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December 6, 2018

Jefferies Crossover Consumer Finance Summit

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Forward-Looking Statements

This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities. It is provided by On Deck Capital, Inc. (“OnDeck”) for informationalpurposes only. No representations express or implied are being made by OnDeck or any other person as to the accuracy or completeness of the information containedherein.

This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other legal authority. Forward-looking statements can be identified by words such as "will," "enables," "expects”, “may,” "allows," "continues," "believes,” “intends,” "anticipates," "estimates" or similarexpressions. Forward-looking statements include statements about future financial performance, growing origination channels, customer demand, credit risk managementand recovery performance, strategic priorities, investments in growth initiatives, new product offerings, driving operational leverage and cost reduction activities, andfinancing programs. They are based only on our current beliefs, expectations and assumptions regarding the future of our business, anticipated events and trends, theeconomy and other future conditions. As such, they are subject to inherent uncertainties, changes in circumstances, known and unknown risks and other factors that aredifficult to predict and in many cases outside our control. Therefore, you should not rely on any of these forward-looking statements. Our expected results may not beachieved, and actual results may differ materially from our expectations.

Important factors that could cause actual results to differ from our forward-looking statements can be found in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2017 and in other documents that we file with the Securities and Exchange Commission from time to time which are or will be availableon the Commission’s website at www.sec.gov. Except as required by law, we undertake no duty to publicly update any forward-looking statements for any reason after thedate of this presentation.

This presentation includes certain non-GAAP financial measures. We believe that non-GAAP measures can provide useful supplemental information for period-to-periodcomparisons of our business and can assist investors and others in understanding and evaluating our operating results. These non-GAAP measures have not beencalculated in accordance with U.S. GAAP. You should not consider them in isolation or as a substitute for an analysis of our results under U.S. GAAP. Other companies maycalculate non-GAAP financial measures differently than we do. The non-GAAP measures contained in this presentation include Adjusted Net income (loss), Net InterestMargin (NIM) and Adjusted Net income guidance. These measures exclude items required to be included in the most directly comparable measure calculated andpresented in accordance with GAAP. Refer to pages 25 through 27 in the Appendix of this presentation for a description of these non-GAAP measures, their respectivelimitations and reconciliations to U.S. GAAP and/or incorporation of non-GAAP elements.

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1. OnDeck Business Overview

2. Strategic Priorities & Growth Initiatives

3. Financial Performance Trends

4. Capitalization and Funding Profile

5. Profitability, Guidance and Outlook

$1,568$1,826

$531 $648

9M '17 9M '18 3Q '17 3Q '18

$263 $289

$84 $103

9M '17 9M '18 3Q '17 3Q '18

($4)

$30

($1)

$13

9M '17 9M '18 3Q '17 3Q '18

OnDeck - The Leading Online Small Business Lender

$10 Billion+ total originations

93,000+ small businesses served

Global in United States, Canada, and Australia

5th Generation proprietary credit scoring model

Strong Net Promoter Score: 84

Key Partnerships: JPM Chase, Intuit & PNC

Scalable and Profitable financial model

ORIGINATIONS ($ MILLIONS) (+16% YTD; +22% vs. 3Q ‘17)

GROSS REVENUE ($ MILLIONS) (+10% YTD; +23% vs. 3Q ‘17)

ADJ. NET INCOME (LOSS) ($ MILLIONS) (+$34M YTD; +$14M vs. 3Q ‘17)(2)

(1) Based on all OnDeck’s distribution channels for the quarter ended September 30, 2018.

(2) See appendix for definitions of non-GAAP measures, their limitations, and reconciliation to GAAP.

(1)

4

U.S. Small Business Lending Market

28 MillionU.S. Small Businesses

$217 BillionBusiness Loan Balances

Under $250,000 in the U.S. in 4Q ꞌ17

$1.1 Billion(1)

OnDeck Loans Unpaid Principal Balance

Sources: U.S. SBA, FDIC 12/31/17

(1) As of September 30, 2018.

OnDeck Unique US Small Businesses Served

93K+

5

Offline26 Hours(2)

Manual

ReviewWeeks or Months

Several

Days

Online Minutes(1)

Automated ReviewAs Fast as Immediately

As Fast As Same Day

The OnDeck Solution for Small Business Lending

APPLY APPROVE FUND

Traditional Lending

(1) Application time depends on customer having the required documentation available.(2) Source: Small business survey conducted by the Federal Reserve Bank of New York, Spring 2017.

6

The OnDeck Score ®

Proprietary and built for small businesses

• 5th Generationproprietary credit scoring model

• 10 Million+ small businesses in database

• 1.4 Million+ applications

• 19 Million+ customer payments

Public

RecordsCredit

Data

Social

Data

Proprietary

Data

Transactional

Data

Accounting

Data

Score

Proprietary Data Analysis Platform

7

Products Tailored for Small Businesses

TERM LOAN

(Launched in 2007)

LINE OF CREDIT

(Launched in 2013)

Use Case

Size $5,000 – $500,000 $6,000 – $100,000

Term 3 – 36 months 6 – 12 months3

Pricing (4) (5) Annual Interest Rate as low as 9.99% (1)

Weighted Average APR 49.7% (2)

Annual Interest Rate as low as 13.99% (1)

Weighted Average APR 32.7% (2)

Payment Automated daily or weekly payments Automated weekly payments

Availability Renewal opportunity at ~50% paid down Draw on-demand

Buying Inventory

Hiring New Staff

Marketing Managing Cash Flow

(1) For select customers. Annual Interest Rate is the interest rate in annualized terms, excluding fees.

(2) Weighted average. Based on 3Q ꞌ18 originations.

(3) Term resets upon each draw.

(4) Pricing available through certain OnDeck strategic partners or channels may vary.

(5) The blended weighted average APR for term loans and lines of credit was 47.5% for 3Q ‘18 originations.8

Diversified Distribution ChannelsOnDeck originates through three scaled channels

Direct Strategic Partner Funding Advisor

44%Originations

Volume

26%Originations

Volume

30%Originations

Volume

Direct Mail

Online Marketing

Radio/TV

Loan Brokers

ISOs

Equipment Leasing

(1) Represents 3Q ’18 originations.(2) Based on 2016 and 2017 customer cohorts through September 30, 2018. (3) “LTV” is Lifetime Value expressed in dollars and equals interest income and fees collected over customer lifetime less acquisition costs for repeat loans, less estimated third party processing and servicing expenses, estimated funding costs (excluding any cost of equity capital), and net charge-offs. “CAC”

is Customer Acquisition Cost expressed in dollars and includes upfront internal and external commissions as well as direct marketing expense. “Total” equals LTV minus CAC. All estimates may be adjusted in subsequent periods to reflect updated information.

(1) (1)(1)

9

10

2018 Strategic Priorities & Progress

PRIORITIES PROGRESS

Broaden Product Reach & Appeal

Grow Responsibly

Strengthen Credit Management

Invest in High-Growth Areas

Improve Operating Leverage

• Grew loans 17% YTD 9/30• Balancing growth & profitability

• Rolled-out Instant Funding capability• Expanded line of credit offerings• Expect to announce new lending product by year-end

• Launched ODX; announced PNC as 2nd client• Continued to scale international businesses• Investing in Technology & Analytics

• Reduced real-estate footprint• Consolidated loan operations in Denver

• Improved/expanded collection processes• Significant improvement in YOY credit metrics• Stable sequential portfolio quality trends

Investing in High Growth Areas

2. Adding scale to the International businesses

• 3Q 2018 international origination volume up over 50% from a year ago

3. Expect to announce new small business lending product by year-end

1. Launched ODX and announced PNC as the second major bank client

• ODX is combining its leading technology platform

and SMB-focused professional services experience

with PNC’s extensive product and credit capabilities

to create PNC Small Business Lending, a fully digital,

online business credit origination solution

• Launching early 2019 with PNC lines-of-credit up to

$100K

Deposit customers

Marketing

Credit policy

Tech platform

OnDeck Score®

Customer Service

++

Groundbreaking 1st Bank Client 2nd Major Bank Client for ODX

11

Growing Loan Portfolio

12

$941 $936 $993 $1,027

$1,096

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

43.8% 43.8%46.0% 47.1% 47.5%

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

2.2%

2.0%1.9% 1.9%

1.7%

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

ORIGINATIONS

$648 Million

UPB

$1,096 Million

SALES & MARKETING EXPENSE / ORIGINATIONS (%)

1.7%

PRICING (APR) (%)

47.5%

(+22% YoY; +10% QoQ)

(-50bps YoY; -20bps QoQ)

(+16% YoY; +7% QoQ)

(+370bps YoY; +40bps QoQ)

$531 $546 $591 $587

$648

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

(1)

(1) At Period End.

($ millions)

Improving Gross Revenue

13

33.1%

34.8%

35.6%36.1%

36.5%

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

$961 $953 $984

$1,025 $1,081

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

$80

$84 $86

$92

$99

$3

$4

$4

$3

$4

$84

$88

$90

$96

$103 29%

31% 31%32%

33%

0%

5%

10%

15%

20%

25%

30%

35%

$75

$80

$85

$90

$95

$100

$105

$110

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

Interest Income Other Revenue Gain on Sale Net Interest Margin

GROSS REVENUE & NET INTEREST MARGIN (%)*

$103 Million

EIY (%)

AVERAGE LOANS

$1,081 Million(+23% YoY; +8% QoQ) (+13% YoY; +5% QoQ)

(+340bps YoY; +40bps QoQ)36.5%

(1)

*Note: See appendix for definitions of non-GAAP measures, their limitations and reconciliations to GAAP.(1) Effective Interest Yield is the rate of interest we achieve on loans outstanding during a period. It is calculated as calendar day-adjusted annualized interest income divided by average Loans.

($ millions)

Strong Credit Quality

14

$105 $109 $119 $124 $134

11.1% 11.6% 12.0% 12.1% 12.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

$0

$50

$100

$150

$200

$250

$300

$350

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

Allowance for Loan Losses Reserve Ratio

$40

$34$36

$33

$39

7.5% 6.4% 6.1% 5.7% 6.0%

-17.0%

-12.0%

-7.0%

-2.0%

3.0%

8.0%

13.0%

18.0%

23.0%

$20

$25

$30

$35

$40

$45

$50

$55

$60

$65

$70

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

Provision for Loan Losses Provision Rate

7.5%

6.7% 6.7% 6.8%

6.4%

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

16.9%

12.9%

10.9% 11.2% 11.1%

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

15+ DAY DELINQUENCY RATIO (%)

6.4%

NET CHARGE-OFF RATE (%)

11.1%

ALLOWANCE FOR LOAN LOSSES & RESERVE RATIO (%)

$134 Million (-110bps YoY; -40bps QoQ)

(-580bps YoY; -10bps QoQ)

(+27% YoY; +8% QoQ)

PROVISION FOR LOAN LOSSES & PROVISION RATE (%)

$39 Million (-3% YoY; +17% QoQ)

(1)(1)

(1) At Period End.

($ millions)

Consistent Credit Quality through the Cycle

15

5.5%

9.0%

6.4%

4.4%

5.5%

6.8% 6.9% 7.0% 6.8%

8.2%

6.6%

5.1%5.7%

5.0%

3.1%

1.1%

0.0%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

9.6 11.1 8.8 7.5 8.7 9.2 10.0 11.2 12.3 13.2 12.3 11.8 12.1 12.2 11.8 11.8 11.9

Avg. Term of Originations (months) (3)

(2) (2) (2)(2) (2) (2)

(1) Represents net lifetime charge-offs of the unpaid principal balances charged off less recoveries of loans previously charged off. A given cohort’s net lifetime charge-off ratio equals the cohort’s net lifetime charge-offs through September 30, 2018 divided by the cohort’s total original loanvolume. Repeat loans in the denominator include the full renewal loan principal amount. The chart includes term loan originations, regardless of funding source, including loans sold through our OnDeck Marketplace or held for sale on our balance sheet and excluding ODaaS related loans.

(2) As of September 30, 2018, principal balance of term loans including loans sold through our OnDeck Marketplace or held for sale on our balance sheet still outstanding was ~0.0% for all cohorts except the 2016, 1Q ’17, 2Q ’17, 3Q ’17, 4Q ’17, 1Q ’18, 2Q ’18, 3Q ‘18 and cohorts, which hadprincipal outstanding of 0.2%, 0.5%, 1.2%, 3.7%, 10.2%, 25.2%, 57.5% and 86.9%, respectively.

(3) Represents the initial contractual term at origination for designated period.

(2)(2)

Net Charge-Offs By Period Of Origination (1)

Managing Operating Expense

16

OPERATING EXPENSE & PERCENT OF GROSS REVENUE (%)

$43 Million (+15% YoY; -6% QoQ)

$12 $11 $11 $11 $11

$12$11 $11

$13 $13

$4$5 $5

$5 $5

$9 $11 $13

$16$13

$5$37 $38

$45$45

$43

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

S&M T&A P&S G&A Noteworthy Items

45%43%

49% 47%

42%43% 44%

46%41%

Noteworthy Items

• 3Q18 debt extinguishment charge of $0.6 million

• 3Q18 benefited from timing of spend on marketing and growth initiatives

• Ongoing investment in growth initiatives including Technology & Analytics

• Continued focus on driving operating leverage

(3)

(2)

Noteworthy Items

(2)

(3) Ex. Noteworthy Items

(1)

(1)

(1) Operating Expense Adjustments in 1Q ’18 include $4.2 million in Real Estate Disposition charges and $0.9 million in Severance charges.(2) Operating Expense Adjustments in 2Q ’18 include $1.4 million in in Debt Extinguishment charges.(3) Operating Expense Adjustments in 3Q ’18 include $0.6 million in Debt Extinguishment charges.

($ millions)

Lowering Funding Costs

17

2.8x

2.6x2.8x 2.7x

2.8x

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

$711 $685 $699

$735 $771

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

$11.3 $11.2

$11.8 $12.2

$11.7

6.4% 6.5%6.8%

6.6%

6.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

$5.0

$7.0

$9.0

$11.0

$13.0

$15.0

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

Funding Cost Cost of Funds Rate

AVERAGE FUNDING DEBT

DEBT TO EQUITY

2.8x

$771 MillionFUNDING COSTS & COST OF FUNDS RATE (%)

$11.7 Million (+9% YoY; +5% QoQ)

(~% YoY; +3% QoQ)

(+3% YoY; -4% QoQ)

(1)

($ millions)

(1) At Period End.

$259$266 $267

$278

$290

26%27%

26% 26% 26%

10%

15%

20%

25%

30%

35%

$200

$220

$240

$260

$280

$300

$320

$340

$360

$380

$400

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

Strong Liquidity & Capital

18

$459 $440 $485 $543

$594

$250 $250 $250

$225 $225

$274 $322 $274

$390 $222

$983 $1,012 $1,009

$1,158

$1,040

72% 68% 73%66%

79%

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

Warehouse Securitization Excess Capacity Capacity Utilization

FUNDING CAPACITY & CAPACITY UTILIZATION (%)

$1,040 Million

EQUITY & EQUITY/ASSETS

$290 Million (+12% YoY; +4% QoQ)

$64$71 $70 $74 $71

3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

CASH & CASH EQUIVALENTS

$71 Million (+11% YoY; -4% QoQ)(+6% YoY; -10% QoQ)

(1)

(2) (3)

(2)(2)

(1) Excludes corporate credit facility.(2) At Period End.(3) Based on Total Equity including Non-Controlling Interest.

($ millions)

Improving Profitability

19

($4)

$5

($2)

$6

$10

3Q '17

($0.06)

4Q '17

$0.07

1Q '18

$(0.03)

2Q '18

$0.07

3Q '18

$0.12EPS

($1)

$8

$6

$10

$13

3Q '17

($0.01)

4Q '17

$0.10

1Q '18

$0.08

2Q '18

$0.13

3Q '18

$0.17EPS

NET INCOME (LOSS)

$13 MillionADJUSTED NET INCOME (LOSS)*

$10 Million (+$14M YoY; +69% QoQ) (+$14M YOY; +32% QoQ)

(1)

(2) (2)($0.06) $0.07 $(0.03) $0.07 $0.12EPS

(Diluted)($0.01) $0.10 $0.08 $0.13 $0.17

($ millions, except per share data)

(1) Net income (loss) as used in this presentation is Net income (loss) attributable to On Deck Capital, Inc. common shareholders. * Adjusted Net income (loss) is a Non-GAAP financial measure based on Net income (loss) attributable to On Deck Capital, Inc. common shareholders. See appendix for definitions of non-GAAP measures, their limitations and reconciliations to GAAP.

2018 Guidance and 2019 Outlook*

(1)

(2)

* 2018 Guidance and 2019 Outlook as provided November 6, 2018. Reproduction of this slide should not be deemed an affirmation or republication of the guidance or outlook.

20

• Increased full year 2018 guidance

▪ Gross revenue of $392-$396 million (up from $380-$386 million)

▪ Net income of $20-$24 million (up from $10-16 million)

▪ Adjusted Net income of $40-$44 million (up from $30-36 million)

The 2018 guidance assumes higher operating expenses and relatively stable portfolio assets in the fourth quarter, a full year Provision Rate near the low end of our guidance of 6% to 7%, and includes approximately $7 million of real estate disposition, severance and debt extinguishment costs already incurred.

• 2019 Outlook

▪ Continued strength in originations resulting in low double-digit loan growth

▪ Stable Net Interest Margin as higher market interest rates mitigate lower borrowing spreads

▪ Stable annual efficiency ratio as positive operating leverage in the U.S. lending business offsets ~$15 million of incremental investment in our strategic growth initiatives including ODX

The 2019 outlook assumes the macro-economic, small business lending and capital market environments remain favorable.

(1) Net income (loss) and Adjusted Net income (loss) as used in this presentation relate to amounts attributable to On Deck Capital, Inc. common shareholders. (2) Adjusted Net income (loss) and Net Interest Margin are Non-GAAP financial measures. See appendix for definitions of non-GAAP measures, their limitations and reconciliations to GAAP

(1)(2)

Key Take-Aways

21

1. Leading Online Small Business Lender

2. Investing in High Growth Areas

3. Profitable with Strong Performance Trends

4. Well-Capitalized and Liquid Balance Sheet

5. On Track to Deliver Record 2018 Earnings & Returns

Appendix

Summary P&L

23

(1) Operating Expense in 1Q ’18 include $4.2 million in real estate disposition charges and $0.9 million in severance charges. (2) Operating Expense in 2Q ’18 includes $1.4 million in debt extinguishment charges. (3) Operating Expense in 3Q ’18 includes $0.6 million in debt extinguishment charges.*Note: See appendix for definitions of non-GAAP measures, their limitations and reconciliations to GAAP.

($ millions) 3Q ‘17 4Q ‘17 1Q ‘18 2Q ‘18 3Q ‘18 2Q '18 3Q '17

Interest Income $80 $84 $86 $92 $99 8% 24%

Other Revenue 4 4 4 3 4 9% (1%)

Gross Revenue 84 88 90 96 103 8% 23%

Provision for Loan Losses 40 34 36 33 39 17% (1%)

Funding Costs 11 11 12 12 12 (4%) 3%

Operating Expense 37 38 45 45 43 (6%) 15%

Net income (loss) attributable to OnDeck (4) 5 (2) 6 10 $4 $14

Adjusted Net income (loss)* ($1) $8 $6 $10 $13 $3 $14

Change vs

(2)(1) (3)

Key Performance Indicators

24*Note: See appendix for definitions of non-GAAP measures, their limitations and reconciliations to GAAP.(1) At Period End.

($ millions) 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 2Q '18 3Q '17

Originations $531 $546 $591 $587 $648 10% 22%

Effective Interest Yield 33.1% 34.8% 35.6% 36.1% 36.5% ~40bps ~340bps

Cost Of Funds Rate 6.4% 6.5% 6.8% 6.6% 6.0% ~(60)bps ~(40)bps

Net Interest Margin (NIM)* 28.9% 30.7% 31.3% 32.0% 32.9% ~90bps ~400bps

Marketplace Gain On Sale Rate 2.7% 3.4% NA NA NA NA NA

Provision Rate 7.5% 6.4% 6.1% 5.7% 6.0% ~30bps ~(150)bps

Reserve Ratio 11.1% 11.6% 12.0% 12.1% 12.2% ~10bps ~110bps

15+ Day Delinquency Ratio 7.5% 6.7% 6.7% 6.8% 6.4% ~(40)bps ~(110)bps

Net Charge-Off Rate 16.9% 12.9% 10.9% 11.2% 11.1% ~(10)bps ~(580)bps

Change vs

(1)

(1)

Adjusted Net Income (Loss) (Non-GAAP Reconciliation)

25

(1) Adjusted Net income (loss), a non-GAAP measure, represents Net income (loss) attributable to On Deck Capital, Inc. common stockholders adjusted to exclude loss from early extinguishment of debt, stock-based compensation expense, real estate disposition charges, severance and executive transition expenses. Stock-based compensation includes employee compensation as well as compensation to third-party service providers. Our use of Adjusted Net income (loss) has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that Adjusted Net income (loss) does not reflect the potentially dilutive impact of stock-based compensation and does not reflect expenses incurred in connection with real estate dispositions and severance.

(2) Adjusted Net income (loss) per share represents Net income (loss) attributable to On Deck Capital, Inc. common stockholders adjusted to exclude loss from early extinguishment of debt, stock-based compensation expense, real estate disposition charges, severance and executive transition expenses, each on the same basis and with the same limitations as described above for Adjusted Net income (loss), divided by the weighted average common shares outstanding during the period.

($ thousands, except per share data)Sep 30,

2017

Dec 31,

2017

Mar 31,

2018

Jun 30,

2018

Sep 30,

2018

Net income (loss) attributable to On Deck ($4,074) $5,096 ($1,918) $5,790 $9,769

Adjustments:

Stock-based compensation expense 3,056 2,994 3,210 2,794 2,848

Real estate disposition charges - - 4,187 - -

Severance and executive transition expenses - - 911 - -

Debt Extinguishment Costs - - - 1,384 550

Adjusted Net income (loss) ($1,018) $8,090 $6,390 $9,968 $13,167

Adjusted Net income (loss) per share

Basic ($0.01) $0.11 $0.09 $0.13 $0.18

Diluted ($0.01) $0.10 $0.08 $0.13 $0.17

Weighted-average common shares outstanding:

Basic 73,272,085 73,708,613 73,977,241 74,385,446 74,715,592

Diluted 73,272,085 77,153,920 77,352,294 78,288,267 79,372,491

Quarter Ended

(1)

(2)

Net Interest Margin (Non-GAAP Reconciliation)

26

($ thousands)

Sep 30,

2017

Dec 31,

2017

Mar 31,

2018

Jun 30,

2018

Sep 30,

2018

Interest income $80,122 $83,621 $86,369 $92,371 $99,476

Less: Funding costs (11,330) (11,212) (11,821) (12,202) (11,665)

Net interest income 68,792 72,409 74,548 80,169 87,811

Divided by: calendar days in period 92 92 90 91 92

Net interest income per calendar day 748 787 828 881 955

Multiplied by: calendar days per year 365 365 365 365 365

Annualized net interest income 273,020 287,255 302,220 321,565 348,575

Divided by: Average Interest Earning Assets $944,372 $937,021 $966,327 $1,006,133 $1,060,222

Net Interest Margin (NIM) 28.9% 30.7% 31.3% 32.0% 32.9%

Quarter Ended

(1)

(1) Net Interest Margin, a non-GAAP measure, is calculated as annualized Net Interest Income divided by average Interest Earning Assets. Net Interest Income represents interest income less funding costs during the period. Funding costs are the interest expense, fees, and amortization of deferred debt issuance costs we incur in connection with our lending activities across all of our debt facilities. Annualization is based on 365 days per year and is calendar day-adjusted. Our use of Net Interest Margin has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that: (a) Net Interest Margin is the rate of net return we achieve on our Average Interest Earning Assets outstanding during a period, it only includes interest income and funding costs and excludes all other revenues and operating expenses and as a result, it does not represent our overall financial results or profitability; and (b) funding costs do not reflect interest associated with debt used for corporate purposes.

Guidance (Non-GAAP Reconciliation)

27

($ millions)

Low High

Net income attributable to On Deck Capital, Inc.

common stockholders $ 20 $ 24

Loss from early extinguishment of debt 2 2

Real estate disposition charges 4 4

Severance expenses 1 1

Stock based compensation 13 13

Adjusted Net income $ 40 $ 44

Twelve Months Ending,

December 31, 2018

(1)(2)

Guidance is subject to Forward-Looking Statements Disclaimer on Slide 2.

(1) Adjusted Net income guidance is a non-GAAP measure and represents our Net income attributable On Deck Capital, Inc. common stockholders guidance adjusted to exclude early extinguishment of debt, stock-based compensation expense, real estate disposition charges, severance and executive transition expenses, each on the same basis and with the same limitations as described above for Adjusted Net income (loss), and in addition does not reflect the cost of the early extinguishment of debt. As a result, our GAAP Net income (loss) for these future periods will be less favorable than our Adjusted Net income for the corresponding periods. In addition, Adjusted Net income guidance is neither historical fact nor an assurance of future performance. It is based only on our current beliefs, expectations and assumptions regarding the future of our business, anticipated events and trends, the economy and other future conditions. As such, it is subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and in many cases outside our control. Therefore, you should not rely on this guidance.

(2) May not sum due to rounding.