on $19.1&nbsp;million of notes receivable and residual certificates. We assess the sensitivity of securitization notes and residual certificates by reviewing the average
impact across all securitization transactions. As of December&nbsp;31, 2019, a hypothetical 100 basis point and 200 basis point increase in discount rates would result in a decrease in fair value of these securities of 1.40% and 2.77%, respectively,
on average across all securitizations. As of December&nbsp;31, 2020, a hypothetical 100 basis point and 200 basis point increase in discount rates would result in a decrease in fair value of these securities of 1.23% and 2.36%, respectively, on
average across all securitizations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">124 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Credit Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Credit risk refers to the risk of loss arising from individual borrower default due to inability or unwillingness to meet their financial obligations.
The performance of certain financial instruments, including loans, securitization notes and residual certificates, on our consolidated balance sheets are dependent on the credit performance of loans facilitated by us. To manage this risk, we monitor
borrower payment performance through our lending platform and utilize our AI capabilities to price loans in a manner that we believe is reflective of their credit risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The fair values of these loans, securitization notes, and residual certificates are estimated based on a discounted cash flow model which involves the
use of significant unobservable inputs and assumptions. These instruments are sensitive to changes in credit risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Loans, at Fair
Value&#151;</I>As of December&nbsp;31, 2019 and 2020, we were exposed to credit risk on $141.6&nbsp;million and $78.5&nbsp;million, respectively of loans in
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT> in our consolidated balance sheet. These loans bear
fixed interest rates and are carried on our consolidated balance sheets at fair value. As of December&nbsp;31, 2019, a hypothetical 10% and 20% increase in credit risk would result in a $2.3&nbsp;million and $4.7&nbsp;million decrease, respectively,
in the fair value of loans <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment</FONT></FONT> (excluding loans held as collateral by consolidated securitizations). As of December&nbsp;31, 2020, a hypothetical 10% and
20% increase in credit risk would result in a $1.3&nbsp;million and $2.6&nbsp;million decrease, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Assets and Liabilities related to
Securitization Transactions</I>&#151;Transactions&#151;As of December&nbsp;31, 2019, we were exposed to credit risk on $34.1&nbsp;million of notes receivable and residual certificates and $89.7&nbsp;million of payable to securitization note holders
and residual certificate holders. As of December&nbsp;31, 2020, we were exposed to credit risk on $19.1&nbsp;million of notes receivable and residual certificates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The securities issued in the securitizations are senior or subordinated based on the waterfall criteria of loan payments to each security class, with
the residual interest, or the residual certificates, issued being the first to absorb credit losses in accordance with the waterfall criteria. Accordingly, the residual certificates are the most sensitive to adverse changes in credit risk rates.
Depending on the specific securitization, a hypothetical increase in the credit risk rate of 10% to 20% would result in significant decreases in the fair value of the residual certificates. On average, a hypothetical increase in the credit risk rate
of 20% would result in a 20% decrease in the fair value of the residual certificates. The remaining classes of securities, with the exception of those in the August 2018 securitization transaction, are all overcollateralized such that changes in
credit risk rates are not expected to have significant impacts on their fair values. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2019 and 2020, we are exposed to
credit risk of $80.1&nbsp;million and $311.3&nbsp;million, respectively related to cash and restricted cash held in business checking accounts and interest-bearing deposit accounts at various financial institutions in the United States. We are
exposed to credit risk in the event of default by these financial institutions to the extent the amount recorded on our consolidated balance sheets exceeds the insured amounts by the Federal Deposit Insurance Corporation, or FDIC. We reduce credit
risk by placing our cash and restricted cash in reputable institutions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Interest Rate Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The interest rates charged on the loans that our bank partners originate are determined based upon a margin above a market benchmark at the time of
onboarding. Increases in the market benchmark would result in increases in the interest rates on new loans. Increased interest rates may </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">125 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
adversely impact the spending levels of our individual borrowers and their ability and willingness to borrow money. Higher interest rates often lead to higher payment obligations, which may
reduce the ability of individual borrowers to remain current on their obligations to our bank partners and, therefore, lead to increased delinquencies, defaults, customer bankruptcies and charge-offs, and decreasing recoveries, all of which could
have a material adverse effect on our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Term Loans, Warehouse Credit Facilities and Revolving Credit Facility</I>&#151;As of
December&nbsp;31, 2019 and 2020, we are exposed to interest rate risk on $101.8&nbsp;million and $55.5&nbsp;million, respectively, under the term loans and revolving credit facility arrangements which bear floating interest rates. Changes in
interest rates may impact our cost of borrowing. Future funding activities under the revolving credit facilities may increase our exposure to interest rate risk, as the interest rates payable on such funding are tied to short-term market rates. From
time to time, we enter into interest rate hedges in connection with our warehouse credit facilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our inability or failure to manage market
risks could harm our business, financial condition or results of operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">126 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_11"></A>BUSINESS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Overview </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our mission is to enable effortless
credit based on true risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are a leading, cloud-based AI lending platform. AI lending enables a superior loan product with improved economics
that can be shared between consumers and lenders. Our platform aggregates consumer demand for high-quality loans and connects it to our network of Upstart <FONT STYLE="white-space:nowrap">AI-enabled</FONT> bank partners. Consumers on our platform
benefit from higher approval rates, lower interest rates, and a highly automated, efficient, <FONT STYLE="white-space:nowrap">all-digital</FONT> experience. Our bank partners benefit from access to new customers, lower fraud and loss rates, and
increased automation throughout the lending process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Credit is a cornerstone of the U.S. economy, and access to affordable credit is central to
unlocking upward mobility and opportunity. The FICO score was invented in 1989 and remains the standard for determining who is approved for credit and at what interest rate.<SUP STYLE="font-size:85%; vertical-align:top">35</SUP> While FICO is rarely
the only input in a lending decision, most banks use simple rules-based systems that consider only a limited number of variables. Unfortunately, because legacy credit systems fail to properly identify and quantify risk, millions of creditworthy
individuals are left out of the system, and millions more pay too much to borrow money.<SUP STYLE="font-size:85%; vertical-align:top">36</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We
leverage the power of AI to more accurately quantify the true risk of a loan. Our AI models have been continuously upgraded, trained and refined for more than eight years. We have discrete AI models that target fee optimization, income fraud,
acquisition targeting, loan stacking, prepayment prediction, identity fraud and time-delimited default prediction. Our models incorporate more than 1,000 variables and benefit from a rapidly growing training dataset that currently contains more than
10.5&nbsp;million repayment events. The network effects generated by our constantly improving AI models provide a significant competitive advantage&#151;more training data leads to higher approval rates and lower interest rates at the same loss
rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our AI models are provided to bank partners within a consumer-facing cloud application that streamlines the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">end-to-end</FONT></FONT> process of originating and servicing a loan. We have built a configurable, multi-tenant cloud application designed to integrate seamlessly into a bank&#146;s existing technology systems. Our highly
configurable platform allows each bank to define its own credit policy and determine the significant parameters of its lending program. Our AI models use and analyze data from all of our bank partners. As a result, these models are trained by every
Upstart-powered loan, and each bank partner benefits from participating in a shared AI lending platform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Consumers can discover Upstart-powered
loans in one of two ways: either via Upstart.com or through a bank-branded product on our bank partners&#146; own websites. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Loans issued through
our platform can be retained by our originating bank partners, distributed to our broad base of approximately 100 institutional investors and buyers that invest in Upstart-powered loans or funded by Upstart&#146;s balance sheet. In the fourth
quarter of 2020, 18<U></U>% of the loans funded through our platform were retained by the originating bank and 81<U></U>% of loans were purchased by institutional investors through our loan funding programs. Our institutional investors and buyers
that participate in our loan funding programs invest in Upstart-powered loans through whole loan purchases, purchases of pass-through certificates and investments in asset-backed securitizations. As </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">35</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Kaufman; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">36</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Ficklin and Watkins; see the section titled &#147;Industry, Market and Other Data.&#148;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">127 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
of December&nbsp;31, 2020, we had twelve bank partners. In the year ended December&nbsp;31, 2020, CRB originated 67% of the loans facilitated on our platform and fees received from CRB accounted
for 63% of our total revenue. Our current agreement with CRB began on January&nbsp;1, 2019 and has an initial four year term, with a renewal term for an additional two years following the initial four year term. We enter into nonexclusive agreements
with our whole loan purchasers and each of the grantor trust entities in our asset-backed securitizations, or ABS, under which our ABS investors benefit from our loan servicing capabilities.<SUP STYLE="font-size:85%; vertical-align:top">37</SUP> The
remaining 1% of loans funded through our platform in the fourth quarter of 2020 were funded through our balance sheet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our revenue is primarily
comprised of fees paid by banks. We charge banks referral fees for each loan referred through Upstart.com and originated by a bank partner, platform fees for each loan originated, regardless of its source, and loan servicing fees as consumers repay
their loans. Our agreements with our bank partners are nonexclusive, generally have <FONT STYLE="white-space:nowrap">12-month</FONT> terms that automatically renew, subject to certain early termination provisions and minimum fee amounts, and do not
include any minimum origination obligation or origination limits. As a usage-based platform, we target positive unit economics on each transaction, resulting in a cash efficient business model that features both high growth rates and profitability.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Recent Developments </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In March 2021, we entered into a
definitive agreement to acquire Prodigy Software, Inc., a provider of cloud-based automotive retail software. The aggregate consideration to be paid by us is estimated to be $100&nbsp;million, subject to customary purchase price adjustments, payable
in a combination of cash and shares of our common stock. The transaction is subject to customary closing conditions, and is expected to close in the second quarter of 2021. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Industry Overview </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Affordable Credit is Critical to Unlocking Upward
Mobility and Opportunity </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">With $3.6 trillion of consumer credit originated between April 2019 and March 2020,<SUP
STYLE="font-size:85%; vertical-align:top">38</SUP> credit is a cornerstone of the U.S. economy. Access to affordable credit is central to unlocking upward mobility and opportunity. Reducing the price of borrowing for consumers has the potential to
dramatically improve the quality of life for millions of people. Studies have demonstrated a strong statistical link among access to affordable credit, personal well-being and income growth.<SUP STYLE="font-size:85%; vertical-align:top">39</SUP> The
average American has approximately $29,800 in personal debt.<SUP STYLE="font-size:85%; vertical-align:top">40</SUP> While access to affordable credit has allowed Americans to purchase and improve their homes, buy cars, pay for college tuition and
cover emergency expenses, high interest rates can negatively impact a consumer&#146;s financial health. The U.S. Federal Reserve reports that on average, 10% of household disposable personal income is spent on debt repayment.<SUP
STYLE="font-size:85%; vertical-align:top">41</SUP> In addition, 16% of Americans spend 50% to 100% of their monthly income repaying debt.<SUP STYLE="font-size:85%; vertical-align:top">42</SUP> </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">37</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">See the section titled &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#151;Liquidity and Capital Resources&#151;Term loans and revolving loan facilities&#148; and Note 7 to our consolidated financial statements for more information about our loan funding programs, including the role of our warehouse credit
facilities and special purpose entities. See &#147;Note 3. Securitizations and Variable Interest Entities&#148; to our consolidated financial statements for additional information regarding transactions with our VIEs. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">38</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on loan origination dollar amounts published by TransUnion; see the section titled &#147;Industry, Market and Other
Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">39</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Wysen; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">40</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Northwestern Mutual; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">41</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Federal Reserve Household Debt; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">42</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Northwestern Mutual; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">128 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Affordable Credit Is Inaccessible for Millions because Existing Systems Fail to Accurately Quantify Risk
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The FICO score was invented in 1989 and has not fundamentally changed since that
time.<SUP STYLE="font-size:85%; vertical-align:top">43</SUP> The FICO score is used by over 90% of lenders to determine who is approved for credit and at what interest rate.<SUP STYLE="font-size:85%; vertical-align:top">44</SUP> While FICO is rarely
used in isolation, many credit models are simple rules-based systems. A leading expert found that bank credit models commonly incorporate eight to 15 variables, with the more sophisticated models using as many as 30.<SUP
STYLE="font-size:85%; vertical-align:top">45</SUP> Unsurprisingly, the world is more complicated than can be represented by these models, so they are limited in their ability to reliably estimate the probability of default. Many borrowers suffer
from the effects of inaccurate credit models. Many are approved for a loan that they ultimately will be unable to repay, negatively impacting both the consumer and the lender. Many others may be declined for a loan that they could have successfully
repaid if given the opportunity&#151;again doing harm to both consumer and lender. According to an Upstart retrospective study completed in December 2019, four out of five Americans who have taken out a loan have never defaulted, yet less than half
of Americans have access to prime credit.<SUP STYLE="font-size:85%; vertical-align:top">46</SUP> Even consumers with high credit scores tend to pay too much for loans because the rates they pay effectively subsidize the losses from borrowers who
default. </P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g126640g20a33.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Banks Will Continue to be at the Forefront of Consumer Lending </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Banks have been at the forefront of consumer lending in the U.S. for more than a century. They benefit from long-term structural advantages, including a
low cost of funding, a unique regulatory framework, and high levels of consumer trust. Through large and reliable deposit bases, banks are able to maintain a very low cost of funds&#151;approximately 1% on average.<SUP
STYLE="font-size:85%; vertical-align:top">47</SUP> These cost savings are passed through to borrowers in the form of lower interest rates, a significant competitive advantage over <FONT STYLE="white-space:nowrap">non-depository</FONT> lending
institutions. Banks also benefit from a regulatory framework that allows them to create nation-wide lending programs that are largely uniform. Given these advantages, we believe that a partnership-based bank enablement approach will be more
successful than a disruption strategy. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Banks Must Undergo a Digital Transformation to Remain Competitive </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The largest four U.S. banks spend an estimated $38&nbsp;billion on technology and innovation
annually.<SUP STYLE="font-size:85%; vertical-align:top">48</SUP> These four banks may attempt to build AI lending models over time, once general market </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">43</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Kaufman; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">44</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Kaufman; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">45</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Siddiqi; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">46</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The study defined access to prime credit as individuals with credit reports with VantageScores of 720 or above.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">47</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Federal Home Loan Bank of San Francisco; see the section titled &#147;Industry, Market and Other Data.&#148;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">48</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Garcia; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">129 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
acceptance has been achieved. However, outside the largest four banks, there are approximately 5,200 FDIC insured institutions<SUP STYLE="font-size:85%; vertical-align:top">49</SUP> that are at
risk of falling behind. Despite holding over $8 trillion in deposits,<SUP STYLE="font-size:85%; vertical-align:top">50</SUP> we believe these banks, particularly small to <FONT STYLE="white-space:nowrap">medium-sized</FONT> banks, have outdated
technology and lack the technical resources of larger banks to fund the digitization process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">At the same time, consumers are increasingly seeking
digital, personalized and automated experiences.<SUP STYLE="font-size:85%; vertical-align:top">51</SUP> A 2017 Bain survey found that approximately 50% of the U.S. population would be<B> </B>comfortable buying financial products from technology
companies.<SUP STYLE="font-size:85%; vertical-align:top">52</SUP> We believe that as consumers, both young and old, move their financial lives online, small and <FONT STYLE="white-space:nowrap">medium-sized</FONT> banks will be increasingly <FONT
STYLE="white-space:nowrap">ill-equipped</FONT> to serve them.<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We believe that these trends have been accelerated by the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic, as the lack of access to physical bank branches has increased the banking industry&#146;s focus on digital capabilities. The performance of our platform through this crisis has also given existing
and prospective bank partners an important new data point to underpin their growing confidence in our solution. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Increasing Recognition from Regulators
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Many regulators including the FDIC, the OCC, the Federal Reserve and the CFPB increasingly recognize the opportunity to modernize
techniques used in lending.<SUP STYLE="font-size:85%; vertical-align:top">53</SUP> In December 2019, these agencies issued an inter-agency report in support of the use of alternative data in lending decisions.<SUP
STYLE="font-size:85%; vertical-align:top">54</SUP> Additionally, in November 2019, the CFPB director noted that despite external uncertainty regarding how AI will fit into regulatory frameworks, the CFPB is focused on ensuring a path to regulatory
clarity because it recognizes the value AI lending products can offer consumers.<SUP STYLE="font-size:85%; vertical-align:top">55</SUP> In fact, in 2017, in response to a request by Upstart, the CFPB issued Upstart the first <FONT
STYLE="white-space:nowrap">no-action</FONT> letter, which provides that the CFPB has no present intention to recommend enforcement action with regard to the application of the Equal Credit Opportunity Act against Upstart for its use of alternative
variables and AI and machine learning in credit decision-making.<SUP STYLE="font-size:85%; vertical-align:top">56</SUP> This <FONT STYLE="white-space:nowrap">no-action</FONT> letter expired on December&nbsp;1, 2020. On November&nbsp;30, 2020, the
CFPB issued a new <FONT STYLE="white-space:nowrap">no-action</FONT> letter to Upstart under the CFPB&#146;s revised 2018 policy on <FONT STYLE="white-space:nowrap">no-action</FONT> letters. This new <FONT STYLE="white-space:nowrap">no-action</FONT>
letter, which will expire on November&nbsp;30, 2023, covers the use of our AI model to underwrite and price unsecured <FONT STYLE="white-space:nowrap">closed-end</FONT> loans, and is conditional on our implementation of a Model Risk Assessment Plan
that was developed with the CFPB. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>The AI Opportunity </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">AI
has the potential to add $13 trillion to the current global economic output by 2030, a 16% increase over today&#146;s output.<SUP STYLE="font-size:85%; vertical-align:top">57</SUP> According to the McKinsey Global Institute, AI will be slowly
adopted in its early stages, followed by steep acceleration as the technology matures and companies learn how to best deploy it.<SUP STYLE="font-size:85%; vertical-align:top">58</SUP> We believe the lending industry will follow this path. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Lending is a compelling application for AI. First, it involves sophisticated decisioning for events that occur millions of times each day. Second, there
is an almost unlimited supply of data that has the </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">49</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">FDIC; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">50</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The dollar amount of deposits held by banks, other than the four largest banks, was aggregated by Upstart using data
provided by the FDIC; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">51</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Bain, PwC and RedPoint Global; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">52</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Bain; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">53</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">FDIC Interagency Statement; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">54</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">FDIC Interagency Statement; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">55</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Kraninger; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">56</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">CFPB <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter; see the section titled &#147;Industry, Market and Other
Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">57</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">McKinsey; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">58</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">McKinsey; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">130 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
potential to be predictive and improve the accuracy of credit decisions. Third, given the costs and risks associated with lending, the economic wins from AI are dramatic for both banks and
consumers. This means that the significant investment required to overcome the technical and regulatory hurdles is well worth the effort. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">With our
eight-year head start, our AI lending platform is well-positioned to power a significant portion of the U.S. credit market. To date, we have focused on the unsecured personal loan market. From October 2019 to September<B> </B>2020, there were
$92&nbsp;billion in U.S. unsecured personal loan originations.<SUP STYLE="font-size:85%; vertical-align:top">59</SUP> In the same period, we facilitated the origination of $3.2<B> </B>billion in unsecured personal loans, or less than 5% of the total
market.<SUP STYLE="font-size:85%; vertical-align:top">60</SUP> We not only have a large opportunity to capture market share in unsecured personal loans, but by applying our AI models and technology to adjacent opportunities, we believe we are
well-positioned to address the U.S. auto loan, credit card and mortgage markets. From October 2019 to September<B> </B>2020, there were $626&nbsp;billion in U.S. auto loan originations, $258<B></B>&nbsp;billion in U.S. credit card originations and
$3.4 trillion in U.S. mortgage originations.<SUP STYLE="font-size:85%; vertical-align:top">61</SUP> In June 2020, we began offering auto loans on our platform, and in September 2020, the first auto loan was originated through the Upstart platform.
Over time, we believe we are also capable of capturing market share in student loans, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-of-sales</FONT></FONT> loans and HELOCs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Our AI Lending Platform </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our AI models are
central to our value proposition and unique position in the industry. Our models incorporate more than 1,000 variables, which are analogous to the columns in a spreadsheet. They have been trained by more than 10.5&nbsp;million repayment events,
analogous to rows of data in a spreadsheet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">These elements of our model are <FONT STYLE="white-space:nowrap">co-dependent;</FONT> the use of
hundreds or thousands of variables is impractical without sophisticated machine learning algorithms to tease out the interactions between them. And sophisticated machine learning depends on large volumes of training data. Over time, we have been
able to deploy and blend more sophisticated modeling techniques, leading to a more accurate system. This <FONT STYLE="white-space:nowrap">co-dependency</FONT> presents a challenge to others who may aim to short-circuit the development of a
competitive model. While incumbent lenders may have vast quantities of historical repayment data, their training data lacks the hundreds of columns, or variables, that power our model. For more details regarding the variables, training data, and
algorithms in our models, please see &#147;Business&#151;Evolution of Upstart&#146;s AI Model.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Despite their sophistication, our AI models
are delivered to banks in the form of a simple cloud application that shields borrowers from the underlying complexity. Additionally, our platform allows banks to tailor lending applications based on their policies and business needs. Our bank
partners can configure many aspects of their lending programs, including factors such as loan duration, loan amount, minimum credit score, maximum <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debt-to-income</FONT></FONT> ratio
and return target by risk grade. Within the construct of each bank&#146;s self-defined lending program, our platform enables the origination of conforming and compliant loans at a low <FONT STYLE="white-space:nowrap">per-loan</FONT> cost. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Our Ecosystem </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our platform connects
consumers, banks and institutional investors through a shared AI lending platform. Because AI is a new and disruptive technology, and banking is a traditionally conservative </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">59</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on loan origination dollar amounts published by TransUnion; see the section titled &#147;Industry, Market and Other
Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">60</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on loan origination dollar amounts published by TransUnion; see the section titled &#147;Industry, Market and Other
Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">61</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on loan origination dollar amounts published by TransUnion; see the section titled &#147;Industry, Market and Other
Data.&#148; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">131 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
industry, we have brought our technology to market in a way that allows us to grow rapidly and improve on our AI models, while allowing banks to take a prudent and responsible approach to
assessing and adopting our platform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On the consumer side, we aggregate demand on Upstart.com, where consumers are presented with bank-branded
offers from our bank partners. In this way, we benefit banks who have adopted our AI lending technology. Bank partners can also offer Upstart-powered loans through a bank-branded interface on their own website or mobile application. Consumers on our
platform are generally offered unsecured personal loans ranging from $1,000 to $50,000 in size, at APRs typically ranging from approximately 6.5% to 35.99%, with terms typically ranging from three to seven years, with a monthly repayment schedule
and no prepayment penalty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On the funding side, our bank partners can retain loans that align with their business and risk objectives; loan volumes
exceeding their collective funding capacity or risk tolerance can be flowed through the Cross River Bank conduit and sold to our network of institutional investors, which have far broader and more diverse capacity to absorb and distribute risk. This
flexible approach allows banks to adopt AI lending at their own pace, while we continue to grow and improve our platform. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Value Proposition to Consumers
</I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Higher approval rates and lower interest rates</I>&#151;The CFPB reported that a study by Upstart of its data using a
methodology specified by the CFPB, showed that our AI model approves 27% more borrowers than high-quality traditional lending models with a 16% lower average APR for approved loans.<SUP STYLE="font-size:85%; vertical-align:top">62</SUP> Our analyses
suggest that our loan offers have improved significantly over time relative to those of competitors.<SUP STYLE="font-size:85%; vertical-align:top">63</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Superior digital experience</I>&#151;Whether consumers apply for a loan through Upstart.com or directly through a bank
partner&#146;s website, the application experience is streamlined into a single application process and the loan offers provided are firm. In the year ended December&nbsp;31, 2020, approximately 70% of Upstart-powered loans were instantly approved
with no document upload or phone call required, an increase from 0% in late 2016. Such automation improvements were due in large part to improvements to our AI models and the application of such models to different aspects of the loan process,
including data verification and fraud detection. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Value Proposition to Bank Partners </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Competitive digital lending experienc</I>e&#151;We provide regional banks and credit unions with a cost effective way to
compete with the technology budgets of their much larger competitors. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Expanded customer bas</I>e&#151;We refer customers that apply for loans through Upstart.com to our bank partners,
helping them grow both loan volumes and number of customers. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Lower loss rates</I>&#151;An internal study comparing our model to that of several large U.S. banks found that our model
could enable these banks to lower loss rates by almost 75% while keeping approval rates constant.<SUP STYLE="font-size:85%; vertical-align:top">64</SUP> </P></TD></TR></TABLE>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">62</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Ficklin and Watkins; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">63</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Since 2017, Upstart has used a third-party service to perform quarterly comparative studies of the interest rates offered
for Upstart-powered loans versus the interest rates offered by six other companies offering personal loans online. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">64</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">In an internal study, Upstart replicated three bank models using their respective underwriting policies and evaluated
their hypothetical loss rates and approval rates using Upstart&#146;s applicant base in late 2017. To compare the hypothetical loss rates between Upstart&#146;s model and each of the replicated bank models, Upstart held approval rates constant at
the rate called for by each bank&#146;s respective underwriting policy. Such result represents the average rate of improvement exhibited by Upstart&#146;s platform against each of the three respective bank models. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">132 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>New product offering</I>&#151;Personal loans are one of the fastest-growing segments of credit in the U.S.<SUP
STYLE="font-size:85%; vertical-align:top">65</SUP> Our platform helps banks provide a product their customers want, rather than letting customers seek loans from competitors. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Institutional investor acceptance</I>&#151;Analyses by credit rating agencies, loan and bond buying institutions, and
credit underwriters help banks gain confidence that Upstart-powered loans are subject to significant and constant scrutiny from experts, the results of which are often publicly available. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Our Competitive Strengths </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Constantly Improving AI
Models </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have been building and refining our AI models for more than eight years, and they have led directly to our growth and
profitability. Our models currently incorporate more than 1,000 variables and are trained by more than 10.5&nbsp;million repayment events. Beyond the advantages accrued by our constantly growing volume of training data, our machine learning team
continues to update our modeling techniques regularly. Model and technology improvements have increased our conversion rate over time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Flexible <FONT
STYLE="white-space:nowrap">Two-Sided</FONT> Ecosystem </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We benefit from aggregating consumer demand on Upstart.com, referring consumers
directly to our network of <FONT STYLE="white-space:nowrap">AI-enabled</FONT> bank partners. Our consumer presence allows us to increase awareness of and interest in Upstart-powered loans, directly contributing to our own growth, as well as the
growth and success of our bank partners&#146; lending programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">With an expanding list of bank partners, we can solve the borrowing needs of an
increasingly diverse array of consumers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Capital Efficient <FONT STYLE="white-space:nowrap">Fee-Based</FONT> Business </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the year ended December&nbsp;31, 2020, we generated 98% of revenue from fees from banks and loan servicing. We have also achieved a high degree of
automation, with approximately 70% of Upstart-powered loans approved instantly and fully automated in the year ended December&nbsp;31, 2020, driving operating leverage and improving unit economics. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Regulatory Compliance </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have worked with regulators
since our inception to ensure we operate in compliance with applicable laws and regulations. AI lending expands access to affordable credit by constantly finding new ways to identify qualified borrowers, yet AI models must avoid unlawful disparate
impact or statistical bias that would be harmful to protected groups. We have demonstrated to the CFPB that our platform does not introduce unlawful bias to the credit decision and we have developed sophisticated reporting procedures to ensure
future versions of the model remain fair.<SUP STYLE="font-size:85%; vertical-align:top">66</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In September 2017, we received the CFPB&#146;s
first <FONT STYLE="white-space:nowrap">no-action</FONT> letter. The CFPB issues <FONT STYLE="white-space:nowrap">no-action</FONT> letters to reduce potential regulatory uncertainty for innovative products that may offer significant consumer benefit.<SUP
STYLE="font-size:85%; vertical-align:top">67</SUP> On November&nbsp;30, 2020, at the expiration of our first <FONT STYLE="white-space:nowrap">no-action</FONT> letter, we received a </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">65</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Beiseitov; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">66</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Ficklin and Watkins; see the section titled &#147;Industry, Market and Other Data.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">67</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consumer Financial Protection Bureau, Policy on <FONT STYLE="white-space:nowrap">No-Action</FONT> Letters, September 2019.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">133 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
new <FONT STYLE="white-space:nowrap">no-action</FONT> letter from the CFPB, which expires on November&nbsp;30, 2023. At this time, we do not know of any other lending platforms that have received
similar <FONT STYLE="white-space:nowrap">no-action</FONT> letters for fair lending from the CFPB. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Our Growth Strategy </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Model Improvements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our growth has historically been
driven by AI model improvements and technology upgrades, and we expect this trend to continue for the foreseeable future. Model upgrades typically result in higher approval rates, better loan offers, higher degrees of automation and other
improvements that increase our total number of funded loans. As our model accuracy increases, we are able to <FONT STYLE="white-space:nowrap">re-target</FONT> and approve consumers who previously visited our site but were not eligible for a loan.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>More Efficient Funding </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Growth is also driven by
a reduced cost of funding for Upstart-powered loans. This can happen because more banks adopt our platform, or existing partners increase their budget for Upstart-powered loans. Cost of funding can also be reduced as bank partners gain more
confidence in our models and lower some of the constraints they choose to place on their lending program. The cost of funding through institutional investors can also improve over time, based on market conditions and as credit rating agencies and
loan and residual buyers gain confidence in the credit performance of Upstart-powered loans. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Bank Distribution </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Today, the vast majority of borrowers are referred to our bank partners via Upstart.com. But these banks are also beginning to offer Upstart-powered
loans through their own websites, supported by their own marketing programs. We expect the bank-driven distribution of Upstart-powered loans to grow over time, as more bank partners roll out bank-branded versions of Upstart to serve their new and
existing customers directly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>New Products </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Personal loans are one of the fastest-growing segment of consumer credit in the U.S., but they are far from the largest.<SUP
STYLE="font-size:85%; vertical-align:top">68</SUP> As we apply our AI models and technology to other credit verticals, we will be able to serve the needs of more consumers and to play a broader technology enablement role for our bank partners. There
is significant opportunity to expand from personal loans to auto loans, credit cards, mortgages, student loans, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-of-sale</FONT></FONT> loans and HELOCs. In June 2020, we began
offering auto loans on our platform and in September 2020, the first auto loan was originated through the Upstart platform. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Our Platform </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our AI lending platform enables banks to provide consumers access to credit. The first credit product offered through our platform was an unsecured
personal loan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Consumers </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have built a
mobile-responsive web application at Upstart.com, where consumers can quickly and easily inquire about a rate, evaluate and choose a loan offer, provide necessary information for </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">68</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Beiseitov; see the section titled &#147;Industry, Market and Other Data.&#148;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">134 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
verification and review required disclosures before final acceptance of the loan. A virtually identical experience is also offered as a bank-branded product on bank partners&#146; websites. In
the year ended December&nbsp;31, 2020, over half of consumers that received an Upstart-powered loan applied for such loan on their mobile phone. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Bank
Partners </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our platform is designed to help our bank partners originate loans according to their unique requirements. In order to do this, we
provide a wide variety of options for banks to define and control their lending program. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Upstart Referral Network</I>&#151;Once we aggregate consumer demand on our website, we pass those customers to our bank
partners. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Bank-branded product</I>&#151;Bank partners can serve customers with a bank-branded Upstart application on their own
website or mobile application. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Configurations</I>&#151;Because banks have complete authority and control over their lending programs, our bank partners
predetermine many aspects of their loan offering, including interest rate and loan size ranges, maximum target loss rate, minimum credit score, maximum <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debt-to-income</FONT></FONT>
ratio, target returns for various risk profiles, fee structures and disclosures. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Servicing</I>&#151;While most bank partners choose to have us service their loans (through a bank-branded servicing
portal), each has the option of directly servicing loans itself. Our servicing platform manages all communication with borrowers, credit reporting agencies, and when necessary, collections agencies. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Access to capital markets</I>&#151;We have built a broad network of institutional investors who provide funding support
to bank partners through secondary loan purchasing, issuance of pass-through certificates and investment in asset-backed securitizations. A significant portion of the loans originated by our partner Cross River Bank are sold to institutional
investors through one of our funding programs. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">135 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Evolution of Upstart&#146;s AI Model </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The AI models underpinning the Upstart platform are central to its efficacy and the high-quality experience we provide to borrowers. Our models have
evolved rapidly since our founding, as illustrated below.<SUP STYLE="font-size:85%; vertical-align:top">69</SUP> </P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g126640g19r84.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The key aspects of our AI models include: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Variables </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Variables in our AI models have increased
from 23 in 2014 to more than 1,000 as of December&nbsp;31, 2020. These include factors related to credit experience, employment, educational history, bank account transactions, cost of living and loan application interactions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Training Data </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020, our
models have been trained by more than 10.5&nbsp;million repayment events such as a successful repayment or a delinquency. Upstart&#146;s models learn from repayment data even while loan principal remains outstanding, allowing the models to improve
in real time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Modeling Techniques </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Growth in
training data has enabled the development of increasingly sophisticated modeling techniques. For example, while earlier versions of our AI models were centered on logistic regression, our more recent models incorporate stochastic gradient boosting.
We expect that our data science investments and continued growth of training data will unlock even more powerful techniques over time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Model Applications
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">While our first model focused on predicting the likelihood of loan default, we have since applied models throughout the process of credit
origination. These models quantify and reduce risk in various ways, while also increasing automation and funnel conversion. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">69</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Dates for variables and training data correspond to: March&nbsp;24, 2014, May&nbsp;28, 2015, September&nbsp;6, 2016,
January&nbsp;1, 2018 and December&nbsp;31, 2019, respectively. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">136 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The currently active AI models within the Upstart platform&#151;shared by and available to all
Upstart&#146;s bank partners&#151;include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Fee optimization</I>&#151;optimizes assignment of origination fees; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Income fraud</I>&#151;quantifies potential misrepresentation of borrower income; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Acquisition targeting</I>&#151;identifies consumers likely to qualify for and have need for a loan;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Loan stacking</I>&#151;identifies consumers likely to take out multiple loans in a short period of time;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Prepayment prediction</I>&#151;quantifies the likelihood that a consumer will make payments on a loan earlier than
originally scheduled; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Identity fraud</I>&#151;quantifies the risk that an applicant is misrepresenting their identity; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Time-delimited default prediction</I>&#151;quantifies the likelihood of default for each period of the loan term.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Our Technology Infrastructure </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our cloud-based software platform incorporates modern technologies and software development approaches to allow for rapid development of new features.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Cloud-Native Technologies </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We run our technology
platform as containerized services on the AWS cloud. Our architecture is designed for high availability and horizontal scalability. Our primary development platforms are Ruby on Rails and Python, but our Kubernetes-based compute environment gives us
the flexibility to run heterogeneous workloads with minimal operational overhead. We deploy new software regularly without platform downtime, allowing borrowers and banks to immediately benefit from the latest updates to our platform. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Data Integrity and Security </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our information security
program governs how we safeguard the confidentiality, integrity, and availability of our consumer data. Our environment is continuously monitored with a suite of tools designed to detect security events in both internal and user-facing systems. We
engage with third parties to audit our security program and to perform regular penetration tests of our Web application and cloud environment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Configurable
Multi-Tenant Architecture </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our multi-tenant architecture enables multiple lending partners to use the same version of our application while
securely segmenting their data. Though all tenants are using the same version of our platform, our software is designed to be highly configurable to meet the needs of our diverse bank partners, allowing customizations to everything from the
applicant user interface to the core rules governing credit decisioning. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Machine Learning Platform </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In order to support innovation in our underwriting, fraud detection and acquisition models, we have developed proprietary technologies to enable our
machine learning team to develop, train, test and deploy new model updates with minimal engineering support. Our backend systems are designed to flexibly integrate with multiple third-party data sources to feed these models and support real-time
decisioning. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">137 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Responsive Web Design </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our user interface is responsive to ensure applicants and borrowers have a smooth experience regardless of whether they are accessing our website from a
desktop, mobile device or tablet. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Robust Reporting and Integration Capabilities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our reporting APIs provide investors and bank partners the ability to access data through a programmatic interface. Our integration capabilities with
bank partners include an ability to <FONT STYLE="white-space:nowrap">pre-fill</FONT> applicant information via API and provide loan details in real-time to facilitate a seamless process from application to origination. In December 2020, we launched
a bank reporting portal which provides our bank partners with a centralized console to view real time performance metrics of their lending program, view and verify their credit policy and program configuration, and obtain <FONT
STYLE="white-space:nowrap">on-demand</FONT> access to operational reports and documents. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Consumer Marketing </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our growth and marketing approach is driven by the strength of our product and the interest rates we offer. While many lenders see consumer choice as a
detractor from sales volume, we benefit when consumers compare our offers to other lenders&#146; offers. Over time, our ability to offer lower rates than our competitors has improved
significantly.<SUP STYLE="font-size:85%; vertical-align:top">36</SUP> Because our model changes in real time, we are able to extend new offer loans to applicants who were previously not eligible or were previously quoted a higher rate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our growth and marketing initiatives are primarily focused on bringing potential borrowers to Upstart.com, where they can learn if they qualify for a
loan from one of our bank partners and on what terms in only a few minutes. Our consumer acquisition channels combine a mix of online and offline, as well as paid and unpaid, channels. While we constantly experiment to expand and optimize our
acquisition strategies, our largest channels include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Marketing affiliates</I>&#151;A variety of online media partners, such as loan aggregators, send us traffic on a cost
per origination basis. Many loan aggregators also incorporate credit data to provide online prescreened offers, which leads to highly targeted and interested referrals. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Direct mail</I>&#151;We apply our strengths in data science to target individuals who both qualify for and may have a
need for an Upstart-powered loan. The ability to analyze an individual&#146;s credit data to target and mail prescreened offers of credit gives this channel a meaningful data advantage over other channels. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Organic traffic</I>&#151;As our brand recognition and reputation grow, an increasing number of potential borrowers come
directly to Upstart.com simply by word of mouth. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Email marketing</I>&#151;We have an automated email program that sends customized messages and reminders to potential
borrowers once they have created accounts to encourage them to complete their loan application. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Online advertising</I>&#151;Search engines and social channels enable targeted outreach to potential borrowers with
specific messages. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><I>Podcast advertising</I>&#151;We purchase 30 or <FONT STYLE="white-space:nowrap">60-second</FONT> advertising placements
on podcasts with a listener base that we believe overlaps with Upstart&#146;s target consumer base. These advertisements are designed by the Upstart team but are delivered to listeners by the podcast hosts. </P></TD></TR></TABLE>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">36</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Since 2017, Upstart has used a third-party service to perform quarterly comparative studies of the interest rates offered
for Upstart-powered loans versus the interest rates offered by six other companies offering personal loans online. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">138 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">A significant number of consumers that apply for a loan on Upstart.com learn about and access
Upstart.com through the website of a loan aggregator, Credit Karma. The percentage of loan originations that were derived from traffic from Credit Karma was 38%, 38% and 52% in 2018, 2019 and 2020, respectively, and the percentage of loan
originations that were derived from direct mail was 28%, 23% and 12%, in 2018, 2019 and 2020, respectively. No other marketing channel contributed significantly compared to Credit Karma and direct mail. We have entered into a promotion agreement
with Credit Karma that governs the terms and conditions between us and Credit Karma with respect to advertising the loans offered on our platform. Either party may terminate our arrangement immediately upon a material breach of any provision of the
agreement or at any time, with or without cause, by providing no less than 30 days&#146; notice. Our agreement does not require Credit Karma to display offers from lenders on Upstart.com or prohibit them from working with our competitors or from
offering competing services. In this regard, Credit Karma recently began directing more customer traffic to a program that hosts and aggregates the credit models of other loan providers directly on its platform for the purpose of giving credit
offers. To date, Upstart has opted not to participate in this program. In November 2020, we experienced a reduction in the number of loan applicants directed to the Upstart platform by Credit Karma and a corresponding decrease in the number of loans
originated on our platform, and we may experience additional reductions in traffic from Credit Karma in the future. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Bank Partnerships </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We predominantly target small to <FONT STYLE="white-space:nowrap">medium-sized</FONT> banks with an appetite to invest in improved underwriting, digital
originations and unsecured lending. As of December&nbsp;31, 2020, we had twelve bank partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">CRB, originates a large fraction of the whole loans
sold to institutional investors under our loan funding programs. For the years ended December&nbsp;31, 2018, 2019 and 2020, fees received from CRB accounted for 81%, 80% and 63%, of our total revenue, respectively. We have entered into a loan
program agreement that governs the terms and conditions between us and CRB with respect to loans facilitated through our platform and issued by CRB. We have entered into a loan program agreement that governs the terms and conditions between us and
CRB with respect to loans facilitated through our platform and issued by CRB. The most recent loan program agreement with CRB began on January&nbsp;1, 2019 and has a term of four years with an automatic renewal provision for an additional two years
following the initial four year term. Either party may choose not to renew by providing the other party 120 days&#146; notice prior to the end of the initial term or any renewal term. In addition, during the term of our arrangement, CRB may reduce
the volume of Upstart-powered loans that it chooses to fund and retain on its balance sheet or not to originate at all. We or CRB may terminate our arrangement immediately upon a material breach and failure to cure such breach within a cure period,
if any representations or warranties are found to be false and such error is not cured within a cure period, bankruptcy or insolvency of either party, receipt of an order or judgement by a governmental entity, a material adverse effect, or a change
of control whereby such party involved in such change of control provides 90 days&#146; notice to the other and pays a termination fee of $450,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have also entered into separate agreements with each of our other bank partners. Our agreements with our bank partners are <FONT
STYLE="white-space:nowrap">non-exclusive,</FONT> generally have <FONT STYLE="white-space:nowrap">12-month</FONT> terms that automatically renew, subject to certain early termination provisions and minimum fee amounts, and do not include any minimum
origination obligations or origination limits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our platform includes a cloud-based web application for all user interactions, including rate
inquiry, loan offer presentation, adverse action notification, bank account verification and connectivity, borrower identity and credential verification, disclosure presentation and loan servicing. The software includes a variety of embedded AI
models supporting and automating fraud prevention, credit </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">139 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
decisioning and borrower verification. Bank partners also have access to an administrative interface for reporting and program management. We also perform regulatory fairness tests on bank
partners&#146; behalf. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Institutional Investors </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our platform allows bank partners to originate and retain loans that meet their business objectives. Because banks vary with respect to program
objectives, risk tolerance and funding capacity, each bank&#146;s program parameters can vary significantly. In the year ended December&nbsp;31, 2020, approximately 21% of Upstart-powered loans orginated by bank partners were retained by those bank
partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart-powered loans originated by bank partners can be sold to institutional investors through a variety of funding structures
developed and supported by Upstart. As of December&nbsp;31, 2020, loans from our bank partners were purchased or funded by our broad base of approximately 100 institutional investors and buyers. By leveraging our institutional investors&#146; broad
and diverse capacity to absorb and distribute credit risk, we can develop our business and our AI models faster than if we relied only on the funding capacity of our bank partners. Accordingly, our growth is not limited by bank funding capacity or
risk tolerance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We began working with six institutional investors in 2015 and have relationships with approximately 100 institutional investors
today. The institutional investors that participate in our loan funding programs include banks, insurance companies, &#145;40 Act funds, hedge funds, private equity funds and other sources of institutional capital. These relationships have allowed
us to expand our model beyond the risk profile of a typical bank. The combination of bank and institutional investor funding provides our platform with competitive and diverse capital, without Upstart having to retain risk in its capital markets
programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our network of institutional investors includes purchasers of whole loans originated via Upstart&#146;s platform, as well as capital
markets investors that buy securities, such as pass-through certificates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the case of whole loan purchasers, we typically enter into loan
purchase agreements and loan servicing agreements with such purchasers. The loan purchase agreements provide for the purchaser to place requests (ordinarily on a monthly basis) to purchase pools of whole loans originated via Upstart&#146;s platform
by certain bank partners, which Upstart may attempt to fulfill on an uncommitted basis. Both the loan purchase and loan servicing agreements are typically terminable (i)&nbsp;for convenience after a notice period, (ii)&nbsp;following the passage of
a term or (iii)&nbsp;after certain events of default. Loan purchasers may also cease to place requests to purchase loans at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Investors may
also purchase interests in loans originated via Upstart&#146;s platform in the form of pass-through certificates rather than whole loans. We have pass-through certificate programs sponsored by certain financial institutions under which investors can
purchase securities collateralized by Upstart-powered loans from an issuer trust. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">While there are minimal differences between whole loan sales and
sales of pass-through certificates from Upstart&#146;s perspective, both programs are offered to provide flexibility to investors in our loan funding programs. Institutional investors may prefer pass-through certificates, which are more liquid,
while other institutional investors may prefer whole loan purchases, which are generally more cost effective. The below table provides a breakdown of Upstart-powered loans purchased through whole loan sales and pass-through certificates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">140 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Pass-Through Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,702</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41,623</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,663</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Whole Loan Sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,720</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132,597</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">185,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The whole loans or pass-through certificates purchased after origination may later be included in our asset-backed
securitization transactions whereby interests in these Upstart-powered loans are sold to other institutional investors. The number of whole loans and pass-through certificates sold that were later included in an asset-backed securitization
transaction were 28,369, 88,172 and 60,785 in 2018, 2019 and 2020, respectively. The numbers of whole loans and pass through certificates sold that were later included in an asset-backed securitization transaction reported in the previous sentence
are subject to further minor fluctuations resulting from ongoing ABS transaction activities, such as periodic sales of delinquent loans to collection agencies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For our asset-backed securitization transactions, we engage with investment banks to structure investments under which we and/or certain of the
purchasers of whole loans or pass-through certificates described in the preceding paragraphs sell pools of whole loans to a bankruptcy-remote securitization special purpose entity. The special purpose entities, through one or more intermediate
transfers and entities, create and sell tranched asset-backed notes and subordinated certificates, in each case, backed by the collective pools of Upstart-powered loans sold into the investment structure. We are typically retained by participating
institutional investors to service the loans, and act in such servicing capacity for the life of the investment transaction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Operations </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have developed sophisticated tools that our internal operations team uses to support the origination and servicing of credit. While verification is
primarily and increasingly handled by our software and AI models, we also offer Upstart-designed tools to guide credit analysts and fraud specialists in cases where our software is not yet able to sufficiently verify borrower information. By
providing a prescriptive and unique path for each applicant, our system helps our operations team provide a streamlined experience for as many borrowers as possible. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our operations teams, including credit analysts, fraud specialists, customer support and payments specialists, work to deliver a seamless user
experience to consumers on behalf of our bank partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Customer operations is divided functionally by teams that focus on <FONT
STYLE="white-space:nowrap">pre-origination</FONT> experience (verification and customer support) and post-origination experience (loan servicing). Team members are distributed between our headquarters in San Mateo, California and our second
headquarters in Columbus, Ohio. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Verification and Customer Support Operations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">This team focuses on the minority of borrowers whose applications are not entirely automated or any applicant who has questions or issues throughout the
application process. While approximately 30% of Upstart-powered loans involve human intervention, the vast majority of these loans are not fraudulent. Thus, our team focuses on expediting applicants through the process to the extent possible, while
identifying and rejecting fraudulent applications. Our operations team works closely with our engineering and machine learning teams to further increase our levels of automation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Most prospective borrowers and applicants interact with Upstart via our online platform and help center, but we also make agent-based support readily
available to all borrowers. For phone support, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">141 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
we partner with an external call center vendor and have a team of dedicated Upstart agents with specialized training. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Servicing Operations </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart-powered loans are
serviced via our homegrown platform. For borrowers who miss payments, we focus on early intervention and attempt to reach them via emails, calls, texts and skip-trace to help bring their account current or offer hardship options in accordance with
our servicing policies. Borrowers on our platform are supported via a combination of internal payments specialists and a third-party service provider. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We do not conduct collections activities in house. Accounts that are more than 30 days past due are referred to third-party collection agencies for
collections. Debt collection calls and collection performance are reviewed regularly by our vendor management and quality assurance teams. Our operations and compliance teams each also perform onsite audits annually. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Competition </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Consumer lending is a vast and
competitive market, and we compete in varying degrees with all other sources of unsecured consumer credit, including banks, <FONT STYLE="white-space:nowrap">non-bank</FONT> lenders (including retail-based lenders) and other financial technology
lending platforms. Because personal loans often serve as a replacement for credit cards, we also compete with the convenience and ubiquity that credit cards represent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On the bank partnership side, we compete with a variety of technology companies that aim to help banks with the digital transformation of their
business, particularly with respect to <FONT STYLE="white-space:nowrap">all-digital</FONT> lending. This includes new products from legacy bank technology providers as well as newer companies focused entirely on lending software infrastructure for
banks. We may also face competition from banks or companies that have not previously competed in the consumer lending market, including companies with large and experienced machine learning teams and access to vast amounts of consumer-related
information that could be used in the development of their own credit risk models. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We believe we compete favorably based on the following
competitive factors: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Constantly improving AI models; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Compelling loan offers to consumers that improve regularly; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Automated and user-friendly loan application process; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Consistent and predictable loan performance; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Cloud-native, multi-tenant architecture; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Combination of technology and customer acquisition for bank partners; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Robust and diverse loan funding program; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Brand recognition and trust. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Government Regulation </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We and the loans made
through our platform by our bank partners are subject to extensive and complex rules and regulations and examination by various federal, state and local government authorities. Failure to comply with any of the applicable rules and regulations may
result in, among </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">142 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
other things, revocation of required licenses or registration, loss of approved status, effective voiding or rescission of the loan contracts, class action lawsuits, administrative enforcement
actions and civil and criminal liability. While compliance with such requirements is at times complicated by our novel business model, we believe we are, at a minimum, in substantial compliance with these rules and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are currently, and expect in the future, to be regulated by the CFPB. In addition to the CFPB, the Federal Trade Commission has jurisdiction to
investigate aspects of our business, including with respect to marketing practices. Other state and federal agencies, including prudential bank regulators and state attorneys general have the ability to regulate aspects of our business. Further, we
are subject to inspections, examinations, supervision and regulation by applicable agencies in each state in which we are licensed. Regulatory oversight of our business may change over time. By way of example, in 2020, the California Consumer
Financial Protection Law was enacted, which seeks to emulate the CFPB with respect to its enforcement and supervisory capabilities as well as require additional state registration for certain covered persons. We expect that regulatory examinations
by both federal and state agencies will continue, and there can be no assurance that the results of such examinations will not have a material adverse effect on us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Below, we summarize several of the material federal lending, servicing and related laws applicable to our business. Many states have laws and
regulations that are similar to the federal consumer protection laws referred to below, but the degree and nature of such laws and regulations vary from state to state. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Federal Lending and Related Laws </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Truth in
Lending Act </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Truth in Lending Act, or TILA, and Regulation Z, which implements it, require creditors to provide consumers with uniform,
understandable information concerning certain terms and conditions of their loan and credit transactions, and to comply with certain lending practice requirements and restrictions. These rules apply to loans facilitated through our platform, and we
assist with compliance as part of the services we provide to our bank partners. For <FONT STYLE="white-space:nowrap">closed-end</FONT> credit transactions, required disclosures include, among others, providing the annual percentage rate, the finance
charge, the amount financed, the number of payments, the amount of the monthly payment, the presence and amount of certain fees, and the presence of certain contractual terms. TILA also regulates the advertising of credit and gives borrowers, among
other things, certain rights regarding updated disclosures and the treatment of credit balances. We, on behalf of the applicable bank partner, provide applicants with a TILA disclosure when applicants complete their loan applications on our
platform. If the applicant&#146;s request is not fully funded and the applicant chooses to accept a lesser amount offered, we provide an updated TILA disclosure on behalf of the applicable bank partner. We also seek to comply with TILA&#146;s
disclosure requirements related to credit advertising and, to the extent that we hold or service loans, TILA&#146;s requirements related to treatment of credit balances for <FONT STYLE="white-space:nowrap">closed-end</FONT> loans. We also can
facilitate the origination of a limited number of credit card accounts through our platform. In connection with such accounts, TILA requires the provision of certain solicitation and account-opening disclosures. TILA also imposes requirements on the
terms of credit card accounts, and the process of originating and servicing such accounts. Though our platform may facilitate the origination of credit card accounts by a bank partner, we do not originate or service such accounts at this time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Equal Credit Opportunity Act </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
Equal Credit Opportunity Act, or ECOA, prohibits creditors from discriminating against credit applicants on the basis of race, color, sex, age (provided that the applicant has the capacity to enter </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">143 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
into a binding contract), religion, national origin, marital status, the fact that all or part of the applicant&#146;s income derives from any public assistance program, or the fact that the
applicant has in good faith exercised any right under the federal Consumer Credit Protection Act or certain state laws. Regulation B, which implements ECOA, restricts creditors from requesting certain types of information from loan applicants or
engaging in certain loan-related practices, and from using advertising or making statements that would discourage on a prohibited basis a reasonable person from making or pursuing an application. These requirements apply to bank partners for loans
facilitated through our platform as well as to us as a service provider that assists in the process. We abide by policies and procedures implemented by our bank partners to comply with ECOA&#146;s provisions prohibiting discouragement and
discrimination. ECOA also requires creditors to provide applicants with timely notices of adverse action taken on credit applications, including disclosing to applicants who have been declined their rights and the reason for their having been
declined. On behalf of our bank partners, we provide prospective borrowers who apply for a loan through our platform but are denied credit with an adverse action notice in compliance with applicable requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On February&nbsp;5, 2020, a consumer advocacy group released a report alleging that lenders may charge higher rates to certain borrowers who attend
community colleges or historically Black or Hispanic colleges or universities. To support this conclusion, the consumer advocacy group selectively compared the results from only a small number of consumer interest rate inquiries made to, among
others, lenders using Upstart&#146;s platform. In addition, on February&nbsp;13, 2020, we received an inquiry from five members of the U.S. Senate seeking information regarding our compliance with ECOA, and in July&nbsp;2020, three of these Senators
recommended to the CFPB as part of their inquiry findings, that the CFPB further review Upstart&#146;s use of educational variables in its model and requested that the CFPB stop issuing <FONT STYLE="white-space:nowrap">no-action</FONT> letters
related to the ECOA. Upstart strongly disputes the underlying conclusions of the consumer advocacy group&#146;s report as it pertained to Upstart&#146;s practices, given that Upstart&#146;s model considers over 1,000 variables, all of which
contribute to the quoted rate. Notwithstanding that we believe our model and our bank partners&#146; lending facilitated by our model comply with ECOA, reports from consumer advocacy groups and associated legislative and/or regulatory inquiries
could create negative publicity and increase the risk of private litigation or government enforcement. On December&nbsp;1, 2020, in connection with these inquiries, we entered into an agreement with the LDF and the SBPC in which we agreed to, among
other things, participate in fair lending reviews of our AI model. See the section titled &#147;Risk Factors&#151;Risks Related to Our Business and Industry&#148; for more information. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Fair Credit Reporting Act </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The federal
Fair Credit Reporting Act, or FCRA, as amended by the Fair and Accurate Credit Transactions Act, and administered by the CFPB, promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. FCRA requires a
permissible purpose to obtain a consumer credit report and requires that persons who report loan payment information to credit bureaus do so accurately and to resolve disputes regarding reported information timely. FCRA also imposes disclosure
requirements on creditors who take adverse action on credit applications based on information contained in a credit report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under FCRA, certain
information must be provided to applicants whose credit applications are not approved on the basis of a report obtained from a consumer reporting agency, promptly update any credit information reported to a credit reporting agency about a customer
and have a process by which customers may inquire about credit information furnished by us to a consumer reporting agency. We and our bank partners have a permissible purpose for obtaining credit reports on potential borrowers, and we also obtain
explicit consent from borrowers to obtain such reports. As part of our loan servicing activities, we accurately report loan payment and delinquency information to appropriate consumer reporting agencies. We provide an adverse action notice to a
rejected applicants on behalf of each </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">144 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
bank partner on our platform at the time the applicant is rejected that includes all the required disclosures. We also have processes in place to ensure that consumers are given <FONT
STYLE="white-space:nowrap">&#147;opt-out&#148;</FONT> opportunities, as required by the FCRA, regarding the sharing of their personal information. We have also implemented an identity theft prevention program, as required by FCRA and its
implementing regulations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Fair Debt Collection Practices Act </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The federal Fair Debt Collection Practices Act, or FDCPA, provides guidelines and limitations on the conduct of certain debt collectors in connection
with the collection of consumer debts. The FDCPA limits certain communications with third parties, imposes notice and debt validation requirements, and prohibits threatening, harassing or abusive conduct in the course of debt collection. While the
FDCPA primarily applies to third-party debt collectors, debt collection laws of certain states impose similar requirements more broadly on creditors who collect their own debts. In addition, the CFPB prohibits unfair, deceptive or abusive acts or
practices, or UDAAPs in debt collection, including first-party debt collection. In addition, on October&nbsp;30, 2020, the CFPB issued a final rule implementing the requirements of the FDCPA, which will likely take effect in late 2021. The CFPB also
issued a second final rule on debt collection focused on consumer disclosures in December 2020. These rules are set to take effect November&nbsp;30, 2021. We use our internal collection team and professional third-party debt collection agents to
collect delinquent accounts. Any third-party debt collection agents we use are required to comply with the FDCPA and all other applicable laws in collecting delinquent accounts of borrowers. While our internal servicing team is not subject to the
formal requirements of the FDCPA in most cases, we have established policies intended to substantially comply with the collection practice requirements under the FDCPA as a means of complying with more general UDAAP standards. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Privacy and Data Security Laws </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
federal Gramm-Leach-Bliley Act, or GLBA, includes limitations on financial institutions&#146; disclosure of nonpublic personal information about a consumer to nonaffiliated third parties, in certain circumstances requires financial institutions to
limit the use and further disclosure of nonpublic personal information by nonaffiliated third parties to whom they disclose such information and requires financial institutions to disclose certain privacy policies and practices with respect to
information sharing with affiliated and nonaffiliated entities as well as to safeguard personal customer information. We collect and use a wide variety of information to help ensure the integrity of our services and to provide features and
functionality to our customers. This aspect of our business, including the collection, use, and protection of the information we acquire from our own services as well as from third-party sources, is subject to laws and regulations in the United
States. Accordingly, we publish our privacy policies and terms of service, which describe our practices concerning the use, transmission, and disclosure of information. We have a detailed privacy policy, which complies with GLBA and is accessible
from every page of our website. We maintain consumers&#146; personal information securely, and we do not sell, rent or share such information with third parties for marketing purposes unless previously agreed to by the consumer. In addition, we take
measures to safeguard the personal information of borrowers and investors and protect against unauthorized access to this information. As our business continues to expand, and as state and federal laws and regulations continue to be passed and their
interpretations continue to evolve, additional laws and regulations may become relevant to us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Dodd-Frank Wall Street Reform and Consumer
Protection Act </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In July 2010, the Dodd-Frank Act was signed into law. The Dodd-Frank Act is extensive and significant legislation that
includes consumer protection provisions. Among other things, the Dodd-Frank Act created the CFPB, which commenced operations in July 2011 and has significant authority </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">145 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
to implement and enforce federal consumer financial laws, such as the TILA and the ECOA. The CFPB is authorized to prevent &#147;unfair, deceptive or abusive acts or practices&#148; through its
regulatory, supervisory and enforcement authority. The CFPB also engages in consumer financial education, requests data and promotes the availability of financial services to underserved customers and communities. The CFPB has regulatory and
enforcement powers over most providers of consumer financial products and services, including us. It also has supervisory and examination powers over certain providers of consumer financial products and services, including large banks, payday
lenders, &#147;larger participants&#148; in certain financial services markets defined by CFPB regulation, and <FONT STYLE="white-space:nowrap">non-bank</FONT> entities determined to present a risk to consumers after notice and an opportunity to
respond. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The CFPB has imposed, and will continue to impose, restrictions on lending practices, including with respect to the terms of certain
loans. We and our bank partners are subject to the CFPB&#146;s enforcement authority. The CFPB may request reports concerning our organization, business conduct, markets and activities. In addition, the CFPB may, in connection with its supervisory
authority, also conduct <FONT STYLE="white-space:nowrap">on-site</FONT> examinations of our and our bank partners&#146; businesses on a periodic basis, subject to whether the applicable bank partner satisfies the assets threshold for CFPB
supervision. If the CFPB were to conclude that our loan origination assistance or servicing activities, or any loans originated by our bank partners on our platform, violate applicable laws or regulations, we could be subject to a formal or informal
inquiry, investigation and/or enforcement action. Formal enforcement actions are generally made public. We are not currently subject to any enforcement actions by the CFPB. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For more information regarding the CFPB and the CFPB rules to which we are subject or may become subject, see Risk Factors&#151;Risks Related to Our
Business and Industry. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Federal Trade Commission Act </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under Section&nbsp;5 of the Federal Trade Commission Act, we and our bank partners are prohibited from engaging in unfair and deceptive acts and
practices, or UDAP. For nonbank financial institutions, the FTC is the primary regulator enforcing this prohibition, and in recent years the FTC has been focused on practices of financial technology companies. Based on publicly available actions,
the FTC&#146;s primary focus has been with respect to financial technology company marketing and disclosure practices. We maintain policies and procedures that require our marketing and loan application and servicing operations comply with UDAP
standards. For more information regarding the FTC&#146;s enforcement actions, see Risk Factors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Electronic Fund Transfer Act and NACHA Rules
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The federal Electronic Fund Transfer Act, or EFTA, provides guidelines and restrictions on the electronic transfer of funds from
consumers&#146; bank accounts. Under EFTA, and Regulation E that implements it, we must obtain consumer consents prior to receiving electronic transfer of funds from consumers&#146; bank accounts, and our bank partners may not condition an extension
of credit on the borrower&#146;s agreement to repay the loan through preauthorized (recurring) electronic fund transfers. In addition to compliance with federal laws, transfers performed by ACH electronic transfers are subject to detailed timing and
notification rules and guidelines administered by the National Automated Clearinghouse Association, or NACHA. While NACHA guidelines are not laws, failure to comply with them may nevertheless result in commercial harm to our business. All transfers
of funds related to our operations conform to the EFTA, its regulations and NACHA guidelines. As part of our servicing activities, we obtain necessary electronic authorization from borrowers and investors for such transfers in compliance with such
rules. The loans offered on our platform by our bank partners must also comply with the requirement that a loan cannot be conditioned on the borrower&#146;s agreement to repay the loan through recurring electronic fund transfers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">146 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Electronic Signatures in Global and National Commerce Act </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The federal Electronic Signatures in Global and National Commerce Act, or ESIGN, and similar state laws, particularly the Uniform Electronic Transactions
Act, or UETA, authorize the creation of legally binding and enforceable agreements utilizing electronic records and signatures. ESIGN and UETA require businesses that want to use electronic records or signatures in consumer transactions and provide
disclosures to consumers (otherwise required to be &#147;in writing&#148; in electronic form), to obtain the consumer&#146;s consent to receive information electronically. When a consumer registers on our platform, we obtain his or her consent to
transact business electronically, receive electronic disclosures and maintain electronic records in compliance with ESIGN and UETA requirements, and we maintain electronic signatures and records in a manner intended to support enforceability of
relevant consumer agreements and consents. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Federal Marketing Regulations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Telephone Consumer Protection Act, or TCPA, generally prohibits robocalls, including those calls made using an auto-dialer or prerecorded or
artificial voice calls made to a wireless telephone without the prior express consent of the called party (or prior express written consent, if messages constitute telemarketing). In addition, the FTC Telemarketing Sales Rule implements the
FTC&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Do-Not-Call</FONT></FONT> Registry and imposes numerous other requirements and limitations in connection with telemarketing. Upstart&#146;s policies address the
requirements of the TCPA as well as FTC Telemarketing Sales Rule and other laws limiting telephone outreach. Furthermore, Upstart does not engage in certain activities covered by the TCPA, such as using an automated dialer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Federal Controlling the Assault of <FONT STYLE="white-space:nowrap">Non-Solicited</FONT> Pornography and Marketing, or <FONT
STYLE="white-space:nowrap">CAN-SPAM,</FONT> Act makes it unlawful to send certain electronic mail messages that contain false or deceptive information and provide other protections for email users. <FONT STYLE="white-space:nowrap">CAN-SPAM</FONT>
also requires the need to provide a functioning mechanism that allows the recipient to <FONT STYLE="white-space:nowrap">opt-out</FONT> of receiving future commercial <FONT STYLE="white-space:nowrap">e-mail</FONT> messages from the sender of such
messages. Upstart&#146;s email communications with all consumers are formulated to comply with the <FONT STYLE="white-space:nowrap">CAN-SPAM</FONT> Act. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Servicemembers Civil Relief Act </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under
the Servicemembers Civil Relief Act, or SCRA, there are limits on interest rates chargeable to military personnel and civil judicial proceedings against them, and there are limitations on our ability to collect on a loan to servicemembers on active
duty originated prior to the servicemember entering active duty status and, in certain cases, for a period of time thereafter. The SCRA allows military members to suspend or postpone certain civil obligations so that the military member can devote
his or her full attention to military duties. The SCRA requires us to adjust the interest rate of borrowers who qualify for and request relief. If a borrower with an outstanding loan qualifies for SCRA protection the interest rate on their loan
(including certain fees) will be reduced to 6% for the duration of the borrower&#146;s active duty. During this period, any interest holder in the loan will not receive the difference between 6% and the loan&#146;s original interest rate. As part of
the services we provide, we require the borrower to send us a written request and a copy of the borrower&#146;s mobilization orders to obtain an interest rate reduction on a loan due to military service. Other protections offered to servicemembers
under the SCRA, including protections related to the collection of loans, do not require the servicemember to take any particular action, such as submitting military orders, to claim benefits. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Military Lending Act </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under the
Military Lending Act, certain members of the armed forces serving on active duty and their dependents must be identified and be provided with certain protections when becoming obligated </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">147 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
on a consumer credit transaction. These protections include: a limit on the Military Annual Percentage Rate (an <FONT STYLE="white-space:nowrap">all-in</FONT> <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">cost-of-credit</FONT></FONT> measure which is the same as the APR for loans facilitated on our platform) of 36%, certain required disclosures before origination, a prohibition on charging prepayment penalties and a
prohibition on arbitration agreements and certain other loan agreement terms. As part of the services we provide, we ensure compliance with the requirements of the Military Lending Act. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Bank Secrecy Act, USA PATRIOT Act, and U.S. Sanctions Laws </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under the Bank Secrecy Act, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act, or USA
PATRIOT ACT, and certain U.S. sanctions laws, our bank partners are required to maintain anti-money laundering, customer due diligence and record-keeping policies and procedures, which we perform on behalf of our bank partners, and to avoid doing
business with certain sanctioned persons or entities or certain types of sanctioned activity in certain countries. We have implemented an AML program designed to prevent our platform from being used to facilitate money laundering, terrorist
financing, and other illicit activity. Our AML program is designed to prevent our platform from being used to facilitate business in countries, or with persons or entities, included on designated lists promulgated by the U.S. Department of the
Treasury&#146;s Office of Foreign Assets Controls and equivalent foreign authorities. Our AML compliance program includes policies, procedures, reporting protocols, and internal controls, including the designation of an AML compliance officer, and
is designed to address these legal and regulatory requirements and to assist in managing risk associated with money laundering and terrorist financing. With respect to new borrowers, we apply the customer identification and verification program
rules and screen names against the list of specially designated nationals maintained by the U.S. Department of the Treasury and OFAC pursuant to the USA PATRIOT Act amendments to the Bank Secrecy Act and its implementing regulation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Bankruptcy Code </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under the Bankruptcy
Code, we are regulated and in certain circumstances prohibited by the automatic stay, reorganization plan and discharge provisions, among others, in seeking enforcement of debts against parties who have filed for bankruptcy protection. Our policies
are designed to support compliance with the Bankruptcy Code as we service and collect loans. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>State Lending Regulations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>State Usury Limitations </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">With respect
to bank partners that are subject to Section&nbsp;521 of the Depository Institution Deregulation and Monetary Control Act of 1980, or DIDMCA, (for FDIC-insured, state banks originating loans on our platform, which represent the vast majority of
loans originated) or Section&nbsp;85 of the National Bank Act, or NBA, (for national banks originating loans on our platform), federal case law interpreting such provisions (including interpretations of the NBA under Tiffany v. National Bank of
Missouri and Marquette National Bank of Minneapolis v. First Omaha Service Corporation), and relevant regulatory guidance (including FDIC advisory opinion <FONT STYLE="white-space:nowrap">92-47)</FONT> permit certain depository institutions to
&#147;export&#148; requirements regarding interest rates and certain fees considered to be &#147;interest&#148; under federal law from the state or U.S. territory where the bank is located for all loans originated from such state, regardless of the
usury limitations imposed by the state law of the borrower&#146;s residence or other states with which the loan may have a geographic nexus, unless the state has chosen to opt out of the exportation regime. We believe, however, if a state or U.S.
territory in which we operate opted out of rate exportation, judicial interpretations support the view that such opt outs would apply only to loans &#147;made&#148; in those states. We believe that the
<FONT STYLE="white-space:nowrap">&#147;opt-out&#148;</FONT> of any state would not affect the ability of our platform to benefit from the exportation of rates. See Risk Factors for more information about the risk if any loans were deemed subject to
any state&#146;s usury limits. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">148 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">There have also been recent judicial decisions that could affect the collectability of loans sold by
our bank partners after origination and the exposure of loan purchasers to potential fines or other penalties for usury violations. See the section titled &#147;Risk Factors&#148; for more information about recent case law developments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>State Disclosure and Lending Practice Requirements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The loans originated on our platform by our bank partners may be subject to state laws and regulations that impose requirements related to loan
disclosures and terms, credit discrimination, credit reporting, debt collection, and unfair or deceptive business practices. Our ongoing compliance program seeks to comply with these requirements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>State Licensing/Registration </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We hold licenses,
registrations, and similar filings so that we can conduct business, including providing referral services and origination assistance to lenders on our platform and servicing and collecting loans, in all states and the District of Columbia where our
activities require such licensure, registration or filing. With respect to our securitization trusts, we have a national bank that serves as our owner trustee and is itself exempt from licensure. Although we are not aware of a state taking the
position that the trust itself needs licensure, it is possible that a state or states could take such position in the future. Licenses granted by the regulatory agencies in various states are subject to periodic renewal and may be revoked or
suspended for failure to comply with applicable state and federal laws and regulations. In addition, as the product offerings of Upstart or our bank partners change, as states enact new licensing requirements or amend existing licensing laws or
regulations, or as states regulators or courts adjust their interpretations of licensing statutes and regulations, we may be required to obtain additional licenses. To that end, we have a small number of applications submitted and pending to obtain
additional licenses, particularly with respect to obtaining additional authorization to engage in auto lending, student loan servicing and collection activities. We are also typically required to complete an annual report (or its equivalent) to each
state&#146;s regulator. The statutes also typically subject us to the supervisory and examination authority of state regulators. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">State licensing
statutes impose a variety of requirements and restrictions, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">record-keeping requirements; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">collection and servicing practices; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">requirements governing electronic payments, transactions, signatures and disclosures; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">examination requirements; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">surety bond and minimum net worth requirements; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">financial reporting requirements; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">notification requirements for changes in principal officers, stock ownership or corporate control; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">restrictions on advertising and other loan solicitation activity, as well as restrictions on loan referral or similar
practices. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Federal Securities Regulations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Securities Act </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart and certain of
our subsidiaries have relied on Section&nbsp;4(a)(2) of the Securities Act for placement of asset-backed securities directly to investors or to investment bank initial purchasers, which have relied on Rule 144A and Regulation S exemptions from
registration to place such asset-backed securities to qualified institutional buyers and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> investors, respectively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">149 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Investment Advisers Act </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Investment Advisers Act of 1940, as amended, or IAA, contains substantive legal requirements that regulate the manner in which &#147;investment
advisers&#148; are permitted to conduct their business activities. We believe that our business consists of providing a platform for consumer lending for which investment adviser registration and regulation does not apply under applicable federal or
state law, and do not believe that we or any of our subsidiaries are required to register as an investment adviser with either the SEC or any of the various states. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Broker-Dealer Regulations under the Exchange Act </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We
are not currently registered with the SEC as a broker-dealer under the Exchange Act or any comparable state law. The SEC heavily regulates the manner in which broker-dealers are permitted to conduct their business activities. We believe we have
conducted, and we intend to continue to conduct, our business in a manner that does not result in Upstart being characterized as a broker-dealer, based on guidance published by the SEC and its staff. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>ABS Risk Retention Rules </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Regulation RR was jointly
issued by a group of federal agencies under section 15G of the Exchange Act, as well as under the Federal Reserve Act, section 8 of the Federal Deposit Insurance Act, the Bank Holding Company Act of 1956, the Home Owners&#146; Loan Act of 1933;
section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and the International Banking Act of 1978. Its purpose is to require securitizers to retain an economic interest in a portion of the credit risk of assets that the
securitizer transfers or sells to an issuing entity and that collateralize asset-backed securities that are sold to a third party. We believe we have structured our organization such that we are in compliance with Regulation RR and will continue to
conduct our business in a manner that allows us to remain in compliance with this regulation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Compliance </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We review our policies and procedures to ensure compliance with applicable regulatory laws and regulations applicable to us and our bank partners. We
have built our systems and processes with controls in place in order to permit our policies and procedures to be followed on a consistent basis. For example, to ensure proper controls are in place to maintain compliance with the consumer protection
related laws and regulations, we have developed a compliance management system consistent with the regulatory expectations published by governmental agencies. While no compliance program can assure that there will not be violations, or alleged
violations, of applicable laws, we believe that our compliance management system is reasonably designed and managed to minimize compliance-related risks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Intellectual Property </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We protect our
intellectual property through a combination of patents, trademarks, domain names, copyrights and trade secrets, as well as through contractual provisions, our information security infrastructure and restrictions on access to or use of our
proprietary technology. As of December&nbsp;31, 2020, we had 2 patent applications in the United States related to our proprietary risk model. We may file additional patent applications or pursue additional patent protection in the future to the
extent we believe it will be beneficial. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have trademark rights in our name, our logo and other brand indicia, and have trademark registrations
for select marks in the United States. We will pursue additional trademark registrations to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">150 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
the extent we believe it will be beneficial. We also have registered domain names for websites that we use in our business. We may be subject to third party claims from time to time with respect
to our intellectual property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Additionally, we rely upon unpatented trade secrets and confidential <FONT STYLE="white-space:nowrap">know-how</FONT>
and continuing technological innovation to develop and maintain our competitive position. We also enter into confidentiality and intellectual property rights agreements with our employees, consultants, contractors and business partners. Under such
agreements, our employees, consultants and contractors are subject to invention assignment provisions designed to protect our proprietary information and ensure our ownership in intellectual property developed pursuant to such agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For additional information about our intellectual property and associated risks, see the section titled &#147;Risk Factors&#151;Risks Related to Our
Business and Industry.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Human Capital </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have built something very special at Upstart in terms of our company culture. Building a great place to work for the best talent was a priority for
us from day one. It is not an accident that we have received best place to work awards in both our San Mateo and Columbus locations. Our employee engagement results are seven points higher than our technology peers and have even increased over the
past year during the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic.<SUP STYLE="font-size:85%; vertical-align:top">71</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have
brought together a remarkable diversity of thinkers. The members of our management team come from diverse backgrounds with varying ethnicities, education backgrounds, genders and ages. As the focal point of our human capital strategy, we attract and
recruit diverse, exceptionally talented, highly educated, experienced and motivated employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have an extremely rigorous recruiting and
employee candidate screening process. Our machine learning team, responsible for the development and constant improvement of our AI models, is unlike any other in consumer lending. The majority of the members of our machine learning team have
doctorate degrees in statistics, mathematics, computer science, economics or physics and many have extensive past experience in quantitative finance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Beyond delivering on business results, our employees are engaged in a culture of collaboration and community&#151;they have founded more than 20 clubs
and special interest groups, created seven employee resource groups and hosted countless lunch and learns on topics ranging from startup financing to salsa classes taught by our chief compliance officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020, we had 554 full-time employees. We also engage temporary employees, contractors and consultants as needed to support our
operations. None of our employees are represented by a labor union or subject to a collective bargaining agreement. We have not experienced any work stoppages, and we consider our relations with our employees to be good. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Facilities </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our corporate headquarters are
located in San Mateo, California and Columbus, Ohio and consist of approximately 48,244 square feet and 54,870 square feet of space, respectively, under leases that expire in March 2024 and June 2027, respectively. We also lease and license
facilities in New York, New York. We believe that our facilities are adequate for our current needs and that, if necessary, additional facilities will be available to accommodate the expansion of our business. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">71</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on internal survey results obtained using a third-party service as compared to an industry benchmark for technology
companies of a similar size provided by such third-party. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">151 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Legal Proceedings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">From time to time, we and certain of our subsidiaries may be subject to legal proceedings and claims that arise in the ordinary course of business, as
well as governmental and other regulatory investigations and proceedings. In addition, third parties may from time to time assert claims against us in the form of letters and other communications. We are not currently subject to any legal
proceedings that, if determined adversely to us, would, in our opinion, have a material adverse effect on our business, results of operations or financial condition. Future litigation may be necessary to defend ourselves or our partners by
determining the scope, enforceability and validity of third-party proprietary rights, or to establish our proprietary rights. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome,
litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">152 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_12"></A>MANAGEMENT </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Executive Officers and Directors </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
following table provides information regarding our executive officers and directors as of March&nbsp;31, 2021: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="51%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Age</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B>Position(s)</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Executive Officers:</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Dave Girouard</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Chief Executive Officer, Chairperson of the Board</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Sanjay Datta</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Chief Financial Officer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Anna M. Counselman</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">SVP, People and Operations</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Paul Gu</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">SVP, Product and Data Science, Director</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Alison Nicoll</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">General Counsel</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors:</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Kerry W. Cooper</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Director</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Mary Hentges<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Director</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Oskar&nbsp;Mielczarek&nbsp;de&nbsp;la&nbsp;Miel<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Director</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Ciaran O&#146;Kelly<SUP STYLE="font-size:85%; vertical-align:top">(1) (3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Director</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Robert Schwartz<SUP STYLE="font-size:85%; vertical-align:top">(2)(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Director</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Sukhinder Singh Cassidy<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Director</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Hilliard C. Terry III<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Director</P></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Member of the audit committee </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Member of the compensation committee </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Member of the nominating and corporate governance committee </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Executive Officers </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Dave Girouard.
</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Girouard is one of our <FONT STYLE="white-space:nowrap">co-founders</FONT> and has served as our Chief Executive Officer and a member of our board of directors since our incorporation. From February 2004 to
April 2012, Mr.&nbsp;Girouard served in various roles at Google, a technology company, most recently as President of Google Enterprise, where he helped build Google&#146;s cloud applications business worldwide, including product development, sales,
marketing, and customer support. He started his career in Silicon Valley as a Product Manager at Apple, a technology company, and previously served as an associate in the consulting firm Booz Allen&#146;s Information Technology practice.
Mr.&nbsp;Girouard&#146;s career began in software development with the Boston office of Accenture, a consulting firm. He graduated from Dartmouth College with a B.A. in Engineering Sciences and a B.E. in Computer Engineering. Mr.&nbsp;Girouard also
holds an M.B.A. from the University of Michigan with High Distinction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Mr.&nbsp;Girouard was selected to serve on our board of directors because of
the perspective and experience he brings as our Chief Executive Officer and as one of our <FONT STYLE="white-space:nowrap">co-founders,</FONT> as well as his extensive experience with technology companies.<B><I> </I></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Sanjay Datta.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Datta has served as our Chief Financial Officer since December 2016. From June 2005 to
December 2016, he served in various roles at Google, including as Vice President of Finance for Global Advertising, Finance Director of Corporate Revenue and Product Profitability, and in various international finance leadership positions based in
Asia and Europe. Prior to Google, Mr.&nbsp;Datta worked at Artisan Capital, a private investment group, from November 2002 to May 2005, sourcing and reviewing prospective private equity investments, and worked at Deloitte Consulting, a consulting
firm, from June 1996 to July 2000. Mr.&nbsp;Datta has a joint honors degree in Economics and Finance from McGill University in Montreal and an M.B.A. from Stanford University. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">153 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Anna M. Counselman.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Counselman is one of our <FONT
STYLE="white-space:nowrap">co-founders</FONT> and has served in various roles since May 2012, including most recently as Senior Vice President, People and Operations. From February 2007 to May 2012, she served in various roles at Google, including
most recently as Head of Premium Services&nbsp;&amp; Customer Programs. Ms.&nbsp;Counselman began her career in industrial operations at a management development program at McMaster-Carr, a supplier of hardware, tools, raw materials, and maintenance
equipment industrial materials. Ms.&nbsp;Counselman graduated Summa Cum Laude from Boston University with a B.A. in Finance and Entrepreneurship. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Paul Gu. </I></B>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Gu is one of our <FONT STYLE="white-space:nowrap">co-founders</FONT> and has served in various
roles since April 2012, including most recently as our Senior Vice President, Product and Data Science. He has also served as a member of our board of directors since April 2015. Mr.&nbsp;Gu has a background in quantitative finance, built his first
algorithmic trading strategies on the Interactive Brokers API at the age of 20 and previously worked in risk analysis at the D.E. Shaw Group, a hedge fund, in 2011. During college, Mr.&nbsp;Gu led underwriting for two
<FONT STYLE="white-space:nowrap">non-profit</FONT> microlenders in the United States. Mr.&nbsp;Gu studied economics and computer science at Yale University and then joined the Thiel Fellowship. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Mr.&nbsp;Gu was selected to serve on our board of directors because of the perspective and experience he brings as our Senior Vice President, Product
and Data Science and as one of our co-founders, as well as his expertise in data science. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Alison
Nicoll.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Nicoll has served as our General Counsel since May 2012. From July 2006 to May 2012, Ms.&nbsp;Nicoll worked on the legal team at PayPal, Inc., a financial services technology company, where she
ultimately served as Associate General Counsel and managed the North America legal team responsible for supporting multiple business units on issues ranging from corporate strategy, general commercial matters, regulatory developments and compliance,
consumer protection, online and mobile payments and merchant payment acceptance. From 2003 to 2006, she also served as the General Counsel of TSYS Prepaid, a prepaid payments processing company. Ms.&nbsp;Nicoll holds a law degree from the University
of Glasgow in Scotland and a Masters of Law from Columbia Law School. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Kerry W. Cooper. </I></B>&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Cooper has served as a member of our board of directors since March 2021. Ms.&nbsp;Cooper
served as President and Chief Operating Officer of Rothy&#146;s, a direct to consumer footwear company, from November 2017 to January 2020. Before joining Rothy&#146;s, Ms.&nbsp;Cooper was Chief Executive Officer of Choose Energy, a consumer
services energy company, from 2013 to 2016. She is currently a director of PG&amp;E Corp., a utility, and TPB Acquisition Corp I. Ms.&nbsp;Cooper holds a B.S. in Mechanical Engineering from University of Texas at Austin and an M.B.A. from Harvard
Business School. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Ms.&nbsp;Cooper was selected to serve on our board of directors because of her extensive experience as an executive in the
consumer space. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Mary Hentges. </I></B>Ms.&nbsp;Hentges has served as a member of our board of directors since December 2019. Ms.&nbsp;Hentges
served as the Interim Chief Financial Officer for ShotSpotter, a precision-policing solutions company from October 2020 to February 2021 Ms.&nbsp;Hentges previously served as the Chief Financial Officer of Yapstone, Inc., a financial services
company, from 2012 to 2014, the Chief Financial Officer of CBS Interactive, a media company, from 2010 to 2012, and the Chief Financial Officer of PayPal, Inc. from 2003 to 2010. She is also a Certified Public Accountant (inactive). Ms.&nbsp;Hentges
holds a B.S. in Accounting from Arizona State University. Ms.&nbsp;Hentges was selected to serve on our board of directors because of her financial expertise and extensive experience as an executive in the technology industry. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">154 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Oskar Mielczarek de la Miel. </I></B>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Mielczarek de la Miel has
served as a member of our board of directors since November 2016. Mr.&nbsp;Mielczarek de la Miel will not stand for <FONT STYLE="white-space:nowrap">re-election</FONT> at the 2021 Annual Meeting. Mr.&nbsp;Mielczarek de la Miel is an executive
officer of Rakuten, Inc. a technology company, and is Managing Partner at Rakuten Capital, the corporate venture capital arm of Rakuten, Inc., where he manages fintech, mobility, digital media and other investments. He also serves on the board of
directors for Rakuten Europe S.a.r.l., Azimo, Ltd, 1XL PremFina, Ltd, Cyndx Holdco, Inc., Glovapp23, S.L., FeverLabs, Inc. and Contenidos y Marcas, S.L. Prior to joining Rakuten, Mr.&nbsp;Mielczarek de la Miel served in various roles in the
financial industry, including in investment banking at J.P. Morgan and Merrill Lynch, financial services firms. Mr.&nbsp;Mielczarek de la Miel holds a B.A. from ICADE in Spain and an M.B.A. from Harvard Business School. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Mr.&nbsp;Mielczarek de la Miel was selected to serve on our board of directors because of his experience in the venture capital industry and his
international market knowledge and experience serving as a director of various private companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Ciaran O&#146;Kelly.
</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Ciaran O&#146;Kelly has served as a member of our board of directors since April 2018. Mr.&nbsp;O&#146;Kelly has been a full-time employee of Square, Inc. since August 2020. From 2009 to 2013, Mr.&nbsp;O&#146;Kelly
served in various roles at Nomura Securities, a financial services firm, most recently as Senior Managing Director and Head of Equities, Americas. Prior to 2009, Mr.&nbsp;O&#146;Kelly served in various roles at two financial services firms, Bank of
America, including Head of Global Equities and Head of Equity Capital Markets, and Salomon Smith Barney, including Head of Equity Trading. He previously served on the board of Square Financial Services, Inc., a technology company, Bank of America
Securities and Nomura Securities International. Mr.&nbsp;O&#146;Kelly holds a B.B.S. in Business Studies from Dublin City University. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Mr.&nbsp;O&#146;Kelly was selected to serve on our board of directors because of the perspective and extensive experience he brings from his background
in financial services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Robert Schwartz. </I></B>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Schwartz has served as a member of our board of directors
since June 2015. Since June 2000, Mr.&nbsp;Schwartz has been Managing Partner of Third Point Ventures, the Menlo Park, California based venture capital arm of Third Point LLC, which is a registered investment adviser based in New York and the
investment manager of the Third Point Funds. He previously served on the board of Apigee and the board of Enphase Energy until 2016. Previously, for 23 years, Mr.&nbsp;Schwartz was the President of RF Associates North, a privately held
communications semiconductor manufacturer&#146;s representative firm. Mr.&nbsp;Schwartz holds a multi-discipline engineering degree from the University of California, Berkeley. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Mr.&nbsp;Schwartz was selected to serve on our board of directors because of his experience in the venture capital industry and his market knowledge and
experience serving as a director of various private and public companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Sukhinder Singh Cassidy.
</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Singh Cassidy has served as a member of our board of directors since February 2020. Since June 2015, Ms.&nbsp;Singh Cassidy has served as the founder and chairman of the Boardlist, and in February 2021 began
serving as a Founding Venture Partner of the Acrew Diversify Capital Fund, a growth stage fund aimed at diversifying the cap tables of leading growth companies. Ms.&nbsp;Singh Cassidy most recently served as the President of StubHub Inc., a
technology company, from May 2018 to May 2020. From 2011 to September 2017, Ms.&nbsp;Singh Cassidy served in various roles at Joyus, Inc., an internet video shopping network, most recently as Founder and Chairman. From 2003 to 2009, she served in
various senior executive roles at Google, Inc., a technology company, most recently as President of Asia Pacific and Latin America Operations. Earlier in her career, she <FONT STYLE="white-space:nowrap">co-founded</FONT> fintech pioneer Yodlee, Inc,
which went public in 2014. She is currently a director of Urban Outfitters, Inc. Ms.&nbsp;Singh Cassidy previously served on the board of Tripadvisor, Inc </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">155 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
and the board of Ericsson until 2018. Ms.&nbsp;Singh Cassidy holds a B.A. in Business Administration from the Ivey Business School at Western University. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Ms.&nbsp;Singh Cassidy was selected to serve on our board of directors because of her extensive experience as an executive in the technology industry
and her experience serving as a director of a publicly traded company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Hilliard C. Terry, III. </I></B>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Terry
has served as a member of our board of directors since February 2019. Currently, Mr.&nbsp;Terry is an advisor and interim CEO to a private equity-backed portfolio company. From January 2012 to October 2018, he served as Executive Vice President and
Chief Financial Officer of Textainer Group Holdings Limited, an intermodal marine container management and leasing company. Before joining Textainer, Mr.&nbsp;Terry was Vice President and Treasurer of Agilent Technologies, Inc., which he joined in
1999, prior to the company&#146;s initial public offering and spinoff from Hewlett-Packard Company. He previously held positions in investor relations and/or investment banking with Kenetech Corporation, an alternative energy company, VeriFone,
Inc., a payments company, and Goldman Sachs&nbsp;&amp; Co., a financial services firm. Mr.&nbsp;Terry is currently a director of Umpqua Holdings Corporation, a bank holding company, where he chairs the Audit and Compliance Committee and serves on
the Finance and Capital, Nominating&nbsp;&amp; Governance and Strategy Committees, and TLG One Acquisition Corporation, a special purpose acquisition company. Mr.&nbsp;Terry holds a B.A. in Economics from the University of California, Berkeley and
an M.B.A. from Golden Gate University. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Mr.&nbsp;Terry was selected to serve on our board of directors because of his financial expertise and
experience in the banking industry. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Family Relationships </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">There are no family relationships among any of our executive officers or directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Code of Ethics </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our board of directors has
adopted a code of ethics that applies to all of our employees, officers and directors, including our Chief Executive Officer, Chief Financial Officer, and other executive and senior financial officers. The full text of our code of business conduct
and ethics will be posted on the investor relations page on our website. We intend to disclose any amendments to our code of business conduct and ethics, or waivers of its requirements, on our website or in filings under the Exchange Act. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Board of Directors </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our business and affairs
are managed under the direction of our board of directors. The number of directors is fixed by our board of directors, subject to the terms of our amended and restated certificate of incorporation and amended and restated bylaws. Our board of
directors has set the authorized number of directors as nine. Each of our current directors will continue to serve as a director until the election and qualification of his or her successor, or until his or her earlier death, resignation or removal.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Classified Board of Directors </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our
amended and restated certificate of incorporation provides that our board of directors shall be divided into three classes with staggered three-year terms. Only one class of directors will be elected at each annual meeting of stockholders, with the
other classes continuing for the remainder of their respective three-year terms. Our current directors are divided among the three classes as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">156 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Class&nbsp;I directors are Dave Girouard, Oskar Mielczarek de la Miel and Hilliard C. Terry III, and their terms will
expire at the annual meeting of stockholders to be held in 2021; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Class&nbsp;II directors are Paul Gu, Sukhinder Singh Cassidy and Robert Schwartz, and their terms will expire at the
annual meeting of stockholders to be held in 2022; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Class&nbsp;III directors are Kerry W. Cooper, Ciaran O&#146;Kelly and Mary Hentges, and their terms will expire at the
annual meeting of stockholders to be held in 2023. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Each director&#146;s term will continue until the election and qualification
of his or her successor, or his or her earlier death, resignation, or removal. Any increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of <FONT
STYLE="white-space:nowrap">one-third</FONT> of our directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">This classification of our board of directors may have the effect of delaying or
preventing changes in control of our company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Director Independence </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning his or
her background, employment, and affiliations, our board of directors has determined that Kerry W. Cooper, Mary Hentges, Oskar Mielczarek de la Miel, Ciaran O&#146;Kelly, Robert Schwartz, Sukhinder Singh Cassidy and Hilliard C. Terry III do not have
a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is &#147;independent&#148; as that term is defined under the listing standards of the
Nasdaq Global Select Market. In making these determinations, our board of directors considered the current and prior relationships that each <FONT STYLE="white-space:nowrap">non-employee</FONT> director has with our company and all other facts and
circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each <FONT STYLE="white-space:nowrap">non-employee</FONT> director, and the transactions involving
them described in the section titled &#147;Certain Relationships and Related Party Transactions.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Lead Independent Director </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our board of directors has adopted corporate governance guidelines that provides that one of our independent directors should serve as our Lead
Independent Director at any time when our Chief Executive Officer serves as the Chairperson of our board of directors or if the Chairperson is not otherwise independent. Because Mr.&nbsp;Girouard is our Chairperson and is not an
&#147;independent&#148; director as defined in the listing standards of the Nasdaq Global Select Market, our board of directors has appointed Sukhinder Singh Cassidy to serve as our Lead Independent Director. As Lead Independent Director,
Ms.&nbsp;Singh Cassidy presides over periodic meetings of our independent directors, serves as a liaison between our Chairperson and our independent directors, and performs such additional duties as our board of directors may otherwise determine and
delegate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Committees of the Board of Directors </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our board of directors has established an audit committee, a compensation committee, and a nominating and corporate governance committee. The
composition and responsibilities of each of the committees of our board of directors is described below. Members serve on these committees until their resignation or until as otherwise determined by our board of directors.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">157 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Audit Committee </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our audit committee consists of Hilliard C. Terry III, Mary Hentges, and Ciaran O&#146;Kelly with Mr.&nbsp;Terry serving as Chairperson, each of whom
meets the requirements for independence under the listing standards of the Nasdaq Global Select Market and SEC rules and regulations. Each member of our audit committee also meets the financial literacy and sophistication requirements of the listing
standards of the Nasdaq Global Select Market. In addition, our board of directors has determined that Ms.&nbsp;Hentges and Mr.&nbsp;Terry are both audit committee financial experts within the meaning of Item&nbsp;407(d) of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> under the Securities Act. Our audit committee, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">selects a qualified firm to serve as the independent registered public accounting firm to audit our financial statements;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">helps to ensure the independence and performance of the independent registered public accounting firm;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">discusses the scope and results of the audit with the independent registered public accounting firm, and reviews, with
management and the independent registered public accounting firm, our interim and <FONT STYLE="white-space:nowrap">year-end</FONT> results of operation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">develops procedures for employees to submit concerns anonymously about questionable accounting or audit matters;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">reviews our policies on risk assessment and risk management; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">reviews related party transactions; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">approves or, as required, <FONT STYLE="white-space:nowrap">pre-approves,</FONT> all audit and all permissible <FONT
STYLE="white-space:nowrap">non-audit</FONT> services, other than de minimis <FONT STYLE="white-space:nowrap">non-audit</FONT> services, to be performed by the independent registered public accounting firm. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our audit committee operates under a written charter that satisfies the applicable rules and regulations of the SEC and the listing standards of the
Nasdaq Global Select Market. A copy of the charter for our audit committee is available on our website at ir.upstart.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Compensation Committee </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our compensation committee consists of Sukhinder Singh Cassidy, and Robert Schwartz, with Ms.&nbsp;Singh Cassidy serving as Chairperson, each of whom
meets the requirements for independence under the listing standards of the Nasdaq Global Select Market and SEC rules and regulations. Each member of our compensation committee is also a <FONT STYLE="white-space:nowrap">non-employee</FONT> director,
as defined pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;16b-3</FONT> promulgated under the Exchange Act, or Rule <FONT STYLE="white-space:nowrap">16b-3.</FONT> Our compensation committee, among other things: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">reviews, approves, and determines, or makes recommendations to our board of directors regarding, the compensation of our
executive officers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">administers our equity compensation plans; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">reviews and approves and makes recommendations to our board of directors regarding incentive compensation and equity
compensation plans; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">establishes and periodically reviews policies and programs relating to compensation and benefits of our employees and
executives. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our compensation committee operates under a written charter that satisfies the applicable rules and regulations of
the SEC and the listing standards of the Nasdaq Global Select Market. A copy of the charter for our compensation committee is available on our website at ir.upstart.com. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">158 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Nominating and Corporate Governance Committee </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our nominating and corporate governance committee consists of Ciaran O&#146;Kelly, Oskar Mielczarek de la Miel and Robert Schwartz, with
Mr.&nbsp;O&#146;Kelly serving as Chairperson, each of whom meets the requirements for independence under the listing standards of the Nasdaq Global Select Market and SEC rules and regulations. Our nominating and corporate governance committee, among
other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">identifies, evaluates, and selects, or makes recommendations to our board of directors regarding, nominees for election to
our board of directors and its committees; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">evaluates the performance of our board of directors and of individual directors; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">considers and makes recommendations to our board of directors regarding the composition of our board of directors and its
committees; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">reviews developments in corporate governance practices; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">evaluates the adequacy of our corporate governance practices and reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">develops and makes recommendations to our board of directors regarding corporate governance guidelines and matters.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our nominating and corporate governance committee operates under a written charter that satisfies the applicable listing
standards of the Nasdaq Global Select Market. A copy of the charter for our nominating and corporate governance committee is available on our website at ir.upstart.com. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Compensation Committee Interlocks and Insider Participation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">None of the members of our compensation committee is or has been an executive officer or employee of our company. None of our executive officers
currently serves, or in the past year has served, as a member of the board of directors or compensation committee (or other board committee performing equivalent functions) of any entity that has one or more of its executive officers serving on our
board of directors or on our compensation committee. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director Compensation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The table set forth below provides information regarding the compensation of <FONT STYLE="white-space:nowrap">our&nbsp;non-executive</FONT>
officer&nbsp;directors for service as directors during the year ended December&nbsp;31, 2020. Our employee directors, Messrs. Girouard and Gu, did not receive any compensation for their services as directors and therefore are not included in the
table below. The compensation received by Messrs.&nbsp;Girouard and Gu as employees is set forth in the section titled &#147;Executive Compensation&#151;Summary Compensation Table.&#148; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fees&nbsp;Earned&nbsp;or</B><br><B>Paid&nbsp;in&nbsp;Cash&nbsp;($)<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Option</B><br><B>Awards<BR>($)<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total<BR>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Mary Hentges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Oskar&nbsp;Mielczarek&nbsp;de&nbsp;la&nbsp;Miel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Ciaran O&#146;Kelly</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">312,029</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">314,133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Robert Schwartz</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Sukhinder Singh Cassidy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">631,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">634,634</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Hilliard C. Terry, III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,192</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,192</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The following cash amounts were paid pursuant to the director compensation policy in the first quarter of 2021 for
services during 2020 on our board of directors or committee(s) of our board of directors. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">159 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The amounts reported in the &#147;Option Awards&#148; column represent the respective aggregate grant date fair value of
such awards granted in 2020. The amounts have been computed in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 718. The following table lists all outstanding equity awards held by our
non-employee directors as of December 31, 2020: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="63%"></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate&nbsp;Number&nbsp;of</B><br><B>Shares Underlying<BR>Outstanding Options</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Securities<BR>Underlying Unvested<BR>Stock Awards</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Mary Hentges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128,295</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,494</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Oskar&nbsp;Mielczarek&nbsp;de&nbsp;la&nbsp;Miel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Ciaran O&#146;Kelly</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">192,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,729</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Robert Schwartz</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Sukhinder Singh Cassidy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128,295</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,185</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Hilliard C. Terry, III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128,295</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Kerry W. Cooper was granted 2,297 restricted stock units in March 2021 in connection with her joining our board of
directors and Ms.&nbsp;Cooper will also receive other compensation pursuant to our Outside Director Compensation Policy . </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>April 2020 Option
Grants</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In April 2020, our board of directors approved option grants under our 2012 Plan to each of Ms. Singh Cassidy and Mr. O&#146;Kelly. In
connection with Ms. Singh Cassidy&#146;s appointment as a member of the board of directors in February 2020, Ms. Singh Cassidy received an option to purchase 128,295 shares of our common stock, which vests in 24 equal monthly installments beginning
on March 1, 2020, subject to Ms. Singh Cassidy&#146;s continued role as a service provider to us. Mr. O&#146;Kelly received an option to purchase 64,148 shares of our common stock, which vests in 12 equal monthly installments beginning on May 1,
2020, subject to Mr. O&#146;Kelly&#146;s continued role as a service provider to us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Outside Director Compensation Policy </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In October 2020 our board of directors adopted a new compensation policy for our <FONT STYLE="white-space:nowrap">non-employee</FONT> directors, which
was amended by our board of directors and approved by our stockholders in November 2020 and became effective upon the completion of our IPO. This policy was developed with input from our independent compensation consultant regarding practices and
compensation levels at comparable companies. It is designed to provide a total compensation package that enables us to attract and retain qualified and experienced individuals to serve as directors and to align our directors&#146; interests with
those of our stockholders.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under this compensation policy, each <FONT STYLE="white-space:nowrap">non-employee</FONT> director will receive the cash
and equity compensation for board services described below. We will continue to reimburse our <FONT STYLE="white-space:nowrap">non-employee</FONT> directors for reasonable, customary and documented travel expenses to board of directors or committee
meetings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The compensation policy includes a maximum annual limit of $1,000,000 of cash compensation and equity awards that may be paid, issued, or
granted to a <FONT STYLE="white-space:nowrap">non-employee</FONT> director in any fiscal year, increased to $2,000,000 in an individual&#146;s first year of service as a <FONT STYLE="white-space:nowrap">non-employee</FONT> director. For purposes of
this limitation, the value of equity awards is based on the grant date fair value (determined in accordance with GAAP). Any cash compensation paid or equity awards granted to a person for their services as an employee, or for their services as a
consultant (other than as a <FONT STYLE="white-space:nowrap">non-employee</FONT> director), will not count for purposes of the limitation. The maximum limit does not reflect the intended size of any potential compensation or equity awards to our <FONT
STYLE="white-space:nowrap">non-employee</FONT> directors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">160 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Cash Compensation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Each <FONT STYLE="white-space:nowrap">non-employee</FONT> director will be entitled to receive the following cash compensation for their services under
the outside director compensation policy: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">$30,000 per year for service as a board member; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">$40,000 per year for service as <FONT STYLE="white-space:nowrap">non-employee</FONT> chair of the board;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">$25,000 per year for service as a lead independent director; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">$20,000 per year for service as chair of the audit committee; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">$10,000 per year for service as a member of the audit committee; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">$14,000 per year for service as chair of the compensation committee; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">$7,000 per year for service as a member of the compensation committee; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">$8,000 per year for service as chair of the nominating and corporate governance committee; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">$4,000 per year for service as a member of the nominating and corporate governance committee. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Each <FONT STYLE="white-space:nowrap">non-employee</FONT> director who serves as the chair of a committee will receive only the additional annual cash
fee as the chair of the committee, and not the annual fee as a member of the committee, provided that each <FONT STYLE="white-space:nowrap">non-employee</FONT> director who serves as the <FONT STYLE="white-space:nowrap">non-employee</FONT> chair or
the lead independent director will receive the annual fee for service as a board member and an additional annual fee as the <FONT STYLE="white-space:nowrap">non-employee</FONT> chair or lead independent director. All cash payments to <FONT
STYLE="white-space:nowrap">non-employee</FONT> directors are paid annually in arrears on a <FONT STYLE="white-space:nowrap">pro-rated</FONT> basis. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Election to Receive Restricted Stock Units in Lieu of Cash Compensation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Each <FONT STYLE="white-space:nowrap">non-employee</FONT> director may elect to convert all or a portion of his or her annual cash retainer payments into
an award covering a number of restricted stock units, or a Retainer Award, with a grant date fair value (determined in accordance with GAAP) equal to the amount of the applicable annual cash retainer payment to which the Retainer Award relates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Each individual who first becomes a <FONT STYLE="white-space:nowrap">non-employee</FONT> director must make an election to receive Retainer Awards in
lieu of cash payments, or a Retainer RSU Election, with respect to annual cash retainer payments relating to services to be performed in the same calendar year as such individual first becomes a <FONT STYLE="white-space:nowrap">non-employee</FONT>
director on or prior to the date that the individual first becomes a nonemployee director. Each <FONT STYLE="white-space:nowrap">non-employee</FONT> director must make a Retainer RSU Election with respect to annual cash retainer payments relating to
services to be performed in the following calendar year by no later than December&nbsp;31 of each calendar year, or such earlier deadline as established by our board of directors or the compensation committee of our board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If a <FONT STYLE="white-space:nowrap">non-employee</FONT> director who has made a valid Retainer RSU election ceases to be a <FONT
STYLE="white-space:nowrap">non-employee</FONT> director prior to the applicable grant date of a Retainer Award to which the Retainer RSU Election relates, the Retainer RSU Election will be treated as cancelled and the
<FONT STYLE="white-space:nowrap">non-employee</FONT> director will be eligible to receive a prorated payment of the annual payment of the <FONT STYLE="white-space:nowrap">non-employee</FONT> director&#146;s applicable annual cash retainer,
calculated based on the number of days during the applicable calendar year the <FONT STYLE="white-space:nowrap">non-employee</FONT> director served in the relevant capacities, in accordance with the terms and conditions of the policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Retainer awards will be granted on January&nbsp;10 immediately following the end of the calendar year for which the corresponding annual cash retainer
payment was earned, except that if such date is not a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">161 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
trading day, the associated grant of the applicable Retainer Award shall occur on the next trading day following such date. Each Retainer Award will be fully vested on the date of grant. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Equity Compensation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Initial Award
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Subject to the limits in our 2020 Equity Incentive Plan, each person who first becomes a <FONT STYLE="white-space:nowrap">non-employee</FONT>
director after the date of the effective date of the policy will receive, on the first trading date on or after the date on which the person first becomes a <FONT STYLE="white-space:nowrap">non-employee</FONT> director, an initial award of
restricted stock units (the &#147;Initial Award&#148;), covering a number of shares of our common stock having a grant date fair value (determined in accordance with GAAP) equal to $165,000; provided that any resulting fraction will be rounded down
to the nearest whole share. The Initial Award will vest in its entirety on the one (1)&nbsp;year anniversary of the <FONT STYLE="white-space:nowrap">non-employee</FONT> director&#146;s initial start date, subject to the <FONT
STYLE="white-space:nowrap">non-employee</FONT> director continuing to be a <FONT STYLE="white-space:nowrap">non-employee</FONT> director through the applicable vesting date. If the person was a member of our board of directors and also an employee,
becoming a <FONT STYLE="white-space:nowrap">non-employee</FONT> director due to termination of employment will not entitle them to an Initial Award. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Annual Award </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Subject to the limits in our
2020 Equity Incentive Plan, each <FONT STYLE="white-space:nowrap">non-employee</FONT> director automatically will receive, on the date of each annual meeting of our stockholders following the effective date of the policy, an annual award of
restricted stock units, or an Annual Award, covering a number of shares of our common stock having a grant date fair value (determined in accordance with GAAP) of $165,000; provided that the first annual award granted to an individual who first
becomes a <FONT STYLE="white-space:nowrap">non-employee</FONT> director following the effective date of the policy will have a grant date fair value equal to the product of (A) $165,000 multiplied by (B)&nbsp;a fraction, (i)&nbsp;the numerator of
which is equal to the number of fully completed days between the <FONT STYLE="white-space:nowrap">non-employee</FONT> director&#146;s initial start date and the date of the first annual meeting of our stockholders to occur after such individual
first becomes a <FONT STYLE="white-space:nowrap">non-employee</FONT> director, and (ii)&nbsp;the denominator of which is 365; and provided further that any resulting fraction will be rounded down to the nearest whole share. Each Annual Award will
vest in its entirety on the earlier of (x)&nbsp;the <FONT STYLE="white-space:nowrap">1-year</FONT> anniversary of the Annual Award&#146;s grant date, or (y)&nbsp;the day immediately before the date of the next annual meeting of our stockholders that
follows the grant date of the Annual Award, subject to the <FONT STYLE="white-space:nowrap">non-employee</FONT> director&#146;s continued service through the applicable vesting date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Pursuant to the policy, for purposes of determining the grant date fair value of Initial Awards, Annual Awards and Retainer Awards, the grant date fair
value per share will equal the average closing price of one share of our common stock for the 30 trading days immediately prior to the applicable date of grant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the event of a &#147;change in control&#148; (as defined in our 2020 Equity Incentive Plan), each
<FONT STYLE="white-space:nowrap">non-employee</FONT> director will fully vest in their outstanding company equity awards issued under the director compensation policy, including any Initial Award or Annual Award, immediately prior to the
consummation of the change in control provided that the <FONT STYLE="white-space:nowrap">non-employee</FONT> director continues to be a <FONT STYLE="white-space:nowrap">non-employee</FONT> director through such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">162 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_13"></A>EXECUTIVE COMPENSATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our named executive officers, consisting of our principal executive officer and the next two most highly compensated executive officers, as of
December&nbsp;31, 2020, were: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Dave Girouard, our Chief Executive Officer and Chairperson of our board of directors; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Sanjay Datta, our Chief Financial Officer; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Paul Gu, our Senior Vice President of Product and Data Science and member of our board of directors. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Summary Compensation Table </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The amounts below
represent the compensation awarded to or earned by or paid to our named executive officers for the year ended December&nbsp;31, 2020: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; "><B>Name&nbsp;and&nbsp;Principal&nbsp;Position</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fiscal<BR>Year</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Salary<BR>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Bonus<BR>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Option<BR>Awards<BR>($)<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Non-Equity</FONT><BR>Incentive&nbsp;
Plan<BR>Compensation<BR>($)<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>All Other<BR>Compensation<BR>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total&nbsp;($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">Dave Girouard<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP> <BR><I>Chief Executive Officer</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2020</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">396,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,030,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">337,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,763,722</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2019</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">360,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">360,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">Sanjay Datta <BR><I>Chief Financial Officer</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2020</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">397,917</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,115,300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">339,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,852,217</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2019</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">375,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">384,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">189,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">948,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">Paul Gu<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP> <BR><I>SVP, Product and Data Science</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2020</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">390,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,115,300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">332,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,837,300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2019</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">269,773</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">384,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,677</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">799,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The amount reported represents the aggregate grant-date fair value of the stock options awarded to the named executive
officer in 2020, calculated in accordance with ASC Topic 718, &#147;Compensation&#151;Stock Compensation.&#148; Such grant-date fair value does not take into account any estimated forfeitures related to vesting conditions. The assumptions used in
calculating the grant-date fair value of the stock options reported in this column are set forth in Note 10 to our Consolidated Financial Statements. These amounts do not reflect the actual economic value that may be realized by the named executive
officer. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The amounts reported for 2020 represent the amounts earned by the named executive officers in calendar year 2020 under
Upstart&#146;s 2020 Bonus Plan, as described in more detail below under &#147;2020 Bonus Plan.&#148; The amounts reported for 2019 represent the amounts earned by the named executive officers in calendar year 2019 under Upstart&#146;s 2019 Bonus
Plan. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Mr.&nbsp;Girouard and Mr.&nbsp;Gu serve on our board of directors but are not paid additional compensation for such
service. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">163 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Outstanding Equity Awards at <FONT STYLE="white-space:nowrap">Year-End</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table sets forth information regarding outstanding equity awards held by our named executive officers as of December&nbsp;31, 2020: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="11" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Option Awards</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Grant<BR>Date<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>Securities<BR>Underlying<BR>Unexercised<BR>Options (#)<BR>Exercisable</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>Securities<BR>Underlying<BR>Unexercised<BR>Options (#)<BR>Unexercisable</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Option<BR>Exercise<BR>Price&nbsp;($)<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Option<BR>Expiration<BR>Date</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Dave Girouard</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">September&nbsp;20,&nbsp;2016<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,251,745</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.83&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">September&nbsp;20,&nbsp;2026</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">November&nbsp;6, 2020<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,928</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">491,072</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$18.44</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">November&nbsp;6, 2030</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Sanjay Datta</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;28,&nbsp;2016<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">637,346</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">13,561</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1.35&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;28, 2026</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;28,&nbsp;2016<SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85,535</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">14,604</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1.35&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;28, 2026</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;18,&nbsp;2017<SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72,916</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">27,084</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$2.15&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;18, 2027</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">March&nbsp;29, 2019<SUP STYLE="font-size:85%; vertical-align:top">(8)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">150,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$3.80&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">March&nbsp;29, 2029</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">January&nbsp;31, 2020<SUP STYLE="font-size:85%; vertical-align:top">(9)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">200,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$8.88&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">January&nbsp;31, 2030</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Paul Gu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">August&nbsp;21, 2012<SUP STYLE="font-size:85%; vertical-align:top">(10)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,876</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.15&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">August&nbsp;21, 2022</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">May&nbsp;23, 2013<SUP STYLE="font-size:85%; vertical-align:top">(11)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.23&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">May&nbsp;23, 2023</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">June&nbsp;19, 2014<SUP STYLE="font-size:85%; vertical-align:top">(12)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">270,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.43&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">June&nbsp;19, 2024</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">January&nbsp;14, 2015<SUP STYLE="font-size:85%; vertical-align:top">(13)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.60&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">January&nbsp;14, 2025</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;18,&nbsp;2015<SUP STYLE="font-size:85%; vertical-align:top">(14)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1.17&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;18,&nbsp;2025</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">June&nbsp;24, 2016<SUP STYLE="font-size:85%; vertical-align:top">(15)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1.17&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">June&nbsp;24, 2026</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">January&nbsp;9, 2017<SUP STYLE="font-size:85%; vertical-align:top">(16)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,791</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">5,209</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1.35&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">January&nbsp;9, 2027</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;18,&nbsp;2017<SUP STYLE="font-size:85%; vertical-align:top">(17)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,833</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">54,167</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$2.15&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;18, 2027</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">March&nbsp;29, 2019<SUP STYLE="font-size:85%; vertical-align:top">(18)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">150,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$3.80&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">March&nbsp;29, 2029</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">January&nbsp;31, 2020<SUP STYLE="font-size:85%; vertical-align:top">(19)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">200,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$8.88&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">January&nbsp;31, 2030</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Each of the outstanding equity awards listed in the table above was granted pursuant to our 2012 Plan.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">This column represents the fair value of a share of our common stock on the grant date, as determined by our board of
directors. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Girouard&#146;s continued role as a service provider to us, in
48 equal monthly installments beginning on October&nbsp;1, 2016. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Girouard&#146;s continued role as a service provider to us, in
28 equal monthly installments beginning on October&nbsp;1, 2020. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Datta&#146;s continued role as a service provider to us, as to
1/4th of the total shares on January&nbsp;1, 2018 with 1/48th of the total shares vesting monthly thereafter. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Datta&#146;s continued role as a service provider to us, as to<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>1/4th of the total shares on July&nbsp;1, 2018 with 1/48th of the total shares vesting monthly thereafter. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Datta&#146;s continued role as a service provider to us, in 48
equal monthly installments beginning on February&nbsp;1, 2018. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Datta&#146;s continued role as a service provider to us, in 12
equal monthly installments beginning on February&nbsp;1, 2021. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Datta&#146;s continued role as a service provider to us, in 12
equal monthly installments beginning on February&nbsp;1, 2022. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Gu&#146;s continued role as a service provider to us, as to
1/4th of the total shares on September&nbsp;1, 2013 with 1/48th of the total shares vesting monthly thereafter. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Gu&#146;s continued role as a service provider to us, as to
1/4th of the total shares on May&nbsp;1, 2014 with 1/48th of the total shares vesting monthly thereafter. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(12)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Gu&#146;s continued role as a service provider to us, as to
1/4th of the total shares on April&nbsp;1, 2015 with 1/48th of the total shares vesting monthly thereafter. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(13)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Gu&#146;s continued role as a service provider to us, in 48
equal monthly installments beginning on February&nbsp;1, 2015. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(14)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Gu&#146;s continued role as a service provider to us, in 48
equal monthly installments beginning on February&nbsp;1, 2016. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(15)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Gu&#146;s continued role as a service provider to us, in 48
equal monthly installments beginning on August&nbsp;1, 2016. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">164 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(16)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Gu&#146;s continued role as a service provider to us, in 48
equal monthly installments beginning on February&nbsp;1, 2017. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(17)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Gu&#146;s continued role as a service provider to us, in 48
equal monthly installments beginning on February&nbsp;1, 2018. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(18)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Gu&#146;s continued role as a service provider to us, in 12
equal monthly installments beginning on February&nbsp;1, 2021. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(19)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The shares underlying this option vest, subject to Mr.&nbsp;Gu&#146;s continued role as a service provider to us, in 12
equal monthly installments beginning on February&nbsp;1, 2022. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Potential Payments upon Termination or Change in Control
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In October 2020, our board of directors approved our Executive Change in Control and Severance Policy (the &#147;Severance Policy&#148;). Each
of our named executive officers participates in the Severance Policy. Pursuant to our Severance Policy, if, within the 3 month period prior to or the 12&nbsp;month period following a &#147;change in control&#148; (as defined in the Severance
Policy), we terminate the employment of an executive without &#147;cause&#148; (excluding death or disability) or the executive resigns for &#147;good reason&#148; (as such terms are defined in the applicable agreement), and within 60 days following
such termination, the executive executes a waiver and release of claims in our favor that becomes effective and irrevocable, the executive will be entitled to receive (i)&nbsp;a lump sum payment equal to 12&nbsp;months of the executive&#146;s then
current annual base salary, (ii)&nbsp;a lump sum payment equal to 100% of the executive&#146;s target annual bonus amount for the year of termination (provided such amount will be prorated based on days of service during the applicable bonus period
with respect to Messrs. Datta and Gu), (iii) reimbursement of premiums to maintain group health insurance continuation benefits pursuant to &#147;COBRA&#148; for the executive and the executive&#146;s respective eligible dependents for up to
12&nbsp;months, and (iv)&nbsp;vesting acceleration as to 100% of the then-unvested shares subject to each of the executive&#146;s then outstanding equity awards (and in the case of awards with performance vesting, unless the applicable award
agreement governing such award provides otherwise, all performance goals and other vesting criteria will be deemed achieved at target or as earned (determined on a pro rata basis) if greater. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Pursuant to the Severance Policy, in the event any payment to an executive would be subject to the excise tax imposed by Section&nbsp;4999 of the
Internal Revenue Code, as amended (the &#147;Code&#148;) (as a result of a payment being classified as a parachute payment under Section&nbsp;280G of the Code), the executive will receive such payment as would entitle the executive to receive the
greatest <FONT STYLE="white-space:nowrap">after-tax</FONT> benefit, even if it means that we pay the executive a lower aggregate payment so as to minimize or eliminate the potential excise tax imposed by Section&nbsp;4999 of the Code. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Employee Benefit and Stock Plans </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>2020 Equity Incentive
Plan </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2020 Plan became effective on December&nbsp;15, 2020, the date immediately prior to the date of our IPO. Our 2020 Plan provides for the
grant of incentive stock options, within the meaning of Section&nbsp;422 of the Code, to our employees and any parent and subsidiary corporations&#146; employees, and for the grant of nonstatutory stock options, stock appreciation rights, restricted
stock, restricted stock units, or RSUs, and performance awards to our employees, directors, and consultants and our parent and subsidiary corporations&#146; employees and consultants. Our 2012 Plan terminated immediately prior to effectiveness of
the 2020 Plan with respect to the grant of future awards. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Authorized Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Subject to the adjustment provisions of and the automatic increase described in our 2020 Plan, a total of 5,520,000 shares of our common stock are
reserved for issuance pursuant to our 2020 Plan. In </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">165 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
addition, subject to the adjustment provisions of our 2020 Plan, the shares reserved for issuance under our 2020 Plan also include any shares subject to awards granted under our 2012 Plan that,
on or after the date of our IPO, expire or otherwise terminate without having been exercised or issued in full, are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited to or
repurchased by us due to failure to vest (provided that the maximum number of shares that may be added to our 2020 Plan pursuant to outstanding awards under the 2012 Plan is 15,000,000 shares, as determined at the time the 2020 Plan was adopted).
Subject to the adjustment provisions of our 2020 Plan, the number of shares available for issuance under our 2020 Plan will also include an annual increase on the first day of each fiscal year beginning with the 2021 fiscal year and ending on the
ten year anniversary of the date our board of directors approved the 2020 Plan, in an amount equal to the least of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">15,000,000 shares of our common stock; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">5% of the outstanding shares of our common stock on the last day of our immediately preceding fiscal year; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">such number of shares of our common stock as the administrator may determine. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If a stock option or stock appreciation right granted under the 2020 Plan expires or becomes unexercisable without having been exercised in full or is
surrendered pursuant to an exchange program or, with respect to restricted stock, RSUs or stock settled performance awards, is forfeited to, or repurchased by, us due to failure to vest, then the unpurchased shares (or for awards other than stock
options or stock appreciation rights, the forfeited or repurchased shares) which were subject thereto will become available for future grant or sale under the 2020 Plan (unless the 2020 Plan has terminated). With respect to stock appreciation
rights, only the net shares actually issued will cease to be available under the 2020 Plan and all remaining shares under stock appreciation rights will remain available for future grant or sale under the 2020 Plan (unless the 2020 Plan has
terminated). Shares that have actually been issued under the 2020 Plan under any award will not be returned to the 2020 Plan; provided, however, that if shares issued pursuant to awards of restricted stock, RSUs or performance awards are repurchased
or forfeited to us due to failure to vest, such shares will become available for future grant under the 2020 Plan. Shares used to pay the exercise price of an award or to satisfy the tax withholding obligations related to an award will become
available for future grant or sale under the 2020 Plan. To the extent an award is paid out in cash rather than shares, the cash payment will not result in a reduction in the number of shares available for issuance under the 2020 Plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Plan Administration </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our compensation
committee administers our 2020 Plan and may further delegate authority to one or more subcommittees or officers to the extent such delegation complies with applicable laws. Subject to the provisions of our 2020 Plan, the administrator will have the
power to administer our 2020 Plan and make all determinations deemed necessary or advisable for administering our 2020 Plan, including but not limited to: the power to determine the fair market value of our common stock; select the service providers
to whom awards may be granted; determine the number of shares covered by each award; approve forms of award agreements for use under our 2020 Plan; determine the terms and conditions of awards (including, but not limited to, the exercise price, the
times or times at which the awards may be exercised, any vesting acceleration or waiver or forfeiture restrictions, and any restriction or limitation regarding any award or the shares relating thereto); construe and interpret the terms of our 2020
Plan and awards granted under it, including but not limited to determining whether and when a change in control has occurred; establish, amend, and rescind rules and regulations relating to our 2020 Plan, and adopt
<FONT STYLE="white-space:nowrap">sub-plans</FONT> relating to the 2020 Plan; interpret, modify or amend each award, including but not limited to the discretionary authority to extend the post-termination exercisability period of awards; allow
participants to satisfy tax withholding obligations in any manner permitted by the 2020 Plan; delegate ministerial duties to any of our employees; authorize any person </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">166 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
to take any steps and execute, on our behalf, any documents required for an award previously granted by the administrator to be effective; temporarily suspend the exercisability of an award if
the administrator deems such suspension to be necessary or appropriate for administrative purposes, provided that, unless prohibited by applicable laws, such suspension shall be lifted in all cases not less than ten trading days before the last date
that the award may be exercised; allow a participant to defer the receipt of payment of cash or the delivery of shares that would otherwise be due to such participant under an award; and make any determinations necessary or appropriate under the
adjustment provisions of the 2020 Plan. The administrator also has the authority to allow participants the opportunity to transfer outstanding awards to a financial institution or other person or entity selected by the administrator and to institute
an exchange program by which outstanding awards may be surrendered or canceled in exchange for awards of the same type which may have a higher or lower exercise price and/or different terms, awards of a different type and/or cash, or by
which&nbsp;the exercise price of an outstanding award is increased or reduced. The administrator&#146;s decisions, interpretations, and other actions will be final and binding on all participants to the full extent permitted by law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Stock Options </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2020 Plan permits
the grant of options. The exercise price of options granted under our 2020 Plan must be at least equal to the fair market value of our common stock on the date of grant, except that options may be granted with a lower exercise price to a service
provider who is not a U.S. taxpayer, or pursuant to certain transactions. The term of an option is determined by the administrator, provided that the term of an incentive stock option may not exceed ten years. With respect to any participant who
owns more than 10% of the voting power of all classes of our outstanding stock, the term of an incentive stock option granted to such participant must not exceed five years and the exercise price must equal at least 110% of the fair market value on
the grant date. The administrator determines the methods of payment of the exercise price of an option, which may include cash, check or wire transfer, cashless exercise, net exercise, promissory note, shares, or other consideration or method of
payment acceptable to the administrator, to the extent permitted by applicable law. After the termination of service of an employee, director, or consultant, he or she may exercise his or her option for the period of time stated in his or her option
agreement. In the absence of a specified time in an award agreement, if termination is due to death or disability, the option will remain exercisable for six months. In all other cases, in the absence of a specified time in an award, the option will
remain exercisable for thirty days. These exercise periods may be tolled in certain circumstances, for example if exercise prior to the end of the applicable period is not permitted because of applicable laws. However, in no event may an option be
exercised later than the expiration of its term. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Stock Appreciation Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2020 Plan permits the grant of stock appreciation rights. Stock appreciation rights allow the recipient to receive the appreciation in the fair
market value of our common stock between the exercise date and the date of grant. The term of stock appreciation rights is determined by the administrator. After the termination of service of an employee, director, or consultant, he or she may
exercise his or her stock appreciation right for the period of time stated in his or her stock appreciation rights agreement. In the absence of a specified time in an award agreement, if termination is due to death or disability, the stock
appreciation rights will remain exercisable for six months. In all other cases, in the absence of a specified time in an award agreement, the stock appreciation rights will remain exercisable for thirty days following the termination of service.
These exercise periods may be tolled in certain circumstances, for example if exercise prior to the end of the applicable period is not permitted because of applicable laws. However, in no event may a stock appreciation right be exercised later than
the expiration of its term. Subject to the provisions of our 2020 Plan, the administrator determines the other terms of stock appreciation rights, including when such rights become exercisable and whether to pay any increased appreciation in cash or
with shares of our common stock, or a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">167 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
combination thereof, except that the per share exercise price for the shares to be issued pursuant to the exercise of a stock appreciation right must be no less than 100% of the fair market value
per share on the date of grant. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Restricted Stock </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2020 Plan permits the grant of restricted stock. Restricted stock awards are grants of shares of our common stock that vest in accordance with terms
and conditions established by the administrator. The administrator determines the number of shares of restricted stock granted to any employee, director, or consultant and, subject to the provisions of our 2020 Plan, determines the terms and
conditions of such awards. The administrator has the authority to impose whatever conditions to vesting it determines to be appropriate (for example, the administrator will be able to set restrictions based on the achievement of specific performance
goals or continued service to us); provided, however, that the administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. Recipients of restricted stock awards generally have voting and
dividend rights with respect to such shares upon grant without regard to vesting, unless the administrator provides otherwise. Shares of restricted stock that do not vest will be subject to our right of repurchase or forfeiture. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Restricted Stock Units </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2020 Plan
permits the grant of RSUs. Each RSU will represent an amount equal to the fair market value of one share of our common stock. Subject to the provisions of our 2020 Plan, the administrator determines the terms and conditions of RSUs, including the
vesting criteria and the form and timing of payment. The administrator has the authority to set vesting criteria based upon the achievement of company-wide, divisional, business unit, or individual goals (including, but not limited to, continued
employment or service), or any other basis determined by the administrator in its discretion. The administrator, in its sole discretion, may pay earned RSUs in the form of cash, in shares, or in some combination of both. Notwithstanding the
foregoing, the administrator, in its sole discretion, may accelerate the vesting, or reduce or waive the criteria that must be met for vesting, of the RSUs or the time at which any restrictions will lapse or be removed. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Performance Awards </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2020 Plan
permits the grant of performance awards. Performance awards are awards that will result in a payment to a participant only if performance goals established by the administrator are achieved or the awards otherwise vest. The administrator may
establish performance objectives or other vesting criteria in its discretion, which, depending on the extent to which they are met, will determine the number and/or the value of performance awards to be paid out to participants. The administrator
has the authority to set performance objectives based on the achievement of company-wide, divisional, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the
administrator in its discretion. Each performance award&#146;s threshold, target, and maximum payout values are established by the administrator on or before the grant date. After the grant of a performance award, the administrator, in its sole
discretion, may reduce or waive any performance criteria or other vesting provisions for such performance award. The administrator, in its sole discretion, may pay earned performance awards in the form of cash, in shares, or in some combination
thereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2020 Plan provides that all outside <FONT STYLE="white-space:nowrap">(non-employee)</FONT> directors will be eligible to receive all types of awards
(except for incentive stock options) under our 2020 Plan. In order to provide a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">168 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
maximum limit on the awards that can be made to our <FONT STYLE="white-space:nowrap">non-employee</FONT> directors, our 2020 Plan provides that in any given fiscal year, a <FONT
STYLE="white-space:nowrap">non-employee</FONT> director will not be granted awards having a grant-date fair value greater than $1,000,000, but this limit is increased to $2,000,000 in connection with his or her initially joining our board of
directors (in each case, excluding awards granted to him or her as a consultant or employee). The grant-date fair values will be determined according to GAAP. The maximum limits do not reflect the intended size of any potential grants or a
commitment to make grants to our outside directors under our 2020 Plan in the future. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Non-Transferability</FONT> of Awards </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Unless the administrator provides otherwise, our 2020 Plan generally does not allow for the transfer of awards and only the recipient of an award may
exercise an award during his or her lifetime. If the administrator makes an award transferrable, such award will contain such additional terms and conditions as the administrator deems appropriate. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Certain Adjustments </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If any
extraordinary dividend or other extraordinary distribution (whether in cash, shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
<FONT STYLE="white-space:nowrap">split-up,</FONT> <FONT STYLE="white-space:nowrap">spin-off,</FONT> combination, reclassification, repurchase, or exchange of shares of our common stock or other of our securities, other change in our corporate
structure affecting the shares, or any similar equity restructuring transaction affecting our shares occurs (including a change in control), the administrator, to prevent diminution or enlargement of the benefits or potential benefits intended to be
provided under the 2020 Plan, will adjust the number and class of shares that may be delivered under the 2020 Plan and/or the number, class, and price of shares covered by each outstanding award, and the numerical share limits set forth in our 2020
Plan. The conversion of any of our convertible securities and ordinary course repurchases of our shares or other securities will not be treated as an event that will require adjustment under the 2020 Plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Dissolution or Liquidation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the
event of our proposed dissolution or liquidation, the administrator will notify participants as soon as practicable prior to the effective date of such proposed transaction and all awards will terminate immediately prior to the consummation of such
proposed transaction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Merger or Change in Control </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2020 Plan provides that in the event of a merger or change in control, as defined under our 2020 Plan, each outstanding award will be treated as the
administrator determines, without a requirement to obtain a participant&#146;s consent, including, without limitation, that such award will be continued by the successor corporation or a parent or subsidiary of the successor corporation. An award
generally will be considered continued if, following the transaction, (i)&nbsp;the award gives the right to purchase or receive the consideration received in the transaction by holders of our shares or (ii)&nbsp;the award is terminated in exchange
for an amount of cash and/or property, if any, equal to the amount that would have been received upon the exercise or realization of the award at the closing of the transaction, which payment may be subject to any escrow applicable to holders of our
common stock in connection with the transaction or subjected to&nbsp;the award&#146;s original vesting schedule. The administrator will not be required to treat all awards or portions thereof the vested and unvested portions of an award, or all
participants similarly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the event that a successor corporation or its parent or subsidiary does not continue an outstanding award, then such
award will fully vest, all restrictions on such award will lapse, all </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">169 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
performance goals or other vesting criteria applicable to such award will be deemed achieved at 100% of target levels, and such award will become fully exercisable, if applicable, for a specified
period prior to the transaction, unless specifically provided for otherwise under the applicable award agreement or other written agreement with the participant. The award will then terminate upon the expiration of the specified period of time. If
an option or stock appreciation right is not continued, the administrator will notify the participant in writing or electronically that such option or stock appreciation right will be exercisable for a period of time determined by the administrator
in its sole discretion and the option or stock appreciation right will terminate upon the expiration of such period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">With respect to awards granted
to an outside director, in the event of a change in control, all of his or her options and stock appreciation rights, if any, will vest fully and become immediately exercisable, all restrictions on his or her restricted stock and RSUs will lapse,
and all performance goals or other vesting requirements for his or her performance awards will be deemed achieved at 100% of target levels, and all other terms and conditions met. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Clawback </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Awards will be subject to
any clawback policy that we are required to adopt pursuant to the listing standards of any national securities exchange or association on which our stock is listed or as otherwise required by applicable laws, and the administrator will also be able
to specify in an award agreement that the participant&#146;s rights, payments, and/or benefits with respect to an award will be subject to reduction, cancellation, forfeiture, and/or recoupment upon the occurrence of certain specified events. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Amendment and Termination </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
administrator has the authority to amend, alter, suspend, or terminate our 2020 Plan, provided we will obtain stockholder approval of any amendment to the extent necessary or desirable to comply with applicable laws. However, no amendment,
alteration, suspension or termination of our 2020 Plan or an Award under it may, taken as a whole, materially impair the existing rights of any participant without the participant&#146;s consent. Our 2020 Plan will continue in effect until it is
terminated, provided that incentive stock options may not be granted after the ten year anniversary of the date our board of directors approved the 2020 Plan, and the automatic annual share increase will end on the ten year anniversary of the date
our board of directors approved the 2020 Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>2012 Stock Plan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2012 Plan was originally adopted by the board of directors of Upstart Network, Inc. in April 2012 and was assumed by Upstart Holdings, Inc. in
December 2013 pursuant to a restructuring. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2012 Plan provided for the grant of incentive stock options (within the meaning of Section&nbsp;422
of the Code), or ISOs, to our employees and any of our parent and subsidiary corporations&#146; employees, and for the grant of nonstatutory stock options, or NSOs and restricted stock&nbsp;to our employees and consultants, and our parent,
subsidiary, and affiliate corporations&#146; employees and consultants. Our 2012 Plan terminated on December&nbsp;15, 2020, and we have not granted, and may not grant, any additional awards under our 2012 Plan thereafter. However, our 2012 Plan will
continue to govern the terms and conditions of the outstanding awards previously granted under our 2012 Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020, options
to purchase 19,600,223 shares of our common stock were outstanding under our 2012 Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">170 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Plan Administration </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our 2012 Plan is administered by our board of directors or one or more committees appointed by our board of directors. Each committee will consist of two
or more members of our board of directors and will have such authority and be responsible for such functions as our board of directors has assigned to it (the board of directors, or its designated committee, the &#147;administrator&#148;). Our board
of directors may also authorize one or more of our officers to administer the 2012 Plan within the parameters specified by the board of directors. All decisions, interpretations, and other actions of the administrator are final and binding on all
participants and all persons deriving their rights from a participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Subject to the provisions of our 2012 Plan, the administrator has the power
to determine the fair market value of shares of stock, to select the participants to whom awards may be granted, to determine the number of shares covered by an award, to approve the form(s) of agreement(s) and other related documents used under our
2012 Plan, to determine the term and conditions of awards, to amend awards or related agreements, to determine under what circumstances an option may be settled in cash, to institute an exchange program by which outstanding awards may be surrendered
in exchange for awards with a higher or lower exercise price, to grant awards to foreign nationals or participants employed outside of the United States, and to construe and interpret the terms of the 2012&nbsp;Plan and agreements related to awards.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Eligibility </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Employees,
consultants and directors of ours and employees, consultants or directors or our parent, subsidiary, and affiliate companies are eligible to receive awards. Only our employees or employees of our parent or subsidiary companies are eligible to
receive incentive stock options. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Stock Options </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Stock options have been granted under our 2012 Plan. Subject to the provisions of our 2012 Plan, the administrator determines the term of an option, the
number of shares subject to an option and the time period in which an option may be exercised. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The term of an option is stated in the applicable
award agreement, but the term of an option may not exceed 10 years from the grant date. The administrator determines the exercise price of options, which generally may not be less than 100% of the fair market value of our common stock on the grant
date. However, an incentive stock option granted to a person who owns more than 10% of the total combined voting power of all classes of our outstanding stock or of our parent or any subsidiary may have a term of no longer than five years from the
grant date and must have an exercise price of at least 110% of the fair market value of our common stock on the grant date. In addition, to the extent that the aggregate fair market value of the shares with respect to which incentive stock options
are exercisable for the first time by an employee during any calendar year (under all our plans and those of any parent or subsidiary) exceeds $100,000, such options will be treated as nonstatutory stock options. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The administrator determines how a participant may pay the exercise price of an option, and the permissible methods are generally set forth in the
applicable award agreement. If a participant&#146;s &#147;continuous service status&#148; (as defined in our 2012 Plan) terminates, that participant may exercise the vested portion of his or her option for the period of time stated in the applicable
award agreement. If the award agreement does not specify the terms and conditions upon which an option shall terminate upon termination of a participant&#146;s continuous service status, the 2012 Plan provides that the vested portion of such option
will (i)&nbsp;be exercisable for three months following the participant&#146;s termination for reasons other than death, disability or cause, (ii)&nbsp;be exercisable for twelve months following the participant&#146;s termination for reasons of
death or disability, and (iii)&nbsp;terminate immediately upon the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">171 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
participant&#146;s termination for &#147;cause,&#148; as defined in the 2012 Plan. In no event will an option remain exercisable beyond its original term. If a participant does not exercise his
or her option within the time specified in the award agreement, the option will terminate. Except as described above, the administrator has the discretion to determine the post-termination exercisability periods for an option. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Restricted Stock </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Restricted stock may
be granted under our 2012 Plan. Restricted stock awards are grants of shares of our common stock that vest in accordance with terms and conditions established by the administrator (if any). The administrator will determine the number of shares of
restricted stock granted to any employee, consultant or director and, subject to the provisions of our 2012 Plan, will determine any terms and conditions of such awards. The restricted stock will vest at such rate as the administrator may determine.
Once the restricted stock is purchased or issued, the participant will have the rights equivalent to those of a holder of capital stock. No adjustment will be made for a dividend or other right for which the record date is prior to the date the
restricted stock is purchased or received, except as otherwise provided in the 2012 Plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Non-Transferability</FONT> of Awards </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Except as set forth in the 2012 Plan, awards may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by
will or by the laws of descent or distribution. The designation of a beneficiary by a participant will not constitute a transfer. An option may be exercised during the lifetime of the holder of the option, only by such holder or a transferee
permitted by the 2012 Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The administrator may in its sole discretion grant nonstatutory stock options that may be transferred by instrument to
an inter vivos or testamentary trust in which the options are to be passed to beneficiaries upon the death of the trustor or by gift to family members. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Certain Adjustments </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the event of a
stock split, reverse stock split, stock dividend, combination, consolidation, reclassification of the shares or subdivision of the shares, proportionate adjustments will automatically be made in each of (i)&nbsp;the numbers and class of shares or
other stock or securities: (x)&nbsp;available for future awards under the 2012 Plan and (y)&nbsp;covered by each outstanding award, (ii)&nbsp;the exercise price per share of each such outstanding option, and (iii)&nbsp;any repurchase price per share
applicable to shares issued pursuant to any award. In the event of any increase or decrease in the number of issued shares effected without receipt of consideration by us, a declaration of an extraordinary dividend with respect to the shares payable
in a form other than shares in an amount that has a material effect on the fair market value, a recapitalization (including a recapitalization through a large nonrecurring cash dividend), a rights offering, a reorganization, merger, a <FONT
STYLE="white-space:nowrap">spin-off,</FONT> <FONT STYLE="white-space:nowrap">split-up,</FONT> change in corporate structure or a similar occurrence, the administrator at its sole discretion may make appropriate adjustments in one or more of the
items listed in (i)&nbsp;through (iii)&nbsp;above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Mergers and Consolidations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the event of (i)&nbsp;a transfer of all or substantially all of our assets, (ii)&nbsp;a merger, consolidation or other capital reorganization or
business combination transaction of us with or into another corporation, entity or person, or (iii)&nbsp;the consummation of a transaction, or series of related transactions, in which any person becomes the beneficial owner, directly or indirectly,
of more than 50% of our outstanding capital stock (each a &#147;corporate transaction&#148;), each outstanding award will be treated as the administrator determines. The administrator&#146;s determination may be made without the consent of any
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">172 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
participant and need not treat all outstanding awards in an identical manner. The administrator&#146;s determination may provide for one or more of the following without limitation with respect
to each outstanding award: (i)&nbsp;the continuation of outstanding awards by us; (ii)&nbsp;the assumption of outstanding awards by the surviving corporation or its parent; (iii)&nbsp;the substitution by the surviving corporation or its parent of
new options or equity awards for such awards; (iv)&nbsp;the cancellation of awards and a payment to the participants equal to the excess of (x)&nbsp;the fair market value of the shares subject to awards as of the closing date of the corporate
transaction over (y)&nbsp;the exercise price or purchase price for the shares to be issued pursuant to the exercise of awards; or (v)&nbsp;the cancellation of awards for no consideration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">With respect to awards providing for accelerated vesting in connection with any termination of service that occurs on or after a corporate transaction,
if the successor does not agree to assume the award, or to substitute an equivalent award or right for the award, then any acceleration of vesting that would otherwise occur upon such termination of service will occur immediately prior to, and
contingent upon, the consummation of the corporate transaction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Amendment and Termination </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our board of directors may amend or terminate our 2012 Plan at any time; provided, however no amendment or termination will be made that would materially
and adversely affect the rights of any participant under any outstanding award, without his or her consent. To the extent necessary and desirable to comply with applicable laws, we will obtain the approval of holders of capital stock with respect to
any amendments to our 2012 Plan as required. As noted above, our 2012 Plan terminated on December&nbsp;15, 2020, and we have not granted, and may not grant, any additional awards under our 2012 Plan thereafter. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>2020 Employee Stock Purchase Plan </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In October 2020,
our board of directors adopted, and in November 2020 our board of directors amended and our stockholders approved, our ESPP. Our ESPP became effective on December&nbsp;15, 2020, the date immediately prior to the date of our IPO. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Authorized Shares </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Subject to the
adjustment provisions of our ESPP, a total of 1,380,000 shares of our common stock are reserved for issuance pursuant to our ESPP. The number of shares available for issuance under our ESPP also includes an annual increase on the first day of each
fiscal year beginning with the 2021 fiscal year in an amount equal to the least of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">2,000,000 shares of our common stock; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">1% of the outstanding shares of our common stock on the last day of our immediately preceding fiscal year; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">such number of shares of our common stock as the administrator may determine. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>ESPP Administration </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The compensation
committee of our board of directors administers our ESPP and has full and exclusive discretionary authority to construe, interpret, and apply the terms of the ESPP, delegate ministerial duties to any of our employees, designate separate offerings
under the ESPP, designate our subsidiaries and affiliates as participating in the ESPP, determine eligibility, adjudicate all disputed claims filed under the ESPP, and establish procedures that it deems necessary for the administration of the ESPP,
including, but not limited to, adopting such procedures and <FONT STYLE="white-space:nowrap">sub-plans</FONT> as are necessary or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">173 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
appropriate to permit participation in the ESPP by employees who are foreign nationals or employed outside the United States. The administrator&#146;s findings, decisions and determinations are
final and binding on all participants to the full extent permitted by law. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Eligibility</I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Generally, all of our employees will be eligible to participate if they are customarily employed by us, or any participating subsidiary or affiliate, for
at least 20 hours per week and more than five months in any calendar year. The administrator, in its discretion, may, prior to an enrollment date, for all options to be granted on such enrollment date in an offering, determine that an employee who
(i)&nbsp;has not completed at least two years of service (or a lesser period of time determined by the administrator) since his or her last hire date, (ii)&nbsp;customarily works not more than 20 hours per week (or a lesser period of time determined
by the administrator), (iii) customarily works not more than five months per calendar year (or a lesser period of time determined by the administrator), (iv) is a highly compensated employee within the meaning of Section&nbsp;414(q) of the Code, or
(v)&nbsp;is a highly compensated employee within the meaning of Section&nbsp;414(q) of the Code with compensation above a certain level or is an officer or subject to disclosure requirements under Section&nbsp;16(a) of the Exchange Act, is or is not
eligible to participate in such offering period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">However, an employee may not be granted rights to purchase shares of our common stock under our
ESPP if such employee: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">immediately after the grant would own capital stock and/or hold outstanding options to purchase such shares possessing 5%
or more of the total combined voting power or value of all classes of capital stock of ours or of any parent or subsidiary of ours; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">holds rights to purchase shares of our common stock under all employee share purchase plans of ours or any parent or
subsidiary of ours that accrue at a rate that exceeds $25,000 worth of our shares of common stock for each calendar year in which such rights are outstanding at any time. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Offering Periods </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our ESPP includes a
component that allows us to make offerings intended to qualify under Section&nbsp;423 of the Code and a component that allows us to make offerings not intended to qualify under Section&nbsp;423 of the Code to designated companies, as described in
our ESPP. Our ESPP will provide for consecutive <FONT STYLE="white-space:nowrap">six-month</FONT> offering periods. The offering periods will be scheduled to start on the first trading day on or after February&nbsp;15 and August&nbsp;15 of each
year, except the first offering period commenced on the first trading day on or after the date of our IPO and will end on the last trading day on or before August&nbsp;15, 2021, and the second offering period will commence on the first trading day
on or after August&nbsp;15, 2021. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Contributions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our ESPP permits participants to purchase our shares of common stock through contributions (in the form of payroll deductions or otherwise to the extent
permitted by the administrator) of up to 15% of their eligible compensation, which includes a participant&#146;s gross payments of base salary but excludes payments for incentive compensation, bonuses, payments for overtime and shift premium, equity
compensation income and other similar compensation. Unless otherwise determined by the administrator, a participant may make a <FONT STYLE="white-space:nowrap">one-time</FONT> decrease (but not increase) to the rate of his or her contributions
during an offering period, provided that during the first offering period under the ESPP a participant may decrease the rate of his or her contributions two times. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">174 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Exercise of Purchase Right </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Amounts contributed and accumulated by the participant will be used to purchase our shares of common stock at the end of each offering. A participant may
purchase a maximum of 2,000 shares of our common stock during an offering period. The purchase price of the shares will be 85% of the lower of the fair market value of our shares of common stock on the first trading day of the offering period or on
the exercise date. Participants may end their participation at any time during an offering period and will be paid their accrued contributions that have not yet been used to purchase shares of our common stock. Participation ends automatically upon
termination of employment with us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Non-Transferability</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">A participant may not transfer contributions credited to his or her account nor any rights granted under our ESPP other than by will, the laws of descent
and distribution or as otherwise provided under our ESPP. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Merger or Change in Control </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our ESPP provides that in the event of a merger or change in control, as defined under our ESPP, a successor corporation (or a parent or subsidiary of
the successor corporation) will assume or substitute each outstanding purchase right. If the successor corporation refuses to assume or substitute for the outstanding purchase right, the offering period with respect to which the purchase right
relates will be shortened, and a new exercise date will be set that will be before the date of the proposed merger or change in control. The administrator will notify each participant that the exercise date has been changed and that the
participant&#146;s option will be exercised automatically on the new exercise date unless prior to such date the participant has withdrawn from the offering period. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Amendment; Termination </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
administrator has the authority to amend, suspend or terminate our ESPP. Our ESPP automatically will terminate in 2040, unless we terminate it sooner. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>2020
Bonus Plan </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our board of directors initially adopted an annual bonus plan for calendar year 2020 with target bonuses to be earned based on
achievement of both first half and whole year goals. Due to challenges presented to the business by <FONT STYLE="white-space:nowrap">COVID-19,</FONT> the first half goals were not achieved and in August 2020 the Compensation Committee modified the
2020 Bonus Plan to provide for the potential to earn the full amount of the annual bonus awards based on achievement of revised goals in the second half of 2020; this revised approach is described below. Our NEOs were all participants in the 2020
Bonus Plan. The 2020 Bonus Plan provided for <FONT STYLE="white-space:nowrap">non-equity</FONT> incentive compensation based upon the combined achievement of individual and corporate performance goals over the second half of calendar year 2020. The
corporate performance goal under the 2020 Bonus Plan was based on revenue attainment versus a target. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under the 2020 Bonus Plan, bonus payments
were determined by multiplying each participant&#146;s target bonus by (i)&nbsp;a factor determined by individual performance, capped at 170%, and (ii)&nbsp;a factor determined by the achievement of the corporate performance goals as discussed
below, capped at 100%. We refer to the attainment of such factors as individual and corporate multipliers, respectively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">175 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The individual multiplier was based on achievement of individual goals over calendar year 2020. The
individual multiplier scaled from 0% to 170% depending on our assessment of individual performance; each of our named executive officers was determined to have performed at a level that resulted in 170% achievement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The corporate multiplier was based on the achievement of revenue attainment goals for the second half of calendar year 2020 and a revised calendar 2020
target. Achievement started at 0%&nbsp;for attainment below approximately 58% of the revised calendar 2020 target, scaling linearly to 50% achievement at approximately 75% of the revised calendar 2020 target, and then scaling linearly to 100%
achievement at or above the revised calendar 2020 target. In January 2021, our compensation committee reviewed achievement of the corporate performance goal for calendar year 2020 and, because of achievement in excess of the revised calendar 2020
target, approved a corporate multiplier of 100%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The 2020 Bonus Plan required a participant&#146;s continued employment through the bonus payment
date in order to receive a bonus payment for the applicable performance period. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>401(k) Plan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We maintain a 401(k) plan for employees. The 401(k) is intended to qualify under Section&nbsp;401(k) of the Code, so that contributions to the 401(k)
plan by employees or by us, and the investment earnings thereon, are not taxable to the employees until withdrawn, and so that contributions made by us, if any, will be deductible by us when made. Employees may elect to reduce their current
compensation by up to the statutorily prescribed annual limits and to have the amount of such reduction contributed to their 401(k) plans. The 401(k) plan permits us to make contributions up to the limits allowed by law on behalf of all eligible
employees. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Employee Incentive Compensation Plan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In October 2020, our board of directors approved our Employee Incentive Compensation Plan, or Master Bonus Plan which became effective on the date it was
approved. Messrs. Girouard, Datta and Gu are participants in the Master Bonus Plan, bonus payments under the 2020 Bonus Plan were paid pursuant to the Master Bonus Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our board of directors or a committee appointed by our board of directors administers the Master Bonus Plan, provided that unless and until our board of
directors determines otherwise, our compensation committee will administer the Master Bonus Plan. The Master Bonus Plan allows the administrator to provide awards to employees selected for participation, who may include our named executive officers,
which awards may be based upon performance goals established by the administrator. The administrator, in its sole discretion, may establish a target award for each participant under the Master Bonus Plan, which may be expressed as a percentage of
the participant&#146;s average annual base salary for the applicable performance period, a fixed dollar amount, or such other amount or based on such other formula as the administrator determines to be appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under the Master Bonus Plan, the administrator determines the performance goals, if any, applicable to any target award (or portion thereof) for a
performance period, which may include, without limitation, goals related to: attainment of research and development milestones; sales bookings; business divestitures and acquisitions; capital raising; cash flow; cash position; contract awards or
backlog; corporate transactions; customer renewals; customer retention rates from an acquired company, subsidiary, business unit or division; earnings (which may include any calculation of earnings, including but not limited to earnings before
interest and taxes, earnings before taxes, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">176 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
earnings before interest, taxes, depreciation and amortization and net taxes); earnings per share; expenses; financial milestones; gross margin; growth in stockholder value relative to the moving
average of the S&amp;P 500 Index or another index; internal rate of return; leadership development or succession planning; license or research collaboration arrangements; market share; net income; net profit; net sales; new product or business
development; new product invention or innovation; number of customers; operating cash flow; operating expenses; operating income; operating margin; overhead or other expense reduction; patents; procurement; product defect measures; product release
timelines; productivity; profit; regulatory milestones or regulatory-related goals; retained earnings; return on assets; return on capital; return on equity; return on investment; return on sales; revenue; revenue growth; sales results; sales
growth; savings; stock price; time to market; total stockholder return; working capital; unadjusted or adjusted actual contract value; unadjusted or adjusted total contract value; loans and loan originations; and individual objectives such as peer
reviews or other subjective or objective criteria. As determined by the administrator, the performance goals may be based on GAAP or non GAAP results and any actual results may be adjusted by the administrator for
<FONT STYLE="white-space:nowrap">one-time</FONT> items or unbudgeted or unexpected items and/or payments of awards under the Master Bonus Plan when determining whether the performance goals have been met. The performance goals may be based on any
factors the administrator determines relevant, including without limitation on an individual, divisional, portfolio, project, business unit, segment or company-wide basis. Any criteria used may be measured on such basis as the administrator
determines, including without limitation: (a)&nbsp;in absolute terms, (b)&nbsp;in combination with another performance goal or goals (for example, but not by way of limitation, as a ratio or matrix), (c) in relative terms (including, but not limited
to, results for other periods, passage of time and/or against another company or companies or an index or indices), (d) on a <FONT STYLE="white-space:nowrap">per-share</FONT> basis, (e)&nbsp;against our performance as a whole or a segment and/or
(f)&nbsp;on a <FONT STYLE="white-space:nowrap">pre-tax</FONT> or <FONT STYLE="white-space:nowrap">after-tax</FONT> basis. The performance goals may differ from participant to participant and from award to award. Failure to meet the applicable
performance goals will result in a failure to earn the target award, subject to the administrator&#146;s discretion to modify an award. The administrator also may determine that a target award (or portion thereof) will not have a performance goal
associated with it but instead will be granted (if at all) as determined by the administrator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The administrator may, in its sole discretion and at
any time, increase, reduce or eliminate a participant&#146;s actual award, and/or increase, reduce or eliminate the amount allocated to the bonus pool for a particular performance period. The actual award may be below, at or above a
participant&#146;s target award, in the administrator&#146;s discretion. The administrator may determine the amount of any increase, reduction, or elimination on the basis of such factors as it deems relevant, and it is not required to establish any
allocation or weighting with respect to the factors it considers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Actual awards under the Master Bonus Plan generally will be paid in cash (or its
equivalent) in a single lump sum only after they are earned and approved by the administrator, provided that the administrator reserves the right, in its sole discretion, to settle an actual award with a grant of an equity award with such terms and
conditions, including vesting requirements, as determined by the administrator in its sole discretion. Unless otherwise determined by administrator, to earn an actual award, a participant must be employed by us (or an affiliate of us, as applicable)
through the date the bonus is paid. Payment of bonuses occurs as soon as administratively practicable after the end of the applicable performance period, but in no case after the later of (i)&nbsp;the 15th day of the third month of the fiscal year
immediately following the fiscal year in which the bonuses vest and (ii)&nbsp;March&nbsp;15 of the calendar year immediately following the calendar year in which the bonuses vest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Awards under our Master Bonus Plan will be subject to reduction, cancellation, forfeiture, or recoupment in accordance with any clawback policy that we
adopt pursuant to the listing standards of any national securities exchange or association on which our securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable laws. In
addition, the administrator may impose such other clawback, recovery or recoupment provisions with </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">177 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
respect to an award under the Master Bonus Plan as the administrator determines necessary or appropriate, including without limitation a reacquisition right in respect of previously acquired
cash, stock, or other property provided with respect to an award. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The administrator will have the authority to amend or terminate the Master Bonus
Plan. However, such action may not materially alter or materially impair the existing rights of any participant with respect to any earned bonus without the participant&#146;s consent. The Master Bonus Plan will remain in effect until terminated in
accordance with the terms of the Master Bonus Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">178 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_14"></A>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition to the compensation arrangements, including employment, termination of employment and change in control arrangements, discussed in the
sections titled &#147;Management&#148; and &#147;Executive Compensation,&#148; the following is a description of each transaction since January&nbsp;1, 2018 and each currently proposed transaction in which: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">we have been or are to be a participant; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the amount involved exceeded or exceeds $120,000; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any of our directors, executive officers or holders of more than 5% of our outstanding capital stock, or any immediate
family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Equity Financings </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Series D Convertible Preferred Stock
Financing </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">From December 2018 to April 2019, we sold an aggregate of 6,010,911&nbsp;shares of our Series D convertible preferred stock at a
purchase price of $9.000295 per share, for an aggregate purchase price of $54.1&nbsp;million. The following table summarizes purchases of our Series D convertible preferred stock by related persons: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; "><B>Stockholder</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares of<BR>Series D<BR>Convertible<BR>Preferred<BR>Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total Purchase<BR>Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Entities affiliated with Andrew Quigg<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,011,011</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">27,099,987.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Shares purchased by Progressive Investment Company, Inc. Andrew Quigg, a former member of our board of directors, is the
Chief Strategy Officer of Progressive Insurance, an affiliate of Progressive Investment Company, Inc. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Investors&#146; Rights
Agreement </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are party to the IRA, which provides, among other things, that certain holders of our capital stock, including entities affiliated
with Third Point Ventures LLC, or Third Point, Stone Ridge Trust V, Khosla Ventures, Rakuten, First Round Capital and Progressive have the right to demand that we file a registration statement or request that their shares of our capital stock be
covered by a registration statement that we are otherwise filing. Entities affiliated with Dave Girouard, our <FONT STYLE="white-space:nowrap">co-founder,</FONT> chief executive officer and a member of our board of directors, are party to the IRA.
Robert Schwartz, a member of our board of directors, is affiliated with Third Point. Oskar Mielczarek de la Miel, a member of our board of directors, is affiliated with Rakuten. Andrew Quigg, a former member of our board of directors, is affiliated
with Progressive. See the section titled &#147;Description of Capital Stock&#151;Registration Rights&#148; for additional information regarding these registration rights. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Right of First Refusal </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Pursuant to certain
of our equity compensation plans and certain agreements with our stockholders, including an amended and restated right of first refusal and <FONT STYLE="white-space:nowrap">co-sale</FONT> agreement, dated as of December&nbsp;31, 2018, we or our
assignees have a right to purchase shares of our capital stock which stockholders propose to sell to other parties. This right terminated upon completion of our IPO. Dave Girouard, our <FONT STYLE="white-space:nowrap">co-founder,</FONT> chief
executive officer and a member of our board of directors, and entities affiliated with Third Point, Stone Ridge Trust V, Khosla Ventures, Rakuten, First Round Capital and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">179 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
Progressive are party to the right of first refusal and <FONT STYLE="white-space:nowrap">co-sale</FONT> agreement. Robert Schwartz, a member of our board of directors, is affiliated with Third
Point. Oskar Mielczarek de la Miel, a member of our board of directors, is affiliated with Rakuten. Andrew Quigg, a former member of our board of directors, is affiliated with Progressive. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Transactions with Stone Ridge and Affiliated Entities </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Convertible Promissory Notes </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In September and October
2017, we issued two subordinated convertible promissory notes to Stone Ridge Trust V. Each of the notes had an aggregate principal amount of $5.0&nbsp;million, an interest rate of 8% per annum and a maturity date of June&nbsp;30, 2018. On
June&nbsp;30, 2018, the outstanding principal and accrued and unpaid interest of $10.6&nbsp;million on the notes were converted into 2,932,657 shares of Series <FONT STYLE="white-space:nowrap">C-1</FONT> convertible preferred stock at a per share
price of $3.612, equal to the issue price in the Series <FONT STYLE="white-space:nowrap">C-1</FONT> financing round. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In September and October 2017, we issued two preferred stock purchase warrants to Stone Ridge Trust V in connection with the convertible promissory notes
described above. These warrants entitled Stone Ridge Trust V to purchase up to 415,234 shares of Series <FONT STYLE="white-space:nowrap">C-1</FONT> convertible preferred stock for a total of $1.5&nbsp;million. On June&nbsp;30, 2018, each of the
warrants were cancelled when the convertible promissory notes converted into shares of Series <FONT STYLE="white-space:nowrap">C-1</FONT> convertible preferred stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Whole Loan Purchases </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Stone Ridge Trust V and certain
affiliated entities purchased whole loans through our platform in the aggregate amount of $411.9&nbsp;million, $173.2&nbsp;million and $370.2&nbsp;million in 2018, 2019 and 2020, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Securitization Transactions </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As the sponsor of
securitization transactions, we create several legal entities for the roles of depositors, issuers, and grantor trusts and majority-owned affiliates, or MOAs, for each securitization transaction. Concurrently with the closing of the <FONT
STYLE="white-space:nowrap">2018-1</FONT> securitization transaction, we sold 80% of our ownership interests in the related MOAs to Stone Ridge Trust V in exchange for approximately $8.0&nbsp;million. For more information about this transaction, see
Note 3 to our consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, Stone Ridge Trust V and certain affiliated entities also contributed approximately
$100.1&nbsp;million, $137.3&nbsp;million and $95.2&nbsp;million in loans as collateral in private offering securitization transactions that we sponsored and serviced in 2018, 2019 and 2020, respectively. In connection with these contributions, Stone
Ridge Trust V and certain affiliated entities received approximately cash payments of $100.1&nbsp;million, $138.5&nbsp;million and $95.6&nbsp;million in 2018, 2019, and 2020, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2018, 2019, and 2020, the balance of payable to securitization note holders and residual certificate holders due to Stone Ridge
Trust V and certain affiliated entities was $22.4&nbsp;million, $0 and $0, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Servicing Fees </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are the servicer of certain loans purchased and held by Stone Ridge Trust V and certain affiliated entities. In 2018, 2019 and 2020, we received
servicing fees in the amount of $2.1&nbsp;million, $2.3&nbsp;million and $1.5&nbsp;million, respectively, from Stone Ridge Trust V and certain affiliated entities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">180 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Transactions with Third Point and Affiliated Entities </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Convertible Promissory Note </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In September 2017, we
issued a subordinated convertible promissory note to Third Point Ventures LLC. The note had an aggregate principal amount of $10.0&nbsp;million, an interest rate of 8% per annum and a maturity date of June&nbsp;30, 2018. On June&nbsp;30, 2018, the
outstanding principal and accrued and unpaid interest of $10.6&nbsp;million on the note was converted into 2,938,725 shares of Series <FONT STYLE="white-space:nowrap">C-1</FONT> convertible preferred stock at a per share price of $3.612, equal to
the issue price in the Series <FONT STYLE="white-space:nowrap">C-1</FONT> financing round. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In September 2017, we issued a preferred stock purchase warrant to Third Point Ventures LLC in connection with the convertible promissory notes described
above. The warrant entitled Third Point Ventures LLC to purchase up to 415,234 shares of Series <FONT STYLE="white-space:nowrap">C-1</FONT> preferred stock for a total of $1.5&nbsp;million. On June&nbsp;30, 2018, the warrant was cancelled when the
convertible promissory note converted into shares of Series <FONT STYLE="white-space:nowrap">C-1</FONT> convertible preferred stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Pass-Through
Certificates </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain entities affiliated with Third Point purchased approximately $219.4&nbsp;million, and $454.0&nbsp;million and
$96.1&nbsp;million in pass-through certificates backed by Upstart-powered loans in 2018, and 2019 and 2020, respectively, from a series trust affiliated with Jefferies LLC. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Securitization Transactions </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In 2018, certain entities
affiliated with Third Point purchased approximately $66.1&nbsp;million of asset-backed securities in a private offering securitization transaction that we sponsored and serviced. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In 2019 and 2020, certain entities affiliated with Third Point contributed approximately $340.6&nbsp;million and $150.3&nbsp;million, respectively, in
loans as collateral in private offering securitization transactions that we sponsored and serviced through a series trust affiliated with Jefferies LLC and related entities. In connection with these contributions, certain entities affiliated with
Third Point received approximately $53.5&nbsp;million and $0 in asset-backed securities and cash payments of $306.9&nbsp;million and $151.8&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2018, 2019 and 2020, the balance of payable to securitization note holders and residual certificate holders due to certain
entities affiliated with Third Point was $61.4&nbsp;million, and $41.3&nbsp;million and $0, respectively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">181 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Other Transactions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In 2018, 2019 and 2020, certain of our executive officers and directors participated in&nbsp;Upstart&#146;s platform by purchasing fractional interests
in Upstart-powered loans from a sponsored trust entity. For more information about our fractional loan program, see Note 3 to our consolidated financial statements. The aggregate amount of the notes purchased and distributions received by such
participating executive officers and directors are set forth below (<I>in thousands</I>): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; "><B>For the year ended December&nbsp;31,</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Executive<BR>Officers</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Directors</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Aggregate amount of loan-related securities purchased</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Distributions received</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Aggregate amount of loan-related securities purchased</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Distributions received</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Aggregate amount of loan-related securities purchased</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Distributions received</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have granted stock options to our executive officers and certain of our directors. See the sections titled
&#147;Executive Compensation&#151;Outstanding Equity Awards at <FONT STYLE="white-space:nowrap">Year-End&#148;</FONT> and <FONT STYLE="white-space:nowrap">&#147;Management&#151;Non-Employee</FONT> Director Compensation&#148; for a description of
these stock options. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have entered into employment agreement and offer letters with certain of our executive officers that provide for, among
other things, certain severance and change in control benefits. See the section titled &#147;Executive Compensation&#151;Executive Employment Agreements&#148; for additional information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Other than as described above under this section titled &#147;Certain Relationships and Related Party Transactions,&#148; since January&nbsp;1, 2018, we
have not entered into any transactions, nor are there any currently proposed transactions, between us and a related party where the amount involved exceeds, or would exceed, $120,000, and in which any related person had or will have a direct or
indirect material interest. We believe the terms of the transactions described above were comparable to terms we could have obtained in <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> dealings with unrelated third parties. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Limitation of Liability and Indemnification of Officers and Directors </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated certificate of incorporation contains provisions that limit the liability of our directors for monetary damages to the fullest
extent permitted by the Delaware General Corporation Law. Consequently, our directors will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors, except for liability for any: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">breach of their duty of loyalty to our company or our stockholders; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section&nbsp;174 of the Delaware
General Corporation Law; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">transaction from which they derived an improper personal benefit. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission or claim
that occurred or arose prior to that amendment or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">182 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
repeal. If the Delaware General Corporation Law is amended to provide for further limitations on the personal liability of directors of corporations, then the personal liability of our directors
will be further limited to the greatest extent permitted by the Delaware General Corporation Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, our bylaws provide that we will
indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit or proceeding by reason of the fact that he or she is or was one of our directors or officers or is or was
serving at our request as a director or officer of another corporation, partnership, joint venture, trust or other enterprise. Our amended and restated bylaws are expected to provide that we may indemnify to the fullest extent permitted by law any
person who is or was a party or is threatened to be made a party to any action, suit or proceeding by reason of the fact that he or she is or was one of our employees or agents or is or was serving at our request as an employee or agent of another
corporation, partnership, joint venture, trust or other enterprise. Our amended and restated bylaws will also provide that we must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action
or proceeding, subject to limited exceptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Further, we have entered into or will enter into indemnification agreements with each of our
directors and executive officers that may be broader than the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements require us, among other things, to indemnify our directors and
executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require us to advance all expenses incurred by the directors and executive officers in investigating or defending any
such action, suit or proceeding. We believe that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The limitation of liability and indemnification provisions that are expected to be included in our amended and restated certificate of incorporation,
amended and restated bylaws and in indemnification agreements that we have entered into or will enter into with our directors and executive officers may discourage stockholders from bringing a lawsuit against our directors and executive officers for
breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our directors and executive officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder&#146;s
investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and executive officers as required by these indemnification provisions. At present, we are not aware of any pending litigation
or proceeding involving any person who is or was one of our directors, officers, employees or other agents or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation that may result in claims for indemnification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have obtained insurance policies under which, subject to the limitations of the policies, coverage is provided to our directors and executive
officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to us with respect to payments that may be
made by us to these directors and executive officers pursuant to our indemnification obligations or otherwise as a matter of law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain of our <FONT
STYLE="white-space:nowrap">non-employee</FONT> directors may, through their relationships with their employers, be insured or indemnified against certain liabilities incurred in their capacity as members of our board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The underwriting agreement related to this offering will provide for indemnification by the underwriters of us and our officers and directors for
certain liabilities arising under the Securities Act or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">183 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers or persons controlling our company pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore
unenforceable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Policies and Procedures for Related Party Transactions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our audit committee has the primary responsibility for reviewing and approving or disapproving &#147;related party transactions,&#148; which are
transactions between us and related persons in which the aggregate amount involved exceeds or may be expected to exceed $120,000 and in which a related person has or will have a direct or indirect material interest. Our written policy regarding
transactions between us and related persons provides that a related person is defined as a director, executive officer, nominee for director, or greater than 5% beneficial owner of our common stock, in each case since the beginning of the most
recently completed year, and any of their immediate family members. Our audit committee charter provides that our audit committee shall review and approve or disapprove any related party transactions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">184 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_15"></A>PRINCIPAL STOCKHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table sets forth certain information with respect to the beneficial ownership of our capital stock as of March&nbsp;15, 2021, and as
adjusted to reflect the sale of our common stock in this offering assuming no exercise of the underwriters&#146; option to purchase additional shares of our common stock, for: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">each of our named executive officers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">each of our directors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">all of our current directors and executive officers as a group; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">each of the selling stockholders; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">each person or group of affiliated persons, known by us to be the beneficial owner of more than 5% of the outstanding
shares of our common stock. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have determined beneficial ownership in accordance with the rules of the SEC, and thus it
represents sole or shared voting or investment power with respect to our securities. Unless otherwise indicated below, to our knowledge, the persons and entities named in the table have sole voting and sole investment power with respect to all
shares that they beneficially owned, subject to community property laws where applicable. The information does not necessarily indicate beneficial ownership for any other purpose, including for purposes of Sections 13(d) and 13(g) of the Securities
Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have based our calculation of the percentage of beneficial ownership prior to this offering on 73,887,420 shares of our common stock
outstanding as of March&nbsp;15, 2021. We have based our calculation of the percentage of beneficial ownership after this offering on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of our common stock issued
by us in our public offering and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of common stock outstanding immediately after the completion of this offering, assuming that the underwriters will not exercise
their option to purchase up to an additional <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of our common stock from us. We have deemed shares of our common stock subject to stock options that are currently
exercisable or exercisable within 60 days of March&nbsp;15, 2021 to be outstanding and to be beneficially owned by the person holding the stock option for the purpose of computing the percentage ownership of that person. We did not deem these shares
outstanding, however, for the purpose of computing the percentage ownership of any other person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Unless otherwise indicated, the address of each
beneficial owner listed in the table below is c/o&nbsp;Upstart Holdings, Inc., 2950&nbsp;S.&nbsp;Delaware Street, Suite 300, San Mateo, California 94403. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">185 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="73%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percentage&nbsp;of&nbsp;Shares<BR>Beneficially&nbsp;Owned</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:7pt; font-family:ARIAL; "><B>Name of Beneficial Owner</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total&nbsp;Number<BR>of&nbsp;Shares<BR>Beneficially<BR>Owned<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Before<BR>the<BR>Offering</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>After&nbsp;the<BR>Offering</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Named Executive Officers and Directors:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Dave Girouard<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,201,727</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Sanjay Datta<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">880,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Paul Gu<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,003,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Kerry W. Cooper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Mary Hentges<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Oskar Mielczarek de la Miel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Ciaran O&#146;Kelly<SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">192,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Robert Schwartz</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Sukhinder Singh Cassidy<SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74,838</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Hilliard C. Terry, III<SUP STYLE="font-size:85%; vertical-align:top">(8)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128,295</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">All executive officers and directors as a group (12
persons)<SUP STYLE="font-size:85%; vertical-align:top">(9)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,638,268</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>5% Stockholders:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Entities affiliated with Third Point
Ventures<SUP STYLE="font-size:85%; vertical-align:top">(10)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,381,222</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Entities affiliated with Stone Ridge Trust
V<SUP STYLE="font-size:85%; vertical-align:top">(11)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,685,913</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Entities affiliated with Khosla Ventures<SUP STYLE="font-size:85%; vertical-align:top">(12)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,248,588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Represents beneficial ownership of less than 1% of the outstanding shares of our common stock. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Represents shares beneficially owned by such individual or entity, and includes shares held in the beneficial owner&#146;s
name or jointly with others, or in the name of a bank, nominee or trustee for the beneficial owner&#146;s account. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of (i) 9,592,840 shares of common stock were held of record by the 2008 G&amp;T Girouard Revocable Trust, for
which Mr.&nbsp;Girouard serves as <FONT STYLE="white-space:nowrap">co-trustee,</FONT> (ii) 200,000 shares of common stock were held of record by Mr.&nbsp;Girouard as trustee of the GIROUARD 2020 GRAT, dated October&nbsp;19, 2020, (iii) 1,000,000
shares of common stock were held of record by Mr.&nbsp;Girouard&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">sister-in-law,</FONT></FONT> Tristen Baird Willard, as trustee of the JRG 2020 Exempt Gift Trust, (iv) 1,000,000
shares were held of record by Mr.&nbsp;Girouard&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">sister-in-law,</FONT></FONT> Tristen Baird Willard, as trustee of the TMG 2020 Exempt Gift Trust and (v)&nbsp;options to
purchase an aggregate of 1,408,887 shares of Common Stock held by Mr.&nbsp;Girouard were exercisable within 60 days of March&nbsp;15, 2021. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of 880,206 shares subject to options exercisable within 60 days of March&nbsp;15, 2021 held by Mr. Datta.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of (i) 210,000 shares held of record by Mr. Gu and (ii) 1,793,542 shares subject to options exercisable within
60&nbsp;days of March&nbsp;15, 2021 held by Mr. Gu. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of 85,530 shares subject to options exercisable within 60 days of March&nbsp;15, 2021 held by Ms. Hentges.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of 192,443 shares subject to options exercisable within 60 days of March&nbsp;15, 2021 held by Mr. O&#146;Kelly.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of 74,838 shares subject to options exercisable within 60 days of March&nbsp;15, 2021 held by Ms.&nbsp;Singh
Cassidy. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of 128,295 shares subject to options exercisable within 60 days of March&nbsp;15, 2021 held by Mr. Terry.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of (i) 12,002,840 shares beneficially owned by our executive officers and directors and (ii) 6,635,428 shares
subject to options exercisable within 60 days of March&nbsp;15, 2021. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on a Schedule 13G filed with the SEC on February&nbsp;12, 2021 on behalf of Third Point LLC. Consists of 13,381,222
shares held of record by Third Point Ventures LLC, as nominee for funds managed and/or advised by Third Point LLC. Third Point LLC and Daniel S. Loeb, managing member of Third Point LLC, may be deemed to have voting and investment power over such
shares. The address for each of these entities is 55 Hudson Yards, New York, New York 10001. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of 3,685,913 shares held of record by Stone Ridge Trust V, on behalf of its series Stone Ridge Alternative
Lending Risk Premium Fund, or LENDX. Stone Ridge Asset Management LLC, or Stone Ridge, acts as the investment adviser to LENDX, and Stone Ridge is controlled by Ross Stevens. Each of Stone Ridge and Ross Stevens may be deemed to have voting and
dispositive power of such shares held by LENDX. The address for each of these entities is 510 Madison Avenue, 21st Floor, New York, New York 10022. LENDX previously entered into an agreement with us pursuant to which it will be entitled to no more
than 4.99% of the aggregate voting power of all shares of common stock with respect to any matter presented to our stockholders. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(12)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Consists of 50,508 shares held of record by Khosla Ventures Seed B (CF), LP, or Seed B CF, 889,783 shares held of record
by Khosla Ventures Seed B, LP, or Seed B, and 4,308,297 shares held of record by Khosla Ventures V, LP, or KV&nbsp;V, The general partner of Seed B CF and Seed B is Khosla Ventures Seed Associates B, LLC, or B Associates. VK Services, LLC, or VK
Services, is the sole manager of B Associates. Vinod Khosla is the managing member of VK Services. Each of Mr.&nbsp;Khosla, VK Services and B Associates may be deemed to share voting and dispositive power of such securities held by Seed B CF and
Seed B. Mr.&nbsp;Khosla, VK Services and B Associates disclaim beneficial ownership of such securities held by Seed B CF and Seed B, except to the extent of their respective pecuniary interests therein. The general partner of KV V is Khosla Ventures
Associates V, LLC, or KVA V. VK Services, LLC, or VK Services, is the sole manager of KVA V. Vinod Khosla is the managing member of VK Services. Each of Mr.&nbsp;Khosla, VK Services and KVA V may be deemed to share voting and dispositive power of
such securities held by KV V. Mr.&nbsp;Khosla, VK Services and KVA&nbsp;V disclaim beneficial ownership of such securities held by KV V, except to the extent of their respective pecuniary interests therein. The address for each of these entities is
2128 Sand Hill Road, Menlo Park, California 94025. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">186 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_16"></A>DESCRIPTION OF CAPITAL STOCK </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>General </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following description summarizes
certain important terms of our capital stock as currently in effect. Because it is only a summary, it does not contain all the information that may be important to you. For a complete description of the matters set forth in this section titled
&#147;Description of Capital Stock,&#148; you should refer to our amended and restated certificate of incorporation, amended and restated bylaws, and amended and restated investors&#146; rights agreement, which are included as exhibits to the
registration statement of which this prospectus forms a part, and to the applicable provisions of Delaware law. Our authorized capital stock consists of 770,000,000 shares of capital stock, $0.0001&nbsp;par value per share, of which: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">700,000,000 shares are designated as common stock; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">70,000,000 shares are designated as preferred stock. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020, there were 73,314,026 shares of our common stock outstanding. Pursuant to our amended and restated certificate of
incorporation, our board of directors has the authority, without stockholder approval except as required by the listing standards of the Nasdaq Global Select Market, to issue additional shares of our capital stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Common Stock </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Dividend Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of our common stock are entitled to receive
dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that our board of directors may determine. See the section titled &#147;Dividend
Policy&#148; for additional information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Voting Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Holders of our common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders. We have not provided for
cumulative voting for the election of directors in our amended and restated certificate of incorporation. Our amended and restated certificate of incorporation establishes a classified board of directors that is divided into three classes with
staggered three-year terms. Only the directors in one class will be subject to election by a plurality of the votes cast at each annual meeting of stockholders, with the directors in the other classes continuing for the remainder of their respective
three-year terms. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>No Preemptive or Similar Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our
common stock is not entitled to preemptive rights, and is not subject to conversion, redemption or sinking fund provisions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Right to Receive Liquidation
Distributions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If we become subject to a liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up,</FONT> the assets legally
available for distribution to our stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities
and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">187 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Fully Paid and <FONT STYLE="white-space:nowrap">Non-Assessable</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In connection with this offering, our legal counsel will opine that the shares of our common stock to be issued in this offering will be fully paid and <FONT
STYLE="white-space:nowrap">non-assessable.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Preferred Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We do not have any shares of our preferred stock outstanding. Pursuant to our amended and restated certificate of incorporation, our board of directors
has the authority, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series and to fix the designation, powers, preferences,
and rights of the shares of each series and any of its qualifications, limitations, or restrictions, in each case without further vote or action by our stockholders. Our board of directors can also increase or decrease the number of shares of any
series of preferred stock, but not below the number of shares of that series then outstanding, without any further vote or action by our stockholders. Our board of directors may authorize the issuance of preferred stock with voting or conversion
rights that could adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among
other things, have the effect of delaying, deferring or preventing a change in control of our company and might adversely affect the market price of our common stock and the voting and other rights of the holders of our common stock. We have no
current plan to issue any shares of preferred stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Options </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020, we had outstanding options to purchase an aggregate of 19,600,223 shares of our common stock, with a weighted-average
exercise price of approximately $4.27 per share, under our equity compensation plans. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Warrants </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020, we had outstanding warrants to purchase 75,000 shares of our common stock with a weighted-average exercise price of $2.16
per share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Registration Rights </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain
holders of our common stock are entitled to rights with respect to the registration of their shares under the Securities Act pursuant to the IRA. We and certain holders of our common stock are parties to the IRA. The registration rights set forth in
the IRA will expire four years following the completion of our IPO, or, with respect to any particular stockholder, when such stockholder is able to sell all of its shares pursuant to Rule 144 of the Securities Act during any <FONT
STYLE="white-space:nowrap">90-day</FONT> period. We will pay the registration expenses (other than underwriting discounts and commissions) of the holders of the shares registered pursuant to the demand registrations and piggyback registrations
described below. Holders of our preferred stock participating in any <FONT STYLE="white-space:nowrap">S-3</FONT> registrations below will pay their own registration expenses. In an underwritten offering, the managing underwriter, if any, has the
right, subject to specified conditions, to limit the number of shares such holders may include. We expect that our stockholders will waive their rights under the IRA (i)&nbsp;to receive notice of this offering and (ii)&nbsp;to include their
registrable shares in this offering. In addition, in connection with our IPO, each stockholder that has registration rights agreed not to sell or otherwise dispose of any securities without the prior written consent of us and the underwriters for a
period of 180 days after December&nbsp;15, 2020, subject to certain terms and conditions. See the section titled &#147;Shares Eligible for Future <FONT STYLE="white-space:nowrap">Sale&#151;Lock-Up</FONT> and Market Standoff Agreements&#148; for
additional information regarding such restrictions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">188 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Demand Registration Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The holders of up to 47,949,785 shares of our common stock are entitled to certain demand registration rights under the IRA. At any time beginning six
months after the date of our IPO, the holders of at least a majority of these shares then outstanding can request that we register the offer and sale of their shares. Such request for registration must cover securities, the anticipated aggregate
public offering price of which, after payment of underwriting discounts and commissions, is at least $5,000,000. We are obligated to effect only two such registrations. If we determine that it would be seriously detrimental to us and our
stockholders to effect such a demand registration, we have the right to defer such registration, not more than once in any <FONT STYLE="white-space:nowrap">12-month</FONT> period, for a period of up to 120 days. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Piggyback Registration Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If we propose to register the
offer and sale of our common stock under the Securities Act, in connection with the public offering of such common stock the holders of up to 59,949,785 shares of our common stock will be entitled to certain &#147;piggyback&#148; registration rights
allowing the holders to include their shares in such registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to (i)&nbsp;a
registration in which the only common stock being registered is common stock issuable upon conversion of debt securities that are also being registered; (ii)&nbsp;a registration related to any employee benefit plan or a corporate reorganization or
other transaction covered by Rule 145 promulgated under the Securities Act; or (iii)&nbsp;a registration on any registration form which does not include substantially the same information as would be required to be included in a registration
statement covering the public offering of our common stock, the holders of these shares are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><FONT STYLE="white-space:nowrap">S-3</FONT> Registration Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">After 180 days following the date of our IPO, the holders of up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our
common stock will be entitled to certain Form <FONT STYLE="white-space:nowrap">S-3</FONT> registration rights. The holders of at least a majority of these shares then outstanding may make a written request that we register the offer and sale of
their shares on a registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> if we are eligible to file a registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> so long as the request covers securities the
anticipated aggregate public offering price of which, after payment of underwriting discounts and commissions, is at least $1,000,000. These stockholders may make an unlimited number of requests for registration on Form <FONT
STYLE="white-space:nowrap">S-3;</FONT> however, we will not be required to effect a registration on Form <FONT STYLE="white-space:nowrap">S-3</FONT> if we have effected two such registrations within the
<FONT STYLE="white-space:nowrap">12-month</FONT> period preceding the date of the request or if we have already previously effected three such registrations. Additionally, if we determine that it would be seriously detrimental to us and our
stockholders to effect such a registration, we have the right to defer such registration, not more than once in any <FONT STYLE="white-space:nowrap">12-month</FONT> period, for a period of up to 120 days. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Anti-Takeover Provisions </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain provisions
of Delaware law, our amended and restated certificate of incorporation and our amended and restated bylaws, which are summarized below, may have the effect of delaying, deferring or discouraging another person from acquiring control of us. They are
also designed, in part, to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We
believe that the benefits of these provisions, including increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of
these proposals could result in an improvement of their terms. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">189 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Delaware Law </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We are governed by the provisions of Section&nbsp;203 of the Delaware General Corporation Law. In general, Section&nbsp;203 prohibits a public Delaware
corporation from engaging in a &#147;business combination&#148; with an &#147;interested stockholder&#148; for a period of three years after the date of the transaction in which the person became an interested stockholder, unless: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the business combination or transaction which resulted in the stockholder becoming an interested stockholder was approved
by the board of directors prior to the time that the stockholder became an interested stockholder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested
stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding shares owned by (i)&nbsp;directors who are also officers of the corporation and (ii)&nbsp;by employee stock plans in
which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">at or subsequent to the time the stockholder became an interested stockholder, the business combination was approved by the
board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the outstanding voting stock which is not
owned by the interested stockholder. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In general, Section&nbsp;203 defines a &#147;business combination&#148; to include mergers,
asset sales, and other transactions resulting in financial benefit to a stockholder and an &#147;interested stockholder&#148; as a person who, together with affiliates and associates, owns, or within three years did own, 15% or more of the
corporation&#146;s outstanding voting stock. These provisions may have the effect of delaying, deferring or preventing changes in control of our company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Amended and Restated Certificate of Incorporation and Amended and Restated Bylaw Provisions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated certificate of incorporation and our amended and restated bylaws include a number of provisions that could deter hostile
takeovers or delay or prevent changes in control of our board of directors or management team, including the following: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Board of Directors
Vacancies </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated certificate of incorporation and amended and restated bylaws authorize only our board of directors to
fill vacant directorships, including newly created seats. In addition, the number of directors constituting our board of directors is permitted to be set only by a resolution adopted by a majority vote of our entire board of directors. These
provisions would prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. This will make it more difficult to change the
composition of our board of directors and will promote continuity of management.<I> </I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Classified Board </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated certificate of incorporation and amended and restated bylaws provide that our board of directors is classified into three
classes of directors. A third party may be discouraged from making a tender offer or otherwise attempting to obtain control of us as it is more difficult and time consuming for stockholders to replace a majority of the directors on a classified
board of directors. See the section titled &#147;Management&#151;Classified Board of Directors.&#148;<I> </I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">190 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Stockholder Action; Special Meeting of Stockholders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated certificate of incorporation provide that our stockholders may not take action by written consent, but may only take action at
annual or special meetings of our stockholders. As a result, a holder controlling a majority of our capital stock would not be able to amend our amended and restated bylaws or remove directors without holding a meeting of our stockholders called in
accordance with our amended and restated bylaws. Our amended and restated bylaws further provide that special meetings of our stockholders may be called only by a majority of our board of directors, the chairperson of our board of directors, our
President or our Chief Executive Officer, thus prohibiting a stockholder from calling a special meeting. These provisions might delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling a majority of
our capital stock to take any action, including the removal of directors.<I> </I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Advance Notice Requirements for Stockholder Proposals and
Director Nominations </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated bylaws provide advance notice procedures for stockholders seeking to bring business before our
annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting of stockholders. Our amended and restated bylaws also specify certain requirements regarding the form and content of a stockholder&#146;s
notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed. We
expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer&#146;s own slate of directors or otherwise attempting to obtain control of our company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>No Cumulative Voting </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Delaware
General Corporation Law provides that stockholders are not entitled to cumulate votes in the election of directors unless a corporation&#146;s certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation
does not provide for cumulative voting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Directors Removed Only for Cause </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated certificate of incorporation provides that stockholders may remove directors only for cause.<I> </I> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Amendment of Charter Provisions </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Any
amendment of the above provisions in our amended and restated certificate of incorporation would require approval by holders of at least 66 2/3% of our then outstanding capital stock.<I> </I> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Issuance of Undesignated Preferred Stock </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our board of directors has the authority, without further action by our stockholders, to issue up to 70,000,000 shares of undesignated preferred stock
with rights and preferences, including voting rights, designated from time to time by our board of directors. The existence of authorized but unissued shares of preferred stock would enable our board of directors to render more difficult or to
discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or other means. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Exclusive Forum </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated bylaws provide that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by
law, the sole and&nbsp;exclusive forum&nbsp;for (i)&nbsp;any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">191 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
derivative action or proceeding brought on our behalf; (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, or other employees to us or our
stockholders; (iii)&nbsp;any action arising pursuant to any provision of the Delaware General Corporation Law or our certificate of incorporation or bylaws; or (iv)&nbsp;any other action asserting a claim that is governed by the internal affairs
doctrine shall be the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware), in all cases subject to the court having jurisdiction over
indispensable parties named as defendants. Our amended and restated bylaws further provide that the federal district courts of the United States will be the exclusive forum for resolving any complaints asserting a cause of action arising under the
Securities Act. Any person or entity purchasing or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to this provision. Although we believe these provisions benefit us by providing increased
consistency in the application of Delaware law for the specified types of actions and proceedings, the provisions may have the effect of discouraging lawsuits against us or our directors and officers. This exclusive forum provision will not apply to
any causes of action arising under the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Transfer Agent
and Registrar </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The transfer agent and registrar for our common stock is American Stock Transfer&nbsp;&amp; Trust Company. The transfer agent and
registrar&#146;s address is 6201 15th Avenue, Brooklyn, NY 11219. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Limitations of Liability and Indemnification </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">See the section titled &#147;Certain Relationships and Related Party Transactions&#151;Limitation of Liability and Indemnification of Officers and
Directors.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Listing </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our common
stock is listed on the Nasdaq Global Select Market under the symbol &#147;UPST&#148;. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">192 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_17"></A>SHARES ELIGIBLE FOR FUTURE SALE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Future sales of our common stock in the public market, or the availability of such shares for sale in the public market, could adversely affect market
prices prevailing from time to time. As described below, only a limited number of shares of our common stock will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless, sales of our
common stock in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing market price at such time and our ability to raise equity capital in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Following the completion of this offering, based on the number of shares of our capital stock outstanding as of December&nbsp;31, 2020, we will have a
total of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock outstanding. Of these outstanding shares, all &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common
stock sold in this offering will be freely tradable, except that any shares purchased in this offering by our affiliates, as that term is defined in Rule 144 under the Securities Act, would only be able to be sold in compliance with the
Rule&nbsp;144 limitations described below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The remaining outstanding shares of our common stock will be, and shares subject to stock options will
be upon issuance, deemed &#147;restricted securities&#148; as defined in Rule 144 under the Securities Act. Restricted securities may be sold in the public market only if they are registered under the Securities Act or if they qualify for an
exemption from registration under Rule 144 or Rule 701 under the Securities Act, which rules are summarized below. As a result of the <FONT STYLE="white-space:nowrap">lock-up</FONT> and market standoff agreements described below and the provisions
of our IRA described in the section titled &#147;Description of Capital Stock&#151;Registration Rights,&#148; and subject to the provisions of Rule 144 or Rule&nbsp;701, shares of our common stock are or will be available for sale in the public
market as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">beginning on the date of this prospectus, all
<U></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock sold in this offering will be immediately available for sale in the public market; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">subject to the terms of the <FONT STYLE="white-space:nowrap">lock-up</FONT> and market standoff agreements described below,
all remaining shares will become eligible for sale in the public market, of which <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares will be held by affiliates and subject to the volume and other restrictions of
Rule 144, as described below. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Lock-Up</FONT> and Market Standoff Agreements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In connection with our IPO, we and our officers and directors, the selling stockholders, and the other holders of our common stock, who collectively
hold substantially all of our common stock and stock options, agreed with the underwriters, subject to certain exceptions, not to offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale of or otherwise transfer or
dispose of, or hedge, any shares of our common stock, or any options or warrants to purchase any shares of our common stock, or any securities convertible into, exchangeable for or that represent the right to receive, shares of our common stock
during the period from the date of this prospectus continuing through the date 180 days after December&nbsp;15, 2020, except with the prior written consent of Goldman Sachs&nbsp;&amp; Co. LLC, BofA Securities, Inc. and Citigroup Global Markets Inc.
See the section titled &#147;Underwriting.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Goldman Sachs&nbsp;&amp; Co. LLC, BofA Securities, Inc. and Citigroup Global Markets Inc. have
agreed to release the restriction on our issuing additional shares of common stock, which was executed in connection with the IPO, in order to permit this offering. See the section titled &#147;Underwriting.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In connection with this offering, we and our officers and directors have agreed or will agree with the underwriters, subject to certain exceptions, not
to offer, sell, contract to sell, pledge, grant any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">193 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
option to purchase, make any short sale of or otherwise transfer or dispose of, or hedge, any shares of our common stock, or any options or warrants to purchase any shares of our common stock, or
any securities convertible into, exchangeable for or that represent the right to receive, shares of our common stock during the period from the date of this prospectus continuing through the date 90 days after the date of this prospectus, except
with the prior written consent of Goldman Sachs&nbsp;&amp; Co. LLC, BofA Securities, Inc. and Citigroup Global Markets Inc. See the section titled &#147;Underwriting.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain of our employees, including our executive officers, and directors may enter into written trading plans that are intended to comply <FONT
STYLE="white-space:nowrap">with&nbsp;Rule&nbsp;10b5-1&nbsp;under</FONT> the&nbsp;Exchange Act. Sales under these trading plans would not be permitted until the expiration of <FONT STYLE="white-space:nowrap">the&nbsp;lock-up&nbsp;agreements</FONT>
relating to our IPO described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, our executive officers, directors, and holders of substantially all of our capital stock and
securities convertible into or exchangeable for our capital stock have entered into market standoff agreements with us under which they have agreed that, subject to certain exceptions, for a period of <U>90</U> days after the date of this
prospectus, they will not, without our prior written consent, dispose of or hedge any shares or any securities convertible into or exchangeable for shares of our common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Rule 144 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In general, Rule 144 provides that
once we have been subject to the public company reporting requirements of Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act for at least 90 days, a person who is not deemed to have been one of our affiliates for purposes of the Securities
Act at any time during the 90 days preceding a sale and who has beneficially owned the shares of our common stock proposed to be sold for at least six months is entitled to sell those shares without complying with the manner of sale, volume
limitation or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of
any prior owner other than our affiliates, then that person would be entitled to sell those shares without complying with any of the requirements of Rule 144. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In general, Rule 144 provides that our affiliates or persons selling shares of our common stock on behalf of our affiliates are entitled to sell upon
expiration of the market standoff agreements and <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements described above, within any three-month period, a number of shares of our common stock that does not exceed the greater of: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">1% of the number of shares of our capital stock then outstanding, which will equal
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares immediately after the completion of this offering; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the average weekly trading volume of our common stock during the four calendar weeks preceding the filing of a notice on
Form 144 with respect to that sale. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Sales of our common stock made in reliance upon Rule 144 by our affiliates or persons selling
shares of our common stock on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Rule 701 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Rule 701 generally allows a
stockholder who purchased shares of our capital stock pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of our company during the immediately preceding 90 days to sell these shares in reliance upon
Rule 144, but without being required to comply with the public information, holding period, volume limitation or notice </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">194 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
provisions of Rule 144. Rule 701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All
holders of Rule 701 shares, however, are required to wait until 90 days after the date of this prospectus before selling those shares pursuant to Rule 701. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Registration Rights </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Pursuant to the IRA,
after the completion of this offering, the holders of up to 59,949,785 shares of our common stock, or certain transferees, will be entitled to certain rights with respect to the registration of the offer and sale of those shares under the Securities
Act. See the section titled &#147;Description of Capital Stock&#151;Registration Rights&#148; for a description of these registration rights. If the offer and sale of these shares of our common stock are registered, the shares will be freely
tradable without restriction under the Securities Act, subject to the Rule 144 limitations applicable to affiliates, and a large number of shares may be sold into the public market. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">195 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_18"></A>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO <FONT
STYLE="white-space:nowrap">NON-U.S.</FONT> HOLDERS OF OUR </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>COMMON STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following is a summary of the material U.S. federal income tax consequences to certain <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders (as
defined below) of the ownership and disposition of our common stock, but does not purport to be a complete analysis of all the potential tax considerations relating thereto. This summary is based upon the provisions of the Code, Treasury regulations
promulgated thereunder, administrative rulings, and judicial decisions, all as of the date hereof. These authorities may be changed, possibly retroactively, so as to result in U.S. federal income tax consequences different from those set forth
below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">This summary does not address the tax considerations arising under the laws of any state, local or
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction, or under U.S. federal gift and estate tax laws. In addition, this discussion does not address tax considerations applicable to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holder&#146;s particular circumstances or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders that may be subject to special tax rules, including, without limitation: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">banks, insurance companies or other financial institutions (except to the extent specifically set forth below), regulated
investment companies or real estate investment trusts; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">persons subject to the alternative minimum tax or Medicare contribution tax on net investment income;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations or governmental organizations; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">pension plans or <FONT STYLE="white-space:nowrap">tax-exempt</FONT> retirement plans; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">controlled foreign corporations, passive foreign investment companies, and corporations that accumulate earnings to avoid
U.S. federal income tax; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">brokers or dealers in securities or currencies; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">traders in securities or other persons that elect to use a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting for their holdings in our stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">persons that own, or are deemed to own, more than 5% of our capital stock (except to the extent specifically set forth
below); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">U.S. expatriates and certain former citizens or long-term residents of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">partnerships, entities or arrangements classified as partnerships for U.S. federal income tax purposes or other
pass-through entities (and investors therein); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">persons who hold our common stock as a position in a hedging transaction, &#147;straddle,&#148; &#147;conversion
transaction&#148; or other risk reduction transaction or integrated investment; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">persons who hold or receive our common stock pursuant to the exercise of any employee stock option or otherwise as
compensation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">persons subject to special tax accounting rules as a result of any item of gross income with respect to our common stock
being taken into account in an &#147;applicable financial statement&#148; (as defined in Section&nbsp;451(b) of the Code); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">persons who do not hold our common stock as a capital asset within the meaning of Section&nbsp;1221 of the Code; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">persons deemed to sell our common stock under the constructive sale provisions of the Code. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition, if a partnership, including an entity or arrangement classified as a partnership for U.S. federal income tax purposes, holds our common
stock, the tax treatment of a partner generally will depend on the status of the partner and upon the activities of the partnership. Accordingly, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">196 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
partnerships that hold our common stock, and partners in such partnerships, should consult their tax advisors regarding the tax consequences of the ownership and disposition of our common stock
through a partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B>You are urged to consult your tax advisor with respect to the application of the U.S. federal income tax laws to your
particular situation, as well as any tax consequences of the purchase, ownership, and disposition of our common stock arising under the U.S. federal gift or estate tax rules or under the laws of any state, local,
<FONT STYLE="white-space:nowrap">non-U.S.,</FONT> or other taxing jurisdiction or under any applicable tax treaty. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holder Defined </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For purposes of this discussion, you are a
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder if you are any beneficial owner of our common stock that is not a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) and are not any
of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">an individual who is a citizen or resident of the United States (for U.S. federal income tax purposes);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">a corporation or other entity taxable as a corporation created or organized in the United States or under the laws of the
United&nbsp;States, any state thereof or the District of Columbia or other entity treated as such for U.S. federal income tax purposes; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">an estate whose income is subject to U.S. federal income tax regardless of its source; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">a trust (x)&nbsp;whose administration is subject to the primary supervision of a U.S. court and which has one or more
&#147;U.S. persons&#148; (within the meaning of Section&nbsp;7701(a)(30) of the Code) who have the authority to control all substantial decisions of the trust or (y)&nbsp;which has made a valid election to be treated as a U.S. person.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Distributions </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As
described in the section titled &#147;Dividend Policy,&#148; we have never declared or paid cash dividends on our capital stock and do not anticipate paying any dividends on our capital stock in the foreseeable future. However, if we do make
distributions on our common stock, those payments will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the
extent those distributions exceed both our current and our accumulated earnings and profits, they will constitute a return of capital and will first reduce your basis in our common stock, but not below zero, and then will be treated as gain from the
sale of stock as described below under &#147;&#151;Gain on Disposition of Our Common Stock.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Except as otherwise described below in the
discussion on effectively connected income and the sections titled &#147;&#150;Backup Withholding and Information Reporting&#148; and &#147;&#150;FATCA,&#148; any dividend paid to you generally will be subject to U.S. federal withholding tax either
at a rate of 30% of the gross amount of the dividend or such lower rate as may be specified by an applicable income tax treaty. If you are eligible for exemption of U.S. federal withholding tax pursuant to an income tax treaty, you may be entitled
to a refund or credit of any excess tax withheld by timely filing an appropriate claim with the IRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In order to be subject to withholding at a
reduced treaty rate, you must provide us with an IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or other appropriate version of IRS Form <FONT
STYLE="white-space:nowrap">W-8,</FONT> including any required attachments and your taxpayer identification number, certifying qualification for the exemption; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">197 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
additionally, you will be required to update such forms and certifications from time to time as required by law. If you hold our stock through a financial institution or other agent acting on
your behalf, you will be required to provide appropriate documentation to the agent, which then will be required to provide certification to us or our paying agent, either directly or through other intermediaries. You should consult your tax advisor
regarding entitlement to benefits under any applicable income tax treaties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Dividends received by you that are effectively connected with your
conduct of a U.S. trade or business (and, if required by an applicable income tax treaty, attributable to a permanent establishment or fixed base maintained by you in the United States) are generally exempt from such withholding tax. In order to
obtain this exemption, you must provide us with an IRS Form <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> including any required attachments and your taxpayer identification number, certifying qualification for the exemption; additionally, you
will be required to update such forms and certifications from time to time as required by law. Such effectively connected dividends, although not subject to withholding tax, are includable on your U.S. income tax return and taxed to you at the same
graduated rates applicable to U.S. persons, net of certain deductions and credits. If you are a corporate <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder, dividends you receive that are effectively connected with your conduct of a U.S. trade
or business may also be subject to a branch profits tax at a rate of 30% or such lower rate as may be specified by an applicable income tax treaty. You should consult your tax advisor regarding any applicable tax treaties that may provide for
different rules. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Gain on Disposition of Our Common Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Except as otherwise described below in the section titled &#147;&#150;Backup Withholding and Information Reporting&#148; and &#147;&#150;FATCA,&#148;
you generally will not be subject to U.S. federal income tax on any gain realized upon the sale or other disposition of our common stock unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the gain is effectively connected with your conduct of a U.S. trade or business (and, if required by an applicable income
tax treaty, is attributable to a permanent establishment or fixed base maintained by you in the United States); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">you are a <FONT STYLE="white-space:nowrap">non-resident</FONT> alien individual who is present in the United States for a
period or periods aggregating 183 days or more during the calendar year in which the sale or disposition occurs and other conditions are met; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">our common stock constitutes a &#147;United States real property interest&#148; by reason of our status as a &#147;United
States real property holding corporation,&#148; or USRPHC, for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding your disposition of, or your holding period for, our common stock, and, in the case
where shares of our common stock are regularly traded on an established securities market, you own, or are treated as owning, more than 5% of our common stock at any time during the foregoing period. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We believe that we are not currently and will not become a USRPHC for U.S. federal income tax purposes, and the remainder of this discussion so assumes.
However, because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real property relative to the fair market value of our other business assets, there can be no assurance that we will not become a USRPHC in
the future. Even if we become a USRPHC, however, as long as our common stock is regularly traded on an established securities market, such common stock will be treated as a United&nbsp;States real property interest only if you actually or
constructively hold more than 5% of such regularly traded common stock at any time during the shorter of the five-year period preceding your disposition of, or your holding period for, our common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If you are a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder described in the first bullet above, you will generally be required to pay tax on
the net gain derived from the sale under regular graduated U.S. federal income tax rates </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">198 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
(and a corporate <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder described in the first bullet above also may be subject to the branch profits tax at a 30% rate), unless otherwise
provided by an applicable income tax treaty. If you are a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder described in the second bullet above, you will generally be required to pay a flat 30% tax (or such lower rate specified by an
applicable income tax treaty) on the gain derived from the sale, which may be offset by U.S. source capital losses for the year (provided you have timely filed U.S. federal income tax returns with respect to such losses). You should consult your tax
advisor regarding any applicable income tax or other treaties that may provide for different rules. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Backup Withholding and Information Reporting
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Generally, we must report annually to the IRS the amount of dividends paid to you, your name and address, and the amount of tax withheld, if
any. A similar report will be sent to you. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports available to tax authorities in your country of residence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Payments of dividends or of proceeds from the disposition of our common stock made to you may be subject to information reporting and backup withholding
at a current rate of 24% unless you establish an exemption, for example, by properly certifying your <FONT STYLE="white-space:nowrap">non-U.S.</FONT> status on an IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> IRS Form <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or another appropriate version of IRS Form <FONT STYLE="white-space:nowrap">W-8.</FONT> Any documentation provided to an applicable withholding agent may need to be
updated in certain circumstances. Notwithstanding the foregoing, backup withholding and information reporting may apply if either we or our paying agent has actual knowledge, or reason to know, that you are a U.S. person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Information reporting and backup withholding generally will apply to the proceeds of a disposition of our common stock by a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder effected by or through the U.S. office of any broker, U.S. or foreign, unless the holder certifies its status as a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder and satisfies certain other
requirements, or otherwise establishes an exemption. Generally, information reporting and backup withholding will not apply to a payment of disposition proceeds to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder where the transaction is
effected outside the United&nbsp;States through a foreign broker. However, for information reporting purposes, dispositions effected through a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> office of a broker with substantial U.S. ownership or
operations generally will be treated in a manner similar to dispositions effected through a U.S. office of a broker. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders should consult their own tax advisors regarding the application of the
information reporting and backup withholding rules to them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Backup withholding is not an additional tax; rather, the U.S. federal income tax
liability of persons subject to backup withholding will be reduced by the amount of tax withheld under the backup withholding rules. If backup withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the IRS,
provided that the required information is furnished to the IRS in a timely manner. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>FATCA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Foreign Account Tax Compliance Act and the rules and Treasury regulations promulgated thereunder, or collectively, FATCA, generally impose U.S.
federal withholding tax at a rate of 30% on dividends on and (subject to the proposed Treasury regulations discussed below) the gross proceeds from a sale or other disposition of our common stock paid to a &#147;foreign financial institution&#148;
(as specially defined under these rules), unless such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding the U.S.
account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or otherwise establishes an exemption. FATCA also generally
imposes a U.S. federal </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">199 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
withholding tax of 30% on dividends on and (subject to the proposed Treasury regulations discussed below) the gross proceeds from a sale or other disposition of our common stock paid to a <FONT
STYLE="white-space:nowrap">&#147;non-financial</FONT> foreign entity&#148; (as specially defined for purposes of these rules) unless such entity provides the withholding agent with a certification identifying certain substantial direct and indirect
U.S. owners of the entity, certifies that there are none, or otherwise establishes and certifies to an exemption. The withholding provisions under FATCA generally apply to dividends on our common stock. While withholding under FATCA would have
applied also to payments of gross proceeds from the sale or other disposition of our common stock on or after January&nbsp;1, 2019, proposed Treasury regulations provide that the withholding provisions under FATCA do not apply with respect to the
payment of gross proceeds from a sale or other disposition of our common stock. These proposed Treasury regulations may be relied upon by taxpayers until final Treasury regulations are issued. An intergovernmental agreement between the United States
and your country of tax residence may modify the requirements described in this paragraph. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders should consult their own tax advisors regarding the possible implications of FATCA on their
investment in our common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B>Each prospective investor should consult its own tax advisor regarding the particular U.S. federal, state and
local and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> tax consequences of purchasing, holding, and disposing of our common stock, including the consequences of any proposed change in applicable laws. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">200 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_19"></A>UNDERWRITING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We and the underwriters named below have entered into an underwriting agreement with respect to the shares being offered. Subject to certain conditions,
each underwriter will severally agree to purchase the number of shares indicated in the following table. Goldman Sachs&nbsp;&amp; Co. LLC, BofA Securities, Inc. and Citigroup Global Markets Inc. are the representatives of the underwriters. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; "><B>Underwriters</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Goldman Sachs&nbsp;&amp; Co. LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">BofA Securities, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Citigroup Global Markets Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Jefferies LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Barclays Capital Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">JMP Securities LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Piper Sandler &amp; Co.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The underwriters will be committed to take and pay for all of the shares being offered, if any are taken, other than the
shares covered by the option described below unless and until this option is exercised. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The underwriters will have an option to buy up to an
additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares from us. They may exercise that option for 30 days. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in
approximately the same proportion as set forth in the table above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following tables show the per share and total underwriting discounts and
commissions to be paid to the underwriters by us. Such amounts are shown assuming both no exercise and full exercise of the underwriters&#146; option to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional
shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Paid by us </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>No&nbsp;Exercise</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Full&nbsp;Exercise</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Per Share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Shares sold by the underwriters to the public will initially be offered at the public offering price set forth on the
cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share from the public offering price. After the
initial offering of our common stock, the representatives may change the offering price and the other selling terms. The offering of our common stock by the underwriters is subject to receipt and acceptance and subject to the underwriters&#146;
right to reject any order in whole or in part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In connection with our IPO, we and our officers and directors, the selling stockholders, and the
other holders of our common stock, who collectively hold substantially all of our common stock, agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any common stock or securities convertible into or exchangeable
for shares of common stock during the period from the date of such agreement continuing through the date 180 days after December&nbsp;15, 2020, except with the prior written consent of the representatives. This agreement does not apply to any
existing employee benefit plans. See &#147;Shares Available for Future Sale&#148; for a discussion of certain transfer restrictions. Goldman Sachs&nbsp;&amp; Co. LLC, BofA Securities, Inc. and Citigroup Global Markets Inc. have agreed to release the
restriction on our issuing additional shares of common stock, which was executed in connection with the IPO, in order to permit this offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">201 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In connection with this offering, we and our officers and directors have agreed or will agree with the
underwriters, subject to certain exceptions, not to offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale of or otherwise transfer or dispose of, or hedge, any shares of our common stock, or any options or warrants
to purchase any shares of our common stock, or any securities convertible into, exchangeable for or that represent the right to receive, shares of our common stock during the period from the date of this prospectus continuing through the date 90
days after the date of this prospectus, except with the prior written consent of Goldman Sachs&nbsp;&amp; Co. LLC, BofA Securities, Inc. and Citigroup Global Markets Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In connection with the offering, the underwriters may purchase and sell shares of common stock in the open market. These transactions may include short
sales, stabilizing transactions and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater number of shares than they are required to purchase in the offering, and a short position
represents the amount of such sales that have not been covered by subsequent purchases. A &#147;covered short position&#148; is a short position that is not greater than the amount of additional shares for which the underwriters&#146; option
described above may be exercised. The underwriters may cover any covered short position by either exercising their option to purchase additional shares or purchasing shares in the open market. In determining the source of shares to cover the covered
short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase additional shares pursuant to the option described above.
&#147;Naked&#148; short sales are any short sales that create a short position greater than the amount of additional shares for which the option described above may be exercised. The underwriters must cover any such naked short position by
purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the common stock in the open market after pricing that could adversely
affect investors who purchase in the offering. Stabilizing transactions consist of various bids for or purchases of common stock made by the underwriters in the open market prior to the completion of the offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting
discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the
effect of preventing or retarding a decline in the market price of our stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of the common stock. As a result, the price of the common
stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on the Nasdaq
Global Select Market, in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We estimate that our share of the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We will agree to reimburse the underwriters for expenses related
to any applicable state securities filings and to the Financial Industry Regulatory Authority, Inc. incurred by them in connection with this offering in an amount up to $35,000. We will also agree to indemnify the several underwriters against
certain liabilities, including liabilities under the Securities Act of 1933. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The underwriters and their respective affiliates are full service
financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">202 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
investment management, investment research, principal investment, hedging, market making, brokerage and other financial and <FONT STYLE="white-space:nowrap">non-financial</FONT> activities and
services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to the issuer and to persons and entities with relationships with the issuer, for which they received or
will receive customary fees and expenses. An affiliate of Goldman Sachs&nbsp;&amp; Co. LLC serves as a lender under a revolving credit facility entered into with one of our consolidated variable interest entities. Goldman Sachs&nbsp;&amp; Co. LLC or
other affiliates of the same serve or have served as securitizer for certain consumer loans originated by our bank partners, or <FONT STYLE="white-space:nowrap">co-sponsor</FONT> for, initial purchaser with respect to, or an investor in, certain of
such securitizations. Jefferies LLC or other affiliates of the same have also served as purchaser and securitizer for certain consumer loans originated by our bank partners, or initial purchaser with respect to those and certain other
securitizations of consumer loans originated by our bank partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the ordinary course of their various business activities, the underwriters
and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial
instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of the issuer (directly, as collateral securing other obligations or
otherwise) and/or persons and entities with relationships with the issuer. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express
independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>European Economic Area </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In relation to
each Member State of the European Economic Area (each a &#147;Member State&#148;), no common stock has been offered or will be offered pursuant to the offering to the public in that Member State prior to the publication of a prospectus in relation
to our common stock which has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus
Regulation, except that offers of shares may be made to the public in that Member State at any time under the following exemptions under the Prospectus Regulation: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">(a) to any legal entity which is a qualified investor as defined in the Prospectus Regulation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">(b) by the underwriters to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation), subject to
obtaining the prior written consent of the representatives for any such offer; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">(c) in any other circumstances falling within Article 1(4) of the
Prospectus Regulation, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">provided that no such offer of common stock shall result in a requirement for us or any underwriter to publish a prospectus
pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Each person in a
Member State who initially acquires any common stock or to whom any offer is made will be deemed to have represented, acknowledged and agreed with us and the representatives that it is a qualified investor within the meaning of the Prospectus
Regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the case of any common stock being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus
Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the common stock acquired by it in the offer have not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">203 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
been acquired on a <FONT STYLE="white-space:nowrap">non-discretionary</FONT> basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances
which may give rise to an offer to the public other than their offer or resale in a Member State to qualified investors, in circumstances in which the prior written consent of the representatives has been obtained to each such proposed offer or
resale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We, the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgments and
agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For the purposes of this provision, the expression an &#147;offer to the public&#148; in relation to any common stock in any Member
State means the communication in any form and by any means of sufficient information on the terms of the offer and any common stock to be offered so as to enable an investor to decide to purchase or subscribe for our common stock, and the expression
&#147;Prospectus Regulation&#148; means Regulation (EU) 2017/1129. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>United Kingdom </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Each underwriter has represented and agreed that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in
investment activity (within the meaning of Section&nbsp;21 of the Financial Services and Markets Act 2000 (FSMA)) received by it in connection with the issue or sale of our common stock in circumstances in which Section&nbsp;21(1) of the FSMA does
not apply to the company; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in
relation to our common stock in, from or otherwise involving the United&nbsp;Kingdom. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Canada </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in
National Instrument <FONT STYLE="white-space:nowrap">45-106</FONT> Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument
<FONT STYLE="white-space:nowrap">31-103</FONT> Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption form, or in a transaction not subject to, the
prospectus requirements of applicable securities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Securities legislation in certain provinces or territories of Canada may provide a purchaser
with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the
securities legislation of the purchaser&#146;s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#146;s province or territory of these rights or consult with a legal
advisor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Pursuant to section 3A.3 of National Instrument <FONT STYLE="white-space:nowrap">33-105</FONT> Underwriting Conflicts (NI <FONT
STYLE="white-space:nowrap">33-105),</FONT> the underwriters are not required to comply with the disclosure requirements of NI <FONT STYLE="white-space:nowrap">33-105</FONT> regarding underwriter conflicts of interest in connection with this
offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Hong Kong </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our common
stock may not be offered or sold in Hong Kong by means of any document other than (i)&nbsp;in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.
32 of the Laws of Hong Kong) (&#147;Companies (Winding Up and Miscellaneous Provisions) Ordinance&#148;) or which do not constitute </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">204 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (&#147;Securities and Futures Ordinance&#148;), or (ii)&nbsp;to
&#147;professional investors&#148; as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii)&nbsp;in other circumstances which do not result in the document being a &#147;prospectus&#148; as defined in the Companies
(Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to our common stock may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or
elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares which are or are
intended to be disposed of only to persons outside Hong Kong or only to &#147;professional investors&#148; in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Singapore </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">This prospectus has not
been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our common stock may not
be circulated or distributed, nor may our common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor
(as defined under Section&nbsp;4A of the Securities and Futures Act, Chapter 289 of Singapore (the &#147;SFA&#148;)) under Section&nbsp;274 of the SFA, (ii)&nbsp;to a relevant person (as defined in Section&nbsp;275(2) of the SFA) pursuant to
Section&nbsp;275(1) of the SFA, or any person pursuant to Section&nbsp;275(1A) of the SFA, and in accordance with the conditions specified in Section&nbsp;275 of the SFA or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of,
any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Where our common stock is subscribed or
purchased under Section&nbsp;275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section&nbsp;4A of the SFA)) the sole business of which is to hold investments and the entire share capital
of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section&nbsp;239(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired our
common stock under Section&nbsp;275 of the SFA except: (1)&nbsp;to an institutional investor under Section&nbsp;274 of the SFA or to a relevant person (as defined in Section&nbsp;275(2) of the SFA), (2) where such transfer arises from an offer in
that corporation&#146;s securities pursuant to Section&nbsp;275(1A) of the SFA, (3)&nbsp;where no consideration is or will be given for the transfer, (4)&nbsp;where the transfer is by operation of law, (5)&nbsp;as specified in Section&nbsp;276(7) of
the SFA, or (6)&nbsp;as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore (&#147;Regulation 32&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Where our common stock is subscribed or purchased under Section&nbsp;275 of the SFA by a relevant person which is a trust (where the trustee is not an
accredited investor (as defined in Section&nbsp;4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries&#146; rights and interest (howsoever described) in that trust
shall not be transferable for 6 months after that trust has acquired our common stock under Section&nbsp;275 of the SFA except: (1)&nbsp;to an institutional investor under Section&nbsp;274 of the SFA or to a relevant person (as defined in
Section&nbsp;275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than $200,000 (or its equivalent in a foreign currency) for each transaction
(whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4)&nbsp;where the transfer is by operation of law, (5)&nbsp;as specified in
Section&nbsp;276(7) of the SFA, or (6)&nbsp;as specified in Regulation 32. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">205 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Japan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No.&nbsp;25 of 1948, as amended),
or the FIEA. The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan)
or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant
laws and regulations of Japan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Dubai International Financial Centre </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">This prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority, or DFSA. This
prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any
documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares of common stock to which this prospectus
relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares of our common stock should conduct their own due diligence on such shares. If you do not understand the contents of this prospectus, you
should consult an authorized financial advisor. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Switzerland </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&#147;SIX&#148;) or on any other stock
exchange or regulated trading facility in Switzerland. This document does not constitute a prospectus within the meaning of and has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of
the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor
any other offering or marketing material relating to the common stock or the offering may be publicly distributed or otherwise made publicly available in Switzerland. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Neither this document nor any other offering or marketing material relating to the offering, our company or our common stock has been or will be filed
with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of common stock will not be supervised by, the Swiss Financial Market Supervisory Authority and the offer of common stock has not
been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (&#147;CISA&#148;). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers
of common stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">206 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_20"></A>VALIDITY OF COMMON STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Wilson Sonsini Goodrich&nbsp;&amp; Rosati, P.C., Palo Alto, California, which has acted as our counsel in connection with this offering, will pass upon
the validity of the shares of our common stock being offered by this prospectus. The validity of the shares of common stock offered by this prospectus will be passed upon for the underwriters by Sullivan&nbsp;&amp; Cromwell LLP, Palo Alto,
California. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_21"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The consolidated financial statements as of December&nbsp;31, 2020, and 2019 and for each of the three years in the period ended December&nbsp;31, 2020,
included in this prospectus have been audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such consolidated financial statements are included in reliance upon the
report of such firm given upon their authority as experts in accounting and auditing. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_22"></A>WHERE YOU CAN FIND ADDITIONAL
INFORMATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have submitted with the SEC a registration statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> under the Securities
Act with respect to the shares of our common stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement, some of which is
contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our common stock, we refer you to the registration statement, including the exhibits filed as a
part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration
statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an Internet
website that contains reports, proxy statements, and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We file periodic reports, proxy statements, and other information with the SEC. We also maintain a website at www.Upstart.com. You may access these
materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on our website is not a part of this prospectus and the inclusion of our website address in this
prospectus is an inactive textual reference only. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">207 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc126640_23"></A><A NAME="index"></A>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="94%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Page</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#fin126640_1">Report of Independent Registered Public Accounting Firm </A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-2</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Financial Statements:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#fin126640_2">Consolidated Balance Sheets</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-3</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#fin126640_3">Consolidated Statements of Operations and Comprehensive Income (Loss)</A></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#fin126640_4">Consolidated Statements of Convertible Preferred Stock and Stockholders&#146; Equity
 (Deficit)</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-6</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#fin126640_5">Consolidated Statements of Cash Flows</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-8</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#fin126640_6">Notes to Consolidated Financial Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="fin126640_1"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">To the stockholders and the Board of Directors of Upstart Holdings, Inc. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Opinion on the Financial Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We have audited the accompanying
consolidated balance sheets of Upstart Holdings, Inc. and subsidiaries (the &#147;Company&#148;) as of December 31, 2020 and 2019, the related consolidated statements of operations and comprehensive income/loss, statement of convertible preferred
stock and stockholders&#146; equity/deficit and statement of cash flows, for each of the three years in the period ended December 31, 2020, and the related notes (collectively referred to as the &#147;financial statements&#148;). In our opinion, the
financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31,
2020, in conformity with accounting principles generally accepted in the United States of America. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Basis for Opinion </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">These financial statements are the responsibility of the Company&#146;s management. Our responsibility is to express an opinion on the Company&#146;s financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We conducted our audits in accordance with the
standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#146;s internal control over financial reporting. Accordingly, we express no such opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">/s/ Deloitte &amp; Touche LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">San Francisco, CA </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">March 18, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We have served as the Company&#146;s auditor since 2015. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="fin126640_2"></A>Consolidated Balance Sheets </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>(In thousands, except share and per share data) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">250,819</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">44,389</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,514</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,678</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loans (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">232,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Notes receivable and residual certificates (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Property, equipment, and software, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,030</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Operating lease right of use assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,310</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other assets (includes $6,831 and $4,725 at fair value as of December&nbsp;31, 2020 and 2019,
respectively)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,046</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,754</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total assets<SUP STYLE="font-size:85%; vertical-align:top">(a)</SUP> </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">477,255</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">393,462</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Liabilities, Convertible Preferred Stock, and Stockholders&#146; Equity (Deficit)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Payable to investors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,501</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,620</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,626</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Payable to securitization note holders and residual certificate holders (includes $0 and $89,672 at fair
value and $0 and $41,343 to related parties as of December&nbsp;31, 2020 and 2019, respectively)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accrued expenses and other liabilities (includes $9,530 and $12,446 at fair value as of December&nbsp;31,
2020 and 2019, respectively)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,648</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Operating lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,061</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total liabilities<SUP STYLE="font-size:85%; vertical-align:top">(a)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177,003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">292,604</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Commitments and contingencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Convertible preferred stock $0.0001 par value; 70,000,000 and 53,927,657 shares authorized as of
December&nbsp;31, 2020 and 2019, respectively; aggregate liquidation preference of $0 and $166,257 as of December&nbsp;31, 2020 and 2019, respectively; 0 and 47,349,577 shares issued and outstanding as of December&nbsp;31, 2020 and 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">162,546</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stockholders&#146; equity (deficit):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Common stock, $0.0001 par value; 700,000,000 and 90,000,000 shares authorized as of December&nbsp;31, 2020
and 2019, respectively; 73,314,026 and 14,561,398, shares issued and outstanding as of December&nbsp;31, 2020 and 2019, respectively</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">369,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,222</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(75,205</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total Upstart Holdings, Inc. stockholders&#146; equity (deficit)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,714</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total stockholders&#146; equity (deficit)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(61,688</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total liabilities, convertible preferred stock, and stockholders&#146; equity (deficit).</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">477,255</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">393,462</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The following table presents information on assets and liabilities related to variable interest entities
(&#147;VIEs&#148;) that are consolidated by Upstart Holdings, Inc. at December&nbsp;31, 2020 and 2019. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. The holders of
the beneficial interests do not have recourse to the general credit of Upstart Holdings, Inc. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that
eliminate in consolidation. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Consolidated Balance Sheets </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>(In thousands,
except share and per share data) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,839</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Loans (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75,373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">231,109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Notes receivable and residual certificates (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,219</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">453</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">104,992</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">275,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Payable to securitization note holders and residual certificate holders (includes $0 and $89,672 at fair
value, and $0 and $41,343 payable to related parties as of December&nbsp;31, 2020 and 2019, respectively)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">42,296</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">193,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:41pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="fin126640_3"></A>Consolidated Statements of Operations and Comprehensive Income (Loss) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>(In thousands, except share and per share data) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Revenue:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">228,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">159,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Interest income and fair value adjustments, net (includes $1,014, $2,963 and $2,452 from related parties
expense and $4,238, $7,400 and ($4,031) of related parties fair value adjustments for the years ended December&nbsp;31, 2020, 2019 and 2018, respectively)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,342</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">233,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="12"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Operating expenses:</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,633</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Customer operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,581</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Engineering and product development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">General, administrative, and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221,651</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">168,764</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Income (loss) from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,575</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,971</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Other income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,036</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Expense on warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,364</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,407</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,734</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net income (loss) before income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,946</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net income (loss) before attribution to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,020</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net income (loss) attributable to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(404</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,554</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net income (loss) attributable to Upstart Holdings, Inc. common stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, basic and
diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.03</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.87</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Weighted-average number of shares outstanding used in computing net income (loss) per share attributable to
Upstart Holdings, Inc.common stockholders, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,513,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,335,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,128,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:90pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:110pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of
these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="fin126640_4"></A>Consolidated Statements of Convertible Preferred Stock and Stockholders&#146; Equity (Deficit) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>(In thousands, except share data) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Convertible</B><br><B>Preferred Stock</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Common Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Additional<BR><FONT STYLE="white-space:nowrap">Paid-in</FONT><BR>Capital</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated<BR>Deficit</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total Upstart<BR>Holdings,&nbsp;Inc.<BR>Stockholders&#146;<BR>Equity<BR>(Deficit)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Noncontrolling<BR>Interest</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total<BR>Stockholders&#146;<BR>Equity<BR>(Deficit)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Balance as of December&nbsp;31, 2017 </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,445,012</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,868</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,752,205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,038</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(62,759</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(56,720</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43,413</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuance of Series <FONT STYLE="white-space:nowrap">C-1</FONT> convertible preferred stock upon conversion of
convertible promissory notes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,871,382</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,210</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuance of Series D convertible preferred stock, net of issuance costs of $2,255</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,566,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,845</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuance of common stock upon exercise of stock options</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">239,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">323</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">323</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">323</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stock-based compensation expense</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Contributions of interests in consolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Return of capital to interests in consolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,573</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,573</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Balance as of December&nbsp;31, 2018 </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,882,877</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">157,923</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,991,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,406</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(75,078</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(66,671</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(54,670</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuance of Series D convertible preferred stock, net of issuance costs of $8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">444,428</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,992</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuance of Series B convertible preferred stock upon exercise of convertible preferred stock
warrants</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,631</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repurchase and retirement of Series C convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(277,831</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">339</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">339</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">339</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Exercise of common stock warrants</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,297,884</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuance of common stock upon exercise of stock options</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">272,244</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stock-based compensation expense</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Return of capital to interests in consolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,960</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,960</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Deconsolidation of interests in consolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,461</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,461</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,554</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,020</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Consolidated Statements of Convertible Preferred Stock and Stockholders&#146; Equity (Deficit)&#151;(Continued) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>(In thousands, except share data) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Convertible</B><br><B>Preferred Stock</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Common Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Additional<BR><FONT STYLE="white-space:nowrap">Paid-in</FONT><BR>Capital</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated<BR>Deficit</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total Upstart<BR>Holdings,&nbsp;Inc.<BR>Stockholders&#146;<BR>Equity<BR>(Deficit)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Noncontrolling<BR>Interest</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total<BR>Stockholders&#146;<BR>Equity<BR>(Deficit)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Balance as of December&nbsp;31, 2019 </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,349,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">162,546</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,561,398</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(75,205)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(62,714)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(61,688)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Conversion of convertible preferred stock to common stock upon initial public offering </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(47,349,577)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(162,546)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,349,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">162,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">162,546</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">162,546</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuance of common stock upon initial public offering, net of underwriting discounts, commissions, and
offering costs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159,487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159,488</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159,488</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuance of common stock upon exercise of stock options</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,284,468</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuance of common stock in connection with an incentive agreement</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">282,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,696</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,696</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,696</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Exercise of convertible preferred stock warrant into preferred stock and issuance of common stock upon
initial public offering</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">600,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Exercise of common stock warrants</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">235,625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,971</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,971</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,971</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Reclass of warrant liability upon termination of repurchase obligation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,945</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,945</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,945</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stock-based compensation expense</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Incentive share expense</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">787</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">787</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">787</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Return of capital on interest in consolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(622)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(622)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(404)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Balance as of December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,314,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">369,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(69,222)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">300,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">300,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:72pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="fin126640_5"></A>Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>(In thousands) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><FONT STYLE="font-size:8pt"><B>Year Ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Cash flows from operating activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net income (loss) before attribution to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(5,020</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(11,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Adjustments to reconcile net income (loss) to net cash provided by operating activities:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Change in fair value of financial instruments (includes $(4,238), $($7,400) and $4,031 to related parties for
the years ended December 31, 2020, 2019 and 2018, respectively)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,049</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,282</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loss (gain) on loan servicing arrangements and sale of noncontrolling interests, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,530</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">856</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">774</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">314</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Incentive share expense</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">787</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Noncash interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Gain on repurchased and retired convertible preferred stock warrants</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(3,657</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accrued interest on convertible notes (includes $397 to related parties for the year ended December&nbsp;31,
2018)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">794</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net changes in operating assets and liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchase of loans for immediate resale to investors</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,540,948</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,779,180</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,115,049</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Proceeds from immediate resale of loans to investors</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,540,948</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,779,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,115,049</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchase of loans
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(116,127</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Principal payments received for loans
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,218</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net proceeds from sale of loans
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,604</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,186</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,957</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,001</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Operating lease liability and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">251</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">871</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,033</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,613</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Payable to investors</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,446</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,875</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accrued expenses and other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,709</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,697</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,582</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Cash flows from investing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Principal payments received for loans held by consolidated securitizations</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158,921</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199,325</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net proceeds from sale of loans
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,340</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100,678</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Principal payments received for loans
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,758</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,678</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Principal payments received for notes receivable and repayments of residual certificates</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,665</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,760</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchase of loans
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,655</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(265,286</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(169,442</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchase of notes receivable and residual certificates</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(485</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchase of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,355</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,004</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(148</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Capitalized software costs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,250</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,275</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(896</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchase of loans held by consolidated securitizations</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(251,681</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net cash (used in) provided by investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136,517</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(137,237</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Consolidated Statements of Cash Flows&#151;(Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>(In thousands) </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="72%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><FONT STYLE="font-size:8pt"><B>Year Ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Cash flows from financing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Proceeds from initial public offering, net of underwriting discounts and offering costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159,488</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Payments made on securitization notes and certificates (includes $1,034, $3,262 and $7,607 paid to related
parties for the years ended December&nbsp;31, 2020, 2019 and 2018, respectively)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,126</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(176,742</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(226,775</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repayments of borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(148,113</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(109,939</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(92,954</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repayments of notes payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22,637</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,468</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Distributions made to noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(622</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,960</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,238</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repurchase and retirement of convertible preferred stock warrants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,426</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repurchase and retirement of convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(661</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Proceeds from borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92,057</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">153,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,048</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Proceeds from issuance of notes payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">39,863</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">42,537</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Proceeds from issuance of convertible preferred stock, net of issuance costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,912</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,925</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Proceeds from exercise of convertible preferred stock warrants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,631</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Proceeds from exercise of stock options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">323</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Proceeds from the issuance of securitization notes and certificates (includes $54,839 from related parties
for the year ended December&nbsp;31, 2018)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">242,454</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Proceeds from sale of noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,914</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net cash (used in) provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,052</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(119,190</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135,766</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net increase (decrease) in cash and restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">231,266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42,175</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,867</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Cash and restricted cash</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,067</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122,242</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">End of year </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 311,333</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">80,067</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 122,242</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Supplemental disclosures of cash flow information</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Cash paid for interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,028</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,871</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,676</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Cash paid for amounts included in the measurement of lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,158</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Supplemental disclosures of <FONT STYLE="white-space:nowrap">non-cash</FONT> operating
activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets
capitalized</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,506</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16,190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Supplemental disclosures of <FONT STYLE="white-space:nowrap">non-cash</FONT> investing and financing
activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Reclassification of common stock warrant liability related to cashless exercise</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,971</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Reclassification of preferred stock warrant liability related to cash exercise</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,177</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Reclassification of common stock warrant liability to equity upon termination of repurchase option</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,945</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Derecognition of loans
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment</FONT></FONT> in consolidated VIE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57,222</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">154,864</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Derecognition of payable to securitization note holders and residual certificate holders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Derecognition of notes payable held in consolidated VIE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,419</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Securities retained under unconsolidated securitization transactions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,501</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Transfer of notes receivable and residual certificate on deconsolidation of VIE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,699</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accrued convertible preferred stock issuance costs included in accrued expenses and other
liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Conversion of notes as part of issuance of convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,210</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Capitalized stock-based compensation expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">492</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="fin126640_6"></A>Notes to Consolidated Financial Statements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>1. Description of Business and Significant Accounting Policies </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Description of Business </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart
Holdings, Inc. and its subsidiaries (together &#147;Upstart,&#148; or the &#147;Company&#148;) apply modern data science and technology to the process of originating consumer credit. The Company helps bank partners originate credit by providing them
with a proprietary, cloud-based, artificial intelligence lending platform. As the Company&#146;s technology continues to improve and additional banks adopt the Upstart platform, consumers benefit from improved access to affordable and frictionless
credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart Network, Inc. was incorporated in Delaware in 2012. Pursuant to a restructuring, Upstart Holdings, Inc. was incorporated in
December 2013 and became the holding company of Upstart Network, Inc. The Company currently operates in the United States and is headquartered in San Mateo, California. The Company&#146;s fiscal year ends on December 31. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Initial Public Offering </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On
December&nbsp;16, 2020, the Company completed an initial public offering (&#147;IPO&#148;), in which 9,000,000 shares of common stock were issued and sold at $20.00 per share, resulting in net proceeds of $167.4&nbsp;million after deducting
underwriting discounts and commissions of $12.6&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In November 2020, the outstanding Series B preferred stock warrant was exercised to
purchase 600,208 of preferred stock. Upon consummation of the IPO in December 2020, the related 600,208 shares of preferred stock automatically converted into common stock. Additionally, all shares of convertible preferred stock outstanding
automatically converted into 47,349,577 shares of common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company incurred deferred offering costs consisting primarily of incremental
accounting, legal, and other fees related to the IPO. Prior to the IPO, all deferred offering costs were capitalized within other assets on the consolidated balance sheets. Upon completion of the IPO, $7.9&nbsp;million of deferred offering costs
were reclassified into stockholders&#146; equity (deficit) as a reduction of the net proceeds received from the IPO. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Basis of Presentation
and Consolidation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (&#147;GAAP&#148;) and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities (&#147;VIEs&#148;). All intercompany accounts and transactions have been
eliminated. The Company&#146;s functional and reporting currency is the U.S. dollar. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Use of Estimates </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The preparation of consolidated financial statements in conformity with GAAP requires that management make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Significant estimates and assumptions made in the accompanying consolidated financial statements, which Management believes are critical in
understanding and evaluating the Company&#146;s reported financial results include: (i) fair value determinations; (ii)&nbsp;stock-based compensation; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
(iii)&nbsp;consolidation of VIEs; and (iv)&nbsp;provision for income taxes, net of valuation allowance for deferred tax assets. The Company bases its estimates on various factors it believes to
be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the results of operations reported in future periods. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Variable Interest Entities </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">A legal
entity is considered a VIE if it has either a total equity investment that is insufficient to finance its operations without additional subordinated financial support or whose equity holders lack the characteristics of a controlling financial
interest. The Company&#146;s variable interests arise from contractual, ownership, or other monetary interests in the entity. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The Company determines it is the primary
beneficiary if it has the power to direct activities that most significantly impact the VIE&#146;s economic performance and has the obligation to absorb losses or the right to receive benefits of the VIE that could be potentially significant to the
VIE. The Company assesses whether or not it is the primary beneficiary of a VIE on an ongoing basis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Noncontrolling Interests </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Noncontrolling interests represent a portion of the equity of consolidated VIEs that are not held by the Company. These interests are recognized as a
result of the admission of <FONT STYLE="white-space:nowrap">non-voting</FONT> members into consolidated majority-owned affiliates (&#147;MOAs&#148;), which were formed in conjunction with the <FONT STYLE="white-space:nowrap">2017-1,</FONT> <FONT
STYLE="white-space:nowrap">2017-2,</FONT> and <FONT STYLE="white-space:nowrap">2018-1</FONT> securitizations for the purpose of holding subordinated certificates in sponsored securitizations for risk retention purposes. See &#147;<I>Note 3.
Securitizations and Variable Interest Entities</I>&#148; for details. Earnings and losses associated with these VIEs, are allocated to noncontrolling interests proportionally to their ownership interests in these entities in the period they are
incurred. Cash distributions to holders of noncontrolling interests are made in the period following the allocation of earnings and losses. Noncontrolling interests and associated income or losses for each year presented are disclosed as separate
line items on the consolidated balance sheets and consolidated statements of operations and comprehensive income (loss), respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Cash
and Restricted Cash </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Cash consists of bank deposits held in business checking and interest-bearing deposit accounts. As of
December&nbsp;31,&nbsp;2020, and&nbsp;2019 , the Company did not have any cash equivalent balances, defined as highly liquid financial instruments purchased with original maturities of three months or less. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Restricted cash primarily consists of bank deposits that are: (i)&nbsp;received from borrowers for interest and applied to loans as part of loan
servicing, but not yet distributed to investors; (ii)&nbsp;received from investors as collateral for financing of loan purchases on the Upstart platform but not yet invested in issued loans; and (iii)&nbsp;collateral for a letter of credit the
Company is required to maintain under its operating lease agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Financial Instruments not Measured at Fair Value </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company&#146;s financial instruments not measured at fair value consist primarily of cash, restricted cash, and other assets (excluding certain
financial instruments, which are measured at fair value), accounts payable, payable to investors, and other liabilities (excluding certain financial instruments, such as loan servicing assets and liabilities, trailing fee liabilities, common stock
warrant </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
liabilities and convertible preferred stock warrant liabilities, which are measured at fair value). The carrying values of these financial instruments are considered to be representative of their
respective fair values due to their short-term nature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Similarly, distributions payable to investors in securitization transactions, included in
payable to securitization note holders and residual certificates holders in the Company&#146;s consolidated balance sheets, are settled monthly as part of the waterfall payments and are not carried at fair value. Payable to investors includes
amounts of loan repayments not yet distributed to investors, as well as amounts received from investors but not yet invested directly in whole loans or notes payable. Borrowings are presented at par, net of debt issuance costs and amortized over the
contractual term, with accrued interest included as part of accounts payable on the consolidated balance sheets. The carrying value of borrowings approximates the fair value due to their relatively short maturities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Fair Value Measurement </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Assets and
liabilities recorded at fair value on a recurring basis on the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price
that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The price used to measure fair value is not adjusted for transaction costs. The principal market is the market in which the Company would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the
principal market for an asset or liability, it is assumed that the Company has access to the market as of the measurement date. If no market for the asset exists, or if the Company does not have access to the principal market, a hypothetical market
is used. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value
measurements as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:3%; text-indent:3%; font-size:10pt; font-family:ARIAL">Level 1&#151;Unadjusted quoted market prices in active markets for identical assets or liabilities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; text-indent:3%; font-size:10pt; font-family:ARIAL">Level&nbsp;2&#151; Inputs (other than quoted prices included in Level&nbsp;1) are either directly or indirectly observable for the asset
or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; text-indent:3%; font-size:10pt; font-family:ARIAL">Level&nbsp;3&#151; Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of
the assets or liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Assets and liabilities measured at fair value on a recurring basis include loans, notes receivable and residual
certificates, payable to securitization note holders and residual certificate holders, other assets, common stock warrant liabilities, convertible preferred stock warrant liabilities, loan servicing assets and liabilities, and trailing fee
liabilities. When developing fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">However, for certain instruments, the Company must utilize unobservable inputs in determining fair value due to the lack of observable inputs in the
market, which requires greater judgment in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
measuring fair value. In instances where there is limited or no observable market data, fair value measurements for assets and liabilities are based primarily upon the Company&#146;s own
estimates, and the measurements reflect information and assumptions that management believes a market participant would use in pricing the asset or liability. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Transfer of Financial Assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart-powered loans originated by bank partners are either retained by the bank partners, purchased by the Company and immediately sold to
institutional investors under loan sale agreements, or purchased and held by the Company for a period of time before being sold to third-party investors, or held by the Company. Loans retained and held on the Company&#146;s consolidated balance
sheets are classified as either <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment</FONT></FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale,</FONT></FONT> and loans purchased
for immediate resale to third-party investors are classified as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale.</FONT></FONT> Immediate loan resales to institutional investors are accounted for as transfers of
financial assets when the Company surrenders control of these loan assets. These sales typically occur shortly after the origination of the loans by the bank partner and the Company&#146;s subsequent acquisition of the loans from the originating
bank partner. Loans sold to institutional investors are derecognized from the Company&#146;s consolidated balance sheets at the time of sale in accordance with Topic 860, <I>Transfers and Servicing</I>. The Company records an asset or a liability at
fair value for its estimated post- sale servicing obligations. The Company also records liabilities at fair value for contingent obligations to repurchase loans that do not conform to the representations and warranties made to the loan purchaser at
the time of sale. The net liability is included in other liabilities on the Company&#146;s consolidated balance sheets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company retains certain
loans purchased from originating bank partners upon completion of the required holding period primarily for product development purposes. Refer to &#147;<I>Note 4. Fair Value Measurement</I>&#148; for further details. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Loan Servicing Assets and Liabilities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Loan servicing assets and liabilities are recognized at fair value when the Company transfers loans, which qualify as sales under Topic 860 with
servicing rights retained or when the Company enters into servicing agreements with bank partners who retain Upstart-powered loans. A loan servicing asset or liability exists depending on whether the revenue from servicing is expected to more than
adequately compensate the Company for carrying out its servicing obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Loan servicing assets and liabilities are recorded in other assets
and other liabilities, respectively, in the consolidated balance sheets, with changes in fair value recorded in servicing revenue, net, which is part of revenue from fees, net in the consolidated statements of operations and comprehensive income
(loss) in the periods presented. Refer to &#147;<I>Note 2. Revenue</I>&#148; for further details. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Property, Equipment, and Software, Net
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Property, equipment, and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are
recognized using the straight-line method over the estimated useful lives of the assets, which are generally three years for internally developed software, computer equipment, and furniture and fixtures. Leasehold improvements are depreciated over
the shorter of the remaining lease term or the estimated useful life. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Internally developed software is capitalized upon completion of the preliminary project stage, when it
becomes probable that the project will be completed, and the software will be used as intended. Capitalized costs primarily consist of salaries and payroll related costs for employees directly involved in development efforts. Costs related to the
preliminary project stage and activities occurring after the implementation of the software are expensed as incurred. Costs incurred for software upgrades are capitalized if they result in additional functionalities or substantial enhancements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company evaluates its long-lived assets for potential impairment when events or changes in circumstances indicate that the carrying amount of the
assets may not be recoverable. When such an event occurs, the Company determines whether there has been an impairment by comparing the anticipated undiscounted future net cash flows to the related asset group&#146;s carrying value. If an asset group
is considered impaired, it is written down to its fair value, which is determined based on discounted cash flows or appraised values, depending on the nature of the assets. There were no impairments of long-lived assets as of December&nbsp;31, 2020
and 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Leases </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company
determines if an arrangement is or contains a lease at inception. Operating leases are recorded on the consolidated balance sheets with <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets representing
the right to use the underlying asset and lease liabilities representing the obligation to make lease payments. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-of-use</FONT></FONT> assets (&#147;ROU&#148;) and lease
liabilities are recognized at lease commencement primarily based on the present value of lease payments over the lease term, and as necessary, at modification. The operating lease ROU assets also include any initial direct costs, lease payments made
prior to lease commencement, and lease incentives received. Variable lease payments are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs
incurred by lessors for common area maintenance and utilities. The Company&#146;s lease terms are the non-cancelable period including any rent-free periods provided by the lessor and may include options to extend or terminate the lease when it is
reasonably certain that it will exercise that option. At lease inception, and in subsequent periods as necessary, the Company estimates the lease term based on its assessment of extension and termination options that are reasonably certain to be
exercised. Lease costs for lease payments are recognized on a straight-line basis over the lease term. As the rate implicit on the Company&#146;s leases is not readily determinable, the Company uses its secured incremental borrowing rate to
determine the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and in a similar
economic environment. As of December&nbsp;31, 2020 and 2019, the Company did not have any material finance leases. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company has elected not to
separate lease and <FONT STYLE="white-space:nowrap">non-lease</FONT> components for any leases within its existing classes of assets and, as a result, accounts for any lease and <FONT STYLE="white-space:nowrap">non-lease</FONT> components as a
single lease component. The Company does not have any material leases with a term of 12 months or less. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Common Stock Warrant Liabilities
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company issued two common stock warrants in connection with loan agreements executed during the year ended December&nbsp;31, 2018. These
common stock warrants are exercisable at any time and have a repurchase option in the event of a qualified sale of the Company or an IPO. The </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
repurchase option terminates after the occurrence of either of these two events for warrants that are still outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The common stock warrants are contingently subject to repurchase at the option of the holders until the expiration of the repurchase clause. Therefore,
the common stock warrants meet the requirements for liability classification under ASC 480 &#147;<I>Distinguishing Liabilities from Equity</I>&#148; and reported in accrued expenses and other liabilities on the consolidated balance sheets at their
estimated fair value. Liability classified warrants are recorded at fair value and are subject to <FONT STYLE="white-space:nowrap">re-measurement</FONT> at each balance sheet date. The change in fair value, if any, is recognized as expense on
warrants and other <FONT STYLE="white-space:nowrap">non-operating</FONT> expenses, net in the consolidated statement of operations and comprehensive income (loss). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company assesses classification of its common stock warrants at each reporting date to determine whether a change in classification between
liability and equity is required. Upon expiration of the repurchase option, the common stock warrants no longer meet the criteria for liability classification and are classified to equity under ASC <FONT STYLE="white-space:nowrap">815-40</FONT>
&#147;<I>Contracts in Entity&#146;s Own Equity</I>&#148;. At reclassification, the common stock warrant is remeasured to fair value with any change in fair value recognized as expense on warrants and other
<FONT STYLE="white-space:nowrap">non-operating</FONT> expenses, net in the consolidated statement of operations and comprehensive income (loss). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Convertible Preferred Stock Warrant Liabilities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company issued convertible preferred stock warrants to institutional investors that are exercisable at any time. Such warrants are recorded within
accrued expenses and other liabilities on the consolidated balance sheets at their estimated fair value because the shares underlying the warrants may obligate the Company to transfer assets to the holders at a future date under certain
circumstances such as a deemed liquidation event. The fair value of the convertible preferred stock warrant liabilities is estimated using the Black-Scholes option-pricing model and the change in fair value, if any, is included in expense on
warrants and convertible notes, net in the consolidated statements of operations and comprehensive income (loss). The Company remeasured the liabilities until the warrant holder exercised the warrants in November 2020. At that time the convertible
preferred stock warrant liability was reclassified to additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital and preferred stock. Upon consummation of the IPO, the preferred stock was converted to common stock on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-one</FONT></FONT> basis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Revenue Recognition </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company&#146;s revenue consists of two components: revenue from fees, net and interest income and fair value adjustments, net. The revenue from fees,
net line item on the consolidated statements of operations comprehensive income (loss) is primarily comprised of platform and referral fees, net, which are recognized based on ASU <FONT STYLE="white-space:nowrap">2014-09,</FONT> <I>Revenue from
Contracts with Customers (Topic 606)</I>. The Company adopted Topic 606 as of January&nbsp;1, 2019, using the modified retrospective method for all contracts that were not complete as of the date of adoption. The adoption of Topic 606 did not have a
material impact on the Company&#146;s consolidated balance sheets, consolidated statements of operations and comprehensive income (loss), and consolidated statements of cash flows as of the adoption date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Topic 606 outlines a single comprehensive model in accounting for revenue arising from contracts with customers. The core principle, involving a
five-step process, of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Refer to &#147;<I>Note 2. Revenue</I>&#148; for further details. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Operating Expenses </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Sales and
marketing </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Sales and marketing expenses primarily consist of costs incurred across various advertising channels, including expenses for
partnerships with third-parties providing borrower referrals, direct mail and digital advertising campaigns, as well as other expenses associated with building overall brand awareness and experiential marketing costs. Sales and marketing expenses
also include payroll and other personnel-related costs, including stock-based compensation expense, for related teams. These costs are recognized in the period incurred. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Customer operations </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Customer operations
expenses include payroll and other personnel-related expenses, including stock-based compensation expense, for personnel engaged in onboarding, loan servicing, customer support and other related operational teams. These costs also include costs of
third-party collection agencies and other systems and tools the Company uses as part of information verification, fraud detection, and payment processing activities. These costs are recognized in the period incurred. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Engineering and product development </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Engineering and product development expenses primarily consist of payroll and other employee-related expenses, including stock-based compensation
expenses, for the engineering and product development teams as well the costs of systems and tools used by these teams. These costs are recognized in the period incurred. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>General, administrative, and other </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">General,
administrative, and other expenses consist primarily of payroll and other employee-related expenses, including stock-based compensation expense for legal and compliance, finance and accounting, human resources and facilities teams, as well as
depreciation and amortization of property, equipment and software, professional services fees, facilities and travel expenses. These costs are recognized in the period incurred. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Stock-Based Compensation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company
issues stock options to employees and nonemployees, including directors and third-party service providers, and employee stock purchase rights granted under the Company&#146;s employee stock purchase plan (&#147;ESPP&#148;). Stock options are
initially measured at fair value at the date of grant using the Black-Scholes option- pricing model. Stock-based compensation expenses are recognized based on their respective grant-date fair values. Forfeitures are estimated at the time of grant
and revised, as necessary, in subsequent periods if actual forfeitures differ from initial estimates. Stock-based compensation expense is recorded net of estimated forfeitures, such that the expense is recorded only for those stock options that are
expected to vest. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Other Income </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the years ended December&nbsp;31, 2020, 2019, and 2018, other income primarily consists of dividend income earned by the Company on its unrestricted
cash balance. It is recognized in the period earned. In 2018, other income also included amounts recognized by the Company in relation to a sublease agreement for an office space, which expired in 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In April 2020, the Company received a forgivable loan under the Paycheck Protection Program (&#147;PPP&#148;), totaling $5.3&nbsp;million with a stated
annual interest rate of 1%. All loan payments are deferred for six months if not forgiven under the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the &#147;CARES Act&#148;). The loan and accrued interest are forgivable for
borrowers who use the loan proceeds for eligible expenses during a twenty-four week period following the borrower&#146;s receipt of the loan and maintain payroll and employee headcount. The Company has used the full proceeds of the loan for eligible
expenses within the required period. The Company has determined that forgiveness of the loan under the CARES Act is reasonably assured and has recorded the full amount of proceeds as other income in the consolidated statement of operations
comprehensive income (loss). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Income Taxes </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A
valuation allowance may be established to reduce the deferred tax asset to the level at which it is &#147;more likely than not&#148; that the tax asset or benefits will be realized. Realization of tax benefits of deductible temporary differences and
operating loss carryforwards depends on having sufficient taxable income of an appropriate character within the carryback or carryforward periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon review by the taxing
authority. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Net Income (Loss) Per Share Attributable to Common Stockholders of Upstart Holdings, Inc. Stockholders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company follows the <FONT STYLE="white-space:nowrap">two-class</FONT> method when computing net income (loss) per common share when shares are issued
that meet the definition of participating securities. The <FONT STYLE="white-space:nowrap">two-class</FONT> method determines net income (loss) per common share for each class of common stock and participating securities according to dividends
declared or accumulated and participation rights in undistributed earnings. The <FONT STYLE="white-space:nowrap">two-class</FONT> method requires income available to common stockholders for the period to be allocated between common stock and
participating securities based upon their respective rights to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
receive dividends as if all income for the period had been distributed. The Company&#146;s convertible preferred stock contractually entitles the holders of such shares to participate in
dividends but does not contractually require the holders of such shares to participate in the Company&#146;s losses. Accordingly, for the periods where the Company is in a net loss position, the Company does not allocate any net loss attributable to
common stockholders to the convertible preferred stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Diluted net income (loss) per share is the amount of net income (loss) available to each
share of common stock outstanding during the reporting period, adjusted to include the effect of potentially dilutive common shares. For periods in which the Company reports net losses, basic and diluted net loss per share attributable to Upstart
Holdings, Inc.&#146;s common stockholders are the same because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Potentially dilutive common shares include incremental shares issued for
convertible preferred stock, stock options, warrants to purchase convertible preferred stock and warrants to purchase common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Comprehensive Income (Loss) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Comprehensive income (loss) represents all changes in equity of the Company during the periods presented, resulting from transactions with <FONT
STYLE="white-space:nowrap">non-owner</FONT> sources. The Company&#146;s comprehensive income (loss) was equal to its net income (loss) for the years ended December&nbsp;31, 2020, 2019 and 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Concentration of Credit Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, restricted cash, and loans. The
Company&#146;s cash and restricted cash are held in financial institutions in the United States. From time to time, amounts on deposit may exceed federally insured limits. The Company is exposed to credit risk in the event of default by these
financial institutions to the extent the amount recorded on the Company&#146;s consolidated balance sheets exceeds the insured amounts by the Federal Deposit Insurance Corporation (&#147;FDIC&#148;). The Company reduces credit risk by placing its
cash in high-credit-quality financial instruments that are managed by reputable institutions. The Company is further exposed to credit risks on loans held on our consolidated balance sheets from changes in economic conditions that may cause
individual borrower default due to inability or unwillingness to meet their financial obligations. The Company manages credit risk on loans by leveraging its AI models to effectively evaluate a borrower&#146;s credit worthiness and likelihood of
default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Customer revenues equal to or greater than 10% of total revenues was as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Customer A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Customer B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Less than 10% </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Customers accounting for greater than 10% of accounts receivable was as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Customer A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Customer B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Less than 10% </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company has one reportable segment. The Company&#146;s chief operating decision maker, the Chief Executive Officer, reviews financial information
presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Emerging Growth Company Status
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the &#147;JOBS Act&#148;). Under
the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended
transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i)&nbsp;no longer an emerging growth company or
(ii)&nbsp;affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the consolidated financial statements may not be comparable to companies that comply with the new or revised accounting
pronouncements as of public company effective dates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The JOBS Act does not preclude an emerging growth company from early adopting new or revised
accounting standards. The Company early adopted ASU <FONT STYLE="white-space:nowrap">2016-02,</FONT> Leases (Topic 842), effective January&nbsp;1, 2019. The Company expects to use the extended transition period for any other new or revised
accounting standards during the period which the Company remains an emerging growth company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Recently Adopted Accounting Pronouncements
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company adopted the following accounting standards during the year ended December&nbsp;31, 2020: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In August 2018, the Financial Accounting Standards Board (&#147;FASB&#148;) issued ASU <FONT STYLE="white-space:nowrap">2018-13,</FONT> <I>Fair Value
Measurement (Topic 820): Disclosure Framework &#150; Changes to the Disclosure Requirements for Fair Value Measurement</I>, which modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures.
The ASU eliminates disclosures such as the amount of and reasons for transfers between Level&nbsp;1 and Level&nbsp;2 of the fair value hierarchy and valuation processes for Level&nbsp;3 fair value measurements. The ASU also adds new disclosure
requirements for Level&nbsp;3 measurements. The new guidance became effective on January&nbsp;1, 2020 and did not have a material impact on the Company&#146;s related disclosures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In December 2019, the FASB issued ASU <FONT STYLE="white-space:nowrap">No.&nbsp;2019-12</FONT> (&#147;ASU
<FONT STYLE="white-space:nowrap">2019-12&#148;)</FONT> &#147;Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes&#148;, which removes certain exceptions to the general principles in Topic 740 and improves consistent application of
and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, this ASU is </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
effective for fiscal years, and interim periods within those fiscal years, beginning after December&nbsp;15, 2020. The Company early adopted ASU <FONT STYLE="white-space:nowrap">2019-12</FONT> in
the fourth quarter of 2020 with no material impact on the Company&#146;s consolidated financial statements and related disclosures. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Recently
Issued Accounting Pronouncements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU <FONT
STYLE="white-space:nowrap">2016-13,</FONT> <I>Financial Instruments &#150; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</I>, which will be effective January&nbsp;1, 2023 for emerging growth companies that have
adopted the private company relief. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. The Company accounts for
its loans at fair value through net income, which is outside the scope of Topic 326. For available for sale debt securities, the guidance will require recognition of expected credit losses by recognizing an allowance for credit losses when the fair
value of the security is below amortized cost and the recognition of this allowance is limited to the difference between the security&#146;s amortized cost basis and fair value. The Company is evaluating the impact this ASU will have on its
consolidated balance sheets, consolidated statements of operations and comprehensive income (loss), consolidated statements of cash flows and related disclosures. The Company plans to adopt Topic 326 effective as of January&nbsp;1, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In August 2018, the FASB issued ASU <FONT STYLE="white-space:nowrap">2018-15,</FONT> <I>Intangibles &#150; Goodwill and Other &#150; <FONT
STYLE="white-space:nowrap">Internal-Use</FONT> Software</I> <I>&#150; (Subtopic <FONT STYLE="white-space:nowrap">350-40):</FONT> Customer&#146;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service
Contract</I>, which requires a customer in a hosting arrangement that is a service contract to follow the <FONT STYLE="white-space:nowrap">internal-use</FONT> software guidance in Topic <FONT STYLE="white-space:nowrap">350-40</FONT> to determine
which implementation costs to capitalize as assets or expense as incurred. The standard is effective January&nbsp;1, 2021 for emerging growth companies that have adopted the private company relief. The amendments in this ASU can be applied either
retrospectively or prospectively to all implementation costs after the date of adoption. The Company does not expect the adoption of this guidance will have a material impact on the Company&#146;s consolidated financial statements related
disclosures. The Company plans to adopt the ASU <FONT STYLE="white-space:nowrap">2018-15</FONT> effective as of January&nbsp;1, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In August
2020, the FASB issued ASU <FONT STYLE="white-space:nowrap">No.&nbsp;2020-06,</FONT> <I>Debt-Debt with Conversion and Other Options (Subtopic <FONT STYLE="white-space:nowrap">470-20)</FONT> and Derivatives and Hedging-Contracts in Entity&#146;s Own
Equity (Subtopic <FONT STYLE="white-space:nowrap">815-40):</FONT> Accounting for Convertible Instruments and Contracts in an Entity&#146;s Own Equity</I>, which simplifies accounting for convertible instruments by removing major separation models
required under current U.S. GAAP. The standard removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas
The amendments in this update are effective for public business entities for fiscal years beginning after December&nbsp;15, 2021, and interim periods within those fiscal years. The amendment is to be adopted through either a fully retrospective or
modified retrospective method of transition. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a material impact on the Company&#146;s consolidated financial statements related disclosures. The Company
plans to early adopt ASU <FONT STYLE="white-space:nowrap">2020-06</FONT> effective as of January&nbsp;1, 2021. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>2. Revenue </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Revenue from fees, net </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company
disaggregates revenue from fees by type of service for the periods presented as follows (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><FONT STYLE="font-size:8pt"><B>2019</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>2018</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Revenue from fees, net:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Platform and referral fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">200,257</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">144,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">83,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Servicing fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total revenue from fees, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">228,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">159,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Platform and referral fees, net </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company enters into contracts with bank partners to provide access to a cloud-based artificial intelligence lending platform developed by the Company
(the &#147;Upstart platform&#148;) to enable banks to originate personal unsecured and auto refinance loans. The Upstart platform includes a cloud-based application (through Upstart.com or a bank-branded program) for submitting loan applications,
verifying information provided within submitted applications, risk underwriting (through a series of proprietary technology solutions), delivery of electronic loan offers, and if the offer is accepted by the borrower, an electronic loan
documentation signed by the borrower. Bank partners can specify certain parameters of loans they are willing to originate. Under these contracts, bank partners can choose to use Upstart&#146;s referral services, which allow them to access new
borrowers through Upstart&#146;s marketing channels. The Company&#146;s contracts with bank partners are non-cancelable and generally have <FONT STYLE="white-space:nowrap">12-month</FONT> terms that automatically renew. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">After origination, Upstart-powered loans are either retained by bank partners, purchased by the Company for immediate resale to institutional investors
under loan sale agreements, or purchased and held by the Company. Upstart pays bank partners a <FONT STYLE="white-space:nowrap">one-time</FONT> loan premium fee upon completion of the minimum holding periods. Upstart also pays bank partners monthly
loan trailing fees based on the amount and timing of principal and interest payments made by borrowers of the underlying loans. The monthly loan trailing fees are paid based on the amount and timing of principal and interest payments made by
borrowers of the underlying loans. Both the loan premium fees and loan trailing fees are consideration payable to customers and are recorded as a reduction to platform and referral fees, net, which is part of revenue from fees, net, in the
consolidated statements of operations and comprehensive income (loss) for the periods presented. The Company recognized $8.3&nbsp;million, $5.5&nbsp;million and $3.3&nbsp;million of loan premium fees and loan trailing fees as contra-revenue within
platform and referral fees, net for the year ended December&nbsp;31, 2020, 2019 and 2018, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company started paying loan trailing
fees on January&nbsp;1, 2019. As of December&nbsp;31, 2020, the Company recorded $1.3&nbsp;million of loan trailing fee liability, which is recorded at fair value and included within accrued expenses other liabilities on the Company&#146;s
consolidated balance sheets. As of December&nbsp;31, 2019, the Company recorded an immaterial loan trailing fee liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company&#146;s
arrangements for platform and referral services typically consist of an obligation to provide one or both of these services to customers, which are our bank partners, on a when and if </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
needed basis (a stand- ready obligation), and revenue is recognized as such services are performed. Additionally, the services have the same pattern and period of transfer, and when provided
individually or together, are accounted for as a single combined performance obligation representing a series of distinct services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Platform and
referral services are typically provided under a fixed or declining (tier-based) price per unit based on volume or as a percentage of the total value of loans originated each period; however, pricing for these services may also be based on minimum
usage fees. The tier-based pricing, when offered, resets on a monthly basis and does not accumulate. Given that the nature of the Company&#146;s promise is to stand ready and provide continuous access to and process transactions through the
platform, tier-based pricing based on usage represents variable consideration. Since the variable fees relate directly to the day in which such services are provided, they generally meet the criteria for allocating variable consideration entirely to
one or more, but not all, performance obligations in a contract. Accordingly, when the requisite criteria are met, variable fees are allocated to and recognized on the day the services are provided. Fees for platform and referrals services are
typically billed and paid on a monthly basis. As such, the Company&#146;s contracts with customers do not include a significant financing component. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company did not recognize revenue from performance obligations related to prior periods for the years ended December&nbsp;31, 2020, 2019 and 2018.
The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of December&nbsp;31, 2020 and 2019. The Company had $8.1&nbsp;million and $5.4&nbsp;million of accounts receivable that are included in other
assets on the consolidated balance sheets related to contracts with customers as of December&nbsp;31, 2020 and 2019, respectively. The Company&#146;s allowance for bad debt was immaterial as of December&nbsp;31, 2020 and 2019, and the Company&#146;s
bad debt expense was immaterial for the periods presented. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Servicing fees, net </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company also enters into contracts with bank partners and institutional investors to provide loan servicing for the life of Upstart-powered loans.
These services commence upon origination of these loans by bank partners and include collection, processing and reconciliations of payments received, investor reporting and borrower customer support as well as distribution of funds to the holders of
the loans. The Company charges the loan holder a monthly servicing fee calculated based on a predetermined percentage of the outstanding principal balance. Servicing fees also include certain ancillary fees charged on a per transaction basis for
processing late payments and payments declined due to insufficient funds. Servicing fees are recognized in the period the services are provided. Loan servicing fees are not within the scope of Topic 606 and are accounted for under Topic&nbsp;860,
<I>Transfers and servicing of financial assets</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Servicing fees, net also include gains and losses on assets and liabilities recognized under
loan servicing arrangements for loans retained by bank partners or loans sold to institutional investors. Such gains or losses are recognized based on whether the benefits of servicing are expected to more than adequately compensate the Company for
carrying out its servicing obligations. Servicing fees also include changes in fair value of loan servicing assets and liabilities in the periods presented. Refer to &#147;<I>Note 4. Fair Value Measurement</I>&#148; for additional information on
changes in fair value associated with servicing assets and liabilities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-22 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company recognized gains and losses related to loan servicing rights upon loan sales for the
periods presented as follows (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net gain (loss) related to loan servicing rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(857</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,943</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company generally outsources borrower payment collections for loans that are more than 30 days past due or charged
off to third-party collection agencies. The Company charges bank partners and institutional investors for collection agency fees related to their outstanding loan portfolio. The Company has discretion in hiring the collection agencies and
determining the scope of their work. As the principal in the arrangement, the Company recognizes gross revenue from collection agency fees in the period that the services are provided. Upstart also receives certain ancillary fees inclusive of late
payment fees and ACH fail fees. Revenue from collection agency fees and borrower fees are included in servicing fees, net as part of revenue from fees, net in the Company&#146;s consolidated statements of operations and comprehensive income (loss).
The total fees charged by collection agencies are also recognized in the period incurred and reported as part of customer operations expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
Company recognized collection agency fees and borrower fees, which are included in servicing fees, net for the periods presented as follows (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="81%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Collection agency fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Borrower fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,093</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,539</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">745</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Interest Income and Fair Value Adjustments, Net </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Interest income and fair value adjustments, net is comprised of interest income, interest expense and net changes in the fair value of financial
instruments, held in the Company&#146;s normal course of business at fair value, including loans, notes receivable and residual certificates, payable to securitization note holders and residual certificate holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The table below presents components of the interest income and fair value adjustments, net presented in the Company&#146;s condensed consolidated
statements of operations and comprehensive income (loss) (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="73%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Interest income and fair value adjustments, net:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="9" VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Interest income<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">63,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">76,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Interest expense<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,026</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,485</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,483</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Fair value and other adjustments, net<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,566</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,486</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(39,369</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total interest income and fair value adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,342</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-23 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Includes interest income, interest expense and fair value adjustments, net related to consolidated securitization trusts
as follows: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Interest income and fair value adjustments, net related to consolidated securitization trusts:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,173</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">38,218</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">60,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,074</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,331</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,200</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Fair value and other adjustments, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,555</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,676</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37,607</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total interest income and fair value adjustments, net </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,211</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Interest income </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Interest income is recognized based on the terms of the underlying agreements with borrowers for loans held on the Company&#146;s consolidated balance
sheets and is earned over the life of a loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Interest income also includes accrued interest earned on outstanding loans but not collected. Loans
that have reached a delinquency of over 120 days are classified as <FONT STYLE="white-space:nowrap">non-accrual</FONT> status and any accrued interest recorded in relation to these loans is reversed in the respective period. As of December&nbsp;31,
2020, and 2019, the Company has recorded $0.9&nbsp;million and $1.2&nbsp;million of accrued interest income in loans on the consolidated balance sheets, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Interest expense </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Interest expense is
primarily related to interest recorded on the Company&#146;s borrowings and the notes issued as part of the consolidated securitizations. Interest expense includes accrued interest incurred but not paid. Accrued interest expenses were immaterial as
of December&nbsp;31, 2020 and 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Fair value and other adjustments, net </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Fair value and other adjustments, net include changes in fair value of financial instruments, other than loan servicing assets and liabilities, common
stock warrant liabilities, and convertible preferred stock warrant liabilities. These adjustments are recorded in the Company&#146;s earnings and include both realized and unrealized changes to the value of related assets and liabilities. Refer to
&#147;<I>Note 4. Fair Value Measurement</I>&#148; for additional information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Fair value and other adjustments, net also include income
attributable to third-party residual certificate holders for the consolidated securitization and amounts received from borrowers for previously <FONT STYLE="white-space:nowrap">charged-off</FONT> loans held on the Company&#146;s consolidated balance
sheets. These amounts are recognized in the period received. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>3. Securitizations and Variable Interest Entities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Consolidated VIEs </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company
consolidates VIEs in which the Company has a variable interest and is determined to be the primary beneficiary. This determination is based on whether the Company has a variable interest (or combination of variable interests) that provides the
Company with (a)&nbsp;the power to direct the activities that most significantly impact the VIE&#146;s economic performance and (b)&nbsp;the obligation to absorb losses or right to receive benefits that could be potentially significant to the VIE.
The Company continually reassesses whether it is the primary beneficiary of a VIE throughout the entire period the Company is involved with the VIE. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-24 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company also determines whether decision-maker or service-provider fees are variable interests.
Decision-maker or service-provider fees are not considered variable interests when the arrangement does not expose the Company to risks of loss that a potential VIE was designed to pass on to its variable interest holders, the fees are commensurate,
the arrangement is at market, and the Company does not have any other interests (including direct interests and certain indirect interests held through related parties) that absorb more than an insignificant amount of a VIE&#146;s potential
variability. This determination can have a significant impact on the Company&#146;s consolidation analysis, as it could affect whether a legal entity is a VIE and whether the Company is the primary beneficiary of a VIE. When the Company&#146;s
decision-maker or service-provider fee is not a variable interest, the Company is viewed as acting as a fiduciary for the potential VIE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">See
&#147;<I>Note 1. Description of Business and Significant Accounting Policies</I>&#148; for additional information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Warehouse Entities </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company established Upstart Loan Trust and Upstart Warehouse Trust to enter into warehouse credit facilities for the purpose of purchasing
Upstart-powered loans. See <I>&#147;Note 7. Borrowings&#148; </I>for additional information. These entities are Delaware statutory trusts that are structured to be bankruptcy-remote, with third-party banks operating as trustees. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Consolidated Securitizations and MOAs </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
Company entered into three private offering securitization transactions in June 2017 <FONT STYLE="white-space:nowrap">(&#147;2017-1&#148;),</FONT> November 2017 <FONT STYLE="white-space:nowrap">(&#147;2017-2&#148;),</FONT> and April 2018 <FONT
STYLE="white-space:nowrap">(&#147;2018-1&#148;),</FONT> respectively. As the sponsor of these securitization transactions, the Company created several legal entities for the roles of depositors, issuers, grantor trusts, and MOAs for each
securitization transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under the risk retention requirements in Title 17 U.S. <I>Code of Federal Regulations </I>Part 246, <I>Credit Risk
Retention</I>, promulgated by Securities and Exchange Commission (&#147;RR&#148;), the Company is required to retain at least 5% of the economic risk in the securitization transactions in which the Company is the retaining sponsor. The Company
elected to satisfy the RR requirements by holding Eligible Horizontal Retained Interests (&#147;EHRIs&#148;) in the form of subordinated certificates within the established MOAs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Concurrently with the closing of the <FONT STYLE="white-space:nowrap">2017-1,</FONT> <FONT STYLE="white-space:nowrap">2017-2,</FONT> and <FONT
STYLE="white-space:nowrap">2018-1</FONT> securitization transactions, while maintaining its status as the primary beneficiary of the related MOAs, the Company sold 80% of its interests in these MOAs to an institutional investor in exchange for cash
of approximately $8.0&nbsp;million, $7.8&nbsp;million, and $8.0&nbsp;million, respectively, based on the fair value of the residual certificates held in the MOAs as determined on the pricing dates. As a result of the sales, the Company maintained a
20% interest in the MOAs and its status as the managing member, while the investor became a <FONT STYLE="white-space:nowrap">non-voting</FONT> limited member of these MOAs. As of December&nbsp;31, 2019, the institutional investor&#146;s ownership
interests in the <FONT STYLE="white-space:nowrap">2018-1</FONT> MOA represent the noncontrolling interests on the consolidated balance sheets. As of December&nbsp;31, 2020, no noncontrolling interests were recognized due to deconsolidation of the <FONT
STYLE="white-space:nowrap">2018-1</FONT> securitization during 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upon closing of these securitization transactions, the Company determined that
the servicing fees represented a variable interest in these securitization entities due to the EHRIs held by the Company&#146;s </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-25 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
MOAs to satisfy the RR requirements. The EHRIs held by these MOAs were deemed to potentially absorb more than an insignificant amount of the VIEs&#146; expected losses or expected returns at the
inception of the securitization transactions. The Company also determined that it was the primary beneficiary of these entities and consolidated the MOAs and trusts associated with the <FONT STYLE="white-space:nowrap">2017-1,</FONT> <FONT
STYLE="white-space:nowrap">2017-2,</FONT> and <FONT STYLE="white-space:nowrap">2018-1</FONT> securitization transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Subsequent to the
expiration of the RR requirements for <FONT STYLE="white-space:nowrap">2017-1</FONT> and <FONT STYLE="white-space:nowrap">2017-2</FONT> in December 2019 and <FONT STYLE="white-space:nowrap">2018-1</FONT> in June 2020, the residual certificates held
by each of the respective MOAs were distributed based on the proportional equity held by Upstart and the investor. This distribution required the Company to reassess whether its servicing fee is a variable interest. Although the Company maintains a
reduced level of variable interests in the <FONT STYLE="white-space:nowrap">2017-1</FONT> and <FONT STYLE="white-space:nowrap">2017-2</FONT> securitization transactions through the EHRIs, the Company&#146;s other interests subsequent to these
distributions are no longer expected to absorb more than an insignificant amount of each of the VIE&#146;s expected losses or expected returns. Therefore, the Company concluded that the fees for servicing the securitization transactions are no
longer considered variable interests, and as such the powers the Company possesses through the servicing arrangements are no longer considered in the primary beneficiary determination. As a result, the Company concluded it was no longer the primary
beneficiary of the <FONT STYLE="white-space:nowrap">2017-1,</FONT> <FONT STYLE="white-space:nowrap">2017-2,</FONT> and <FONT STYLE="white-space:nowrap">2018-1</FONT> securitization transactions. The Company deconsolidated the legal entities
associated with the <FONT STYLE="white-space:nowrap">2017-1</FONT> and <FONT STYLE="white-space:nowrap">2017-2</FONT> securitization transactions as of December&nbsp;31, 2019 and <FONT STYLE="white-space:nowrap">2018-1</FONT> as of June&nbsp;30,
2020. The Company recorded an immaterial net gain on the deconsolidation of these entities. The Company maintained its role as servicer of these securitization transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company sponsored three additional securitization transactions in August 2018 <FONT STYLE="white-space:nowrap">(&#147;2018-2&#148;),</FONT> February
2019 <FONT STYLE="white-space:nowrap">(&#147;2019-1&#148;)</FONT> and August 2019 <FONT STYLE="white-space:nowrap">(&#147;2019-2&#148;),</FONT> respectively. As the retaining sponsor of these transactions, the Company was subject to the RR
requirements and satisfied them through Eligible Vertical Interests (&#147;EVIs&#148;) in the form of a combination of securitization notes and residual certificates through the established MOAs. The Company concluded that it has a variable interest
and is the primary beneficiary of the MOAs associated with these securitization transactions. As a result, the Company consolidated these MOAs as of December&nbsp;31, 2020 and 2019. The Company determined that it is not the primary beneficiary of
the trusts which hold the loans associated with these securitization transactions, primarily because the Company&#146;s servicing fees are not considered variable interests, and that the transfer of loans as collateral into these securitization
transactions met the definition of a sale under Topic 860, <I>Transferring and Servicing</I>. As such, the Company derecognized these loans from the consolidated balance sheets upon the closing of these securitization transactions. Refer to the
<I>Unconsolidated Securitizations </I>section below for more information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Other Consolidated VIEs </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart Loan Trust 2, a Delaware statutory trust, holds personal loans facilitated through the Upstart platform that do not meet the criteria for
inclusion in the warehouse credit facilities, or that were the result of the Company&#146;s repurchases of loans for breaches of representations and warranties made to institutional investors, as described above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-26 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following tables present a summary of financial assets and liabilities from the Company&#146;s
involvement with consolidated VIEs (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="71%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net&nbsp;Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>December 31, 2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Warehouse Entities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">71,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">35,109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">36,421</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Majority-owned Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,219</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other Consolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,243</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,243</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total Consolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">104,992</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">42,296</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">62,696</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net&nbsp;Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>December 31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Warehouse Entities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">131,903</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">80,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">51,697</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Securitizations:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Securitization Trusts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98,572</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95,995</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Majority-owned Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,058</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other Consolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,926</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,878</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total Consolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">275,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">193,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">82,360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Company&#146;s continued involvement in all of its securitizations in which it is the sponsor includes loan servicing rights and
obligations for which it receives servicing fees over the life of the underlying loans. The Company monitors its status as the primary beneficiary and in case of reconsideration events, updates the analysis accordingly. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Unconsolidated VIEs </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
Company&#146;s transactions with unconsolidated VIEs include securitizations of unsecured personal whole loans and sales of whole loans to VIEs. The Company has various forms of involvement with VIEs, including servicing of loans and holding senior
or residual interests in the VIEs. The Company&#146;s transactions with unconsolidated VIEs include securitizations of unsecured personal whole loans and sales of whole loans to VIEs. The Company has various forms of involvement with VIEs, including
servicing of loans and holding senior or residual interests in the VIEs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Unconsolidated Securitizations </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December 31, 2020, the Company&#146;s unconsolidated VIEs include entities established as the issuers and grantor trusts for the 2017-1, 2017-2,
2018-1, 2018-2, 2019-1, and 2019-2 securitization transactions (the &#147;Unconsolidated Securitizations&#148;). The Company&#146;s continued involvement in the unconsolidated VIEs is in the form of its role as the sponsor and the servicer of these
transactions. For each of the unconsolidated securitizations, the Company determined that it is not the primary beneficiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In cases where the
VIEs are not consolidated and the transfer of the loans from the Company to the securitization trust meets sale accounting criteria, the Company recognizes a gain or loss on sales of loans. The net proceeds of the sale represent the fair value of
any assets obtained or liabilities incurred as part of the transaction. The assets are transferred into a trust such that the assets are legally isolated from the creditors of the Company and are not available to satisfy obligations of the Company.
These assets can only be used to settle obligations of the underlying securitization trusts. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-27 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Upstart Network Trust </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upstart Network Trust (&#147;UNT&#148;), also a Delaware statutory trust, was established in 2014 to facilitate Upstart&#146;s fractional loan program.
The Company is the servicer of UNT&#146;s loan assets and previously concluded that the servicing fee represents a variable interest and that the Company is the primary beneficiary of UNT. The program was formally discontinued in 2019 and as a
result of a reduction in the Company&#146;s investment in UNT, the Company concluded that it was no longer the primary beneficiary and therefore deconsolidated UNT during 2019. An immaterial loss related to servicing rights was recognized on
deconsolidation. The fair value of the Company&#146;s investment in UNT is included in notes receivable and residual certificates in the consolidated balance sheets as of December&nbsp;31, 2020, and 2019. The Company&#146;s continued involvement in
UNT includes loan servicing rights and obligations for which it receives servicing fees over the life of the underlying loans </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company&#146;s
unconsolidated VIEs include UNT, which was deconsolidated during the year ended December&nbsp;31, 2019 upon discontinuation of the fractional loan program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following tables summarize the aggregate carrying value of assets and liabilities of unconsolidated VIEs in which the Company holds a variable
interest but is not the primary beneficiary (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="62%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net<BR>Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum<BR>Exposure&nbsp;to<BR>Losses</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>December&nbsp;31, 2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Securitizations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">484,604</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">390,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">94,352</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">24,434</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Upstart Network Trust</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,754</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,754</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,707</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total Unconsolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">524,358</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">430,006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">94,352</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="61%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net<BR>Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum<BR>Exposure&nbsp;to</B><br><B>Losses</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>December&nbsp;31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Securitizations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">778,628</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">640,592</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">138,036</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">34,828</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Upstart Network Trust</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,303</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total Unconsolidated VIEs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">855,835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">717,799</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">138,036</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">38,131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The carrying value of assets that relate to variable interests in unconsolidated VIEs consists of $18.9&nbsp;million and
$30.3&nbsp;million which are included in notes receivable and residual certificates on the consolidated balance sheets as of December&nbsp;31, 2020, and 2019, respectively. The Company also had $7.2&nbsp;million and $4.6&nbsp;million of cash
deposits made to reserve accounts for related securitizations, included in other assets on the consolidated balance sheets as of December&nbsp;31, 2020, and 2019, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company&#146;s maximum exposure to loss from its involvement with unconsolidated VIEs represents the estimated loss that would be incurred under
severe, hypothetical circumstances, for which the Company believes the possibility is remote, such as where the value of securitization notes and senior and residual certificates the Company holds as part of the RR requirement declines to zero. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-28 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table summarizes activity related to the unconsolidated securitization transactions on
the Company&#146;s consolidated financial statements (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Principal derecognized from loans securitized</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">95,342</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net gains recognized from loans securitized included in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,395</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Fair value of securitization notes and residual certificates retained in the transaction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Cash proceeds from loans securitized</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,845</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Cash proceeds from servicing and other administrative fees on loans securitized</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Cash proceeds from interest received on securitization notes and residual certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,663</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Retained Interest in Unconsolidated VIEs </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The investors and the securitization trusts have no direct recourse to the Company&#146;s assets, and holders of the securities issued by the
securitization trusts can look only to the assets of the securitization trusts that issued their securities for payment. The beneficial interests held by the Company and the Company&#146;s MOAs are subject principally to the credit and prepayment
risk stemming from the underlying unsecured personal whole loans. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Loans
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap">Off-balance</FONT> sheet loans relate to securitization transactions for which the Company has some form of
continuing involvement, including as servicer. For a loan related to securitization transactions where servicing is the only form of continuing involvement, the Company would only experience a loss if it were required to repurchase such a loan due
to a breach in representations and warranties associated with its loan sale or servicing contracts. Additionally, in the unlikely event principal payments on the loans backing a securitization are insufficient to pay senior note holders, any amounts
the Company contributed to the securitization reserve accounts may be depleted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In December 2019, February 2020, and October 2020, the Company <FONT
STYLE="white-space:nowrap">co-sponsored</FONT> securitization transactions <FONT STYLE="white-space:nowrap">(&#147;2019-3&#148;,</FONT> <FONT STYLE="white-space:nowrap">&#147;2020-1&#148;,</FONT> and
<FONT STYLE="white-space:nowrap">&#147;2020-3&#148;,</FONT> respectively) with an investment bank. The Company was not required to retain economic risk in these securitization transactions as the <FONT STYLE="white-space:nowrap">co-sponsor</FONT>
investment bank acted as the retaining sponsor. Similar to <FONT STYLE="white-space:nowrap">2018-2,</FONT> <FONT STYLE="white-space:nowrap">2019-1,</FONT> and <FONT STYLE="white-space:nowrap">2019-2,</FONT> the Company contributed certain loans to
this securitization as collateral and recognized this transfer under Topic 860, <I>Transferring and Servicing</I>. The Company is also the servicer of these securitization transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In September 2020, the Company co-sponsored an additional securitization transaction (&#147;2020-2&#148;) with an investment bank. The Company did not
retain economic risk in this transaction and did not contribute any loans as collateral. The Company is the servicer of this securitization. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-29 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>4. Fair Value Measurement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table presents assets and liabilities measured at fair value (in thousands): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="66%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31, 2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level&nbsp;1</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level&nbsp;2</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level&nbsp;3</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">78,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">78,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Notes receivable and residual certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loan servicing assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">104,365</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">104,365</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loan servicing liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,254</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,254</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Trailing fee liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,276</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,276</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31, 2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level&nbsp;1</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level&nbsp;2</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level&nbsp;3</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">232,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">232,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Notes receivable and residual certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loan servicing assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">271,146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">271,146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Trailing fee liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loan servicing liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Payable to securitization notes and residual certificate holders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Convertible preferred stock warrant liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Common stock warrant liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">102,118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">102,118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Financial instruments are categorized in the fair value hierarchy based on the significance of unobservable factors in
the overall fair value measurement. Since the Company&#146;s loans, notes receivable and residual certificates, other assets, loan servicing assets and liabilities, payable to securitization note holders and residual certificate holders, trailing
fee liabilities, convertible preferred stock warrants, and common stock warrants, do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of these assets and
liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company has elected the fair value option for loans, notes receivable and residual certificates, and payable to securitization
note holders and residual certificate holders. The election allows for assets and related liabilities to be measured similarly. Changes in the fair value of the loans are partially offset by corresponding changes in the fair value of payable to
securitization note holders and residual certificate holders. The net fair value adjustments are presented as interest income and fair value adjustments, net in the consolidated statements of operations and comprehensive income (loss). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-30 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the
periods presented. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Loans </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of
December 31, 2020, loans included in the Company&#146;s consolidated balance sheets are classified as either held-for-sale or held-for-investment. The Company reclassified such loans held by the warehouse entities from held-for-investment to
held-for-sale as of January 1, 2020, due to the Company&#146;s intent to sell the loans prior to maturity and increasing evidence of their marketability. Other loans held on the Company&#146;s consolidated balance sheets retained their
classification as held-for-investment. These loans include loans which do not satisfy the warehouse requirements and loans held in the consolidated securitizations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table presents the fair value of classes of loans held by the Company (in thousands): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loans held-for-sale</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">60,232</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loans held-for-investment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,228</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">141,555</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loans held-for-investment in consolidated securitizations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">78,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">232,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Valuation Methodology </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Loans held-for-sale and held-for-investment, excluding those in consolidated securitizations, are measured at estimated fair value using a discounted
cash flow model. The fair valuation methodology considers projected prepayments and historical defaults, losses and recoveries to project future losses and net cash flows on loans. Net cash flows are discounted using an estimate of market rates of
return. The fair value of these loans also includes accrued interest, which was immaterial as of December 31, 2020, and 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For the years ended
December 31, 2020 and 2019, the Company elected the measurement alternative under Topic 810, <I>Consolidation, </I>and maximizes the use of observable inputs to estimate the fair value of the financial assets and liabilities of consolidated
securitization entities. Under the measurement alternative, the Company measures the financial assets, which consist of held-for-investment and held-for-sale loans in the consolidated balance sheets, and financial liabilities, which consist of
securitization notes and residual certificates issued to institutional investors, included in payable to securitization note holders and residual certificate holders in the consolidated balance sheets, using the more observable of the fair value of
the financial assets and liabilities. The Company determined the fair value of the amounts payable to securitization note holders and residual certificate holders is more observable than that of the loans. The securitization notes and residual
certificates are measured at fair value, and the loans are measured based on the sum of the fair value of the securitization notes and residual certificates, with changes in fair value included in the consolidated statements of operations and
comprehensive income (loss). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-31 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Significant Inputs and Assumptions </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table presents quantitative information about the significant unobservable inputs used for the Company&#146;s Level&nbsp;3 fair value
measurements for loans <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale,</FONT></FONT> excluding loans held- <FONT
STYLE="white-space:nowrap">for-investment</FONT> in consolidated securitizations: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Minimum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-<BR>Average&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Minimum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-<BR>Average&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.80</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.99</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.44</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.72</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.57</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.98</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Credit risk rate<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.36</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52.31</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.82</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.31</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52.29</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.19</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Prepayment rate<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.64</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78.36</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31.03</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.34</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29.49</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Expressed as a percentage of the original principal balance of the loans </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Unobservable inputs were weighted by relative fair value </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Discount rates</I>&#151;The discount rates are rates of return used to discount future expected cash flows to arrive at a present value, which
represents the fair value. The discount rates used for the projected net cash flows are the Company&#146;s estimates of the rates of return that market participants would require when investing in these financial instruments with cash flows
dependent on credit quality of the related loan. A risk premium component is implicitly included in the discount rates to reflect the amount of compensation market participants require due to the uncertainty inherent in the instruments&#146; cash
flows resulting from risks such as credit and liquidity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Credit risk rates</I>&#151;The credit risk rates are an estimate of the net cumulative
principal payments that will not be repaid over the entire life of a financial instrument. The credit risk rates are expressed as a percentage of the original principal amount of the instrument. The estimated net cumulative loss represents the sum
of the net losses estimated to occur each month of the life of the instrument, net of the average recovery expected to be received. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Prepayment
rates</I>&#151;Prepayment rates are an estimate of the cumulative principal prepayments that will occur over the entire life of a loan as a percentage of the original principal amount of the loan. The assumption regarding cumulative prepayments
impact the projected balances and expected terms of the loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The above inputs are similarly used in estimating fair value of related financial
instruments. Refer to the <I>Assets and Liabilities related to Securitization Transactions </I>section below for more information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Significant
Recurring Level&nbsp;3 Fair Value Input Sensitivity </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The below table presents the sensitivity of the loans <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">held-for-sale</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-investment,</FONT></FONT> excluding those in consolidated securitizations, to adverse changes in key assumptions
used in the valuation model as of December&nbsp;31, 2020, and 2019, respectively. The estimated fair value of these loans is not sensitive to adverse changes in expected prepayment rates as such changes would not result in a significant impact on
the fair value in either periods. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><B></B><I>(amounts in thousands)</I><B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value of loans</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">78,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">141,555</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Discount rates</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">100 basis point increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(979</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,898</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">200 basis point increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,939</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,755</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Expected credit loss rates on underlying loans</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">10% adverse change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,303</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,325</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">20% adverse change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,611</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,656</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-32 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Rollforward of Level&nbsp;3 Fair Values </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following tables include a rollforward of the loans classified within Level&nbsp;3 of the fair value hierarchy (in thousands): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loans<BR><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Held-for-</FONT></FONT><BR>Sale</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Loans&nbsp;Held-for-</FONT></FONT><BR>Investment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Loans&nbsp;Held-for-</FONT></B><br><B>Investment<BR>(Securitized)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">141,555</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">90,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">232,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Reclassification of loans from HFI to HFS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(125,779</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchases of loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,127</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,655</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,782</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Sale of loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(144,944</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(144,944</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchase of loans for immediate resale to investors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,540,948</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,540,948</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Immediate resale to investors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,540,948</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,540,948</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repayments received</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,306</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,669</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,018</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,993</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,033</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,589</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,508</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,130</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other changes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(391</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(338</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes due to deconsolidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,222</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,222</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">60,232</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">18,228</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">78,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Loans&nbsp;Held-</FONT><BR><FONT STYLE="white-space:nowrap">for-</FONT> Sale</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Loans&nbsp;Held-for-</FONT></FONT><BR>Investment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Loans&nbsp;Held-for-</FONT></B><br><B>Investment<BR>(Securitized)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">134,650</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">368,016</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">502,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchases of loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">265,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">265,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Sale of loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(131,838</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(131,838</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchase of loans for immediate resale to investors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,779,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,779,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Immediate resale to investors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,779,180</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,779,180</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repayments received</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(47,950</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(158,921</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(206,871</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,821</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36,238</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42,059</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes due to deconsolidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(72,757</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(82,107</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(154,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other changes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">141,555</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">90,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">232,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Assets and Liabilities related to Securitization Transactions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020 and 2019, the Company held notes receivable and residual certificates with an aggregate fair value of $19.1&nbsp;million and
$34.1&nbsp;million, respectively. The balances consist of securitization notes and residual certificates corresponding to the 5% economic risk retention the Company is required to maintain as the retaining sponsor of the unconsolidated
securitizations. As of December&nbsp;31, 2020 and 2019, the Company also had payables to securitization note holders and residual certificate holders with an aggregate fair value of $0&nbsp;million and $89.7&nbsp;million, respectively. The balances
represent securitization notes and residual certificates issued and sold to institutional investors in securitization transactions, where the issuing trusts are consolidated in the Company&#146;s consolidated financial statements. Accrued interest
on these financial instruments is immaterial as of December 31, 2020 and 2019. As of December&nbsp;31, 2020, the balance for payables to securitization note holders and residual certificate holders and related accrued interest was $0&nbsp;million
due to deconsolidation of previously consolidated securitizations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-33 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Valuation Methodology </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The discounted cash flow methodology is used to estimate the fair value of notes receivable and residual certificates and payables to securitization note
holders and residual certificate holders (the &#147;securities&#148;), using the same projected net cash flows as their related loans. This model uses inputs that are inherently judgmental and reflect the Company&#146;s best estimates of the
assumptions a market participant would use to calculate fair value. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Significant Inputs and Assumptions </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table presents quantitative information about the significant unobservable inputs used for the Company&#146;s Level&nbsp;3 fair value
measurements of assets and liabilities related to securitization transactions: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Minimum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-<BR>Average<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Minimum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-<BR>Average<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Notes receivable and residual certificates</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.01</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.84</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.91</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.29</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Credit risk rate<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.04</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50.69</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.12</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.18</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50.67</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.08</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Prepayment rate<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.60</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36.88</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.63</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.19</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59.83</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.44</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Payable to securitization note holders and residual certificate holders</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.03</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.88</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Credit risk rate<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.20</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40.97</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.17</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Prepayment rate<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.14</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32.47</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.68</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Expressed as a percentage of the original principal balance of the loans underlying the financial instruments
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Unobservable inputs were weighted by relative fair value </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Not applicable as of the respective periods presented due to the deconsolidation of previously consolidated
securitizations </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Significant Recurring Level&nbsp;3 Fair Value Input Sensitivity </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The securities issued in the securitization transactions are senior or subordinated based on the waterfall criteria of loan payments to each security
class, with the residual interest (the &#147;residual certificates&#148;) issued being the first to absorb credit losses in accordance with the waterfall criteria. Accordingly, the residual certificates are the most sensitive to adverse changes in
credit risk rates. Depending on the specific securitization, a hypothetical increase in the credit risk rate of 10% to 20% would result in significant decreases in the fair value of the residual certificates. On average, a hypothetical increase in
the credit risk rate of 20% would result in a 20% decrease in the fair value of the residual certificates. The remaining classes of securities, with the exception of those in <FONT STYLE="white-space:nowrap">2018-2,</FONT> are all overcollateralized
such that changes in credit risk rates are not expected to have significant impacts on their fair values. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-34 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The fair value of the securities is also sensitive to adverse changes in discount rates, which
represent estimates of the rates of return that institutional investors would require when investing in financial instruments with similar risk and return characteristics. On average, a hypothetical 100 basis point increase in discount rates results
in a decrease in fair value of the securities (including securitization notes and residual certificates) of 1.23% and 1.40% as of December&nbsp;31, 2020 and 2019, respectively. On average, a hypothetical 200 basis point increase in discount rates
results in a decrease in fair value of the securities (including securitization notes and residual certificates) of 2.36% and 2.77% as of December&nbsp;31, 2020 and 2019, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The fair value of securitization notes and residual certificates are not sensitive to adverse changes in expected prepayment rates as such changes would
not result in a significant impact on the fair value as of December&nbsp;31, 2020 and 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Rollforward of Level&nbsp;3 Fair Values </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following tables include a rollforward of the assets and liabilities related to securitization transactions classified by the Company within
Level&nbsp;3 of the fair value hierarchy (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Notes&nbsp;Receivable<BR>and Residual<BR>Certificates</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Payable to<BR>Securitization&nbsp;Note<BR>Holders and<BR>Residual&nbsp;Certificate<BR>Holders</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">34,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">89,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchases and issuances of securitization notes and residual certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repayments and settlements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,665</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,126</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(381</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,529</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes due to deconsolidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(58,017</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December 31, 2020 </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Notes<BR>Receivable and<BR>Residual<BR>Certificates</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Payable to<BR>Securitization&nbsp;Note<BR>Holders and<BR>Residual&nbsp;Certificate<BR>Holders</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,314</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">353,292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Purchases and issuances of securitization notes and residual certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,645</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repayments and settlements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,760</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(176,742</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(782</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,053</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes due to deconsolidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,699</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(80,825</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December 31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Loan Servicing Assets and Liabilities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Valuation Methodology </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Loan servicing assets
and liabilities are measured at estimated fair value using a discounted cash flow model. The cash flows in the valuation model represent the difference between the contractual </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-35 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
servicing fees charged to institutional investors and an estimated market servicing fee. Since contractual servicing fees are generally based on the monthly unpaid principal balance of the
underlying loans, the expected cash flows in the model incorporate estimates of net losses and prepayments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Significant Inputs and Assumptions
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table presents quantitative information about the significant unobservable inputs used for the Company&#146;s Level&nbsp;3 fair
value measurements for loan servicing assets and liabilities: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Minimum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-</B><br><B>Average&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Minimum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-</B><br><B>Average&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.69</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.70</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Credit risk rate<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.03</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52.78</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.19</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.05</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52.76</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.72</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Market-servicing rate<SUP STYLE="font-size:85%; vertical-align:top">(3)(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.75</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.75</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.75</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.78</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.78</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.78</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Prepayment rate<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.07</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89.01</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31.62</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.60</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76.45</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28.57</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Expressed as a percentage of the original principal balance of the loans underlying the servicing arrangement
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Unobservable inputs were weighted by relative fair value </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Excludes ancillary fees that would be passed on to a third-party servicer </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Expressed as a percentage of the outstanding principal balance of the loan </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Discount rates</I>&#151;The discount rates are the Company&#146;s estimate of the rates of return that market participants in servicing rights would
require when investing in similar servicing rights. Discount rates for servicing rights on existing loans are adjusted to reflect the time value of money and a risk premium intended to reflect the amount of compensation market participants would
require due to the uncertainty associated with these instruments&#146; cash flows. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Credit risk rates</I>&#151;The credit risk rates are the
Company&#146;s estimate of the net cumulative principal payments that will not be repaid over the entire life of a loan expressed as a percentage of the original principal amount of the loan. The assumption regarding net cumulative losses impact the
projected balances and expected terms of the loans, which are used to project future servicing revenues. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Market-servicing
rates</I>&#151;Market-servicing rate is an estimated measure of adequate compensation for a market participant, if one was required. The rate is expressed as a fixed percentage of outstanding principal balance on a per annum basis. The estimate
considers the profit that would be demanded in the marketplace to service the portfolio of outstanding loans subject to the Company&#146;s servicing agreements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Prepayment rates</I>&#151;Prepayment rates are the Company&#146;s estimate of the cumulative principal prepayments that will occur over the entire
life of a loan as a percentage of the original principal amount of the loan. The assumption regarding cumulative prepayments impact the projected balances and expected terms of the loans, which are used to project future servicing revenues. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Significant Recurring Level&nbsp;3 Fair Value Input Sensitivity </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The table below presents the fair value sensitivity of loan servicing assets and liabilities to adverse changes in key assumptions. The fair value of
loan servicing assets and liabilities is not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-36 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
sensitive to adverse changes in discount rates as such changes would not result in a significant impact on the fair value as of December 31, 2020 and 2019, respectively. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><I>(amounts in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value of loan servicing assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Expected market-servicing rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">10% market-servicing rates increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,013</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29,631</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">20% market-servicing rates increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,027</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(59,262</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Expected prepayment rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">10% adverse change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,061</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,629</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">20% adverse change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,212</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,440</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value of loan servicing liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,254</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Expected market-servicing rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">10% market-servicing rates increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,974</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,234</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">20% market-servicing rates increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,948</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Expected prepayment rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">10% adverse change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,948</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">20% adverse change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,089</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,093</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Rollforward of Level&nbsp;3 Fair Values </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table presents a rollforward of the loan servicing assets and liabilities classified by the Company within Level&nbsp;3 of the fair value
hierarchy (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="72%"></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loan&nbsp;Servicing<BR>Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loan&nbsp;Servicing<BR>Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Sale of loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,269</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,739</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,163</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,625</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,254</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="72%"></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loan&nbsp;Servicing<BR>Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loan&nbsp;Servicing<BR>Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,685</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Sale of loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,874</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,730</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">851</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,275</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December 31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Other Assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">During the year ended December&nbsp;31, 2019 the Company&#146;s other assets were composed of financial instruments related to the Company&#146;s legacy
loan programs, which were wound down prior to December&nbsp;31, 2019. The fair value of these financial instruments were estimated using the discounted cash flow model based on expected cash flows of the underlying loans. As of December&nbsp;31,
2020 and 2019 the Company did not hold any of these financial instruments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-37 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Rollforward of Level&nbsp;3 Fair Values </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table includes a rollforward of other assets classified by the Company within Level&nbsp;3 of the fair value hierarchy during the year
ended December&nbsp;31, 2019 (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other&nbsp;Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December 31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&nbsp;1,410<B></B></TD>
<TD NOWRAP VALIGN="bottom"><B></B><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repayments and settlements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(174</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other changes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(76</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes due to deconsolidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,136</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December 31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Trailing Fee Liabilities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company pays certain bank partners monthly trailing fees based on the amount and timing of principal and interest payments made by borrowers of the
underlying loans. Significant inputs used for estimating the fair value of trailing fee liabilities included discount rates of 6.80% to 16.99% and credit risk rates of 0.36% to 52.31%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The fair value sensitivity of trailing fee liabilities to adverse changes in key assumptions would not result in a material impact on the Company&#146;s
financial position. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Rollforward of Level&nbsp;3 Fair Values </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following tables include a rollforward of other assets and trailing fee liabilities classified by the Company within Level&nbsp;3 of the fair value
hierarchy (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="89%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Trailing&nbsp;Fee<BR>Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,130</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repayments and settlements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(339</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,276</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="89%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Trailing&nbsp;Fee<BR>Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December</B><B></B><B>&nbsp;31, 2018 </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Issuances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">568</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repayments and settlements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(230</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other changes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(70</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes due to deconsolidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,136</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December 31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-38 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Common Stock and Convertible Preferred Stock Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Valuation Methodology </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The fair values of
common stock warrant liabilities and convertible preferred stock warrant liabilities are estimated using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model considers several variables and assumptions in estimating the
fair value of the warrants, including the per share fair value of the underlying securities, exercise price, expected term, risk-free interest rate, expected annual dividend yield and expected stock price volatility over the expected term. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><I>Significant Inputs and Assumptions </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
following table presents quantitative information about the significant unobservable inputs used for the Company&#146;s Level&nbsp;3 fair value measurements for common stock and convertible preferred stock warrants: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Minimum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-<BR>Average&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Minimum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-<BR>Average&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Convertible preferred stock warrant liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Annual volatility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55.89</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Expected term (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Dividend rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Risk-free interest rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.58</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.60</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Fair value of underlying securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6.68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Common stock warrant liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Annual volatility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57.39</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Expected term (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Dividend rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Risk-free interest rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.88</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Fair value of underlying securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8.88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Unobservable inputs were weighted based on convertible preferred stock warrants outstanding </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Not applicable as of the respective periods presented. Only one set of each convertible preferred stock warrants and
common stock warrants were outstanding as of December&nbsp;31, 2019. Accordingly, weighted average inputs are not applicable. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Not applicable as of the respective periods presented. Preferred stock warrants were exercised and common stock warrants
were reclassified to equity as of December&nbsp;31, 2020. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Volatility</I>&#151;Because the Company was privately held and did
not have an active trading market for its common or convertible preferred stock for a sufficient period of time, the expected volatility is estimated based on the average volatility for comparable publicly-traded companies, over a period equal to
the expected term of the warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Expected term</I>&#151;The expected term represents the contractual life of the warrants being valued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Dividend rate</I>&#151;The Company has never paid dividends on its common stock or convertible preferred stock and does not anticipate paying
dividends on common stock. Therefore, the Company uses an expected dividend yield of zero. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-39 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Risk-free interest rate</I>&#150;The risk-free interest rate is determined from the implied yields
from U.S. Treasury <FONT STYLE="white-space:nowrap">zero-coupon</FONT> bonds with a remaining term consistent with the contractual term of the warrants being valued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Fair value of underlying security</I>&#150;Prior to the completion of the IPO, the estimated fair value of the shares of underlying securities is
determined by the Company&#146;s Board of Directors as there is no public market for the </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Company&#146;s common stock or preferred stock. The Board
of Directors determines the fair value of the underlying securities by considering a number of objective and subjective factors, including: third-party valuations of the Company&#146;s common stock and convertible preferred stock, the valuation of
comparable companies, the Company&#146;s operating and financial performance, and a general and an industry-specific economic outlook, amongst other factors. After the completion of the IPO, the fair value of the Company&#146;s common stock is
determined by the closing price, on the grant date, of its common stock, which is traded on the Nasdaq Global Select Market. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Significant
Recurring Level&nbsp;3 Fair Value Input Sensitivity </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The fair value sensitivity of the common stock warrant liabilities and convertible preferred
stock warrant liabilities to adverse changes in key assumptions would not result in a material impact on the Company&#146;s financial position. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Rollforward of Level&nbsp;3 Fair Values </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
following table presents a rollforward of the common stock warrant liabilities and convertible preferred stock warrant liabilities, included in accrued expenses and other liabilities on the consolidated balance sheets, classified by the Company
within Level&nbsp;3 of the fair value (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Common&nbsp;Stock<BR>Warrant&nbsp;Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Convertible<BR>Preferred&nbsp;Stock</B><br><B>Warrant&nbsp;Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Exercises in the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,971</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,177</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Reclassification to equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,945</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,511</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December 31, 2020 </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Common&nbsp;Stock<BR>Warrant&nbsp;Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Convertible<BR>Preferred&nbsp;Stock<BR>Warrant&nbsp;Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">447</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Exercises in the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,131</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Repurchases and retirements in the period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,083</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Changes in fair value recorded in earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value at December 31, 2019 </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-40 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>5. Loans at Fair Value </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table presents the aggregate fair value and aggregate principal outstanding of all loans and loans that were 90 days or more past due
included in the consolidated balance sheets (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="53%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loans</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loans&nbsp;&gt;&nbsp;90&nbsp;Days&nbsp;Past&nbsp;Due</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Outstanding principal balance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">97,497</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">276,974</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,926</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net fair value and accrued interest adjustments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,037</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(44,669</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,002</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,859</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fair value</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">78,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">232,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; ">
<TD COLSPAN="16" VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company places loans on <FONT STYLE="white-space:nowrap">non-accrual</FONT> status at 120 days past due. Any accrued
interest recorded in relation to these loans is reversed in the respective period. The Company <FONT STYLE="white-space:nowrap">charges-off</FONT> loans no later than 120 days past due. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>6. Balance Sheet Components </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Other Assets
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Other assets consisted of the following (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Servicing fees and other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,656</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,321</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Prepaid expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,224</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loan servicing assets (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">40,046</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">24,754</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Servicing fees and other receivables represent amounts recognized as revenue but not yet collected in relation to
servicing and other agreements with institutional investors and bank partners. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Property, Equipment, and Software, Net </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Property, equipment, and software, net consisted of the following (in thousands): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Internally developed software</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,164</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Computer equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,285</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Furniture and fixtures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,770</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,638</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Leasehold improvements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,763</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total property, equipment, and software</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,724</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,444</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accumulated depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,692</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,414</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total property, equipment, and software, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,030</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-41 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For the year ended December&nbsp;31, 2020, depreciation and amortization expense on property,
equipment, and software was $2.3&nbsp;million. Depreciation and amortization expense on property, equipment, and software for the year ended December&nbsp;31, 2019 and 2018, was immaterial to the consolidated statements of operations and
comprehensive income (loss). As of December&nbsp;31, 2020 and 2019, capitalized internally developed software balances, net of accumulated amortization, were $6.0&nbsp;million and $2.2&nbsp;million, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Accrued Expenses and Other Liabilities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Accrued expenses and other liabilities consisted of the following (in thousands): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accrued expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,974</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accrued payroll</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,834</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,746</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Convertible preferred stock warrant liabilities (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Common stock warrant liabilities (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Loan servicing liabilities (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,254</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Trailing fee liability (at fair value)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,276</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,450</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total accrued expenses and other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">35,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">34,648</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>7. Borrowings </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
following table presents the aggregate principal outstanding of all loans mentioned in this note that are included in the consolidated balance sheets (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Borrowings</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Term loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Revolving credit facility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Warehouse credit facilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,096</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Risk retention funding loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total payments due</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,737</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Unamortized debt discount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(55</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(128</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">62,626</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">118,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Term Loans </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In February 2016, the Company, together with its wholly-owned subsidiary, Upstart Network, Inc. (&#147;UNI&#148;) as the
<FONT STYLE="white-space:nowrap">co-borrower,</FONT> entered into a loan and security agreement (the &#147;LSA&#148;) with a third-party lender to obtain a term loan of $5.5&nbsp;million. The term loan had an original maturity of March&nbsp;1, 2019.
In September 2018, the parties amended the LSA to extend the maturity date to December&nbsp;1, 2020. Commencing on the effective date of the amended LSA, the Company is required to repay the term loan in thirty (30)&nbsp;equal monthly installments
plus accrued interest. On December&nbsp;1, 2020, the Company settled the term loan by paying the outstanding principal and accrued interest. The term loan bears a floating interest of prime rate plus 1.75% per annum, payable on the first calendar
day of each month. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-42 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In October 2018, the Company and UNI entered into a mezzanine loan and security agreement with the same
lender to obtain a second term loan of up to $15.0&nbsp;million (the &#147;Mezzanine Loan&#148;). The Mezzanine Loan bears interest at the greater of prime rate plus 5.25% or 10.00% per annum, payable monthly. The principal balance is due upon
maturity on October&nbsp;1, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The term loans are secured by all assets of the Company, excluding assets of consolidated securitizations and
cash and restricted cash relating to other borrowing arrangements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Revolving Credit Facility </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>UNI Credit Facility </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In connection with the
LSA with the same lender above, as amended in September 2018, the Company and UNI also obtained a revolving credit facility of up to $5.5&nbsp;million (the &#147;UNI Credit Facility&#148;). The UNI Credit Facility had an original termination and
maturity date of June&nbsp;1, 2020. During the year ended December&nbsp;31, 2020, the parties agreed to extend the maturity date of the UNI Credit Facility to June&nbsp;1, 2021 when the outstanding principal and any accrued and unpaid interest are
due and payable in full. The UNI Credit Facility bears floating interest at the greater of prime rate plus 1.00% or 4.25% per annum, payable monthly, subject to a monthly minimum interest requirement prior to maturity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The UNI Credit Facility is secured by all assets of the Company, excluding assets of consolidated securitizations and cash and restricted cash relating
to other borrowing arrangements. The UNI Credit Facility contains certain financial covenants. As of December&nbsp;31, 2020 and 2019, the Company was in compliance with all applicable covenants under the revolving credit and security agreement. As
of December&nbsp;31, 2020 and 2019, outstanding borrowings under the UNI Credit Facility was $5.5&nbsp;million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Warehouse Credit Facilities
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Upstart Loan Trust Credit Facility </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In November 2015, the Company&#146;s consolidated VIE, Upstart Loan Trust (&#147;ULT&#148;), entered into a revolving credit and security agreement with
a third-party lender (the &#147;ULT Warehouse Credit Facility&#148;). The credit and security agreement for the ULT Warehouse Credit Facility was amended and restated in its entirety in May 2020. Under the revolving credit and security agreement, as
amended from time to time, ULT may borrow up to $100.0&nbsp;million (subject to a borrowing base capacity) until the earlier of May&nbsp;15, 2021 or the occurrence of an accelerated amortization event. An accelerated amortization event includes
failure to satisfy certain loan performance metrics or the occurrence of an event of default. The proceeds may only be used to purchase unsecured personal loans from Upstart&#146;s platform and to pay fees and expenses related to the credit
facility. The ULT Warehouse Credit Facility matures on the earlier of May&nbsp;15, 2022 or acceleration of the facility following an event of default, upon which date 100% of the outstanding principal amount, together with any accrued and unpaid
interest, becomes due and payable. The entire amount of the outstanding principal and interest may be prepaid at any time without penalty. The ULT Warehouse Credit Facility bears a floating interest rate of LIBOR plus a spread ranging from 3.35% to
4.00% per annum, due and payable monthly in arrears. The Company is subject to additional interest payments under a minimum utilization requirement of $35&nbsp;million. The maximum advance rate under the ULT Warehouse Credit Facility on outstanding
principal of loans held by ULT was 80% as of December&nbsp;31, 2020 and 85% as of December&nbsp;31, 2019. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-43 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The ULT Warehouse Credit Facility contains certain financial covenants. As of December&nbsp;31, 2020
and 2019, ULT was in material compliance with all applicable covenants under the ULT Warehouse Credit Facility. The creditors of ULT have no recourse to the general credit of the Company, except for certain limited obligations of ULT to its
creditors that are guaranteed by the Company. The Company does not guarantee the credit performance of the loans owned by ULT, and the loans and other assets owned by ULT are not available to settle the claims of creditors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table includes the aggregate balances held by ULT that were pledged as collateral for the ULT Warehouse Credit Facility and included in
loans at fair value and restricted cash in the consolidated balance sheets, respectively (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>ULT&nbsp;Warehouse&nbsp;Credit&nbsp;Facility</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Outstanding borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">34,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">54,770</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Aggregate outstanding principal of loans pledged as collateral</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,709</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Aggregate fair value of loans purchased and held by ULT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86,742</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Restricted cash pledged as collateral</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,441</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Upstart Warehouse Trust Credit Facility </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In May 2018, the Company&#146;s consolidated VIE, Upstart Warehouse Trust (&#147;UWT&#148;) entered into a revolving credit and security agreement with
third-party lenders, including one subordinated lender, for an uncommitted credit facility up to $152.0&nbsp;million (the &#147;UWT Warehouse Credit Facility&#148;) to fund UWT&#146;s purchase of loans from Upstart&#146;s platform. The ability to
borrow additional amounts under this warehouse credit facility expired in May 2020. The UWT Warehouse Credit Facility matures on the earlier of May&nbsp;21, 2021 or the acceleration of the facility following an event of default, upon which date 100%
of the outstanding principal, together with any accrued and unpaid interest, becomes due and payable. The entire amount of the outstanding debt may be prepaid at any time without penalty. The UWT Warehouse Credit Facility bears a floating interest
rate of LIBOR plus 2.75% for a total amount up to $125.0&nbsp;million and LIBOR plus 6.25% for an additional amount up to $27.0&nbsp;million funded by the subordinated lender. These interest rates increased by an additional 0.75% following the
scheduled expiration of the revolving period on May&nbsp;22, 2020. In November 2020, the Company terminated the UWT Warehouse Credit Facility and paid down the full outstanding borrowings and accrued interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The maximum advance rates under the UWT Warehouse Credit Facility for the senior loans and the subordinated loans held by UWT were 70% and 85%,
respectively, as of December&nbsp;31, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The UWT Warehouse Credit Facility contains certain financial covenants. As of December&nbsp;31, 2019,
UWT was in material compliance with all applicable covenants under the UWT Warehouse Credit Facility. The creditors of UWT have no recourse to the general credit of the Company except for certain limited obligations of UWT to its creditors that are
guaranteed by the Company. The Company does not guarantee the credit performance of the loans owned by UWT, and the loans and other assets owned by UWT are not available to settle the claims of creditors of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-44 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2019 the aggregate balances held by UWT that were pledged as collateral for the
UWT Warehouse Credit Facility and included in loans at fair value and restricted cash in the consolidated balance sheets, respectively was as follows (in thousands): </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>UWT&nbsp;Warehouse&nbsp;Credit&nbsp;Facility</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Outstanding borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">24,326</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Aggregate outstanding principal of loans pledged as collateral</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,228</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Aggregate fair value of personal loans purchased and held by UWT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,557</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Restricted cash pledged as collateral</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,720</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Risk Retention Funding Loans </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In October 2018, Upstart RR Funding <FONT STYLE="white-space:nowrap">2018-2,</FONT> LLC (the <FONT STYLE="white-space:nowrap">&#147;2018-2</FONT> RR
entity&#148;), a consolidated VIE of UNI, entered into a loan and security agreement (the <FONT STYLE="white-space:nowrap">&#147;2018-2</FONT> RR Financing Agreement&#148;) to finance the Company&#146;s risk retention balance in the Upstart
Securitization Trust <FONT STYLE="white-space:nowrap">2018-2.</FONT> Under this agreement, the balance borrowed by the 2018-2 RR entity has an interest rate of 4.00% per annum and is repaid using cash proceeds received by the <FONT
STYLE="white-space:nowrap">2018-2</FONT> RR entity as part of monthly cash distributions from the <FONT STYLE="white-space:nowrap">2018-2</FONT> securitization on securitization notes and residual certificates. As of December&nbsp;31, 2020, the
outstanding principal balance under the <FONT STYLE="white-space:nowrap">2018-2</FONT> RR Financing Agreement was immaterial. As of December&nbsp;31, 2019, the outstanding principal balance under the <FONT STYLE="white-space:nowrap">2018-2</FONT> RR
Financing Agreement was $3.2&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In September 2019, Upstart RR Funding <FONT STYLE="white-space:nowrap">2019-2,</FONT> LLC (the <FONT
STYLE="white-space:nowrap">&#147;2019-2</FONT> RR entity&#148;), a consolidated VIE of UNI, entered into a loan and security agreement (the <FONT STYLE="white-space:nowrap">&#147;2019-2</FONT> RR Financing Agreement&#148;) to finance the
Company&#146;s risk retention balance in the Upstart Securitization Trust <FONT STYLE="white-space:nowrap">2019-2.</FONT> Under this agreement, the balance borrowed by the <FONT STYLE="white-space:nowrap">2019-2</FONT> RR entity has an annual
interest rate of 4.33% and is repaid using cash proceeds received by the <FONT STYLE="white-space:nowrap">2019-2</FONT> RR entity as part of monthly cash distributions from the <FONT STYLE="white-space:nowrap">2019-2</FONT> securitization on
securitization notes and residual certificates. As of December&nbsp;31, 2020 and 2019, the outstanding principal balance under the <FONT STYLE="white-space:nowrap">2019-2</FONT> RR Financing Agreement was $6.6&nbsp;million and $13.8&nbsp;million,
respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The borrowings are solely the obligations of the <FONT STYLE="white-space:nowrap">2018-2</FONT> RR entity and <FONT
STYLE="white-space:nowrap">2019-2</FONT> RR entity, respectively, and the Company is not obligated thereon. The securities and other assets owned by each RR entity are not available to settle the claims of creditors of the Company. Assets pledged as
collateral for the risk retention funding loans include $12.6&nbsp;million and $22.0&nbsp;million of securities held for risk retention for the <FONT STYLE="white-space:nowrap">2018-2</FONT> and <FONT STYLE="white-space:nowrap">2019-2</FONT>
securitization transactions, included in notes receivables and residual certificates on the consolidated balance sheets as of December&nbsp;31, 2020 and 2019, respectively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-45 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table summarizes the aggregate amount of maturities of all borrowings as of
December&nbsp;31, 2020 (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><FONT STYLE="font-size:8pt"><B>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">20,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,639</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">62,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>8. Convertible Preferred Stock and Convertible Preferred Stock Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Convertible Preferred Stock </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Upon
completion of the IPO, all shares of convertible preferred stock outstanding, totaling 47,949,785 shares, were automatically converted into an equivalent number of shares of common stock on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">one-to-one</FONT></FONT> basis. The carrying value of $162.5&nbsp;million was reclassified into stockholders&#146; equity (deficit). As of December&nbsp;31, 2020, no shares of redeemable convertible preferred stock were
issued and outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In December 2020, the Company&#146;s amended and restated certificate of incorporation became effective, which authorized
the issuance of 70,000,000 shares of preferred stock with a par value of $0.0001 per share with rights and preferences, including voting rights, designated from time to time by the Company&#146;s Board of Directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Convertible Preferred Stock Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">During June through November 2014, the Company issued initial lenders in the Upstart platform warrants to purchase an aggregate of 1,500,519 shares of
Series B convertible preferred stock at a strike price of $0.01 or $1.67 per share. Of these warrants, 600,208 were outstanding as of December&nbsp;31, 2019. The warrants have a contractual term of five to seven years and expire between June 2019
and November 2021. The convertible preferred stock warrants are recorded within accrued expenses and other liabilities on the consolidated balance sheets at their estimated fair value as of December&nbsp;31, 2019. See &#147;<I>Note 4. Fair Value
Measurement</I>&#148; for further details. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In November 2020, the warrant holder exercised their rights to purchase 600,208 shares of our Series B
preferred stock resulting in the reclassification of the convertible preferred stock warrant liability to additional paid- in capital. Upon completion of the IPO, convertible preferred stock were automatically converted into shares of common stock
on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-one</FONT></FONT> basis. As of December&nbsp;31, 2020, there were no convertible preferred stock warrants outstanding. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Repurchase of Convertible Preferred Stock and Convertible Preferred Stock Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In November 2019, the Company repurchased and retired 277,831 shares of the Company&#146;s Series C convertible preferred stock held by investors for a
purchase price of $0.7&nbsp;million. On repurchase, the portion equal to the original issuance price of $1.0&nbsp;million was recorded as a reduction to convertible preferred stock and the excess of the original issuance price over the repurchase
price was reflected as a decrease in accumulated deficit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-46 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On the same day, the Company also repurchased and cancelled 600,208 warrants to purchase Series B
convertible preferred stock held by the same investor for a purchase price of $1.4&nbsp;million. Upon repurchase, the Company derecognized $5.1&nbsp;million of the convertible preferred stock warrant liabilities to reflect the fair value of the
warrants repurchased. The Company recognized a $3.7&nbsp;million gain on repurchase of the warrants, calculated as the difference between the price paid to repurchase the warrants and the fair value of the warrants immediately before the repurchase.
The gain on repurchase of the warrants is included in expense on warrants and other <FONT STYLE="white-space:nowrap">non-</FONT> operating expenses, net in the consolidated statements of operations and comprehensive income (loss). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>9. Common Stock and Common Stock Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Common Stock </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In December 2020, the
Company&#146;s amended and restated certificate of incorporation became effective, which authorized the issuance of 700,000,000 shares of common stock with a par value of $0.0001 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020 and 2019, the Company had reserved shares of common stock for issuance, on an
<FONT STYLE="white-space:nowrap">as-converted</FONT> basis, as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Convertible preferred stock outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,349,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Options issued and outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,600,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,502,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Shares available for future stock option grants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,537,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,319,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Warrants to purchase convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">600,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Warrants to purchase common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">319,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,212,404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,091,326</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Common Stock Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In March 2015 through July 2017, the Company issued warrants to purchase common stock in connection with the Mezzanine Loan and other historical
borrowings. The Company also issued warrants to purchase common stock to other investors in March 2016. In December 2020, the warrant holders net exercised all 169,669 warrants resulting in 164,300 net shares issued by the Company. The outstanding
warrants to purchase common stock not subject to remeasurement as of the balance sheet dates are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; "><B>Issuance Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Warrants&nbsp;Outstanding<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exercise&nbsp;Price</B><br><B>per Share</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Term&nbsp;(Years)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;2020&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;2019&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">March 1, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">February 1, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">July 1, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,554</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">169,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The estimated grant date fair value of the above common stock warrants granted in March 2015 through July 2017 was
immaterial and recognized as an expense in the period granted. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-47 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Common Stock Warrants Measured at Fair Value on a Recurring Basis </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In October 2018, the Company issued two common stock warrants to purchase an aggregate of 150,000 shares of common stock, with an exercise price of $2.16
per share. The estimated grant date fair value of the common stock warrants was recognized as debt issuance costs in the period granted. The common stock warrants have a contractual term of ten years and expire in October 2028. The common stock
warrants were outstanding in their entirety as of December&nbsp;31, 2019 and recorded as accrued expenses and other liabilities on the consolidated balance sheets at their estimated fair value. See &#147;<I>Note 4. Fair Value Measurement</I>&#148;
for further details. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On December&nbsp;1, 2020, the common stock warrants were amended to include a repurchase option in the event of an IPO. Upon
the completion of an IPO, or a qualified acquisition of the Company, the common stock warrant holders have the option to require the Company to repurchase the warrants in their entirety for an aggregate purchase price of $3.0&nbsp;million. The
repurchase options terminate on the earlier of (i) 30 days after the closing of a qualified sale of the Company or; (ii) 10 business days after the date on which the Company&#146;s IPO price per share is confirmed by the Company&#146;s underwriters.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On December&nbsp;21, 2020 a warrant holder net exercised 75,000 warrants with an exercise price of $2.16 per share. The transaction was a cashless
exercise resulting in 71,325 common shares issued by the Company. On December&nbsp;31, 2020, the repurchase clause for the remaining outstanding warrants expired resulting in the value of 75,000 warrants reclassified from liability to equity on the
consolidated balance sheets. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>10. Equity Incentive Plans </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Equity Incentive Plans </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In 2012, the
Company adopted the Equity Incentive Plan (&#147;2012 Equity Incentive Plan&#148;) authorizing the granting of incentive stock options (&#147;ISOs&#148;) and <FONT STYLE="white-space:nowrap">non-statutory</FONT> stock options (&#147;NSOs&#148;) to
eligible participants. As of December&nbsp;31, 2019, the Company is authorized to issue up to 19,063,647 shares of common stock under the 2012 Equity Incentive Plan pursuant to awards outstanding immediatly prior to the termination of the 2012
Equity Incentive Plan. Under the 2012 Equity Incentive Plan, the exercise price of an ISO and NSO shall not be less than 100% of the estimated fair value of the shares on the date of grant, as determined by the Board of Directors. The exercise price
of an ISO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant, as determined by the Board of Directors. Options generally vest over four years and are exercisable for up to 10 years
after the date of grant if the employee provides service to the Company for at least three years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In October 2020, our Board of Directors adopted,
and in November 2020 our Board of Directors amended and our stockholders approved, our 2020 Equity Incentive Plan which was effective on December&nbsp;14, 2020. The Company terminated the 2012 Equity Incentive Plan immediately prior to effectiveness
of the 2020 Equity Incentive Plan with respect to the grant of future awards. However, our 2012 Equity Incentive Plan continues to govern the terms and conditions of the outstanding awards granted under our 2012 Equity Incentive Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The 2020 Equity Incentive Plan authorizes granting of ISOs, NSOs, stock appreciation rights, restricted stock, restricted stock units, or RSUs, and
performance awards. As of December&nbsp;31, 2020, the Company is authorized to issue up to 5,520,000 shares of common stock under the 2020 Equity </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-48 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
Incentive Plan. In addition, the 2020 Equity Incentive Plan also includes any shares subject to awards granted under our 2012 Equity Incentive Plan that, on or after December&nbsp;15, 2020,
expire or otherwise terminate without having been exercised or issued in full, are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited to or repurchased by us due to failure
to vest. The maximum number of shares that may be added to the 2020 Equity Incentive Plan pursuant to outstanding awards under the 2012 Equity Incentive Plan is 15,000,000 shares, as determined at the time the 2020 Plan was adopted). The number of
shares available for issuance under our 2020 Equity Incentive Plan also includes an annual increase on the first day of each fiscal year beginning with the 2021 in an amount equal to the least of 15,000,000 shares or 5% of the outstanding shares of
our common stock on the last day of our immediately preceding fiscal year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Activity under the Company&#146;s 2012 Equity Incentive Plan and 2020
Equity Incentive Plan is set forth below (in thousands, except share and per share amounts): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="48%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Options</B><br><B>Available<BR>Grant</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>Options</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-<BR>Average<BR>Exercise</B><br><B>Price Per<BR>Share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-<BR>Average<BR>Remaining</B><br><B>Contractual<BR>Life (years)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate</B><br><B>Intrinsic<BR>Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Balances at December&nbsp;31, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,319,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,502,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">115,764</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Options authorized</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,600,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Options granted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,709,030</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,709,030</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Options exercised</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,284,468</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Options cancelled and forfeited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,326,545</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,326,545</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Balances at December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,537,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,600,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">715,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Options exercisable&#151;December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,040,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">434,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Options vested and expected to vest&#151;December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,044,133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">665,438</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and
the fair value of the Company&#146;s stock as of December&nbsp;31, 2020. The aggregate intrinsic value of options exercised for the years ended December&nbsp;31, 2020, 2019 and 2018, was $50.0&nbsp;million, $2.1&nbsp;million, and $0.6&nbsp;million,
respectively. The weighted-average grant date fair value of options granted during the years ended December&nbsp;31, 2020, 2019 and 2018, was $11.04, $3.99, and $1.68 per share, respectively. The total fair value of options vested for the years
ended December&nbsp;31, 2020, 2019 and 2018, was $7.9&nbsp;million, $2.7&nbsp;million and $1.8&nbsp;million, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31,
2020, total unrecognized stock-based compensation expense was $35.3&nbsp;million, which is expected to be recognized over a weighted-average period of 2.82 years. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Stock-Based Compensation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">During the years ended December&nbsp;31, 2020, 2019 and 2018, the Company granted <FONT STYLE="white-space:nowrap">non-qualified</FONT> options to <FONT
STYLE="white-space:nowrap">non-employees</FONT> to purchase 0, 135,969 and 148,295 shares, respectively, of common stock under the 2012 Equity Incentive Plan. <FONT STYLE="white-space:nowrap">Non-employee</FONT> options were issued with various
vesting periods depending on the specific terms of each option and services provided by <FONT STYLE="white-space:nowrap">non-employees.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-49 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>Fair Value of Options Granted </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In determining the fair value of the stock-based awards, the Company uses the Black-Scholes option-pricing model and assumptions discussed below. Each
of these inputs is subjective and generally requires significant judgment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Fair Value of Common Stock</I>&#151;Prior to the completion of the
IPO, the fair value of the shares of common stock has historically been determined by the Company&#146;s Board of Directors as there is no public market for the common stock. The Board of Directors determines the fair value of the common stock by
considering a number of objective and subjective factors, including: third-party valuations of the Company&#146;s common stock, the valuation of comparable companies, the Company&#146;s operating and financial performance, and general and industry
specific economic outlook, among other factors. After the completion of the IPO, the fair value of the Company&#146;s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the Nasdaq Global
Select Market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Expected Term</I>&#151;The expected term represents the period that the Company&#146;s stock options are expected to be
outstanding. The Company determined the expected term for employee stock options based on historical terminations and exercise behavior, which factors in an extended post-termination exercise provision for vested awards for certain employees that
provide more than three years of service to the Company. The Company uses the contractual term for all nonemployee awards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Volatility</I>&#151;Because the Company was privately held and did not have an active trading market for its common stock for a sufficient period of
time, the expected volatility is estimated based on the average volatility for comparable publicly-traded companies, over a period equal to the expected term of the stock option grants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Risk-free Interest Rate</I>&#151;The risk-free interest rate assumption is based on the U.S. Treasury zero coupon issues in effect at the time of
grant for periods corresponding with the expected term of the option. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><I>Dividends</I>&#151;The Company has never paid dividends on its common
stock and does not anticipate paying dividends on common stock. Therefore, the Company uses an expected dividend yield of zero. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following
assumptions were used to estimate the fair value of employee and nonemployee stock options granted and the resulting fair values: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Expected term (in&nbsp;years)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;5.3&nbsp;&#150;&nbsp;10.0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;5.5&nbsp;&#150;&nbsp;10.0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;5.9&nbsp;&#150;&nbsp;10.0</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Expected volatility</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">53.23%&nbsp;&#150;&nbsp;72.02%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">55.69%&nbsp;&#150;&nbsp;59.23%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">54.70%&nbsp;&#150;&nbsp;58.59%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Risk-free interest rate</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0.33%&nbsp;&#150;&nbsp;1.50%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.67%&nbsp;&#150;&nbsp;2.40%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2.16%&nbsp;&#150;&nbsp;3.13%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Dividend yield</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&#151;%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&#151;%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&#151;%</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>2020 Employee Stock Purchase Plan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In October 2020, our Board of Directors adopted, and in November 2020 our Board of Directors amended and our stockholders approved, our Employee Stock
Purchase Plan (&#147;ESPP&#148;) which was effective on December&nbsp;14, 2020. Our ESPP provides for consecutive <FONT STYLE="white-space:nowrap">six-month</FONT> offering periods. The </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-50 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
offering periods are scheduled to start on the first trading day on or after February&nbsp;15 and August&nbsp;15 of each year, except the first offering period commenced on December&nbsp;16, 2020
and will end on the first trading day on or before August&nbsp;15, 2021. The second offering period will commence on the last trading day on or after August&nbsp;15, 2021. The ESPP permits participants to purchase price shares in the amount of 85%
of the lower of the fair market value of our shares of common stock on the first trading day of the offering period or on the exercise date. As of December&nbsp;31, 2020, the maximum number of shares of common stock that can be issued under the
employee stock purchase plan was 1,380,000 shares, in addition to any automatic annual evergreen increase. As of December&nbsp;31, 2020, no shares of common stock have been granted or purchased under the ESPP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company recorded stock-based compensation in the following expense categories in its consolidated statements of operations and comprehensive income
(loss) for employees and <FONT STYLE="white-space:nowrap">non-employees</FONT> (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;2020&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;2019&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;2018&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Customer operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">178</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Engineering and product development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,803</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">General, administrative, and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">931</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>11. Leases </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The
Company&#146;s operating leases are primarily for its corporate headquarters in San Mateo, California and Columbus, Ohio. Both operating leases include early termination options, and one of the leases includes renewal options for two successive
five-year periods. The exercise of these options was not recognized as part of the ROU assets and lease liabilities, as the Company did not conclude, at the commencement date of the leases, that the exercise of renewal options or termination options
was reasonably certain. In connection with one of the leases, a letter of credit was issued on behalf of the Company for the benefit of the landlord in the amount of $2.0&nbsp;million. The letter of credit is secured by a certificate of deposit
which is included in restricted cash on the consolidated balance sheets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020, future minimum non-cancelable lease payments
are as follows (in thousands): </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Operating<BR>Leases</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,540</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,516</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,567</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,417</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total undiscounted lease payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,840</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Less: Present value adjustment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,408</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Operating lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-51 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December 31, 2020, the Company does not have any operating leases which are yet to commence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company&#146;s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance and
parking fees, were included in operating expenses. Rent expense for the Company&#146;s short-term leases was immaterial for the years ended December&nbsp;31, 2020, 2019 and 2018. Operating lease expense was as follows (in thousands): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;2020&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;2019&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;2018&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Rent expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Variable lease payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,357</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">959</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">419</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Supplemental cash flow and noncash information related to the Company&#146;s operating leases was as follows (in
thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended<BR>December&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Cash flows from operating activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Cash paid for amounts included in the measurement of lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,158</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-of-use</FONT></FONT> assets
obtained in exchange for lease obligations</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets
capitalized</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,506</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Supplemental cash flow and noncash information related to the Company&#146;s operating leases was as follows (in
thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Weighted average remaining lease term (in years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Weighted average discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.12</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>12. Commitments and Contingencies </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Loan Purchase Obligation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under the
Company&#146;s loan agreements with certain bank partners, the banks retain ownership of the loans facilitated through Upstart&#146;s platform for three days or longer (the &#147;holding period&#148;) after origination, as required under the
respective agreements. The Company has committed to purchase the loans at the unpaid principal balance, plus accrued interest, at the conclusion of the required holding period. As of December&nbsp;31, 2020 and 2019, the total loan purchase
commitment included outstanding principal balance of $39.3&nbsp;million and $51.9&nbsp;million, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Repurchase and Indemnification
Contingency </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Under the terms of the loan purchase and loan servicing agreements between the Company and institutional investors, as well as
in agreements with investors in securitizations where the Company is not the sponsor, the Company may, in certain circumstances, become obligated to repurchase loans from such investors. Generally, these circumstances include the occurrence of
verifiable identity theft, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-52 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
the failure of sold loans to meet the terms of certain loan-level representations and warranties that speak as of the time of origination or sale, the failure to comply with other contractual
terms with the investors, or a violation of the applicable federal, state, or local lending laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The maximum potential amount of future payments
associated under this obligation is the outstanding balances of the loans sold to the investors, which at December&nbsp;31, 2020 and 2019, is $5,180.7&nbsp;million and $3,498.1&nbsp;million, respectively. The Company recognizes a liability for the
repurchase obligation based on historical experience when the loans are issued. The liability is subsequently remeasured when a related loss is probable and can be reasonably estimated. Actual payments made relating to the Company&#146;s repurchase
and indemnification obligations were immaterial historically. The Company has recorded contingent liabilities as of December&nbsp;31, 2020 and 2019 of immaterial amounts to cover estimated future obligations related to these contractual terms. These
amounts are included in accrued expenses and other liabilities on the Company&#146;s consolidated balance sheets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Legal </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">From time to time the Company is subject to, and it is presently involved in, litigation and other legal proceedings. Accounting for contingencies
requires the Company to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. The Company records a loss contingency when it is probable that a liability has been incurred and the amount of the loss
can be reasonably estimated. As of December&nbsp;31, 2020 and 2019, no loss contingency has been recorded in connection with legal proceedings arising in the ordinary course of business. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Contingencies </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Accounting for
contingencies requires the Company to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. The Company records a loss contingency when it is probable that a liability has been incurred and the amount
of the loss can be reasonably estimated. The Company discloses material contingencies when it believes a loss is not probable but reasonably possible. Although the Company cannot reasonably determine the outcome of any litigation or tax matters, it
does not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on its consolidated financial statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Indemnifications </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In the ordinary
course of business, the Company may provide indemnifications of varying scope and terms to vendors, directors, officers and other parties with respect to certain matters. In addition, the Company has entered into indemnification agreements with
directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have
been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material effect on the Company&#146;s consolidated financial statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>13. Income Taxes </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Income (loss) before income taxes
consisted entirely of income from domestic operations of $6.1&nbsp;million, $(4.9) million and $(11.2) million for the calendar years ended December&nbsp;31, 2020, 2019 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-53 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
and 2018, respectively. Income tax expense (benefit) included in the statements of income and comprehensive income consisted of the following (in thousands): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Current:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Federal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">State</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total current tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Deferred:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Federal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">State</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total deferred tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total provision for income taxes </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Income tax expense differed from the amount computed by applying the federal statutory income tax rate of 21% to pretax
income (loss) as a result of the following (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Federal tax at statutory rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,039</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(2,681</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">State income taxes, net of federal tax benefit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">369</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Fair value adjustment on warrants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(253</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">320</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,476</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">411</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">246</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Research and development credit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,231</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(372</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(300</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">PPP loan forgiveness (CARES Act)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,110</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Change in valuation allowance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">273</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(844</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Tax return to tax provision adjustment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(216</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,028</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(480</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Noncontrolling interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">956</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(274</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Provision for income taxes </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The tax effects of temporary differences that gave rise to significant portions of the Company&#146;s deferred tax
assets and liabilities related to the following (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Deferred tax assets:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net operating loss carryforwards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Operating lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,680</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,961</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Research and development credits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,274</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Investment in partnerships</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">896</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Accruals and reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Servicing assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total deferred tax assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,315</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Less: valuation allowance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,241</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,720</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Deferred tax assets&#151;net of valuation allowance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,227</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-54 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Deferred tax liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Right of use asset</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,708</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">723</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">354</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Fair value adjustment&#151;residual certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total deferred tax liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,227</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net deferred tax assets </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Management believes that, based on available evidence, both positive and negative, it is more likely than not that the
deferred tax assets will not be utilized, and as such the Company maintains a full valuation allowance at December&nbsp;31, 2020. The valuation allowance increased by $0.5&nbsp;million for the year ended December&nbsp;31, 2020 primarily as a result
of current year activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">As of December&nbsp;31, 2020, the Company had approximately $50.2&nbsp;million and $49.2&nbsp;million of federal and
state (post-apportioned) net operating losses (NOL), respectively, that will begin to expire in 2035 and 2034, respectively. The Company also has federal and California research and development tax credits of approximately $3.8&nbsp;million and
$0.9&nbsp;million, respectively. The federal research credits will begin to expire in 2032 and the California research credits have no expiration date. The Internal Revenue Code (&#147;IRC&#148;) limits the amount of NOL carryforwards that a company
may use in a given year in the event of certain cumulative changes in ownership over a three-year period as described in IRC Section&nbsp;382. Utilization of NOL carryforwards and credits may be subject to a substantial annual limitation due to the
ownership change limitations provided by the IRC, as amended, and similar state provisions. The annual limitation may result in the expiration of NOL and credits before utilization. The Company performed an ownership analysis and identified two
previous ownership changes in 2013 and 2015, as defined under IRC Section&nbsp;382 and 383, however neither resulted in a material limitation that will reduce the total amount of NOL carryforwards and credits that can be utilized. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Coronavirus Aid, Relief, and Economic Stimulus Act (CARES Act), was passed on March&nbsp;27, 2020, and included several income tax policy changes
designed to counteract the effect of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and its economic impact. These include making qualified investment property eligible for accelerated bonus depreciation, as a correction to the 2017
tax reform; accelerating the ability for companies to receive refunds of alternative minimum tax credit in tax years beginning in 2019; increasing the adjusted taxable income limitation for IRC Sec 163(j) interest expense limitation calculation from
30% to 50% for tax years 2019 and 2020; allowing NOL from tax years 2018, 2019, 2020 to be carried back for 5 years, as well as temporarily removing the 80% limitation on the NOL offset; and increasing charitable contribution deductions for
corporations from 10% to 25% for tax year 2020. The CARES Act also includes <FONT STYLE="white-space:nowrap">non-income</FONT> based tax provisions such as the paycheck protection program (PPP), employee retention credits, and deferral of employer
payroll taxes. The Company has incorporated its PPP loan and accelerated bonus depreciation for its qualified investment properties in its 2020 tax provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">California Assembly Bill 85 (A.B. 85) was enacted on June 29, 2020 and includes provisions to suspend the use of NOL from tax years 2020 to 2022 for
taxpayers with taxable income of $1&nbsp;million or more. Additionally, A.B. 85 limits the use of business incentive tax credits for tax years 2020 to 2022 to $5M annually. In 2020, the Company has more than $1&nbsp;million of California taxable
income. However, the Company has sufficient research credits to offset its 2020 California tax liabilities as it was less than $5&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-55 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows
(in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="81%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Balance at beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">697</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">448</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Additions for tax positions of prior years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Tax positions related to the current year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">789</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">265</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Balance at end of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">697</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">If recognized, substantially all of the balance would favorably affect the Company&#146;s effective income tax rate in
future periods. As of December&nbsp;31, 2020 the Company had $1.8&nbsp;million in unrecognized income tax benefits and there were increases of $0.8&nbsp;million to the Company&#146;s unrecognized tax benefits during the year. The Company does not
anticipate any significant increases or decreases to unrecognized tax benefit during the next twelve months. The Company&#146;s policy is to classify interest and penalties associated with unrecognized tax benefits as income tax expense. The Company
had no interest or penalty accruals associated with uncertain tax benefits in its consolidated balance sheets and consolidated statement of operations and comprehensive income (loss) for the tax year ended December 31, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions and has identified its federal, California,
Pennsylvania, New York, Illinois and New Jersey tax returns as significant tax filings. The Company is not currently under examination by income tax authorities in federal or state jurisdictions. However, because the Company has net operating losses
and credits carried forward in several jurisdictions, including the United States federal, California, Pennsylvania, New York and Illinois jurisdictions, certain items attributable to closed tax years are still subject to adjustment by applicable
taxing authorities through an adjustment to tax attributes carried forward to open years. All tax returns will remain open for examination by the federal and most state taxing authorities for three years and four years, respectively, from the date
of utilization of any net operating loss carryforwards or research and development credits. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>14. Related Party Transactions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Since the Company&#146;s inception, it has engaged in various transactions with its executive officers and directors, holders of more than 10% of its
voting securities, and their affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The related party investor and its affiliates also participated in securitization transactions sponsored
and serviced by the Company in the years ended December&nbsp;31, 2020, 2019, and, 2018 by contributing loans and purchasing securitization notes or residual certificates. As of December&nbsp;31, 2020 and 2019, the balance of payable to
securitization note holders and residual certificate holders due to the related party investors and its affiliates was $0&nbsp;million and $41.3&nbsp;million, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>15. Net Income (Loss) Per Share Attributable to Upstart Holdings, Inc. Common Stockholders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Basic net income (loss) per common share attributable to Upstart Holdings, Inc.&#146;s common stockholders is based on the weighted-average common shares
outstanding during the relevant period. Diluted net income (loss) per common share attributable to Upstart Holdings, Inc.&#146;s common </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-56 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
stockholders is based on the weighted-average common shares outstanding during the relevant period adjusted for the dilutive effect of share-based awards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">For periods in which the Company reports net losses, basic and diluted net loss per share attributable to Upstart Holdings, Inc.&#146;s common
stockholders are the same because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December 31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><I></I><B></B><B>Numerator </B><B></B><I>(in thousands):</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net income (loss) attributable to Upstart Holdings, Inc. common stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Less: noncumulative dividends to preferred stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,983</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net income (loss) attributable to common stockholders, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Denominator:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Weighted-average common shares outstanding used to calculate net income (loss) per share attributable to
Upstart Holdings, Inc. common stockholders, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,513,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,335,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,128,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, basic and
diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.03</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.87</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following securities were excluded from the computation of diluted net income (loss) per share attributable to
Upstart Holdings, Inc. common stockholders for the periods presented, because including them would have been anti-dilutive (on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,349,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,882,877</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Options to purchase common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,600,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,502,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,293,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Warrants to purchase convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">600,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,500,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Warrants to purchase common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">319,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,617,553</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,675,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,771,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,294,114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>16. Subsequent Events </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The Company has evaluated the impact of events that have occurred subsequent to December&nbsp;31, 2020, through March&nbsp;18, 2021, the date which the
consolidated financial statements were available to be issued. Based on the evaluation, the Company has determined no subsequent events were required to be recognized or disclosed except the matter below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In January 2021, the Company repurchased $11.2&nbsp;million of loans previously sold to an institutional investor for inclusion into a structured
pass-through certificate program. Upstart determined in January 2021 to repurchase these loans to adhere to the hypothetical pool characteristics outlined in the preliminary offering memorandum. The Company did not recognize any gain or loss on the
repurchase and classified the repurchased loans as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale.</FONT></FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-57 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Notes to Consolidated Financial Statements </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">On March&nbsp;15, 2021, the Company entered into a definitive agreement to acquire Prodigy Software,
Inc., a provider of cloud-based automotive retail software. The aggregate consideration to be paid by us is estimated to be $100&nbsp;million, subject to customary purchase price adjustments, payable in a combination of cash and shares of our common
stock. The transaction is subject to customary closing conditions, and is expected to close in the second quarter of 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In March 2021, the
Company&#146;s Board of Directors approved the Company&#146;s intent to voluntarily repay proceeds received under the Paycheck Protection Program in the second quarter of 2021. There has been no change in the Company&#146;s assessment that
forgiveness of the loan under the CARES Act is reasonably assured. Upon repayment, the Company&#146;s other income will be reduced by the repayment amount of approximately $5.3&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">F-58 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g126640g09o27.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="font-family:ARIAL; font-size:0.5pt"><FONT COLOR="#FFFFFF">&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;&#094;
 </FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g126640g10h28.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-family:ARIAL; font-size:0.5pt"><FONT COLOR="#FFFFFF">Upstart </FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>ITEM&nbsp;13.
OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The following table sets forth all expenses to be paid by us, other than underwriting discounts and
commissions, upon completion of this offering. All amounts shown are estimates except for the SEC registration fee, the FINRA filing fee and the exchange listing fee. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>to be<BR>Paid</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">SEC registration fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$<U></U></TD>
<TD VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">FINRA filing fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Exchange listing fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Printing and engraving expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Legal fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Accounting fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Transfer agent and registrar fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Miscellaneous expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">To be updated by amendment. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>ITEM&nbsp;14. INDEMNIFICATION OF DIRECTORS AND OFFICERS. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Section&nbsp;145 of the Delaware General Corporation Law authorizes a corporation&#146;s board of directors to grant, and authorizes a court to award,
indemnity to officers, directors, and other corporate agents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Our amended and restated certificate of incorporation contains provisions that limit
the liability of our directors for monetary damages to the fullest extent permitted by Delaware law. Consequently, our directors will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as
directors, except liability for the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any breach of their duty of loyalty to our company or our stockholders; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section&nbsp;174 of the Delaware
General Corporation Law; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transaction from which they derived an improper personal benefit. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission or claim
that occurred or arose prior to that amendment or repeal. If the Delaware General Corporation Law is amended to provide for further limitations on the personal liability of directors of corporations, then the personal liability of our directors will
be further limited to the greatest extent permitted by the Delaware General Corporation Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In addition our amended and restated bylaws provide
that we will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">II-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
suit or proceeding by reason of the fact that he or she is or was one of our directors or officers or is or was serving at our request as a director or officer of another corporation,
partnership, joint venture, trust or other enterprise. Our amended and restated bylaws provide that we may indemnify to the fullest extent permitted by law any person who is or was a party or is threatened to be made a party to any action, suit or
proceeding by reason of the fact that he or she is or was one of our employees or agents or is or was serving at our request as an employee or agent of another corporation, partnership, joint venture, trust or other enterprise. Our amended and
restated bylaws also provide that we must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Further, we have entered into or will enter into indemnification agreements with each of our directors and executive officers that may be broader than
the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements require us, among other things, to indemnify our directors and executive officers against liabilities that may arise by
reason of their status or service. These indemnification agreements also require us to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit or proceeding. We believe that these
agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The limitation of liability and
indemnification provisions that are expected to be included in our amended and restated certificate of incorporation, amended and restated bylaws, and the indemnification agreements that we have entered into or will enter into with our directors and
executive officers may discourage stockholders from bringing a lawsuit against our directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our directors and
executive officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder&#146;s investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against
directors and executive officers as required by these indemnification provisions. At present, we are not aware of any pending litigation or proceeding involving any person who is or was one of our directors, officers, employees or other agents or is
or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation that may
result in claims for indemnification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We have obtained insurance policies under which, subject to the limitations of the policies, coverage is
provided to our directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to us
with respect to payments that may be made by us to these directors and executive officers pursuant to our indemnification obligations or otherwise as a matter of law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Certain of our <FONT STYLE="white-space:nowrap">non-employee</FONT> directors may, through their relationships with their employers, be insured or
indemnified against certain liabilities incurred in their capacity as members of our board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The underwriting agreement to be filed as
Exhibit 1.1 to this registration statement will provide for indemnification by the underwriters of us and our officers and directors for certain liabilities arising under the Securities Act or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">II-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>RECENT SALES OF UNREGISTERED SECURITIES. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Since January&nbsp;1, 2018, we have issued the following unregistered securities: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Convertible Promissory Note Issuances </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In September 2017, we issued subordinated convertible notes in the aggregate principal amount of $20.0&nbsp;million in a private placement. We refer to
these notes as the 2017 convertible notes. The 2017 convertible notes accrued interest at a rate equal to 8.0%&nbsp;per year. Each of these notes was converted on June&nbsp;30, 2018 into shares of our Series
<FONT STYLE="white-space:nowrap">C-1</FONT> preferred stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Warrant Issuances and Exercises </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In October 2018, we issued warrants to purchase a total of 150,000 shares of common stock to two accredited investors at an exercise price of $2.16 per
share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Preferred Stock Issuances </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">From December 2018 to March 2019, we sold an aggregate of 5,788,697 shares of our Series D convertible preferred stock to 4 accredited investors at a
purchase price of $9.000295 per share, for an aggregate of $54.1&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In November 2020, we sold 600,208 shares of our Series B convertible
preferred stock to one accredited investor at a per share exercise price of $0.01 pursuant to an exercise of a warrant. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Common Stock
Issuances </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">In September 2020, we sold 282,750 shares of our common stock to an accredited investor, as part of a strategic transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><B><I>Option Issuances </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">From January&nbsp;1,
2018 through the filing date of this registration statement, we granted to our directors, officers, employees, consultants, and other service providers options to purchase an aggregate of 13,271,452 shares of our common stock under our equity
compensation plans at exercise prices ranging from approximately $2.15 to $125.28 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">We believe the offers, sales, and issuances of the
above securities were exempt from registration under the Securities Act (or Regulation D or Regulation S promulgated thereunder) by virtue of Section&nbsp;4(a)(2) of the Securities Act because the issuance of securities to the recipients did not
involve a public offering, or in reliance on Rule 701 because the transactions were pursuant to compensatory benefit plans or contracts relating to compensation as provided under such rule. The recipients of the securities in each of these
transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock certificates issued in these
transactions. All recipients had adequate access, through their relationships with us, to information about us. The sales of these securities were made without any general solicitation or advertising. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>ITEM&nbsp;16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><I>Exhibits.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">See the Exhibit Index immediately preceding the signature page hereto for a list of exhibits filed as part of this registration statement on Form <FONT
STYLE="white-space:nowrap">S-1,</FONT> which Exhibit Index is incorporated herein by reference. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">II-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><I>Financial Statement Schedules. </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">All financial statement schedules are omitted because the information called for is not required or is shown either in the consolidated financial
statements or in the notes thereto. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>ITEM&nbsp;17. UNDERTAKINGS. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such
denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of
the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">The undersigned registrant hereby undertakes
that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as
part of this registration statement in reliance upon Rule&nbsp;430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act shall be deemed to be part of this
registration statement as of the time it was declared effective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">(2) For the purpose of determining any liability under the Securities Act of 1933,
each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">II-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Incorporated by Reference</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit<BR>Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Description</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Form</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>File No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Filing Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1647639/000119312520309971/d867925dex31.htm">Amended and Restated Certificate of Incorporation of the registrant. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;4,&nbsp;2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1647639/000119312520309971/d867925dex32.htm">Amended and Restated Bylaws of the registrant. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;4, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1647639/000119312520309971/d867925dex41.htm">Form of common stock certificate of the registrant. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;4, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520288095/d867925dex42.htm">Amended and Restated Investors&#146; Rights Agreement among the registrant and certain holders of its capital stock, amended as of December&nbsp;31,
 2018. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">November&nbsp;6, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520309971/d867925dex44.htm">Form of warrant to purchase common stock.</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">4.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;4, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Wilson Sonsini Goodrich&nbsp;&amp; Rosati, P.C.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.1+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1647639/000119312520309971/d867925dex101.htm">Form of Indemnification Agreement between the registrant and each of its directors and executive officers. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;4, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.2+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520309971/d867925dex102.htm">Upstart Holdings, Inc. 2020 Equity Incentive Plan and related form agreements.</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;4, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.3+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520288095/d867925dex103.htm">Upstart Holdings, Inc. 2012 Stock Plan and related form agreements. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">November&nbsp;6, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.4+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520309971/d867925dex104.htm">Upstart Holdings, Inc. Employee Incentive</A> <A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520309971/d867925dex104.htm">Compensation
 Plan.</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;4, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.5+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520309971/d867925dex105.htm">Upstart Holdings, Inc. 2020 Employee Stock Purchase Plan.</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;4, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.6+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1647639/000119312520309971/d867925dex106.htm">Upstart Holdings, Inc. Executive Change in Control and Severance Policy and related participation. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;4, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.7+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520309971/d867925dex107.htm">Upstart Holdings, Inc. Outside Director Compensation Policy.</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;4, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520288095/d867925dex108.htm"><FONT STYLE="white-space:nowrap">Sub-Sublease</FONT> Agreement, dated April&nbsp;
1, 2019, between Bay Meadows Station 3 Investors, LLC and Open Text Inc., Snowflake, Inc. and Upstart Holdings, Inc. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">November&nbsp;6,&nbsp;2020</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">II-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Incorporated by Reference</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit<BR>Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Description</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Form</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>File No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Filing Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520309971/d867925dex109.htm">Amended and Restated Loan and Security Agreement, dated September&nbsp;
5, 2018, between Silicon Valley Bank, Upstart Holdings, Inc. and Upstart Network, Inc. amended as of October&nbsp;22, 2018, August&nbsp;14, 2019, June&nbsp;30, 2020, October&nbsp;1, 2020, November&nbsp;3, 2020 and November&nbsp;25, 2020. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">November&nbsp;6, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520288095/d867925dex1010.htm">Mezzanine Loan and Security Agreement, dated October&nbsp;
22, 2018, between Silicon Valley Bank, Upstart Holdings, Inc. and Upstart Network, Inc. amended as of June&nbsp;30, 2020 and October&nbsp;1, 2020. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">November&nbsp;5, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520288095/d867925dex1011.htm">Amended and Restated Revolving Credit and Security Agreement, dated May&nbsp;
22, 2020, between Upstart Loan Trust and Goldman Sachs Bank USA. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">November&nbsp;5, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.13&#094;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520309971/d867925dex1013.htm">Third Amended and Restated Loan Program Agreement, dated January&nbsp;
1, 2019, between Upstart Network, Inc. and Cross River Bank, amended as of November&nbsp;20, 2019 and November&nbsp;25, 2020. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">November&nbsp;5, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.14&#094;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520309971/d867925dex1014.htm">Third Amended and Restated Loan Sale Agreement, dated January&nbsp;
1, 2019, between Upstart Network, Inc. and Cross River Bank, amended as of November&nbsp;25, 2020. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.14</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">November&nbsp;5, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.15&#094;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001647639/000119312520288095/d867925dex1015.htm">Second Amended and Restated Promotion Agreement, dated November&nbsp;
6, 2020, between Upstart Network, Inc. and Credit Karma Offers, Inc. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">November&nbsp;5, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.16&#094;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1647639/000119312520311387/d867925dex1016.htm">Amended and Restated TransUnion Master Agreement for Consumer Reporting and Ancillary Services, dated November&nbsp;
25, 2020, between Upstart Network, Inc. and TransUnion LLC. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;7, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;10.17&#094;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1647639/000119312520311387/d867925dex1017.htm">Amended and Restated Billing Agent Agreement, dated November&nbsp;25, 2020, between Upstart Network, Inc. and Trans Union LLC. </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT STYLE="white-space:nowrap">333-249860</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">10.17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">December&nbsp;7, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;21.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">List of subsidiaries of the registrant.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">II-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Incorporated by Reference</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit<BR>Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Description</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Form</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>File No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Filing Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;23.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Deloitte&nbsp;&amp; Touche LLP, Independent Registered Public Accounting Firm.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;23.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Wilson Sonsini Goodrich&nbsp;&amp; Rosati, P.C. (included in Exhibit&nbsp;5.1).</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;24.1*<BR></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Power of Attorney (included in signature pages hereto)*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">+</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Indicates management contract or compensatory plan. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#094;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Portions of this exhibit (indicated by asterisk) have been excluded because such information is both (i)&nbsp;not
material and (ii)&nbsp;would be competitively harmful if publicly disclosed. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">To be filed by amendment. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">II-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> to be signed on its behalf by the undersigned, thereunto duly authorized, in San Mateo, California, on
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>UPSTART HOLDINGS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Dave Girouard</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Dave Girouard, Sanjay Datta and Alison
Nicoll, and each one of them, as his or her true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents, with full power of substitution and resubstitution, for him or her and in their
name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to sign any registration statement for the same offering covered by this registration
statement that is to be effective on filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents, and each of them, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents or any of them, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT>
has been signed by the following persons in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer and Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Dave Girouard</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">(<I>Principal Executive Officer)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Sanjay Datta</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">(<I>Principal Financial Officer)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Corporate Controller</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Natalia Mirgorodskaya</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">(<I>Principal Accounting Officer</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Kerry W. Cooper</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Paul Gu</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">II-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Mary Hentges</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Oskar Mielczarek de la Miel</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Ciaran O&#146;Kelly</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Sukhinder Singh Cassidy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Robert Schwartz</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Hilliard C. Terry III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">II-9 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>2
<FILENAME>filename2.htm
<TEXT>
<HTML><HEAD>
<TITLE>EX-21.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Confidential Treatment Requested by Upstart Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 21.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUBSIDIARIES OF THE REGISTRANT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Name of Subsidiary</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Jurisdiction of Incorporation</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Network, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Funds GP, LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Network Trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Loan Trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Loan Trust 2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Funding I, LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Securitization Trust <FONT STYLE="white-space:nowrap">2017-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Funding Grantor Trust <FONT STYLE="white-space:nowrap">2017-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Funding II, LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Securitization Trust <FONT STYLE="white-space:nowrap">2017-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Funding Grantor Trust <FONT STYLE="white-space:nowrap">2017-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Securitization Trust <FONT STYLE="white-space:nowrap">2018-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Funding Grantor Trust <FONT STYLE="white-space:nowrap">2018-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Securitization Trust <FONT STYLE="white-space:nowrap">2018-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Funding Grantor Trust <FONT STYLE="white-space:nowrap">2018-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Securitization Trust <FONT STYLE="white-space:nowrap">2019-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Funding Grantor Trust <FONT STYLE="white-space:nowrap">2019-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Securitization Trust <FONT STYLE="white-space:nowrap">2019-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart Funding Grantor Trust <FONT STYLE="white-space:nowrap">2019-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart RR Funding <FONT STYLE="white-space:nowrap">2017-1,</FONT> LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart RR Funding <FONT STYLE="white-space:nowrap">2017-2,</FONT> LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart RR Funding <FONT STYLE="white-space:nowrap">2018-1,</FONT> LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart RR Funding <FONT STYLE="white-space:nowrap">2018-2,</FONT> LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart RR Funding <FONT STYLE="white-space:nowrap">2019-1,</FONT> LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Upstart RR Funding <FONT STYLE="white-space:nowrap">2019-2,</FONT> LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AMG Acquisition Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AMG Acquisition Sub, LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g126640g09o27.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g126640g09o27.jpg
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M ,,  0 " @(# 0$            )"@<( 08" P4$"P$!  $$ P$!
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M,L.$?WV#Y:NMOI]>C7YK,6R7Y9=95R?T[/F\93W$%M&0
M      #]?@ODS_0@!$']A7V')X?1:\(\%VK,CEAQ!Q-IM8GAEQ.,F74D:ZFK
M4I+L:5O'VU?N,R4W5(/JHCD&E+<D<-X8]R\=UW:+6W+K"#Z.W\7ZJO\ ^/\
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M6VLB4A9$?R1+09'T,8X]?7N;[=8OK!ZP?5/XI]G_ #0
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M+L'V<WN<LKA^ZWRKQ/)MSP<F493BJF__ ,>^2<9U=H625L--9J5D80B;?
M                 #Q6MII#CS[A-,,MN//NF1J)IAE"G7G#2G]RB;;29]"^
M3Z!U].YPW&*<I/2*6K?P2[LH=?8'[\\D^ZW*L^3(G3\YPQCK>S@\6<<Q);S4
M&/ 9D/1$:_2H:6ANWV=_&;)QUUPC1":649@DI2M3LM[+M%6TX^D>N5-+SE\?
M\*^$5Z+U[OJ:LO=SW0W3W-W]VW:U\=Q;)K$Q_2*U<?K3_JOLC^:7Z(OZ<-%K
MY=>]-.*.?_8[477'O%&(MN0F<[2/W]Q8',BP8.3BH2LH<>9=V\B-!\U[(;-F
M#!-TY+[Q&;*>Q#IIN.OD6+LT8K<K/'%G+1=VT_BDNOBN\OAW_!P=D>QW(_=6
MZZ7 L+ZV_P"-2[+$G&NN<%VC.<G&$;IOY:=7K8_E?1>4>Y6=9/J9]A37-?,K
M+2KF2JRUJK**[#GUT^&ZN/,@3X<A"'XTJ,\@T.-K22DJ+H8O:NR%D(VU-2KD
MDTT]4T^J::[IF*69AY6#E6[?N%5E.;39*NVJR+A.N<&XSA.$DG&46FI1:U3+
M#?U5>X6RY2:M/7?DJ5(T%OB,F>AP>QENN/VTS*U<V!53<QH7W#4N?(I"L8ZH
M4M1FZN-W-.FHVT*.&?<#C6-M[CO6"E"JVSQL@NRFTVIQ^'EH_)=M>J[LVO\
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MQA!/6-540)#J++7V.>A&4B:J W(5%C]/-T69=U?Q.2X6+DU[9N-JC?9^1O\
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MR4WQGU,SZ$74^O1)$22_R21?!)+^A?T(16;(V]7J<
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MU4TRIIKLE%P^O8[)RG9.,92^G!*,82?FW)I)2S".S.H
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M 'OC-RE9:OT.24:W\R3EI)3:BUS)4
M
M
M
M
M
M
M
M
M
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M7J_^);W*N4[)PS8[^1<@M56W4+\'.R;_ "U51U7G9-](Q_BY-13:J&>ROO\
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M:_R3)X5)-)FE1&2B,R,C^#(R_4C(1)W-G333T?<X
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M41MN1EK)9=G47INM6);MF17GJ/[-U2\]>R23>OX-/JGW3TTZF)?MOG\GVWW
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MQOAG0CKX2PE3.4Y6I=/&NQ5RKE+M;X*/66CMAC'HWF@
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M;S7\0R:25YY"5MHMA<[>W;DH8D5;MJ>EGQG^-?HO'T;_ #?@M&9*Q^R^/.N
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MO;R-T>#;-M^U/(T^K+'J49V)/5*=CUFXI]5!R\4^J6IE04\O<
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M8^'[=B;9M"DY?2QZXUQ<GWG+3K.;22<YN4M$EKHCNH\I<8
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M1)+HDNB71'D.#L
M
M
M
M
M
M
M
M
M
M                      $?GN][YY3U1JV,QGHE9MN:KR,W+K,E)DNIJ<O4
MO=?'H]HY"<1+99D]#_"@MK;D3#(UFIMDN]5X\5XCD<AL=]SE5M<'HYI=9O\
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MWN)C0<K<6,G]/(J7?(Q'-N4HQ_ZU+<K*7UUG6U-;_BSS*<
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MYAP_)CE;)E1Z/M.N:T\Z;H=Z[JV])P?;HTW&49/(X\)=X
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ML?VJ]Q;7/F,*VL+,E_\ G0K@Y.F]_P#]77"+<;.V1"+\M+5K9,8(T-@0
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MI;;)1]R^Q"20CO5_S*[2+J?]3&/O7N^YN_2C%*,=?%+1:]7HNBU?JP!R
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MOE#ZV1=&$HUUU5PG)J"E)2LLGXQ\8^,?*4NEBX0L;;
M  #Q<;;>;=8>[_"^TZP]XU=CGB?;4T[XU_JASL6?:?\ 0_D.OIW.'&,DXRU\
M6FGIWT?1Z%([F?Z=O=[#\O7F,X_XELN5L5/T$Y6*Y(SMQG&*"?GYDUURLD:A
MRWN*^1E;2'$<2F<W*02$NH4II;J#2HY2Q>3;3;C1MOL55WC\T&GKKZZ:+YD_
M30UI\C^WCW,VSD%NW;1M\\_;)72^CD5SK5<JW)N+M<YQ=4DM/-26FJ;BY+1N
MQK]<?UM8?TGQ+E]J6Z;;^PFSJ2B[O9%&1-J<Y5RDI<D<?X8IK)+;S[:B(I\M
M2$/6[R>JR2PEIE%E;UOEVZV^-?E#"@]8Q[-O^J6GK\%^G^/4S ]H/9K:O;?:
MWD9ZJRN695?C?;HI0KA+OCTJ2_Y?I9)K6Y]TH)1--_=WZO-/%TTKDKU8R_\
M.9V^D/2M'Q/6R8<6QRUF\HW'9^+9GR(K,_-37%&HX"7// <^&4K8,DM2+Q;G
MM#H6#R"SPN@M(W--J:^$]-=)+^K327KH^^#7W(?99O5.\3YA[)87[G:<J;ED
M;97*$;,:QO5SQ%.45/'F]6Z%+SIETK4JFHUYB^K_ -+.7N$]CK.9N8J1S#R[
M')2,7E<9,EPY%](9L[.LLK:\O&($B4Q61F45+3,5AQSSN+<6M2$)2COIG/.4
M;;NN-7MFV3^K%6*<YI/QZ)I1CKIJ^K;:Z=EJ_20/LN^W7GOMSR#.]P_<#&>V
MWW8$L3&Q)SA*Z2LLKLMNNC"4HUQ2JC&N$I><G*4G&*C'RFD$8&Q(
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M?/ES)0JY)O.77=/&C.,_VU5-;A5"<X-P=TG.<K%"4HQ7A'R<E+21H649<
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MC]#4G1*45?DR3Z5Z0DW55_7-M2DOE@NKE&W6(Z,_P
M
M
M
M
M
M
M
M
M
M                                                      =/U/\
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MFRNNMO1.<HP3?P3DTF_P74_09&D^AD9'\?!_X&74C_X&1CJ?5IKHS@
M                    >ER3%9?CQ7I<1F7+ZG$B/2F&I4LB^#.+&<<2_)(C
M+_D2H<I2:<DFXKN].B_B_0^4[J*[8T63A&^?Y8N45*7_ &8M^4OY)GN_3X,<
M'U                           ]*9,54IV"F5%7/9;)UZ B4PJ<RT9$9.
MO0TN'):;,C_U*21#G27CYZ/P?KIT_M['S5U$KGC1G!Y,5JX*47-+XN&ODE^+
M6A[AP?0                         _/,F0ZZ',L;&9$KJZOBR)]A83Y#,
M.# @PV5R)<V;+D+;CQ8D5AM2W'%J2A"$F9F1$.4I2:C%-R;T275MOLDO5L^5
MUU.-3/)R9PKQJX.4YR:C&$8K64I2>BC&*3;;>B2U96?]]_L<7SY/M.(>!M,J
M+PU3RUQ='IJ6P-BTY.GQW#0?>N*ZF77X5AU/_;QE=B[%1$\^79XVBF[A?$<?
M;X+<=P\+-T:Z0U4E2G_:G8_5_I[+KJS4)]V/W/[WSK)LX)P9Y>%[>0FXVY/C
M93/<YQ[Z-J,HX<7UA7TE?_S+%X^$%IKZR>T/)7JSOHFOP\YV=1R7&H^QP4Z8
M^C-["G\A&]'DQR-;4"X83U5#L&T>:,[^O>TIQM=U[]L&#R##>-EK2Y=86)?-
M"7Q3]5_5%]&OQT9C3[->]/,/9/E%>_<:L=FVS:CEX4YR6/E5:]8RCU4+5WJO
MBO.N7?R@Y0E;/X)YVX[]B^.ZKDKC6U_-J9O2+:U4HVF[W*WK;:%S<[HH2%K.
M)91#7U2HC-J0T:76E*;41C'C=MIS=ES98.='2Q=4U^6<?247ZI_VI]'U-ZOM
ME[F\3]V^)T<PX??]3!L^6VJ6BNQKDDYT7P3?C9'7H_RV1TG!RA),S&*82"
M                   !TSD/D3$\38K1<B\C:2MR6+RL!=C>7MJ^EF-&92?:
MRPRDS)<NPG/FEJ-';)3LAY24(29F/OC8U^9D0Q<:/E?-Z)=OYMOHDN[;Z)%%
MY'R+9>);'D\CY#?'&V?$K<[)M.3T](PA%.5EDWI&NN"<YR:C%-LJD^X_O'K?
M;O4J*JFRJ#A:CE/M8S$P[%#C<[L4:#TNQ5 ?7$M-)-01&EDS6Q7M'XFNJO(Z
MYD%Q7C.#L6+]2+A=N,U\]BT>G^"'PBO[9/J_1+2!]R/W!<N]Y>1O#NKRMLX+
MC2?[3 GY0<UKI^YRUT5M\UVC\T*(_)#5^<Y]E](/>C7>K&G:H=&]:ZOA"_EM
MITF4\[DN9EWW%$@]7B6Y#G9&G1DGUE04FABP:+I^UY+;A=.5<3QM_H=U"C7N
ML%\L^RG_ ()_%?"7>+_#5'K^VW[F-^]DMYCM>[ROSO;;*FOW&-Y.4\9OI^YP
MU)Z1G'_J4IJ%\5ITL4)*U#D-?E]_EZ+:XJ]K]+E-+7LVE%>U;Q/PK"$^1]JT
M*Z$MIYI9&V\RX276'4J;<2E:3(H R<:_#OGBY4)5Y%<M)1?=/_;L^S75=#=O
ML&_[+RG9<;D?',FK,V/,J5E-U;UA.#]5ZIIZQE&24H23C)*2:.QCX%7
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MBTXRBUJI1:U333333T:ZH\QP=P                     -&O=OWBX^]/\
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MONK[;Y6/RZ<LC>]CRZ\7]U+\^33.I652M?ZKZTI0LGWL2A.6LW)N2,609?
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M5V/=.B=E<?TPM=?U%%=(N3BNB1LH*&3"                     !'[[O\
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MCS%>
M
M
M
M
M
M
M
M
M
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M??\ POMBS=LY)--TT9L:H_N5'JU19599"5J7S?2DXS<4W!3T>F^ M$R>
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MW8<RM3JNK>L9+LTT])0G!ZQG7)*<))QDDT=M'G*\
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M]O'W$<>]]>//I7A\[PZX_O<+7^7[G&U>L\:<OXRIF_IV?HG/=46N9%@
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M+WCXE5RWB=K=;:AD8\VOKXE^FLJ;HKU7>$U\EL-)P>FJ6<A2B3
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M/*)#)ZW(D\LF86DA,D7D;ZI9L64^)WHHFG6[<Y3Q;&Y%C>4=*]SK7^79\?\
M!/XQ?]L7U7JG/7VY_<7O_L7O[IN5F9[?YMJ>9AI]8OHOW6+J](9$%^:/2%\%
MX3TDH3A:TPF\Q_)V0H=]@;^#ILCIH*+"FN:]?<S(949H=8?:5T>A6$)]*FI$
M=U*7H[R%(6DE$8Q]R\3)P<F>'F0=>36])1?I_#XI]TUT:ZHWA\8Y/L',]@Q>
M4<7RJLS8<VI656P?22[-23ZPG!ZQLKDE.$TXR2:.VCS%>
M     /BZ/1Y_'Y^[UFLNZS-Y?-U<R[T&@NIC-?44U17LJD3;&QFR%(9C18S*
M#-2C/_(NIF1'VA"=DU76G*R3T275MOT2//EY>)M^);GY]L*<&F#G99-J,(0B
MM92E)]$DO_0NI46]_/MGC>RNHD<:\<PM)4^O%#:$3,ON17V?)<^$\9-:J^JG
M.V2W0,.))RLK75H4E/1]]'G-"&9?XEMN)L*67EU_4W*:T<M5I6GWC!?'^J6O
M7LM%WU6_<W[D<C]YYRXSQG,_9\ QYZQI<91EGV0?RW9,DTXU)]:*/%J/2RSR
ML\57IO!G0[.)'GP)#4N%+;)V/(95W(<0K_\ 0TJ2?PI)D2DJ(R,B,A*5=D+8
M*RMZP?9FO#-PLK;LJ>#G0=>56])1?^]?%/NFNC75$M_U[_81*X-E5G#/,UG)
MG<,3I)1\WI)!NRIO%4R4Z9]B^A./R<%)?<-3[">Y=:M1O,D;9N-B/N9<-CNL
M9;GMD4MS2UE%=%:E_NL7H_U=GUT9F]]J?W67^VM]/MY[AW3M]O+9^./D2UE/
M;)R?9]W+"DWK."U>.V[*UX><"RK%E19T6+.@RHTZ#.C,3(4Z$^U*AS8<II+\
M67$E,+<8DQ9+"TK;<0I2%H41D9D8@^491DXS34T]&GT::[IKT:-PU-]&33#)
MQIPMQK(1G"<)*4)PDE*,HRBVI1E%IQDFTTTT]#WCJ?4
M   Q+SCSEQCZX\8Z3E[E[2Q\QBLQ')4B0HB?LK>R?)::W.YRL2M,BZT=R^CQ
MQ8K7[EJZJ4:&T+6GTXN+?FWQQL:/E;+^Q+U;?HEZO_B4#DW)]DX?LEW(.07*
MC;:%U?>4Y/\ +77'O.R;Z1BN_=Z13:IR^TWV2WGN!R:W8ZBNM<9QU3RI43CO
M(*GL2ZO-PGU>(K6];C$E,S36S24G-FEY$M%T9:)+"/F;^+X^V[!1^WC!O(LT
M^I:^\G\-/TP7HDW\7JS3K]P_(^=>]F]/>\C(C#9,/R_9;;'50J@^\W/72W+L
M2_S+)1BO^G7XP23QU]>OUY\A>\N]2\K^2R' V6G,'R)R<47XE$1I=/&X5<EM
M42WU]DR71:R\D>K95YI'57B9>H&];U3M-.G2>9)?+#_YI?"*_M?9$R>T?M)N
M_N=NOG\^/Q:B2_<9.G?U^C1KTG=)>O6-2^:?7QC*</W=^KFDR&0B\C>JF>LD
M0,A1QHFPXL*?::*TG555&)L]=EI=G(FVME;M1V^^R@J6M<@B-Z.1+);2N>(<
MYG*U;9OLU\S_ ,NUZ))OM"?HEZ0EZ=I>C/3]T/V=8V)M\_<#V<Q)_P#V]>N;
MML'*R4XQ7S96+KK*5J2\LBA:_4ZV5)2\H2AZX>R^ZVO*N#S/&,2SF<@/ZZC<
MSZ:A#Y3ZFR@VD:2FXD.,EWUD6D-DY$A]SL0PVVHUF1$).W+(Q,7;[K\]Q6&J
MY>6O9IIK3\7+LEZZ]#7M[?[+R;D?-]KV;AE=UG*I9]+H^DGYU60LC+ZLFNM<
M:=/.<Y:*$8MR:+OA]_\ ]1:7'.A$XX@NU#CA$1..(3\=J%KZF1?T(QBO_#L?
MI%^;];3GZM=F_5K\&^IP                     *+GV\8[DW'^^?.%WR='
MM$5NZNJ_0\:7]@EXJ>YX[325L&@A4$]TBBK9SB8RX4B,VKNC26E]Z2-9&J5^
M-6T6[/3"C3RA'2:]5+5ZZ_Q[Z^J-8/W [=O6W^ZFYY6]1FJ<JV-F-.6OA/'\
M(QK5;?32O1PE%?EDGJNO79;ZL/JQN/9*UJ.?N>JNXSOK]2SD2\KGEKG4E[S/
M:PG>J3AR&51;*JX[@/HZ2;!E3;UBX1L15D@G7D^+?N0K UQ<%IYWK)=J_P#_
M '^"].[]$7A[(^Q%G.)QY+S"J4.&Q;\*9)QEG/LUZ-8R[3FM';^2#T\I+:'[
M /KXL. YT[EKAZNGV_"5C)-RXIFOR;*TXKFR%_#,MQ1O2YV*DNJZ1IKAJ<AJ
M,F9"C(VW5W7P_F4-WBMNW*2CND5\LNRM7X>BFO5?J[KU2QY^Z?[4\KVOR;>=
M^W]-M_MQ=/6VE>5EFVSD_P LGUE/#D^E=KU=3TKM?Y)RPW]:.8WFC]O^++C"
M,6"JW)3K&XWMS#2[_%UN+<I["':0[>6W_P!N2;Q;[<5AA9]SSZTFE)]AFFI\
MYR,2CC>17EN/U+$HUI]W/5--+O\ +W;]$1[]G6S<HW?W\V3/XS&UX>!;9;FV
MPU^G7B.JR%D+9+Y=+FU7"#ZRFXM+Y=5;0&.YO6                    .%
M$Z:5E'<0S(4VXF.\XGN;9D*0HF'G$]#[FVG3)2B_J1 ]/7JA\VGR-*>G1OLG
MZ-_@F?SAN<<;R3QYS+R/C.8J^ZKN4H>WT1ZIB]1(.VN;JPN)<IV\CN/D;MQ$
MT3LC\J+):\C<IIY*D&9&0FS$MHOQ:[<5IX[@M-.R6G;\-.S7H:=^3[=O.T<C
MS-MY%"R&^1R;/JJ>OG.<IMN:UZS5C?E&2U4DTTV6&?K(^GR!-S2.=O;[/6S,
MG54C[7'7#JY]GGK*DI[>-V)VFZ<KWXEA%OI49PEUM2M1%$09/RT*=-#+-H;O
MRN_&R55LT_&=<OFLZ--K],=>CCZ2?KV7Q,J/:K[9=JY!L-FZ>ZV+*W$S:7&G
M!DY5RA":Z9%KBU.%OZJ8)IU])S^;2*UQ]S?3#;>I>Q4:_P W2\2:"4\K$<@?
MC=$$GJ;A9K5J804:KU$!LR+Y[&9S9>9C_P"HVU*/&.3XO(L;II7N,%_F5Z_^
M]#U<'_;%]'Z-Z]?N&^WGD?L5R!^?U,S@F5-_L\[QZ:=_V^3HO&O)@OX0NBOJ
M5_JA#<OZ8\OO5\J\G[>%'L8_%Y8$LY=6"T/-TMUKG;RLG9^##<411YUG3PF9
MKKBF^Y49I[M4:?,DCMGW.R,-;?CXLG%Y_P!;RBOU1AXM2;]4I/Q2^+7X&0G_
M )>6R<HESC>N28\+8<+_ -+_ &]TVFJ;LIW5SHA!_EG95!72DXZNN,]):?42
M=B00N;9@                   #7#W#S'(VU]4_8C(\1+EIY+T?$6SJ<<W7
M/''LIEI+JG4.5=9(2I"F;.X@>:)'42DGYGD]#(_D>W;K*:MPHMR=/V\;8N6O
M;3XO\$]&_P"!9WN%@[QN7!-XV_C_ )?ZU=M]T*?%Z2<G'K&+])3CY0C_ (I(
M_GP4N1U-[K(''E!EK^SW<ZW;S<#"P*>:YJW;U3Y0TTB<^3*;%FP;D_VUM+;2
M;1D??VD1F4R2LKA6[IRBJ4M7+7II\=>VAJ6QMOSLK/AM&)1;/=)V*N-$82=K
MGKIX?3T\E+7HTUT]="V1ZA?2IQ]B>![YKV&F3Y?/_)%3&=<LLW;R%57":FT_
MDU=/21H\A%1K;N-(61V\F4AV._\ NC13;;(Y#MCV<VSL;<HW[9I^R@]'&2_Y
MJ]?+UBOZ=.J[OX&9NU_:!Q3?^ W[3[A>;Y;F0\J[J9==MLTUA]'1J%TT]%D>
M>L+%K7#1)6.)3V&]?.1?67D*PX_Y)KR8<0I<G.Z:*ATLWLJ0W%)BW=!->2E+
MB'$ET?C*/\B&\1MNI(R(U3/LN\X6^X4<S!>J[2B_S0EZQDO]S[-=4:HO=?VJ
MY;[-\KMXKS"KQDFY49$4_P!OETZ_+=1-]T^TZW\]4]836J3<[/TYY7?T/!7(
M=SI8ME7XO7;V#9\>1+)MYA$QN'2G"T]_51WR2HJJSF)C,I=21-R'8BU),^AF
M<3>Y>1AW;M350XO*KI:L:]-9:QB_Q2U>GHFC9K_Y?NQ\JVOVSW;<-YA=5QW/
MW2%F!&Q-*:C3X9%]:?\ T[)_3BI+I.54FM=-27@1P9Z@
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MPLFS-PL3%IS;O^99737"RS_MSC%2G\?F;ZGUQ\CW@
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M4I(B21="(=/75]V>V,8PBH024(I))+1)+HDDNB271)=$>0X.0
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M?<
M
M
M
M
M
M
M
M
M
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MNNH<(Y_*C%]QX)_1LBE73N,$M7]./Y:\J"ZSIC\MD4[*4M)PC*@+ ,W
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M<M%'^N2Z]?\ "O5>KZ=M=<9ON"]X\K@^/'B/&VX<FS,?SG>O_P :F;<4Z_\
MZ]FDO"7:N*\UK)QTJ@Y_EG7PKG\R\M+34L6,M2[)BP>7.LI<F:^:G9<:2XE<
MIRT?DNFKH9J\[BNBB-2NI2UB[EDX\TY2<J?6+[:?A\-/33H:PM_X/LN]XTXU
M50HW*3;C;%?,YR>K=FG6SSD_F<M9MO5/R[[LZ?(:_#V;='N,GI<5>N5M;;E1
M:VDL,_=-UMO%1,K9;U;9,L2FFI4=9&DS3TZD:?\ 4DR*Z,/,Q<^A9.'9&RAZ
MK6+3ZKNGIV:?=$ \GXKR+A>\V<?Y3AWX.\5QC)UW0E"3A->4+(J23<)QZQDN
MCZKHTTI&?KU]Z[WU\T]1Q-OI4JYX0UMW'A,I=<4]+XSO+F8W'3?TG>9F><E2
MWR59P2Z)+J<EGHX3B7K-YGQ.K>:);CAI1W6N&OX6QBORR_Q)?EE_[+Z::97?
M:E]S.Y^U6]8_!>43GD>V^?DQ@DWK+;[K9*/UZ=?_ ,>4GKD4]EJ[J])J4;+1
M"DFE2DGT,TF9&9'U(^A].I&7P9"!?Q-T[6C:?=' '
M !5V^X+[.-C_ +RV?IWP+9S,M29:2>?YMW\)PF;K371QV7Y_'F=?(C<J\W5$
M^3-K(29/SY)+CI-$=M?GO_B^RQKC#=\CK:^M2](KTF_\3_3_ $KKW,&?N/\
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MH;:B[[+_ )+586@=CMDA$/1U\MYENP0@B:?-Y#[9)[G$(@;FO%8;%='-P?\
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MNL4=7XQE9.7A'5N,%%-MZLS<*420
M
M
M
M
M
M
M
M
M
M                                    'S[6VJJ&LGW=[:5U)35<9<RS
MM[>=%K*NNB-=/))G6$UUB)$81U+JMQ:2ZF1?J8[UUV6V*JJ,IVR>B44VV_@D
MNK/)G9^#M>%;N.YW4XVW40<[+;9QKKKBN\ISFU&,5\9-(Z?@^6.+N4V9\CC3
MD7%;YFJ<2U:*R.CJ[Q=<MQ1I;_-9@R'7XJ'5),D+6DD+,OVF8].7M^?M[4<Z
MFVER[><7'7^&JZE XOSKA7-J[;>';OMVZ5T-*S]KD5W.O7MYJ$FXI^C:2?HV
M9 'C+J                         .K['<8OCRC=TV^UN<Q6>8=0P[=:FY
M@4=:4APC-N,B58/L-O27"29I:1W.*(C,B^#'HQL7*S;51AUSMN?Z81<G_'1>
MGX]BB<@Y+QWB>VRWCE&?A[=M,9*+NR;84U^3[14IN*<GZ16LGH]$<X_;8WD*
MC9TV"UF<VF=D..,LW>7N(%W6*?:Z&['5*KWWVVI+1*(U-+-+B2,NI%U(,G%R
ML.UT9=<ZKE^F<7%_QT?I^/8YV#D?'N5[;'>>,9V)N.TS;2NQK875^2[Q\H-I
M27K%Z27JCLX\Y6@                        #'V]Y9XMXL:KWN2^1L3@4
M6RU-U?\ NW25=&Y8J;427#A,3I#3\EMI1D2UH2:$'\*,A[</;L_<')8--MSC
MW\(N6G\=%T+4Y1SKA/"856<QW?;MKC>VJ_W6172[-.C\%.2E))]&TM%ZM'<J
MNUJ[RM@W-)9UUU3VD9N966U3-C6598PW2ZM2H,^&Z]%EQW.GPMM:DF9'\_ \
MME=E4W5;&4;8O1IIII_!I]4RX<+-PMRPZMPVVZK(V^Z"G7;5.-E=D7VE"<&X
MRB_C%M'[QT/4                         8PU/-W#.'TD/';/ECCK)ZRP
M\!P\YH=A15-RZ4KI^*:X,R:T]&*3W%XS=)LG.I=O7J/?C[5N>70\G%Q[[,>/
M>482<>G?JEUT_ LO>_<?V]XUN]?'^1;[M&#OENGACWY5-5K\ORZPG-./E^GR
MT\O34R?_ $(R,C)1$I)D9&E25$2DJ2HNI*2I)D9&7P9#P%Z?BNS_ -D_Y@
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MA:3(TJ(S(R/J7P(:-KW1K5:--:IKJFGU33]4UU37= #D
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M/-A"6KCBY$;JJVZW^B.0K'YP6D93@II>7FW8-$.&U@
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MRW)P=CSJL?#NL;E)4VTN;QG-]9+'<4X:MN%=L8:^,8)2Q"/#.@
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M\ME*S?9QOIG=):2R(X]\Z89$NR<K(P7G)+2<U*7J;>"VR>P
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M497W63E=D7N&O@K+I]?"&K\*XJ-<6VU'5MF>Q2"40
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M\.O!V.AN2A%RE*4Y:>=EMDW*=MD]%Y3G)MI)+2*261!XB[0
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M6W<9Q90S;H^,[K9NVYPUU\%.6BA#71N,%'R:7EKHM-QA320P
M
M
M
M
M
M
M
M
M
M
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M*A[1S:F#G^SLM5L;ZU^:S%M\:W9X?]2IPC9!?.E*&LH[["T#*$
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MQ^8\.R5D;1D+1IZ*VFU:>=%\-6Z[JV])1>J:TG!RA*,GE > O4
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MWIVM<;Y(ZL7W-PZ?*V"^6O-JAHI96.NRDNCR*%_RV_.O6IZ0D9%E&7
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M,W8;5NNV;[MF/O6S7U96T9=,+:;JWY0LKFO*$XOU33_BGT:331]<?(J
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M3+,E+69&:B-1GW*_U*^?]2OZ=ROU/_,8T+L?H-D]9-KKU/ #@
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M^0>W/LML?$N4_+OU%-MEM?DI?0=]]E\<?R3:;IC8HR\6XJ?DDVEJ;5"WR;P
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M&D^C['*E*+UBVF%*4L^Y:E+4?ZJ49J/X_3Y/J8))=%V#DY/63;9X@<
M                >PWG33V&ZX:/@NPUJ-/0OT+M,^GP./&.NNBU.WG-KQ;?
MC\-3UCDZGFAQQOKXW%HZ_KV*4GKT_3KVF74&D^YVC.<?RMK^#/$S,S,S,S,S
MZF9_)F9_J9G_ %,#JWKU?<X                     #]/DO@R 'L6ZZX1$
MXZXX1?)$M:E$1_XEW&?0<*,5V21VE.<OS-O^+/6.3J>Q+KJ4FA+CB4GUZI2M
M1)/K\'U(CZ?(X:3ZM+4[*<XKQBVE_$]8Y.H
M
M
M
M
M
M
M
M                'DI*DGT4DTGTZ]%$9'T_QZ'_ $ Y::Z-:'B!P
M                  <D1J,B21F9_H1$9F?_  (OD DV]%W!D9&9&1D9?J1E
MT,O^)& ::>C[G                           \DI4KX2E2C_7HDC/X_\
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M;[BY6+G8M>=@VUW85U<;*[*Y*<+(32E&<)Q;C*,HM.,DVFGJC]0ZGW
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M%#AO,IU8WN=CU='TA7N-<%UNICT4<B*6M^.N_6VI>'E&N386*9E@
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MLKB.YW2KPG)MSP<F493C"MOOC7R3C*KM79)60T3G&5CX0F;=@
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MRRMUVW!^OAY<FW9;C5SA7.C(;ZSG3YP=5K?E.O6,]904I3)",S8.
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M\=TYCFT*AV5UNJC'H\E.5=49MSG*R<8.RR?CTA&,8)>3E(@++,L@
M           #I')G'>4Y=X[V_%FZ@+L\=R%E[G(Z6"T\<=]ZINX;D.2N)))*
MSBSHWD)UATB/Q/(2KH?3H/K1=9CW0R*7I;"2DG^*_P!M'^!3-YVC W_:,K8]
MTAY[=ET3JLBGHW":T>C])+O%^DDF5RJ'_P!O!)8Y,:7I?96'8\+Q[1,ER)4X
MN;7\I6E*AXG"IGI;UA(RU58/L%XG+!HGTIZFXB,1]$%>L^::T:0QVLK3NY)P
M3^/]37X=/XF'^+]HLH[TGF;U&?&U9KI&F4<J4-?R-N3JC)KH[%Y:=U#T+''&
M_'6'X@P^8XUXRS-;C<-C:UJISF=J&O%$@Q&NJEN.+4:GYL^:^I3TJ2\I;\I]
M:W'5*6HS.R;K;<FV5^1)SNF]6WZ_^A+T7HC,'9MHVSCVV4;-LE,,;:\:"C77
M!:**7]\I2?64GK*4FW)MLBI]G_J8SO*N[F;_ (2V-#Q4[H9"YFIQMO1SIF4.
MT?<-R7<YE5.ZF12G/6HUO0395&\QFMI31*-!2-L/N)?M^(L/=*IY"@M(3C)*
M>GI&7E^;3TEKKIWU[F!_O1]BNT\WY-9RGVXW#%V.>7-SR<2VF<\;ZC>LK<?Z
M34J?-]9T^+K\M90<$_$W;]/_ %1S/J1QI,QE1=/ZK1Z2W1H=MK7X::U%O:,Q
M$P8,2MK2?E*KZ6HB$I##:W7'5K<<<6KJOM3:W).0W\CSEE605=,(^,(:ZZ+7
M5MOIK)OOT2Z)+L9(>P7L;LWL1P^SCV!D2SMWS+U?F93A]-6V**A"-=>LOITU
M1U4(N4I-RG.3UEHMKQ;Q.0                   !K'[?\ JSA_<?@O2\(;
MF?/HF+.96W^:U=4RS)LLCL*);KE+?1X4A;;%BPA,AZ/*BK6V4B)(=02VU&E:
M??MN?=MF7'+I2;2::?:47W7X?%/T:+*]P>#[9[B<7NXSNDYU0G*-E=L4G*JV
M&OA-)])+JXRBVO*,FM4]&H9O7'Z!J;$\H5VN]B^6\[RO@\Y/385_'62S-S11
M=C(C.>2"SM[&VGNNQJ%+B4KDU\,G%2R+Q*D):-9+N7-YA.['=6%5*JZ2T<I-
M/Q_[*7K\&^W?0QSX?]J6-MF]PW#F&X4Y^UTS\HX]5<ZU<U^572F]57ZRKAJY
M_E<TF];#L[.Y^RS\G)6%%3S,I,IU9Z5F7ZZ(J@>H%1"@?PBJDFDPDU:81$TE
MA*";0V1$DBZ%TL^NVVJU7U2E&Z,O)23?DI:ZZZ]]=?4RTS-MVW<=MMV;/QZ;
MMHNI=-E$X1=4ZI1\75*O3Q<''Y?'31+MIHB$7DOZ8F+;?2[+BKEZLR/'5G.5
M*+-ZC/VM[>Y9AYSO>K::QASF6+V%'ZF44Y:H[R$=J7%N&1N'*F#[G2KPU#<,
M:5N;%:>4)*,9OXR36L7\=-5ZI+L:V^8_^7E7G<HLS.#[_3@<2NM\OV^319==
MC1;U==5D9J-T(]J_JNN:6D9RFUY.7S@_A[*<!<5X_B7%G+=HLC =83/L#;.R
MN;.=*?L;F\L392EE,RULI3CJD((D-)4EM/[4D(XW7<LC>-PMW'*T5UC[+M%)
M:1BOP26G7OW,^/;;V_V/VMX1M_!.._4EMF!4X^=FGU+;)R=EMUFFB\[;)2DT
MOEBFHKI%&5A3B^0                   ".O[$OKWRWOIALG"5K5<><F\<2
MK:3A=FNK5=U*X-\W$*\S.FJ6I,.5)I[!ZNCOMO1W4OQ)#/<E+B%N-JK.S;S9
MM%TI*/GCS2\HZZ/5=FG\?3KT:^!$/N[[2X'NIM>/4\C]GO>'*;HN\?.'C/3S
MJL@FFX2<8R3B_*,EKHTVC4WT1^ES&>L^_B\P<Y;+/\V;W./HD\?T-5GIE?@L
MA:-J[FM7+8O'GINETL3H1PO*RS%@.?W4H<>)MQJH[MR>W/I_;8D)4TR_,VTY
M27]/3HD_7KJ^W1%A^UWVX;;PK=H\AY/DT[GNM+UHA&MQHJEZ6M3UE99']&J4
M8/YDI2T:G&%JF30
M
M
M
M
M
M
M
M
M
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MK]V;[L/@>[59FXX\?.=$H6T7J&NCLC5="$IUIM)SAY*+:\O'5:[#BBDL@
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MP3W2VB>]\"W&G<,"N?A9XJ4+*9M:J-U-D86UMKK'RBE))N+>C,LBG%]@
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MDHY)Q3,HS]BR8MUW4R\H2T>DD^THSB^DX349P?244SMH\Q7@
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M^+DXV;C5YN%97=A75QG79"2G"<)I2C.$XMQE&2:<9)M-/5,_4.I]P
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MJ^4\6L\;(Z0RL6;7U\2_35U6I=XOJZK4O"V'S1T:E&.?A1R4P
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MG\_2JU^7A.4ZAD:3-*B,E$9D9&70R,O@R,C^2,C$3FS)IIZ/N<
M             *CW_N ]/R8_[+<6XZ\?M&.):[BB#H>/H!+?106.KL+JZA;N
MX\9&465H8*(\*(M1]78\0VR+M2\??(O#JZ/V-EL=/W+L:E\4DEXK\$^K_%F
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M+HDOWJ^$GU27R?PD_P"J2_H?]2&+*['Z0)])-=._H> '4
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M&SX?')6_L\R-U>?".OTY8<:;)SE:NVE5BKG7)_EL\5%ZRT=L$8]&\P
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M/ ]I6Q\+VW$VS:?-S=>/6H*4VM'.;ZRLGHM/*<I2TZ:Z'>QY"YP
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M,I0DIP;4T]4T]&G\4UV/ADXV-FX]F'F5PNQ+8.,X3BI0G%]'&49)J2?JFM#
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M(B%);;>KZMDG0A"N$:ZTHUQ2222222T2271))))+HET70\QP=@
M
M
M
M
M
M
M
M
M
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M+CK&2Z2A)?GJMAWKNK?RV5RZQ?5:Q<9/((\1=8
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MK#RY?_GUUQ<G5<_3,KA%R\^V1"+D]+8OZDP(C8S[
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MNEC*<9_MJJ:W"N-DH.4'=-SG*:C*2A'PBWY*24D L@R\
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M:J"1!)I6LJ-0;:N_D!.A=:.5-VDR4HW9DE[N1,2I3+B/ 9-IL;#W_=<+=/\
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M5=7_ 'ECTDU\M:U?E&WX(X-@@
M
M
M
M
M
M
M
M
M
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M3_;3]RVS^]^S?Z1N_P!+#]R<.K7(QU\L,F$=$\K%3>K@W_SJ>LJ)/UK<9$@
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MJ^:,OE>L)2B[CZR(E*(C,R(SZ&9=IF77XZI_Y3Z?J7]!C2?H)DDFTNQX@<
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MT817RPA'2,8I)$EOJ1Z1^U_./ &HYIH<BU+P&>0L\+'MY4J)L^2HU>MQ-Z6
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MF9F[\EA"<*+<B%=5>-&Q.,Y5U5ZZVR@W!V3F_&+DH1BY-DAHLPRP
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M3G;]G*,<C,R/!3E7!ZQIKK@O"JI2?DTG*4Y:.<WXQ4=OQ;9/H
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MLIRE)]SN \Q<
M
M
M
M
M
M
M
M
M
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M*E93=6]8SB^Z]'&47K&<))3A).,DI)H[2/.5L
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MW48ONKBU<%YU;73[DTUZ5V/2$-RK@NLX+HHY<8K6ZE:*Q)VU+3SA"4P6"9M
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MQSD>Q<OV+%Y-QG*JS-AS*E93=6]8SB_BN\9Q>L9PDE.$TXR2DFCM(\Y6P
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M5&W^JVJ^J%]$XV4614HRBU*,HR6L91DFU*,DTXR3::::>A[1P?0
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MRS-LAK].&&ZIQMC=)?+I:W&N$9?FL<=%K'56TQCN;UP
M  #A1/&E91W&V9!MN%&>=+N:9D&A1,.NIZ'W--O&E2B_J1&#T]>QQ\VC\&E/
M3HWV3]&_P3/YP/-^9Y%PW,?)>5YDBV]?RI#W.D5LFM"3Y6]G?SKB7*DW"5R/
M[MG&O77_ ,F-);[VY++J%MF:3(39B6478M=F*T\=P7CIV2T[?AIV?P-.W)L+
M=]KY%FX/(HV0WV.59]96:^<K'-MSZ]9*;?E&2U4DTUT+!WUB_3_%N\VCGGVZ
MH[R UJ:.0UQKQ FPM,U<P:FWC&AO=[EV ]$L85B^PX3E54K,B:2:9$Q"E&VP
MBTMVY9?B9*JV::5E<OFLT33:_0EV:])/U[+XF4?M7]LNU<FV&S=/=7%G/ S:
M'&C"<I5SC&2^7)ME%J<+%^:B'1QZ3L3U4#7CW)]-]OZE;0V)9R]'Q7H)+Z\)
MR%^/V,R&B,W/]NZ;PI_'JM77-&1+0?:U,;+S,?M[T-RAQGDV)R+%UCI#<(+_
M #*]>W^*/JX/X]T^C_'7M]P7V^<D]B>1?2R/J9?"<J<OV6=XZ*2[_0R-%XUY
M-:[KI&V*^I7T\HPW1^F+/[QSE?E+70&;!GC!.!10Z"<I+J*2UUZ[NMF9N%%<
M,BC3+:J@-SG5F@U+CL/&2NA.I([8]SKL1;?CXTW%Y_UO**_4H>+4F_5)OQ7X
MM?@9$?\ EY;5R>7.=[W[%C;'A:VM4WST:IMRG=7/'A%_EG;7!72>FKA">DM/
MJ+6Q.(7-M                    !K?[B9[DC6>J7L3F>'U32Y-O>(=I68U
MNL=4Q:R[.34O)=KJEY"D.-6UI7>>-%-)I5YW4=#(^ACV[=.FO<*+,G3]O&V+
MEKVTU[O\$]&RSO<+$WG/X)O&%Q[R_P!;MV^Z-/B]).3CUC%_U2CY1CZ^36G4
M_GLTV;T%WI8&%H<]=6FSGVS.=KL97U<Q_42+UR04)NC:H4-?R16:97]M3"FT
MK;41DHD]#Z3)*<(5NV<DJDM7)OII\=>VAJ4QL++R<V&UXM-D]QG8JXTQBW8Y
MZ^/@H:>7EKTTTU3[EL'U"^E#$Y'@>^5[#65H7/\ R-51WVI&;MWUT_":FT_D
MU=5#A1I"*C97S3RB_F'I).1U)[HT0T)2<EVR9\WS,7<HW;9I^Q@]'&2_YJ]=
M?6*_ITZKN_@9D;;]GO%^1< NVSW!<US#+AY4W52U_P!-GIK!02:A?+719"GK
M"<=:X.+2L(F_8#@/D3UJY"LN/.3*U,.6PI<BCOXY.GG=?2*<4F+?9V<\E"9$
M5])='63Z/Q'NYIU*5)^9GV?=\+?,..;@RUB^DHO\T)>L9+X_!]FNJ-4GNG[7
M\L]GN5W<3YC2J\B.LJ;XZ_0RJ==(W43>GE&7ZHOYZY:PFE)$[_TWYW?5'!/(
MEMHF+&'A]/OX=AQVQ8(>::EE%ICAZNZIVGB3_P#BK"<F,T3J"\;[\9PTF9I4
M9Q+[F78=F[T5TM/*KI:L:]-9:PC+\4M7\4FC9Q_Y?>T\IV_VRW;.W>-U?&\W
M=(68$9II2\:?#)NJ3_Z4YJN/DOEG.N;6K39+T(W,]P
M ")O[J\GRAK_ $0UT;C2)<6<:FW6)TG)=31-R)$^?QK3N63EHXY#B$J1-JJB
M^<KITQM*5$F/&4ZHNQM1E</%[<>K=XN]I-PDHM]O)Z:?S:U2(%^Y+ WS</:W
M(ALL;)PJRJ;,F$$W*6/#R\GHNKC";KG-?TQ\GTBRG+PGPWR/[%<D9WB;AW.2
M-CMM-+2Q$A0U$4&MB),CFWNALR)<6BSM2QU=E2WS2VVA/0NY9H0J2\K*HPJ)
M9.3+QJBO[?P2]6_1(UX<:X[O',-YIV'CM+R=SOEHDORQ7ZIV2[0K@NLIRZ)?
M%Z)VO*OZ5>-,CZR0\'F=9+F>QD$G-'/Y.L)MFUD='IGXZ?R\>G-..NQ:/#]4
M$S$E-M?R"'4E)D*<[ULE:>V<]S,/<G9='7:)O1UK3RBOZT_6?]2[-=%U29E+
MS[[*>,<F]O8X.UY'T_=#'B[(9TG)4WSTU>+;7U4<9OI78H_5KE_F2<DY5D$V
MXQFJXUUEUA-]13LMKL].<KK>BM6O#+8D-J[4J9^3;FPY23)<=]DULR&E)6VI
M25$8F[$RL?.QX9>'-68TUJI+LU_P:]4^J?1FHGDO'M[X?ON3QGE&-;A;]B6N
MNVFU:2C)?#TG"2ZPG!N$XM2BVF6R_KUSN_ROJ!P]3<D,64*]:K[F765EPEYN
MTJ<A8WUA.R-;-8D=)$5;-*^VIME9$IEA;:#)/;VECQS*[#R.29-N"XNGRBFX
M]G-12FT^S^;U]7JS>E]J.T\IV3V"X_M_+X75[G&JZ5==J:LJQ;+[)XM<XR^:
M+5+BXP>CA!QCHM-%N@+8,B                    "M]_[AK*\G6&2]=-C7
M1K6;PWE[+<0M<N$W(=JJ'>72:(LQ;Z%+1&S&;GTL6;$AR7NB$.^5HE$IXB7>
MW#+*(VWU2T65)1<?BXK75+^#ZM?P,.ONXP=[MV_9]PIC9+CM$[XV^.KC"^?A
M].=FG1*4%.$)/HGY1UUEHX*?3+TWY5]V>4XG'_&\;\'.5RX\WD3DF;&=?R^!
MSZW22Y*F/-FANQOYR4J175C;A/RWOD_&RAUUN[-TW3'VK'^M?UL?2,5WD_\
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M;N.W8.%C[A?K]2VJBJNVS7J_.R$(SGJ^K\F]?4^\/B54
M     #KFEQV/VD:+"V>1RNPAP7_RH435YRFTD:%*^"_)AL74*:U%?,B+JM!)
M4?0OD=X665O6J4HM_P!+:_W-'CS-OV_<81KW''HR*XO6*MKA8HOXI3C))_BC
ML#333#+,=AIJ/'CM-L1X[#2&(\=AE)(98CL-)0TRPTA))2A)$E)%T(B(=/\
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M:GW!U/4
M
M
M
M
M
M
M
M
M
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M)=%CYD8*-4?-Z*K(C&$?)^%J6JFIQC(TF:5$9&1]#(_U(Q%)LH::>C[G
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MJZ=PA%:N54==*\F"ZV4+I.*=E*T4X0E#%A&:8
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MK/=/B7O!Q*GEW$;O+'EI"ZF>BOQ;]$Y47Q7:2[QDODLAI.#<7TS8*62.
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MU/SBC_CMK-1(6LB0<D[G[C;0L":VU6SSIP:BI0\5%M::R;>CT[Z1UU?JEU,
M_;[[#?<^?-,:7/K-NQ.(8N3"RZRC)5]N1"N:E].BN,5*'U=/%SN^G].+<O&4
MDHNR(HR4HS(B21F9DDOT27]$E_D1? A(V]-ZO5=$>('
M   !6)^PCZ:>?>4?8S=<V^M\G&:G.\NWSFMTF6U&HCY&\R&MLT-?[A<CR;*.
MJLNL[9SD*EM*;=3*CJ>6T;2TI0M5];-R?#QL&&)G*<9UKQ32<E)+MVZI^GP?
M<PH]VOMTY7OO,,KDO#98U^'N%KMLJMM5,Z;9:?4T<EXSKE+6:T?E'5Q<6DFY
M%?K7^L/)^E5.OD'D!^CW?LCH(3T.?IZ]MV3GN.J24GM?RV <GQX\I<F:CXLK
M933+\LO[+26XY&3M&WS?K=TE]&G6&#%]GWD_C+_A'T[OKVE[V:]D\#VVQWNV
M[.K*YE=%J5L=77CP?>JAR2>K_P"I;HI3_+%*&OEV_P![?KWIO9IL^1>-G:;)
M<X0F6F)LJP[X6>Y%K8Z";8A:5^*P^Y"OX+223$LO&X:FR\,@E()M;58XES&W
M87^RS?*S:6^B765;^,4^\7ZQ^/6/75.,/N;^U/;O>2/_ (MX?+'P/<FN*C.4
M]849]<5HH9$HQDX7P72K(\9:Q_R[4X^,H:P^C'UH\L\5<TY_F3G&1FJ./Q^]
M-L,IEL_>LZ.QN=%(@2JV'8V4V V5=74]6U,6\E!..2'WB0DTH02C.O<LYSMV
MX[7/;-J5DW<DISE%Q48ZIM)/JY/33MHEKW(8^VG[.N=<(]Q,3W!]RIX>-5M4
MIV8V-1='(LNOE"5<9V3@OIUU5J;FEY2G.:BG&,4VYT!%!LO
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M6XW_ (GS,58M6/1/ZL**7.-EDK+4E&=MDH02C7K&$(O64I2TC*N(^,X
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MOVK>,BK)Y1N64LC*=6KIK<(*NJFJ4E&4U7'R<K'&/E.;\5XQ3>\ M4R2
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M;4%'5ZZF<A222P
M
M
M
M
M
M
M
M
M
M                      _'8V5=3U\RVN+"!455='<EV-I:3(U?6U\1HNKL
MJ;.F.,Q8D=LOU6XM*2_Q'>$)V35=:<K)/1))MM_!)=6SSY>7B;?BV9V?;51@
MTP<[++)QKKA%=Y3G-J,8KU<FD=4Q/)O&_)<>=*XZW^,WD>L<2S9.Y#2U&@*O
M<69DVF<FLER5Q"=-)]AN$E*^G[3,>C*P<W!DHYM-M,I=O.+CK_#5+4H7&^9<
M0YC5;?Q+==NW.JEI6/%R*K_!OMY_3E)QU]'))/TU.[CR%R@
M           '7=5L,EA*9_1[?49['9^,XAI^[T]S7T56V\YU-I@YME(C,*D.
MDD^UM)FM70^A'T'WQ\;)R[51BUSMN?Z81<G_ &),I&^;_L/&=OEN_),W$V_:
MH-)W9-L*:TWV7G9*,?)^D4]7Z(YRVNR>YIF-'B=/G]?GY2UM1[O,7%?>53KK
M73RLIG5LB3')]KN+N;-1+3U+J1=0R,;(Q+71E5SKN7>,HN+_ +'I_:<[)O\
ML7)MNCN_',W$S]JFVHW8]L+JVUW7G7*4?)>L6]5ZH["/@58
M            Z/MN3N-N-&8,CD7D#%X-FT<4U6+U^FI\_P#R#B#)+A0D6<N,
MY*2TI1$M2"4E!G^XR'KQ<#.SFXX5-MSCW\(N6G\=$]"VN2<SX?PZNJWENZ[=
MME=STK>5D54?4:[^"LE%RT]6DTO5H[97V%?;P(=K4SX-K5V,=N97V=9,CV%=
M/B/%W-2H4Z(X]%EQW2_TK;6I)_T,>:<)US==B<;(O1IIII_!I]4_XE=Q,O$S
M\6O.P+:K\*Z"G797.,ZYQ?:4)Q;C*+]'%M,_8.IZ
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MQ5;WLC6/O>.HQS<*4D[<6UKNNSLQ[&FZ;DM)+6,E&R,HK: 4$FD
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M>GP+GO%O<SBV-S#AV3')V;)C_"RJQ:>=%\-6Z[JV])P?X2BY0E&3R6/"7B
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MVO=-MWS;:-YV:^K*VG*JC;3=5)3KLKFM8SA)=&FOYI]'HTT?6'S/>
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M)_Y#TKL?TO&5=@S_ /0R,B,C(R4E25$1I4E1&9*2HCZD9?!D(<-JP
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M_<2Z%?N%7#QQLF6D8[E"*[/LHYL4M916BR$G."\U.!+0([,[
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MX2U:Q+XW55R^F_T0R%:_.O\ *[(*:2DYMV"1#IM5
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MXVQ9M./B7V:RG]"VES_;RF^LUCN*\&VW&NR,-?&,25T1Z9R
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M]G&ZFRYK1Y"QKITPR&EHO*R,%YM+25BE)=S;H6X3T
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M6^#2DOF2DM[#,S,S,^IG\F9_J9_XF+3,FN_5]S@
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M##R)[]9"4%D95SR+:JY?FA3K&,*U)=)2C#ZDH_*Y^+:>W0MPGH
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M;-@A1B5@                   #\TV%"LH4RMLH<6QKK&))K[&OG1VI<&?
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M9*9.7BG*<YV2T\[;;)MSMMGHO*<FWHE%:1BDLE#PEX@
M  '1N2^,\%S'A-+QER?EZS9X385YUFASENVXJ).C^1N0PXVZPXS+A3X,ME#\
M:2PXW(C/MI<;6E22,?:B^[&NC?CR<+HO5-?[=4_5/HRE[ULNU<BVN[9=[HAD
M[7D0\;*Y]I+75/5:.,HM*491:E&23331I'Z]?59Z9>L_(T?E?C[":"XV]4ZZ
M_EK+D+63=E&Q<AY*T'-S%=*CQH<:U9:6:&9LA,F8P1F;;J%&:A4\S?\ =,^A
MX]\XJE]U&/CY?Q?7I^"T3]2->)>Q?MQPO>%OVT8MUFYUMNJ61:[E2WZU1:24
MDNBG)2G']+3ZDBQ*42B41F2B/N)1&9*)1'U(R/\ 7KU%&_#T)>U:>J[FB?)?
MUO>IG*N^E\C:'$7-7=VTT[+0U^1T\[-9W1V#B_))FV51#:4F/*G+ZJD+A+B&
M\LS6K]ZE*.[,'FW(MOPU@T6QE5%:1<XJ4HKT2D^Z7IY:Z?PZ&,O,?M"]BN<<
MHLY;NVVY%&Y7V?4OABY$\>C(FWK*=E4%I&4WUL=+J<VW)_,VWNCF\W08[/TN
M4RM/7Y_-9VMBU%%1U3"8M=5UD)LFHT2(PGKVMMI+J9F9J6HS4HS49F=L7W79
M-TLC(DYWSDW*3ZMM]VS(C:-HVOC^U8^Q['CU8FSXE,:J::X^-==<%I&,5Z)+
M^+;U;;;;/M#Y%2                    ,!>QOK%PI[7X#_ ,;<XX]O59^/
M/3<4TN--E4^CS%TAAR,FXS-_ 6W.JIJXSJFG2(UL2&C['FW$]"+UX6=E;?=]
M?$EXV::/IJFO@UZK^]>A:O,.%<:YYM/^C<GQU?B*?G!J3A95/33SKLCUA+3H
M^\9+I)-&*O57Z_?6#TVE75QPQC+%.NT$4ZVSW>TO']7L/X<W$O*HZZQD,18M
M)4O/(2MYJ''8.2I"?,ISL22?1N&[Y^YI1RYKZ<7JHQ7C'7XM==7\-7T]"A<%
M]I^$>W4[<CC>-/\ U"Z/C*^Z;MN\._A&324(-]U",?+1>3>B-TA3"1P
M
M
M
M
M
M
M
M
M
M
M        U4]K/;WC'U,R<.YV/Y.@UE^;J,?QY2RHK-]H/ KLDV4AZ03C5+G8
M"S)+TUU"R-PR;:0ZYU25P<?XYG\BR75BZ0QX?GLDGXQ^"Z?FD_2*].K:1!_O
MA[]\,]BMBKW#D'GE[[E:K$P:915]_CTE9)RU5-$'TG=)->6D(1G/HM9_5O[1
M>,_8#;QN-]GDW>']9=N^#'R)^CCWN7TL]1]&J'^676TSU1?RB/I&;>:4S*67
MC0X3IH;77=_X%G[/BO.Q;/W.-#\Z47&<5_5IK+6*]=.J[Z::Z0Y[*?>IPWW3
MY'#B'(<&6P;[DR\<64\B-V-D3]*?JNNIU7R_Z<9Q<+7\L9J;C&4HAD9&9&1D
M9&9&1ET,C+X,C(_DC(Q81FFTT]'W.                         1^^WWV
M%<9^JEE$Q<>E?Y,Y0DL-S9V0JKB/4P<K7/H)<21K+I46R5!FV"#[X\)IAR0M
MK^XOQ(4@UWCQOAN=R"#RG)48">BFXZN;]5".JU2]9-Z:]%J]=,5_?S[KN&^R
M&9#CM6/+>>:3BISQ:K8U0QH2ZQEDW>-GA.:ZPIC"5CC\\O"+BY?6]0/?CC+V
MR789MBKD<=\GU4=<]W"7%I&LTWE2T1'(M\E<-QX'\PS!Z_\ =1U,-2HR3)9I
M6UU<+Y\DXAG\=TO<E=@2>GU(IKQ?HIK5^.OH]6GVZ/H>WV"^Z+AOOI*W9ZZ9
M[3S2B#F\*VR-GUJE^:W%M48?54/^I6X1LK6DO&4-9+>P6D9-@
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M=J.7A6N/[C&F_P KEX]+*;-&ZKHKQGHXM1G&4%LN*$3&
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M%O<SBV-S#A^3')V;)7\+*K%IYTW0U;KNK;TG!_A*+E"49/)8\!>(
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M:]TVW?-MHWG9KZLK:<JJ-M-U4E.NRN:UC.$ET::_FNST::/K#YGO
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MM$D3;A_E$1OPSS3AG[-SWC:(_P#V?5VUK_I_&<%_1_5']/=?+VVP_:7]V/\
MXH_;>UGNAD?_ .3I*K S['__ #B2TAC9,GVRTEI5:WIDKY9?YVCLFB$8&Q$
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MPZ?*ZI?+7F5QT3RL9>GI]>A=:I/RCK4UXR'BS#+(
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M]L?_ -OO./XPS<*4M;,6V2>FCZ?4HLT;IN2TDDXR4;(RBMGA02:
M           #\L^? JH$ZUM9T.LJZN%*LK.SL9+4.OK:Z PY*G6$^9(6AB)"
MA16EN.NK42&T)-1F1$.4G)J,4W)O1)=VWV1\[;:J*I7WRC"B$7*4I-*,8Q6L
MI2;Z)))MM]$EJ5'_ +'_ +=9/.M[9\,\!L.%P%3SSCW>H?DS*R?S'-A/?$M$
M=MM$B!@8\AOOA1WOWSS2F0^@D^)I$I\5VF.RR6X95<)[BU\J?55)_#3];]9=
M=.R]6]:OW)>ZE_NO59P?C6;D8G X2_S95)1GN$XOH['):_M8M:PI^7ZK2LL_
M1&.@&4UM5KJY,ZO7XGD&3<VO>6DY4%\RZ]BR+H3K*R+JAQ)=JR_P,C(I7P\R
MK,K\X=)KNO5?^KX,UM\DXUG<9SOVN5\^//5UV):1FE_NDOU1].ZU33-TO4OV
MSWWJ=R G29PW;O%W;L:/R!@)$HV:[3UK2NU,R(M1+:K-15MK4J%-)/Q\M.DM
ME:DBD\BX[A\AP_H7_)E03==B76+^#^,'^J/\UHR3O8KWUY3[&<I6[[1Y9/'L
MEQCG8,I:5Y%:_5'755Y-:;=-J7QA/RKDT6SN(^7,%SE@*'DOC:Z1=Y>_94;2
MU))BPJ[!CM38T5Y!-2G*Z[JGU>-]E1GT/HM!J;6A:L>-QV[+VK,G@YT?#(@_
MY->DHOUB_1_R>C31O4X'SSB_N7Q;%YCP_(63LN5'H]/&RN<?STW0ZNNZM])P
M?X2BY0E&3R2/"7@                    8^Y5Y4P'"/'FJY5Y1TL+)83&5
MJ[2^NYQJ4EIKO0Q%APHK1*DV5M9S'41XD1E*GI,AQ#:$F9C[44795T<?'BY7
M3>B2_P"/P2[M^B*3ON^;3QK:+]]WRZ./M6-#RLG+T79**764Y-J,(+5RDTD4
MR_='[1=O[9\B)4G-R<YPCF;!\L)A'+-16?C-2F#UVF)@E5TW76$7J?C_ 'LP
M6E^!E?\ U'79DXSBT<=I^6N-F7/3ZEG75K^F'PBOA^I]7Z::FON"Y7O'OMNJ
M=^7D87&,.4GA8:475&6FG[C(2ZVY$UTU\M*8/PK7YY3Q#4V]=>0(]G5R42HD
ME'>A:?A:%%\+9?:,^]E]I1&E2%?)&7^'0Q(]%]>14K:GK!_W/X/\3!C==JS=
MESI[=N$/#(A_9*+[2B_6,O1_R>C31)AZ&>^=YZPWC.$WCUA?\#W]AY)\!OR3
M++CNRF.%Y]1EV.IK=K75GWV-:CH3Y$;S)$^1D[9O+N(U;]4\O#48;O"/1]E8
ME^B?X_TR].SZ=LJ?MA^Y[<_9C<H\9Y-*W*]L<JW6<%K.S!LF^N1C+NZV^M^.
MNDUK96E:FK+1U%>TNGI:C29NU@WN?OZZ);TEU5R$2ZZUJY[*)$.="D-F:'6)
M#*R41_J7Z&1&1D4"6U6T6RHOBX70DU*+6C371IK\#=7MFY[=O6W4;QM%]63M
M653"VFZN2E797-*4)PDNCC)/5?V/1GU1\SW                      56/
MOA]:N;KCG+&^PF>RFHV_%<WC*BPDJ;FZJPORP.ASMO?3)$.Y@5C,J35UNC:N
M428\M391W7TNMJ62TI)5_P#$<[%AB3PIRC'(5CEU:7DFEVU[Z:::=^Q@O]TO
M#.2Y')\;EV'1?D[%+"KH;KC*SZ%E<IMJ<8IN,;%-2C+3Q<O)-ZI:ZX?6U]4N
MY]GM3"Y*YYS>HX_]=\]+9D.0KB!8YK3\O3F5DX6=SC,UJ)95^3+M(K*W)">Y
M!^"(:G5+=8]N^<AJP(/'PY1GG27IHU#\7Z-_"/\ -]"S_9KV)W/FV='>N54W
MXG$*9)M3C*NW+DO^G6I)2C5_WENG;Y*VY-N,T/O-]9N8U^9;Y#]8<=39+9Y2
MGC0K+BS,PHU10;6AJ8R6(RLW 9\42NV==$:)*4%VMVB$DE9E()*W.O$.;68-
MBV[>K)3PI/Y;)=76WZ2?K!O_ /1_V>U8^Z+[0\#EV#/G/M-ATXO+<>I?7P*8
MJNK.K@M%*F*TC#,A%::=%DI:2_SDI3AEX*];^<.3N8,IBLQ@]K3W$#4TTF[N
M;7.W='"P\2KM8TJ==W=A80XC58=4B.I:$*43SKR4MMI4M1$)0W;>]JP-MLRK
M[JI5.N2C%2C)V-II1BDWKK_8EU?0UU^V?M#[D\SY]@\=V;;-QQ]PJS:I7764
M74PPXUV1E.ZZ<XQ5?TU%M)OSE)*,$Y-(N9.'W+69*-752C[E%T4KJ?\ J47]
M#5^IC&5=C]"LGK)OOU/ #@                    I#_:OZN\]8+W-YGW5Q
MAMIJ,5S#MY>WP.XHZ"YT--9UES'B>'-.S:N),17WF64U^ J$]XW?"PVXVE32
MT&)3X]GX=NUU4QG"-M4%&46TFFO7KZ/OK_Q-9_OKPCE6U>XVY;IDXN3?MNXY
M4KJ+X5SLA*,TM*VXJ7C.K_EN#T>D4TG%HWY^K#ZC9-G)I_9#V]Q;T2IBN-V'
M%W!FLKE,R;>0@R7&VW)U%-0EQBI941+K:62@ER5D4B6@FB;:<I'(.1J*>#ML
M_F_79%]O\,'\?C)=NRZ]5*OL;[ 2OE7S'W"QFL==<;!MCUG\+LFN2_)_W=,E
M\_YK%XZ1EF?[ OK?L,E-LN:O7',3+3'SWW)FVXNS\-Z;88^4\HW'[['UD5#D
MJ;DY"S-3\%E*W:U9]S:3C'VL73P[FT,B,=KWNQ1R8K2NV3T4U_3-OHIKTD^D
MO7YN^/GW4?:'E;#DW>XWM'AV7;!;)SS-NH@YV8DGUE?BUQ3E/%D^LZ8IRQWU
M@G2]*\#_ %G<"<NZ'V?P'(T;+:;.XCC.=:76JU-O4V5-7/(=H[.J9R\)Z>Q&
M*SLKF1/2VXPUW^*.2W'.TB+K5^=;OMU.P784K(3RKTHPA%J3_,GYO3711TUU
M?KHD1C]G/M=SS=O>?:^74X69B<;V:RR[)R;:K*JVG394L>#G&/U++93490CK
MXP\I3T26MI 0&;K                    #T2V'),29%9E+@O2H<N*S.:(S
M=A/28[C#4QLB^3<B..$XDO\ %(Y3T:??1_V_A_,Z3BYURA&3C*46E)=XMII2
M_EW_ )'\]+ESU%]E>).7KKB'6\1<D6FU1H9L"I>H\AHM%#W:9$]TH.ARUK65
M\N+?0;Y*TOI<;<4M!N&EXD.)6DIDQMRP<G&6359!5>/75I>/Q33?1KL:DN0>
MW_,^/\@MX_N&WYD]R5SC%PJLL5^LGXV52C%JR-GYDTV^NDM&FBRY];7U$8OA
MO'+Y-]J\?0[KF+:T;\./Q_>,1[C.<39ZWC*:DUZDI4Y&G<B3HSO;+G-*,JPC
M\$1?>3KZ[(WCD^1=D*&U62JHKEJIQ>DIR79KX07HOU=WTZ&8_M/]N>Q[9LEN
M9[D8>/G[OG42KEBVQ5E./38M)0:[2R)+\UB?^5^6MJ2<S37W:^OK<>NFFD:?
MC:GT>ZX2NY#KU38U\&9>7F%?<4:SS>O;@L/2%1F25TA69H)J2V7:Z:'TF2Y1
MXMS'$WJA8^=*%.ZP75-J,;/\4-?_ 'H]T^VJ->'W'?:KR3VDWF>\\0Q\O<_;
MG)FW59"$[KL)MZ_M\I03DXK_ *.1IXV1^6;C:FI;;_3[P;RIF]ER'S'I<_?9
M/"6N)1C*5%[!F5#NPMY%[6VRIL"OG-L29%901ZU:?RC032GI78VI1DYVV[[D
M[MM]^-3ME$X69D;?.7BT_!*+CHVNB<F^VNNBU?H3Q]@?MIS?:.0[M[@;QBY6
M!QB[;5B4JZ$JGE6RNKM\X0FHRE71&MKZFGBYV>,6])Z3UB(C:
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M3;994VI.CZ]]E\<=M-K6J-BC))M1GY171&UHMXG$
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M2U+/N6I2E?XJ,U'\?I\GU/X!)+H@Y2D]9-MGB!P
M![3>>-/8;KAHZ$78:U&GH7Z%V]>G0NGP./&.NNBU.WG-K1MZ?Q/4.3J>:''&
M^O8XM'7IU[5*3UZ?IUZ&7Z TGW.T9RC^5M'B9FHS-1F9F?4S,^IF9_J9F?R9
M@=6VWJ^YP                     !&9&1D?0R^2,OU(_\ $@![%NNN$1..
MN+(CZD2UJ41'_CT,S^1PHI=DD=G.4OS-L]8Y.I[$NNI+M2XXE/S^U*U$7S^O
=P1]/D<:)]6CLISBM$VE_$]8Y.H         !_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g126640g10h28.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g126640g10h28.jpg
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M -$  0 #  (# 0$!           ! @,$!@<("0H%"P$! 0$!  ,! 0$
M      $" P0%!@<("1 !  $$ 0(#! 8&!04,"P$   $" P0%!A$'(3$(05$2
M"6%Q@9$3%/"A(C(5%K'!0B,*\5)B@G/1X:(S0[,D-'0UM1=RDK)C=J:V&#AX
M&3D1 0 " 0,"! (' PD%!0@#   ! @,1,00A!4%1$@83!V%Q@2(R% B1H;'!
MT4)28G(C,Q6RLW0U%O"2<R1UX?&"0U-C-!<V-SC_V@ , P$  A$#$0 _ /2E
M_1[_  >
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                   $G8%
M
M       $,V5+2
M                                         (85+:
M
M             "3L(85+H@
M                                                "&;*,B71
M
M                       $,*()=$
M                                                        $G80
MPJ8)6NXZ,@
M                                   (9LHR)Z](F3>6HZ0.C
M
M                   "&%$$7)Z1$>_^B%KOJU;;19M@
M
M         2=A#"I@E:L:YZU3]'A^GVMUV2=VRH
M
M   AFRC(GKTB9_3Z#>6HZ0X[HPY
M                                                     (8401<G
MPB/?_4M=]6K;:,6V'(
M                                           2=A#"I@E:L:YZU3]'
MA^GVMUV2=U51R
M                                      0S91D3UZ1,_I]!O.C4=(<=
MT8 <@
M                             $,*((N3X1'O_J6N^K5O)BVP Y
M
M                  "3L(85,$K5C7/6J?H\&ZQI"3UE54 <@
M
M            $,VW49$S/2F9_3Z#>6HZ0X[HP  Y
M
M    (8405N3X1'O_ *(6OFU;R9-L (J\A8W<D0
M
M2=A#"I@E:L:YZU3]'@W6-(2>LJJ@"E7G$?IXDM5<L9
M
M    0S91D3,](F3>6HZ0X[HP  Z-R#D/P3<P<"O]OQHR,FF?W/9-JS,?V_95
M5[/*/'R\7-F_HTW\WT?:^U^K3D\F/N[UKY_3/T>4>+R"\I\X
M
M          AA1!%R?"(]_P#4M=]6K>3%M@!TCD/(?ABY@X%?[7C1D9-$^7G%
M5FS5'M]E54>7E'O>-FS:?<I^U]%VOM>LQR>3'3>M9_C/\D?;+H3Q'TSSX]H_
M-P
M                      !)V$,*F"5JQKGK5/T>'Z?:W79)G6551T??\@_?
MP,"Y[Z,G)HGS]E5FQ5'W551]4>]XV7-_0I]LOHNV=KVY/)CZ:UG^,_R1]LNB
MU>YXLOI*^:J-//CVC\W
M                                        0S;=1D3,]*9G]/H-Y:CI
M#CNC#HN_Y!\?XF!@5_L>-&1DT3^_[*K5BJ/[/LJJCS\H\/%XN7-_1I^U]'VS
MM>FG)Y,?>WK6?#Z9_DC[72WC/H64SUGJC>Q$35,1$=9D)F(C6=GGM[1^<
M
M                  (8401<GPB/>M8ZZM6V=!Y%O9_;UV%7TCQHRK]$^?LJ
MQ[<Q[(_MS]D>UQS9?Z%?M>_[5VW;E<B.N]8G_:G^2/M=)>*^B5J\A8W4B)F>
MD>,RC4SIUES**(HCWS/G/]4?0W$:/&M:;3]#S>]B^!
M
M  $G80PJ8)6KJ7)=U^3HG#QJNF7>HZ5UT^>/9GK'Q=?9=N?V?='C[G/)D]%?
M3'XI>X[7P/S.3X^6/\"L](_K3_-'C^QXV>(^J 9U><1^GB2U5R;5OX8ZS^]/
MZH]WUM1&CADOZITC9LK#S6]@^#
M                                              0S91D<'9["WK,*
M[E7.DU1'PV;?MNWJOW*(^CPZU>ZF)9M:*QK+R^'QK\K-&*NT]9GRCS_F^EX=
MOWKN3>N7[U<UW;M<UUU3[:I_HB(\(CV0\.9F9UG=]KCQTQ4C'CC2E8TB&2-@
M)M4?%,USY1Y?3/\ O+$>+.2VD>F-W*:<0'FM[!\&
M
MAA3S0>+.2[3^(9TVK577%Q)JM6ND_LUW.O2[>^GXJHZ1_HQ]+Q,EO5;IM#[+
MMG$_+<?U6C_&OUGZ(\(_EGZ777-[$ Z35TICV^'U>_\ 4&NG67*B(IB(CRAM
MX\SK.LI !YK>P?!@
M                                  "3L(85_#Y#L/X?KKDT5=,C)ZX]
MCI/C3\4?WMV/]G;_ %S#GEMZ:?3+V7:N+^9Y4>J/\*GWI_DC[9_=J\3/$?93
M.L@@#:W3_:GZH^IJ'*\^#56  'FM[!\&
M                                                   AFVZC(\7<
MGSOS>RKM4U=;6%'Y>CW3<Z];]7_K_L_ZKQ,MO5?3PA]CVCC_  .'%Y_'D^]]
MGA^[K]KK;F]D F(FJ8B/;*I,Z1JY,1$1TCRAIPWZI  !YK>P?!@
M
M         (85Q<[*C"P\G*JZ?W%FNNF)]M?3I;I_UKDQ#-I]-9GR=N/AGD9Z
M88_I6B/L\?W/"U=554S55/6JNJ:JIGSFJJ9FJ9^N9>"^^F(K$5KM'\%1 &MJ
M/&:O='2/KG_>:ASR3TT;*Y@  /-;V#X,
M                                                  2=A#"NI<OR
M?P\"SC1/CDWXFJ.O_)V(^.>OT3<JI<<\Z5B/.7N^Q8O7R;99VI7]\]/X:O&\
MO&?4SN" .1;\*(^F9F?Z(_5#4;.-_P 2ZL@  1N\UO8/@P
M
M   $,V49'C?F%_X]C:L]?#'QJ/#_ $[U55<_\&*7BYIUOIY0^L['C]'$MD\;
MWG]W3^=U)R>W  <J(Z1$>Z.C;QYZRD  $PDM5\WFI[%\"
M
M   AA1!XBW]W\;<9]7LIOS:CZK---KI]]+P[SK>?K?<=OK\/@XJ^==?V]7\=
MAY8!'G3'OJB/U^/ZE2=IGZ'+:<   %H1N-GFE[%\
M                                                          ).
MPAA5J?./K@6'A',K_$S,NYY_'DY%7WW:Y>#.\_6^^Q1Z<-*^5(C]T.,CH 4>
M-RF/=UG]4K&Z6_!+EM.  ! 1NLCH\TO8OS\
M                                                   !#-MU&1/7
MX8Z^[Q_W#>6MJO!=SQN7)]]RO_VY>#.[[^OX8^J/X*HT BUXW(^W^@C<R?@<
MQMXX "826JI&GFE[%^?@
M                                    (8401<GPB/?*UCJU;9X-N1TN
M7(]URY'_  Y>!.[[^OX(^J/X*HTK5/A^H6-TV?\ C(^J?Z"-TR?@<QMXX "R
M-QL"O-+V+\_
M                           $G80PJ8):JRJGK5]4]/NENL:0S;J\+9='
MX>7E43_8R;]/W7:X>OM&EICZ7WV"WJP4MYTC^$..RZLZI\>GN):JM:_XRG[?
MZ)(W3)^"7-;>, !&ZR.@#S2]B_/P
M                                           $,VW49$S/2F9_3Z#>
M6HZ0X[HP\3[VU^%M\^GRBJ]^+'U7:*;G7[ZG@98TR3];[;MM_7P<<^5=/V3H
M_DN;SF4SUGJC>R:)Z54S[IC^DC=+1K68^ASW1XH"826J^:1H!YI>Q?GX
M
M           "&%$$7)\(CW_U+7?5JWDQ;8>.^76/@V%F_$>&1C4Q,_Z=FJ:)
M_P"!52\3D1I>)\X?5=CR>KBVQ^-;_NGK_'5U.J?#]3QWNXW9HV _H4SUB)]\
M1+H\.8TG1(+0C<; H#S2]B_/P
M                                       !)V$,*F"5JQKGK5/T>'Z?
M:W79)G6551U;EN-^+K[613'6K%OQ\7^SO1\%7V17%+AR(UIKY2]SV3+Z.5.*
M=KU_?'7^&KQM5/CT>'+ZVJJ- .99GK1T_P V9C^O^MN-GC9(TM];6%8C=9'0
M !YI>Q?GX
M                       "&;;J,B9GI3,_I]!O+4=(<=T8 <;,QZ<O$R,:
MKROV:[<3/LJF/V*O]6N(E+1ZJS7SAVP99P9Z9HWK:)_G_<\+5TU45UT5QTKH
MJJHJCW54S--4?9,/6?7N_0*S%JQ:OX9C6%1H!M8JZ53'^='A]<?[S57++&L:
M^3F0LN54C0 S.P\TO9OS\
M                                   !#"B"MR?"(]_BM8\6K,FV $5>
M0L;O%_)\+\KL:K]-/2UFT_C1/LB]'2F]3]<U=*O]9X.>OIOKX2^Q[/R/C<2,
M<_CQ]/L\/YOL=<<7M@$Q/28F/9/428UC1_1IGK3$Q[8Z_>V\?33HD4!$L3OH
M/-3VC\_
M                     $G80PJ8):JQKGK5/T>'W-UC2&9W55 %*I\>GN);
MJ_B;W7_Q#7W***>M^Q_?V/#QFJB)^.W'^THZQ]?1RRT]=.F\/8=MY7Y7E1:W
M^7;I/V[3]DO%+P'VH #E8]?A-$^SQCZO;'WK#E>/%R6F %:O+ZV(W6'FM[1^
M?
M               (9MNHR)F>E,S^GT&\M1TAQW1@ !E,]9ZHZ;(!XSY)K/R.
M9-^U3TQLN:KE/2/"W>\[MOZ(F9^*GZ)^AX6:GIMK'X9?7]IY?YC!\.\_XU.G
MUQX3_)+KKB]J FF9IF*H\XG]/O$F-8T?T:9BJ(JCRF/T^YMPF-)T2S.PSJ\R
M&HV>;7LWYZ
M                        AA1!6Y/A$?:M?-JWDR;8 15/A^H6-V2-@.'L
M,&UL<2[BW?"*XZVZ^G6;5VGK-NY'_HSY^^)F&;UB]?3+R.+R+\7-&:F\;QYQ
MXP\1Y./=Q+]W&OT_!=LU317'L\/*JF?;15'C$^V'KYB:SZ9WA]QBRTSXXRXY
MUI:-8_[>;%'0!O9N?#/PS^[/ZI_W)6)8O77K&[ERD[Z.4,U;>;GLWYX
M
M        ).PAA4P2M6-<]:I^CP^YNL:0D[JJ@"E4^/0ENJB*  ZWR'3_ ,0L
M_F<>G_IEBGPB//(M1XS:GWW*?.C[O:XYL?JCU1^*'M^U<[\MD^#D_P BT_\
M=GS^KS_:\:S$Q,Q,3$Q/28GPF)CPF)B?&)B7A/K 4!RK=WXJ?@G]Z/UQ']<)
M7JYS72=?!=M)>;WLGYX
M                                AFVZC(F9Z4S/Z?0;RU'2''=&  &4
M^,HZ(  !$I+I2/%TSD.BF[\>PPJ/[SI-658IC_C(CSO6XC^W$?O1[?/S\_&R
MXM?O5W?0=M[AZ-.-GG[O]&?+Z)^CR\G17C/H!+;#.9F*NL><>7UI#41T<RW=
MBN.D^%4><>_Z8;B=7&]?3]3SH]F_.P
M                                          $,*(*W)\(CW^*UCQ:L
MR;8 15/A^H6-V2-@  *RS+O6-(T0BNF[SCTW)KS=?1^W/6N_BTQT^.?&:KMB
M/\^?;3[?./'PGADQ?TJ;O>=O[EZ=,')G[NT6\OHGZ/I_:Z+/AUZ]8F.O6)\)
MB8\XF/9,/$G?1]!#)71'68GK$])CRE8<[==WL&]H_-P
M                                                      !)V$,*
MF"6JL:YZU3]'A]S=8TAF=U50!2J?'I[B6ZJ(H !/D2M8UG11AW  =:W/'[.?
M%5_'^&QF3XS/3I:O_P"TB/W;D_YT?;U>/?%%Y]4=+/:\'N-^/ICRZVP?OCZO
MH^C]CQSD8]_$NU6,BU5:NT>=%4>SV54SY54S[)CPEX\Q-9TG=]/CRX\M/B8I
MBU)<<'L(]H_-P
M                        $,VW49$S/2F9_3Z#>6HZ0X[HP  RF>L]4=-D
M   B4ETI'BJRZ "3L,ZO-(;C9P,[!Q<^U^#DVHKCQ^"N/V;MN??;N=.M/U>4
M^V":5O\ B=<?)S<:WJPSI/C'A/UPZ!LN.Y>'\5RQUR\:.L_%13_?6X_]Y:CK
M-41[Z>L?1#QKXK5ZQUJ]_P 3NN#/I3+]S+].T_5/\DO,;SWQ@
M
M"&%$%;D^$1]JU\VK>3)M@!%4^'ZA8W9(V   K/FS+O6-(0B@(EF=]%AFK;.9
MZRU#C:=952R/[CH\8
M                            2=A#"I@E:L:YZU3]'A]S=8TA)W55 %*I
M\>GN);JHB@ $^1+58UE1AV  5J\OK8C=J&<^$-+,Z1JS;<$.<[J_N.SQ@
M
M       $,VW49$S/2F9_3Z#>6HZ0X[HP  RGQE'1   (E)=*1XJLN@ D[#.K
MS2&XV4J]S4,WGIHHL[.2&%?W'9XP
M                                      "&%$%;D^$1[_%:QXM69-L
M(JGP_4+&[)&P  %99EWK&D:(10$2S.^BLU;9SYM0XVG654MY(,C^X[/&
M
M      $G80PJ8):JQKGK5/T>'W-UC2&9W55 %*I\>GN);JHB@ $DM5C6=%&'
M8 !6KR^MB-VH9SX0TLSI&K-MP0YSUE0']QV>,
M                                               AFVZC(F9Z4S/Z
M?0;RU'2''=&  &4^,HZ(  !$I+I2/%5ET $G89U>:0W&RE34,WGIHHL[.2&%
M1(U6-9?W79X@
M                     "&%$%;D^$1]JU\VK>3)M@!%4^'ZA8W9(V   K/F
MS+O6-(T0B@(EF=]%AFK;.9ZRU#C:=952R#(B2'2D=-7]UV>$
M                                                         ).P
MAA4P2U5C7/6J?H\/N;K&D,SNJJ *53X]/<2W51%  )\B6JQK*C#L  K5Y?6Q
M&[4,Y\(:69TC5FVX(<YW4!57>(TC1_>=7KP
M                                           $,VW49$S/2F9_3Z#>
M6HZ0X[HP  RGQE'1   (E)=*1XJLN@ EMAG5YI#<;,ZFH9O/@JL[.2&%1(U6
M-90KJ_O.KUX
M                   "&%$-U;D^$1]JUCQ:MY,FV $53X?J%C=DC8  "LLR
M[UC2-$(H")9G?16:MLY\VH<;3K*J6\D&1$D.E(Z:H5M_>=7KP
M                                                        !)V$
M,*F"6JL:YZU3]'A]S=8TAF=U50!2J?'I[B6ZJ(H !)+58UG11AV  5J\OK8C
M=J&<^$-+,Z1JS;<$.<]94!57>(TC0!_>=7KP
M                                           $,VW49$S/2F9_3Z#>
M6MH<=T8  93XRCH@  $2DNE(\5670 2=AG5YI#<;,ZO<U#-Y\%5G9R0PJ)&J
MQK*%=0']YU>O
M                    0PHA"MR?"(^U:^;5O)DVP BJ?#]0L;LD;   5GS9
MEWK&D:(10$2S.ZPS5MG/FU#C:=952R#(B2'2D=-4*V _O.KUX
M                                                        D["&
M%3!+56-<]:I^CP^YNL:0S.ZJH I5/CT]Q+=5$4  GR):K&LJ,.P "M7E];$;
MM0SGPAI9G2-6;;@ASG=0%5=XC2-  ']YU>O
M                                          0S;=1D3,]*9GZ/U^PW
MEK:''=&  &4^,HZ(  !$I+I2/%5ET $ML,ZO-(;C9G4U#-Y\%5G9R0PJ)&JQ
MK*%=0 ']YU>O
M                   0PHANK<GPB/M6L>+5I\&3; "*I\/U"QNR1L  !669
M=ZQI&B$4!$LSOHK-6V<^;4.-IUE5+>2#(B2'2D=-4*V  _O.KUX
M                                                         D["
M&%3!+56-<]:I^YN(TAF=U50!2J?'I[B6ZJ(H !)+58UG11AV  5J\OK8C=J&
M<^$-+,Z1JS;<$.<]94!57>(TC0 !$STB18W?WW5ZX
M                                              !#-MU&1,STIF?T
M^@WEK:''=&  &4^,HZ(  !$I+I2/%5ET $G89U>:0W&S.KW-0S>?!59V<D,*
MB1JL:RA74 !2J?8DM5=A=GK0
M                             $,*(0K<GPB/M6OFU;R9-L (JGP_4+&[
M)&P  %9\V9=ZQI&B$4!$LSNL,U;9SYM0XVG654L@R(DATI'35"M@ ,IGK*-Q
ML[&[/6
M           "3L(85,$M58USUJG[ON;CI#,[JJ@"E4^/3W$MU410 "?(EJL:
MRHP[  *U>3$;M0SGPAI9G2-6;;@ASG=0%5=XZ1H  B9Z1(L;LD;=D=GJP
M
M $,VW49$S/2F9^C]?L-Y:VAQW1@ !E/C*.B   1*2Z4CQ59= !+;#.KS2&XV
M9U-0S>?!59V<D,*B1JL:RA74 !2J?9]J2U7S4&G9'9ZL
M                                                !#"B&ZMR?"(^
MU:QXM6GP9-L (JGP_4+&[)&P  %99EWK&D:(10$2S.^BPS5MG/FU#C:=952W
MD@R(DATI'35"M@ ,IGK*-QTA KLCL]6
M                                   ).PAA4P2U5C7/6J?N;B-(9G=5
M4 4JGQZ>XENJB*  22U6-9T48=@ %:I\/K8C=J&<^$-+,Z1JS;<$.<]94!57
M>(TC0 !$STB18W9(V).P[([O5@
M                             (9MNHR)F>E,S^GT&\M;0X[HP  RGQE'
M1   (E)=*1XJLN@ D[#.KS2&XV9U3[&H9O/@JL[.2&%1(U6-90KJ  I5/E"2
MU50:0Q9797DO5
M                 (840A6Y/A$?:M?-JWDR;8 5JGI'U^ L;LT;   5GS9E
MWK&D:(10$2S.ZPS5MG/FU#C:=952R#(B2'2D=-4*V  RF>LHW&R!4.<J[*\I
MZH
M     2=A#"I@EJK&N>M4_=]S<=(9G=54 4JGQZ>XENJB*  3Y)+58UE1EV
M5J\F(W:AG/A#2S.D:LVW!#G.Z@*J[QTC0 !$STB18W9(V).PAA797E/5
M                                                           (
M9MNHR)F>E,S]'Z_8;RUM#CNC  #+S1T0  ")272D>*K+H );89U>:0W&S.IJ
M&;SX*K.SDAA42-5C64*Z@ *53[/M26J^:@TABRB#LKRGJ@
M                                                $,*(;JW)\(C[
M5K'BU:?!DVP K5/A]8L;LT;   5EF7>L:1HA% 1+,[Z+#-6V<^;4.-IUE5+>
M2#(B2'2D=-4*V  RF>LHW'2$"H<Y4!V5Y3U0
M                                      D["&%3!+56-<]:I^YN(TAF
M=U50!2J?'I[B6ZJ(H !/DDM5C65&78 !6J?#ZV(W:AG/A#2S.D:LVW!#G/65
M 55WB-(T  1,](D6-V2-B3L(856KR^M86-W9WDO4@
M                                          (9MNHR)F>E,S^GT&\M
M;0X[HP  RGQE'1   (E)=*1XJLN@ D[#.KS2&XV9U3[&H9O/@JL[.2&%1(U6
M-90KJ  I5/L26JJ#2&+*(*5>?18:K#M#R7J
M                                     $,*(0K<GPB/M6OFU;R9-L *
MU3TCZ_ 6-V:-@  *SYLR[UC2-$(H")9G=89JVSGS:AQM.LJI9!D1)#I2.FJ%
M;  93/64;C9 J'.5 9QYM.M8=I>0]*
M                               ).PAA4P2U5C7/6J?N^YN.D,SNJJ *
M53X]/<2W51%  )\DEJL:RHR[  *U>3$;M0SGPAI9G2-6;;@ASG=0%5=XZ1H
M B9Z1(L;LD;$G80PJM7DL+&Z('6-G:'DO2
M                                   (9MNHR)F>E,S]'Z_8;RUM#CNC
M  #+S1T0  ")272D>*K+H );89U>:0W&S.KW-0S>?!59V<D,*B1JL:RA74 !
M2J?9]J2U7S4&D,6404J\96-FJPD=79WDO1@
M                                   (840A6Y/A$?:M8\6K3X,FV %:
MI\/K%C=FC8  "LLR[UC2-$(H")9G?189JVSGS:AQM.LJI;R09$20Z4CIJA6P
M &4SUE&XZ0@5#GNH#./-IUJF?"$69TC5VAY+T@
M                                      D["&%3!+56-<]:I^YN(TAF
M=U50!2J?'I[B6ZJ(H !/DDM5C65&78 !6J?#ZV(W:AG/A#2S.D:LVW!#G/65
M 55WB-(T  1,](D6-V2-B3L(856KR^M86-T0.L;(J6&;SX.TO(>F
M                                                    0S;=1D3,
M]*9G]/H-Y:VAQW1@ !E/C*.B   1*2Z4CQ59= !+;#.KS2&XV9U3[&H9O/@J
ML[.2&%1(U6-90KJ  I5[(26JJ#2&+*(*5>?18V:K"1U9SYM0XVG67:W=ZD
M                                                         !#"
MB$*W)\(C[5K'BU;R9-L *U3TCZ_ 6-V:-@  *SYLR[UC2-$(H")9GK*PS5MG
M/FU#C:=952R#(B2'2D=-4*V  RF>LRCI&R 0YRH#./-IUK"9\(19G2-6;;@[
M8[/5@
M   "3L(85,$M58U3UJG[ON;B-(9G=54 4JGQZ>XENJB*  3Y)+58UE1EV  5
MJ\F(W:AG/A#2S.D:LVW!#G.Z@*J[QTC0 !$STB18W9(V).PAA5:O)86-T0.L
M;(JGV+#-Y\&<STB5<XW=M=WJ@
M                       $,VW49$S/2F9^C_(1UEK:''=&  &7FCH@  $2
MDNE(\5670 2VPSJ\TAN-F=7N:AF\^"JSLY(85$C58UE"NH "E4^4?:DM54&D
M,6404J\96-FJPD=6<^;4.-IUEG5[()*NWN[U(
M                                   "'-0(5N3Y1]JUCQ:MY,FV %:I
M\/K%C=FC8  "LLR[Q&D:(10$2S/65AFK;.?-J'&TZRJEO)!D1)#I2.FJ%;
M93/691TC9 (<]U 9QYM.M4SX0BS.D:LVW!E/C,LND;.XO(>G
M                                              $ML(85,$M58U3U
MJG[H;B-(9G=54 4JGQZ>XENJB*  3Y)+58UE1EV  5JGP^MB-VH9SX0TLSI&
MK-MP0YSUE0%5=XC2-  $3/2)%C=DC8D["&%5J\OK6%C=$#K&R*EAF\^#.9Z1
M*N<;LD;=R>0].
M           AFVZC(F9Z4S)'66MH<=T8  93XRCH@  $2DNE(\5670 2VPSJ
M\TAN-F=4^QJ&;SX*K.SDAA42-5C64*Z@ *53Y1]J2U50:0Q91!2KQGHL;-5A
M(ZLY\VH<;3K+.J?9]I)7S41IW)Y#TX
M                           "&%$(5N3Y1]JUCQ:MY,FV %:IZ1]?@+&[
M-&P  %9\V9=ZQI&B$4!$LSUE89JVSGS:AQM.LJI9!D1)#I2.FJ%;  93/691
MTC9 (<Y4!G#3K6$SX0BS.D:LVW!E,]99=(Z0@'<GD/3@
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MIJA6@ &4SUF4=(V0"'/=0&<>;3K5,^$(LSI&K-MP93/699=(V0 #N3R'IP
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MOMS_ -9XO^]J^\'^(GGIP+TL3[N<=S)_^6N.OA_E_P#Y_*_N4_C+^O/UK_\
M)_;W_%\K_=8WJ5K?DQ?S3Z,.->I;@?=#F_+^Y/,.T?$>X'&^T&NX9I)QMKR3
MEN'JLC%XO8W4[6,JC$MW]G\$Y5=NF*+=$W+GPTQ5,>UM[P^%WBW;<^*E./3+
M:DY)M/2*Z_>TT^C9^;\?]+W^H?*[![[[1W#E\GOG)[;AY&+AUP4TOES128Q1
M?UZZ:VT]<Q&D1ZITC5[+]GO\/UQ/^5]3?]0O?[D&!S[<8M%Z]Q;M?B\=Q-+I
M<JNB*ZM=9W?*L#;Y_*+V)UBFY>M8N%;JJB8IIFGI75Z[E^_,OQ9C@8*S@B?Q
M7UUGZ=*S$5_;+[OVS^C7MO\ I^._O3O.:G>,M=9Q<6,5:4G^K%\M;VRS'C,4
MI&NT:=9]-/7-\F?N;Z7>&[?N]VIYA?[T]K..V*\_E^'E:6WI^X/#-3;F9O[W
M)P=?>R=9R?C^OHZ59>1BTXN1BV^MVK&JLT7+M'M^R>[^-W/-'$Y5/@\JW2O7
M6EI\M9ZUF?")UB=M=>C\P^;7Z8._?+_M>3W)[=Y,]T]OX(]6:)I%.3@IXY)K
M69IEQUWO:GIM2/O32:Q:T?+7L1V/[A^I#NMQ#LUVLU=G:\RYEF7+&'^;OU8N
MJU>OP[%>9M^0;S.HM7ZL+2:77VJ[]^Y31<KF(BBW17=KHHJ^GYW-X_;N+?F<
MJ=,-(^V9\(B/&9GI'\S^?O:'M/O7OCW%QO;'M_'&3N?*M,5UG2E*UCU7R9+:
M3Z<=*Q-K3$3/A6)M,1/Z(-)\@SLAQ_4ZG6=V?5ER'%Y[N,:B;./H==PCB^GN
MYLTQ3>LZ75<HN;G=[C'LWYFF+GXUNNY$1,T6YGX8_/[^^N;DO-N+Q:S@CSFU
MIT^F:Z1'_;=_:O%_1Y[4X7'QX/<?N/-7O&6O2,=<&*DV\8I3+-\EXB>FOJB9
M\HV?/#U__*@Y;Z(^#4]W-?W@XKW%[:7M[K>-V\?;X%SAW<"UM]O3D5X.-B::
MC*V^HY+;BUBW+EZO&R;%ZU9MUW9Q_P .BNJGZ#L/NG%WG-^4MBMCY/IF>D^J
MFD?3TF/MB?K?BOSD_3MW+Y4]I_ZDP]SX_-[#.:N*(O7X/(B]]?3$4UO3+&D3
M,S6U;16)MZ-(F8_0'\IKT8Z?TN=E)[@ZSGVWYCD>I7@_9SN-LM7LM)@ZFQQ+
M(_E+-VO\*U^1B9F3<V>/\7+*J/Q;M-NKI8IGIUJGI\'[J[Q?N?-^!;'%(XU\
ME(F)F?5][36>G3\/[W]D_IS^5_%^7_M7_6N/S,G)OWWB<+DVI:E:1AGX-K^B
MLQ:9M'^-,:S$3]V.G67JAZK?DG\-[A\T]07J1R/4%R_5[#E&PY]W8N\3Q^#:
M'(P,/+KQ,W>_P6WL[NXHRKN+%RQ%O\6;<5_#/7IU>T[7[SS<?#@[=''I-:Q6
MGJ]4Z^$:Z:?:_._F)^E;M?>NZ=Y]\7[SR<>?D7Y'+G#&#'-8G2V3T>J;ZS'3
M372)T\-7Y[?1-Z3][ZU^\>)V>X]SSBO;O87.+;#F%[:<GQMEL:LK6:C(UEG9
M87']5KHM3MMU9M;.+\6;N1B6_P "U<KFY^S\,_?=Y[I3LW$GEY,=LE?5%=*Z
M1UG729F=HZ:;3U\'\8?*KY=<OYJ>YZ^V>%S./PLT\>V:;Y8M;6E)K%JXZ5T]
M=XBWJ],VI'IBT^KIH^_FG_P\/:"S@4V^0>I+NEL=K-N/CRM-Q7ANEU\7>GC5
M:U^=;W^5%N*O95E53T]KX2_O_ES;_#XV**_3:TS^V-/X/[&XWZ*_;5<.G-[[
MW"_(TWIAP4KK]%;?$G3_ .-\Z/73\G/N=Z3>#[/O#V_YQ1WF[4\?IMWN7S>T
M7\O<XX7K[MVFS_&\_6XN;LM9ON/8UVY3&3E8U=B]BTU?B5X_X--R[;^@[)[N
MXW=<\<3/3X/*M^'KK6T^43TF)\HG77;75^)?-O\ 3)W[Y<]IR>YNS<N.Z>W<
M.DYM<?P\^"LSI\2U8M:N3'$S'KO6:VI$^J:>F+6CH7RU_EP\>]>^K[P;#>=U
MM_VTJ[7[/A>OQK6DXSJ^0T[BGE>%R+*NW<FK8[#!G$JPIT=--,4?%%<7)Z].
MD/(]Q^X<G8K8:TQ5R?%BT]9F-/3,>43OJ]/\B_DAPOG#@[GFY?<<W GM^3!6
M(QXJ9/7\:N29F?5:NGI^'TTWU>Q_I]^2!RWNUW-[Q6>9=R=KP?L=VU[H\R[;
M\0Y3;X[AWN>]UYX;NK^FS][J]7E9$Z7CNBMY>-<LU9=S\Y^-DV[E%FS-%$W7
MKN?[TQ<7C89PXXOS<F*M[5U^[3U1K$3.\S]'3IO/@^X]F?I1[E[C[]W.O<^=
MDXGM/@=PS\;#EC'6>1R_@7FELE*3/HQXXF)KZY]?JM$Q6ND39U/TN?+7X9W(
M]?OJ'['87<_EG'M!Z2^7\/Y/QS<9&FTN\W/+J=7R?5YEO7[Z:)TV#AS<JQ^D
MW<:U3^]UBCPZ3U[G[BS<?L7'YLXJ6R<NEHF-9B*ZQ.V\S]KUWR^^1G:^]_./
MO7M/%S^3AX?MSDX<N*\TIDOF].6LQ7)IZ*UVWK'V/T8^O/T2Z;UU=LN)]M=W
MW"W';C'XKSO&YQ:V^FT6!O\ (S;V-H=YHHUUW%V&9A6K-FNC=U7/Q(JFJ*K<
M1TZ3+\]['WF_9.3?D4QQDF]/3I,S&G6)UZ?4_MOYO_*KB_-OL/&[%R^;EX-.
M/RXSQ>F.N2;3&/)C],Q::Q$?XFNNNO31^13YB_HITWH6[O<,[8:3N#M^XV-R
MOMSC\[N[C<Z/ T&1A7[_ "7?:"=;:Q=?F9MJ]9IHTL7?Q)JBKXKDQTZ1$OU3
MV_WB_>N)?DWQQCFN3TZ1,SX1.O7ZW^;GSM^5?%^4GN7B]AXG-R\['R.#'(F]
M\=<<UF<N3'Z8BMK1,?<UUWZZ/G_#WLOQVK&J>M4_=#<1I#,[JJ@"E4^/3W$M
MU410 "?)):K&LJ,NP "E7DQ#4*3X0TLSI&K-MP0YSUE0%5=XC2-  $3/2)%C
M=DC8D["&%5J\OK6%C=$#K&R*EAF\^#.9Z1*N<;LD;  =R>0].
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M#.9Z1*N<;LD;  5JGPZ>\EJN[NCR'I0
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M8LH@I5XRL;-5A(ZLY\VH<;3K+.KV02541H !G5/C]2-QL[L\EZ0
M                                             !#FH$*W)\H^U:QX
MM69-L *U3X?6+&[-&P  %99=XC2-$(H")9GK*PS5MG/FU#C:=952R#(K)#K2
M.FHK0 #*9ZS*.D;(!#GNH#./-IUJF?"$69TC5FVX,IGK,LND;(  !DCH[N\E
MZ,                                                      2VPA
MA4P2U5C5/6J?NAN(TAF=U50!2J?'I[B6Z[*(H !/DDM5C65&78 !2KR8AJ%)
M\(:69TC5FVX(<YW4!57>(TC0 !$STB18W9(V).PAA5:O+ZUA8W1 ZQLBKW+#
M-Y\&<STB5<XW9(V  K5Y$M5W41IW=Y+T8
M                          "&;;J,B9GI3,D=9:VAQW1@ !EYHZ(  !$I
M+I2/%5ET $ML,ZO-(V;C9G5/L:AF\^"JSLY(85$C5(UE"NH "E4^4?:DM54&
MD,6404J\9Z+&S582.K.?-J'&TZRSJGRC[22JB-  ,ZO-&XV0*[N\EZ,
M                                                !#"B$*W)\H^U
M:QXM6\F3; "M7D+&[-&P  %99=XC2-$(H")9GK*PS5MG/FU#C:=952R#(B2'
M6D=-4*T  RF>LRCI&R 0YRH#.&G6L)GPA%F=(U9MN#*9ZRRZ1TA  'D#)'0%
MC=W=Y+T0
M D["&%3!+56-4]:I;B-(9G=54 4J\R6Z[*(H !/DD[-5C6RC+L  I5Y,0U"D
M^$-+,Z1JS;<$.<[J JKO'2-  $3/2)%C=DC8D["&%5J\EA81 ZQLBJ?8L,WG
MP9S/2)5SC=DC8 "M4^'3WDM5W41I,)+5?-W9Y3T(
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195%  93YS]<HZ1L LCH__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g126640g11a11.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g126640g11a11.jpg
M_]C_X  02D9)1@ ! 0(!>0%Y  #_X5T,:'1T<#HO+VYS+F%D;V)E+F-O;2]X
M87 O,2XP+P \/WAP86-K970@8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(
M>G)E4WI.5&-Z:V,Y9"(_/@H\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS
M.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!835 @0V]R92 U+C,M8S Q,2 V-BXQ
M-#4V-C$L(#(P,3(O,#(O,#8M,30Z-38Z,C<@(" @(" @("(^"B @(#QR9&8Z
M4D1&('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR
M9&8M<WEN=&%X+6YS(R(^"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B
M;W5T/2(B"B @(" @(" @(" @('AM;&YS.F1C/2)H='1P.B\O<'5R;"YO<F<O
M9&,O96QE;65N=',O,2XQ+R(^"B @(" @(" @(#QD8SIF;W)M870^87!P;&EC
M871I;VXO<&]S='-C<FEP=#PO9&,Z9F]R;6%T/@H@(" @(" @(" \9&,Z=&ET
M;&4^"B @(" @(" @(" @(#QR9&8Z06QT/@H@(" @(" @(" @(" @(" \<F1F
M.FQI('AM;#IL86YG/2)X+61E9F%U;'0B/F<Q,6$Q,3PO<F1F.FQI/@H@(" @
M(" @(" @(" \+W)D9CI!;'0^"B @(" @(" @(#PO9&,Z=&ET;&4^"B @(" @
M(" @(#QD8SID97-C<FEP=&EO;CX*(" @(" @(" @(" @/')D9CI!;'0^"B @
M(" @(" @(" @(" @(#QR9&8Z;&D@>&UL.FQA;F<](G@M<F5P86ER(CY&:6QE
M($YA;64Z(" @(" @(" @(" @(" @8V]V,2YA:28C>$$[57-E<FYA;64Z(" @
M(" @(" @(" @("!R<C$Y,C$P-"8C>$$[3&]C86P@5&EM93H@(" @(" @(" @
M(" @,3<M3F]V+3(P,C @,3$Z,#8Z,3(F(WA!.T535"!4:6UE.B @(" @(" @
M(" @(" @,3<M3F]V+3(P,C @,30Z,#8Z,3(F(WA!.U-C<FEP="!697)S:6]N
M.B @(" @(" @(#(N-B8C>$$[26QL=7-T<F%T;W(@5F5R<VEO;CH@(" @,38N
M,"XP)B-X03M'<F%P:&EC('1Y<&4Z(" @(" @(" @($%R='=O<FLF(WA!.R8C
M>$$[XH"B(#$P($--64L@8FQA8VL@;V)J96-T<R!C:&%N9V5D('1O(&=R87ES
M8V%L92XF(WA!.R8C>$$[5&AE(&9O;&QO=VEN9R!F;VYT<R!A<F4@<')E<V5N
M="!I;B!T:&4@9&]C=6UE;G0Z)B-X03L@(" @(" @(" @2&5L=F5T:6-A+4-O
M;F1E;G-E9"U";VQD)B-X03LF(WA!.U1H92!F;VQL;W=I;F<@8V]L;W)S(&%R
M92!P<F5S96YT(&EN('1H92!D;V-U;65N=#HF(WA!.R @(" @(" @("!004Y4
M3TY%(%=A<FT@4F5D($,F(WA!.R @(" @(" @("!";&%C:R8C>$$[(" @(" @
M(" @($--64LF(WA!.R @(" @(" @("!'<F%D:65N="8C>$$[)B-X03LM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TF
M(WA!.T9I;&4@3F%M93H@(" @(" @(" @(" @("!G,3%A,3$N86DF(WA!.U5S
M97)N86UE.B @(" @(" @(" @(" @<G(V,#8R,3,F(WA!.TQO8V%L(%1I;64Z
M(" @(" @(" @(" @(#$V+41E8RTR,#(P(# P.C4T.C$U)B-X03M%4U0@5&EM
M93H@(" @(" @(" @(" @(#$V+41E8RTR,#(P(# S.C4T.C$U)B-X03M38W)I
M<'0@5F5R<VEO;CH@(" @(" @(" R+C8F(WA!.TEL;'5S=')A=&]R(%9E<G-I
M;VXZ(" @(#$V+C N,"8C>$$[1W)A<&AI8R!T>7!E.B @(" @(" @("!!<G1W
M;W)K)B-X03LF(WA!.RHJ*E1H92!P<F5F;&EG:'0@8VAE8VL@:7,@8V]M<&QE
M=&4N(%!L96%S92!E;G-U<F4@;6%N=6%L(&-H96-K<R!A<F4@8V]M<&QE=&5D
M('!E<B!P<F]C97-S+BHJ*B8C>$$[)B-X03M4:&4@9F]L;&]W:6YG(&-O;&]R
M<R!A<F4@<')E<V5N="!I;B!T:&4@9&]C=6UE;G0Z)B-X03L@(" @(" @(" @
M0FQA8VLF(WA!.R @(" @(" @("!#35E+)B-X03L@(" @(" @(" @1W)A9&EE
M;G0F(WA!.R8C>$$[+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM)B-X03M&:6QE($YA;64Z(" @(" @(" @(" @(" @
M9S$Q83$Q+F%I)B-X03M5<V5R;F%M93H@(" @(" @(" @(" @(')R,3$V,#$T
M)B-X03M,;V-A;"!4:6UE.B @(" @(" @(" @(" Q.2U-87)C:"TR,#(Q(#$V
M.C(S.C0W)B-X03M%4U0@5&EM93H@(" @(" @(" @(" @(#$Y+4UA<F-H+3(P
M,C$@,3DZ,C,Z-#<F(WA!.U-C<FEP="!697)S:6]N.B @(" @(" @(#(N-B8C
M>$$[26QL=7-T<F%T;W(@5F5R<VEO;CH@(" @,38N,"XP)B-X03M'<F%P:&EC
M('1Y<&4Z(" @(" @(" @($%R='=O<FLF(WA!.R8C>$$[*BHJ5&AE('!R969L
M:6=H="!C:&5C:R!I<R!C;VUP;&5T92X@4&QE87-E(&5N<W5R92!M86YU86P@
M8VAE8VMS(&%R92!C;VUP;&5T960@<&5R('!R;V-E<W,N*BHJ)B-X03LF(WA!
M.U1H92!F;VQL;W=I;F<@9F]N=',@87)E('!R97-E;G0@:6X@=&AE(&1O8W5M
M96YT.B8C>$$[(" @(" @(" @($AE;'9E=&EC82U#;VYD96YS960M0F]L9"8C
M>$$[)B-X03M4:&4@9F]L;&]W:6YG(&-O;&]R<R!A<F4@<')E<V5N="!I;B!T
M:&4@9&]C=6UE;G0Z)B-X03L@(" @(" @(" @4$%.5$].12!787)M(%)E9"!#
M)B-X03L@(" @(" @(" @0FQA8VLF(WA!.R @(" @(" @("!#35E+)B-X03L@
M(" @(" @(" @1W)A9&EE;G0F(WA!.R8C>$$[+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM)B-X03M&:6QE($YA;64Z
M(" @(" @(" @(" @(" @9S$Q83$Q+F%I)B-X03M5<V5R;F%M93H@(" @(" @
M(" @(" @(')R,3$V,#$T)B-X03M,;V-A;"!4:6UE.B @(" @(" @(" @(" Q
M.2U-87)C:"TR,#(Q(#$V.C0Q.C4T)B-X03M%4U0@5&EM93H@(" @(" @(" @
M(" @(#$Y+4UA<F-H+3(P,C$@,3DZ-#$Z-30F(WA!.U-C<FEP="!697)S:6]N
M.B @(" @(" @(#(N-B8C>$$[26QL=7-T<F%T;W(@5F5R<VEO;CH@(" @,38N
M,"XP)B-X03M'<F%P:&EC('1Y<&4Z(" @(" @(" @($%R='=O<FLF(WA!.R8C
M>$$[*BHJ5&AE('!R969L:6=H="!C:&5C:R!I<R!C;VUP;&5T92X@4&QE87-E
M(&5N<W5R92!M86YU86P@8VAE8VMS(&%R92!C;VUP;&5T960@<&5R('!R;V-E
M<W,N*BHJ)B-X03LF(WA!.U1H92!F;VQL;W=I;F<@9F]N=',@87)E('!R97-E
M;G0@:6X@=&AE(&1O8W5M96YT.B8C>$$[(" @(" @(" @($AE;'9E=&EC82U#
M;VYD96YS960M0F]L9"8C>$$[)B-X03M4:&4@9F]L;&]W:6YG(&-O;&]R<R!A
M<F4@<')E<V5N="!I;B!T:&4@9&]C=6UE;G0Z)B-X03L@(" @(" @(" @4$%.
M5$].12 Q.#4@0R8C>$$[(" @(" @(" @($)L86-K)B-X03L@(" @(" @(" @
M0TU92R8C>$$[(" @(" @(" @($=R861I96YT)B-X03LF(WA!.RTM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+28C>$$[
M1FEL92!.86UE.B @(" @(" @(" @(" @(&<Q,6$Q,2YA:28C>$$[57-E<FYA
M;64Z(" @(" @(" @(" @("!R<C$Q-C Q-"8C>$$[3&]C86P@5&EM93H@(" @
M(" @(" @(" @,3DM36%R8V@M,C R,2 Q-CHT-#HS,B8C>$$[15-4(%1I;64Z
M(" @(" @(" @(" @(" Q.2U-87)C:"TR,#(Q(#$Y.C0T.C,R)B-X03M38W)I
M<'0@5F5R<VEO;CH@(" @(" @(" R+C8F(WA!.TEL;'5S=')A=&]R(%9E<G-I
M;VXZ(" @(#$V+C N,"8C>$$[1W)A<&AI8R!T>7!E.B @(" @(" @("!!<G1W
M;W)K)B-X03LF(WA!.RHJ*E1H92!P<F5F;&EG:'0@8VAE8VL@:7,@8V]M<&QE
M=&4N(%!L96%S92!E;G-U<F4@;6%N=6%L(&-H96-K<R!A<F4@8V]M<&QE=&5D
M('!E<B!P<F]C97-S+BHJ*B8C>$$[)B-X03M4:&4@9F]L;&]W:6YG(&9O;G1S
M(&%R92!P<F5S96YT(&EN('1H92!D;V-U;65N=#HF(WA!.R @(" @(" @("!(
M96QV971I8V$M0V]N9&5N<V5D+4)O;&0F(WA!.R8C>$$[5&AE(&9O;&QO=VEN
M9R!C;VQO<G,@87)E('!R97-E;G0@:6X@=&AE(&1O8W5M96YT.B8C>$$[(" @
M(" @(" @(%!!3E1/3D4@,3@U($,F(WA!.R @(" @(" @("!";&%C:R8C>$$[
M(" @(" @(" @($--64LF(WA!.R @(" @(" @("!'<F%D:65N="8C>$$[)B-X
M03LM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TF(WA!.T9I;&4@3F%M93H@(" @(" @(" @(" @("!G,3%A,3$N86DF
M(WA!.U5S97)N86UE.B @(" @(" @(" @(" @<G(Q,38P,30F(WA!.TQO8V%L
M(%1I;64Z(" @(" @(" @(" @(#$Y+4UA<F-H+3(P,C$@,38Z-#4Z-3$F(WA!
M.T535"!4:6UE.B @(" @(" @(" @(" @,3DM36%R8V@M,C R,2 Q.3HT-3HU
M,28C>$$[4V-R:7!T(%9E<G-I;VXZ(" @(" @(" @,BXV)B-X03M);&QU<W1R
M871O<B!697)S:6]N.B @(" Q-BXP+C F(WA!.T=R87!H:6,@='EP93H@(" @
M(" @(" @07)T=V]R:R8C>$$[)B-X03LJ*BI4:&4@<')E9FQI9VAT(&-H96-K
M(&ES(&-O;7!L971E+B!0;&5A<V4@96YS=7)E(&UA;G5A;"!C:&5C:W,@87)E
M(&-O;7!L971E9"!P97(@<')O8V5S<RXJ*BHF(WA!.R8C>$$[5&AE(&9O;&QO
M=VEN9R!F;VYT<R!A<F4@<')E<V5N="!I;B!T:&4@9&]C=6UE;G0Z)B-X03L@
M(" @(" @(" @2&5L=F5T:6-A+4-O;F1E;G-E9"U";VQD)B-X03LF(WA!.U1H
M92!F;VQL;W=I;F<@8V]L;W)S(&%R92!P<F5S96YT(&EN('1H92!D;V-U;65N
M=#HF(WA!.R @(" @(" @("!004Y43TY%(#$X-2!#)B-X03L@(" @(" @(" @
M0FQA8VLF(WA!.R @(" @(" @("!#35E+)B-X03L@(" @(" @(" @1W)A9&EE
M;G0F(WA!.R8C>$$[+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM)B-X03L\+W)D9CIL:3X*(" @(" @(" @(" @/"]R
M9&8Z06QT/@H@(" @(" @(" \+V1C.F1E<V-R:7!T:6]N/@H@(" @(" \+W)D
M9CI$97-C<FEP=&EO;CX*(" @(" @/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O
M=70](B(*(" @(" @(" @(" @>&UL;G,Z>&UP/2)H='1P.B\O;G,N861O8F4N
M8V]M+WAA<"\Q+C O(@H@(" @(" @(" @("!X;6QN<SIX;7!'26UG/2)H='1P
M.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O9R]I;6<O(CX*(" @(" @(" @/'AM
M<#I-971A9&%T841A=&4^,C R,2TP,RTQ.50Q-CHT-3HU.2TP-SHP,#PO>&UP
M.DUE=&%D871A1&%T93X*(" @(" @(" @/'AM<#I-;V1I9GE$871E/C(P,C$M
M,#,M,3E4,38Z-#4Z-3DM,#<Z,# \+WAM<#I-;V1I9GE$871E/@H@(" @(" @
M(" \>&UP.D-R96%T941A=&4^,C R,2TP,RTQ.50Q-CHT-3HU.2TP-SHP,#PO
M>&UP.D-R96%T941A=&4^"B @(" @(" @(#QX;7 Z0W)E871O<E1O;VP^061O
M8F4@26QL=7-T<F%T;W(@0U,V("A7:6YD;W=S*3PO>&UP.D-R96%T;W)4;V]L
M/@H@(" @(" @(" \>&UP.E1H=6UB;F%I;',^"B @(" @(" @(" @(#QR9&8Z
M06QT/@H@(" @(" @(" @(" @(" \<F1F.FQI(')D9CIP87)S951Y<&4](E)E
M<V]U<F-E(CX*(" @(" @(" @(" @(" @(" @/'AM<$=);6<Z=VED=&@^,C P
M/"]X;7!'26UG.G=I9'1H/@H@(" @(" @(" @(" @(" @(" \>&UP1TEM9SIH
M96EG:'0^,C4V/"]X;7!'26UG.FAE:6=H=#X*(" @(" @(" @(" @(" @(" @
M/'AM<$=);6<Z9F]R;6%T/DI014<\+WAM<$=);6<Z9F]R;6%T/@H@(" @(" @
M(" @(" @(" @(" \>&UP1TEM9SII;6%G93XO.6HO-$%!45-K6DI29T%"06=%
M0DQ!17-!040O-U%!<U5':'9D1SEZ84<Y=TE$375-04$T46ML3D$K,$%!04%!
M04)!0DQ!04%!045!)B-X03M!445S04%!04%104(O*S1!1&M&:V(R2FQ!1U1!
M04%!04%F+V)!25%!0F=114)!545"9U5&0F=K1T)164I#=V='0F=G3$1!;TM#
M=V]+)B-X03M$0D%-1$%W341!=U%$031014$X3T1"351&0E%417AW8D=X<V-(
M>#AF2'@X9DAX.&9(=T5(0G=C3D1!,%E%0D%91VA54D92;V9(>#AF)B-X03M(
M>#AF2'@X9DAX.&9(>#AF2'@X9DAX.&9(>#AF2'@X9DAX.&9(>#AF2'@X9DAX
M.&9(>#AF2'@X9DAX.&8O.$%!15%G0D%!1$E!=T52)B-X03M!04E205%-4D%F
M+T5!84E!04%!2$%114)!445!04%!04%!04%!05%&07=)1T%104A#06M+0W=%
M04%G241!445"05%%04%!04%!04%!)B-X03M!44%#07=11D)G8TE#46],14%!
M0T%1341!9U%#0F=C1$)!24=!;DU"06=-4D)!049)4DEX459%1T4R16EC6455
M37!':$)X5WA1:5!")B-X03M5=$AH37A::3A#4GEG=D5L47I25&MQ2WE9,U!#
M3E51;FLV3WI.:&156DA41#!U24E*;TU*0VAG6FA*4D92<5,P5G1.5DM"<GDT
M+U!%)B-X03LQ3U0P6EA71FQA5S%X9%AL.5=:,FAP86UT<V)7-799,U(Q9&YD
M-&58<#=F2#$K9C-/16A984AI26U+:31Y3FIO*T-K-5-6;'!E66U:)B-X03MQ
M8FY*,F5N-4MJ<$M7;7 V:7!Q<75S<F$V=F]204%)0T%1241"455%0E%914-!
M341B445!06A%1$)#15--545&55).:$EG6GAG6D5Y)B-X03MO8DAW1DU(4C13
M3D-&5DII8W9%>DI$4D1G:&%357E7:5DW3$-",U!33F5*16=X9%5K=V=*0VAG
M6DIJ6D9':61K9$95,SAQ3WIW>6=P)B-X03LP*U!Z:$I3:W1-5%4U4%)L9%E7
M5G!B6$8Q95@Q4FQ:;61O85=P<F)',75B,E(Q9&YD-&58<#=F2#$K9C-/16A9
M84AI26U+:31Y3FIO)B-X03LK1&Q*5U=L-6E:;7!U8VY:-F9K<4]K<&%A;G%+
M;7%Q-GET<G$K=B]A04%W1$%104-%44U2040X06I2>F%0;E172UA9<&%/2W)C
M5F-C)B-X03M5<44Q>48K1F0R+T%:1S)C66]F-#,S8S1S.6AY6$%!9$U53WA6
M,6-65D5N66).=4U51TMP4E=&5G=O5TA9-S1%<F-+=%E%=$A&5W-6)B-X03MA
M3TMU3TM6=4MT67$W1DQ72W!N-5<O-5-F4U K63(S+T%/5'$U1UA)="MM+W9)
M+S%H.38O3$A83EEP87A3,&-687A61%A&>%-Q;V0K)B-X03LU>4I,8D=+:7%D
M>CDR3$EL9&EX9&EL,DMT2$9,<U982DE54'0S1TM#1EDX6%=O=W-636EM2U=S
M0U=S5F%X5G)&3%)X5F\T<3%I;&\T)B-X03MQ-T95>CAR9CAP4'!(+TUB8B\X
M04HQ8VI,:U<O5&8S:V8V=RLY96-S9&4P=V(P,EI26&I3=GEZ1#%U;T]+1FIN
M8C%(<VPR2FDW4C%2)B-X03MX6E1)43138FEA4%1V:DE(-#A0=G99-3%+<WEN
M.6QI3W1E;4A36B]&0E!N*U!X=C<R=C)K-TI':6YI9T](,5E9>4Y#43-.,V9&
M2U9N)B-X03MB;DAH:65K071Z3&5C471X8V1542]--$-7>4U62D4W;C9"9UIK
M<FII:')&1'-5=7A6<D9,<U9A3TMT;S55*S-C66]P6#)C5D=+1DUI)B-X03MM
M2U=S5F%X5G)&3%=+1W-5=%EP87A6<D%L32]+,R]+5#92+WI',B\O04-D6$)0
M:U<W5&8S:V8V=RLY9FQJ<C-&:7%S4C%P5#,V:G!M)B-X03M.<3<X33%X6"]2
M,DPP2'-W35HQ<T)K3TM-0TI78W-22T@P;FU$2U!W.5$K4$DP,6%T,&]72C)X
M,#!/2&DR<C%(=B]4*VI:4'1"<69&)B-X03M/2#%'9D1G:$AC-'I66'-01#52
M-VA0.$%E9GIK2F-82%9%4'IB36DS4GAI<$EN8R]1341/,35X43%I:')&6%EP
M9&ER5TM867$P8U9A)B-X03MX4752>7!Q3VYC67!P5U!&,7%-3$9427!T9U-T
M3TMU3TM6=4MT67$W1DQ72W1917!N-5<O-5-F4U K63(S+S5/<FM:.&DS-F8K
M.&HO)B-X03M!1F@Y-B],6%A/-4%+.5)5154W94DX8W<Y9$1I>&M86#0Y-$0P
M+W-J<7!93F9#55DX8W%L43E8.# O>DE:2B\V5U!V.4YO5SAM25IL)B-X03M7
M9TQ%:S!)3E!B8DA32#!N;GHV:78W9F5Y.6\T>$=414)+175(1D5E;DQ02TYR
M+VYG8T@O04%S0V\O1E%23S4K9UIL4%!%<CA53DA&)B-X03M7<U5)<E1.379D
M5'8T8D-Y:4UT>D\S1TY"*TI09T%.>6-"24%S='5,1DQ*25)J>DPV42],+W=$
M3$QY;'!';&TR=F)A1%9.575&<F1Z)B-X03LS15-U=E1D25$T4$92.34V;G='
M2%!+4UAQ=$PR9FIX>&]G4THU=DU0>F$O2V5B>3%-*W(V4VI3841+,WAP=5=T
M;5DP0W-E-D4W2S,P)B-X03M(<U1F:7DS<V5B<4\P3WHO04$O6$@V4'53>GIN
M6C)C4#5F95)R:4=#3T]E-&HQ03-%<4EQ=DIW;6I#.#)!<3%!9'$T64@Q1G$Q
M8U%-)B-X03M/3#-(.41)53AL851R*VLK53=74U9.37)O.35E,TXR:V$Q67=Y
M3%)P855,0V@V-5AX:T4K.7I0>7-C<V-93S-O2BLU24HO269L=E5T)B-X03M%
M:S%8>79Q,'1X2%DS149T<6%8<U-W;$9U6D)':S8X4V9G-4AO9#96.$US.%%G
M,%$T<#!73V-E3$9);6E!8C@K<6$K679Y,3AR95=T)B-X03M7,#8R=3=Z54-Z
M6&-%57)3,F=.=D]J-W,P57%S5C(R0E9J>2]8:T)K2D1F:S!'3$A+3FU8361.
M:7 K8W9+6&LK5#AY0F\R;7E88U-Y)B-X03M34T,K=$Q/,#E4,$-S2W1%<T-)
M875(3F52+UIW=VY,:'1J<61.:4]F:$8K64$U8F))-&9K=%I386YO9W0W=2MT
M.5 Q4V5E,6Y3.71V)B-X03M2=5EP27)E4V1$>%!W<W)I22\U.4%->&]S-61L
M4C1O,%15:E<O4&M4*VA6.&]E569Y-TAM5%5T3V$O8E8S<SE0;$UR3D%$0TI5
M3$-:)B-X03LT-CEF4V]V03DV;D=C-59F2D]L,'5!6D1'*TEI4&1T-79,3EAI
M,'E(57 T.4UM:W5,0E-046UM54DW0V=Q5U56<'983#0S5S=P.&]G)B-X03M*
M2&=.>%%2=W1B4GA6<D9,4GA6,DMT645P;C57+W=#56XP:B]!2FIB8B]K-G52
M;GE,9G O-WE0.5EF979Y,3%Y:C8V37I29T%I;C)Q)B-X03LP,W%/;&-W93!*
M>6II=4IP-T0R2C R3$PR:D-'5T5:>$EL=$QC9E-F-&8T=C!F5C!56D$S2VI'
M=D5N:4YT=G5Y5VQG04-E.#EX2#-U)B-X03M.-U$V;5=38T%F<&A!0U!R>%0Y
M235B-&]X<F)P2S5E83--<#4Y,DMT2$97<U5*>C52.'E3*UAD8V@Q4T]%5&E-
M36MK2E!(:VII:&\Q)B-X03M$42]2:UIW-&A4;&%456Y$4&EQ,"LX,"]M='(R
M<EAT=DQP>G9P5G9A34I)56EE<FU19G1/=T,Q+S%A52ME46AH035U6'%U,#4U
M0T]()B-X03LP9TIZ-6TO4%!53F0X;GEA2$QP>5)8;#!I>#-L-DAQ:DMP0EEP
M1GA(1714*UDP>4UC3D<R>DXR<5HT=4=V565A4F%,-38P8V583&9Y)B-X03LO
M=T-:9$8O5$9L67E03' P<V,W5SAS6'%(:S9C;$(U2WA0.$%N=%-5;T<W0F%-
M5W-H-%EH:VIX06-T,E%E6&9Z27-B=GI84&8S9'9B)B-X03MA9'!/;C9,8U=7
M;#99-U9J2W%!56A::E%U,&Y1-4-73V@U,C57;C$P6EIB3E)I245!2DID+VU$
M;T5/:5!O,F<K6&QS3$<Y=4ER:E9K)B-X03MM=5I*>D]S3&@Q9T155FQ3;SAF
M-#5-67ID:W503%<T>$1H:$-G5%HS-2M323%V.$%.3WAU4$QI-DIO*VM35TU(
M,6U+-TEU3'53-U--)B-X03MW:TU)-%9C06]H6F9(*W=$1G9:3%!,,FI%=S19
M>')C2&,S>3=K5S,U=39+=FUT=DU-2&QZ,'!R-C)L=&1:6#8R-4UW;$510FI)
M54-))B-X03MP-E!51&9L,C8T4$-.5F),*U591$IX:4A-560O9"MP5C!Z.#1T
M1S!Q2%,W87<P3V%/,3!Y*VMV5E=3-TUZ>4-3,6UT*TID:S).6C8W)B-X03MB
M549/=2M*>$AF9&Q(=$M%945#2G%*=FYF46HY3$5V2E!N2U!Y,S5J;3%35WDK
M=3(Q>D9.0E!A."]42E-B<E)Q3C1E1U1N0WA4:#9B)B-X03M61$AK37E,0G8W
M57 Q3V94-W$K;FUS3%DR9&TW5F=T4S5L36$K0F1Q1G-M3U<W:5I$17E*:4M(
M8V=#0T1V:%E.67!A>%,Q:7)70DQJ)B-X03MI<5HK5G8X06Q*.4DO=T-9,C(O
M-4]R:UHX:3,V8BLX:B]72#-O931U2S%21'0S4&IL:$QH=VEP=R]#5'5D>'5"
M6'@W,'I&,5E(061V)B-X03MU+U1S.48W36U8-3)!17!2=FDK:UI*2#94,'A3
M:DTO02M:,EA4>4M82FI*-&MN63$O:F<P:TIX:65-0S<V5BMH<SEP9%1P8S)4
M161.)B-X03M+56]2>%)"-&I-.$IS-V5U-F]6=$@P9'EL52M/6E1Z:G52.&-6
M8T<X8U55=7)81EA9<3=&5W-5=7A6;S1Q,6EH,DM867$P8U5U>%9T)B-X03M7
M2VUO>%)3<',T>%%P:T5D8U5T67!A>%9R06QR1DM:*U9V.$%L2CE)+W=#63(S
M+S5/<FM:8VDS86(K.&HO5T@S;T5#;2M48UI5:#1K)B-X03MT>7 P,C5!;CE7
M66US=F=S6'HV4S18<%!:55%/<31::4IU2F]3=VY09E@V05%E435J,V185'-#
M44)8871A*U!T<TUD24YP8D%E<F]B)B-X03M8,FQK95!#3T]E4TEW>#1E4$@T
M9%(S<4E&96]$*V1C9V5K:7!:;'9.=7A6,DMU0G P>%-U0G)I>&-C575X5C)+
M<F-53WA6,DM867$Q)B-X03MI;#)+=%EQ,G)%1V]X5E4R8UES5DYG46%9<VUS
M5F%W2F%X4VUF;&(O04I39E-0.$%M3G0O*U1Q-4=8270R;B]V22\Q:#DV0T]4
M8UIU)B-X03M/;%0Q<C=::F%U4D5,.4YD94LV*W@V3#)7=WAY-G=12GI#6D(T
M4$)L1TTW-BMQ6D%R:#1U<39C9W1S=D564'<Q2B]89S!O;TAE.2LT)B-X03M$
M-W8P-V\Y;UI83$8V6E%(9WAO4VQK;'1V5F5*1TY$>6AX42]M>4ML;54X.#=&
M5VII;#)+=7%186I&5G=)3TM'.%9A3TMT66]D:6PR)B-X03M+=7A6<D9,<U9A
M>%8R2U=W>$)Q355,>5%W>%EQ6D)',DQ)3DA!;')&2UHK5G8K56XP:B]M3G0O
M*U1Q-4=8270R;B]V22]W0EEF96=4)B-X03MK,T=84D%%;71.:%AF*W=(3696
M16E(-"\T<5 S=3<Y;CAC6C9K07@T>E)O5F8K>#A(3F4Q+W=!2&Y9<'5555!F
M<65T9C0U2%,X:C<O)B-X03M!0R\S=&9R8B]A3#9S4C-O-%DW15I2=S@O5$AX
M6E1*:4]H:E5$,$A.5'I+961D:7)72UA9<3%I<F=A9$U66&<Q>%$T-'$Q:6@R
M2UA9)B-X03MQ,&-5=7A6<D9867!D:7)S0W1!:T=O=V]63FU'2T9-:6AW36UJ
M:6Q-+TLS+T%#:RMK9CA!36)B+T%02C%C:E!K5R]49C-K9C9W*SE!)B-X03LU
M3GA6.%9/5E15,#-O3G4K62MR;%=-;F(T.&YE*WI70U=85W=J135"3#%F,U5O
M>&XY2C5'4FE09G9U3$1P<6-T:%%63DLY9G!Y1VI")B-X03M%4T-E3&8X04A8
M.5AU8VXR;WEX>5IC8S0T;S123$9%,4=-;V<R5#9Q34DO-TAJ:G1T3U-N;5<X
M>3=&5W-5=$A&6%EQ-T985G!G5F-$)B-X03M80V=U>%$W1DQS5F%X4S=&5W-6
M9&EL,DMT2$%R5T9#-411,#AC5EA/3G$K1TI52U=":VUF;&(O;$HY22\U:F)F
M+VLV=5)N>4QF<'8W)B-X03MY4#A!5T@S;TA*=4EQ4G%H-49M;U%0:$AJ=FU.
M<35315!33%!X+U)U.4(W35E.4&LQ:U)Q2FI(0VIV25%)-4@O04914V@O<&=F
M3&5M)B-X03LW:W-8,V)K9DAF.$%J:V1(.4HR<F9Y+U(K;F1T.7!98T]42%4U
M6D(T5695635),W5D>#1K<%=$>G5&43=G3C%,370U=&\T<&1I<E)X)B-X03M6
M=T)*;T]U2V]I3TE+2VYC-'-#5S-!655/2VA#=6I2=#=D:F=B06)82W=)=V]Q
M;3A53WA6<D9,<U9A>%8R2UA9<3!C54Y9<3=V:7%Q)B-X03MD>&EH4G=-,'HX
M<F8X<%!P2"]-8F)F.$%*,6-J3&M7+U0O,VMF-G<K.4$U3GA&>45H=2\P6FHV
M<4E/36<Q.&54=F9:<DY,1G)95&E-)B-X03MP231V-W%-6E0K:SAO>4)I9D]X
M>7,X,3!W54A:9S(U,T@K,$UD3U-B<T5B.68W5#EJ2'1Q14EN1G=M178S8V0T
M1THO,#-$:G@Q3'9%)B-X03MU2V9F27%E6D1P5W-5=7A6;T%K,$A81E522$5%
M1E0Y<D-W2EAN06AA8U5T14%I:#9(0W%'9$-H<4]N635&=$)T8W)!:C-W<U-(
M2$98)B-X03M9<3%I<G-5=7A6,D)6=49$<U9A>%-Q:F]-5TI5:C%W37=M9FQB
M+VQ*.4DO-6IB8B]!2D]R:UIC:3,V9BLX:B]72#-O2$IU279I0VUV)B-X03LX
M,C-%0W4U4'EZ1S%1:UDP4&IY4#-K0C9(,F)Y-&-7<#0X<')H2' Y95-&>4\S
M,5EO5&YY2C569F97># S6&]2=65P2E T9UDV6696)B-X03MY*W)Y+U%4.74V
M*S!%<D](,'EJ*S5J.55S:W4O9CDU1T9E-D8T+S5P5UIK=E!T67!D46LP2%4T
M<6E)-'=G<69T9#A,06TQ,DM'<T-7)B-X03MJ:7)71E=I05)1.4U#54TV1D15
M9$]X=TYG3G)L879Z=V])8GA1,6ER<U5U>%9O-$9A=V]C8U9C355Q:#)'3$92
M=TYI6BM6=BM5;C!J)B-X03LO;4YT=BM4<35'6$ET,FXO04QY4#E99F5G<VTT
M:390<68V5GI',68P6"MN:"LQ-D@R66\V>4U327E%:$LK3$5C=S58.45F5C U
M>$ER)B-X03MR=%E8,TA,;%9M3&)K0W988GAY1VI-86Q1<C%F:G%F,&4U>5!A
M9D9M:DQ!8VMU3&EW431B3R]$=E8Q0T98,TAJ:T]S-6)+2GI-95EB)B-X03M!
M2DY",7A615)X:$XK<F5/1G)*=&1I<E="5VII;&)H5GAW2S!C57)305)1-'%&
M0C!+1V\V9&IG8D%B8E9Q:C-W;TEB>%$W1DQS5F%/)B-X03M+1W-69&EQ-4(S
M>%5U8S=5>$MX0VYG6G!N-5<O-5-F4U K63(R+S5/<FM:8VDS868K.&HO049H
M.39#>6)I<FLV.78X05I::C9N-F8T)B-X03MV.#-M-S,R931V>D\S-65Q3B]M
M3TAW+W0S=2M81'8X035V17%80TMQ<%%Q4V$Q-&=I;E1B2SE,4&E-=68Q9%1B
M:V4P5VY/25E,:D-0)B-X03M&:&EF5$1H-&@S>7%5:$DO,'935#%!,E510WAO
M3GIM63@R:5DT=V<Y*S5W<T-7>FEX87A3-#1&5VY&3%=&5W-#5VII<E=+=$5!
M-TAP)B-X03MI:TM$;U5.4C!W37=B8E9G9FYI9VAD:%8R0E9U1D1S5F)64U0W
M67%U2D-I;4LQ86U49UI.2$9+6BM6=BM5;C!J+VU.='8K5'$U1UA))B-X03MT
M,FXO04QY4#E99F5G*T0Y,5 S6DYX8EAX23-+<%@U1FA55GI',6-Q:'IR-#A0
M,G9197I/1'AD6D5'26Q%0U8S:6QM03)Q>D-&2&U2)B-X03MV,$Y&5FQH1$UA
M555!;6]!<"M'5F%#4FQ'5FLO5C%D:#=:-F)&9WDT27=J0TXV94)00EA#5&-T
M.75D.2LY.3=A;W%#9T@P-6YV1UAB)B-X03M:>%$Q:7)72U=S0U=J:7)71E=S
M0U=S5F%X5G)&3%)X5E-A259Q=3)#;5%K-G)J<4LK-'A4<S-7=4M(04A#:'9I
M;S9N-W-68DPY:&ET)B-X03M+94)K,6EL<D95,#AR9CA!2U0V4B]W07AT=CA!
M.&Y6>4UU4F)T4#A!,VMF-G<K.61L:G(S54I$57!S2VUP<#-(:FU.<35I3TUK
M;5%()B-X03LY2&TW+W=";61.:WIA,D5C8V-5-59,8DM,9V9395E'-3AQ-C<X
M9S U-CE0=$AC5G R>4]K3F=K9"]W1%(O=T(W*VTS23EP8U5S8W-5)B-X03M*
M6'A$1D<W:FUJ6% P:GA:1W=/:&=)=S=O:&%C>3-M;6II<E=+5W-#=$A&2S-#
M<FIG5F\T<&%X5G)&5W-5=%EO87A3,6EL<D97<T-8)B-X03M(1E=S5719<3%I
M;')&53 X<F8X04M4-E(O=T%X='8X03AN5GE-=5)B=% X03-K9C9W*SED;&IG
M3%0Y:R]H;4QR4BLW2C(K278Y0F5M)B-X03LY:TI3+VQ#15%-:VA)4T)J:FYW
M4VPV4V9Q-#1C:4PK;V-L5C1X>DEA:UE$34M!2')88DUB0G%O>$<P96-U2' X
M*VXS3S0W5CEN=%1N)B-X03MY8U4X,TA+3VXX63A2:UI#4'%*:D<U5$)%5'0Y
M565D.$HS2VIM>F5#5S1Q,6EL>'=+=$]+5W-+=%E%=$A&5W-684]+=4]+5G5+
M=%EQ)B-X03LW1DQ72W191719<&-C5F%/2W1(1DQ72W!N-5<O-5-F4U K63(S
M+S5/<FM:8VDS-F8K.&HO049H.38T-5DV.7=B:40P,T9.>%A+3E-$)B-X03MW
M8D5$,VMG9EDW:G-$9T]R:4IW;FMI8CE-25%Y5$]X3S!::55F33=C<E9"249$
M2W1A338Y9F).6&MX>DA#6C@O12MW=F]':C%/:GEN)B-X03M.2%-!8T5D065,
M,#A-=4]015!6>4)L56AX4S-"-D913V)T.&]A>%9R1DQ70DQ2>%9R0W)70DQ7
M2W19<3%I;&\T<3!C5F%X4S!C5F1I)B-X03MR5T),5TM7<U9A>%,Q:7)S5E10
M>70O>6LK:V8X>'1T+WED6$EY-49V,"\X0652+W)$-S%X>7@Q-V=D:4]82&)P
M=G9V,'I',5DY2# X)B-X03M8>2]31#EZ,$AS>$E$5WAV2TU);RMO;552>4]X
M35HT>B]S-"](-E-Q<$Y:3F<S>$4W9$YJ,3(R<&UT:TEK0W(O04QZ.&138BM8
M=64T)B-X03MX;DY#579&;$$S,F542#9:1&@V059$2$=V3#DU+UA)435Z9'9L
M1%=+5W-#=$A&2S-#<FIG5F\T<&%X5G)&5W-5=%EO87A3,6EL<D97)B-X03MS
M0UA(1E=S5719<3%I;')&6$A&2UHK5G8K56XP9B]M3G1V.$%K-G52;'E,9' O
M-WE0.5EF93-L:G(S9&TK6#AC>&1A4#-:,D(Y-7(Y)B-X03M)96LY:W!C4&%'
M33A5-&96=D-02$PV6F-O.$4W."]39'4W;7%5;U=5:T0T>C%&2TAT4V<O<WI7
M>4(R3E8K.#@Y+U!F;C<S=7-74TUV)B-X03M%07EN2DED;FM%05EQ:'IU0C12
M17@T3G92=VLY-3)!54TS:C5%,6EL>'=+=$]+5W-+=%E%=$A&5W-684]+=4]+
M5G5+=%EQ-T9,5TMT)B-X03M91719<&-C5F%/2W1(1DQ72W5W2E1,>70O=T%P
M4'!(+T%$1S(S+THQ8T5U4F)T4"]!2&MF-G<K.61L:G(R>#!9-V)5-C X4FU.
M<7E2)B-X03M$8FEV*VIZ+T%%=E%E>D]02$Q7>$=1-&]W<59N2T%99E-E64UO
M6#5E<EDW.48W0FUQ9'%+,4LP-FUV9U!N;4)'8UDP051F2#,O9C92)B-X03MF
M;CDW,2M84UHX.'!:2C0T8T$P4FQ(:6AX041E4310,S@K03@K0U9I9T-":D%I
M;UIU2'I&<D9,5T),4GA6<D-R5T),5TMT67$Q:6QO)B-X03LT<3!C5F%X4S!C
M5F1I<E="3%=+5W-687A3,6ER<U9A=TI44'ET+WEK*VHO.'AT="]Y9%A"3&M7
M-U0O,VMF-G<K.6-C<V1E-G9W<TMB)B-X03MK1&8V8W=U,$E'5TDP9G@X6'(O
M6695-#A084U*5&I+5S!Q-%)+4D(T5'9W>&I)>3)S958S,%941SE$56=J;'EQ
M<%4P.7IM1#1G3F)')B-X03M8<C5K,SDQ5F9C.5A,4UI-9FEJ:FIP+SA#2FQJ
M:&HT3TDK<7A,:C0K4&AQ<%I,16I9<70P4&TW9DHR<T-T2$9+,T-R:F=6;S1P
M87A6)B-X03MR1E=S5719;V%X4S%I;')&5W-#6$A&5W-5=%EQ,6EL<D982$9,
M4G=+;69L8B]L2CE)+S5J8F(O:S9U0UA)=#)N+W9)+S%H.3=E5T]V)B-X03MD
M=%$W9E1V=&U0<5%E2&Y8>#1F=&]U*SEN<%%'<4)L1'A44G%0:&5.6G(K6GAW
M=F%Z9&UU-W%(<48S;T18;'1T,'I!>E=/14=J*SA()B-X03M5;C1'>GIE>3=.
M14IE3D]);&I*,$UR:DQ(1$AX6"]&05%G26U&-T%N,4AZ03)2>F)V;4QJ9U9A
M8U5T659A=TIA3TMT67$P8U9C8U5R)B-X03MC5F%X5C)+5W-687=*87A3-#1Q
M,&-684]+5W-69&=3='A63E!+,R]+5#90+T%->'1T+WED6$),:U<W5"]!3C5(
M*W-0=F)Y>'=&>4%L)B-X03M8;S%.<3!*<%=H1UEM<TI%3F\X4CDQ=E)E>3A)
M4S%G1U1-9%!#:F-O>C1$>35!.'5F4'ET54QO5V-I:3AM3D)V43DY<4AR*T=A
M=U(T)B-X03MA1F<O=F90.&4Y-RMC<%IJ4$E-95-!2%HQ1"LW26\S4G-33D%I
M*T5B4TE",D-'>F90:C=70DQ2>%9R0W)70DQ72W19<3%I;&\T<3!C)B-X03M6
M87A3,&-69&ER5T),5TM7<U9A>%,Q:7)S5F%W2F%X5DY02S,O2U5A4"]Z1S(S
M+THQ8T5U4F)T4"]E4B]R1#<R>FQJ9T]'-%EE,SAC)B-X03MX3F)%2$=19C!F
M<$EE;CEK33!S6&%%2GA!;$M);%5F6'8V4U T25I$='HK;F]R0DI#5U!$-&DQ
M1THX3S5O96YZ>EAM8U1'4$-:14-F)B-X03M8.&-V2C=,2'!:-#AU8S4T-&-5
M<&%+5F5&3&AJ-FED<&(K<60W1U9K8W1Y:',S5#5/,&-5<F-+=4]"5VII;')&
M5W-687A3,6EH<D9,)B-X03M72U=S5F%W2F-C5F%X4S%I<E=+5W-68V-5=$A!
M<E=+<&XU5R\U4V92+W=$;4YT=BM4<31*8VDS868K.&HO5T@S<G-S8T)Y,31S
M82M&)B-X03M6,S,S>D8Q6E!#04%$-W=4.7=,,%AS,4=",4)L4$I01D=-9C1*
M=WAY4%-H2V,T4C8R95IR<#%#,C9%<VQF=$%663<K,C1(8UIR>DM5)B-X03MG
M0FM/+TAT="]:<SEJ:7<T8V582E!246E9>3!2;% X0653.4I/+U Y-&5)0W%H
M8V4K>'I1>'IC=FQQ,#1P87=Q,6=3,&-687A6;S1Q)B-X03LT-'!7-'$Q:7)S
M5719<3%G4S%I;'AX5F\T<3!C5719<3=!;&)I<G-65%!Y="]W07!0;R\O041'
M,C,O2C%C:DQK5R]4+T%.-4@K<U!V)B-X03MB3U=U=F%X5G)&3%="3%)X5G)#
M<E="3%=+=%EQ,6EL;S1Q,&-687A3,&-69&ER5T),5TM7<U9A>%,Q:7)S5F%W
M2F%X5G)&2UHK5F8K)B-X03M5;S!F+VU.='8K5'$U1UA)=#)N+T%,>5 Y669E
M=4]7=79A>%,Q9U9O-'!7-%9C8T-T2$9,5TMT67$Q:6QR1D172U=S5719<3%G
M4S0T)B-X03MQ,6EL<D97<U5T67$T-'!A3T)7<U9A>%-M9FQ8+VQ*.4@O-6IB
M8B]K-G52;'E,9' O=T,X:B]72#-T-6$V.7)&3&IG5F%C57195F%W)B-X03M*
M84]+=%EQ,&-68V-5<F-687A6,DM7<U9A=TIA>%,T-'$P8U9A3TM7<U9D9U-T
M>%8R2W1(1DM:*U9F.$%L2CE(+W=#63(R+S5/<FM:)B-X03MC:3-A9BLX:B]7
M2#-T-6$V.7)&3%="3%)X5G)#<E="3%=+=%EQ,6EL;S1Q,&-687A3,&-69&ER
M5T),5TM7<U9A>%,Q:7)S5F%W2F%X)B-X03M6<D9,5TMP<#56+S53:E(O*UDR
M,B]W0U1Q-4=8270R;B]V22\Q:#DW+SEK/3PO>&UP1TEM9SII;6%G93X*(" @
M(" @(" @(" @(" @/"]R9&8Z;&D^"B @(" @(" @(" @(#PO<F1F.D%L=#X*
M(" @(" @(" @/"]X;7 Z5&AU;6)N86EL<SX*(" @(" @/"]R9&8Z1&5S8W)I
M<'1I;VX^"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B @
M(" @(" @(" @('AM;&YS.GAM<$U-/2)H='1P.B\O;G,N861O8F4N8V]M+WAA
M<"\Q+C O;6TO(@H@(" @(" @(" @("!X;6QN<SIS=%)E9CTB:'1T<#HO+VYS
M+F%D;V)E+F-O;2]X87 O,2XP+W-4>7!E+U)E<V]U<F-E4F5F(R(*(" @(" @
M(" @(" @>&UL;G,Z<W1%=G0](FAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N
M,"]S5'EP92]297-O=7)C945V96YT(R(^"B @(" @(" @(#QX;7!-33I);G-T
M86YC94E$/GAM<"YI:60Z0D1#.4-&,SDP1#@Y14(Q,4$X,#=&-SDS-3 W.40Y
M13@\+WAM<$U-.DEN<W1A;F-E240^"B @(" @(" @(#QX;7!-33I$;V-U;65N
M=$E$/GAM<"YD:60Z0D1#.4-&,SDP1#@Y14(Q,4$X,#=&-SDS-3 W.40Y13@\
M+WAM<$U-.D1O8W5M96YT240^"B @(" @(" @(#QX;7!-33I/<FEG:6YA;$1O
M8W5M96YT240^=75I9#HU1#(P.#DR-#DS0D9$0C$Q.3$T03@U.3!$,S$U,#A#
M.#PO>&UP34TZ3W)I9VEN86Q$;V-U;65N=$E$/@H@(" @(" @(" \>&UP34TZ
M4F5N9&ET:6]N0VQA<W,^9&5F875L=#PO>&UP34TZ4F5N9&ET:6]N0VQA<W,^
M"B @(" @(" @(#QX;7!-33I$97)I=F5D1G)O;2!R9&8Z<&%R<V54>7!E/2)2
M97-O=7)C92(^"B @(" @(" @(" @(#QS=%)E9CII;G-T86YC94E$/GAM<"YI
M:60Z0D-#.4-&,SDP1#@Y14(Q,4$X,#=&-SDS-3 W.40Y13@\+W-T4F5F.FEN
M<W1A;F-E240^"B @(" @(" @(" @(#QS=%)E9CID;V-U;65N=$E$/GAM<"YD
M:60Z0D-#.4-&,SDP1#@Y14(Q,4$X,#=&-SDS-3 W.40Y13@\+W-T4F5F.F1O
M8W5M96YT240^"B @(" @(" @(" @(#QS=%)E9CIO<FEG:6YA;$1O8W5M96YT
M240^=75I9#HU1#(P.#DR-#DS0D9$0C$Q.3$T03@U.3!$,S$U,#A#.#PO<W12
M968Z;W)I9VEN86Q$;V-U;65N=$E$/@H@(" @(" @(" @(" \<W12968Z<F5N
M9&ET:6]N0VQA<W,^9&5F875L=#PO<W12968Z<F5N9&ET:6]N0VQA<W,^"B @
M(" @(" @(#PO>&UP34TZ1&5R:79E9$9R;VT^"B @(" @(" @(#QX;7!-33I(
M:7-T;W)Y/@H@(" @(" @(" @(" \<F1F.E-E<3X*(" @(" @(" @(" @(" @
M/')D9CIL:2!R9&8Z<&%R<V54>7!E/2)297-O=7)C92(^"B @(" @(" @(" @
M(" @(" @(#QS=$5V=#IA8W1I;VX^<V%V960\+W-T179T.F%C=&EO;CX*(" @
M(" @(" @(" @(" @(" @/'-T179T.FEN<W1A;F-E240^>&UP+FEI9#HP0S4X
M,#8X0T9&,CA%0C$Q03,R14$S-C9$-#<U,C)%.3PO<W1%=G0Z:6YS=&%N8V5)
M1#X*(" @(" @(" @(" @(" @(" @/'-T179T.G=H96X^,C R,"TQ,2TQ-U0Q
M,3HP-3HU.2TP-SHP,#PO<W1%=G0Z=VAE;CX*(" @(" @(" @(" @(" @(" @
M/'-T179T.G-O9G1W87)E06=E;G0^061O8F4@26QL=7-T<F%T;W(@0U,V("A7
M:6YD;W=S*3PO<W1%=G0Z<V]F='=A<F5!9V5N=#X*(" @(" @(" @(" @(" @
M(" @/'-T179T.F-H86YG960^+SPO<W1%=G0Z8VAA;F=E9#X*(" @(" @(" @
M(" @(" @/"]R9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D@<F1F.G!A
M<G-E5'EP93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z
M86-T:6]N/G-A=F5D/"]S=$5V=#IA8W1I;VX^"B @(" @(" @(" @(" @(" @
M(#QS=$5V=#II;G-T86YC94E$/GAM<"YI:60Z0D1#.4-&,SDP1#@Y14(Q,4$X
M,#=&-SDS-3 W.40Y13@\+W-T179T.FEN<W1A;F-E240^"B @(" @(" @(" @
M(" @(" @(#QS=$5V=#IW:&5N/C(P,C$M,#,M,3E4,38Z-#4Z-3DM,#<Z,# \
M+W-T179T.G=H96X^"B @(" @(" @(" @(" @(" @(#QS=$5V=#IS;V9T=V%R
M94%G96YT/D%D;V)E($EL;'5S=')A=&]R($-3-B H5VEN9&]W<RD\+W-T179T
M.G-O9G1W87)E06=E;G0^"B @(" @(" @(" @(" @(" @(#QS=$5V=#IC:&%N
M9V5D/B\\+W-T179T.F-H86YG960^"B @(" @(" @(" @(" @(#PO<F1F.FQI
M/@H@(" @(" @(" @(" \+W)D9CI397$^"B @(" @(" @(#PO>&UP34TZ2&ES
M=&]R>3X*(" @(" @/"]R9&8Z1&5S8W)I<'1I;VX^"B @(" @(#QR9&8Z1&5S
M8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B @(" @(" @(" @('AM;&YS.FEL;'5S
M=')A=&]R/2)H='1P.B\O;G,N861O8F4N8V]M+VEL;'5S=')A=&]R+S$N,"\B
M/@H@(" @(" @(" \:6QL=7-T<F%T;W(Z4W1A<G1U<%!R;V9I;&4^4')I;G0\
M+VEL;'5S=')A=&]R.E-T87)T=7!0<F]F:6QE/@H@(" @(" \+W)D9CI$97-C
M<FEP=&EO;CX*(" @(" @/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*
M(" @(" @(" @(" @>&UL;G,Z>&UP5%!G/2)H='1P.B\O;G,N861O8F4N8V]M
M+WAA<"\Q+C O="]P9R\B"B @(" @(" @(" @('AM;&YS.G-T1&EM/2)H='1P
M.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O<U1Y<&4O1&EM96YS:6]N<R,B"B @
M(" @(" @(" @('AM;&YS.G-T1FYT/2)H='1P.B\O;G,N861O8F4N8V]M+WAA
M<"\Q+C O<U1Y<&4O1F]N=",B"B @(" @(" @(" @('AM;&YS.GAM<$<](FAT
M=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"]G+R(^"B @(" @(" @(#QX;7!4
M4&<Z2&%S5FES:6)L94]V97)P<FEN=#Y&86QS93PO>&UP5%!G.DAA<U9I<VEB
M;&5/=F5R<')I;G0^"B @(" @(" @(#QX;7!44&<Z2&%S5FES:6)L951R86YS
M<&%R96YC>3Y4<G5E/"]X;7!44&<Z2&%S5FES:6)L951R86YS<&%R96YC>3X*
M(" @(" @(" @/'AM<%109SI.4&%G97,^,3PO>&UP5%!G.DY086=E<SX*(" @
M(" @(" @/'AM<%109SI-87A086=E4VEZ92!R9&8Z<&%R<V54>7!E/2)297-O
M=7)C92(^"B @(" @(" @(" @(#QS=$1I;3IW/C8S,"XP,# P,# \+W-T1&EM
M.G<^"B @(" @(" @(" @(#QS=$1I;3IH/C@Q,"XP,# P,# \+W-T1&EM.F@^
M"B @(" @(" @(" @(#QS=$1I;3IU;FET/E!O:6YT<SPO<W1$:6TZ=6YI=#X*
M(" @(" @(" @/"]X;7!44&<Z36%X4&%G95-I>F4^"B @(" @(" @(#QX;7!4
M4&<Z1F]N=',^"B @(" @(" @(" @(#QR9&8Z0F%G/@H@(" @(" @(" @(" @
M(" \<F1F.FQI(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @
M(" @(" @(" @/'-T1FYT.F9O;G1.86UE/DAE;'9E=&EC82U#;VYD96YS960M
M0F]L9#PO<W1&;G0Z9F]N=$YA;64^"B @(" @(" @(" @(" @(" @(#QS=$9N
M=#IF;VYT1F%M:6QY/DAE;'9E=&EC83PO<W1&;G0Z9F]N=$9A;6EL>3X*(" @
M(" @(" @(" @(" @(" @/'-T1FYT.F9O;G1&86-E/D)O;&0@0V]N9&5N<V5D
M/"]S=$9N=#IF;VYT1F%C93X*(" @(" @(" @(" @(" @(" @/'-T1FYT.F9O
M;G14>7!E/E1Y<&4@,3PO<W1&;G0Z9F]N=%1Y<&4^"B @(" @(" @(" @(" @
M(" @(#QS=$9N=#IV97)S:6]N4W1R:6YG/C P,2XP,#4\+W-T1FYT.G9E<G-I
M;VY3=')I;F<^"B @(" @(" @(" @(" @(" @(#QS=$9N=#IC;VUP;W-I=&4^
M1F%L<V4\+W-T1FYT.F-O;7!O<VET93X*(" @(" @(" @(" @(" @(" @/'-T
M1FYT.F9O;G1&:6QE3F%M93YH96QV971I8V$M8V]N9&5N<V5D+6)O;&0N<&9B
M.R!(14Q6151)0T$M0T].1$5.4T5$+4)/3$0N4$9-/"]S=$9N=#IF;VYT1FEL
M94YA;64^"B @(" @(" @(" @(" @(#PO<F1F.FQI/@H@(" @(" @(" @(" \
M+W)D9CI"86<^"B @(" @(" @(#PO>&UP5%!G.D9O;G1S/@H@(" @(" @(" \
M>&UP5%!G.E!L871E3F%M97,^"B @(" @(" @(" @(#QR9&8Z4V5Q/@H@(" @
M(" @(" @(" @(" \<F1F.FQI/D-Y86X\+W)D9CIL:3X*(" @(" @(" @(" @
M(" @/')D9CIL:3Y-86=E;G1A/"]R9&8Z;&D^"B @(" @(" @(" @(" @(#QR
M9&8Z;&D^665L;&]W/"]R9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D^
M0FQA8VL\+W)D9CIL:3X*(" @(" @(" @(" @(" @/')D9CIL:3Y004Y43TY%
M(#$X-2!#/"]R9&8Z;&D^"B @(" @(" @(" @(#PO<F1F.E-E<3X*(" @(" @
M(" @/"]X;7!44&<Z4&QA=&5.86UE<SX*(" @(" @(" @/'AM<%109SI3=V%T
M8VA'<F]U<',^"B @(" @(" @(" @(#QR9&8Z4V5Q/@H@(" @(" @(" @(" @
M(" \<F1F.FQI(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @
M(" @(" @(" @/'AM<$<Z9W)O=7!.86UE/D1E9F%U;'0@4W=A=&-H($=R;W5P
M/"]X;7!'.F=R;W5P3F%M93X*(" @(" @(" @(" @(" @(" @/'AM<$<Z9W)O
M=7!4>7!E/C \+WAM<$<Z9W)O=7!4>7!E/@H@(" @(" @(" @(" @(" @(" \
M>&UP1SI#;VQO<F%N=',^"B @(" @(" @(" @(" @(" @(" @(#QR9&8Z4V5Q
M/@H@(" @(" @(" @(" @(" @(" @(" @(" \<F1F.FQI(')D9CIP87)S951Y
M<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @(" @(" @(" @(" @(" @/'AM
M<$<Z<W=A=&-H3F%M93Y004Y43TY%(#$X-2!#/"]X;7!'.G-W871C:$YA;64^
M"B @(" @(" @(" @(" @(" @(" @(" @(" @(#QX;7!'.G1Y<&4^4U!/5#PO
M>&UP1SIT>7!E/@H@(" @(" @(" @(" @(" @(" @(" @(" @(" \>&UP1SIT
M:6YT/C$P,"XP,# P,# \+WAM<$<Z=&EN=#X*(" @(" @(" @(" @(" @(" @
M(" @(" @(" @/'AM<$<Z;6]D93Y,04(\+WAM<$<Z;6]D93X*(" @(" @(" @
M(" @(" @(" @(" @(" @(" @/'AM<$<Z3#XT.2XX,#,X.3@\+WAM<$<Z3#X*
M(" @(" @(" @(" @(" @(" @(" @(" @(" @/'AM<$<Z03XW-SPO>&UP1SI!
M/@H@(" @(" @(" @(" @(" @(" @(" @(" @(" \>&UP1SI"/C0Y/"]X;7!'
M.D(^"B @(" @(" @(" @(" @(" @(" @(" @(#PO<F1F.FQI/@H@(" @(" @
M(" @(" @(" @(" @(" \+W)D9CI397$^"B @(" @(" @(" @(" @(" @(#PO
M>&UP1SI#;VQO<F%N=',^"B @(" @(" @(" @(" @(#PO<F1F.FQI/@H@(" @
M(" @(" @(" \+W)D9CI397$^"B @(" @(" @(#PO>&UP5%!G.E-W871C:$=R
M;W5P<SX*(" @(" @/"]R9&8Z1&5S8W)I<'1I;VX^"B @(" @(#QR9&8Z1&5S
M8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B @(" @(" @(" @('AM;&YS.G!D9CTB
M:'1T<#HO+VYS+F%D;V)E+F-O;2]P9&8O,2XS+R(^"B @(" @(" @(#QP9&8Z
M4')O9'5C97(^061O8F4@4$1&(&QI8G)A<GD@,3 N,#$\+W!D9CI0<F]D=6-E
M<CX*(" @(" @/"]R9&8Z1&5S8W)I<'1I;VX^"B @(" @(#QR9&8Z1&5S8W)I
M<'1I;VX@<F1F.F%B;W5T/2(B"B @(" @(" @(" @('AM;&YS.D5X=&5N<VES
M1F]N=%-E;G-E/2)H='1P.B\O=W=W+F5X=&5N<VES+F-O;2]M971A+T9O;G13
M96YS92\B/@H@(" @(" @(" \17AT96YS:7-&;VYT4V5N<V4Z<VQU9SX*(" @
M(" @(" @(" @/')D9CI"86<^"B @(" @(" @(" @(" @(#QR9&8Z;&D@<F1F
M.G!A<G-E5'EP93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \17AT
M96YS:7-&;VYT4V5N<V4Z1F]N=$MI;F0^4&]S=%-C<FEP=#PO17AT96YS:7-&
M;VYT4V5N<V4Z1F]N=$MI;F0^"B @(" @(" @(" @(" @(" @(#Q%>'1E;G-I
M<T9O;G1396YS93I&86UI;'D^2&5L=F5T:6-A/"]%>'1E;G-I<T9O;G1396YS
M93I&86UI;'D^"B @(" @(" @(" @(" @(" @(#Q%>'1E;G-I<T9O;G1396YS
M93I/=71L:6YE1FEL95-I>F4^,#PO17AT96YS:7-&;VYT4V5N<V4Z3W5T;&EN
M949I;&53:7IE/@H@(" @(" @(" @(" @(" @(" \17AT96YS:7-&;VYT4V5N
M<V4Z1F]U;F1R>3Y,:6YO='EP92!!1SPO17AT96YS:7-&;VYT4V5N<V4Z1F]U
M;F1R>3X*(" @(" @(" @(" @(" @(" @/$5X=&5N<VES1F]N=%-E;G-E.E9E
M<G-I;VX^,# Q+C P-3PO17AT96YS:7-&;VYT4V5N<V4Z5F5R<VEO;CX*(" @
M(" @(" @(" @(" @(" @/$5X=&5N<VES1F]N=%-E;G-E.DME<FYI;F=#:&5C
M:W-U;3XP/"]%>'1E;G-I<T9O;G1396YS93I+97)N:6YG0VAE8VMS=6T^"B @
M(" @(" @(" @(" @(" @(#Q%>'1E;G-I<T9O;G1396YS93I&;VYT4V5N<V5?
M,2XR7T-H96-K<W5M/C,W-3 X-#$P,C4\+T5X=&5N<VES1F]N=%-E;G-E.D9O
M;G1396YS95\Q+C)?0VAE8VMS=6T^"B @(" @(" @(" @(" @(" @(#Q%>'1E
M;G-I<T9O;G1396YS93I#:&5C:W-U;3XS-S4P.#0Q,#(U/"]%>'1E;G-I<T9O
M;G1396YS93I#:&5C:W-U;3X*(" @(" @(" @(" @(" @(" @/$5X=&5N<VES
M1F]N=%-E;G-E.E!O<W138W)I<'1.86UE/DAE;'9E=&EC82U#;VYD96YS960M
M0F]L9#PO17AT96YS:7-&;VYT4V5N<V4Z4&]S=%-C<FEP=$YA;64^"B @(" @
M(" @(" @(" @(#PO<F1F.FQI/@H@(" @(" @(" @(" \+W)D9CI"86<^"B @
M(" @(" @(#PO17AT96YS:7-&;VYT4V5N<V4Z<VQU9SX*(" @(" @/"]R9&8Z
M1&5S8W)I<'1I;VX^"B @(#PO<F1F.E)$1CX*/"]X.GAM<&UE=&$^"B @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @
M(" @(" @(" @(" @(" @(" */#]X<&%C:V5T(&5N9#TB=R(_/O_; $,  0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! ?_; $,! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! ?_  !$(
M!#@#2 ,!$0 "$0$#$0'_Q  ?  $!  (" P$! 0           P$"! 4&!PD*
M" O_Q !<$  " 0(#!04&!0(# P4- 1$  0(#$00%(082,5'P!Q-!88$((G&1
MH<$)%+'1X3)"%2-2"C,Y%B1B<G<W.$-3=H*2HK*TM;:WPM+Q%QD:)29$='5X
ME]?B5EB3_\0 '@$! 0 " P$! 0$           ,! @0%!P8("0K_Q !>$0 !
M! $" P4&! 0# P8* !<  0(#! 4&$0<A\!(Q05&!"!-A<9&A%+'!X14B,M$)
M%E(C0F(7)#5RLO$S-T-S='6"DK.T&"4THK7"TB8V4U23559F=I6VT]6#AJ7_
MV@ , P$  A$#$0 _ /GN?H@_B.     :/7DB>?/KKP )     $).[;,KY>0,
M&    8D[)L&6INJ(0!<    $YO@O7KZ@==?<F     ",G>3\M/E_(!J    '
MHF^0!Q^(  ./7Q5##*]:HHM\(K6<OA%7=O-I)>+1JY[&)NYR)\/'Z=YR:]2Q
M:7:")ST1=E=_2QO_ %GNV:B[<]M^TO@BG28C.IRO'#4U!?\ C*EI3^*@GNQ?
M_6<T^2.(^TO-&-V^*]_SV_N=]7P+&[.LRJ]>]8XMVM^2O7^9R?)K%^)U%7$5
MJ[O6J3J/BE)^ZO\ JQ5HQ]$CCN>]Z[N<J_#P^G<=U#6@KIM#$R/EMNUJ=I?^
MLY=W._\ :52)H7.))2J3;2;5[)M66GGP^YR6,5=D:FZHG/;]_B;2310-19'M
M;R[M]W+\FI_,O/X;)X[%(T$K.3N^2T7SXOZ%VP?ZE]$_O_8ZR;**NZ0,V_XW
M\U]&)R3S155?BTLDEP27PZ_4LUC6]R)\_'Z]YULD\LJ[R2.=\%79OHU-FIZ(
M9-B0    *07%^G7T)O7N3UZ^X*$P ##=DWR!E$W5$\R^'S+&X:RIUY."_P#!
MU'WD+<E&5]U?]1Q?F#9\,;^]J(OFWDO[^J*=[0S^E4M'$TW1?_C(7G3^+C_7
M%>2W_B#C/JN3FQ>U\%Y+_9?L=U3JTZL5.E.-2+X2A)27P=N#YIV:\4#C*BM7
M945%\E38W!@C4P]&K_7!-_ZE[LOFK-_!W7D;->YO]*JGW^RFJM:O@GS3OZYG
M7U<NDKNE/>7^F>C])<'ZJ/Q99L_@Y/5/[&BL7PY_G_;\CJZT)TY*,XRBUK9J
MU_#3P:\TVM39SD=MLNZ?KUL:$34     A)W;8+M39$0P#(   !EJ;JB %P
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M6XR3BUQ3337HRAH8 -9.R?R77U!EJ;JGU7K[$07     !1B=Z^G7V *
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M>IT,TTD[NU(Y7+X)W-:GDU$Y(GW7O557F9X&RDN\X[U;?,'(3DB)Y
M S%7:^;Z^AAR[(OT3K[@N0   !&;O)^6G7J"S$V1/CSZ]#4&P    .=@\PQ&
M#DMR6_2O>5&3>X[\7'_1+_I1XNV\I)6!*2)DB<TV7P<G?Z^:?!?38\NPF.H8
MR%Z4K323G2E93CYV_NC?126G"]F[ X$D;XUV<G+P<G<O]E^"\SF F:R=D_DN
MOJ <.M0IUU::U\)+24?@^7D[KRN91RIW?3P,*U%^?F=+7PU2@]?>@WI-+3X-
M?VORX/P;*HY'?/R).:K?EYG#F^"]>OJ;&S$[U].OL3!0     %FILB?5>OL
M;   &&[)OD87NV\^7]_MN91-U1/,@9+@ M%62^;Z^A%R[JOT3K[@V-03F]$N
M>O77@"C$[U].OL3!0     %FILB?'G]?V -@   85=D5?( @     :3>EN?V
MZ1NQ.>_E^O2F[$Y[^7Z]*2*E0    "+EW<OPY?3]RS$V1/CSZ] :FP   X =
MYQWJV^8.0G)$3R     -7KLGSY=?EZ@$0     68FR)\>?7H ;  'O [@\O
M  !H]>2)Y\^NO  D     0D[MLROEY<O[_?<&#    ,2=DV#+4W5$( N
M"<WP7KU]0"8     (R=Y/RT^7\@&H  ,-I)MM))-MMV22U;;>B27%@RB*JHB
M(JJJHB(B;JJKR1$1.:JJ\D1.\\4S+.G4WL/@Y.,&]V==74I:V<:?C&+\9_U2
M_MLM9<:6;O1O=MS7Q7Y>7Z^'Q^JQN%2/LV+C4<Y$1S(%V5&KW]J3P<Y/!G]+
M5_JW7DWHS@=YWH  !O&%U>7R?W_;T?BCF0U^YS_@J-_O^G_<=/<R&V\5=WP=
M*GW2-?\ [?U;X.2IS#I^_O !I-V7QTZ_3U,>7U^G[\T^1LQ-U^7/K\_0D9+
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M<   'O [@\O   !%R[N7X<OI^X!J   #63LG\EU]3*?ES\_K\UY>H(F
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MY3S1/^#S_P!7_5[Z').L   )3>MN77[&$\5]/I^^Y5B<M_/K^YH9-P
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M     :/7DB>?/KKP-V)SW\OUZ4$BH    )3>MN77[ JQ.6_GU_<T!N   !W
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MO?0Y)U@   X!1WG'>K;Y@Y"<D1/(       &8J[7S?7T,.79%^B=?<%R
M(S=Y/RTZ]068FR)\>?7H:@V           3:=T[-:IKBGS /)<NS/O=VAB)?
MYG"G4=DI\HR_Z?)_W<'[W]0X4]=6HLC$_E3^I$_W?BGP\T_W>_N[N[!Q "K$
MY;^?7]P#<Z?&X&V]6H+FYTUX<Y07U<?5::%6NWY+W^"^?[_G\^^3F[<T[O%/
M+]OR^7=TYN: %FILB?5>OL ;   &&[)OD87NV\^7]_MN91-U1/,@9+@ M%62
M^;Z^A%R[JOT3K[@V-03F]$N>O77@"C$[U].OL3!0     %FILB?'G]?V -@
M  85=D5?( @     :3>EN?VZ1NQ.>_E^O2F[$Y[^7Z]*2*E0    "+EW<OPY
M?3]RS$V1/CSZ] :FP   X =YQWJV^8.0G)$3R     -7KLGSY=?EZ@$0
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MB;K\N?7Y^A(R6       !2"XOTZ^A-Z]R>O7W!0F  8;LF^0,HFZHGF0!<
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MN: W    [@#CKS55\P     ;L3GOY?KTH!4     ]X'<'EX,*NR*OD 0
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MH2,E@       4@N+].OH3>O<GKU]P4)@ &&[)OD#*)NJ)YD 7
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MOL8,FP      X!1WG'>K;Y@Y"<D1/(       &8J[7S?7T,.79%^B=?<%R
M  (S=Y/RTZ]068FR)\>?7H:@V             -V)S5?+EUUX@%0
M#NLOS#=W:&(E[NBIU'_;X*$W_I_TR?\ 3P?NZQW:[;DO=^777QX<\&^[V)S[
MW-3Q^*?'S3Q[TY]_?!Z[K\D_/G_8X8-  #J\=@E43K4DE46LX\%/S7_3_P#:
M_P"MQW:[;DO=^777QV:[;DO=^77ETO515DEX^/AKY_#@8<N[E^GT+&34$YO1
M+GKUUX HQ.]?3K[$P4     !9J;(GQY_7]@#8   &%79%7R (     $YO1+G
MKUUX%&)S5?+EUUXF[$YJOERZZ\290J     1<N[E^'+Z?N68FR)\>?7H#4V
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M?#GUZF6INJ(1+%P       :3=E\=.OT]3'E]?I^_-/D;,3=?ESZ_/T)&2P
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MPWYVT<GX+A%:+6[?$DD5Z^34[D_5?C^7AXJOV>/QT=)F[MGV'I_M)-N34_\
MQ<>_-&)XKR5ZIN[9$:UO5$SL@ 92;:25VW9+S")OR0U>]K&N>]R-:U-W.7DB
M(G7S5>2<SL*-%4U=ZS:U?+R7W?C\"S6HGS\_['S-Z\ZR[L,W;"U>2=RO5/\
M>=_]JWP[UY]US8Z\ $IO6W+[](JQ.6_G^G2E&)WKZ=?8T-R@       )3>MN
M77[&$\5]/I^^Y5B<M_/K^YH9-P       7BK)(@Y=U509,  &DWI;G]ND#=B
M<]_+]>E) J             91-U1/, N             #N,!F'=VH5Y>YPA
M4?\ 9RC)_P"GD_[>#]W^G'Y?E^WY?+NX]BJJIVXT_F_WF)X_%OQ\T\>].>^_
MD''@9.O(S=Y/RTZ]01>N[E^'+KU-0:G"Q.&WTZE-?YB5W'PG_P#W?K\07BD[
M*HUW]._?Y?M^1TC33::LUHT^*?)@[$    #KKZ#KK[F[$YJOERZZ\0"H
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M+=VQ(O\ *WQ=M_O.^/DG<B+Y[J7,'6@  $&[MOF71-D1/(LU-D3ZKU]C!DV
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M+GY_7YKR]01,    V@[3@[VM..O"WO+7733CKISTN?-:SAEL:1U/!#"EF:7
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MW55!DP  :3>EN?VZ0-V)SW\OUZ4D"H            !E$W5$\P"X
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M?_\ S_M>>0:A_P"F;_\ YUO_ ,*,_IIP2_\ %9H__P!!M?\ V3O'Y(/QP_\
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M?>2O:KU[3]^RUC$5.TY4:JKNYJ(GCNJ(OZSXF\5,3PSJX_\ %4+&4R&46?\
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MT<9&A\!FL#?L9>=U2N^6*PC)_>*J-C8YZ;2-=(]6M14>USD8BJY&N;LG=O\
ML/A;Q>T?A^&^)@U)F*U"_AWV,2M*.*6>[9AKO26E/%2J12S^Z?5GA@=:D8V%
M]B"=72HYKT;YMF_^T;^PUE^92P> [/\ VE\]P<*KA/-\OV([.\-@ZM.]E6PM
M#-^UC+<RG%\=S%8'!34?[7*\5)NCLHY-UEI,7_2Z655^2JV!S?AWJ<^;VFM
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M.NE"G3S*G3@L-LGM7B+U,KJ.EE&;5)Y#.C6R;Z/ YZ3&2)!.KI*,COYF\U=
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MST73?_0E'_JS_P#S,Q^'>.R*G%?5R*FR^^Q2\_)V"Q;D7U145/@I\NSO#R,
M'^B)^$)&4?PW?944DXM[$Y[))II[L]O=KIQ=GX2C)2B^#BTUHSR#4'_3-_\
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M55&R-1R(DD3]E6.:-7Q2M_FC>YJHI[6]BW_OQ?9-_P#XE^PC_P"J6RI#)?\
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MOPY?3]RS$V1/CSZ] :FP   >B;Y )S5$\SC\0<CN     -7KLGSY=?EZ@$0
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M+G_"\$<QC$8GFJ]Z]>!\Y9LOLO[3N3$W[#-^34\U\W+XKZ)LB(A0W.,
M2>NZ_+EU^7H1>NZ_+EU^7H#0U !I-V7QTZ_3U-V)NORY]?GZ&6INJ(2*EP
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MVFS5J#68ZM,Q?%DT%2.1G_"Y.X_<K^%=_P /#V2O^R3*?_?LQ/+\[_TQD/\
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MG['^B][3\93]FGVAX0BY2EV&=K48QBG*4I2V!V@2C%*[;;:223;;LCQZC_\
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MW-<Y$\$<KD3P0^UTOQ%UIHZ-T&GL]:I57O5[J,C*]VCVW<WO94O0V((9)/\
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ME3O3N4D4+     $7+NY?AR^G[EF)LB?'GUZ U-@   ]$WR 3FJ)YG'X@Y'<
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M=?W) J       "D%Q?IU]";U[D]>ON"A,  PW9-\@91-U1/,@"X
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M<O\ ?R5/%/ P#8  PJ[(J^1E$W5$\P0+@    TF]+<^OV!NQ.>_EU_<D"H
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M]%\_AY>'+D<R&18MD[V_[S?U3X_GW?+A23BVFK-$E3;DIV37(Y$<U=T7KZF
M; T>O)$\^?77@;L3GOY?KTH)%0    1F[OX:=?IZ JQ-D^?/K\_4U!N   !W
M ''7FJKY@     W8G/?R_7I0"H    !&;N_AIU^GH.NNO Y4+=F[_P"I?LG)
M/U-06    !!N[;Y@'ON;X+UZ^IV/A\_T^'QY?0\?)F <#,,PH9=1=6J]Z<KJ
ME23M*I+ZVBO[I--)<VTGJ]Z,3=?1/%>O%?UV.73IRW94CC39J;+)(J?RL;^K
MEY]EN^ZKY(BJGKC&8NOC:\J]>6]*6D8K2%."X0@O"*^;=Y2;DVWPW.5Z[KZ)
MX(A]S4K15HVQ1-V:WFJKS<]R\E<Y?%R]_DB(B(B(B(G%-3F  VC%S=EZOP2-
MFM5Z[)ZKX(A"Q8CK1K)(OP:U/ZGN\&M3\U[D3FIW&7Q@JL*"P]*O.O5H0@ZL
MYP49=[!N\H-6C42=.;=]V$FXV:N=-J:.2#%V<BW+Y#%5L5C\M;N+CZ]>Q-8C
M_AMEC9$CL,=VI:,BMNUHVJULD\+(Y>U$YS5]6]GN]1S?$3 :#L\,-$<2,]Q'
MUOPQTUI9-<9S4& Q6#O)Q!P-JQ3DOX*Y5=7QNKZ3)=)ZBNV([$U#"92Y>QB0
M9&&O,SR*MA.^I5J5+#Y/3J-)RG3S*<YP:E&*DXSJ.-[M03FK7DE>[1X[C]1K
MB+V-O7\MQ,LU(WN;%5O:(KUJMJ-T$DTD+)8:D<WNTBB=:>VL[M+'7=(J*QBJ
MG]6-<\ (N)ND-?:1T7PR_P /# ZFN5*]C):BT=[8&H\_J73UZ++T\53RMC'9
MG5%W$K>?E,G#IZI-J"#W+;^;BHMDCM7(FOZ_*85%4QN&EA:%9/<P]>&)Q/Y:
MG"IWKC""E&^]5G4BXPW+R3C+<?O._P!7Q%R6/?3TQF:V>RF.EB6UF,7/A,(S
M,VK-1*,<UBV^&?L,AH5Z<K9;3K'^P5DL:S,7W:*S\Y^P9P_US6U5[17";/\
M!7ASKS'9"/3?"OB1B.+_ !?M\)M.8'4[]:7\7@],U<IA4NW<IK7.ZIQL^.TW
M%@VKF([6,MQ8BZQ+\T=KA9G",(X:I2P='"TZJJVE1Q53%*I*$HJ4)]ZVZ=2E
M=;T;)VG%L[C165N69,S5NZCR&>M4I**NCR6!IX.2I#9CG?!/72E%''<JY!&.
M6*PKGHGX9R,[*.57>2>V#P[TMIJCPFU'H_@)H7@QIS5M/6+([V@.-6J^,5'4
MV8T_?PM3,X3-R:LOV[VD]1Z(DMUHLEAFP5)')J"!;*S25VM@ZG>ES?S/N%>Y
M4V5RJA^*FPQ,_IC:BIW*J;K]5W7[F#4J#9J;N3X<_I^X!8     $G[[]R[)R
M^'7]@#3=4[EV,*B.39R(J>2HBI]%!1)7I_O*OSY_GS(NK0N_W$:OFW=OV3E]
M4^P*)/\ ZF_3^R_W.,^CXQO]'_\ W2?_ '/J"K9&.[EY^2\EZ^1Q'P2Q[]IB
M[)_O)S3Y[IW)\]OB#<D  ]$WR 3FJ)YG'X@Y'<       #,5=KYOKZ&'+LB_
M1.ON"Y    $9N\GY:=>H+,39$^//KT-0;             &[$YJOERZZ\0"H
M            !EJ;JGU7K[ %P       :3>EN?7[ $@  .([@<A:)+D<=>:J
MOF        8;LF^1E$W5$\S*)NJ)YF</B'1=G=P;U7+_ *4?/FO'Y-<EKE;\
M4\C2S6;.W=-FR-3^5WG_ ,+OAY+WM7FG+=%[>,E)*46FFKIKQZ^A5%14W0Z-
MS7,<K7(K7-7947O3KO14Y*G-.1B3LGYZ?/\ @R&INY/AS^G[D06-)P4UR:X/
MKP-7-W^?@O\ <K%*L:^;5[T_5/C^?<IPY1<6T^*ZNO(CS3OY*=BUS7HCFKNB
M];+Y*8(N7=R_#E]/W.0Q-D3X\^O0&IL   'HF^0"<U1/,X_$'([@    #5Z[
M)\^77Y>H!$     %F)LB?'GUZ &P   #T3?(!$W5$3Q7;ZG'X@YZ)LB(G@FP
M!D   UF[)^>G7H 1 /?,G=MG8KY>7+^_WW/'SKLQS&CEU%U*CWJDKJC23]ZI
M+_[,(_W2\."O)I/1[T8FZ]_@GBJ_V\U\/GLAS*5*6[+V&?RL;LLDBI_*QOZN
M7_=;X]Z[(BJGKC%XNOC:TJ]>>].6B2TC"*X0A'PBOFW=MMMLX;G*Y=U[_LB>
M2?#KO/M:]>*M$V*%NS4[U[W/<O>YR^+E^R;(B(B(B<8U.:UNR<^]>O[@&QM&
M+F[+U?@D;-:KUV3U7P1"%BQ'6C621?@UJ?U/=Y)^J]R)S7P1>9&,8*R^+;\>
MO!>B.6UK8V[?5?%5/EYIIKDO:5%<O/LL;_2QN_<GDGFY>]>]>XY."=6>-PD,
M/-4ZTL12C2JR2<83=1*,W%I[R6CLUKPMS^?U78H0:9S\V3J/O8Z+$7Y+M-CG
M,?9K,K2.EA8]JM=$Z1J*ULJ.18E7WB*BMW3W;V9,!K7,>T+P2Q?#W4U71NO<
MCQ0T33TCJBW7@N5-/9^QJ"C%C<O:I6H;%;(P4;#F3RXR:O/%DFL6B^.1MA6.
M\GQ;QM.A6G2Q,$HX6GBW+_"(85UHQQ,X5*,ZEI=W*,J5.:ISLZT9J-HQ3WO
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M77]R0*@       I!<7Z=?0F]>Y/7K[@H3  ,-V3?(&43=43S( N
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M:O\ 9?@NR^G,&Q(      O%621!R[JJ@R8  -)O2W/[=(&[$Y[^7Z]*2!4
M           RB;JB>8!<              %VILB( 9      #T3?( X_$
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MX<A+6_$>\F=59(D,ZLX)](?GD&S4W<GPY_3]P"P        ,.79%^B=?< @
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MIU]@"@       (S=W\-.OT] #4  &T%=_#7K]?0U>NR?/EU^7J"Q$
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M0        C)WD_+3Y?R6:FR)\>?U_8LU-D3X\_K^QJ;&P !H]>6WGU_8 D
M "U&M*C*ZUB_ZH\_-<FN?HS**J+^:>9Q[%=D[-EY.3^EWBB^2^;5\4]4YG;T
MZD:D5*+NGQ7BGR9=%WYH=%)&^)ZL>FRI]%3P5%\47P^B[*BH;@T.%4EO3;\[
M+X(LU-D3X\_K^P)2BIJS]'XIF'L1Z>2IW+UX'(KV'UW]IO-J\GL7N<GZ*G@O
MA\MT.'*+@[/T?@T<-R*U514V5#Z.&9D[$DC7=%Y*B][5\6N3P5/HJ;*BJBHI
MJ8*@ !>2*OD <=>:JOF     "C$YJOERZZ\0"@    !&;N_AI^XZZZ\#EPMV
M;OXNY^B=QJ"H    (-W;?, P  #NX0<WR2XOKQ!TCWHQ-U[_  3Q5?[>:^'S
MV0Y<8J*LAUUU]CB.<KUW7Z>"?(V!J #6;LGYZ=>ALQ-W)\.?7J93\O3Y;?+O
M]")8P #LLMJJE.HW+!)R=&"CC,-^93WZL82E3CN3W73C)U)\'*$6HJ4K)_$Z
MUION5JB-CU(K($R-F273N9;AG1_AJ$MB*.Y,Z:+WC+<L3:M=%5616)FR2JR-
M'/3]?>R+JNGI7/:HEFM^S^RYF)-":?HX[CSPHGXKU;K<]K7&X3(7]+8R#&Y)
M:%O3..R5G4F<>QC;>1PF,GHXZ.W??7K2=IC*E.>%KJ&(R2HU"[CA<OE2Q%MZ
M*>Y4[F.X]=6VM+KQL?":?J7H,WC'V,5Q)JQK8[*39O5T%W&(Y89'(EFHEUZV
M6.1%[,36/<KD1R)LU53]F\==6:.S7![B+0P?$C_#\U%D(\ LS\5PA]ES/:0X
MB.BBR5".5^GM3RZ4J0Z?M1ODC;+D+-JM"D+I*SI4?88QVV0UFFG0PV#I5:+A
M"6+Q&)Q=)U9XBI)4:3A2E*$W-IQ4'3W&H7EKQCQ2Q[%1W\3S.H+E+(,M6J^!
MQF'PEYM&OBJ<4F0O-L7VQ2UHX&*DTD[;'OVOG[$2=C?L\[_#9UO;9+ O#KA1
MP.TIJ_0MK36F\[QIXB<6.,.C;&LL]Q-U7DZ&A=&V<!HJQDL7G[V8M1NQ5+"V
M,$N&GK85+61?^+5GO^+GDZM>6'Q-2-!=]WZWJ%>O67>4Y052E.-=_P"5*EO1
M]RFE#=FK<++O>&=6GBX\QA:MC)O6A_#)$@R6+QF.VJVXK+JEVM+CDWO17DBE
M[4]I[K'O*[NUMVE<_P 8_P 174FJN(]_A5Q:U'A>'55NMO\ E$HOS/#_ (D<
M0=>>\U'IC*:>KZGTAJ#&Z]EVT9D=&RY''+7PFFJM?!?@<]#^&<Y*[8*G0GJC
M4W<GPY_3]S^:H+         U<NR+\>7U_8 B   "4WK;E]^D58G+?S_3I2K$
MY;^?7]S0W-P   :.;OS3O\4\^NOB!(   &R:\?#A]T_)_1_%E&2*W=/!?LOF
MGZG$L5DEW<SE)Y>#_@OD[R7T7P5+)WU10ZM45%5%145%V5%[T4 P ",W>3\M
M.O4%F)LB?'GUZ&H-@            #=B<U7RY==>(!4             RU-U
M3ZKU]@"X       -)O2W/K]@"0  '$=P.0M$ER..O-57S        ,-V3?(R
MB;JB>9E$W5$\R!<N   "3UW7Y<NOR] #0     K2JRI2NM4_ZH^#7[\F;(Y4
M^7BA">!D[.R[DY/Z7^+5_5%\4\?@J(J=KWL9TG.+XJUGX-^#+-V=MMX]*=#)
M&^)ZL>FRI]%3P5%\47P^B[*BH<4Y!H #645-6?H_%,T>Q'ISY+X+Y?W3X?D7
MKV)*[^VQ=T7DYB_TN3R7R5/]U>]%\T547ARBXMI_/F<1S5:NR]_V5/-/AUWG
MTD,S)V(]B\E[T7O:OBBI^O<O>AJ:E0:/7EMY]?V )      LU-D3X\_K^P!L
M   ##=DWR!E$W5$\UV( YR)LB)Y)L 9   -9NR?GIUZ $0   #R=)1225D@?
M,.57*JJNZJ9!@   E-ZVY??I%6)RW\_TZ4SX?/G].2?J:&Y@ '9Y17KT<?AU
M0G3IRK5:5%RJ48UHJ,ZL'?<?O7NEK3E"?A&<;W7Q7$'%XS):5RS\K6M6H,91
MO9-D-._)CIG2UZ-E-O?L58E:L<DB*RU#:K[[.?6G5J1K^NO8;XB\0] >TKPP
MI\-L_IO369XA:QT?P^N9;5.B:&O,;6QV>U?@7JY,-9C9D63I=J4U99T]E=/9
MQ&H^O4U#B&6)KD??YC/$K"8J,L1CG%P<9QED<,+3E'?C>,L3&*<(-I.]_>LD
M[W/)-(U\/)G<'-'BM--D;,V:O)'Q,M9NY!(ZM*U)(<1+*Z*Q9:Q[F^[["+'V
MGN;V58FW]0/:IS7%2GP5XR8Z_P 2O:$LX^QB)\9FZE__  [\'P?TGFZ,>?Q\
MLM'*\4Z&'K7<%@+-JK7G2^ZXK;_NJU>9TJ6G([K]GJ>(E6KSH8FMA]WN*<U0
MP\,3*;JU'&$YTZB<(TJ,H[\ZKC)TTTU:[9]9Q:N8N"AC(,EA\=E/>IE;,$N3
MRMK#05THTV2SUH;=)T=F:WD6/;!6HLE8VV]BM<CE8U$_+?\ A<Z5XEYK6G$3
M,</.+.O.&\>/=PSTYF<?P\X:Z;XK9;.2:TU79QV%S^6TUJZOD,#C-*Z"M4I\
MSJ'64^+N6=,5+;;%=]>.S9=)IGD,4EA*N*K5JDIJO!4J^'AAI4G2E!2E"G3C
M"+I57-.%3<BYN,KWLF<GAI8P:NSU+!XS'5(:S\7.Z]CLM/F8[T=RO86O!8MV
M9)YH[>/2"1DU-;$C*_OV]A&+(]'=!_B(X3C(R#@CJ[C'Q$UWJC+:@J\2<'7T
M;Q X8X3A-D=&7](YO!19O+873.G*.'Q.0TQK>7,4KF(U2W"4+F=3#V/Q,EEE
M.O[GH#UAB<E7SY==>!_- &X        )O7FB>7/KKQ )@  #O(-W;?,NB;(B
M>1R$Y(B>1@R     #1S-^:=_C\?W )   &S$W<GPY]>IO&5M'P_3KKSW:[;D
MO=^777QC:JI.G:;LDJ)R7P<G^EWZ+X=R\NZI4Z1S5:JM<BHJ+LJ+WHIANR;Y
M (FZHGF0!<              %FILB?'G]?V -@            "C$[U].OL
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MJ?V7XIU\SOX9F3,1[%^"HO>U?)?[]RIS0P0>NZ_+EU^7H5!H    91-U1/,
MN     :3>EN?VZ0Z^G2%86[OW\DW]? D#E@    E-ZVY??I &@   !Y0#Y<
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M\PS/82"/3=G0FG[-VYF;5VG8NVL?7FK_ (.6[1AAFL5GRQ3-Z?*(X67YKO\
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M             ,HFZHGF 7              !=J;(B &0      ]$WR ./Q
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M/8       !JY=D7X\OK^P!$   $IO6W+[](JQ.6_G^G2E6)RW\^O[FAN;@
M     $GKSV\NO[ &@ +HFR)\NE ,@ &[7;<E[ORZZ^/&L5TE3M-V21.Y?]7P
M=^B^'R!4ZE45JJUR*BHNRHO>B@&            ;L3FJ^7+KKQ *@
M     &6INJ?5>OL 7       !I-Z6Y]?L 2   XCN!R%HDN1QUYJJ^8
M  !ANR;Y&43=43S,HFZHGF0+EP   2>NZ_+EU^7H :         %FILB?'G]
M?V -C:$W!W7#Q7@U^_)^'PNC9KE8NZ>J>"H<>Q7989V7<G)S8].]J_JB^*>/
MSV4Y$IJ25N'WY-<U]]#F-<CTW3Y;>*+X_7E]#H'0/@>YDB;+X+X.;_J:OBB_
MISYFIL8  W=[3G]//T-)&->U4<GQ1?%%\-EZW*PS/A>CV+\%1>YR>2_W[T7F
MA&4'!V?H_!_#K0ZU[%8NR]W@O@J?W\T\/ELIWT,S)V(]B_!S5[VKY+^B]RH:
MFA4  LU-D3X\_K^P!L   ##=DWR!E$W5$\UV( YR)LB)Y)L 9   -9NR?GIU
MZ $0     >4 ^7   )3>MN7WZ15B<M_/].E,^'SY_3DGZFAN8  '<91-U1/,
MY^7*DJ\:T\;# SH2A5HU)T*M=2G&5TMVG&5K63>^K-::ZGQ^K77I,9+1JZ:F
MU+!DXK-+(58<I2Q3HJTT2L<_WUR6+M*_M.:WW+O>1N1'[IR4_3?LNP:,I<1L
M?K;4WM"8KV>,WP\R."U=HC4F6X;ZMXEP9/46,RC+4%5,1I:AD4A936".S/\
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M'=>?7GYB        )O7FB>7/KKQ )@  #O(-W;?,NB;(B>1R$Y(B>1@R
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M;(GQY_7]BS4V1/CS^O[&IL;  &CUY;>?7]@"0        !NQ.:KY<NNO$ J
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M<E\_^%WP\E\/JBUZ3YHLB[\T.I<US'*UR;*G>@!J     #=B<U7RY==>(!4
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M*G%::T?S\'^WFO#S5FXJBHOY+YG>0S,F;NWDJ?U-7O:OZHO@OCX[+NB8,%0
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M H8;(X%FEK$VH<1-<IXC$YJ+(9:?&UTNODMV*N28^K7_ (>DUOHCU4_FN
M   ";UYHGESZZ\0"8   [R#=VWS+HFR(GD<A.2(GD8,@      #N ..O-57S
M    !NQ.>_E^O2@%0 :R5T];>/\ ]_R (@   &\)VT?]/U3YK[KQ^)LCE;\O
M(X\\#9F^3T[E\_@OP_(KTGS15%14W0ZES7,<K7)LJ=Z R:@   %FILB?'G]?
MV -@            "C$[U].OL 4       !&;N_AIU^GH :@  V@KOX:]?KZ
M&KUV3Y\NOR]06(@       $YO1+GKUUX%&)S5?+EUUXF[$YJOERZZ\290J
M%Y(J^0!Q^\         RB;JB>8!<   C-WD_+3KU -0  ;05Y+RUZ]35Z[(O
MQY=>@.1&3@[KU7@T3:Y6+NGJG@J$IH63,5CT^**G>U?-/U3N5.2G,C)35UZK
MQ3.8UR.1%3Z>2^2G0S0OA>K'_-KD[G)YI^J>"FQL2(2=V_DNOJ"S4V1/JO7V
M-6DU9F%1%392K'NC<CFKLJ?14\45/%%ZYD6FG9^C\&NN*\/A9N*HJ+^2^9W$
M,K9F=I.2IR<WQ:OZHO@OBGDJ*B8,%32;TMS^W2'7TZ0K"W=^_DF_KX$@<L
M  $IO6W+[]( T     !!N[;Y@'EX/EP 0;NV^9=$V1$\@O?TG=X^I@R  #5Z
M[)\^77Y>INQ.:KY<NNO$$2IS\NQ.&PF(CB,11JU94I0J4>ZJ1I[M2$MY.2G"
M:E%V6FEN9\KJ_#YC/8F;%8O(4:$5Z&S4R*W:<UOWU2S"Z)60+#9KNAD3M*O;
M57HO).SMOO\ ICV5N*W"G@IQ-Q7$OB5H?66M<CH[+:>U-H.+26J,5IM,7J;
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M_-#J'-<QRM<FRIWIUWHO@OB :@&43=43S +@              NU-D1 #(
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M]%/P8     :N79%^/+Z_L 1   !*;UMR^_2*L3EOY_ITI5B<M_/K^YH;FX
M     !)Z\]O+K^P!H   91-U1/, N   2F];<OOT@#0       VC*WP\4;-=
MM\O%"$\#9F\^3T_I=^B^:?DO-/%%LG?5%D7?FAU#V.C<K7)LJ=;IYHOF 98G
M-5\N777B 5             ,M3=4^J]?8 N       #2;TMS^W2 )   <1W
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M.2(GD8,@      #N ..O-57S    !NQ.>_E^O2@%0  "#=VWS ,
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MI(DE3;N=_NK^B^:?D534DFG=,LBHJ;H=<]CHW*UR;*G6Z>:+YF3)J
M    "[4V1$ ,@     &&[)OD 0    *P5E\=>OU]23UY[>77]@;F@
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ML 1   !*;UMR^_2*L3EOY_ITI5B<M_/K^YH;FX       !)Z\]O+K^P!H
M91-U1/, N   2F];<OOT@#0           &LG9/ST^?\ V8FZ_+GU^?H:0FX
M/FGQ77B9151?S3S$T+9F[+R<G]+O%/@OFGFGTV.8FI)-.Z99%14W0ZA['1N5
MKDV5/HJ>"HOBB]<S)DT        !EJ;JGU7K[ %P       :3>EN?VZ0!(
M!:M+F.X'(X''7FJKY@       &&[)OD91-U1/,RB;JB>9 N7   !)Z[K\N77
MY>@!H         6:FR)\>?U_8 V !I-Z6Y_;I $@   "Z5DER(*NZJOF#)@
M G-\%Z]?4JQ.6_G^G2E&)WKZ=?8F;E  <FC.ZW7Q7#X<O3]"C%[T]4ZZ[SJ<
MA#LYLS4Y._E?_P!9.Y?5.7HGF7*'$1-D1/( R #CUX\)>/!_#P_7JQ-Z>/HO
M77@=ECY=G.A7N7=S?@J?U)ZIS]%\SCDSMC6;LGYZ=>@!$     $IO5+EKUUX
MCKK[ T  !Y7-ZVY??I%6)RW\_P!.E/F/#Y\_IR3]30W,  #N,HFZHGF#CKS5
M5\RX  !RL#WCQN$5&I"E5>(HJG4G;<A/O([LI)IIQ3M=6=UI;4Z74RTFZ9S[
M\E5GNT$Q.0=<J5MTL6*S:TJRQP*BHK)7-[2,DW3W;MGJJ(W<]J]F^+5T_M \
M%H- ZBQ&DM:S\3]$PZ5U+J!&/P>%SLNH:$>-R&7A>R1MK'06G1NMTECD_'0]
MNHC'+.C5[[%58T\)B:4,=@ZDFJD8PAEF)I584ZM95*F&HUJE-0I4-]RDH-VC
M=J#5T>5X*A-;U!A;L^FM1U8HY*<\D]G6F&O4+%VGCUI5<UD<=6F=/=R7X5L<
M+YXFL=+_ "NFC=_.J_TUXS:WQ.F."'%W2>%]H/@+J3(W:&J\+CL1@?9'XJ:.
MUG@])ZIUNW5>HN$>@M>9[%Q8?2/#Y=13WLE4P^2DMUL<CY:^,O5_^9I#U>6X
MG!T%B88R%24*T*<4Z4*<YN,)N52BG4<>ZC75HRJP>_'=5N-U]SK;":CRTF$G
MT[:J0S8ZQ<DDCNVKE>NV:Q R*GDO=U&O2Y+BWI++%4LM6O,Z5?>-<U%:OXU]
MD'C#P#X8T>+^$X[Z;U/E\7KS"Z5ITKVC]/:5SF<LXC!9FWD=5</TN:GLU9-+
MXSB+4EQ^/R>IL#/#F\;#BVK1GKS21V(MLSQU'&QPSITHTZE.-7O-VE3I0C&<
MHNEAX;B3J0P\8RW:DTIR=25UH::'TMDM,RYQMNZ^U4MRT4I)+?MWIYY*L=AM
MW+6EM*K*MK*R31.EJ5G.AB2LS9RJO+F>V-[2.@/:'QG!ZQIC2E73^J-,8W5[
MM6/QNC=+Z.PN'QVH+N#ETCPQTVS3K66-0:<X:4L7DJV-U'GH:V4R3\]:<ZO$
MQB(O4GH!^'@   3>O-$\N?77B 3   '>0;NV^9=$V1$\CD)R1$\C!D
M =P!QUYJJ^8    -V)SW\OUZ4 J   0;NV^8!@         %58BHB>*)W_GZ
M;_0 DJ;<E)3>J7+7KKQ!5B<M_/K^YH#<WA-P?-/BNO$RBJB_FGF1FA;,W9>3
MD_I=XHOZHOBGZ[*<Q-22:=TRR*BINAU#V.C<K7)LJ?14\%1?%%ZYF3)H
M   48G>OIU]@"@       (S=Y/RTZ]0#4  &\%K?EU^YJ]=D^?+K\O4%2(
M     !.;T2YZ]=>!1B<U7RY==>)NQ.:KY<NNO$F4*@ !>2*OD <?O
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MI'2=.>BGX,   !!5W55\P#  !K-V3\].O0V8F[D^'/KU-F)NORY]?GZ$2Q8
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M2BHY-T7=#I)(W1.5KDV5.Y?!4\T^!L9-      7:FR(@!D      PW9-\@"
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MQ,  &6INJ?5>OL 7       !I-Z6Y_;I $@  %JTN8[@<C@<=>:JOF
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MI)(^5[I)'*][UW<Y>]5_)$1.2(FR(B(B(B(B&QDT-)O2W/K]C1Z\D3SY]=>
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M         &43=43S +@  $9N\GY:=>H!J  #:"N_AKU^OH:O79%^/+KT!8B
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MS]&3?PYNG-:OOI%C_P 13J6G6M*Y!5=/$D:Q^/GK9_, &KEV1?CR^O[ $0
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M7?-%3N<GP_5.]/ELJT-B8     !I-Z6Y_;I $@  %JTN8[@<C@<=>:JOF
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MUW@Y/-/CYIX?+95J;$P    1F[R?EIUZ@&H  -X+6_+K]S1Z[)MY_D"I(
M     G-Z)<]>NO HQ.:KY<NNO$W8G-5\N777B3*%0 #"KLBKY $
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M9B![^C/43^<((*NZJOF 8  -9NR?GIUZ&S$W<GPY]>ILQ-U^7/K\_0B6+
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M9!M5'P]<?7N79%^/+Z_L?E0$0   2F];<OOTBK$Y;^?Z=*58G+?SZ_N:&YN
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MYJS?#<U6+LOHO@J?#KD?85K,=F-'L794Y/8O]3'>2^:+_NN[E3R5%1(FIR
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M   )3>MN7WZ15B<M_/\ 3I2K$Y;^?7]S0W-P       "3UW7Y<NOR] #0
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MI\.8:''       !.;T2YZ]=>!1B<U7RY==>)NQ.:KY<NNO$F4*@ &%79%7R
M(         &6INJ( 7   (S=Y/RTZ]0#4  &T%=_#7K]?0U>NR+\>77H"Q$
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M;LF^0!     K!:7Y]?N2>O/;R_7I ;F@ !B3LFS=B;K\N?7Y^AEJ;JB$"I<
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M9)LV2BM)7;B*\1X\>MG\LP 2F];<OOTBK$Y;^?Z=*58G+?SZ_N:&YN
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M)<B"KNJKY@&  "<WP7KU]2K$Y;^?7]RC$[U].OL3-R@ ,Q5VD##EV15+@@
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M>@+$0  .\$).[?R77U.0G)$3R+-39$^J]?8P#8 %(+B_3KZ F]>Y/7K[E 3
M    Z_?]O1E6)X^?)/EU^1PK3]U1B?[O-?FJ<D]$Y^H-SB&T5>2\M?E_(!8
MX>*GPIKXR^R^_P B;U[D]5ZZ[SM,?%_5,J?\#/\ [9?R3ZH<,F=H0;NV^8!@
M    UD[)_)=?4&6INJ?5>OL1!<   \P!\N  71-D1/( R     <K TW5QN$I
MQG.FZF)HQ52FU&I3<JD4IP;:2G%^]&[6J7B=%JBVRCIO/7)*T%QE;#Y&9U2S
M&^6M:2.I*Y:]B.-KGN@FV]W,C6K_ +-SE7DBJ>T>SCIJUK+V@."FE*.?S&E+
M>H>*F@\16U/IZ[6QVH-/37M38V!F;P-ZY+!6KYK%J_\ &XI\LK$6_#7:WM/<
MUJ^9UJ%?%4JM'%8G/8T5N[W?X;"4J=1NK"G"*:JQWVYRC-0;3DHMI.247^;,
M;E<;@[U#(X7#\,)<B]9EB7'9?4%RW3:RE9M3RO9-6E;61L$,L+IXV.]T^1J/
M5L*R2-_T :_X<:]XR:,UIH/BSQ1_Q%<9H2K%B(\BFN^&? O2FFM5V;6K\!IO
M#8RM<Q6=QEK4<LN8RU#+0X2W:@=DZE">2M'8RL=*G8ZC)N_PN,QM"C0Q&*5*
MK!3JX2I"C+_FU>>ZI2J>ZZ&(LU.GOIRBE9NS:^^XD+C,Y@--Y7(Y/%X1]VE9
M?6HYVG:R$3OXSC:_O7QP4V_B&Y'$HZ-U:VD#V02O59&M[;6K^'?\/YG$7A!Q
MS]H;AGH+AUQ(XQUM):RT]4SNL.#&J]-Z'R$#>$O$+.IC*>1R^K)X\%:T'Q.?
M7N5M0:;?F:MS-8NFV*I/.RM8EBCGKK16$HU,+B</"FJ\Z4\54IU:E159P<H1
ME22@J5'=BJ<$VXJ;;MO*_9\,&T)?X]D*V:P^4M6W8N&]!A:5S'UJRTX;+(;,
M\%]WXE]S())(ZQ9='&R9:[49VNP[L^;_ .)#8UOC4X):$U)P?XK<--.:7K\2
M<II#,<7=7Z4UOG]0Q:KR^G+>5T]B,SHJ-VGZ>EM"NQ^/@PN AO6[>*CSTK[3
M8&7:[I_'SU<_F":3=E\=.OT]3=B;K\N?7Y^ALQ-U^7/K\_0D5+        &C
MUY;>?7]@"0.RPF$WK5:J]WC"#_NY2DO]/)?W<7[MMZ\46_\ ,Y.7@GG\5^'D
MGC\N_H\EDO=]JO7=_M.Z21%_H\V-7_7_ *G?[G<G\W]/;')/FP  ":CO-R?!
M\%^E^M?U&[6[\U[O!//]OS^7?B;UMRZ_8JQ.2KY\NNO IXK]/U7;Y\OH:&YD
M   #N!!N[;YG'7FJKY@P    :R=D_/3Y_P  V:F[D^'/Z?N1!8     %&)WK
MZ=?8 H    "$G=OY+KZF$_/GY?7Y)R]"S4V1/JO7V,&38I!<7Z=?0F]>Y/7K
M[@H3!B3LFP9:FZI]5Z^Q %P    .NE\NN#KI?KUWT8G>OIU]C6<(U(N$TI1D
MK-/K1KP?%/4PJ(O)2S'NC<CV*K7-7=%3KFB^*=RIR/',7A)8:5U>5*3]V7+_
M *,N37R:U7BE)S=OEX+_ '/HZEMMENR[-E:G\S?/_B;YHOU1>2^"KQ#4Y8 -
MHRE"2E%M23NF@:N:U[5:Y$5JILJ*=YAL3&O&SLJB6L>?FONO '1V:SH';INL
M:KR=Y?!?T7Q.4#BD9.\GY:?+^2S4V1/CS^O[%FILB?'G]?V-38V  -'KRV\_
MTZ0 D         48G>OIU]@"@ ,-V3?( @    5@M+\^OW)/7GMY?KT@-S0
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M05=U5?, P  3F^"]>OJ58G+?SZ_N48G>OIU]B9N4 !F*NT@8<NR*I<$
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M%B(  '>"$G=OY+KZG(3DB)Y%FILB?5>OL8!L "D%Q?IU] 3>O<GKU]R@)@
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MX%0 2F];<NOV*L3DJ^?+KKP,>*_3]5V^?+Z&AN9    [@0;NV^9QUYJJ^8,
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MQR([DO)WV7_OZ\#JK%=8E[3=UC5?FK5\E^'DOHO/OY1L]>6WG^G2'%!(
M     HQ.]?3K[ %  8;LF^0!     K!:7Y]?N2>O/;R_7I ;F@ !B3LFS=B;
MK\N?7Y^AEJ;JB$"I<   M%62^;Z^@(.7=5^B=?<V!@ &4K_!:LRU-U^'B2EE
M2-N_>Y?Z4\_C\D\?H8+HFW)#K7.5RJYR[JJ[JO7@G<B>"<@#  #FJ<')ZMZ1
M7.WGRY_ PY=D^/@6@@=._LMY(G-SO!J?W7P0X,I.<G*3NWU9>2\"'>=^QC8V
M-8Q-FM39/U5?-57FJ^9J#<UD[)^>@!$     $YO@O7KZ@HQ.]?3K[$P4
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M94_^MSCREX<):V;DYFW-.[\O[G?U+S9]HY-FR[?)LFWBGDY?%OJG+DG7FAV
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MTV"M.CH/KR1W[LM;BYSW&]0[G_#OZ:F]_A\Z\X\86[WOTFGQW-W1K>OX'::
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M]'_U9<'\-)<=+:E6N1?@OE_;S.LEK21[JB=MG^IJ<T3_ (D[T^?-/B<LV..
M6:FR)]5Z^P!L #2;TMS^W2 )   <0#D+1)<B"KNJKY@&  "<WP7KU]2K$Y;^
M?7]RC$[U].OL3-R@ -X0E)JRT\7P5NN1E$5>Y/7P(S3QPHJO<B+MR:G-R_)/
M+XKLGQ.5&"6KU?Z=<_HBJ,1.:\UZ[CK)9W2;HG\K?+Q7YK^B<O/<W-B  )U)
M**LWQ\/&WEZV,*J)WJ4CBDE7:-JN\U[D3YJO)/S\CC2G?1:+ZDU>J]W)/O\
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MX+D  "$G=OY+KZ@NU-D1# ,@  #KJPZZW,M3=40 N     :/7DB>?/KKP )
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M>+_2O_O+_<W_ (SD/_QS?_S47_W)-Y3@$_\ <7MPO4J^O]ZX^)LD$2=S5_\
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M,%$1$Y(B(GDB; &3#=DWR!E$W5$\UV( YR)LB)Y)L 9   -9NR?GIUZ $0
M   2F];<OOT@#0     $).[;!=J;(B& 9   !J]=D^?+K\O4 B  >\#N#Q\
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MZ_3U-FINY/AS^G[F%\.N[I$7YDBQD    $IO5+EKUUXDGKSV\NO[ T-
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MCK=2:L_2V(N:1QM;+V&Y^_<]_EV9&2A)##^!HNL=8>NG\LP]$WR ./Q
M!I-V7QTZ_3U )      E-ZVY=?L58G)5\^777@8\5^GZKM\^7T-#<R   !W
M@W=M\SCKS55\P8    -9.R?GI\_X!LU-W)\.?T_<B"P     *,3O7TZ^P!0
M   $).[?R77U,)W?/G]?#T[O0LU-D3ZKU]C!DV*07%^G7T)O7N3UZ^X*$P8D
M[)L&6INJ?5>OL0!<    #KI?+K@ZZ7Z]=]&)WKZ=?8 H     1<N[E^'+Z?N
M :@   PW9-\C*)NJ)YF43=43S(%RX    !-Z]R>O7W-V)SW\OUZ4$RH    (
MS=W\-.OT] 58FR?/GU^?J:@W    7DBKY ''[P     48G-5\N777B 4
M (S=Y/RTZ]0<N%NS-_%R[^G<AJ"H    (-W;?, P    :S=D_/3KT (@
M G-\%Z]?4%&)WKZ=?8F"@   '< <=>:JOF   #W@=P>/@  $9N\GY:=>H!J
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M3FJ^7+KKQ-V)S5?+EUUXDRA4     BY=U7Z)U]RS$V1/CSZ] :FP   >B;Y
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M    ",G>3\M/E_)9J;(GQY_7]BS4V1/CS^O[&IL;    PY=D53*)NJ)Y@@7
M   !I-Z6Y]?L#=B<]_+K^Y(%0    "3UW7Y<NOR] #0    RB;JB>8!<
M TF]+<_MT@6A;N[?_2GW7DGZD@<H    $IO6W+[]( T     !!N[;Y@&
M#63LG\EU]09:FZI]5Z^Q$%P    "3UY[>77]@#0   'O [@\? !I-Z6Y_;I
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M].Y#4%0    0;NV^8!@    UF[)^>G7H 1     !.;X+UZ^H*,3O7TZ^Q,%
M   .X XZ\U5?,     ]X'<'CX (S=Y/RTZ]0#4    /1-\@#7#[LJ]*-23C"
M=2"J-2W/=<EO7EHDK7UTMS7$Z/4KKD6 S-G&P,LY.KB[]C'1.JK=<^Y%6D?
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M^O[ &P   ,-V3?(&43=41/%=B .<B;(B)X)M] #(  !K-V3\].O0=?3I 1
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M*;U2Y:]=>))Z\]O+K^P-#0     @W=M\P71-D1/(P#(   !EJ;JGU7K[ %P
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M.R?R77U!EJ;JGU7K[$07     )/7GMY=?V -     #W@=P>/FDWI;G]ND 2
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M/3N]"S4V1/JO7V,&38I!<7Z=?0F]>Y/7K[@H3!B3LFP9:FZI]5Z^Q %P
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MEP 7BK)(@Y=U509, G-\%Z]?4%&)WKZ=?8F"@    #Z\!UYEFILB?5>OL ;
M   PJ[(J^0!      G-Z)<]>NO HQ.:KY<NNO$W8G-5\N777B3*%0    "+E
MW5?HG7W+,39$^//KT!J;   !Z)OD G-43S./Q!R.X     T>O+;SZ_L 2
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M!EJ;JGU7K[$07     )/7GMY=?V -     "#=VWS />DWI;G]ND=P>/D@
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M)WKZ=?8F"@   '< <=>:JOF     :R=D_/3Y_P  $0#WE-WD_+3KU.X/'S4
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M+VZD&$U+;I5ZE*UG,;%$RID[5.M!5L6XI9JT3(7L1)G8GP)*;UMRZ_8 T
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MOIT@(@     E-ZVY??I &@     (2=VV"[4V1$, R   #5Z[)\^77Y>H!$
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M"Y   A)W;^2Z^H+M39$0P#(   ZZL.NMS+4W5$ +@    &CUY(GGSZZ\ "0
M   !&3O)^6GR_DLU-D3X\_K^Q9J;(GQY_7]C4V-@   8<NR*IE$W5$\P0+@
M   TF]+<^OV!NQ.>_EU_<D"H    !)Z[K\N77Y>@!H    91-U1/, N
M:3>EN?VZ0+0MW=O_ *4^Z\D_4D#E     E-ZVY??I#KKKP!H     "#=VWS
M,    &LG9/Y+KZ@RU-U3ZKU]B(+@    $GKSV\NO[ &@    !!N[;Y@& #W@
M=P>/@    C-W?PTZ_3T -0 #=B<]_+K^YO"=2+M3E.+DXZ0E).34E*&D6FVI
M)./BI)-:V.NR./Q5V/WF6IT+,-6*VOO+\,$L=>"S5EK7E5\[5;%%-3DF@LJJ
MM8^N^2.3>-SD/1- :YXG:1R"T.&.J=9Z?RNH\GIAGX+1>4R]#(9S,8#46/S^
MCXVUL/+'8R.1Q.JJ.,RVGV-9+9J9RK2MT&LNQ0O2]2IC73J=Y/%2IQ>Y4WY5
M7!23_HGO/=4KV]V6M[:'S&/QG#FMD<<[%TM'096Q#^.Q/X&'#QWYZ[F/5+E!
M(42>6%T22*D]=',5C9%1RM:Y4_1NNN(WM^ZCT%KZ'B1JSVJLQPSP.6?HOB<W
M5]_B?<T9A<Y#<J,ETOK9V5<_#XW)P7Y*$<V(S2P6H;DU**2!D\]=K]<)7I4+
MR_,8BC*<&JG=TJ51;RG+=MWCTM'=DIK=G&3:5EJ^LUII[,:C='$[3NFLO6HW
MEEQRY/+Y>C(E>2G72=9TQ\/\ZR6DFBEJ/=+4FKQ022-<_P#E;Z+[(_'3A1P#
MK9#(5N/7M \*]0:TT9'CM=LX?\+N&.LZ*YZEJ?..Q4>'DUKE'+63&Z=?B\CC
MM44Z^.U%B\UD\U3H3PU42Q8GBJD*BHPI5:U6-.,HQ56G"#BY-/W53;<Y2?\
M5*3<G9*[LK=GI'%7\4[.7<QB<%B)\A/!:FFQ61OW63M@CF:OXAV0BA;3KU&*
MB5J]9&5HF/F5(XU55=YY[4W$O1'$ZMP9TAPJXH<9>*N(T-B,UIS%XCB5H'1N
MD+6'GR]_$RP+A8-$W\G9U7G=46HY9-19W4$EK462LT<3%+=NM9$RORH3S>C"
MG3A#$Q@HWIQ5!2LG)\Z<FG>[M)IVL[6:/E<AC^"^<O9#)Y"_IVS=EG5+T[]2
M35_?2LAB_F9&S)P12L]U[MJ/K1NB<J.8URR->B?I#0^M_P#%SX.Z,T-P]T/H
MOC]@-(8S#L?H_#4_9_QN=;BL;;RV0VAMW;?#O+Y+&6W9)ER>6GJ"Y7RD$,D%
MN6&.C9I32\'$U<14J..)=ZE-R@TXPBXRO[R>XDF[K5Z_$^[TKA=-8K'ML:7@
M;%C\K'7NLE;9O666(G1;UY6+>GFD8Q8G[M:WL)LN[F[GXN]ICBY[0O$K7<^!
M]I#-SY377#.]G-)6J%K Z0P=O Y"'(]C.8VS_D_$XNE=GCR-16R3S.NJCXU2
M"?W;E[7$F[+XZ=?IZGTY^<B0     )3>MN77[%6)RW\_TZ4===>!H;@   #N
M!!N[;YG'7FJKY@P    :R=D_/3Y_P#9J;N3X<_I^Y$%@     48G>OIU]@"@
M    (2=V_DNOJ83N^?/Z^'IW>A9J;(GU7K[&#)L4@N+].OH3>O<GKU]P4)@Q
M)V38,M3=4^J]?8@"X    '72^77!UTOUZ[Z,3O7TZ^P!0     BY=W+\.7T_
M< U   !ANR;Y&43=43S,HFZHGF0+EP    ";U[D]>ON;L3FJ^7+KKQ!,J
M ",W=_#3K]/0%6)LGSY]?GZFH-P   %Y(J^0!Q^\     %&)S5?+EUUX@%
M   ",W>3\M.O4'+A;LS?Q<N_IW(:@J    "#=VWS ,    &LW9/STZ] "(
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M  -M.U@:$>4L7HK%_/PY.S5KI5KQS1,97Q3FV7/G<]6+*JK'$K6M<W>5'-_
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M1-U1$\5V( YR)LB(G@FWT ,@  &LW9/STZ]!U].D!$     $IO6W+[]( T
M   !"3NVP7:FR(A@&0   :O79/GRZ_+U (@    $IO6W+[]( T  ![P.X/'P
M  #2;TMSZ_8 D  $YJB>8!R.XY&%5-UX=[5[E1E&49=WWEY*<;1<=4D]6Y24
MHJWO)IGR6MK&6KZ>OMQ&$7.RV:UNM9K-R;<4Z"K+3L>\M-F163RN8Y&1I!5E
M@M.]YVX9HW,1R?J+V/,#PPS7';14_%+C#'P8QN SVFM08'.S<.Y>)%?.:EQ^
MJL$M'3=G%/CM8C&P7*\ERY)E]2XS,:>A;16KE,5>AM^Y=S<36_R:\?S,I>ZH
M2C#+XT;R<HO<G5W;PBUJX^ZVTK-K1^4Z<PRNSVG)TTE#3_YS_$(K=WB1)J!&
MUX8+#'VZ&*;;7\3,R148R7LV(H?]HDC45/>1_P!-^/\ Q8B@X)<?L.GM/Y35
M3DP2:&R>E=(?X?M?@9+)FLKF\'9JZ9UQQ+M:;]U@,7<Q\4EJWB_?X/)Y9&TW
MT9W,7\!>X&!C0DZO>]QWBC'NEB95(47J^\;=+7>2MNIZ:MV=KKT#7TVHH68C
M^#KGV8YTUQ,Q)I>GC[V::J0QKCFPP9!4:E9\OO\ \5)$BR-5L+55&N5'?A?V
M'L3P%REGBDG%5G ^UKVOBM*/X44/:.U;K?1G"*=DF5OLUW/ELQHF*2P_4%;&
MIADT[1R3FT9TGR4J-=-7:^+.-6'7==U^753W^]_+3JSH[MXJG9U=5/\ KWDM
M$MUO5FF@)M13+F/XNNHGXQCJ"8B355+'4<RZ966ER;7PX]51U1BI26M)-_.Y
M[IVM56MY<SVY,1P%Q47"=>%T? 2KQ%LPZX7BG0]FC6&N-:\*(<7%;TXG#NQ5
MRFM(V.@U+9C?JUF=I8I75HZ];$S3(V2=BOY5&IA(T**O@8U%!]ZL1AL16J.>
M_+7?BMVSCN^ZM(N]FTTE\;GL=K.;4&;E]QQ#LT7WFKBGZ=U3A<-CFT$JUD2-
MM*S[R5)&6$L=J9RL69JL<^-KT<Y_ZNX,Z^]D?&<#>#F/3,>PCI_6-31DL7$N
MIQZ]FWB[Q7UY8UJNI,])+D)=8:>DH8V3'V\$_!N@Q,45EF)L-MP5\A/3=6KT
M^JK./>U7%PW=^;3IQE&G;>;3A&7O1C;^F+U2LGP/9<*R:/$8N.PVZRPS'TVS
MMR5B*YD&RMKQI(V];AVALVT?NEB>)$CEE1[V(C7(?R8XNV\1>XJ<1[N GTA:
MP=O7&J+.'L\/L#D=+:%L8R;,W)*,VCM-9=S\K@-,25G1OP>&R3WWL;C5KU+3
MEFA>J\-ZMOF=F>=@    TF[+XZ=?IZFS$W<GPY]>HZ^G2$BP    !*;UMR^_
M2)/7GMY=?V!H:     $&[MOF"Z)LB)Y& 9    ,M3=4^J]?8 N    "<WP7K
MU]3'C\DV]5YK^GU*,3O7TZ^Q,R4,Q5VOF^OH8<NR+]$Z^X+D  "$G=OY+KZ@
MNU-D1# ,@  #KJPZZW,M3=40 N     :/7DB>?/KKP )     $9.\GY:?+^2
MS4V1/CS^O[%FILB?'G]?V-38V   !AR[(JF43=43S! N    #2;TMSZ_8&[$
MY[^77]R0*@    $GKNORY=?EZ &@   !E$W5$\P"X    !I-Z6Y_;I M"W=V
M_P#I3[KR3]20.4    "4WK;E]^D.NNO &@     (-W;?, P    :R=D_DNOJ
M#+4W5/JO7V(@N     2>O/;RZ_L :     $&[MOF 8  ![P.X/'P  ",W=_#
M3K]/0 U  -V)SW\NO[@%2M!SC7HRIQWZBJTW"+X2DIK=BWI9-V3=U;C=6N=!
MJJ*A/IK/PY2U)1QTN(R$=ZY$BNDK57594GF8QK7+(YD:N<V)&N654]VC7*[9
M?;O9IR>M,+[0W!'+<.=-4M9:]QO%/0UW1^E<E)%!0U!J*OJ+'RXG%7+<TM>*
MA7N7&Q0RY*2Q79C6.6^Z>%*WO&]CB'.%+$JG0C>K1C5K3_/RQ*E3G4<'4C3D
MHJ<H2IN+G>;IW6NIXEIR.C=S&EI<CG[+X<5F+&,P]5>'M+3+X,A4Q\-R/&RY
M"NZ66C6M09)EF.DYE:+(.9)LU',:X_L1Q_NZQTAPH]I2AH7@=@*65XE\*\'Q
M"XJ:CA]NO5WM#T\MH;4VMLII6]K_ !NA<_4QV.UEGM,9CA_:P.0U;6N9O(Z%
MK6Z#7V'U[DL2<; ?F*D9JBX-THQA"+P].JY.K4DUO.2]V$9-N=5[SC&RMN\/
MJN(J::Q5K'2YF"\Z',7+EV[99J+)8N*LS&XZK%(E6&O.W\5=LQ,@BIXR%86V
M)_?3;^\[:O\ S9[ [_:$XG:<U[C.%&6T5%E.%6E='Z/TCIRYP(T#Q%OZAN\0
M==ZER..GU)E\YA[#]/:4P&1LYK(ZNX@Y5,G-A,.N)QGNW4FU(J^,RC)*A-U8
M58R56,7&A&@FX."E**BEWE.3DN[J<);LK:<;\+;-5[M05(L1:Q%BL[%3V(+.
MHK>H'MCNQ7'UJUAUI[EQV3JMB>F0H(C9(G2PI,UKMFMZ7_$GT]J*G6X%:GR7
M$_3?$[!9^#B7B,)EL!P(TWP-@L7M*7](U=09_"0:>K5X]=</M1SY"C+H363E
MGHY&O0RS\5//7>^>;:C@:$Z5"K.=22J1LXTYT5.K6E/=A1I*3>XZ:4I59U5N
MM6W4KMKAYKB%J"IE=08BE2QL,V,M-<RSD*69DJ8K"5:;;-S-9B6JU$M,R$L\
M%?#U<8BS(]LRV.WM&DGUG"/V#^!NIN&? GBEK#5_$#+8OB+IF>&WI_0VK.%%
M'4_$GC#J/54^ TOPDX68W4DJOTW-H/&8G,9[BIJ;7[DQ;X)\2S K7;)D'X_J
M\5&-*K5IPEOQC4G",O\ 5&,FD[K1W26JT=]-#U# 7[65P>(R5VJM&W?QU.W9
MJ*CVK7FL0,EDB[,G^T:C7.7LLD_VC&[-D_G1Q_-WCAHG3G#7C)Q2X?:0U(S6
M&EM%:]U5IC3^IV259DS>(PN9N4*%]\]'_F-B6:O Q9[-':C8F22:FB5I(D.*
M=N>6     E-ZVY=?L58G+?S_ $Z4===>!H;@   #N!!N[;YG'7FJKY@P
M:R=D_/3Y_P  V:F[D^'/Z?N1!8     %&)WKZ=?8 H    "$G=OY+KZF$[OG
MS^OAZ=WH6:FR)]5Z^Q@R;%(+B_3KZ$WKW)Z]?<%"8,2=DV#+4W5/JO7V( N
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MXW2VGF9.[-<;A=.X^U;R%FCA,8V9*>,J6+UR:O3AABDLSO:LCIG)/G0  !P
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M5EKM_FL1SK_LWP,5'S-<L3%1ST5/:?9OJXB[[0/!2IG];Y#AKAI^*>A8\EQ
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M2!4     D]=U^7+K\O0 T    ,HFZHGF 7     -)O2W/[=(==>I:%N[M_\
M2GW7DGZD@<H    $IO6W+[](===> -      0;NV^8!@    UD[)_)=?4&6I
MNJ?5>OL1!<     D]=U^7+K\O0 T     (-W;?, P    >\#N#Q\ $9N[^&G
M7Z>@!J  ;L3GOY=?W *AZ)OD :X?=>(H[\'4BZU/>IQ6]*:<U>*CIO.7#=TO
M>WB='J?\4FG,ZM&['C;B8C(+6R$TON(J4R59599DGV7W#(51'NGV5843WJ(O
M8V/9_9R;IM_'[@M'K#1]_B#I>3BAH>//:'Q>.3,9'5F,DU'CV6L!2PJOC;F[
M.4C<M2+"ND8W+ND3&N<UMI53L\16PZIUH3J4:D]V484H8#\M.G54DDW4>L=Q
M*2E&[;5XOB>1Z8PFIW9;!9&IB\UBJ/OX;E[*7>(7^9*.4QDE6571,QS.TDZW
M7202P6'-8V)4;*WLKV5;_4KVB>,GL[5^&?&K06I>(O"'B1K'^"Y?2FC>'&C_
M &%I. &M.'7$:CJ7&Q092YKJXL#\,W2<./R^-S>&@L6I\DV2;'R^_9[V.:.6
M]Z_S$(4JM2,HTW/NL1'#;N[)[KE4E9-.[6[?771VT[_BBS%,=IRYD,SB,3-6
MGR3*;<MIZ;4L=O\ $5X&V&1X^%'JWW*1Q2.L.C7W;EB:CV=M6R>'_P"&Y9XE
MVX>/>E-"<)^*G$W%:APO#ZUJ>SPMXZ8CV?+^EGX/.YF;!VKNN<K+2]^N5EN9
M&C5PD&1B2[79DIIJ-S\+%/0QCXU*<J+<*U)K><74Q<<2]Y..L)0;[MK2_!O1
M^!?AS+CKU7-Q09'!YB%SJL5EF+TA+IB%L<L=IJQ6X+,3&Y!LS>VC?Y7-B:DC
M')M-LO4_X@&-X@:+U%P=R.<T+QJX5Y:O'J?(X"YQ+]J;&^T3E)K>.O::G9D-
M+9; Y.W-H>;$V?PTL_\ M:\^3LRT;-9W;Q2N9RJ-.E.C2O5Q=2M5I]XE#&4Z
M2ENU-VK"&_PG23A)QF[SBY.+M&Q\#J.[:H9C+MAPNC,5AL9DOX=++=T3:R,M
M6.;'MMXR_:DIQ_[:IEI8[=>*6G#(VI+'!%98GOFR+^W> .C--ZWX6<++.5XO
M^UMQ,XL<1.'G^?*&-TG[7VG="8W4=W%ZUGTUQ$T5IRCJO(HN+U-POQE[2^<R
M.,U1E:,NJ,9D,OD,#:?_  >Q09T6*BH8FO",MZ,:U1*6_ON24W9N=EO-^,K*
M[NSW+2UB6WIK 6IZ[:DUC#XZ66LRJE*."1]2)SXHJB.<E:)CE5L4*.5(XT:W
M?D?QB]I+!8W3'M!\;=.X;/6-48G"<4]=8S&:BN:C?K"]FJ%/4F1@J9+(:IDA
MKOU!DK4#&2Y'+.AC6[>=8FV7M[K [X\4   )3>MN77[%6)RW\_TZ4===>!H;
M@   #N!!N[;YG'7FJKY@P    :R=D_/3Y_P#9J;N3X<_I^Y$%@     48G>O
MIU]@"@    (2=V_DNOJ83N^?/Z^'IW>A9J;(GU7K[&#)L4@N+].OH3>O<GKU
M]P4)@Q)V38,M3=4^J]?8@"X    '72^77!UTOUZ[Z,3O7TZ^P!0     BY=W
M+\.7T_< U   !ANR;Y&43=43S,HFZHGF0+EP    ";U[D]>ON;L3FJ^7+KKQ
M!,J    ",W=_#3K]/0%6)LGSY]?GZFH-P   %Y(J^0!Q^\     %&)S5?+EU
MUX@%     ",W>3\M.O4==>IRX6[,W\7+OZ=R&H*@    @W=M\P#    !K-V3
M\].O0 B     "<WP7KU]048G>OIU]B8*    +R15\@#C]X    !K-V3\].O0
M B     #W@=P>/AZ)OD <?B   "K$V3Y\^OS]0#<TF]+<^OV ,X>,I8BA&$H
MPE*K34922E&,G-;K<6FI).UTU9\'HSHM3SP5M-Y^Q:KS6ZL.'R4MFM7G=5GG
M@94F=-%%98YKZ[WQHY&S,<CXE_G9NYJ(OM/LWX;-ZB]H+@E@M-9W$Z8U'E^*
MN@L?@-0Y[#0:BPV%S-K4^,AQ>2R6G[<4]3.5*EUT$LN)N1K3R+6_A+;HZ\TD
MC.ZQ$:U6E62KSJS4=Z<9Y8J+G:<;J-51<E-MW2XRL]4KG@FFK6 P^:P$LF%H
MXVO):2"O8J<5$SL>/5U6>1DMG%++'"^FQK%9*]R^ZA<Z-41SUC8[^WOM!Z:X
MW<5>$7&['4^+6MM>9[':8GS&<P6K/\-:7@W=UPVOJ+#8^UC-.\268FWF*VJK
M=NY#:QM.NV3(Y*"O;;(^"G%?MUN#@7"/YFG5_+QDU!*.+E4C3O&;WDXP][?C
MX/1QLXZ*3:]#XA0Y"W-I;(8A-13UX'Y.26UH^"A9R20VZ<"5Y(K5MZ0-J3_^
M4C;VH[+>Q+OVZ\*K^"O81R>A=-8KVE="<4Y. V%SN8J\.Z..TU[568UK@- R
MY72VJLW+GJ>1T[IBHN6FU1AFN1*=R5*]_3\_XO&]A:F=RS63QJ@I4]S\G:TK
M_DW4:XK^OO&W?_3;PO<[303K[HLG^/76RJDE7W?^<X<;%)MV9^U_#_X<YS7,
MW[/XGWNRH[W/8Y*X\X]MN'0T.0X=)HIGL?,8ZGJ9<C_]"3DN(&1I*])L'^%_
MSR[7<;)(K2(L_P# $QF['Q?Q=;>SFU]ZTZ^7PIT'*-)UHQ[MJIAW5A3E.=ZN
M(K/>_P"<)0BHT:2MN.3T\5\SFL'Q!N974,<%G)-PT]IN0KRX_4<6/MW:M6FU
MF.P.':Z+; .=<EFES&0E1R7F10-:J]ER2_HSA%QE]A/2?#/@3=S&!X?6>+.%
MTS/H;.8O7/ +(ZWTSI'4FI=53W-><;N*=F"\Q_&R&#2V-Q&+X5Z'QSXY-&V,
MCE996,=8ADQ74UY4Y5ZTJ,=RE*I-TXO3=@Y-Q5O"RMIK;A=VN>H:?@R57!XB
MMF9TLY6#'4XLC81RR>]N1P,;8>LBHBRJLB.[4JHBRNWD5$[6R?S<XXYGA]J+
MC)Q2SW"?#/T]PSS.O=59/0>$?62DN,TK=S-R?"U&4&OD;CH8Z+X4@QK9)&X^
M%8Z37O2!'+([<\L  X ''>K;YET39$3R ,@   UF[)^>G7H:O79/GRZ_+U!$
MB     2F]4N6O77B"C$Y*OGRZZ\#0%      7:FR(@!D   Q)V39A?+S7;T[
MU^R*9:FZHA R7 !>*LDB#EW55!DP"<WP7KU]048G>OIU]B8*     /KP'7F6
M:FR)]5Z^P!L   #"KLBKY $     "<WHESUZZ\"C$YJOERZZ\3=B<U7RY==>
M),H5     (N7=5^B=?<LU-D3X\_K^P-38   /1-\@$YJB>9Q^(.1W     &C
MUY;>?7]@"0     +-39$^//Z_L ;    PW9-\@91-U1$\5V( YR)LB(G@FWT
M ,@  &LW9/STZ]!U].D!$     $IO6W+[]( T     !"3NVP7:FR(A@&0
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M[KR3]20.4    "4WK;E]^D :      @W=M\P#    !K)V3^2!LU-U3ZJ1!8
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MSTZ]#5Z[)\^77Y>H(D0    "4WJERUZZ\048G)5\^777@: H     "[4V1$
M,@  &).R;,+Y>:[>G>OV13+4W5$(&2X +Q5DD0<NZJH,F 3F^"]>OJ"C$[U]
M.OL3!0    !]> Z\RS4V1/JO7V -@   85=D5?( @     3F^"]>OJ48G>OI
MU]BC$[U].OL3*%     "+EW5?HG7W+-39$^//Z_L#4V   ,-V3?(&43=43S(
M N     :/7EMY]?V )      LU-D3X\_K^P!L   ##=DWR!E$W5$3Q78@#G(
MFR(B>";?0 R   :3=E\=.OT]0"0     )3>MN7WZ0!H     "#=VWS!=$V1$
M\C ,@   T>O+;SZ_L 2     )3>MN7WZ0!H     "$G=MA?R]>N9=J;(B'O2
M;TMSZ_8[@\8)  !.:HGF <CN !&;N_AIU^GH :@'(PJDJ]*I&G.K&E5I2G&$
M-]V[R*2W=$W)M1BFU>32NF?+ZQEJ/T_E\9/DJ6-LY;$9BM2ENW%I1^\CQEF:
M:5TS&OE;#4@8^S:?%%*Z*M'(]6.:BHOZ2]E#':GJ<<N&'$3#</=7<0\!PQXI
M<*M0ZNQND-*LU=D$HW=?X+$XO'0XNS/3QT^5U)E[-7 :;JY#(8Z+(9^]0IQW
M()I62,[C&5*TJ%;>>:;C6JKX:C"DEO*RG.+NDG;5+5V7C<\1T5C,-7U%A'0?
M\DSK,4VS),'J#4-K,/>VO(CGTJUM?PTL[DW5S955J,5Z\U1#^P_M=\0^+6>X
M#\8(LPW_ !/JF R>(EDLT>,G W@3IKA15J39FE/'5U=G],11Y['8>!?=Q0V,
M8UD[K3*D:M2.21#K\!.C%UE5[E2E&'=RK8:6)@K2;G[L4Y1;5E>UK7OJD>E\
M1JV=F9A9<4N96G!/=3)QX/4M73-Z198(TI)^(NN96L0MD9*Z2)569NS5B3LN
ME5/YZ^P'J#@OBK/&#&<38N%+=59C":1?P[R'&3V>M1>T-HV@F.S%]^K5=@=)
M5Y\_@\I9H6<;#1R+$9BYT6>+(.=/%CXWVQ-3!3@J+C1E4FO]YAL#.A+?=>EN
M[F]:4FJ3JJ<6MV3W%'WFV?&:?I:XJWY<Q%8S3:%-TCGT-2:XQ^;KOJ,PN4?-
M^.6LKX*S9<JS%I3LL>R:M&EV6SVJ_8[/ZYX[:M]C?4>B\5PHR.!X02:VU36H
M5ZVM_9\]C?7'!W/5M3VN+7#>GBF:.CST=;,:AFH<-[?$>35."N16L7G[S](4
M, E?.)9;9JJM'#TJ='\_A9Q=/W77RZK4GN*I/=C?<;<823<8S3<97LK6.J?C
M<OJ+)7\O_D+4E>TW(2>_3!<0,90J);FQU)MF9L:VD8D]NL^)MB>DYL-FNL2/
M<^1)3TVKK_A;P)X?:(X7+[;/ '-Z;LZ&HKA7\:/8<X@:TU2_2^*USJRQIW%3
MW(\"EF3#:6U#5R4^#PNK:\^3P&<CR$M>&"D_'-3H:\G.M5FZG>N52<G547%5
M+R;WU%I.*EQ46ENWM96/?\'693PV*J1X]<4ROCZ<+<8L[++J"1P,;^$=9C?)
M'8?75/=/L-D>DSFK(CW=KM+_  TXRY^UJKBUQ+U+<URSB;:SNNM4Y6;B)%AK
M6G8=;NNYFY.FJ*^GKM:G:P-;-M>F0K86>G4?BH)XZ"UH$KI$R1VAYJ:3=E\=
M.OT]39B;N3X<^O4=?3I"18     E-ZVY??I$GKNNWE^8-#0     @W=M\P71
M-D1/(P#(   !EJ;JGU7K[ %P    3F^"]>OJ8\?DFWJO-?T^I1B=Z^G7V)F2
MAF*NU\WU]##EV1?HG7W!<@  0D[M_)=?4%VILB(8!D   ==6'76YEJ;JB %P
M    #1Z\D3SY]=> !(     A)W;^2Z^I=J;(GU7K[%FILB?5>OL8,FP   ,.
M79%4RB;JB>8(%P    :3>EN?VZ0-V)SW\OUZ4D"H    !)Z[K\N77Y>@!H
M  91-U1/, N     :3>EN?VZ0ZZ]2T+=W;_Z4^Z\D_4D#E     E-ZVY=?L
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MI?KUWT8G>OIU]@"@    !%R[N7X<OI^X!J   #$G9-F6INJ(9:FZHA N7
M  )O7N3UZ^YNQ.:KY<NNO$$RH    (S=Y/RTZ]068FR)\>?7H:@V    7DBK
MY ''[P     48G-5\N777B 4     (S=Y/RTZ]1UUZG+A;LS?Q<N_IW(:@J
M  . !QWJV^8     -9NR?GIUZ $0     2F]4N6O77B"C$Y*OGRZZ\#0%
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M??I &@     (-W;?,%T39$3R, R   #1Z\MO/K^P!(     E-ZVY??I &@
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M8(%P    :3>EN?VZ0-V)SW\OUZ4D"H    !)Z[K\N77Y>@!H    91-U1/,
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M]X     *,3FJ^7+KKQ *     $9N\GY:=>HZZ]3EPMV9OXN7?T[D-05   '
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M1Y:#(   -9NR?GIUZ&CUY;>?7]@1)     $IO5+EKUUX@HQ.2KY\NNO T!0
M    %VILB( 9   ,2=DV87R\UV].]?LBF6INJ(0,EP 72LDN1!5W55\P9, G
M-\%Z]?4%&)WKZ=?8F"@    #Z\!UYEFILB?5>OL ;    PJ[(J^0!      G
M-\%Z]?4HQ.]?3K[%&)WKZ=?8F4*     $7+NJ_1.ON6:FR)\>?U_8&IL   8
M;LF^0,HFZHGF0!<     T>O+;SZ_L 2     !9J;(GQY_7]@#8   &&[)OD#
M*)NJ(GBNQ '.1-D1$\$V^@!D   TF[+XZ=?IZ@$@     2F];<OOT@#0
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M=-WK>3T[IF6GFKD7\%P&2O36+V0PE!K65\5<NS26[5!E>:R]9GO.(=\>4
M  E-ZVY??I$GKNORY=?EZ T-     "#=VWS!=$V1$\C ,@   &6INJ?5>OL
M7    !.;X+UZ^ICQ^2;>J\U_3ZE&)WKZ=?8F9*&T5>2\M?E_)JY=D7X\OK^P
M+$0 "$G=OY+KZ@NU-D1# ,@  #KJPZZW,M3=40 N     :/7DB>?/KKP )
M   $).[?R77U+M39$^J]?8LU-D3ZKU]C!DV   !AR[(JF43=43S! N    #2
M;TMS^W2!NQ.>_E^O2D@5     )/7=?ERZ_+T -    #*)NJ)Y@%P    #2;T
MMS^W2'77J6A;N[?_ $I]UY)^I('*    !*;UMRZ_8 T     !!N[;Y@&
M#63LGYZ?/^ ;-3=R?#G]/W(@L     2>NZ_+EU^7H :     $&[MOF 8
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M?'G]?V -@   8;LF^0,HFZHB>*[$ <Y$V1$3P3;Z &0  #2;LOCIU^GJ 2
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M7Y?R:N79%^/+Z_L"Q$  A)W;^2Z^H+M39$0P#(   ZZL.NMS+4W5$ +@
M&CUY(GGSZZ\ "0    !"3NW\EU]2[4V1/JO7V+-39$^J]?8P9-@   8<NR*I
ME$W5$\P0+@    TF]+<_MT@;L3GOY?KTI(%0    "3UW7Y<NOR] #0    RB
M;JB>8!<     TF]+<_MTAUUZEH6[NW_TI]UY)^I('*    !*;UMRZ_8 T
M  !!N[;Y@&    #63LGYZ?/^ ;-3=R?#G]/W(@L     2>NZ_+EU^7H :
M  $&[MOF 8    -9.R?R77U!EJ;JGU7K[$07    ![P.X/'S#=DWR (
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M95[HG='DH  7DBKY @W=M\SC]X,    &LG9/ST^?\ V:F[D^'/Z?N1!8
M %&)WKZ=?8 H    "$G=OY+KZF$[OGS^OAZ=WH6:FR)]5Z^Q@R;%(+1OGIUU
MX$WKS1/+GUUX@H3!B3LFP9:FZI]5Z^Q %P    .NE\NN#KI?KUWT8G>OIU]@
M"@    !%R[N7X<OI^X!J   #$G9-F6INJ(9:FZHA N7     )O7N3UZ^YNQ.
M:KY<NNO$$RH    (S=Y/RTZ]068FR)\>?7H:@V    7DBKY ''[P     48G
M-5\N777B 4     (S=Y/RTZ]1UUZG+A;LS?Q<N_IW(:@J   . !QWJV^8
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M( T     !"3NVP7:FR(A@&0   #5R[(OQY?7]CW@=P>0D9N\GY:=>H!J
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M\<N3F[=B:+'228Z*5[XZ$CZ;87+QSZ \2 !*;UMR^_2)/7=?ERZ_+T!H:
M  $&[MOF"Z)LB)Y& 9    ,M3=4^J]?8 N    "<WP7KU]3'C\DV]5YK^GU*
M,3O7TZ^Q,R4-HJ\EY:_+^35R[(OQY?7]@6(@ $).[?R77U!=J;(B& 9   '7
M5AUUN9:FZH@!<     T>O)$\^?77@ 2     (2=V_DNOJ7:FR)]5Z^Q9J;(G
MU7K[&#)L   ##EV15,HFZHGF"!<    &DWI;G]ND#=B<]_+]>E) J     2>
MNZ_+EU^7H :    &43=43S +@    &DWI;G]ND.NO4M"W=V_^E/NO)/U) Y0
M    )3>MN77[ &@     (-W;?, P    :R=D_/3Y_P  V:F[D^'/Z?N1!8
M   D]>?RZY?DOR^@&@    !!N[;Y@&    #63LG\EU]09:FZI]5Z^Q$%P
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MKU]S=B<U7RY==>()E0    1F[R?EIUZ@LQ-D3X\^O0U!L    O)%7R ./W@
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MD3ZKU]@#(   ,-V3?(&43=41/%=B .<B;(B)X)M] #(  !I-V7QTZ_3U )
M    E-ZVY??I &@     (-W;?,%T39$3R, R   #5Z[)\_T\O7;KF@$0
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MT%*:[GYKW85T^6KRLN0L@E>O8?(C&-D7W5<^<X1</?8K9[.7!;BAQ&R/!N;
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M9/STZ] "(     )S?!>O7U!1B=Z^G7V)@H     ""KNJKY@&#W0=P>3@
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M8=%&VNU^R.6639KT3LJB=M$/Z+^U;PRRM/@AQ&L9C@#Q)T]4T_1;;J9+4_\
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M!H     "$G=M@NU-D1# ,@   &KEV1?CR^O[ $0 >Z#N#R<   /1-\@#C\0
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MQ.]?3K[ %     ",G>3\M/E_(ZZ]3EPMV8B^*\_[&H*@  #@ <=ZMOF
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M]5Z^Q@R;    PY=D7Z)U]S*)NJ)Y@@7    !I-Z6Y_;I W8G/?R_7I20*@
M  $7KNY?ARZ]0#4    RU-U1 "X    !.;T2YZ]=> ZZ]2T+=W*ODGEXK\?,
MF#E     E-ZVY=?L :      @W=M\P#    !K)V3\]/G_ -FINY/AS^G[D06
M     )/7G\NN7Y+\OH!H     0;NV^8!@    UD[)_)=?4&6INJ?5>OL1!<
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MJ[(J^0!      %&)WKZ=?8 H     1D[R?EI\OY'77J<N%NS$7Q7G_8U!4
M < #CO5M\P     :S=D_/3KT (@     E-ZI<M>NO$%&)R5?/EUUX&@*
M+R15\@""\U7KU]0#    -9NR?GIUZ $0     3F^"]>OJ"C$[U].OL3!0
M  $%7=57S ,   'N@[@\G !&;N_AIU^GH.NO0&H    >B;Y ''XET39$3R"
MR   #6;LGYZ=>AH]>6WGU_8$20    !*;U2Y:]=>(*,3DJ^?+KKP- 4
M!=J;(B &0  #63LG\EU]3"_GZ_/?Y]WJ9:FZI]5Z^Q$R7 !=*R2Y$%7=57S!
MDP"<WP7KU]048G>OIU]B8*     R^7+3]_K<PGGY\_[?;8NU-D1#!DR   #"
MKLBKY $     "<WP7KU]2C$[U].OL48G>OIU]B90H     0<NZJI9J;(GQY_
M7]@8-@  ##=DWR!E$W5$\R +@    &CUY;>?Z=( 2     !=J;(GU7K[ &0
M  8;LF^0,M3=43S4@#GIR1$\@    :3=E\=.OT]0"0     )3>MN7WZ0!H
M   "#=VWS!=$V1$\C ,@   U>NR?/]/+UVZYH!$     E-ZVY??I &@
M(2=VV"[4V1$, R    :N79%^/+Z_L 1    ![H.X/)P]$WR ./Q     !I-Z
M6Y]?L;,3=R?#GUZF%\$]?I^^Q(L9    !*;UMR^_2)/7=?ERZ_+T!H:
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M+4W5/JO7V(@N     "3UYHGESZZ\0#0    'N@[@\G-)O2W/K]AUUZ D
M ",W=_#3K]/0JQ.6_G^G2F//Z?3]^2_(U-S(   "\D5?($&[MOF<?O!@
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M\-.OT]!UUZ U    #T3?( X_$NB;(B>00&0   :S=D_/3KT-'KRV\^O[ B2
M    )3>J7+7KKQ!1B<E7SY==>!H"@     +HFR(GD 9   -9.R?R77U,+^?K
M\]_GW>IEJ;JGU7K[$3)< %TK)+D05=U5?,&3 )S?!>O7U!1B=Z^G7V)@H
M #+Y<M/W^MS">?GS_M]MB[4V1$,&3(   ,*NR*OD 0     )S?!>O7U*,3O7
MTZ^Q1B=Z^G7V)E"@    !!R[JJEFILB?'G]?V!@V   ,-V3?(&43=43S( N
M    :/7EMY_IT@!(     %VILB?5>OL 9   !ANR;Y RU-U1/-2 .>G)$3R
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M^Q$%P     2>O-$\N?77B :     @W=M\P71-D1/(]V3>EN?7['<==>AY 2
M    !&;N_AIU^GH58G+?S_3I3'G]/I^_)?D:FYD   !>2*OD"#=VWS./W@P
M   :R=D_/3Y_P#9J;N3X<_I^Y$%@     48G)5\^777@ 4    !"3NVPG7CW
M^'H7:FR(A@&2D%HWSTZZ\";UYHGESZZ\04)@UD[)_)=?4&6INJ?5>OL1!<
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MK[&#)L   ##EV1?HG7W,HFZHGF"!<    &DWI;G]ND#=B<]_+]>E) J
M1>N[E^'+KU -0   #+4W5$ +@    $YO1+GKUUX#KKU+0MW<J^2>7BOQ\R8.
M4    "4WK;EU^P!H     "#=VWS ,    &LG9/ST^?\  -FINY/AS^G[D06
M    )/7=?ERZ_+T -     "#=VWS ,    &LG9/Y+KZ@RU-U3ZKU]B(+@
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M?<W8G-5\N777B"94    $9N\GY:=>H+,39$^//KT-0;    PJ[(J^0!
M %&)WKZ=?8 H     1D[R?EI\OY'77J<N%NS$7Q7G_8U!4   < #CO5M\P
M   :S=D_/3KT'7TZ0$0     2F]4N6O77B"C$Y*OGRZZ\#0%    %Y(J^0!Q
M^\     UF[)^>G7H 1     !.;X+UZ^H*,3O7TZ^Q,%      05=U5?, P
M :R=D_/3Y_P#9J;N3X<_I^Y$%@ >Z#N#Q\   /1-\@#C\2Z)LB)Y! 9   !K
M-V3\].O0T>O+;SZ_L")(     E-ZVY??I JQ.6_G^G2F@-P     71-D1/(
MR   :R=D_DNOJ87\_7Y[_/N]3+4W5/JO7V(F2X +I627(@J[JJ^8,F 3F^"]
M>OJ"C$[U].OL3!0    !_IZ]:C]?3KD7:FR(@!D   &%79%7R (     $YO@
MO7KZE&)WKZ=?8HQ.]?3K[$RA0     @Y=U52S4V1/CS^O[ P;   &&[)OD#*
M)NJ)YD 7     -'KRV\_TZ0 D     "[4V1/JO7V ,@   PW9-\@9:FZHGFI
M '/3DB)Y     TF[+XZ=?IZ@$@     2F];<OOTAUUUX T     !!N[;Y@NB
M;(B>1@&0   :/7EMY]?V )     $IO6W+[]( T     !"3NVP7:FR(A@&0
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MZKU]C!DV   !AR[(OT3K[F43=43S! N    #2;TMS^W2!NQ.>_E^O2D@5
M  (O7=R_#EUZ@&H   !EJ;JB %P    "<WHESUZZ\!UUZEH6[N5?)/+Q7X^9
M,'*    !*;UMRZ_8 T     !!N[;Y@&    #63LGYZ?/^ ;-3=R?#G]/W(@L
M     2>NZ_+EU^7H :     $&[MOF 8    -9.R?R77U!EJ;JGU7K[$07
M  !)Z\T3RY]=>(!H    "#=VWS!=$V1$\C ,@ ]T'<'CX  !&;N_AIU^GH58
MG+?S_3I3'G]/I^_)?D:FYD   !>2*OD"#=VWS./W@P    :S=D_/3KT!LQ-W
M)\.?7J1!8     %&)R5?/EUUX %     0D[ML)UX]_AZ%VILB(8!DI!:-\].
MNO F]>:)Y<^NO$%"8-9.R?R77U!LU-W)\.?T_<B"P    '777A\W777C]*,3
MO7TZ^P!0     BY=W+\.7T_< U   !B3LFS+4W5$,M3=40@7+@    $WKW)Z
M]?<W8G-5\N777B"94    $9N\GY:=>H+,39$^//KT-0;    PJ[(J^0!
M  %&)WKZ=?8 H     1D[R?EI\OY'77J<N%NS$7Q7G_8U!4   < #CO5M\P
M    :S=D_/3KT'7TZ0$0     2F]4N6O77B"C$Y*OGRZZ\#0%    %Y(J^0!
MQ^\     UF[)^>G7H 1     !.;X+UZ^H*,3O7TZ^Q,%      05=U5?, P
M  :R=D_/3Y_P#9J;N3X<_I^Y$%@  #W0=P>/@ /1-\@#C\2Z)LB)Y! 9   !
MK-V3\].O0T>O+;SZ_L")(     E-ZVY??I JQ.6_G^G2F@-P     71-D1/(
M R   :R=D_DNOJ87\_7Y[_/N]3+4W5/JO7V(F2X +I627(@J[JJ^8,F 3F^"
M]>OJ"C$Y*OGRZZ\"8*     /]/7K4?KZ=<B[4V1$ ,@   PJ[(J^0!
MG-\%Z]?4HQ.]?3K[%&)WKZ=?8F4*     $'+NJJ6:FR)\>?U_8&#8   PW9-
M\@91-U1/,@"X    !H]>6WG^G2 $@     7:FR)]5Z^P!D   &&[)OD#+4W5
M$\U( YZ<D1/(    &DW9?'3K]/4 D     "4WK;E]^D.NNO &@     (-W;?
M,%T39$3R, R   #1Z\MO/K^P!(     E-ZVY??I &@     (2=VV"[4V1$,
MR    :N79%^/+Z_L 1    !*;U2Y:]=>(*,3DJ^?+KKP- 4   /=!W!X^ #2
M;TMSZ_8V8F[D^'/KU,+X)Z_3]]B18R    "4WK;E]^D2>NZ_+EU^7H#0T
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M7C]*,3O7TZ^P!0     BY=W+\.7T_< U   !B3LFS+4W5$,M3=40@7+@
M$WKW)Z]?<W8G-5\N777B"94    $9N\GY:=>H+,39$^//KT-0;    PJ[(J^
M0!      %&)WKZ=?8 H     1D[R?EI\OY'77J<N%NS$7Q7G_8U!4   < #C
MO5M\P     :S=D_/3KT'7TZ0$0     2F]4N6O77B"C$Y*OGRZZ\#0%    %
MY(J^0!Q^\     UF[)^>G7H 1     !.;X+UZ^H*,3O7TZ^Q,%      05=U
M5?, P   :R=D_/3Y_P  V:F[D^'/Z?N1!8    'N@[@\?#T3?( X_$NB;(B>
M00&0   :S=D_/3KT-'KRV\^O[ B2     )3>MN7WZ0*L3EOY_ITIH#<
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MVV"[4V1$, R    :N79%^/+Z_L 1    !*;U2Y:]=>(*,3DJ^?+KKP- 4
$ !__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g126640g19r84.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g126640g19r84.jpg
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MK6Z''/O-GKU\OH^:[SUNT05;S=(Z>+V"I=HKX3J^A371-9C(F-C5VK.K*\K
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M=F%'PR*L-J8*T!]#[7RY]S*6J5?=#C2LI1ODBPXQ=#X4DT<\:EBH( ))5@:
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MURQJ#%J)8^^EO=1/$2 ''-5PU<F@;JJOB[H'@F^,Z&[*UZ*S-IR H?<.\BW
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MUMI&^U6OXV#+7^5=,?YR[#NB6XJVRRI?"&U)LJ.LF6]U2R!+9'?2#DQ&B"0
M&OXJ,!>VB?$P(H45(%D<Z#LS1-:CM&)6$B(97:$15WVJA=RG>[PGWF)HF5I-
MRRH[B-908[ 3YP;BBO#5,O\ #S:MAJ,KUP#5GP %R4L3$"2SV2L169L!8-?
M0#Y6R-.-;:U7PB2&4=.B?,6$O1XB%99)[Y]Q B8BR >1P"1N-C\*K '-6>>,
MI_)FF[I7/:.G23:I="T;*'>-).[5DE:^[W&.1B O>%%'!=DW1TIL-OM;5]4O
M[^C.M:N;".QS8T>P^^9-D!*YRQ49#D3G*4DAL)'0'1P+(==@M: %"L4Y3)24
M$R+V1BRABI4F[4]11(]!?N/0CD6.<\W4Q+!/)$DJ3JA&V5*VN"H:Q3-1%T5)
MW*058*P*C*?+9ACC&:Q>1/=W'>Z).I].H=N$^TIH-9Y+;JMOL5S552[7EQO(
MECJ#97;*['1FI;>C@4J%VP"<#9.;B@FBC[*70IW^4A8%"%#>(W:EB!M9K4@B
MC:U?/)'S'LT?=%=8)9)8SW2F/N]0L"R,TL,1216C?O5"RF4JI4[8W'1BR:.I
M]H2#V^]6Z?TW+-#:K"%0TMH-,-?/T;*I,-$6ZXN0D2ACK>9<%*K2U</5F:1)
M6U*VW6U^MK=L;HRNX(2L0W)/LQM@H/4@C830&VN -O %DT:.>JT"F.*,=M1[
M$,SQ@!$=9!JXXE+L)PQ#,YGW,[-'&C/&KC/NM>5%R'RMJ<CTZ;")5[,?;LO8
M**&Y3+HJ_GIS7%Z9 ;%$8:PC)L[@J^.++3=@S5VNL0 C:_ JJ NV6*H@PX)6
M&X'3FC?0$>'8&(8%>3N+!J'E0W$<P^@B/=L.V$+H(QXI58EQJ9XE:$B>D01*
MDL.]U)#EY#IU8 68JW0=]Z)V;8/"O-WM>35%A=+AEB3:%>KE6:]AOZX/30J\
M-K6SI5S/"OX>X,'6S%]-;IZR_"!JX[PQC-5A9W?S;&&W*FJ# #J* VFN.I8*
M0"*L\901T-7 G:033^T(K$MIW>10RN92YGC+#?158&E5G0F0H%$AI&P_)*^C
M5ZU$UOTZ9A+1G8MAH&/=AULWNX5I44%6@2"DB U;7ZLAU-955H:*UPUE<UI/
MFD6,!*\ZMO1)JU=#2, 2-/1M@25)!"T+%*+)L@60*!HGIFD6CB+QA^V 4V0N
MNR=8S&TK.Q#&29@O=LBLQC61@S NL5!CG2_>6FYM::@IK6M>*KVTW5VO\@0H
MJ74P-A8(:+WIIHY1:_$.C%UA(3.#=L0D4(86,5>F(@*(+ID5E4P8%QW:5U45
M&2QW@*-P V$A?P?PJ''7GBQSG-#H--/J)%DUZ1QJ=(3+(T.Z7VE4>8J3/5Q;
MG):W ( E,;$C*^Z\QO)R!6<0L\72,2$^T'50,,Q!VW8%S6N"77;Z98Z7 CZT
M1/AU$U4U[6K"5;Q@+!'))>$42^GDX-!,8X,TO3NJ(?:?CM8MZ(&T$#:H.[GX
MPI3?%E[/T)90=<"&@60"].A5S'IV92QG="PDF=1&63B)RT@VG.1MYX;CC7IC
MTOAGMZ>>"+ME;DS!3?!R\%Y.D;)LE0!638]:=C'.&=P!0T6.,Z >8$YET$]6
MI'Q<*L49W\H7X^,"&%#86%>'J6 7GSZT3A>R]-;!^TM, 3MC8-"02-4D#,X[
M^PJQLTMJ2"%M&9 6.Q.@/(J[;CM5IK=MT!>]/0(*AK^S+G-JS/+7V,JWH1&K
ME0 3\M*UT,E7/*R5?_69=M6?NY)4R-/(*:$)I'(SD@QLE!2">AL770=/SGTZ
MYQZO21:9(WCU<6H+R3(4CH,@C<JK,-[-]\ W<+M6P-[6"=K.:YPXXQCC&.,9
MKGY/B7(K7U?[H]9U];6_>V=/J2E.Q]6M=M)PTERV-7*"_MH=>46VG$KSJ"FM
M9UZ(>2,)A!$E=<"FX+Q3IGJG.6]HVA2=Z"F4N*+!2:!7E;W7?0$<78[-$8A,
M_>O+&OL^H8-#.NG8O'"\J1EVCD!$S1B()M!+.I%D;&T6*VVS^TYOL"3TZ;6=
ML&?6@F8=E+;626NL%[B[J[/BB*59ZX.7IK#.P)QL[1H)5&#R.T(K"M--E%!7
MOG..ZVW>SG<5X/-42#1&W@WS=$D@\UR?3$""!8OY8C6$3&T"H'5EB*;@>_4L
M@ [M5,@78Z, &9D7G5>45NJVQK&IK?IV6V.ID@Y)PCJCK\NOV*:)5:;W4W(;
MLIG14=><S6"OU^FVJLU5&><HBI!+)H7<V3#);5QX$C;B!IS72PM'JP-DJ ;
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M6H"H[XU5YZZ9CUY4GQ=^_-$F,V:=>K$8XBVQ@>F9C1665PBGNC98+M4,NT$
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M#Q=<D91KV,QE$DDZ@ZE"C*C*RZ?>X98P%E5_ 48F00LIO:)" K3)-N]17MV
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M9JFNN2QZ$L1/5=>(/L>5K?R9(]SW%-'$(OAKPT,"5K86<$I$C4-,[R)*KZ2
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M[<-M&^]M+"TS<-6'Q>Q#E2%Y'6-OA$),+88<U:P=_;K/: DBKL),!;GK*W!
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M2;@WL^KL;:&R/;X!($\%;? )7V\>$G<*8*1V%?I\ZH22.YD^A15A-@F8$L3
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MJ$M:R(F*SCO-'QXX^+KQ'SZGY_?U!Y!O+#0_=&NZM/J_$4+#8A![OXHHV-M
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M9'E"+! =DSA@&BR![P@AA99YL(HXL<<(SL\B\,>I\NY.V1E(\A-.X;STA?\
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M@0'C(JQK5TT7@WNGQ6BKZX;F-&FQ@BF=#[HK93G?-;XA!%N+D.U8)KZI5&P
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M'-K5KL7+R+0Z617N=IN &F6NOIT>Y:K>=A5P[7F+%QM*E'DU6YUFOO%X==9
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M4CC/-K(ENP0@TB\D4Z<NDZS*,(D#D91-7C2:9\A#(#0'5XB.\GX'=@7ML\D
MEANX] OTD\CH1FOLG90#-[<[T9U6,!48E-.YA)=@0!+. +V[57P,0663.5?Y
M,^<Y0HQ3'PH^"29N,5?:_.Z1-RC?K,*R5E/%.NZZ@4+HJ7;#74CIOUB%E;-6
M7/7\$4I]LI#:6!+,>L-<UUL^7ITX)-GS1EZLIP=%V6"0.T]X"EMW=%0.' %-
MRQ,L:KM7GN]1',2!%*N2:#>?FVONN"2X^.@3"ML-J:I31V&O=F3X#T&Y(,.[
MZR @][AB$^SJQ19^^,+6>'"2KDE(#R:'3"I Y$D]TT7&]18_%(\1_P#U/J1Q
MSS?%7TO9ABWQZPAQ!J&,;@7WL;_>E)JSWR=!&I(8 ':+<^C'.C/(QQC'&,<8
MQQC'&,<8QQC'&,M=%_WSJW_'5G_-1<QU'\Q-_P"6_P#[3GI=C_\ ->SO_6:?
M_P"1<WUY\[G[-GF_SZC/P?'&,<8QQC'&,<8QQC'&,<8QQC'&,<8QQC'&,<8Q
MQC'&,<8QQC'&,<8QQC'&,<8QQC'&,<8QQC'&,<8QQC'&,<8QQC'&,<8R.%;J
M3C#UP31<6P590X- 131B#%N9&'<D&!XL4N<X>4\?7><.)&$?<F'7>6'66/7T
M\6+(L6.H\Q?2_GR2K  E2 U[200&K@T>AH\&NF2/&1G%D1!C/&+E/#B3-#.1
M"-E)AU/+ -F/&3/'#WE[3.$>0L6.>3''O"+,D?&3+'*:/K)_O_?YQBC5T:!
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M/V,Q=ETL_B,M ^$)OE0H:35!"4B[S8JHD:$JCK-1D'I#"2,1E/A 1!/F++C
M3C#+')D//E!"5C#/CAEEW#+D,2.1C')UCGW 1#-UC[.7#++I_P"W7/&H\&N#
MR/>+(L>O((^<$=1G-QC'&,<8QQC'&,M=%_WSJW_'5G_-1<QU'\Q-_P"6_P#[
M3GI=C_\ ->SO_6:?_P"1<WUY\[G[-GF_SZC/P?'&,<8QQC'&,<8QQC'&,<8Q
MQC'&,<8QQC'&,<8QQC'&,<8QQC'&,<8QQC'&,<8QQC'&,<8QQC'&,<8QQC'&
M,<8QQC'&,<8SQRV3J?6=BW3N66I>3 .LMF&6!Y&V;=*++ILRJ5:XW+QO#W3A
MAM<V BO;>L"-$DIU2HZ=60F%HKO;?638Z-RX0'@<;*I=]LNUMQO@H5!*;Z<\
M.0  H%;2]W=7]%#J)DTVF$FB,\ 1-JEDU*R21QZUM->G!#Z='9Y))6;<95TY
MVC:K@W&T^+J9Q YA3>H!;:LM7,MNX6?W;8'91B>POZT!5VO_ (S)LD<RK%Z]
M#[[S^%8R0CJ)3X<_<U$^$,^=C$#=3D#QW3=+ !YW<%0!Z >@S*/7,A7=V3'(
MS+IMEP@!D1VD7P]R1()CYD$M1HMR,Z\?CQKTMVJCJGG+8"<XR-G-UP4U\>6R
MOXJW^>GBS$;-^MV: P"AIZJO5EK3E4=N238G&@62%>S2)G2EI'=K?$]WN-;K
MX.SSW7P%%<^AZ @R=7*$/>=EJ!4"DB)8WW)[0 P4P%3WC.ZR$QO8!0L'=&7M
M>4&I G"#R0WLJ\XV=&K!!00<</S98I];:NMX>M2]1@UMP7K^YB'@81W"UUZ_
M*@PUD+*M;$[#>ME-Q%)[333*H(DD$U#IU.U6V[*.TV.6#=.&Y(/3&AU!5]'I
M6[+69P"34:">>,SC4EU$L1#?>XWA8DE7@M%:,C>*WGXY4+932\ .?,BWMR]*
M,]A*7[=TE>ITM-PNVND>I A<;;;+!W7G#BH2U%DR>N:VYR&ZNKY_"<!6"&'0
M.4=TK;AWS$H6!/( W*%ZDT2-I)(-;B10Z9;VR6!8BO9T2C4K"R*K([2=S,VH
M)[N-=ZK()554=;[I(R&<+>=ZK^*^J@Z<&@'\XR2U,8Q1=-EKVQH5Z9 LU]]D
M;6Q-*ZMRV6Y6]%(U.M"S;*Q&[Q3UF:_65P IK89DH9<B)2 !.:'Q=K507837
MB/3;SY#<2 +R'ULYD+GLL!B0)-\&YG:;VE45V[E6IVG C!\3]S&I:0@$2>N=
M246P6W6MM'\ZK7L&S'WQ?(G5UJS6<)*_/7;1LFZRJ_W38=@.L *T^JNN[S1Q
M)[!B<O9TQ:5B*P;1#KQ)2HI*D3ECN% $T:<N5V[CP0I'-\#J<B;42I',A[*C
MB01G<[QH60&!-('[WN5MUDFBE.RBLK"U4DD92(\%'4U[S?B^0^P4U'GNK^XG
M:ZKWS C%;8VWR.;>0EK4-7:Z]02SBO\ MK]G9V0JT*/.I!#]9"YSD,L3[]P=
MUB1@I8DJ+%W(9""0PZWMZ=*\[OG':B"+8='"THB2,3/M8KW>B71QLJF(T4V]
M\+8GO2>:VUAFL^G=NAY762W;GE#;R.BQ; FQJJNR[ N]5.!)UE5Z*F>/SGMA
MIS5F[96-&=LB_+8Q!4CRTG"S5[&JS@='39C3N13R$\$4"Q'*A039!/(W,.+/
M0J><Z7[7TRNIT^AC%%&[QDABD!$\DK*@1)%551Q!"Q+,D8(D[P':)O:/@'N*
M>EOP=0^3-Z&MCR(I9C%:KML&LU$%<5K:N4!:;!!47#,^ ^D-5#C9U3#3QI()
MMA6'MHY/(& )&<RT#[2%D-GR)8#A0H/!)!!&\55L;-^=8.U=,)4;4:*$QI37
M'##)(6$\DS F15!6576"0OO(A3:H!(*^JW.K/"S0;SAI>I[EWK,7:6R1M>!R
MB;'1XD3ZX<WN7JNV-77Q+=9USQ9W[CJ=O3!(%[%7MFQX35^DF%QMC8N\X89(
M\)E1MNYMO##XN[@@!B#^"5X(8V%/.>IV7)J(_:#!"9B&@>A,L7C0L8XV1N=0
MLA)5M.E/* 5!Y.8H4^/5;JMCZ)C\[Y?AN;/7UV&IC.Y=1+)$^OM96+MP5)T)
MM5<T[7,*W80]GAY+"EE.1,*Z@NKJM6H7 ^9A01@'^?L>%J)XI5//# U1WBJ
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MRHRVKU1Y0L".02.<O0)X+0,=@L-$8@&18S"' DPEAE0Y?_;,.2/G)#/%E_\
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M%$D>NT\?'X(J[\!XJ_VU<]CZX!B4C##=X#-%N(4Z:W#;^[,?_%1D.'*FFYH
MG-6J?*'2^Z[!G6-<V1HY;QUN"UYQ&4^XH!?A4JJD.IL,&3]$L72LUP&QJ;DX
M30E2-%!+C$)B(,8(= -=)4<D*22!?0CB@?,#D!EL=1?3.:?0ZG3())HPJES'
M8DB<[@TJ#PH[-M8PR[6K:P7<I(*D[!<TSDSSW\[[;I"KR:@'W+0]GWR&SGW"
MJKENMG)*K$M-8XZN@L]:M0XU@K^+M%<\VJ&O=I"RL0F\Y.*HB>#$_J(KGG*
MIO5FO<!M)'!V@@T18:P*\^GGGJ]E1ZJ3VKV:6"(IW4A:90Q#(&>.2,E'VO%M
M=]P%J!N -<:VT19Z<[E4XB!MMTMS4^QW!O8;N@K^VT<2TK8DNQ1TL71J)+$H
MKE:@J6R'=&UE#,3VMZI]<25J.8PFM=#89J-.;-L3;$L-X%MNKE10&UBJT:
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M*J^#M];3Z5I=/I0G:+1;B13:D".,2#4/*L<(92I3N4,OC#/W@81;>[:6(/\
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MC3T-,-7T0L7CU1[U(:F*L-)&7*J]:$C)-J6T0S'PEU]@B&0L!GZL8/#%W@H
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M XXXL>>:2=O??VEBTP/WQBC2/XN[,[:@ K3J)5>1JDW. 0C;25.[8?QX]/\
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MH<R A 9E24&/1':2%@D2UDYE:*2%>Z[V2+L-_P#5(.;,ITND:&F!@[VLC3K
MF>NS &0A3C4T6N;0S<.-PR-5CM*ECVXP5'C)CTMB)^#)KCK>N=M WM<%M22:
M10/$!RIL6FTFWL$#?7D> 5Z$62'L(* VJF9CW#,Q68%2$U'?1JJZ8*R,_LX8
M%@R#<T<[[2C_ &XL_J@JH;LJKVO*:_Z:M/)/NJV=Z5K61E6EX@ED+\<.U8*V
M_5=87$R/S0+&L-G6-#,0HHY[$2O)^(RD03JA8"J;[RB=ECKW=#<H]+L'CK1O
M"1]ADQ,\TJ;5T6]%$VV0DH-;N9H9&!4;V78RC=PFY:&9/HC'S#7Q>0#=OIB@
M@WF6J[(9:H<]I:)!WLNRIC3>M,J]B6:O[IA9P?67DX),ZJ36H0%%> $9&;GB
M=LSDPEU,P[PE%W;6VFE\1%[ Q#CYJJ@.=]D@<\B]G'V15U,QBWP#4*6E/<(X
M!U30H^F(/B!;O.\)9SM&EVJ&.++UOWU%J0X%0=^/=#LA3S9=JJU/:5:L6!\G
M>55?>=>HZM9+*2!MV036JY[27MRN9;:S,9C%S!$.@)J8Z@)[<1*M).IKNP26
M8"@2" P )(<[05)-MS8K:!9SHBTG8\BE_;)4V01R2+(Z(RR-%,TD: Z:YRLR
MQ1JJ !@Y<2EBL1O76Q/4B"MN*LK1>G755@O.O%,]E4,!%DIU&8KC^]AVD%6T
MW7,4*>E8QK)%Z<S#*:"$@T 7NV9"P-3)W:BZ[M"-RBP:\)^,:WGD>GSCG@G+
MN>QC'N&KU*R=U,VQD+ 2@KW*%ETH!5QNW,OF 3W8)40:79'J99B5QBYT%K6!
MHT'3Q69'$[JA:=*?!>6Z]GTMECW$$S6+3]?2!64E]*UOQ@CY<JKZZC216)TP
MJ4!M30)C4$@6+% [B#^'YKSU;FA7)*W>'L0%U75SE5+=V^R0,ZF)2NX>S$%A
M-:;=L(*,SM+X%63=/2+/<C6B#D[W05FN[!P:-(2Q*AC[%%.KZ(]HH+&%[M=U
MD$F[$EQ%+CEL1F4Q0LIN$0,)400^Z;ROC #6?B]*\N+:OSG_ +9YFI&G64C2
MM(\6T$&4@N&_"!(CB!%\CP"@:))!)R,V0(G_ $OZ>I5+KI0S%=J>FRT-CTL<
M@_7]R;K^C(9O<F8?M9/=3QO9%#^TS]C+A]?+Z9(!Z@&C8L71'0_./7,E9EW;
M69=RE6VDC<IZJU$6IH6#P?,9+<G*XXQCC&:S^3R'R/LU?U\C\:KJ-KJPG["+
MBO%U, I[86O4;K5FSLPF!">WUZS8.H(]G8ZVZG3H5T#UI#EF#TZKR6=T]79R
M"0A1&=I+>)N#2[6YH@WXMO Y/J!9SMT+Z-'F?6Q=\BP@Q1!I5+R]_!:AHGC*
MGN._IG8HO7:[A%.OESN'J/>^8KZ[K77?2[)U7F/QROKJK*>'7 =SE1.UL@]N
MWY *\=GZC5*Y2D,:VK MX;6Y-4[.H=K1+JY)F6U'DBCD&QM-#?R.9.3L'2A=
MDAE(K.N*/L:K>>8MMD&UVD"ESI1L8&/1DHHU+-3EI"I10\$T;%Q ![$]3EC;
MZS*RT5KZO5<.35>3L1>?1V SF:PUIE'MP)J43O ARL44JS0JYZO8ZZ,6TP$.
MEQFINP\ I8\XW:DE;10/#8&TW8.Z[>P :HBS[FR[0]B"-]NJF=SW^TL)04".
MOLY4#2!6:5-PD1R%)'$L!(J+J=G]495A7AWFN:98<WB_6(EF/L##6>7R8<PZ
MN\6R&JJ"I7FLXLLZ]+W22O="8VXK,/WO!'[8R$@4PIU(JU!L)=[.+W;R*877
MAXY]WH9DC[#;>4GE3:VH*!1.>]"]UW"MWD3[0X[T6"A5JWTI!&0-*'^:43-@
MWVQIRDP6<G319$5QB2:VC?/MABD/IU5(LC^L[D]XK]?&D@0R (@*U=5,V;AE
M.5LI/*MZC)LG?62Z"]I\5+9/-*2'XZ T PHT6!&8ZE>S=H73ZF4H-2 8R\VQ
M(2$W2HCZ4!W-N"S21,*%0,&XI-OWQZAVOVHPK_0E#?IF5WUK5D;V@5*R6Z9D
M,^K#(NYLF:%/MTXNHI5=D@#!FL[XS :M898"BJ-AC'YV%11I-0I ,:T6505!
M:['/ ?P@'BR>/(-=C6/2]D2K::J976*>1TFECC"E'41*KMI0)&9"6$:"W-DM
M#6QISK97J<!Q0>\Z TJYE^'ZV.)[6- U?7O+VO)6NQT<43#>)F.)U*>G/ZB"
M?V5,L=S5I=8199%-OEPJ%MVIX^]H?BW5#J 6'+^1L>AH'H>*]QV*2:UFI47,
M!N4M6QW6!B1I1X94".PK<@D*FGBN7]'V+ZE.6,3 G0^N8B\FW:J1-&XJDZ>1
M7#C<# GG6/>XAVRK-J1%2T=A9]/K+E5!2VKA!KV^R 8#GMVHZ[%]*L5YT?C\
M>0/)(LD*:Y&'L7H-7/6T,&VON#$QAD_\*5;:.]:,;(Q)2J\\):UVUT(YWV[K
M+PCR$JM2J=IB?+,4 5.[Q^'D5PW7]&<,/?.L;G=_K,DFP&=ZJ.9?3(&)J%6P
M7 JD<)@,49K&9"#W@ -\5Z;5/XS<ABPZ\U=>O!JUTBNHTDDDB%&WF3J'$TJK
M7WJ+PO"L4M;25,C*6)4@9<=H$5E R56-*IL"O.88G-:[6AM0,R Y\"1",@SX
M9Q\IA28XR!I>X^Y()X\)8LL9,,<NK$ BB 1Z$6/VYSJ[H=R,R-1%JQ4T11%@
M@T1P1YC@Y+<G*XXQCC&.,8XQEKHO^^=6_P".K/\ FHN8ZC^8F_\ +?\ ]IST
MNQ_^:]G?^LT__P BYOKSYW/V;/-_GU&?@^.,8XQCC&.,8XQCC&.,8XQCC&.,
M8XQCC&.,8XQCC&:G^3.F0]LN=+$/-O.=35JJ7<B4K*N68&J/[=8GHXBZGUQ,
MT9"&C8L2V\?<0\8,45CD[GRCKI@I\GM>LI$#E+<H WD:))Z $^_TY],[M%J3
MIUU(73IJ'DBH=XAD2-%),CLJD$@+UW$IYN".,TPM5.W>3A2:J5Y_:S+=6-%K
M!C4P&6R:Y5G5]N\SO7Y>'=5Z4UPAAFH=V6M[/PJKE2/8I+*KV NI956^IKI:
MU:8LK^$=^MD+MM@"S>'I0YLAZ/-A@*M03Z<<FE!ED'9,X5'G60B%Y$AB"S ]
MYN?:&1'@WH2G=M"THD^_LJW5MXO^=CM\0X9^4U=EF^M?$P!  C%: /5[=9=6
MGR>\U/*MGK#)SJIKQQ6I$V;+""KM;TQMM8>X2K/@K>QCG)LRC\(< ]&*WP0?
M):J^"Q((KG)==V6J;1H7K[RY!8,3)$DX $F]6 $DRONVW(L2QR(=V].)GXA^
M8L*^QI:EY0"(%MMD\@<&DL<S^ P*':.5Q*H9RTH19@]B=:_+L04:4@.RJ5U?
MC@F*"6-Y@4,*R.YE ($M7WE]?P@U?2I(KD <D"ZPO:'9Y*-)H=[1^Q[1X*/L
M_=B4,"=FR8(VX&-BYI6907W9JJ.D_*9$NW8O,WDNZSNM4W1%J<T;/LW[,+??
M[4]?T$H@(RF#Q6&37WQ3,@JVF$9$V7,[I094(@*\M+.NJ2@.-_Q@^WF]I8DK
MY"]M_&NS=50&<TFIT+-IF&E8]U)IO:%/'?QPHJ2@,)#L[[: (P*CK<)"78#$
M=NT]Z@"6S*A:AO4JVU5KMPR>(G*:IKI*7K&38E(<*S;=*Y2CM[ :JU0ON6M"
MJW7HW4-A>L@MCD&*7N<T<-62>Q3V"Q]!2[A1-BR0EK0NSXN#G1'J.R61C)I1
M&ZZ<"OOC=Y/W,JL(PK[4#:@QSAW*E$!A 9*!LP/C_P"<RRQ DQ^5X;>OA775
M3/L5RN%[F,J:-(6)LL%@*'2XI26;P\CK-.+$\$2&SQ!NFD &04B(^>[GO^=X
MW*>1Y 4UBNI)L $#@<#*-J^RV0C^3RKF+4+:NW$CN# 03)X5113':6 )5=UA
MUC4WCMYTA_*9Q_E#7>VXB2H(K44,LD)G:=UO9NR[-*\...JG?5D(+H-M54LQ
M%&MIJPYCE+8AR4LE63"MX$<W!,HN@#0ZTSFR2.>&VU2CSXVBY?6=F'O NA?:
M6E:,%N%[R"&,*H#V@66-I0Y:5@!L.X2,4W)T53MFT2A05[;&Q)-H6J ^<CNU
MSCCCDSBDBA22C$=#+E<6?43?XK,)UB)AB,N(#!C^B(2./#9 RK3MN/K_ + \
M[^CC/.U4D$LI?3P]Q&0!W8)(!!(L66/*[;Y-D$]3F9.7SGSRVQT-:=?N-TOZ
MGYJ=UBWVBZ[YL]P1O;M6)*I3)&#;8FV]<)\%#!.0?5YZ9K?::=G?&C?-B;'6
MTE%:P#STJM(U9'+W97O"LU,Q<D%A2V6=17X-*PL_BA>* !]SVN.9=,DG9N^-
M(]*D3)%)WDNT0Z>=MRL!())X&6)5H;VE4D2N["J535'EQ;X-H'ZB\VM96LMN
MX@&=')K-!=(*I;UU!U75054O:>M$BH'%"9T-ZS:=2#80[='NA75NJ-0,#Z)*
M@)*VXI,K6>:-[6"J/(<%:)-_'OE1QEY)^SXS NH[,GC"J2JLC1F2-IIY"WBD
M!99EE55HWIC$.ZDD4T)[/PU\L3%2)8?Y) 905B#9@*6(B9VUEC&M>N4=6KF9
M+.1,O-.%76H=]:)D;?%O OQ8C#P,VV8HV0<]S-0'>CC=7GU4 &Z%T;-&^O4^
M51VCV>&=AHC<A@+D;5LQSO(]+N8*6C*('7:20256SNG/T8O-DA]E8#O*$"8\
M".^#UV629F5 OB95*]*JD:8ERJXU:(LF=EN(SEB^ 2JH*TF0*:TM36407&;.
MW=S7?>_C5](8+Q57N:R:X "BP,I[;V9LV#0&B82_0$E9(FD ;>7"=W$55"S;
MW=I&9":&5]D:7\M+'7TO5!\B(Z+8EU$HE?*'SQ@<K2;*"XLA=UL1+@NFY%,F
M&81-,P3,"$, [KJLMUKNOKQ+:80%9DE(%2;2%4<=";.X]/FHUS5$"SF$.IT"
M.W>Z0RH9IG')5A&501(%$@H6)-RA[3O%*.QC%X45Z7]0FU*[[*SWV5KUL#:+
M4-1QV1-6-&M"R=YI8D.P%959&_\ E9&U0U[="Y(ERE8-J>7L!:5VN+[KJC(6
M@34'=<FWD[1QSRANP#0(#@#FMW3@9TMJ>R(S$%THF!CC,I D4HP75 H [IO9
M7?3,S^$2B$C<-[7/V+QV\[W/S$NC\I*W*F<,=L0P=-%6><OP&[U'%/6??0%-
M24A^\5)IU)B@3KYPE*06<ITYGO[V47L"3'.;J442U6/)EH< #H>@NAU)8Y1-
M7V6NPG0ON5=/>UOPHI-STS.S5(OQW(+L0%7NDL'(2#27F -=AG;WR7'*JR^Z
MD.L*R(J!RB<HY=HZO<R!'Y9U061>"3J1/LRC"U0<H^!"_?I[/!:6A><TJB0D
MUV9>-Q-5U&]31XX&P,M<T2#N/EDVI[.,6Q-$1(8E3>7;PL()TL#O"&(U#02F
M2E+JC1F-16[>WF^>7CC&>=3;QNNPVV]F7BF>5SJEWN^;!)*ZJD;E&RKZ*IE:
MX9&U1+)2V"W,YD_CL]6&MDD9['W66BI[BM09*AFKTF3G,1WLPE(+$\7P%V\"
MNI-J#UK:& ZG/876Q'3P12:!)(HH@.\VLKO()E$C=ZII4*2&.U6^]:-GW%4
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M,6OJL<C!"+)UC25.Q<#*[[\*-@Z6DTQQ"^7L0,I@V80#V1=,5U7W78,K+&Q
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MR_#5<><0WM 5"M )G]7/.3OZ8$R54OP_VO\  <&#'OZ<NN\LKJJJ*4 #T'N
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M(\F4?<^V:7KW@OU[M_F_$].,S/W.=OD$'2.0000=7I2""0Q!_P"(Y!8!CZD
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M'G5#RJ_[_GZYZ1Z5UM7]052EZVJF9^=:J?TKTD;',+,@1=(R)-&71XK@5H,
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MUK-M2C:&O]R:VUJ/%4K%7-&,L8 =S5PRP;"J]F?I:J=?T-:22QQ0809Y]L@
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MMA4Y3S'#[ 9NC562!CCGKYU_VOYOIS%1-C]6^RT\L?'7>FJ-=_J:];5S+(Y
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M'39%)>3(Y/G?V<G\WG[^><VBKW@?XJUZ@CZZQU0K<I,%E;6&L'[!RRLS?JJ
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M,5DTVT5BDUUF5@4(+VPS.+<*Z/6*FP E. ;P@@KULH1:O(P&5CGUY%5U_O\
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JZ8SM\8QQC'&,<8QQC'&,<8QQC'&,D5'_ *HO_P#=P?\ R8\8S+_&,__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g126640g20a33.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g126640g20a33.jpg
M_]C_X  02D9)1@ ! 0(!>0%Y  #_X6'4:'1T<#HO+VYS+F%D;V)E+F-O;2]X
M87 O,2XP+P \/WAP86-K970@8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(
M>G)E4WI.5&-Z:V,Y9"(_/@H\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS
M.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!835 @0V]R92 U+C,M8S Q,2 V-BXQ
M-#4V-C$L(#(P,3(O,#(O,#8M,30Z-38Z,C<@(" @(" @("(^"B @(#QR9&8Z
M4D1&('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR
M9&8M<WEN=&%X+6YS(R(^"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B
M;W5T/2(B"B @(" @(" @(" @('AM;&YS.F1C/2)H='1P.B\O<'5R;"YO<F<O
M9&,O96QE;65N=',O,2XQ+R(^"B @(" @(" @(#QD8SIF;W)M870^87!P;&EC
M871I;VXO<&]S='-C<FEP=#PO9&,Z9F]R;6%T/@H@(" @(" @(" \9&,Z=&ET
M;&4^"B @(" @(" @(" @(#QR9&8Z06QT/@H@(" @(" @(" @(" @(" \<F1F
M.FQI('AM;#IL86YG/2)X+61E9F%U;'0B/F<R,&$S,SPO<F1F.FQI/@H@(" @
M(" @(" @(" \+W)D9CI!;'0^"B @(" @(" @(#PO9&,Z=&ET;&4^"B @(" @
M(" @(#QD8SID97-C<FEP=&EO;CX*(" @(" @(" @(" @/')D9CI!;'0^"B @
M(" @(" @(" @(" @(#QR9&8Z;&D@>&UL.FQA;F<](G@M<F5P86ER(CY&:6QE
M($YA;64Z(" @(" @(" @(" @(" @<W1A;7 Q+F%I)B-X03M5<V5R;F%M93H@
M(" @(" @(" @(" @(')R,3DR,3 T)B-X03M,;V-A;"!4:6UE.B @(" @(" @
M(" @(" R."U&96(M,C R," Q-3HU,3HP-28C>$$[15-4(%1I;64Z(" @(" @
M(" @(" @(" R."U&96(M,C R," Q.#HU,3HP-28C>$$[4V-R:7!T(%9E<G-I
M;VXZ(" @(" @(" @,BXV)B-X03M);&QU<W1R871O<B!697)S:6]N.B @(" Q
M-BXP+C F(WA!.T=R87!H:6,@='EP93H@(" @(" @(" @4&EE($-H87)T)B-X
M03LF(WA!.RHJ*E1H92!P<F5F;&EG:'0@8VAE8VL@:7,@8V]M<&QE=&4N(%!L
M96%S92!E;G-U<F4@;6%N=6%L(&-H96-K<R!A<F4@8V]M<&QE=&5D('!E<B!P
M<F]C97-S+BHJ*B8C>$$[)B-X03M4:&4@9F]L;&]W:6YG(&9O;G1S(&%R92!P
M<F5S96YT(&EN('1H92!D;V-U;65N=#HF(WA!.R @(" @(" @("!-;VYT<V5R
M<F%T+5)E9W5L87(F(WA!.R @(" @(" @("!-;VYT<V5R<F%T+5-E;6E";VQD
M)B-X03LF(WA!.U1H92!F;VQL;W=I;F<@8V]L;W)S(&%R92!P<F5S96YT(&EN
M('1H92!D;V-U;65N=#HF(WA!.R @(" @(" @("!";&%C:R8C>$$[(" @(" @
M(" @($--64LF(WA!.R8C>$$[+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM)B-X03M&:6QE($YA;64Z(" @(" @(" @
M(" @(" @9SDR9#8T+F%I)B-X03M5<V5R;F%M93H@(" @(" @(" @(" @(')R
M,3DR,3 T)B-X03M,;V-A;"!4:6UE.B @(" @(" @(" @(" R."U&96(M,C R
M," Q-CHS.3HU."8C>$$[15-4(%1I;64Z(" @(" @(" @(" @(" R."U&96(M
M,C R," Q.3HS.3HU."8C>$$[4V-R:7!T(%9E<G-I;VXZ(" @(" @(" @,BXV
M)B-X03M);&QU<W1R871O<B!697)S:6]N.B @(" Q-BXP+C F(WA!.T=R87!H
M:6,@='EP93H@(" @(" @(" @07)T=V]R:R8C>$$[)B-X03LJ*BI4:&4@<')E
M9FQI9VAT(&-H96-K(&ES(&-O;7!L971E+B!0;&5A<V4@96YS=7)E(&UA;G5A
M;"!C:&5C:W,@87)E(&-O;7!L971E9"!P97(@<')O8V5S<RXJ*BHF(WA!.R8C
M>$$[5&AE(&9O;&QO=VEN9R!F;VYT<R!A<F4@<')E<V5N="!I;B!T:&4@9&]C
M=6UE;G0Z)B-X03L@(" @(" @(" @36]N='-E<G)A="U396UI0F]L9"8C>$$[
M(" @(" @(" @($UO;G1S97)R870M0F]L9"8C>$$[)B-X03M4:&4@9F]L;&]W
M:6YG(&-O;&]R<R!A<F4@<')E<V5N="!I;B!T:&4@9&]C=6UE;G0Z)B-X03L@
M(" @(" @(" @0FQA8VLF(WA!.R @(" @(" @("!#35E+)B-X03LF(WA!.RTM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+28C>$$[1FEL92!.86UE.B @(" @(" @(" @(" @(&<R,&$S,RYA:28C>$$[
M57-E<FYA;64Z(" @(" @(" @(" @("!R<C(Y,SDY."8C>$$[3&]C86P@5&EM
M93H@(" @(" @(" @(" @,#$M36%R8V@M,C R," Q-#HP,#HT-"8C>$$[15-4
M(%1I;64Z(" @(" @(" @(" @(" P,2U-87)C:"TR,#(P(# T.C,P.C0T)B-X
M03M38W)I<'0@5F5R<VEO;CH@(" @(" @(" R+C8F(WA!.TEL;'5S=')A=&]R
M(%9E<G-I;VXZ(" @(#$V+C N,"8C>$$[1W)A<&AI8R!T>7!E.B @(" @(" @
M("!!<G1W;W)K)B-X03LF(WA!.RHJ*E1H92!P<F5F;&EG:'0@8VAE8VL@:7,@
M8V]M<&QE=&4N(%!L96%S92!E;G-U<F4@;6%N=6%L(&-H96-K<R!A<F4@8V]M
M<&QE=&5D('!E<B!P<F]C97-S+BHJ*B8C>$$[)B-X03M4:&4@9F]L;&]W:6YG
M(&9O;G1S(&%R92!P<F5S96YT(&EN('1H92!D;V-U;65N=#HF(WA!.R @(" @
M(" @("!-;VYT<V5R<F%T+5-E;6E";VQD)B-X03L@(" @(" @(" @36]N='-E
M<G)A="U";VQD)B-X03LF(WA!.U1H92!F;VQL;W=I;F<@8V]L;W)S(&%R92!P
M<F5S96YT(&EN('1H92!D;V-U;65N=#HF(WA!.R @(" @(" @("!";&%C:R8C
M>$$[(" @(" @(" @($--64LF(WA!.R8C>$$[+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM)B-X03M&:6QE($YA;64Z
M(" @(" @(" @(" @(" @9S(P83,S+F%I)B-X03M5<V5R;F%M93H@(" @(" @
M(" @(" @(')R,CDS.3DX)B-X03M,;V-A;"!4:6UE.B @(" @(" @(" @(" P
M,2U-87)C:"TR,#(P(#$T.C V.C(V)B-X03M%4U0@5&EM93H@(" @(" @(" @
M(" @(# Q+4UA<F-H+3(P,C @,#0Z,S8Z,C8F(WA!.U-C<FEP="!697)S:6]N
M.B @(" @(" @(#(N-B8C>$$[26QL=7-T<F%T;W(@5F5R<VEO;CH@(" @,38N
M,"XP)B-X03M'<F%P:&EC('1Y<&4Z(" @(" @(" @($%R='=O<FLF(WA!.R8C
M>$$[*BHJ5&AE('!R969L:6=H="!C:&5C:R!I<R!C;VUP;&5T92X@4&QE87-E
M(&5N<W5R92!M86YU86P@8VAE8VMS(&%R92!C;VUP;&5T960@<&5R('!R;V-E
M<W,N*BHJ)B-X03LF(WA!.U1H92!F;VQL;W=I;F<@9F]N=',@87)E('!R97-E
M;G0@:6X@=&AE(&1O8W5M96YT.B8C>$$[(" @(" @(" @($UO;G1S97)R870M
M4V5M:4)O;&0F(WA!.R @(" @(" @("!-;VYT<V5R<F%T+4)O;&0F(WA!.R8C
M>$$[5&AE(&9O;&QO=VEN9R!C;VQO<G,@87)E('!R97-E;G0@:6X@=&AE(&1O
M8W5M96YT.B8C>$$[(" @(" @(" @($)L86-K)B-X03L@(" @(" @(" @0TU9
M2R8C>$$[)B-X03LM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TF(WA!.T9I;&4@3F%M93H@(" @(" @(" @(" @("!G
M,C!A,S,N86DF(WA!.U5S97)N86UE.B @(" @(" @(" @(" @<G(V,#8R,3,F
M(WA!.TQO8V%L(%1I;64Z(" @(" @(" @(" @(# S+4UA<F-H+3(P,C @,#$Z
M,3@Z-3DF(WA!.T535"!4:6UE.B @(" @(" @(" @(" @,#,M36%R8V@M,C R
M," P-#HQ.#HU.28C>$$[4V-R:7!T(%9E<G-I;VXZ(" @(" @(" @,BXV)B-X
M03M);&QU<W1R871O<B!697)S:6]N.B @(" Q-BXP+C F(WA!.T=R87!H:6,@
M='EP93H@(" @(" @(" @4&EE($-H87)T)B-X03LF(WA!.RHJ*E1H92!P<F5F
M;&EG:'0@8VAE8VL@:7,@8V]M<&QE=&4N(%!L96%S92!E;G-U<F4@;6%N=6%L
M(&-H96-K<R!A<F4@8V]M<&QE=&5D('!E<B!P<F]C97-S+BHJ*B8C>$$[)B-X
M03M4:&4@9F]L;&]W:6YG(&9O;G1S(&%R92!P<F5S96YT(&EN('1H92!D;V-U
M;65N=#HF(WA!.R @(" @(" @("!-;VYT<V5R<F%T+5-E;6E";VQD)B-X03L@
M(" @(" @(" @36]N='-E<G)A="U";VQD)B-X03LF(WA!.U1H92!F;VQL;W=I
M;F<@8V]L;W)S(&%R92!P<F5S96YT(&EN('1H92!D;V-U;65N=#HF(WA!.R @
M(" @(" @("!";&%C:R8C>$$[(" @(" @(" @($--64LF(WA!.R8C>$$[+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M)B-X03L\+W)D9CIL:3X*(" @(" @(" @(" @/"]R9&8Z06QT/@H@(" @(" @
M(" \+V1C.F1E<V-R:7!T:6]N/@H@(" @(" \+W)D9CI$97-C<FEP=&EO;CX*
M(" @(" @/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*(" @(" @(" @
M(" @>&UL;G,Z>&UP/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O(@H@
M(" @(" @(" @("!X;6QN<SIX;7!'26UG/2)H='1P.B\O;G,N861O8F4N8V]M
M+WAA<"\Q+C O9R]I;6<O(CX*(" @(" @(" @/'AM<#I-971A9&%T841A=&4^
M,C R,"TP,RTP,U0P,3HQ.3HP.2TP-SHP,#PO>&UP.DUE=&%D871A1&%T93X*
M(" @(" @(" @/'AM<#I-;V1I9GE$871E/C(P,C M,#,M,#-4,#$Z,3DZ,#DM
M,#<Z,# \+WAM<#I-;V1I9GE$871E/@H@(" @(" @(" \>&UP.D-R96%T941A
M=&4^,C R,"TP,RTP,U0P,3HQ.3HP.2TP-SHP,#PO>&UP.D-R96%T941A=&4^
M"B @(" @(" @(#QX;7 Z0W)E871O<E1O;VP^061O8F4@26QL=7-T<F%T;W(@
M0U,V("A7:6YD;W=S*3PO>&UP.D-R96%T;W)4;V]L/@H@(" @(" @(" \>&UP
M.E1H=6UB;F%I;',^"B @(" @(" @(" @(#QR9&8Z06QT/@H@(" @(" @(" @
M(" @(" \<F1F.FQI(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @
M(" @(" @(" @(" @/'AM<$=);6<Z=VED=&@^,C4V/"]X;7!'26UG.G=I9'1H
M/@H@(" @(" @(" @(" @(" @(" \>&UP1TEM9SIH96EG:'0^,3,V/"]X;7!'
M26UG.FAE:6=H=#X*(" @(" @(" @(" @(" @(" @/'AM<$=);6<Z9F]R;6%T
M/DI014<\+WAM<$=);6<Z9F]R;6%T/@H@(" @(" @(" @(" @(" @(" \>&UP
M1TEM9SII;6%G93XO.6HO-$%!45-K6DI29T%"06=%05-!0DE!040O-U%!<U5'
M:'9D1SEZ84<Y=TE$375-04$T46ML3D$K,$%!04%!04)!05-!04%!045!)B-X
M03M!44))04%!04%104(O*S1!1&M&:V(R2FQ!1U1!04%!04%F+V)!25%!0F=1
M14)!545"9U5&0F=K1T)164I#=V='0F=G3$1!;TM#=V]+)B-X03M$0D%-1$%W
M341!=U%$031014$X3T1"351&0E%417AW8D=X<V-(>#AF2'@X9DAX.&9(=T5(
M0G=C3D1!,%E%0D%91VA54D92;V9(>#AF)B-X03M(>#AF2'@X9DAX.&9(>#AF
M2'@X9DAX.&9(>#AF2'@X9DAX.&9(>#AF2'@X9DAX.&9(>#AF2'@X9DAX.&8O
M.$%!15%G06E!14%!=T52)B-X03M!04E205%-4D%F+T5!84E!04%!2$%114)!
M445!04%!04%!04%!05%&07=)1T%104A#06M+0W=%04%G241!445"05%%04%!
M04%!04%!)B-X03M!44%#07=11D)G8TE#46],14%!0T%1341!9U%#0F=C1$)!
M24=!;DU"06=-4D)!049)4DEX459%1T4R16EC645537!':$)X5WA1:5!")B-X
M03M5=$AH37A::3A#4GEG=D5L47I25&MQ2WE9,U!#3E51;FLV3WI.:&156DA4
M1#!U24E*;TU*0VAG6FA*4D92<5,P5G1.5DM"<GDT+U!%)B-X03LQ3U0P6EA7
M1FQA5S%X9%AL.5=:,FAP86UT<V)7-799,U(Q9&YD-&58<#=F2#$K9C-/16A9
M84AI26U+:31Y3FIO*T-K-5-6;'!E66U:)B-X03MQ8FY*,F5N-4MJ<$M7;7 V
M:7!Q<75S<F$V=F]204%)0T%1241"455%0E%914-!341B445!06A%1$)#15--
M545&55).:$EG6GAG6D5Y)B-X03MO8DAW1DU(4C133D-&5DII8W9%>DI$4D1G
M:&%357E7:5DW3$-",U!33F5*16=X9%5K=V=*0VAG6DIJ6D9':61K9$95,SAQ
M3WIW>6=P)B-X03LP*U!Z:$I3:W1-5%4U4%)L9%E75G!B6$8Q95@Q4FQ:;61O
M85=P<F)',75B,E(Q9&YD-&58<#=F2#$K9C-/16A984AI26U+:31Y3FIO)B-X
M03LK1&Q*5U=L-6E:;7!U8VY:-F9K<4]K<&%A;G%+;7%Q-GET<G$K=B]A04%W
M1$%104-%44U2040X03E5-'$W1EA9<3=&6%EQ-T9867$W)B-X03M&6%EQ-T98
M67$W1EA9<3=&6%EQ-T9867$W1EA9<3 W<$=H9#)#26]Q>DUA040S2G=3:T%,
M4$I)1CAM4#9H-3 P-D%L3%949%-$.6]F)B-X03M#;C-N8R]D;7!Z.7-9-#=2
M.5(K>'I-96AK965Z2#=V>F9R535)4U)915 W35E(-GI5-7%C=F%U85A).%!U
M8S)':GAJ>E-U82MV6FI7)B-X03MA-&MK4"M5-T@Y6GI#;FYN3&Y);C1U44UC
M4GE!56A'-T-O56ME24=115-75FAT6&QJ4'=S>4XS;U-$:4I%8W1L24)2,70U
M9S%M,U W)B-X03MU-VM)+VQC.'@Y>E9Z2G@V-TY$;$DO9CDW5$Q4-#5C=VY6
M:C4V;55H8C)!3W8K+TEV:% O04%*,E S:DYL:#=A:U!R1BLU>&-M9T@X)B-X
M03M*6DQP*W(V9G%#8W)A64UW,V%--T]0;7!Z9%E.5FIY:C!N.6)G6DU-;V-W
M:DUY1W R2W5X5C)+=7A6,DMU>%8R2W5X5C)+=7A6,DMU)B-X03MX5C)+=7A6
M,DMU>%8R2W5X5C)+=7A6,DMP8G)/=E=E;'AF=D0V:S=$.3-!<#-0=69!6F@V
M=E=W=VIF95AC,S1.4$Q)9'540DY5,7$O)B-X03LQ2U-T=SE)=V%P0W5Y1#9/
M+W="3V-V<61::WI(,4AB=39/-'A927='>4HP=GEV<60X0358,$E$=4I*3G%J
M+TI8<6-U,#-:=5A,=CA!)B-X03M42'9,6&PQ8TEB8WEY87DX;6%404%:*U9Y
M+V-S94LO.$-V.$%%-75C4%I'2U Q96]U0E!85%!,6DYO3E!S24)31S-J:G S
M5D%$.3E-)B-X03LR14U'3U P>$$K1&I3>5-036Q%6F%W5WE24GE#:VE+-#A'
M04DO2$EY:41Z0U%33U-8,UAL=E)B:TAN87%J2#EQ4#1$+T%-3%%::5IE)B-X
M03MZ.$TK8U(X3FTV1W!Y4C9P0G%(:V%245AS2G59+W=".5,W3CE$1&(X0FUR
M>CEI:V(T>F9K6$YX-CAF>$)J:W-.-UDS4$=26'0U,$Y1)B-X03MD,4DY=U(O
M1$Y.2T4X570W:DE/8TI2;4YT=WEB42]/4G%T=G%2-C=,8V=F.%1!+UAM-S!8
M82\X041L*V8V,U@U.48Q:#AM5W%Y<V]:)B-X03M31U9H545B9V<U=F=B,T1R
M4T<X2W5X5C)+=7A6,DMU>%9)=&,X."M6=$5,2F98-D-D971V2%=35V\W1E5R
M>"\R5DU6569,+VXO=T%T)B-X03MA-TA),6Y/>5-29C-K17%L6$%04F=">4)(
M>4].2VUH,7I4=V1M62LT52]X>%9T9&(P.#E82R].5"]#=4MO:4LY=$I44T]6
M5THV0W1$)B-X03LY>'A65WA6,DMU>%8R2W5X5C)+=7A6,DMP4C5I,2M05$E/
M161(=35"*S=1.4%0-6UZ6#8O6$1$1V@Y6B]&=51P=$]C:#,K;&=8*VUA)B-X
M03MH969T5#---V9-:S5Y,W)Y>B]N4TQU9E1#4&-!>EA1+TML=%I"6C=S0V4V
M-F=(9$4K43=N,WIP3D8R6$A(-G W>2MW3W$Q1W--=&\W)B-X03M"4#A!3G$T
M5'-69&ER<U9D:7)S5F1I<4=V.4]S-RM%>%A-661F,E<O854K2VYT;$]F5'=Y
M:7!#,GI(;&Q!,D="-C<U9'5D369M2WDR)B-X03MJ2#1*86)J,F)W3V-T<F1"
M3$-B-7<W+S%U,S K<$=4,V]N>3,U:V5X8U<Q>5,Q;7@R4%5X:SEX+VLK27DW
M<S=T131J=WDK:C=M1W$P)B-X03MV2'50<5HR<DMY:&Q)6E=&45)U0T1N54$S
M=4A4:TXT5F1I<G-64WIZ0C5J,&I13$4S;7!40TM0<$=G,VMK8BM61C=N+T%$
M3TMV1G9.)B-X03MF-7(V+W),4$)9=3)M-F5D:$A%85-U4#AU46(O045,4690
M1%-'3F%.-6(Q-U<U4VUM5V-L>5%A4$E"4D9*+VUK86EJ-E1H5C8W*UA0)B-X
M03LU6C-/:'I4,S)R=DA*8U12:4M/,VE*6E55:TUX6G1G5W%O-EE,4WHP5TYK
M0E%14B]3;U V.$-U87=S;49$06XP2T(K<D953DYO9&LT)B-X03LK1&Q'9EDQ
M2#-'=4MO8W=A=%DO1D4O,6E%9%9/*S-Y-B]D:7%,<W179W5316(Y,TXO264O
M>4]+;S-&6%EQ-T9867$W1E5,<6UO=S9F)B-X03M:4UA5=3186D8W<W@V05I2
M<6,T>%%-:3)9<UIN2V<X,G5*-W)53#%P2')*8U1T<T(T;EE+0FY'>FY03$]Z
M=DM4=EEX14DQ,$104$PR)B-X03MG4F%:0GIC0G)Y469V6#8P+W=!;&,V;E%A
M15E9,F9R4$XP*W Q0GE(*VEM*V)">&Y9<3=&6%EQ-T9867$W1EA9<3=&5G-S
M56,P8E)3)B-X03MQ2&IC55I4=4-$:UI216A2,T)30U%B1'IZ>D9O5#9:8S%3
M<E=K<%!P4#1(*U4K-'IK=&9O:FAL=#E"-69Q9#%P=%(T9S@P,SAM-C1A)B-X
M03MJ5&)H<3E48DUF=DMF,'I99&MA,R]*4RM(-FY',75$*TUF1FPR8CDQ<G-6
M4UAZ6C5Q,#=Y,7!B6'0R96-J9D1B5WEM:GEV5&]0040Y)B-X03MO.7-69E!7
M=38Y<2]M3%97=3=X,FUN;&)J1$%L4W%!;6EX>')V+V(X.&MH-DXU22]*-41(
M2'%(;5%'<D%.2'!O2D9",CE::'8O<U(Y)B-X03M0:&=T3#%7,G1R83%G4T,R
M:5-'0TU54TM.47%Q4%E$8D%Q<&ER<U9D:7)S5F1I<4-V.4QH=5%86#DS4#)C
M9"]N:7%(<TY2;&IL*W%8)B-X03MU,&<R4GHS.6EF-#1Q;75+=7A6,DMU>%9G
M9FY(5D1D86@Y5E)V,TYR.$I(67EF=$@V3VUC=#)T<6502G=$;$@W,V-A3$9W
M>'9Q568U)B-X03M+,&-53W!43'9U='-$.7I0+T1-<G-F4V8U5UAW+U<P-C=.
M+T%0:7DS3BLV,3)+=7A6,DMU>%8R2W5X5C)+=7A6,DMU>%9$86I943,Y)B-X
M03MN2F)3:C182'=T,U9U>D0U6E1Q34%Y=TU4,6)-5U%W;%EE85126$YJ971'
M,55N=#,R23=&5%5%9G)Z:35X;&EN6$M54S<V2D4T,S!,)B-X03LP:E-.4515
M3E!H=58R6FA34E(R8V)-33=,4S5X;'AI6#1T,%=B2'=325)&>F-W5W1V3&,S
M1&E/0T942DQ),U)6559*4#!::TY4-74X)B-X03LV96$W<GI*<E5L-4I68E9+
M<%IW2#EI34AB+UI.,6)*265M+VQ:*UAS96Y7.%=U87!&6%5::'ET25A(.7EH
M1WI%9GIS4'5(=F=+6'!')B-X03M"6%EQ-T9867$W1EA9<3=&6%EQ:$Y2<T5U
M-'1T<&PK=S,X1&EQ:G!&-C!Q;3-M+W8T=&I8<5%.=G9'2W!J:7)S5E$R<%AG
M<S=#9350)B-X03LK-FM*54AU,U)2.4IY;E5:9D1X;5AC1WI&1&EK03AZ=#1:
M8GDX:FA"<DQ/-%AK9D9J=51N1C0T2$I-1'))=2ML25)J9F,Y4G1O23=E)B-X
M03LS:F=J1DDT;$-Q4%E#;61V:F=)4D52>41Z.'!'4G-Q;519=7A6,DMU>%8R
M2W5X5C)+=7A6,DMU>%8R2W5X5F@S;FY4=W-K3BMG,F8Y)B-X03LQ3"]R1&14
M.3%F=7IN=3)S1D5:0C$R3'1.0FLR35AE4F(T<DY06DUF:&-E<D@X,3)B-WA4
M-W-(675A<$=(9G5U=G@W0U-49FY8-6EA)B-X03LP,'%$4EE'<$QF;C%,:6Y5
M47AN668W2B\Q2$]J1'$R1F9L5C565%A034%U3&Q/5FAP,T=A6E-+:#5#9C-A
M2#)*0DHY:%1V:5509CA!)B-X03M!;#)+=7A6,DMU>%8R2W5X5C)+=7A6,DMP
M4G%S8E=T,49F4D1Q85-$>% X06%-5E1:2%8P5C%.5EE!9RMX>%9V1E=/*V0W
M;C Y3&IH)B-X03M",VUK1E(O:W%+;CAA6G%/,F-L66A(=DQN84-.>G9U0U,K
M4W)54S9U6FHP9VI::"]R3CA)+T%N3F(R4&HT<S$O>E$U5W5N54LW,F5:)B-X
M03LQ3' S67$W1E=#-GHK95 U56%094Y:6#-M2T%816)&2D5G4V$U0W-$46AM
M9U-645%E=%1I<DI03&YM>GDS-6QS,G9D0C%'1%5B9$1X)B-X03MK94)Q;$=)
M<GAD9G1+861M1TMO,U4Y53 S4S='5R\Q2S9I<S=+06-P<FED>$A';SDR66=9
M<7<V=R]03#AP-R]54'%&=#5K='9R2EE))B-X03MV<7),1$=78F]&;&Q227HY
M1%EQ>F]%34%186<W9VIP5$971GHO;DXK5CA'=2]O2UAZ1F),<4EF,&U8-'I%
M<C$T.%=U079O06<W148X)B-X03M66F]#0TMJ8TA&56<P3'HU-54Q+U8Y4C!J
M4C<W-C5F85,S1%5&:FEM.4].9WA8:C9Z24EM3E%D;%DY1#19<6XK2W5X5DQF
M36QQ3&Y2)B-X03MB<$M66D8Y4F9M;GAF<4=96&%'3&IW>4AL9GEB.4Y0:'E"
M9S-L*S5.=G).<$HR36=2=FLO=VXY96-X;V-N0FUI9E W.6YB-FE01FI))B-X
M03M90BM:,G%.<5!N5%5'-59J=%=&<D=005%J:7<O-4=C:FYB0C!$,6XX<#E'
M6%1V2C%T25)382]*=7!$-TYT2"]W9T(K;D%5<WAW2S=&)B-X03M867$W1EA9
M<3=&6%EQ-T9867$W1E9#*V=%.7!,2#-+,5@U:F-9<6AT1&TY4WE#:S=X<U8K
M:G%0,31Q;4=+<U X*WE6;',T-CE&9'%F)B-X03M-<5 T6GHS8FMT-&HS=7HW
M4$=X2W(U0VI!:G9*3S5+3#EW62]X>6998V1P2#--93!$=4%Y=DXX-C4R2W-!
M+U!M.#%I>B]+9E@U.4I,)B-X03MR8VE+3DI*27E1-G=02VEZ154O-'),5CEQ
M-'$X-B\U>#4O3#<X<F1A+TPV3R]W0E%S8E!63F)D-7AQ67532DAG0WE-23%#
M12]U>#91)B-X03M6=5%(9G)I:W-C+TQQ1WHP6"]N2FDV,&YY5DM:9DQB1U=/
M-5-+4G!)4D-,8FTT3%9B:TER;C162DHS,GA62"]N5&1A:#4X+T]R4B]Y)B-X
M03LR:G579S!Q,6%,-GEQ06XY-TI&.5EM:W P67!B,$,K1R]I8U9:-35Y+W=#
M8V10>3AU+THY>EHV2G!A,D]R5W-$4%E8<4Y),&I3;W11)B-X03MS<$Q(;4A)
M;V$Y3S)+3%EP*U)0;GI89%4O2B]Z6'!3>4Y0<79L=7EM3VQU86PK171V2S%U
M;%-D*T5K5$%B-T-G>%-56&]E9V546"\U)B-X03MX8G5R:')E,UEV<&PQ9%18
M4E942611479W2F-J;'I%>7%G.71S54MU<B]M4G)U:V9K.352,%149E5U4%!0
M;6%X=#=85&M8959),E5*)B-X03LY65!G94I!56YV.$%&*WEC5F5K+VQD*UAT
M:#5&.'%7*VM18UIB,2\S,G S9T<X,7=W*TDQ3R]&9G-Q4$0S<FER3'-69&EQ
M,E=-4U)0)B-X03M',U(Q2VXU155Y36\R0T5G,&)E54EX:FQ6=C)K64=N=41N
M0U).1RLU-DUI=SAR=F)H<G$Y;G5$=3 X<GE(-75X4#AC-SDU<#E4869A)B-X
M03M,6C)&=&%,.6TS:5-*861+26]8*T=24W(T<3=&6&Q/=F9M>#5H=F9Z3'1V
M23-K5S%T3'E7,U!,>D)Q3C)S:VM.<V=)-6AF4VMI*TI")B-X03MS86YD:48X
M8U9E9V5A+TUU;F574$QL+W(R<$4O53E0:3E354E">5EK:%92450Q9#)#:F9V
M:7)Y4%-V>E(O4'9Z3EEJ6&9,6&LR=UA1)B-X03M:0WI7>3-C>#EE6D9*2#=S
M;6%$=S8K;E$Y<31Q>5!Y1BME3VYE64Y!,2LW,6UY9E-.5SAR>'E3-GI916QQ
M3$5'<5EY47!R>6I+;$-+)B-X03MG-V(Q>%9+;"].:CAX=$\P8E103V9M1%(Y
M36<X:S9P2F(O0F)45$YQ1G)B,U)!:6YL3&=1=71#1%)A2&9T:7),4'I/+TU#
M*SAT<'!M)B-X03MK84)B4F%H-70Q,F-1859:5&-J17%G9WEZ>D)'5G944F9!
M+V=$:7)--U%847194F1T1SDR15@V=SA3;$EZ2E0T:6ES>G-&<C!"631Q)B-X
M03MQ-'$W1E5P,%@Y,V188U!:5S)(*W%335948D971V5F069R9'%E>&I91#9'
M>FY/,G@V-"LU,G9:+S!L1F51>B]O=#)/+TYF,4A,*WA0)B-X03MP;#<R<G1$
M;4=5-79(6'5X5C5L+WIK2#4K,41Y9#5$33)M>&\Q-W%C-'-)-4I516MC879'
M-WE-55E&5U!&0V]$8F(K,DMV3U!Y+SA!)B-X03LK8UAF3$]U*U5D3S%Z5W17
M=E!R;7$R,&0T:U9J-D5555%N6&UQ:U!(3'E)1$-T3T\K,DMB4S=Y;$AE+VLO
M=T1N9F)E54QA9$Y4,&Y8)B-X03M7=&]:2D=H4F)G3&-T=VE*9%%757AY8FM6
M-&QD-D$W:%98,71O+TQ8+T]7,7!Q1BMW:7,W*U-.-%I84$9E3C-:1S!"2DY!
M04IQ:D9E)B-X03MJ-E(Q>E8W5%)T1W9D5G9(5T\R<UE8;FQD:GA&155M;%0T
M.4)I:#@Y+W=$3TAM:WIF5G9-*W%33"]O,')7,7!(-$UY0U-344AB<TI%)B-X
M03LK+T9*6F@U<2]*8CAQ3D%S9%$X=V%N3F8R=FPR,UDS=#-O8V0P>3)%:V])
M2V=1,#5&;6%I<6]F,D=+1T)16'5T-E@U53%N.#=.4W1K)B-X03MJ,74K161L
M-5%S;499<D<P:U!O<$EQ16-D;S8X3G%%5E W94MS;3@S84HK63,U8RM713@X
M:GIL9C9X9E=5;'4R=6%6975(<W!5;6M7)B-X03M*,&=J3E)&4C5!2W%/;2LR
M2W9C<D\V:G4W3T,V:G%)-VE.2E5"-CA854U++V9I<71I<G-695-Y14TW161#
M4U)N0E-.;#918VYL3G4V)B-X03MP4$<W9EI6;$HK44]D*S@P*W--:6PR2W9,
M=GHT+TY:4$I0;#173VYU4#A3875R4C)'-$%G5#=,,T1%-T1J5VE6+V$Y9V-6
M641O*W9E)B-X03M7=GEO+TMU-C%(461A,%A84%!D-TI$3'%1*W1X,UIK85-1
M0F]W<TUQ>4US4W-454AD<71I;&UF;6IZ-S5'.'HO04I),VPQ<C)O,C W)B-X
M03M81VU7:W5R5U=M4WAY5%%8:S12-#0Q:4QU>4UT=TYH261U3R]1-&]95BM6
M,3,O>FMF0C5"<S1T1# W5%ID2$569$IK,4=I6$IH3E=1)B-X03MX:%I56&EA
M+T0V9S9E,DM68CAG=$LP8E8S.#EA2#5L5S5(;E!69E=4>D1$3W%X+W5:;618
M84AJ*S$V:W173D]P6&IT:7!4:EAF26YM)B-X03LW5'9*.$=J961.9C P+VQX
M-60Y2V%784-'56%J8S(Y;V%W,C!G8VU)5F]Q:FAU96TK2T5V.'5E6719:#AZ
M4BMC8C=1-3EB.#DK8EE8)B-X03M0;'IY*VMI5S8R3VI25C102DY,5DDO5C8Q
M-RLQ4TU697,K4E!0:U!M;&12=%HW0UA33F,P85I93E<P;61L:V5&;D)A3FA)
M;G=U:F=()B-X03MI=SA$:7)+<U9D:7%685IV<60W5"M9+SA3>%9.8U99<#4Y
M:$II<S5U>7,V12]W0W-!4B]X135O93-)8E)0=F1J,F9,8VA2.&A49U0S)B-X
M03MC2&0Q5G=0.55K2"]!26QL9EEC+U9+4'50-"MB4'1#3W=,36,V2C%B<U99
M+S4W.&MA3#4Q.'0S1VAA<T=%17!74TMA36=34E-P.6E2)B-X03M#45)55DDY
M=U--5F50,E@U3"]N<C5B9T=M954O4$9U=6I)>F5L1F,K<$=556UV=TE9<F],
M,TI#<TXX57-G+TPS.&=P3D<X,&8T=CA!)B-X03M.;7-V-6<X>&AJ2D4U1&5K
M:VA8:GI,3U-Z;%(Y;EI1=FAI:&M0-71F;$)O,S5H-F9!2G!J66%V6F-V<4]O
M26]A9V)C>'E,56-K2C,V)B-X03MG9SE/.598;7,S-4$O;D1R3457:2M9+U!#
M>F5825=8:D=J,T4P:DMV.#!B<D=#4BMZ>61Q67!E,RM4=DM/:F559DPQ<F]7
M:U)L3%,R)B-X03M"<3=536MJ='4X:VA!1E=9+W=#9$U5350O36XX=79-2&YN
M6#E'<W)U-V=T+TDQ:DE,;E5B4DI*4')D,4UT94M&9E0Y35)J<#EU=350)B-X
M03M7;4MS:S@W95-.2S@R955,=GEX8R]W0VI7<SAA<$)*15 W;#1I1VE:5D)5
M55%Q4&@W:F)&6&YD,2M6;C5S95I,2WHX="MC9DU7;GIE)B-X03M63%-32G)G
M,E5C;W9B>$E.,5-9<W%+=E%B<3-V=6-697E2>'!&1VMC86A9,$%61DA104-G
M1TMR<U91*V]4:4-W=4IQ,#E/3C)(>D-M)B-X03MM5EHU.$]/4C=G5V5/3GE!
M.#-M5FI#6G(R,VA(5U-21BLY9TTT<D)$:6Y%9#5$=CAH<4I0:SAV,39Y87@Q
M>E5,36EH=#=I5TUF2EA))B-X03M(-%HS:GIJ-E4X=5@V-FAO1VY8;U!,,3=E
M2C)0*U562$EF43%2:U5P:FER1E!/2#56*U$O3TXU0F4K63E,*W983G1(-DU-
M;G(S15!')B-X03M0:U=P4T=334AC.7AI<GI0.#!F*V-C4$LO=T1H2U@O069L
M-R]!2C)(,6]V4R]W0DUM+W5U6#=Z+T%(<6XY3' Y3TMB5%=X+S5X-SAT)B-X
M03M39FQC,FE*6B]O9GI&<6QH6DA68G(Q<$IW3"LS44]35DUJ>#AF5DQG*VYT
M43=D<U5*8F]8+U%Z2&Q84G)B>35A-DAP5W17=&I'='1:)B-X03MA;5HP6&A%
M9S1X.#%A84)M0TQ3;G=6;T\K2W O*U50-5<K661",3-74$]0;38W:75V3D=T
M9W!+;'9V2$9%>G))=W)245-74F1G2T%$)B-X03MQ8U92;FYJ>6HU:S@V*V1D
M33!R56)8-G8U03!O<F4S<G1,1S,V4G5L*WA!66M9=4DP<G9Z558S+T%-:S1Q
M,S4S.'-E83=,>GIP9FYR)B-X03MY<' X3W(S3G!94V%69F%.2D]T;UI,8W5:
M63)H;&-'3E=6,DYA.7-64D@U8F564$UD='(O04IK.#1E6G)E2W@Q:GI*2F)G
M85I"2THQ)B-X03MT<F4P:3E/3E=K54)88VHW4D<R,W9I<C!$1EA%9T%K-T%B
M:S1Q;$]G9W5B;6,O='-"*W-N.65+<'1I<50K8DQ4-GAO:WA!<3!*17$O)B-X
M03LW2%IV*T9*>E@Y<5EU4$%F3&8X04AW8W)2>C1C9S@R2"M7<C!7;7,R-W-A
M2DEF4V8U4'-0>'!N4&1N6G9$>D$Y1'0X,UHV<4A&:DPP)B-X03MJ3WAD13=&
M6%EQ-T9867$W1EA9<3=&6%EQ-T9867$W1EA9<6AT5&AI;3 K-&EM3DDR:EE-
M4C%',V)+.#))6DE'2C9S;U1-6D%J;WAV)B-X03MY,35A2UA+6#AS;DI);5!P
M24)3<'!3<"M787)3.6LK2&M%:6)P>F,R=#0T,$)Z95HO;DAO>E=0;7<S:7)3
M1%5O,6Q5:G V:4%)-"ME)B-X03MW8C9C,U%D97I0.$%*6%@Q=71#;3!I4G8S
M*VYU5VE8=5E:5'DO=T-&978S:D5P96I91F1I<G-69&ER<U9D:7)S5F1I<G-6
M9&EQ0S%E)B-X03LT.4=Y96@K2U0T1BMN<BM'2W)T2V=-3FI'<$9'8C0R*V)F
M,EEQ:3A6861%:U)K8U929U9994E/>'=304EO<$)P-61Q5FLY:F9Z5WI6)B-X
M03MR1S%&4&EV5E0Y27II3E)H3TQ)66YO.4)I;GAX0F5G-D)Q839H<'-C<$Y:
M:TA#660K64A8-F5U9%IO9%0T=4U(<GE,<&12:31*,3!4)B-X03M(37AO9&ER
M<U9D:7)S5F1I<G-69&ER<U9D:7)S5F1I<58V,T]X4DQ34&5366EO2&A88C=Z
M:7%95S!#=U<V4D1O9V]4-SDO>'A6:78U)B-X03MN*U=',3-Y,4E91358,6E4
M8U=W2%9G0BLX468V>3E08T1#1F5*955F36,O;#=88F95;V=7:E$X3&E)8F,T
M;2LP=CA2-VI#:#E+5TXW)B-X03MA,S%N1&57<V=L=' P16M5:3E#<'E+5F9&
M6%EQ-T9867$W1EA9<3=&6%EQ-T95;&,O<$Q5=V\S=&]/<#=(+V)/2W Q:7)S
M5F1I<D=V)B-X03M/96M'93-7+VA7<W-!<$U",VHV,2]W0FIM;#=8,&Y&2'A"
M>FIZ.3,W2% P3V%J=VYQ>#-Y-W),85IE:&UQ8F%7:7I,-V1M2'EZ539$)B-X
M03M6*T109C94>F,S531016HU=E)K9$I%5C!)6D=!2W-/:$(W-3$T24ES3VM)
M<'9#:#)+=7A6,DMU>%8R2W5X5C)+=7A6,DMQ9'A02$)#)B-X03LP<VAO<2]I
M9D%9<6QM;'=Y6$YW.2]-3W!P15!W+T1P:7%B-'$W1EAH,S5R95)8,'$K9E=B
M0U X03-'6&)6;E92=$1->#,K4W5E;G9T)B-X03LT65%H1"]L="M9:F58-78P
M9G%,32MJ>DY8:TMS64A05C%!,TMN.6]F4U!D2W9D8F4U=#=M0T\T=#5&;&=L
M54Y(26A$2WEN;U%29U-Q)B-X03M9<3=&6%EQ-T9867$W1EA9<6Q7<%@W>78Y
M4W10:6MB-%A99FE0-C1Q:F)'>E,P9T59,UDW=3-I8U921TMU>%8R2W5)1$%Q
M=W%$<U%E)B-X03MH1TI&<3@O.'DV02MN6$)M:%5M>FQ0=VXK42]Y;BM'8VXR
M:F]4:&QX4BMG+UHU3S8P=6\T>%(K<%<X=&5:5%EK5VPR4V)-;C17-FU-)B-X
M03MN+VI83$]Z=3!F0SE%+V\K-SEJ1%9A6&HY569Q6GEK:5-)<F]W6D=&5EE'
M;TE09V,V94UG4EDU3W!)<FTR4T9"2DY!3GE4,'!H47=+)B-X03MZ+T\O.'9:
M-T='.&QV2C=63&EE83-G:FMT<'!(8W='3#0V5S9Z55-16$U,4FQQ8RMA,#-.
M3592>F9M-2M8:7=E=3)R05)#0U,U6GI")B-X03MC:FEK4% Q16(Y,SA-<2MI
M+W=#-E W>C14.$\R2W1A4"MA+VLW5E)*-D5T>DA*1V)K=D9*85A(3EDW4C55
M85-255(O4S4O5G!$1VMV)B-X03M&,C1K8V%G:D97;"].+SA!3&]Y0D1Q-%%M
M1C=G=$I"8V]Q<$=*;61:2&%)2VMG1G),*S=9:"]G4'<T<6ER;CAY+TI.<$A:
M=F5A:6)1)B-X03M8-%$R;W593&E";3E34F]62$=33E=5.#!)25E#;E4W15EQ
M9TQ,.#50258Q3F521S=M=#-T0VY&6G)A9%=N5U)91U4R-FA'85)I8GE.)B-X
M03MF4W V;THS4VA"2W)+=$@Q:E1D6C V2%5T3FU&>%IZ.'94:T%:5%9'2T]R
M2S16;%I857%Y<T%14E$T<6EP6EDT;WI*27=61C-*3TMP)B-X03M.*RLQ834V
M1DQ/32]F+V(K<D-Q9$EI;V=24E)61D%"-$1!<F5+=7A64W5R5S)U-V%3,G59
M,6UT-6Q+4WA/2W%Y;G%#359E265D4'EO)B-X03LQ9E1,<')J4EE*3"]!13)1
M:W)(1T,X,%@K4U9(>$]006HV8TYO6GHK5S)I*UIT2CAL,U5-<4Q&<4UR4WDV
M9&$S2DMQ:D=-0E!6-&AM)B-X03M25VM&5T%5:T1T6$5P65I9+VLU*UHY:$9B
M-F9B*V%66%0T<%=U<%IB831V8DM74V$V;'149&@P:DQH>'=H;EI'3"]B:TY&
M5'-&4F,O)B-X03LU8B]N351,1D0U=%%7-',W>3)T;F$V=F9757E04#E61$Y1
M<7A62DEM86-G>6=R>$)),TMQ33!N.',O4$]K5#-S9&YQ<7E7378V4V%X)B-X
M03M75%5,-4=I:W4U8G T<$IG:2\V5$DO<G<K<$I),TM-;U-H66Y&54AA9FQV
M*V-A5WE35&5A9CEY0U%T8G%)-RLY34%J9$PX2&%73U1L)B-X03M)<&YT3TUR
M<7IJ9S(Y44]3<4TQ5'E(*V)K=6HV1VUM95I)8DQ5-T]'5#E+2V)M*VUG;6UJ
M;$UT<7%V3C9S<DEE6E-:;BM)<4%00VEQ)B-X03MJ+WEQ<GHW65AU;WDV4#5H
M9%E,-E5T4$A,93-A4&-24G!92D9Z9%9D;UIP1G1B:$I*,$IK;S8W=#!65FXS
M;'933F9S9DML=G R<5@S)B-X03LQ=E951"MR9$8S:RM&<%=D22]68T-35# T
M>7-F3FAY86Y)-VY&53!S3D]I=$4R*TM6=G1V+T%E,DMO=D9867$W1EA9<3=&
M5FLX154X)B-X03M4=WI)2&EC55I4,$EY331#44E)<T9-6D5'=W=85V9+9#=A
M>D8W3D=U3%IT,4-I<G(W141R.'AN3#9V<W5C1&-">%(K,3(K1%=2:U!6)B-X
M03MS53@P;55A0C58=6(W5TA.=F$R8518;'=X1$]9;TDP-75E2T)M3D%P86=&
M8S-86FU'95!&575D=41Q-7AL3S1P5% X06UJ*U=U<5=L)B-X03MX65,V:S=X
M,T55,%9Z04QE.6EL5E!33$UR.%DP;&E:-#9M4&]Z+W-6>EE/2WA5<"]Z:FQ"
M9%,S16-%3G8Y5&A%<E!"1F9X5S-',DUD)B-X03LQ>50P,5=#4U0O4E99.&%U
M+T%G,6]W>%9V6'1-+TE85#=Y,&4X,&PS=F19:E-':7@S<4Y(0G)6=S8K<F-L
M,FI7,S503DIV259K0S%6)B-X03M"='AX5C K=B]K8BML04EO<FEA8E8T-SDW
M-'='.5)U17AD-6IC5W!E3V51>4YF35E1:TQK0GEY8U5Q=U955F(O04IX-W-R
M83(P-GAI)B-X03M-,%4P.79$1VM%=#1!=G)(,#!M33!K:V$X15A8:7I.>G)2
M.7%L04965G(U+RMC8S=R4DY+<W)G=UA/;%=6<DUU;$90<G-Q<DAE35)*)B-X
M03M%<W-F2FUN:UI'<$=7.5=O4$5D8U9233$O=T1K<&8R8F%Z9C)S,6],<3AV
M,4)K4SEI;E=7,64S:75R:U)1:WE7>4HY4G0R.5)G;G!5)B-X03M"4$)I,DMS
M;#AT96-0>3AT9$EU-TQ16C,K<&%'4W1X0D9B,VMK;%IB:5-.;E)7:F%7-34S
M0WE";E1N5G$Q3F-65'5.<F)8<F%Y,4=X)B-X03MU;&TP<35I4V5#4DLP9%A(
M2E=&4C-5.2MM2W!R1D9(1D=S8V$X55A905EQ=7A6,DMU>%8R2W5X5C)+=D=.
M6"]+<C@P67!T46PX=&$Y)B-X03M&86I5<GI5<G530U<K,4-'2TYR<3A-,7)*
M16M!;W)X>'4S3F%C1V(W46-9<6I034@U9&9M,V1A;E!C85HU<E=',DTX8VQR
M1DIC,WE')B-X03M.6E9,6%)+>$U%9FA047=X<T-N2#144F%G;%5X.'IE5'9Z
M3W8O3F5O,W5M87A$839&8U%X2D9::3EV;W!*3T0R-U!'94MV2&$X,6EL)B-X
M03M8,7)F-'AZ<6$Y9W%795E0>2LO3C(V:FLO4D]V>'=436QU16%B56120VA)
M-$DT,V<T>$MV4UI';2MS5C5Y5C1/=D=U2W(U+TE8-79.)B-X03M&9G%U=G=V
M2E!Q54YZ8GE09C9G;&):1FU$;S9W<D=).35)>7-54$94>"M.;C=Q<2]M5'E*
M*V$Y-W)..4QP,VUC=S9B3&1T8U=#3F13)B-X03MW3F)R2DA'<6XP-$E0,V=T
M,FIA:TQY=$A,>BM,9WEK=7$Y5'A6,DMU>%8R2W5X5C)+=7A6,DMU>%9$86YP
M=&QQ;6TS96U8,&9R5U8Y)B-X03M$2F)855A*;#5X5$E59&53;%=&5EEI;TYC
M5EDT;C55+VPX;FU+3'I'=6IX:E=96D1,2&0K<$U4>DU3=S=O6#1-06E#9TLP
M0C-'-4IX)B-X03M6:G)E479Y0G1R:S)44C980F122S)K3F(O6&EK:6TW3&MW
M1F971&5R2GIF:BLS4V]88D956#5P;"]*8E4W<7DQ:E<Y47-B<65A4T-#)B-X
M03LP.4<Y9&AC=D)C9U%O8F4R:S0S2'!4>6(X:UE*53%O=&-643EN-4DO23%F
M2VI88TU.<&(K6%IB9%108U,S8SA#3$1F=&(S55EM95=6)B-X03M(:DUH:F=:
M43E'06]O;T141E=R6%%0>49T3'%053=E.#!U3UA4-#=%3$U.55!#2EEF465Y
M6FQ-+T-R9E9)4TA)<DE&1E-W<FEQ1R]W)B-X03MP+WIJ,THU9V<P56952DYB
M4S)K:G0W9&(R6G!)-&\R16Y%34I4=VMJ-3%J,T1Q9RM#:7)S<6TQ=#5A+THS
M56)'3%1,831T3#)',6MA)B-X03M8:DAQ56MS>&)6;41S2G!23S!S:3-H2R]"
M27A75&)9-UEQ;3AV-5DK4G!B2SAS;C!W9E9R*TPV=F12:6%D9558,757*S1G
M:5%&9CA!)B-X03M33&@S*T5J<E0W24%#<65A3F\K;F%.<%9R<%=M42]6-T-Y
M:E=',FA$32]&1D9!3U1L;5!Z2GA61UEQ-T9867$W1EA9<3=&6%EQ=V(X)B-X
M03LP<G8X=UE9.4AH.&QR36)Q-75*,'57:&IT,U5"8E=2-&98935":FIH37ER
M>DY1>$=Y+T510W%X:E5T3"]!1#1F5FYU<E<Y:U)*6C=Y)B-X03M&3T0R6'!W
M5VHV;F)#07!#-$UB<TQ*2DA6-45:>%9G5'E)6$97,&(O04IY2&EI,'A$2$AC
M;')Q,V956EAE=VID67!B83)E6D=65EI7)B-X03MG9VYA-&HK0VMP;W!$16)L
M5DUD46@O3W%B5C=P3%-D-V$R+U-H345T3D].<"MJ5FIU1VI63U-V9&-M65%,
M3GI(3&M4-F9W-'%L1#(S)B-X03LO3U%&-V\K;'<S9VMG=41F0G(S-G1064Q-
M25DW:3!D5%!,1TE6.45O='HX34$U:V-&9FM/5E97569L3F(O;5I:5T4Q:C4R
M+V4K:D):)B-X03LO54QG=$A*25<Y14,U4V%55%102DES;S-::%$Y47A"-&]Q
M>C-&6%EQ-T9867$W1EA9<3=&6%EQ-T9867$W1E=&3"M5,VQZ-BMT,#EX)B-X
M03MD>7=X,T9Z9%%73%!&-DUB6'%80U1Q<%=-4S!:<C)2>'EK2E9Q54E!<&EQ
M5#)0.$%Z:B\U4W-I1V<Q4%93>G9!,30P:SA-<EA+,FMY)B-X03M4,CAC<E-1
M<W=72F]L03E-;V5/>$IX5D5.*U-E9S(K9S9H<$]K6#%X669P2F1*4V4T361V
M2W<O47I21T]156IJ<DI):TAX8VE5-45T)B-X03MW,UE&5F1:9FMF-59S8DME
M0S!V3"M+-&YV5'%,6'=E0G!H3SEU,71+44=H84MK<5-0>4)J,DQ(:G@R;W%G
M:R\U>#8X;G=Y,E0R;6\V)B-X03MP87!P:7I,<&-58W1S5G1H8TYY;#1'4S-D
M,S568BLX6G%C:E-M,4955EIF:U0U4W,O3#4P1T\W=EI.3U=3,VYT635V<7-V
M;U0R-RMP)B-X03LV<6,W9&QC>7-36D9L1&]A:T)1=3)+=E)S5F1I<G-69&ER
M<U9F+R]:/"]X;7!'26UG.FEM86=E/@H@(" @(" @(" @(" @(" \+W)D9CIL
M:3X*(" @(" @(" @(" @/"]R9&8Z06QT/@H@(" @(" @(" \+WAM<#I4:'5M
M8FYA:6QS/@H@(" @(" \+W)D9CI$97-C<FEP=&EO;CX*(" @(" @/')D9CI$
M97-C<FEP=&EO;B!R9&8Z86)O=70](B(*(" @(" @(" @(" @>&UL;G,Z>&UP
M34T](FAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"]M;2\B"B @(" @(" @
M(" @('AM;&YS.G-T4F5F/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O
M<U1Y<&4O4F5S;W5R8V52968C(@H@(" @(" @(" @("!X;6QN<SIS=$5V=#TB
M:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+W-4>7!E+U)E<V]U<F-E179E
M;G0C(CX*(" @(" @(" @/'AM<$U-.DEN<W1A;F-E240^>&UP+FEI9#HV04%#
M0T0S13(U-41%03$Q034T.4(W1D9!1C0Q-#5$1CPO>&UP34TZ26YS=&%N8V5)
M1#X*(" @(" @(" @/'AM<$U-.D1O8W5M96YT240^>&UP+F1I9#HV04%#0T0S
M13(U-41%03$Q034T.4(W1D9!1C0Q-#5$1CPO>&UP34TZ1&]C=6UE;G1)1#X*
M(" @(" @(" @/'AM<$U-.D]R:6=I;F%L1&]C=6UE;G1)1#YU=6ED.C5$,C X
M.3(T.3-"1D1",3$Y,31!.#4Y,$0S,34P.$,X/"]X;7!-33I/<FEG:6YA;$1O
M8W5M96YT240^"B @(" @(" @(#QX;7!-33I296YD:71I;VY#;&%S<SYD969A
M=6QT/"]X;7!-33I296YD:71I;VY#;&%S<SX*(" @(" @(" @/'AM<$U-.D1E
M<FEV961&<F]M(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @
M(" @/'-T4F5F.FEN<W1A;F-E240^>&UP+FEI9#HV.4%#0T0S13(U-41%03$Q
M034T.4(W1D9!1C0Q-#5$1CPO<W12968Z:6YS=&%N8V5)1#X*(" @(" @(" @
M(" @/'-T4F5F.F1O8W5M96YT240^>&UP+F1I9#HV.4%#0T0S13(U-41%03$Q
M034T.4(W1D9!1C0Q-#5$1CPO<W12968Z9&]C=6UE;G1)1#X*(" @(" @(" @
M(" @/'-T4F5F.F]R:6=I;F%L1&]C=6UE;G1)1#YU=6ED.C5$,C X.3(T.3-"
M1D1",3$Y,31!.#4Y,$0S,34P.$,X/"]S=%)E9CIO<FEG:6YA;$1O8W5M96YT
M240^"B @(" @(" @(" @(#QS=%)E9CIR96YD:71I;VY#;&%S<SYD969A=6QT
M/"]S=%)E9CIR96YD:71I;VY#;&%S<SX*(" @(" @(" @/"]X;7!-33I$97)I
M=F5D1G)O;3X*(" @(" @(" @/'AM<$U-.DAI<W1O<GD^"B @(" @(" @(" @
M(#QR9&8Z4V5Q/@H@(" @(" @(" @(" @(" \<F1F.FQI(')D9CIP87)S951Y
M<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @(" @(" @/'-T179T.F%C=&EO
M;CYS879E9#PO<W1%=G0Z86-T:6]N/@H@(" @(" @(" @(" @(" @(" \<W1%
M=G0Z:6YS=&%N8V5)1#YX;7 N:6ED.C$Q1C!"141$-D4U045!,3%!-T)!0C5"
M0T5$0S$R-S$T/"]S=$5V=#II;G-T86YC94E$/@H@(" @(" @(" @(" @(" @
M(" \<W1%=G0Z=VAE;CXR,#(P+3 R+3(X5#$U.C4P.C4X+3 W.C P/"]S=$5V
M=#IW:&5N/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z<V]F='=A<F5!9V5N
M=#Y!9&]B92!);&QU<W1R871O<B!#4S8@*%=I;F1O=W,I/"]S=$5V=#IS;V9T
M=V%R94%G96YT/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z8VAA;F=E9#XO
M/"]S=$5V=#IC:&%N9V5D/@H@(" @(" @(" @(" @(" \+W)D9CIL:3X*(" @
M(" @(" @(" @(" @/')D9CIL:2!R9&8Z<&%R<V54>7!E/2)297-O=7)C92(^
M"B @(" @(" @(" @(" @(" @(#QS=$5V=#IA8W1I;VX^<V%V960\+W-T179T
M.F%C=&EO;CX*(" @(" @(" @(" @(" @(" @/'-T179T.FEN<W1A;F-E240^
M>&UP+FEI9#HV04%#0T0S13(U-41%03$Q034T.4(W1D9!1C0Q-#5$1CPO<W1%
M=G0Z:6YS=&%N8V5)1#X*(" @(" @(" @(" @(" @(" @/'-T179T.G=H96X^
M,C R,"TP,RTP,U0P,3HQ.3HP.2TP-SHP,#PO<W1%=G0Z=VAE;CX*(" @(" @
M(" @(" @(" @(" @/'-T179T.G-O9G1W87)E06=E;G0^061O8F4@26QL=7-T
M<F%T;W(@0U,V("A7:6YD;W=S*3PO<W1%=G0Z<V]F='=A<F5!9V5N=#X*(" @
M(" @(" @(" @(" @(" @/'-T179T.F-H86YG960^+SPO<W1%=G0Z8VAA;F=E
M9#X*(" @(" @(" @(" @(" @/"]R9&8Z;&D^"B @(" @(" @(" @(#PO<F1F
M.E-E<3X*(" @(" @(" @/"]X;7!-33I(:7-T;W)Y/@H@(" @(" \+W)D9CI$
M97-C<FEP=&EO;CX*(" @(" @/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70]
M(B(*(" @(" @(" @(" @>&UL;G,Z:6QL=7-T<F%T;W(](FAT=' Z+R]N<RYA
M9&]B92YC;VTO:6QL=7-T<F%T;W(O,2XP+R(^"B @(" @(" @(#QI;&QU<W1R
M871O<CI3=&%R='5P4')O9FEL93Y0<FEN=#PO:6QL=7-T<F%T;W(Z4W1A<G1U
M<%!R;V9I;&4^"B @(" @(#PO<F1F.D1E<V-R:7!T:6]N/@H@(" @(" \<F1F
M.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TB(@H@(" @(" @(" @("!X;6QN<SIX
M;7!44&<](FAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"]T+W!G+R(*(" @
M(" @(" @(" @>&UL;G,Z<W1$:6T](FAT=' Z+R]N<RYA9&]B92YC;VTO>&%P
M+S$N,"]S5'EP92]$:6UE;G-I;VYS(R(*(" @(" @(" @(" @>&UL;G,Z<W1&
M;G0](FAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"]S5'EP92]&;VYT(R(*
M(" @(" @(" @(" @>&UL;G,Z>&UP1STB:'1T<#HO+VYS+F%D;V)E+F-O;2]X
M87 O,2XP+V<O(CX*(" @(" @(" @/'AM<%109SI(87-6:7-I8FQE3W9E<G!R
M:6YT/E1R=64\+WAM<%109SI(87-6:7-I8FQE3W9E<G!R:6YT/@H@(" @(" @
M(" \>&UP5%!G.DAA<U9I<VEB;&54<F%N<W!A<F5N8WD^1F%L<V4\+WAM<%10
M9SI(87-6:7-I8FQE5')A;G-P87)E;F-Y/@H@(" @(" @(" \>&UP5%!G.DY0
M86=E<SXQ/"]X;7!44&<Z3E!A9V5S/@H@(" @(" @(" \>&UP5%!G.DUA>%!A
M9V53:7IE(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @
M/'-T1&EM.G<^-C,P+C P,# P,#PO<W1$:6TZ=SX*(" @(" @(" @(" @/'-T
M1&EM.F@^.#$P+C P,# P,#PO<W1$:6TZ:#X*(" @(" @(" @(" @/'-T1&EM
M.G5N:70^4&]I;G1S/"]S=$1I;3IU;FET/@H@(" @(" @(" \+WAM<%109SI-
M87A086=E4VEZ93X*(" @(" @(" @/'AM<%109SI&;VYT<SX*(" @(" @(" @
M(" @/')D9CI"86<^"B @(" @(" @(" @(" @(#QR9&8Z;&D@<F1F.G!A<G-E
M5'EP93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \<W1&;G0Z9F]N
M=$YA;64^36]N='-E<G)A="U";VQD/"]S=$9N=#IF;VYT3F%M93X*(" @(" @
M(" @(" @(" @(" @/'-T1FYT.F9O;G1&86UI;'D^36]N='-E<G)A=#PO<W1&
M;G0Z9F]N=$9A;6EL>3X*(" @(" @(" @(" @(" @(" @/'-T1FYT.F9O;G1&
M86-E/D)O;&0\+W-T1FYT.F9O;G1&86-E/@H@(" @(" @(" @(" @(" @(" \
M<W1&;G0Z9F]N=%1Y<&4^5')U951Y<&4\+W-T1FYT.F9O;G14>7!E/@H@(" @
M(" @(" @(" @(" @(" \<W1&;G0Z=F5R<VEO;E-T<FEN9SY697)S:6]N(#<N
M,C P/"]S=$9N=#IV97)S:6]N4W1R:6YG/@H@(" @(" @(" @(" @(" @(" \
M<W1&;G0Z8V]M<&]S:71E/D9A;'-E/"]S=$9N=#IC;VUP;W-I=&4^"B @(" @
M(" @(" @(" @(" @(#QS=$9N=#IF;VYT1FEL94YA;64^36]N='-E<G)A="U"
M;VQD+F]T9CPO<W1&;G0Z9F]N=$9I;&5.86UE/@H@(" @(" @(" @(" @(" \
M+W)D9CIL:3X*(" @(" @(" @(" @(" @/')D9CIL:2!R9&8Z<&%R<V54>7!E
M/2)297-O=7)C92(^"B @(" @(" @(" @(" @(" @(#QS=$9N=#IF;VYT3F%M
M93Y-;VYT<V5R<F%T+5-E;6E";VQD/"]S=$9N=#IF;VYT3F%M93X*(" @(" @
M(" @(" @(" @(" @/'-T1FYT.F9O;G1&86UI;'D^36]N='-E<G)A=#PO<W1&
M;G0Z9F]N=$9A;6EL>3X*(" @(" @(" @(" @(" @(" @/'-T1FYT.F9O;G1&
M86-E/E-E;6E";VQD/"]S=$9N=#IF;VYT1F%C93X*(" @(" @(" @(" @(" @
M(" @/'-T1FYT.F9O;G14>7!E/E1R=654>7!E/"]S=$9N=#IF;VYT5'EP93X*
M(" @(" @(" @(" @(" @(" @/'-T1FYT.G9E<G-I;VY3=')I;F<^5F5R<VEO
M;B W+C(P,#PO<W1&;G0Z=F5R<VEO;E-T<FEN9SX*(" @(" @(" @(" @(" @
M(" @/'-T1FYT.F-O;7!O<VET93Y&86QS93PO<W1&;G0Z8V]M<&]S:71E/@H@
M(" @(" @(" @(" @(" @(" \<W1&;G0Z9F]N=$9I;&5.86UE/DUO;G1S97)R
M870M4V5M:4)O;&0N;W1F/"]S=$9N=#IF;VYT1FEL94YA;64^"B @(" @(" @
M(" @(" @(#PO<F1F.FQI/@H@(" @(" @(" @(" \+W)D9CI"86<^"B @(" @
M(" @(#PO>&UP5%!G.D9O;G1S/@H@(" @(" @(" \>&UP5%!G.E!L871E3F%M
M97,^"B @(" @(" @(" @(#QR9&8Z4V5Q/@H@(" @(" @(" @(" @(" \<F1F
M.FQI/D-Y86X\+W)D9CIL:3X*(" @(" @(" @(" @(" @/')D9CIL:3Y-86=E
M;G1A/"]R9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D^665L;&]W/"]R
M9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D^0FQA8VL\+W)D9CIL:3X*
M(" @(" @(" @(" @/"]R9&8Z4V5Q/@H@(" @(" @(" \+WAM<%109SI0;&%T
M94YA;65S/@H@(" @(" @(" \>&UP5%!G.E-W871C:$=R;W5P<SX*(" @(" @
M(" @(" @/')D9CI397$^"B @(" @(" @(" @(" @(#QR9&8Z;&D@<F1F.G!A
M<G-E5'EP93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \>&UP1SIG
M<F]U<$YA;64^1&5F875L="!3=V%T8V@@1W)O=7 \+WAM<$<Z9W)O=7!.86UE
M/@H@(" @(" @(" @(" @(" @(" \>&UP1SIG<F]U<%1Y<&4^,#PO>&UP1SIG
M<F]U<%1Y<&4^"B @(" @(" @(" @(" @(#PO<F1F.FQI/@H@(" @(" @(" @
M(" \+W)D9CI397$^"B @(" @(" @(#PO>&UP5%!G.E-W871C:$=R;W5P<SX*
M(" @(" @/"]R9&8Z1&5S8W)I<'1I;VX^"B @(" @(#QR9&8Z1&5S8W)I<'1I
M;VX@<F1F.F%B;W5T/2(B"B @(" @(" @(" @('AM;&YS.G!D9CTB:'1T<#HO
M+VYS+F%D;V)E+F-O;2]P9&8O,2XS+R(^"B @(" @(" @(#QP9&8Z4')O9'5C
M97(^061O8F4@4$1&(&QI8G)A<GD@,3 N,#$\+W!D9CI0<F]D=6-E<CX*(" @
M(" @/"]R9&8Z1&5S8W)I<'1I;VX^"B @(#PO<F1F.E)$1CX*/"]X.GAM<&UE
M=&$^"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" */#]X<&%C:V5T(&5N9#TB=R(_
M/O_; $,  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! ?_; $,! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! ?_  !$( , !:P,!$0 "$0$#$0'_Q  ?  $  @(#  ,!
M" D'"@0%!@$#"P+_Q !&$   !@(! P($ P< !@8+   ! @,$!08 !P@)$1(3
M(105(C$*%D$7(S)187&!&"1"4I&A)28S-'*2&C4V0U-88H*GLM;_Q  = 0$
M @(# 0$              0,"" 8'"00%_\0 1Q$  0,# 04%!@0$! 0#"0
M 0 " P0%$2$&$C%!40<387'P(H&1H;'1"!0RP2-"4N$5)"7Q,S1B@A93DD-C
M<H.3E*.DLO_:  P# 0 "$0,1 #\ W^,(F$3")A$PB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$3")A$PB81,(F$3")A%\"(% 3&$"E* B8PB    '<1$1]@
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MQN-Q9EIHZ5[=R%XY5520Z.$@Y!8QLT[3C>A:T[RLBUOQBU-K<J#EM IV2=2
MIC3UH(C*.2JE]_48LCI%C(T2&$WI*-697A2"!%7BXE V;@[']B^PFQ[8IH;6
MV\7./#C=;TV.MG$@P=^FIW,%%2;KL]V^"G%0UI#7U$A&\>DKWMWM%>R]CZLT
M-([(%'0%T$9;TEE#C43;PQO-DE,1.2V)@)"D*   =@#L >P 'V /Y9VQPX+A
MJ81,(F$3")A$PBQU>]3:\V2V,A<:M&2JWI^FE)@D+29:@ ?3\-+LQ0D$B%,
M&]'X@6Z@E %D5"=RCQ+:?839/;&%T6T-DHJZ0LW(ZWN^XN, Q@=S<(#'5QM:
M<'NQ*8G$ /C>T87[5IVBO5C>'6RX3T[-[>=!O=Y2R'GWE-('PN)&1O[@>,DM
M<TZJOG;'"&PP1',QJ^05M$<F!U3UR3,@WL2"8=S"#)V0J#"7\2@(^D*<<[$
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M(J^)@R\@8;'5L&/S$6 &AQ(EB '=OW0Z-]P&O]B539M=;6:HR1'[!;LFX0.
M)/XQX!2F5CY-IY&.T>(^0")1$R2R8D<-57#55%=3T V4VML6VEHAO-@K&U5+
M)[$L;L,JJ*H#07TM;!DN@J(\C+27,D86RP22POCD=K?>++<+%6OH;C 896^T
MQX]J&HBR0V:"3 $D;L'71S7 LD:R1KF#V^<E7Y281,(F$3")A$PB81,(F$7E
M+C>Z3KN&6L5^M]8I,"AW!69M<[&5^,(8"B;TQ>RKIJW%40#Z4BJ"H<>P$*81
M !8)X#*+%&K.5G'+=D\\JVK-PTJYV1BDLNK!1LF*4LNV;?\ >7<>Q?I-'$LR
M;!V,X>Q:;QJ@0Q#JK$(H0326D:D>O'I[U (/ K-;RP0,>(E?S<0R,7V$KN29
MMC /\A*LL0>_].W?&#T/P3(ZCXKI3["HY![&M4((_P#T/D5 _P#,F8Q?^>,'
MH?@5&\WK]5]R-[I;@?%*U0'<?L"DHS1$?Z "RJ8B/] ]\8/0_ J=YO4?%>A:
MOF3XGJ,GC5VG_OM7"3@GO]OJ2.<OO_?(P1Q&%.0>!RN5A$PB81,(F$3")A$P
MB81,(F$3"+C/7K.-9NI"0=(,F+%NL[>/'2I$&S5JW3,JNX<+*"5-)%%(AE%%
M#F I"%$QA  RFIJ:>CIYZNKFBIJ6FBDGJ*B9[8X8(8F%\LLLCR&LCC8USGN<
M0&M!). K(HI)Y8X88WRS2O;'%'&TN?)(]P:QC&@$N<YQ : "22 %4#R3Y*R&
MU'[BJU1PXC]>,7'C[>HW=6MP@?N20D2#XJ)QA%"@I&QB@ /L1\_)\7Z#>/T
M[8NV2KVXJI;'8Y9:39*EEQIO13WR:)V6U=6TX>RC:]H?1T3@#HVIJF]_W45)
MLAL1L/#L_"RON#&37F9F<Z/CM['C6& ZATY:=V><9YQ0GNM]\\5XB(E)^390
MT*P=2DK)."-6,>R1.X=.G"@_2FDDF F,/8!,8WL5,A3*',4A3&#I"@M];=:V
MFMUMI9ZVNK)6P4U+31NEFFE><-8QC02>9<=&M:"YQ#02.?5-3!202U-5-'3T
M\##)+-*X,CC8WBYSC@#H!Q)( !) 5I^AN($'3DV5IV6@SL5K_=N6D$8".H"O
MJ=@,0%R"!D9J41'W,JH!HUJKW!HBY411D#;O]EW8!;-GFT][VRBI[O?<-E@M
MCMV>U6I_%O>-(,=QK6?S22!U'"_/<1S/9'5GH':[M(JKD9:"QOEHK?[3)*L9
MCK*P9P=PC#J6G=R:TB>1O_$<QKG0B<         !V  ]@  ^P 'Z &;*@ #
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M@?TPKKR9",V9M)24U_H\RI%V*R:16]LV*DF?ZDZND[143C8 PE$B]J>-UTG
M_P"KPC.0,+E[&XN=C0<?IZZ+-K">.@\>?KJMI'5>HM;:2J#"AZKI\-2ZO'%
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MIV!V;6<73:.&HE;O4]I9^??D9!G:X,I&9Y.$Q_,-ZBG<.BIJ !,(%* B81
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MNF $1;-6R2:**90 "D( 90KEVV$3")A$PB81,(F$3")A$PB81,(O@0 P"4P
M)1 0$! ! 0$.P@(#[" A[" ^PAA%$2W1;O4][8V&%3,6'?*J.&[<H^*/I',
M2<,<>P@"8%.!VHF ?334;F*)E6QCA:/:;@\1Z'V_W5)&Z0>6<C[*5\;(M9:/
M9R;%0%6C]LDZ;J!]Q36(!R@8/?Q.7OXJ$'ZB'*8ANQBB&5<%:#D9ZKFX4IA$
MPBJ3YR6\TUM&-JJ2ODTID W(JEY=P3EY_P )-X?L ]@\XP(,O;MY=TQ$1$!
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MBMU*9!P_C21-EG/OF>\^]3-X!ULIWFPK@JF'F@VB*VQ5[>_B[57DY1/OV]@
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M3Q.N1UM]LJ6GD'2-3-'(GBM549.1?MRG$ 2M=^73DWH*D ?$WC68RI*H&/\
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MVFU3-SRMK;0<%(TTD['Q3B2AU;A"VG6TFIKJX5J%E&5MCVD;"S%32>O7#YW
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MD;_2'  >&1\S\OFN\_"H:NUS5^FJ[V578J*_:#M'=NQ/VBV)-NW/.+EIRT=
M56M/'X%%V6)AX8@34;$G4!LV>6B6D442K2SA14DQ]O'0#"@EQB@X;CQ^+)Y
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MLS<./JE0=Q4:[US84'E6>6-\Z7=S!KG)5TL,_6A7D'6HR7),'$!P.6:''3/
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M]=5HZ!&*J)I-8GBYGW1G8=P[&!BV\FS,I@_D8P.7!!^QDW)!#^LO.3Y?5&#
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M:F$3")A$PB\[;*M#7:MS%5L#4'D1.,E63Q$>P'*4_8R3AN<0-Z+MHN5)TT7
M!,@Y126+]1 S\F^V2W;1V>X6.[0BHM]RIGTU1'H' .PYDL3B'=W/!*UD\$F"
M8IHXY ,M"^VW5]5:ZVFN%')W=32RMEB=Q!(T<QXR-Z.1A='(S.'L<YIT*HHV
MMK.<U/=).HS9#* W/\3$R14S)MYF'7.?X*2;]^X!ZA2&2=(E.?X5ZBY:F.<4
M?,WF+MUL9<]A-HJVPW)I>(G=]05@8617"WR.<*:LBU(&^&EDT8<[N:B.6$N<
M6;QVPV?OE)M#;(+C2D-WQN5$!<"^FJ6 =[ _'0D.C<0.\B<R3=&]@9"X[;VD
M-,6@0>"X>TJ=512L<6F(G4;B4?!&;C4Q,!0D&13""J0"4L@S\FRH@J1FNVY7
MV1]I]5V=WLBH,M3LW<WQQWBB9ESH2/9CN5(PG JJ8'$C!@55/O0NQ(VGEA_'
MVSV3AVGH/X>Y%=*1KG450X8#\ZNI)W#4PRD#==J8),2-!:96272P\Q%V"+83
M<(^;2<3*-DGC!^T4!5NZ;+%\B*)G#W_F4Y# 51,Y3)J$(H0Q0]&;?<**[4-+
M<K;4PUE#6PLJ*6J@>'Q30R#+7M</@YI <QP<Q[6N:0-8:FFJ*.HFI:J%\%1
M]T<T,C2U\;VG!#@?B",AP(<TEI!/99]BH3")A$PB81,(F$3")A$PB81,(F$3
M"+HK)8HVK1+F8E%?300+V32*(>LZ<& ?1:MB"(>:RI@$ #^$A .JH)$DU#ED
M DX"@G SZ*C!5865VY<'-CGBG"#9K$%<@"8$/33'S:0;0P]NY/$0.\.3L8$S
MJ*G,1PZ3,:PG<&!Q]:G]N/!5@%QR>'K0>O%2Z(0B9"IIE*0A"E(0A"@4A"%
M"E*4I0 "E*  !2@      '8,J5J_K")A$PBX4G&Q\S'2$/+L6DG%2K)U&R<:
M_;I.F,A'OD%&KUB\:KE.BY:NVRJB#A!4ATED5#IJ%,4P@)%I_P#47X(S/$^_
MJVJGL7LAH>[R:ZE3E !5T:G2KCU72M$G7)O,Y5&Q"K*UM^Z.)IB'2$AUW$G&
MRA@N:[(\1Q^ZI<W'EU]>"A%I[<.P=#[!@-G:QGEZ_:Z\X]1!<G=5E(,E1*#Z
M&F6(F*C)PLFB7T'[!?Z%""55(R+I%NX1R(SH5 .-1Z]?[Z+;^X3\\-:<PZL"
M#(S>I[;@H]-Q<]<NG/FLF0ADD%K!5G"OB>:K"SE5,@JE 7\,NNBRF$4_7CWL
ME2YI!\.15K79'CS"G9F*R3")A%U4S.PE<8_,[#,14%&_%QT?\PF9!I%L?CY>
M0;1,2R^+?+(-_BY25>LXR.;>IZSV0=MF;8BKE=),Y%VN$3")A$PBX[5VT?(@
MX9.6[QN*BZ(+M5DW"(JMEU&SE(%4C'(*C=PDJW7)Y>22Z2B2@%4(8H$7(PBZ
M"R6:)JD8K*2[@$D2 )442]C.7B_81(V:I"("JJ?M_,")E[JK'32*8X2 2<!0
M2 -?=XJ+C)G8MUVDSU[ZC&OL#^!Q3$3(1S01 P,V@G*!%Y)V!2F66$OW[+*$
M*@D@WRPX8--3Z^7A_<JK5Y]:#/#AQ4M8Z.91+%K&QZ!&S)DB5!N@F'8I"%_4
M1'N)SG,(G44,(G44,=0YC',8PU<5<!C0+FX1,(F$3")A$PBPAO;2L-NBIGBW
M HL;)%@LZJ\X8@B9B\.4OJ,W8D*952*D?332>I% QDS$0>)$.NU3(;K;M.[.
M;=VBV%U#*8Z6\40DGLMS+<FFJ7-&]3SEH+W4-7NL94L;ES"V.HC:Z2%C7<JV
M3VHJMF+@)V;TM#4%D=?2 Z2Q G$L8)#140[SG1.) <"Z)S@R1Q%)MHJ\[3)Z
M2K5ECEXN9BG!F[QHN'N AV,FLBH'=-PU<)B1=JY1,=%P@HFLD<R9RF'S=O=D
MNFSMTK+->:26BN-#*8JB"4<"-621N'LRP3,+98)HRZ.:)S)(W.:X%;14%?27
M.D@KJ&9E135# ^.1AXC@6N!U9(QP+)(W /8\%K@""%GSCYR/F].2!8B3!S-4
M%^Y]1_$%.!G42LJ8 5E((53%3(L/\;M@<Z;9_P"/<3MW/9R':?9/VOW+L]JA
M05HFN6RU5-OU5 ' ST$CR ^NMA>0ULF/:GI'.9#58SO138F'$=L=B:7:6$U,
M!92W>%F(:DC$=0UH.[3U>Z"2WE', 9(<\'LS&;A:O:8"Z03"RUB3;2\+)I>J
MT>MC")3>)A(JBLF<"JMW+=0ID7+5P1-PW6(=)9,BA1*'H'9+W:MHK92WBRUL
M-?;JV/O(*B$G!P2U\<C'!LD,T3P8YH96LEBD:YDC&N!"UMK[?66NKFH:^!]-
M50.W9(G@9U&6N:X$M?&]I#F2,+F/:0YI((*]!GZJ^-1EYC<EJ]Q"XW;1W_8&
M;674I4,V;U2L.YAI7T[IL.T2C&J:YI/SM\!FT02UW>:@H1U,+I+H0C%XZF72
M*C2/7#"D#) ^@SH-2<<\!0<@>L#JDVA-$;2F-1[4O-^VPVW]%6;6''LM(V>I
M0;QQ104-R#BW5DL5TUY$R->KI&<A.5&>14*I=:M\JDHQA\7/0D?(O7K"D-R3
MJ --3ID$X&@R=??CGP7)+UH^*3>AV&\S]2W=23,'''PU,JVP:[KRB3>UX#E-
M$W:P:-N5*E[7M"*U_"5.Y0.M[Y,+R6UKMK1>L,ZN_P#S:R@W"T<W>DW#U'$C
M(R<$8SP&3Q' %>9V-UC=2/M2;"M6BZ=M.8G*WPXN'+L+Q/:RA[/JO75:K=@W
M10R1FRV\7N&ERTQ-?M'T7;Z@C!TB?<1]D77B9>L7)[5EI&R112&'(SS=NXS@
MDZ<\''$<0I*QW42UO(N-V+1VK=WSE$X^M=E1]_WFUK="KFE'=_TY%1[_ &/K
MJ&LUSVC!OXNPPSMZI#MY2Z1M:UZ^F6$I%Q]_?JQKI4I06D8SC7&G/!X'AS^/
MAJ%@AGUH>-\[2ZG:Z/J?D9LR4L\_R$K;JBZU@=/W2QU:1XPURD7/:RLU/0^Z
MUM7RD4RINP:Y98*;H^P[A$6)FN>-C7JMA.RA7D9_?Y>ONFZ<\APQGGG0<L]>
M7(K.FH.I9Q[WGR%@^.>O65S=V.QZOI.W(2SSJ^M:E!S-1V#JZ"W!6G5>J%GV
M1$[KMS56G6.*^:62GZEL%&@9\SVMS5L8345*,V<\5!! SXX(UT\SC'SRL;WO
MK#\/-9VV7H=Y<['K]QKA>3R5DK[JJQBKV F.+Q+$^E*S(F:65PU&R[FKE2L5
MOX^1+-P[6V36XIRY,,&^ D>=P4[IY:Z Z>(_;(!Z%>.UWU:Z<3:6V]>\@-3;
M+U'7JCOK=NI:AMT]9CW^KCDTMH1IR&GZK=I1A<9FRLMIL=?QEYF9!K U*1I"
MR5?1C(VSN)M?X!0F[H".F<<_U;OUQQU^2EMQ;YNZYY5S%GK%?H>WM5V^M436
M6V$ZCN:L0%;G+'J/<B=D/K+9U<_+%MN<8YK5H4J%D:? 2$E&6Z ?Q:S"U5B"
M=JMD5B@C&#H0<C(ZCC]1\=%,O"A='8;'$U>-6E9AR5NW3^E,@=C.'2P@(D;-
M4NX"LLIV'L4! I"@914Z:1#G+(!)P%!( R5%C_K-NVS@(@>/@(\X^_N=I%-#
MB'<._P!)7<J[*4/Y"<0 >R31'Z+-&#Q/S/V56KSX?0??UP4KH6%CJ_&-8F+0
M!NS:)@1,OL)SF'W466/V 5%UC]U%5!#N8XCV "]BA63DD]5:  ,!=KD*4PB8
M1,(F$7CM@:_INU*;8-?[ K["T5"T,%(V:A9),3MW3<XE.11-1,Q%VCQHN1)W
M'R#15!]'/D&[UDX0=((K$D$@Y&A1:D'.[IU7_B=-O;;5TI.[Z(DGHC$6U-#X
MB3J)G*@_#P-[2:I%(T63,8K9A8TT48>:'T0$(Z37^5)VM<#Y]/LJ7-(UY?W_
M -E]O2>U[L6U\QM=VJG,9-.N:_\ GLQ?;$BDN2)C8)]6IF))%/W8 #=1U87;
MU&.8QPG.Y6\EY!-$6\8Z<-SS[)\>'Q4L!SGD/7[J]OJ>:<Y#\F-5Z\XSZ1I<
M'/4S:VQHU_R,L-LV9(:IJ[/3.NP2N3K7CNUU2"N.QHV1W!;&-:J97M,I,_Z-
M82MS69<0K>0;/AI5[3@YS@CACCG^WF%799=4]9.<TI6:^RM.V-<;<X[\+]IT
MZ%?:MV)I9_3N0_++4NX*S7M%7&9<7UF]?3=5W#IV/?7&;9VB&H"!W\C)1-O:
MP3I!"*<1KTSIY:]/?\EEE@SH""[F""&D:XP2 03X\.B[O=NJNKW36MTH6J=B
M\@=D:CKW))^]@;PSL''R2Y,6S4]CXR:X?0CF)?S=KTC6'-+IO*!ULIO,0,C-
M5&S%CTH!%&.LVN6#N.>RH&[H?#4:XSO'3G_+CJ..H*]Q>./74<O$/NQ]L.VW
M79DJSG>F;&ZOH,@VT3&:GL1ZI=.+=RYE[;;4!RZM#>N6V+F*3LMVP8N;L[CX
M B\\&L$IJ1DH2:5*06Y&F!AV3KG4. &< \QDXUY\%Q$H+J>LM;\B$)^N\O;-
MO.5L*;%27@]P\2X#0;FL/>2K)>/L?%"$92+;:D0\JW'(1/(UF_R.L'EF21G*
MZ_GR[)=P5O8QUT^FOE^^?[K'33@-/'.<<_?_ &T6)T]4]:6TZ19/YG8>^:7N
M#5_$W?4C2HF#M_'1F?:')JJ<I+C_ *.,#MA('EPKDR2R<=4*F:T_"6!G6I8'
MAT[3:E+"BZ TK++ 1H",C.=[0$#>Z<#G'/313XXPQ?.IASJY%.=U,-KS7&N:
M87MYKRU7:?U76*767!KA3BZ^I6N]<:_V7LB7M+$*HG:'"6R+!%:FL39DU!M>
M:S*6B>2-$%B=W QQYC4^_)  \AGS41*_0.M8&TH.KS=J=?L8+?R<6I>WA;-?
M#;!TG2MRPFTFG.TIT7(OQV!M#2!+'QW?4DJ'SJ'NSB+NRT"C'-#O7A22S'#7
M&>8U(QN^0.#\1IHO%:ZXN=5#C_K278<>[3>XZP;(K/4[EY/6]YM6E)/6NI-B
M6'E2;8/$R;UFW69+JQ-LV=1+9L>Q!(V*4N59:V.:8(;*;5Z.C&$0R)EIXC^G
M49Y#7/OQPQX*T;I^Q7**+KNYPY!I;C84AULZ/7X[07)2RZCN/(N&U\77M/1M
MR6S+'H^3G*$\9/=JIW60HK?YY+6-C5G+5O,N4&X1<>R+$XSICQQG&<GAG7AA
M2!LNK;/<+NX>S,JF6LD.4S,Z2PG<(,O$@BP:,S%]-NN8X&!9R?NF81^($%S_
M +G+ X!N,:_+S/KX#"J+23J=.OT&%G&'AXZ!CV\7%-4VC)L3Q323 1$1'W.J
MJ<>YU5E#?4JJH)CG,(B81RM9@ :!=GA2F$3")A$PB81,(F$6 M[:"K>Z88/5
M%*(M\:@<L%9"(^1BE[F4",E2$['>12RAC& O<5V*QS.68_6Y;N^K.T[LLL_:
M-;AWFY07^CB<VUWAK,N:,E_Y.N:T!U10R/).[GO::1SIJ<C>FBGY?LGM?6[,
M57L[U3;9W@U="78!.@[^G)TCJ&M &=&3- CEX,?'3;>:%:M<3[JMVZ*7C)%L
M8PIF, G9R#;R$J;Z-=@ (O62P!W(LD(B0WDBN1%PFJBGYY[3;+7S9"ZSV>_T
M,E%5PDEA(+J>JASAE31U '=U-/(/TR,.6NS'*V.5CXV[+VJ[V^]4<==;JAD\
M#P-X XEADP"Z&>/.]%*S.'-=H1A["Z-S7NM!X0UFRP&L9=[.-W3&/L-B-*0#
M-V0Z2BC(L>T:K2B:*@ 9-O(JHE(@<2E^(29E<D R"J"JFZWX:[+>;5L77U%S
MBGIJ6[7<UMJIJAKF/=3-I*>"2N9&\ LBK'QAL1('>LIQ,T&*2)[^A^U2NH:N
M^TT5(^.6:BHA3UDL9#@)3-)(VG<\:.? UQ+P"=QTIC.'M>ULSLV)76*Q;M/2
M>JMW-:A'[:I$-?HNB7:,V+68>Q%<O(1I<H6.EXJ)FGT(#@D5/&C6D[)F9,9]
MG*1C=\JWE$F19./CWC4F2.!PL1,N#7$V+LDK;(C2-5A)B:D-@2SXL$O.0<,$
MGM775;U-L9^QK$3+,ZU$NKCKZHUROSBT5$,CO"Q2,F80F5'$BL4Y/7T#GU\.
M"ZZ6X#<0YN"<5R1TI!J1J]+T=KY!1"<N#"8AZQQK+8R:+2K-C86)K8:G,ZU3
MMUE3K]KK,I$VP$YEZ1]-O"* !29/7J>O'0_'"^J.XI\.;O [.IL94*K=HJ5U
M.PX=[<9H7ZRVJ1'6U36L5G;:?NDH-MD)MA+19]J3TT\-)/FUV.E;D7<C(JH+
MQIDR9<,:D:[P\SS^2\++\/.GE>=O[?K,E1=43FXMAT:3>;@UHVO\E\\=5*](
M0L#+7N5U+'6])K692V%@H%B[VM'56'M$R[C8\3VIP]13/A,N !UQR/EQP?J.
M"R)3^!_%"BKE>US4Z2<E\=MB4<3,S<MAVF>D97>E4IU(VY+3,_:;;,S,W+7R
ML4&HQTY)R[Y\_4/#DD&[AO)NY!X[)DGGTTY:<!CACP76ZHXI\-(J[4C;6IJU
M79FR:BBW.KM>RD5L^X7BMZZ_9S4DM!S,+5ZN^NL]2JU;ZQ4H ^K;5+Q\(TN:
M+9I)5VQR1W*\F@L3)U\=3[]?ASZ+M;CP.X?[ N=XV'<]!T:PW39.P]-[7O5@
M?H21GMEV%Q^8KQFH++(%2D4VXNJ9'.WK!NU011CI5D_D&L^SE4'[PBQ,GKR(
M]QXXZ+EP7&_B-L1NVOM<I6O[_$RFY+]O="P14\O;JQ,;?M]%G=%[%M1S-IN1
MKTNO)TAY8:!/0:R;JOH$-(-E(="40453)DCPTQTX'/UU\UZ#C]Q)XZ\6DK*G
MH;6,703V].OM+ \1E+'891]$U%J\8T^MIR]LF9Z485"G,Y&1:U"FQKQG5:LA
M(R"4!#QQ'KH%2$D\2I&X4*/MKUA:+E=57<I*I)U@@IBT,143KMFOII^HS:LA
M+Z:;E14IA4<J"*9@$%S"J8I6V9AP T&O/]O]O/WUEKB?#KT'3U\5FV%A(RO1
MR$7$-4VC-N'TD('<ZAQ /-==0?K674$.ZBIQ$QO8 [%*4H8DDG)68  P%VN0
MI3")A$PB81,(F$7U+H(.D5FSE%)PW<)G17;KID61615*)%$EDE ,FHFH01(=
M,Y3%.41*8! 1#"+KX>!@ZZS^7U^&BH)AZIUO@8>.9QC/UE.WJ*_#,D4$?54\
M2^:GAY&[!Y"/8,(L,<J]Q2''CB_R.W]$PK.R2NC]$;<V]&UV1=+LH^>?ZVH%
M@N3.&?/&Q%7+1G)N(9-DY<MTU%D$5SJI$.<A2B4@9('4@?$X4)6G5PT(QTW<
M-HW?7^ZJ1,:TF=80&PM=6NKU2DVV,5VUKMWLNDV:+_/M\K%=?U"S5V,E58-1
M:R-;2N\9_)757:SJJ<:<IW3X:C/7W: Y(\%Z2)ZMG#>8AF,ZWLMP1828Z\EH
MXKNHKH/WFN-D\=ISE+%;E2BQ>FD2ZKA-0U&]25MGEFJ4E 6"B6JIN(0]@9M&
M#XFX[Z_$'&/// +WW%CJ.\;>8-1VY;-/R%D7#2D' 6F[U^8:5X)U"K7"OSEE
MIL\S-7K-8H$R5GCJS846\._G(^SP4I#2$1<8*M2*/PQB@M(.#^_ET6'J5U@^
M+&R8)-;7=?W-?]B.MJ/M0Q>D*)4*S=MH35EB]:?M@DY&'/4[Q,ZY?UB-UT"L
M_(3J6P_08N$5*V[31M@I02C(ZJ2T@X..&<\L9Q]=%DUUU*]!L979H/JEOMC1
M-(5F3G=X;@=Z9M"&LM.3,+IECOR:U[L5^H 6:!O\-KB5AG4O#?E5PQB[--P]
M#?RS>[R36OJ%&Z=.IX#KKC3EQ&.O/AJL!(=</A$ZI+.WM'E^7>O-DQ^K_P H
M&;ZW:2K2=F:&XV3".WUN?[-::B;,YNJ-'BD1&FV6-L?SS&0IR%:-<(V0@FI3
MN'./#.=>N.G7KY\""I;Z7YUZ4WUR#W#QMH"-G5O6COF2-Z>2OY.81J$C#N:V
MUD(]E"%N3C8AD@5M# T78Y"BQU,LK9%Z]JMFFV223A<H(( /(^O+E]U%_7_5
MZU9;=65J_3>@>2$-:[GL3DQ3:IJ*NT=E=KY.UGBG;9"M;;V8T*UEHB)3JE0!
M&);V=%T^0F&%PEAI%?8VV1;H.WY26D'B,8:<\O:&1X_+QX*SG6NQ*=M[75"V
MOKR92L=!V;3:QL"DV!!%RV1FZE<85E8:[+)MGJ+=XV)(1$@T= W>-V[I#U?2
M<H)+$.F4L2,$@\1H5[7")A$PB81,(F$3")A$PB81,(N([CV#\$@?,FCT$#^J
MB#MLBY!%0.W91(%B'],X=@^LG8WL'OGSSTM+5!@J::GJ1&[?C$\,<PC?_6P2
M-=NN_P"IN#XJR.::'>[J62+>&Z[NWN9O-_I=ND9'@<A<O/H5:I>N'$#FJ[Y.
MW??E)W9LV!<2'-.NRE*A7N_[Y+:>@N';SB3%T>XQKCCX^L1]6O)@_(- UL)%
MKU@;"*T6SG(B6C?BGXO"RR,8Q_*>0SO9)!SQQ@@?LHQZ9X9]677.H;;:Y#<]
MCF>2&MK3H2[T.EV[DKLB]:;Y!WBC2%RA]ZO+/(VRU6.8J%%W10;D[1)3DV-3
MI4=;8:BV.,U/3)6D-Y27*203T&HT:W('+P)!YZ$]==,A47@]U'Z)RGT#-SG)
M?86Q=/TR*T&]LUW/O2_I*I2-8AI&0Y,U6Y:FEK4VI%ZA]X7Y_+O("5D:3<IN
MIUB:KD#6YS7K?6-9!<A+2- !QTQQSH,$<,#4C.,^96:*KQ%YDT_I9):-BMN[
M*E^9=A"C6O:5ON')/8\Q9K*^87NDNMI:[HF\I)_9)S4S6YZCJTGKZHS-+;1T
M=4IN;4M:2+.P2,[9ER9;O9(]GAP\, X&,X.OCP*@&YZ>'4J@]=SK+5,I:=90
M=PY9\D]O3VIXWF9M.0VD-?V5J+0M0T);IKD5'6^H6J^3.H)K7]Z0F:_>+?8H
M]9>;AIQ[%[3/7HXKHI+FZ=0T#.Z",@DD8/73!T^!*SY:^GARUJLKS'NU"EK!
M?;[R%W)Q5<O+4_Y0;]U[.6C5U%X_:XK&YK)#,-8[IU$SK5T<;@K\RK 5T]IK
M%<;Z^%.L1Q!I\+5Z.!"X8:.@=IAI ))P-1J,<<\]>*Z&%XS=8.OZ[J=*E;J\
MOMBO.G^#M1ONQ%.4UDA)745NXT\G;=>=SR\:Q4C%W%\D]]Z3EZQ4;'9HV8A9
M:XI0CZ.V(O)D39I2102TYTQJ\C XY'L^6",\.>@"^V#Z;?+*F;FH^XJ8Y&!N
M31QU8:W&6.'WI;82%U9(<M.2LSN?C7MV7UU'2*-/V3!0\?(N7&RJ&YBGCR7F
MB40\_&6137=37JQ3O @CE['(9]EN#KQ\M1IGAD@])KWA1U.X;3$1%; OFT;B
MDUWKJVQ[1T7&<W-MU:T;,I%9U-?ZU?)'7W)]6XVC:-$97#;EBU[L68HQ+C3(
M*P,-=R!64'0W-GD8"4*,MZ#@<$#ADC&1H#@9^//"D%3^&_,*@=,;C3QR@G3U
MEM#6NW/S3OK7]&Y"6C7%CVQI]]MG9ENLVL*MR5JK2&M5<G9YI::I,O+4S6J;
MVP(PDM69"6@$["\<(DR-XGPTR 0#@<0=,<1SQQ .,+!<EP(ZE\Y13R,QR"VV
MVV90^,:#;1D?7.7^UFL-7]\(<L]H[$I\1M1^WE:Y'[V>T?C=/4/4]HONT:]/
M1>PE(F1-,,)EXWC)M(IWF@8 !]HY):"2, :9X9.2 #HI7]2;0_/;;VT=/3?$
M>6_*\+1XV#F1M,5OC:^N)!C=HW:]3FIZ-M= A-FUC4]UI\YK&.FX5O\ G'6F
MUW[^0DG]?=-ZI"N_G"SU]/7HYQ:6\_'.1RQR(USG7HKBL+%,(F$3")A$PB81
M,(F$3")A%XK96NJ;M_75]U-L:%+9-?;/IEHU[>J\=])1A)ZGW.$?5RS0QY&&
M>1TPP+)PLD]9&>Q4@QDFH+BNQ>-G)$EB$!P<CB-0HUW?I_\ $O84NYL5EUA(
M%LCF8UU/#9ZWL[;E(L[24U5KVSZGI*\78Z3?*]-PR3'6UTM=+EV42_9,K; S
MTBSMS>=!;R*4AQ'#Z#P\/ >6!A>6><.>G_H,U#VA9M;ZLH3;66AZ_P *Z;;-
MC6N0&"B](VJ9:U*LZ>?.+Y9G<'/&L4Q84ZC#O;&25N$J:T/ZPUF%V]FD6$@3
M+CG4ZG)\^9^_EX+*^NN'G'W5FJ+YHZJU*PNM3[*@Y*K6ZDWC:6V=HQ3JI2M9
M/37=/B#[-O%O>U2GEJIS0+*J5-W"5^-C@(A&QS0$R"4F23GGY ?1890Z77"-
MM .X!+5EL!1W:*[<_P X'WYR*6VHQL=4U\;4\$^AMR+;84VQ (M-8F_9^M&P
M=TCXJ1IY$:])LGD8@BV38^_KHIWCX? 8]XQ@^_GJO8FZ>G#T]LEKB?3R2KZP
MU ]&M,"K>-E*Z\N,$IK(=,*+W;5*ER/K&Z6975/:@K7BU5&7NJM9(G&J6 R2
M2?B4;Q.F?'@,C7.AXC7HNKDNG+Q0F=4&TA+5O;DGJ]:6D)9[6'_*?E4Z^:IR
MM>CZF_K4W-+[J/89V@+UF*800:UF)9]KY&-;@V0K*1%%?4)O'.=/@-./ 8P.
M/)? Z<X.<7-K2_(.PSM4UEL-EK>RI)SVU-^W!: H.IWUDH["W&U_2-F[&D*%
MJ:BN;477<3/KZ\K-4A3RJ]5AWRGJO8YHN09(P-=> '$ZXX:GGA<.Q=-#A7:X
MZ3B935,XFQD=B['V@4D%N?>M77@+9N$71]NMZ8\J^S(A[0:=M)=^]=[&UI27
M%?US=7SM=_9:I)/%!7PF\?D!P' <.7+KQQIP4TJK5JW1JO6Z33H.,K-1I\##
MU:K5N%:(Q\-7ZY7X]O$PD)$L&Y2(,HV*C&C5BQ:($(BV:H)(IE*0@ !0N_PB
M81,(F$3")A$PB81,(F$3")A$PB81==,2K&!B92<DU3(1L-'/I607(BLX.BQC
MFRKQVJ1NW35<+F3;HJ'*B@DHLJ( 1),YS%*)%5"SZJ$E):<U;NB-X;[M=P7(
M:\Z-JG&V(+L/CR,WMR+Y#15WEM=V)RW0VLY)KCTFM,*YM,;?SPQ(5G/,!924
MS)QEEB80LMW!(R,C.>.F#CIUX8S],^4?]:G3$0[WV_E-$\@BZ^T@CNQBGL>,
MK4/)UZXW/0=V9:WN5+35),-VM-?3UV=.(N@2ESD(B'G6D3*2,X[JH$8-I FZ
M<@::XZ\",YX< ..,X6('?5!Y'H[CV%4+/J(FN9"@<E)75$+HPJ%!N=LM;.'Z
M;%LY;J56V;7B=KJT:"7F[O */Z_<JT@],U@EX"K66NQ;M2PRK I+1C0Y]G.3
MD?S[NGN\^?DI?Q?40F(O@%QEYGWS0%G):>1G^C;#PVF*G;Z*XD5[)R6L-6J]
M%7B;5.V&,JS:O3#NV0\VR4L\S"2,7!R#="U(PDPUDV;,HW?:+<\-[7'0$\L]
M/'WA>"ANKC3Y.RQ-/=<==P1UC@XWE?+;[9!-ZSD6^@X[AE9J/7=TRDS(1]P6
M:;!BTBWV">U4=:GL<Q/JO6<8>$CGHRI88FZ<$Y'\N..N\"1C3PYX'BNIB^L#
M6I!"OUQSQ@W)$[GV2^XUGTGJ-Y;=,NE-E5?E?"[0LNI;.YO\1L&2HU&*6!TS
ML5Y;H2T2J$Q$.8J+90S>S'GXY0Q-WQ&-<GH1C.AQG4CAQ6.].=8Y W'BZ[1W
MQJR1C[I1-'<T.3$U7ZD\KC%J77_&CF'?>.,+KQ RUMLD>\V(ZC(>M!+R\;8'
M]1DY\[]U$.T6$A&M"%)9J #H2T9X_J:#G@-..- <!9FV?U/+#$:WYE;(U'Q<
MOM]IW$ZJ\B$5MC35\U'6:I8=I<;JVRG-@5AQ4WU\0VDVJT2J]71"S1]2?NYD
MD))*14.+1_79&8* W) R,D@<^>/#'/JK'],7B=V9J;7.P[/3W6OYZZTZ!LTG
M37DK$3;BON)F/1?? 'EH%[(Q+X@)K$516:/5@%%5,JPD<%52(6*R9A$PB81,
M(F$3")A$PB81,(F$3")A%35U0:OR3O6Z^'%,T9"<A;359FL\LEMCUK1G)'8?
M%AB]F6-,UM^RJ3NNU*0_BF38:[:G+N9K\/8))J263;6!JQ0G$CR=8G2R:0,Y
MQRXC/7..GFL.)<*.HM(5C8,OL3?>QKMMPL1TR:]3E(/D'<*]JAZOJ6Y\?[1S
M;N$?KUO+0M:CIRZ+Z[M?A,R=<8RMIC9";813"*2O-DCY,I);G0 #VN6NN<=>
M&1CH?(+'T]T\NH+-Q%@ES<CN4S*Z676W46F7S6*YQ[=BH!CNMWN9Y.=.9" C
M6=Z2C:[4J_KZ4=EM,'"I,JN86L;!; 82T='M(Q-Z^WR^:;PT&!_+KNCAC#LY
MYYQ[\D+/NH^.74K9<\(3:VWMNS[_ $P#Z#GG:U=V=.JT4U*+Q^C*G-:6L.C5
MM@LM;HS!=TIRUT0V!6M./K:[7583H[<:17Q6N1>O7KZH2W& ,?#/$G.<9X8&
M,_N3Q=L<;NH!,W_G0_K\SM63L.SM><D&'%S;M8YJ737.LM>Q%PT(A5=&:Y9\
M9F*3>LPNSJ5M@KJ95W V)!R[)=R%[#8[UVFG3$"C( '#3&1N@GCKDGB,8^F.
M)/GI;AKU#*WR=X^/*7OK;,OQ^I\!H 7L[-<A=BV2S5:>K=PGK5R2:;6J]DVG
M#U;=3+<*4L2&C)6TTC;;VNP M*MK]OIYG58&;5>O7KX)D8.G'.-!TP.7+P(\
MCRB:AT]NIC)3NQ;98WUU>[F5X>;YTHXW;,<PK!<F.Q=R7[E%Q^V3$6[4-/EW
MC(W&_7TKK/7,HR+3ZPUK$1&*Q36"=5Y%P@A8+2666\.6\T\. &]H3Q)UXJW;
M@+QHV'QHO_.-E<HBS&KNWN4]MW=K>Y2>Y)[8T'9ZC?R'D$H]I3[%.2#^@VNK
MNBK1UQ?'C&0W#UX("2DVPK4<9B6!.<>  ^'KZJR/"A,(F$3")A$PB81,(F$3
M")A$PB81,(F$3[_?"*,E+X6<1-</74EK[C/HVD/WE\@=H.7E4UE48!PIL&JC
M-FK%M!6+BFIDYBN'LMC5@7"8D"(6L$XM'D;JRT@=P4Y)XDGW^N@^"[ .(7%4
M+?LV_CQRTF>Z;H@)RK;<LJFLZ@K+;*KEH%B-IA;LY4B3FL<=:C1<6>T-90'*
M=C/%QIYH'QX]F9$F3IJ=.&O#R7 UWPNXDZC3B$=8<;M+T%* M;B]0Q*IKRM0
MI8^Z.Z3*:W>6QN#&/2[6)[09N9J#V8-Y/WD!*R,<Y75;O'!%"9/4\,<>6<X\
MLZ^>J\?L7@)Q8V+HBL\9%-65JF:&J^TZ#MEOJNAP%8@J/*2] V%';*1KDU5G
M$#)0#VDVF<CO@+C7DXUN66@7K^,;.H[UDUT2 D'//!'Q!'T.BRQ0.,G'?52-
M5;ZUTCJZB(4>J7"BU%&J4F A$Z_4-A3</9K[78TC!B@5"+NMC@(6>M;?L);#
M,QC23EA=O4@6PF3U/^W#X+'L=P*X31&O[?JF)XF\>HO6U^GHFT7*D1VI:2RK
M=CL->5%:N3,G%MH9)LM(5E03#67($*I7"G.2$%@0YRB3>=G.\<XQG)SCIGHN
M#8.GOP5M5.I&O;)Q!XXSE%UH2XI:\J$GJ"CNZ[2$-@RSJ>NS:K1"L*9E!M+/
M//%YR7:1R+=LZFO2E3I?'MFSA(F\X:AQSUR>6@^ T7NU>(W%E?8=OVROQUTJ
MXV;L"L2M+O-Z<:TJ"]GM]4GHAO7YZ!LDNM$G=S,;/5]HS@)U!^HN$S!LF</)
M"ZCFC9LD3)X9.!J!G@>JRIKS75$U)2J]KC6-2@*)0ZFR&.K51J\:VB("#8&<
J+.S-(V-:$3;M4#.7"[@Q$B% RRRB@]S',(E"]GA$PB81,(F$3")A%__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
