1LendingTree (TREE) | Sector Financial | Industry Mortgage Investment

LendingTree Inc

Ticker TREE

Recommendation Buy

Dustin Scaringedscaringndedu

September 2018

Investment Thesis

Product Diversification The continued push away from mortgage lending through a string of acquisitions should diversify the business and allow it to grow more consistently through market cycles

Market Opportunity The mortgage business of LendingTree has a lot of opportunity for growth and plenty of room for market penetration The business has only touched 2 of mortgages in the US This should increase with improvements in technology and lenders look to become more efficient (reduce their labor cost)

Product Expansion My LendingTree platform also has a lot of opportunity to cross-sell products and build out a relationship based experience rather than relying on merely a transaction experience

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RecommendationLendingTree (TREE) has experience multiple compression and price depreciation since the beginning of this year The fundamentals and management strategy of the business have not changed dramatically however and now represents a great opportunity to purchase a call option for long-term growth and gain unique exposure to the financial sector

LendingTree (TREE) | Sector Financial | Industry Mortgage Investment Source 1) Thomson Reuters

Three Key Points

Price Target $292 representing a 21 upsideAverage Wall Street Price Target $301 representing a 25 upside

Sources IBISWorld Company 10-K

Introduction

3

bull LendingTree is an online lending exchange that connects consumers with multiple lenders banks and credit partners It acts like a broker for loans instead of being a direct supplier

bull Founded Pre Fintech Wave Est 1996 by Douglas Lebda current Chairman amp CEO

bull Mid Cap Status Market Cap of $3 billionbull Completely free for customers to use revenue

stream extracted when customers send loan requests to lenders

Company Background Marketplace Business Model

Stock Data

Consumer

Lender 1 Lender 2 Lender 3 Lender 4 Lender 5

Lending Tree Exchange

Lenders on the platform include regional and national banks peer-to-peer lending services and online direct

lenders levels of risk vary across the lenders

Current Price $230

52 Week Price Range 20545 - 40440

200-Day Moving Average 27761

Beta 134

Market Cap (mil) $2950

Shares Outstanding (mil) 13

Average Vol (3 month) mil 023

Insider Ownership 4080

Shares Short of Float 3772

LTM PE 4516

Forward PE 3256

EVEBITDA 3688

Industry Overview

4Source IBIS World FRED

Competitive Landscape

bull LendingTree is one of the only public companies that acts exclusively as an exchange lender

bull Most of the firms in the space are private aggregators or lenders

bull Barriers to entry include assets the company purchases on goodwill proprietary technology customer lists and trademarked names

Market Forces

bull A number of factors influence lending markets across mortgages personal loans auto loans etc including

bull Aggregate Household Debtbull GDP Growthbull Federal Monetary Policybull Prime Ratebull Inflation

Fixed Rate and Inflation Behavior is Steady

000

100

200

300

400

500

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700

30 Year Fixed Rate 15 Year Fixed Rate

10 Year Breakeven Inflation

Fintech Comps Description

Direct Private Competitors

Offering comparable services to LendingTree

Private Peer-to-PeerLenders

Assume moreof the consumer risk by taking on loans (underwritingloan loss provisions)

Product Diversification

5Source Company 10-K

Home Refinance

Home Purchase

Personal Loans

Home Equity Loans Auto Loans Business

Loans

Credit Cards Student Loans StudentRefinance

Moving Away From Mortgage

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100

2013A 2014A 2015A 2016A 2017A MRQ2018

Mortgage Non-Mortgage

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Product Categories

bull Over a few short years TREE has acquired a number of leading media and comparison properties

bull The strategy is similar to that of two major TREE shareholders Barry Diller and John Malone (27)

bull Mortgage purchases and refinancing used to compose the majority of revenue now it is only a third of sales

bull Although the movement changes the risk profile of the company it should dampen revenue declines during the next economic downturn as smaller ticket purchases recover quicker

bull Additional categories include auto and home insurance as well as commercial loans

bull CEO Douglas Lebda expressed a continued push into small business loans for continued diversification as well

bull Ultimately the company is positioning itself to provide a full service financial experience for customers

Product Diversification

6Source Company 10-K

Iron Horse HoldingsCredit Card Comparison

November 16th 2016

$104 million

Deposits Online

Media facing in the depository

industry

June 14th 2017

Camino Del Avion

Consumer Facing Media Company

June 20th 2017

SMB Online Lender

September 19th 2017

Credit Repair

Company

June 11th

2018

PersonalFinance Website

July 23rd

2018

$60 million

1

Market Opportunity

7Source 2017 Company Investor Presentation TechCrunch

2

Total Addressable

Market

Est $13B

Est $500M

$264mTTM

Total Addressable

Market

Est $33B

Est $500M

$78mTTM

Total Addressable

Market

Est $10B

Est $1B

$126mTTM

bull LendingTreersquos positioning in its core markets across mortgage credit and personal loan is growing and the company is taking share there still remains plenty of opportunity to expand into its total addressable markets

Mortgage Credit Cards Personal Loans

Visible revenue opportunity in core markets served today not inclusive of acquisitions or new verticals Digital ad spend in financials expected to hit 20 CAGR between 2014 and 2020

tripling LendingTreersquos core market

Comparables (BLK)

Stock Data

DCF (Base)

WACC

DCF (Downside)

WACC

DCF (Upside)

WACC

Comparables

_CIQHiddenCacheSheet

WACC

Key Stats

Acquisition Effects (in millions)

Pro Forma Revenue

2017201820172018Three Months Ended June 30thSix Months Ended June 30th158737185820296935369201Pro Forma Net Income

2017201820172018Three Months Ended June 30thSix Months Ended June 30th7758451881496680956

2018

Mortgage ProductsNon-Mortgage ProductsCredit CardsPersonal LoansOther140410848796117576672

Mortgage2013A2014A2015A2016A2017AMRQ201812309113413716527221999127591066948Non-Mortgage2013A2014A2015A2016A2017AMRQ2018161493321388944164411341826117153

FRED Data

Fixed Rate and Inflation Behavior is Steady

30 Year Fixed Rate3970239709397163972339730397373974439751397583976539772397783978639793398003980639813398213982839835398423984939856398633987039877398843989139898399053991239919399263993339940399473995439961399683997539982399893999640003400104001740024400314003840045400524005940066400734008040087400944010140108401154012240129401364014240150401574016440171401784018540192401994020640213402204022740234402414024840255402624026940276402834029040297403044031140318403254033240339403464035340360403674037440381403884039540402404094041640423404304043740444404514045840465404724047940486404934050040506405144052140528405354054240549405564056340570405774058440591405984060540612406194062640633406404064740654406614066840675406824068940696407034071040717407244073140738407454075240759407664077340780407874079440801408084081540822408294083640843408504085740864408704087840885408924089940906409134092040927409344094140948409554096240969409764098340990409974100441011410184102541032410394104641053410604106741074410814108841095411024110941116411234113041137411444115141158411654117241179411864119341200412074121441221412284123441242412494125641263412704127741284412914129841305413124131941326413334134041347413544136141368413754138241389413964140341410414174142441431414384144541452414584146641473414804148741494415014150841515415224152941536415434155041557415644157141578415854159241599416054161341620416274163441641416484165541662416694167641683416904169741704417114171841725417324173941746417534176041767417744178141788417954180241809418164182341830418374184441851418584186541872418794188641893419004190741914419214192841935419424194941956419634196941977419844199141997420044201242019420264203342040420474205442061420684207542082420894209642103421104211742124421314213842145421524215942166421734218042187421944220142208422154222242229422364224342250422574226442271422784228542292422994230642313423204232742333423414234842355423624236942376423834239042397424044241142418424254243242439424464245342460424674247442481424884249542502425094251642523425304253742544425514255842565425724257942586425934260042607426144262142628426354264242649426564266342670426774268442691426974270542712427194272642733427404274742754427614276842775427824278942796428034281042817428244283142838428454285242859428664287342880428874289442901429084291542922429294293642943429504295742964429714297842985429924299943006430134302043027430344304143048430554306143069430764308343090430974310443111431184312543132431394314643153431604316743174431814318843195432024320943216432234323043237432444325143258432654327243279432864329343300433074331443321433284333543342433495935786096159464660464662614604597553547519514509999999999999965014965125099999999999999652551650450751550349800000000000004484999999999999964784874824847848448600000000000003482491529559538542532525145252552252951251450850750450449400000000000004487492550349800000000000004491483478471480999999999999964940000000000000450551450950599999999999996499498000000000000045014974935054974954964995085215075075059999999999999654934844784794724754690000000000000445845745745599999999999996454449444000000000000044424360000000000000343243499999999999996437437432426999999999999964190000000000000442142300000000000004424417438999999999999974400000000000000444646100000000000003483480999999999999964860000000000000347699999999999996471474484809999999999999650554954874884764809999999999999648600000000000003487491484784714634610000000000000345999999999999996455449454545145999999999999996451451999999999999964554389999999999999743241500000000000004422422412409409401394412411000000000000034099999999999999643994398439939439139539138938839838738738739539388392408399398388393883843833793783753673713663663623563533493553593623663593553553493433633933734133934334331332334332337335334343383423533533533563513523633543573543433413433534235135938139139839344642945143743099999999999996438999999999999974400000000000000444000000000000004458451457457454324224230000000000000442841340999999999999996416434999999999999964224294464424474480000000000000445345144143899999999999997432423000000000000044284334374284374324400000000000000444143442699999999999996433429421424139999999999999741241399999999999997424174139999999999999741241500000000000004413413412413999999999999974124099999999999999640999999999999996409999999999999964124230000000000000442419000000000000044123973923984019999999999999640139939738939338383387373366363366359369376383753863783693736636736536838385384387387404440199999999999996408404409404398391394393384389393913863853763823793763873983973953933953973964013973923813793723653653623643683733713713593583593663613573583643663635435634834134234534834334534334334634435348342342347352347354357394403408413416434324241240941900000000000004419000000000000044174150000000000000441640999999999999996421434230000000000000441399999999999997409999999999999964083974034019999999999999640540199999999999996395394389391393883964033963923933938938638237837838338338539138839439439395392393943933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Year Fixed Rate39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334955453557757856361457261958858157357453352492491483462465000000000000044848492480999999999999964684684724639999999999999746100000000000003458451999999999999964544480000000000000444800000000000004448000000000000044514519999999999999645453479505999999999999964889999999999999748747699999999999996469000000000000044634684690000000000000446346845599999999999996458454454474464360000000000000343343744344644000000000000004436000000000000034324294269999999999999643243844545445445440000000000000044389999999999999744000000000000004434433440000000000000044334324334344389999999999999745199999999999996440000000000000044389999999999999743899999999999997436000000000000034342442142417424134044074059999999999999640343953923938638338338238237537236236436636335737637738139641741500000000000004424134084054094084294269999999999999642241500000000000004415000000000000043974044094099999999999999641340199999999999996397389382383783743683673693693753653663663543533634433933333329328326337338338331333313333327321321324323316317324314316316319317313316333233213113133123073053043042972942982952942892862832828328428828928628628527727326927266272272692652632642672662652652642662662712812772772772762762792722762742652642612562612692772983033130435339353341339343343344363543593593543373293313333243232733532733347343351352355356345344343333333353393323383323423473383333393383323293253213233313332232232432332632332732432332532432633733633633318308313321323173173132309313153052982932982922993053073033130629729829329429229430230730531130832532332132432325321317313317315306309313113083072993032982983093231831831631932232232432631931307301295295293294296299296298288286285289286281281289292287281283278274272275278274276274274277276277276272272276279278284288314325334336337352355344337334343413393353373323423534433933633432332732732932731931931631831731732232932332318318316316312308308313313315321319325327324331332333363363383443383443493623683773843853939439391393873873944019999999999999640340140841500000000000004405999999999999964014074044043994019999999999999644019999999999999640840540139839739910 Year Breakeven Inflation39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334919561711862000000000000115860000000000001119609849999999999999910820000000000001083199999999999996091600000000000004095054600000000000004023043803080201449999999999999901103420000000000000305280000000000000205908519999999999999811240000000000001123113751020910882000000000000011151999999999999913313320000000000001135200000000000011287500000000000113041496145146615917975000000000001188799999999999991994183200000000000011808000000000000116919999999999999155164599999999999991856000000000000118779999999999999189191199999999999991738177164178750000000000011802179817321742191250000000000011986199820739999999999998217499999999999982132000000000000121375000000000002211399999999999992108000000000000122122999999999999998236237523839999999999999236232399999999999982382000000000000122759999999999998226500000000000012204000000000000221560000000000001223224622182240000000000000223123479999999999999234200000000000012386000000000000123119999999999998223820819039999999999999219319819681838000000000000117275182600000000000011714180418520000000000001178816240000000000001153815640000000000001165250000000000011776179417821838000000000000120099999999999998206199999999999982125999999999999921421124999999999998204210521219999999999999217799999999999992238230399999999999982305000000000000223580000000000001238200000000000012345000000000000222559999999999998233800000000000012343999999999999922719999999999998237242799999999999992501999999999999824140000000000001242200000000000022464255626240000000000001260800000000000012582541999999999999824620000000000002233231199999999999982252499999999999922342224000000000000221982334000000000000124123199999999999998235243199999999999992351999999999999922480000000000002216400000000000012056205619775194186200000000000011821784194751964206209600000000000012101999999999999919824999999999999191250000000000011992203619921996201750000000000012042520699999999999998203750000000000012092128000000000000122022204000000000000222722559999999999998220800000000000022326000000000000124233199999999999992322000000000000122622254224400000000000022248000000000000221680000000000001209799999999999992141999999999999921025211799999999999992132000000000000121421212521019999999999999212400000000000012128000000000000121982279999999999999822480000000000002225999999999999982292279999999999999823879999999999999256400000000000012448246825274999999999999248200000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Share Price Data

Peers vs LendingTree

OnDeck 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42361977346685669993600138655575452936370984837815093647493424636326435943636499338503377454354875159338346037460243996377685368960836953943173782786468839223839010768335394663899407163439270038362900479372603370926233083787248630463187438530838333775974384730882773599443923538971505221840471238843353232400323398005927534131439174602929841499189154557889420535917751538074181104084520580240425039491221084154539197169341940425039491221083977823816636086639593437292828892402748907305407583861168633375637939015936728668592397551402227964883937398777144865740055437744157132395587886449806314011318780057316740263340026256875416377906759577154185724019733795541787939436638037420258694380718544258489298718196842977592677810295424578421700660165016169761696240850023099560565969509586511675063351801800605179018527258015078354975311850119846382352956801733499619539270019882882552968352437783501529452510292157365124740144958647850739198181122704522869024650750275162855043593092252945251029215736513051515060025135194040212657884452159851647959083524024025779070885209055088725916652136750239391315145530026668283553118501198463823520790001829752845348810294552777153349501424127945544929518481646645377685322760791953222450607012002534072514805439715318780195916374152852852324951445308385255061556254643104073848372533957007762600895261030139500343654146451509668481568376062176575215690690697835743582467055152066235699930568262172654146451509668481527373522121193795548625351152106564795551748774565646800447059357457657657711765822584661585015902495960960546062357159355510756398466598637070948554675925155788284690160360356194031963595287609256465535779625576816226155070452412324968558096559064528645458535401743234655082003116608851527489029164032625172094914019521851917300718011079534188021848278635115499928031879658997456248615014615384587309203386109955968815986861919607717264782610302623924633376170016166088792963109264423440425637214136354489916180410760443272162196810760064434596558082777591159540308164927049611226610967276336208131064723237362762764084944243645414616645539056701316685116270768249019444467107686186142615242736888427006504343869531067924900265700046156155089967067452181394037687918644307723669750520911283891702933658975891447008546708049279670501271644692283708939678703172147189882023795749372776618323478441713559683216454587222221916788591752136748622389827731577830178383579544929093441237814275795466024737795102892236016677974123400921149781127249223209847899052993784870679394780332760915777662245838248017922153016351282878644029599352523785978267822169938093093044742596881335180842338168822476275757073878246708056209101383298682760483196837722304510919368369137898610812784084082141739849831600812390833618610533411630090286047584059884876886347893593257389489486036278922930006922383762648373758180324367584800184227299988387618332464349283679831746827649849503329879803184973434396548075856086850171243978101178191240975980526680052513757865557683863301981439126785882952771309739632484778436123852249393805382272917942478213212746287531785989834003468858687918625827705987537538287421164875606327659821568575883377780472878782624190745576784130293736884018298683106983528380826977573874395805035786439459867968353061484107280434281348249463818780327586502038201662735004326580746126108890603792792802199288548098868050384199481693228420114856805728759396425088624393563770073787167936540357207877454371045175218836913355580657489246938571334304887040866550222528358743304256334481924228645778968467312994518064180364977122546151763686759905595827580272266567977474370525424566294752945263272227827573342536998325273839220747534755745668700723753737595287142636009674532221424527112735042745783258417345807176119031172557172267101597712982182652294237308847001412636372869023957749517449757277667885173562024634741876746708229459269387565257390499945270917069278884988600947073205195856525754527009655070452412324968596904569256073716083391081464748559817511207726716001385585553578962936014254192336407946121322566164772461890218027663432675827381156456456307312167645299144252734096261260839425713963605913522616936351351481835263464379765664593087636752108183134526131901267454349462855162789208538608570122232152560025410024823058597482069820234066008316008123909359805957038439432599792072076875286045276182830304160868559462495746624509123942963216242781098572855664091015382512939666204636955309856146916143522381656699004696257695573458060211179095876645602295089359540308164927049599099099119909976155001290020760759563409573494814594017066435272235699930568262172652390851873623197486486489108651294854469603731356449387848939989638494686969399700434987294733488225250727650941842208509355497589385655237930116933931451409100914550692551513038773087595694155562620575359205235407595545691823846342765520905393372479457623005598914174573573567254017915718410655615370456560406639861256564911058791613395683760621765752158593205853702806551166552294604985293370032493185455162854581592642550473544687605957830907881013918563871564706131656398703709893656556941557936208035642180511846142157322704612550135567798561612414865477015489096431555185952525157025369600176262412852413949817187575531878019591637415294525102921573653938552692572133549780537080606725404250210112030255486253511521065627165635778109956421805118461421566412546398416615759990765534979658523908558006275594941053477915195857010791013842757484407542517735574382047253821965736890742968567456109953427813508

Product Expansion

8Source Earnings Call Transcript Company Filings

3

My LendingTree

bull Customer familiarity is key as repeat customers drop promotional costs

bull Released My LendingTree which serves as a personal financial management application

bull Launched in 2014 and now has 88 million customers personal loans is prominent

bull Free credit scores credit monitoring and recommendations

bull Ability to lock in customers and accumulate data for personalized recommendations

bull Organic growth can lead to far less promotional spend due to organic customer

New Digital Experience

bull Added more services in 2017 to address consumer needs with additions in deposit accounts and savings accounts improves lifetime value

bull Concierge services and higher conversion with SnapCap

bull Deposit accounts are getting integrated with LendingTree and business credit services are developing

The new thing that we are seeing when I mentioned some of these new startup mortgage companies weve got a mortgage company on our network that literally has no loan officers 100 technology very low margins and is experiencing conversion rates right with our top lenders And I expect those types of things to proliferate I expect more and more lenders to create fully digital experiences that over time wont need humans And those are going to be perfect lenders to dial in just like Prosper and LendingClub change the way personal loans does So I expect thats going to continue to grow

- Doug Lebda Chairman amp CEO 2Q 2018 Earnings Call

Potential Risks

9Source Yahoo Finance

bull Increases in interest rates could adversely affect the ability of network lenders to close loans

bull Similarly a decrease in rates could lead to sudden increases in demand which is actually a negative The best situation for TREE is steady increases and declines in rates

bull Still somewhat dependent on mortgages for growthbull Diversification away from mortgage could change the

risk profile of the firm (ie move to credit cards)bull The decline in stock prices from competitors such as On

Deck Capital and LendingClub could misprice the broader financial technology sector

bull The intended benefits of acquisitions from the past and future may not be realized as expected

Internal and External Risk Factors Mitigants

bull Despite well publicized headwinds TREE has managed this rate environment well

bull Although mortgage purchases and home refinancing still compose over a third of revenue the stated goal of further diversification and an improved environment in 2019 should protect against mortgage headwinds

bull Thus far Tree has been insulated from the collapse in share prices from public P2P lenders like On Deck Capital and Lending Club

0

150

300

450

600

750

900

Peers vs LendingTree

ONDK LC TREE

Conclusion ndash Recommendation to Buy

10

Opportune Time to Buy at Depressed Share Price

bullCurrent prices represent a drawdown of 40 from an all time high in January 2018business fundamentals have arguably not changed that dramatically

Clear Catalysts

bullThe growth of the lending marketplace movement away from mortgage and increased user experience are all improvements for firm value

Diversification of Clubrsquos Portfolio

bullCurrently underweight financial exposure LendingTree offers a bridge between the growth of technology and lower beta financial sector

bull Upside case assumed aggressive MampA activity to continue diversifying away from mortgage products

bull Base case assumed blend or organic and inorganic growth in near term with similar long term outlook as upside

bull Downside incorporated triggering of risk factors and delaycessation of acquisitions in the short term

Valuation AssumptionsImplied Share

Pricesbull Upside 38bull Base 21bull Downside -14

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Date		OnDeck Capital		ONDK Indexed		LendingClub		LC Indexed		LendingTree Close		TREE Indexed
121914		2415		100		2521		100		4329		100
122214		2300		095		2406		095		4355		101
122314		2263		094		2308		092		4618		107
122414		2312		096		2532		100		4739		109
122614		2306		095		2574		102		4796		111
122914		2244		093		2498		099		4805		111
123014		2247		093		2583		102		4793		111
123114		2243		093		2530		100		4834		112
1215		2390		099		2493		099		4734		109
1515		2250		093		2400		095		4694		108
1615		2221		092		2289		091		4821		111
1715		2228		092		2288		091		4819		111
1815		2273		094		2316		092		4921		114
1915		2269		094		2301		091		4939		114
11215		2065		086		2101		083		4847		112
11315		1853		077		2113		084		4530		105
11415		1828		076		2106		084		4443		103
11515		1850		077		2209		088		4173		096
11615		1850		077		2209		088		4277		099
12015		1839		076		2207		088		4113		095
12115		1687		070		2017		080		4114		095
12215		1650		068		1949		077		4220		097
12315		1699		070		1908		076		4040		093
12615		1663		069		1999		079		4043		093
12715		1608		067		2059		082		4083		094
12815		1607		067		2008		080		4090		094
12915		1475		061		1944		077		4076		094
13015		1508		062		1877		074		4118		095
2215		1567		065		1926		076		4156		096
2315		1568		065		2029		080		4268		099
2415		1552		064		2006		080		4235		098
2515		1571		065		2028		080		4201		097
2615		1695		070		2043		081		4126		095
2915		1732		072		2160		086		4030		093
21015		1739		072		2126		084		4051		094
21115		1712		071		2215		088		4019		093
21215		1731		072		2147		085		4252		098
21315		1742		072		2195		087		4292		099
21715		1803		075		2250		089		4333		100
21815		1755		073		2268		090		4380		101
21915		1774		073		2204		087		4390		101
22015		1837		076		2289		091		4384		101
22315		1937		080		2376		094		4355		101
22415		1989		082		2365		094		4407		102
22515		1910		079		2051		081		4700		109
22615		1905		079		2129		084		5216		120
22715		1940		080		2037		081		5304		123
3215		1949		081		2000		079		5291		122
3315		1836		076		2003		079		5242		121
3415		1732		072		2008		080		5239		121
3515		1614		067		1986		079		5203		120
3615		1626		067		2002		079		5111		118
3915		1679		070		1984		079		5180		120
31015		1733		072		1952		077		5063		117
31115		1850		077		1955		078		5400		125
31215		1948		081		1953		077		5442		126
31315		1941		080		1907		076		5424		125
31615		2100		087		1925		076		5439		126
31715		2125		088		1920		076		5488		127
31815		2095		087		1917		076		5655		131
31915		2192		091		1992		079		5628		130
32015		2226		092		2009		080		5590		129
32315		2314		096		2082		083		5764		133
32415		2347		097		2031		081		5623		130
32515		2191		091		1973		078		5612		130
32615		2062		085		1949		077		5609		130
32715		2054		085		1955		078		5592		129
33015		2103		087		1936		077		5606		129
33115		2129		088		1965		078		5601		129
4115		2047		085		1909		076		5587		129
4215		1963		081		1926		076		5586		129
4615		2032		084		1940		077		5686		131
4715		2051		085		1916		076		5810		134
4815		2053		085		1906		076		5723		132
4915		1980		082		1840		073		5699		132
41015		1953		081		1819		072		5660		131
41315		1986		082		1804		072		5678		131
41415		2109		087		1880		075		5686		131
41515		2133		088		1939		077		5869		136
41615		2108		087		1951		077		5900		136
41715		2094		087		1922		076		5989		138
42015		2095		087		1939		077		5999		139
42115		2052		085		1935		077		5991		138
42215		2054		085		1901		075		5994		138
42315		2118		088		1883		075		6073		140
42415		2123		088		1827		072		6091		141
42715		2051		085		1805		072		6112		141
42815		2034		084		1802		071		6175		143
42915		1987		082		1767		070		6175		143
43015		1925		080		1745		069		5503		127
5115		1929		080		1787		071		5502		127
5415		2002		083		1849		073		5571		129
5515		1691		070		1758		070		5573		129
5615		1696		070		1831		073		5600		129
5715		1601		066		1730		069		5594		129
5815		1568		065		1623		064		5734		132
51115		1541		064		1684		067		5791		134
51215		1576		065		1716		068		5776		133
51315		1540		064		1705		068		5728		132
51415		1555		064		1711		068		5730		132
51515		1585		066		1721		068		5720		132
51815		1673		069		1736		069		5700		132
51915		1629		067		1762		070		5922		137
52015		1624		067		1766		070		6007		139
52115		1580		065		1790		071		5774		133
52215		1552		064		1843		073		5701		132
52615		1505		062		1846		073		5744		133
52715		1539		064		1900		075		5836		135
52815		1553		064		1900		075		5853		135
52915		1518		063		1921		076		5926		137
6115		1446		060		1908		076		5962		138
6215		1474		061		1898		075		6129		142
6315		1524		063		1933		077		6341		146
6415		1490		062		1832		073		6293		145
6515		1492		062		1872		074		6270		145
6815		1450		060		1746		069		6242		144
6915		1403		058		1697		067		6354		147
61015		1407		058		1742		069		6430		149
61115		1355		056		1739		069		6386		148
61215		1366		057		1728		069		6399		148
61515		1248		052		1707		068		6478		150
61615		1261		052		1724		068		6524		151
61715		1259		052		1745		069		6599		152
61815		1232		051		1707		068		7238		167
61915		1285		053		1730		069		7182		166
62215		1288		053		1686		067		7342		170
62315		1287		053		1655		066		7350		170
62415		1253		052		1626		064		7323		169
62515		1239		051		1606		064		7694		178
62615		1252		052		1525		060		7816		181
62915		1144		047		1454		058		7789		180
63015		1158		048		1475		059		7861		182
7115		1139		047		1457		058		7818		181
7215		1176		049		1395		055		7499		173
7615		1184		049		1475		059		7671		177
7715		1187		049		1430		057		7684		178
7815		1186		049		1413		056		7792		180
7915		1215		050		1420		056		7863		182
71015		1249		052		1405		056		7785		180
71315		1270		053		1427		057		7815		181
71415		1309		054		1426		057		8235		190
71515		1310		054		1430		057		8347		193
71615		1345		056		1475		059		8140		188
71715		1349		056		1495		059		8256		191
72015		1288		053		1462		058		8328		192
72115		1302		054		1501		060		8422		195
72215		1297		054		1490		059		8480		196
72315		1299		054		1483		059		8165		189
72415		1225		051		1460		058		8216		190
72715		1204		050		1435		057		8171		189
72815		1231		051		1481		059		8322		192
72915		1249		052		1458		058		7966		184
73015		1267		052		1453		058		8201		189
73115		1337		055		1451		058		8292		192
8315		1338		055		1434		057		8260		191
8415		1047		043		1383		055		11751		271
8515		947		039		1440		057		11795		272
8615		907		038		1403		056		11337		262
8715		918		038		1392		055		12104		280
81015		956		040		1437		057		11952		276
81115		901		037		1401		056		12509		289
81215		933		039		1403		056		12190		282
81315		907		038		1396		055		13446		311
81415		908		038		1370		054		13371		309
81715		945		039		1365		054		13808		319
81815		946		039		1330		053		13666		316
81915		958		040		1274		051		13690		316
82015		951		039		1229		049		13387		309
82115		959		040		1214		048		11088		256
82415		911		038		1167		046		10420		241
82515		869		036		1200		048		10466		242
82615		867		036		1217		048		10782		249
82715		908		038		1238		049		10335		239
82815		916		038		1277		051		10720		248
83115		923		038		1255		050		10595		245
9115		912		038		1214		048		10085		233
9215		916		038		1221		048		9844		227
9315		938		039		1239		049		10494		242
9415		933		039		1201		048		10419		241
9815		1005		042		1240		049		10548		244
9915		1000		041		1235		049		10395		240
91015		1001		041		1247		049		10493		242
91115		1029		043		1258		050		10534		243
91415		1020		042		1290		051		10549		244
91515		1059		044		1314		052		11583		268
91615		1041		043		1305		052		11623		268
91715		1061		044		1360		054		11827		273
91815		1056		044		1370		054		11581		268
92115		1044		043		1376		055		11560		267
92215		1014		042		1368		054		11630		269
92315		940		039		1319		052		11687		270
92415		931		039		1337		053		10305		238
92515		942		039		1326		053		9843		227
92815		916		038		1306		052		9107		210
92915		947		039		1346		053		8999		208
93015		990		041		1323		052		9303		215
10115		938		039		1316		052		9004		208
10215		966		040		1325		053		9251		214
10515		999		041		1382		055		9613		222
10615		989		041		1410		056		9149		211
10715		990		041		1438		057		9550		221
10815		1001		041		1486		059		9600		222
10915		992		041		1470		058		9637		223
101215		976		040		1430		057		9805		226
101315		897		037		1428		057		9239		213
101415		896		037		1446		057		9264		214
101515		944		039		1495		059		9636		223
101615		900		037		1436		057		9619		222
101915		918		038		1435		057		9846		227
102015		915		038		1433		057		9874		228
102115		926		038		1439		057		9449		218
102215		924		038		1438		057		9462		219
102315		931		039		1437		057		9800		226
102615		952		039		1428		057		12098		279
102715		927		038		1347		053		12400		286
102815		985		041		1400		056		12729		294
102915		935		039		1362		054		12251		283
103015		952		039		1418		056		12136		280
11215		946		039		1461		058		11500		266
11315		1026		042		1479		059		11577		267
11415		1052		044		1462		058		11390		263
11515		1110		046		1419		056		12025		278
11615		1110		046		1470		058		12497		289
11915		1130		047		1457		058		12898		298
111015		1137		047		1419		056		12130		280
111115		1128		047		1364		054		12146		281
111215		1090		045		1332		053		11900		275
111315		1004		042		1272		050		11649		269
111615		1007		042		1261		050		11719		271
111715		971		040		1281		051		11679		270
111815		979		041		1279		051		11051		255
111915		958		040		1284		051		10383		240
112015		948		039		1263		050		10092		233
112315		943		039		1236		049		10023		232
112415		961		040		1220		048		10220		236
112515		963		040		1258		050		10082		233
112715		977		040		1247		049		10258		237
113015		995		041		1202		048		10188		235
12115		901		037		1209		048		10599		245
12215		1150		048		1256		050		9993		231
12315		1142		047		1282		051		9715		224
12415		1098		045		1287		051		10213		236
12715		1090		045		1345		053		9897		229
12815		1050		043		1373		054		9573		221
12915		1002		041		1404		056		9254		214
121015		1035		043		1416		056		10274		237
121115		978		040		1365		054		9451		218
121415		965		040		1284		051		9415		217
121515		976		040		1246		049		9760		225
121615		942		039		1241		049		9801		226
121715		934		039		1216		048		9517		220
121815		1081		045		1148		046		9539		220
122115		1086		045		1145		045		9301		215
122215		1113		046		1136		045		9004		208
122315		1132		047		1150		046		9150		211
122415		1112		046		1140		045		9121		211
122815		1025		042		1102		044		9004		208
122915		1032		043		1100		044		9131		211
123015		1034		043		1083		043		8980		207
123115		1030		043		1105		044		8928		206
1416		975		040		1108		044		8789		203
1516		972		040		1072		043		8782		203
1616		969		040		1012		040		8634		199
1716		922		038		951		038		8404		194
1816		907		038		949		038		8304		192
11116		857		035		924		037		8197		189
11216		851		035		947		038		8663		200
11316		733		030		886		035		6114		141
11416		745		031		802		032		6624		153
11516		769		032		773		031		6774		156
11916		774		032		734		029		6764		156
12016		771		032		792		031		7183		166
12116		807		033		822		033		7175		166
12216		834		035		846		034		7104		164
12516		782		032		799		032		7015		162
12616		805		033		807		032		7262		168
12716		780		032		771		031		7105		164
12816		757		031		739		029		7036		163
12916		792		033		738		029		7369		170
2116		789		033		761		030		7388		171
2216		760		031		704		028		6596		152
2316		771		032		768		030		6438		149
2416		778		032		759		030		6764		156
2516		761		032		700		028		6005		139
2816		697		029		661		026		5577		129
2916		662		027		657		026		5498		127
21016		697		029		651		026		5710		132
21116		687		028		688		027		5708		132
21216		697		029		704		028		5981		138
21616		762		032		787		031		6336		146
21716		745		031		825		033		6215		144
21816		820		034		870		035		6469		149
21916		844		035		888		035		6369		147
22216		880		036		928		037		6796		157
22316		705		029		884		035		6890		159
22416		631		026		846		034		6994		162
22516		635		026		845		034		8550		198
22616		663		027		841		033		8348		193
22916		670		028		873		035		8837		204
3116		679		028		875		035		9011		208
3216		705		029		916		036		8597		199
3316		769		032		956		038		8989		208
3416		800		033		898		036		9040		209
3716		795		033		940		037		9000		208
3816		772		032		900		036		8519		197
3916		748		031		891		035		8560		198
31016		717		030		901		036		8217		190
31116		736		030		917		036		8602		199
31416		754		031		905		036		8817		204
31516		709		029		853		034		8996		208
31616		706		029		841		033		9140		211
31716		717		030		840		033		9578		221
31816		739		031		870		035		9326		215
32116		747		031		880		035		9217		213
32216		753		031		845		034		9481		219
32316		738		031		823		033		9236		213
32416		762		032		832		033		9510		220
32816		708		029		773		031		9433		218
32916		755		031		807		032		9427		218
33016		764		032		811		032		9268		214
33116		779		032		830		033		9778		226
4116		736		030		804		032		9739		225
4416		735		030		817		032		10218		236
4516		712		029		800		032		9903		229
4616		752		031		824		033		10137		234
4716		725		030		786		031		9926		229
4816		718		030		794		031		9990		231
41116		726		030		769		031		9492		219
41216		706		029		761		030		9386		217
41316		728		030		756		030		9886		228
41416		759		031		744		030		9700		224
41516		783		032		731		029		9764		226
41816		782		032		753		030		10137		234
41916		816		034		803		032		10295		238
42016		830		034		828		033		10185		235
42116		828		034		774		031		9935		229
42216		846		035		764		030		9392		217
42516		848		035		739		029		9086		210
42616		848		035		752		030		8949		207
42716		879		036		812		032		9126		211
42816		860		036		809		032		8783		203
42916		863		036		790		031		8947		207
5216		830		034		793		031		9239		213
5316		550		023		711		028		8518		197
5416		511		021		692		027		8262		191
5516		497		021		685		027		7943		183
5616		512		021		710		028		7556		175
5916		491		020		462		018		7334		169
51016		484		020		410		016		7354		170
51116		467		019		408		016		7072		163
51216		431		018		376		015		6714		155
51316		464		019		351		014		6969		161
51616		466		019		394		016		7047		163
51716		447		019		360		014		6740		156
51816		480		020		399		016		7001		162
51916		453		019		370		015		6950		161
52016		469		019		399		016		6904		159
52316		489		020		432		017		7462		172
52416		492		020		443		018		8100		187
52516		494		020		445		018		7810		180
52616		493		020		437		017		7952		184
52716		498		021		481		019		8109		187
53116		517		021		476		019		8325		192
6116		501		021		498		020		8396		194
6216		525		022		506		020		8785		203
6316		504		021		462		018		8598		199
6616		519		021		474		019		8803		203
6716		513		021		439		017		8951		207
6816		512		021		442		018		9115		211
6916		505		021		447		018		8793		203
61016		511		021		426		017		8577		198
61316		493		020		444		018		8142		188
61416		492		020		442		018		7413		171
61516		499		021		465		018		7426		172
61616		510		021		496		020		7416		171
61716		510		021		487		019		7225		167
62016		547		023		500		020		7696		178
62116		542		022		492		020		7612		176
62216		531		022		484		019		7646		177
62316		547		023		498		020		7923		183
62416		520		022		469		019		7840		181
62716		471		020		430		017		7944		184
62816		493		020		461		018		8124		188
62916		519		021		454		018		8472		196
63016		515		021		430		017		8833		204
7116		525		022		438		017		9284		214
7516		489		020		417		017		9211		213
7616		494		020		420		017		9521		220
7716		524		022		425		017		9311		215
7816		525		022		432		017		9576		221
71116		532		022		437		017		9637		223
71216		546		023		410		016		9615		222
71316		529		022		425		017		9890		228
71416		532		022		451		018		10271		237
71516		536		022		449		018		10229		236
71816		549		023		460		018		10290		238
71916		529		022		460		018		10150		234
72016		532		022		461		018		9537		220
72116		527		022		459		018		9493		219
72216		522		022		441		017		9741		225
72516		506		021		434		017		9813		227
72616		528		022		464		018		9535		220
72716		531		022		465		018		9550		221
72816		521		022		460		018		10229		236
72916		520		022		462		018		10098		233
8116		517		021		459		018		10234		236
8216		500		021		447		018		9934		229
8316		508		021		464		018		10238		236
8416		521		022		460		018		10657		246
8516		525		022		475		019		11002		254
8816		516		021		479		019		10817		250
8916		568		024		479		019		11062		256
81016		548		023		491		019		11160		258
81116		578		024		546		022		11077		256
81216		588		024		540		021		11035		255
81516		604		025		582		023		11039		255
81616		616		026		563		022		10624		245
81716		625		026		553		022		10358		239
81816		627		026		559		022		10379		240
81916		621		026		549		022		10292		238
82216		603		025		539		021		10233		236
82316		612		025		524		021		10705		247
82416		609		025		544		022		10256		237
82516		616		026		552		022		10241		237
82616		617		026		540		021		10068		233
82916		629		026		556		022		10167		235
83016		639		026		550		022		10103		233
83116		633		026		541		021		9700		224
9116		625		026		530		021		9534		220
9216		635		026		540		021		9569		221
9616		635		026		535		021		9508		220
9716		638		026		541		021		9816		227
9816		626		026		547		022		10049		232
9916		607		025		536		021		10155		235
91216		602		025		559		022		10307		238
91316		619		026		575		023		9815		227
91416		599		025		575		023		9647		223
91516		602		025		617		024		9628		222
91616		589		024		643		026		9563		221
91916		595		025		619		025		9257		214
92016		602		025		610		024		8893		205
92116		599		025		611		024		8932		206
92216		601		025		611		024		9399		217
92316		592		025		628		025		9214		213
92616		584		024		611		024		9183		212
92716		585		024		623		025		9319		215
92816		591		024		624		025		9616		222
92916		568		024		608		024		9612		222
93016		570		024		618		025		9691		224
10316		555		023		616		024		9716		224
10416		545		023		616		024		9762		226
10516		560		023		617		024		9487		219
10616		547		023		605		024		9178		212
10716		531		022		595		024		9102		210
101016		544		023		604		024		9195		212
101116		522		022		579		023		9058		209
101216		512		021		554		022		9055		209
101316		491		020		550		022		8934		206
101416		486		020		538		021		8887		205
101716		463		019		499		020		8779		203
101816		467		019		491		019		8876		205
101916		463		019		507		020		9148		211
102016		461		019		486		019		8844		204
102116		456		019		485		019		8928		206
102416		470		019		487		019		9088		210
102516		485		020		490		019		8915		206
102616		483		020		476		019		9127		211
102716		480		020		475		019		7707		178
102816		484		020		470		019		7773		180
103116		489		020		493		020		7985		184
11116		478		020		486		019		8060		186
11216		452		019		481		019		8080		187
11316		409		017		509		020		7985		184
11416		402		017		513		020		8155		188
11716		403		017		591		023		8360		193
11816		388		016		576		023		8340		193
11916		442		018		561		022		8755		202
111016		501		021		589		023		9050		209
111116		556		023		614		024		9515		220
111416		547		023		631		025		9550		221
111516		504		021		652		026		9370		216
111616		489		020		638		025		8815		204
111716		468		019		606		024		9320		215
111816		481		020		598		024		10000		231
112116		476		020		614		024		10255		237
112216		474		020		596		024		10550		244
112316		472		020		594		024		10655		246
112516		481		020		594		024		10780		249
112816		467		019		579		023		10610		245
112916		461		019		562		022		10140		234
113016		460		019		566		022		10480		242
12116		442		018		533		021		10165		235
12216		441		018		515		020		9885		228
12516		425		018		528		021		9925		229
12616		428		018		568		023		9985		231
12716		422		017		586		023		10020		231
12816		405		017		563		022		10500		243
12916		430		018		553		022		10530		243
121216		426		018		534		021		10270		237
121316		425		018		541		021		10215		236
121416		420		017		520		021		10295		238
121516		419		017		512		020		10420		241
121616		425		018		533		021		10580		244
121916		426		018		517		021		10740		248
122016		437		018		521		021		10860		251
122116		440		018		520		021		10665		246
122216		427		018		526		021		10330		239
122316		458		019		521		021		10270		237
122716		460		019		547		022		10335		239
122816		455		019		521		021		10095		233
122916		459		019		517		021		10030		232
123016		463		019		525		021		10135		234
1317		466		019		542		021		9835		227
1417		510		021		574		023		10405		240
1517		476		020		565		022		10200		236
1617		483		020		563		022		10075		233
1917		478		020		566		022		10145		234
11017		492		020		575		023		10505		243
11117		505		021		568		023		10425		241
11217		485		020		560		022		10375		240
11317		498		021		561		022		10460		242
11717		485		020		549		022		10490		242
11817		480		020		549		022		10595		245
11917		480		020		578		023		10600		245
12017		491		020		575		023		10565		244
12317		488		020		589		023		10415		241
12417		489		020		590		023		10635		246
12517		493		020		610		024		10580		244
12617		482		020		612		024		10610		245
12717		478		020		614		024		11080		256
13017		487		020		605		024		11090		256
13117		503		021		617		024		11190		258
2117		517		021		632		025		11100		256
2217		497		021		623		025		11190		258
2317		515		021		634		025		11460		265
2617		519		021		624		025		11370		263
2717		524		022		631		025		11350		262
2817		529		022		620		025		11595		268
2917		546		023		645		026		11680		270
21017		568		024		668		026		11700		270
21317		560		023		668		026		11580		267
21417		569		024		660		026		11795		272
21517		562		023		629		025		11440		264
21617		501		021		578		023		11365		263
21717		489		020		563		022		11295		261
22117		519		021		568		023		11360		262
22217		530		022		564		022		11215		259
22317		553		023		556		022		12225		282
22417		546		023		545		022		12340		285
22717		576		024		558		022		12180		281
22817		534		022		534		021		11840		274
3117		530		022		529		021		11930		276
3217		508		021		525		021		11720		271
3317		490		020		513		020		11910		275
3617		501		021		505		020		11840		274
3717		495		020		506		020		11725		271
3817		506		021		531		021		11645		269
3917		486		020		537		021		11540		267
31017		487		020		531		021		11890		275
31317		486		020		526		021		12090		279
31417		474		020		526		021		12070		279
31517		464		019		535		021		12120		280
31617		474		020		549		022		12390		286
31717		475		020		536		021		12400		286
32017		463		019		539		021		12255		283
32117		450		019		522		021		11665		269
32217		448		019		521		021		11750		271
32317		477		020		520		021		11875		274
32417		462		019		520		021		11885		275
32717		471		020		526		021		11970		277
32817		478		020		545		022		12415		287
32917		480		020		545		022		12370		286
33017		491		020		547		022		12575		290
33117		504		021		549		022		12535		290
4317		474		020		529		021		12180		281
4417		471		020		523		021		11860		274
4517		462		019		524		021		11780		272
4617		463		019		534		021		12150		281
4717		442		018		535		021		12265		283
41017		451		019		537		021		11940		276
41117		460		019		555		022		12205		282
41217		461		019		552		022		12055		278
41317		446		018		546		022		11680		270
41717		435		018		546		022		11985		277
41817		439		018		565		022		12195		282
41917		451		019		572		023		12370		286
42017		460		019		580		023		12520		289
42117		455		019		572		023		12715		294
42417		460		019		585		023		12900		298
42517		473		020		590		023		13120		303
42617		486		020		603		024		12575		290
42717		476		020		599		024		14240		329
42817		475		020		585		023		14090		325
5117		479		020		599		024		14443		334
5217		468		019		585		023		14440		334
5317		462		019		604		024		14265		330
5417		461		019		609		024		14645		338
5517		464		019		575		023		14688		339
5817		432		018		560		022		14795		342
5917		406		017		589		023		14655		339
51017		399		017		594		024		14610		337
51117		390		016		591		023		14860		343
51217		375		016		583		023		15130		350
51517		370		015		584		023		15420		356
51617		360		015		585		023		15800		365
51717		340		014		560		022		15260		353
51817		338		014		555		022		15335		354
51917		339		014		566		022		15765		364
52217		363		015		590		023		15675		362
52317		382		016		589		023		15760		364
52417		365		015		585		023		15670		362
52517		355		015		572		023		15585		360
52617		357		015		559		022		15745		364
53017		355		015		548		022		15790		365
53117		354		015		550		022		15560		359
6117		399		017		570		023		16340		377
6217		395		016		560		022		16600		383
6517		393		016		571		023		16350		378
6617		389		016		566		022		17070		394
6717		392		016		569		023		16980		392
6817		418		017		577		023		17085		395
6917		423		018		578		023		17000		393
61217		430		018		562		022		16130		373
61317		424		018		580		023		16395		379
61417		431		018		570		023		16680		385
61517		421		017		565		022		16655		385
61617		419		017		561		022		16985		392
61917		428		018		578		023		17520		405
62017		434		018		565		022		17330		400
62117		438		018		553		022		17885		413
62217		450		019		570		023		17965		415
62317		459		019		567		022		18205		421
62617		464		019		572		023		18100		418
62717		462		019		556		022		17500		404
62817		460		019		562		022		17985		415
62917		471		020		560		022		17500		404
63017		466		019		551		022		17220		398
7317		486		020		560		022		17140		396
7517		475		020		557		022		17435		403
7617		461		019		537		021		16715		386
7717		476		020		543		022		16890		390
71017		464		019		534		021		17210		398
71117		463		019		537		021		17045		394
71217		468		019		539		021		17340		401
71317		465		019		541		021		17125		396
71417		463		019		539		021		17365		401
71717		450		019		530		021		17430		403
71817		449		019		529		021		18025		416
71917		452		019		520		021		18120		419
72017		458		019		520		021		18090		418
72117		445		018		519		021		18193		420
72417		432		018		508		020		18435		426
72517		435		018		514		020		18605		430
72617		439		018		521		021		18380		425
72717		437		018		519		021		21715		502
72817		435		018		522		021		21655		500
73117		430		018		507		020		22060		510
8117		421		017		509		020		22425		518
8217		410		017		496		020		22825		527
8317		419		017		509		020		22995		531
8417		422		017		521		021		22925		530
8717		500		021		546		022		23345		539
8817		501		021		645		026		22930		530
8917		482		020		608		024		22920		529
81017		484		020		590		023		22185		512
81117		477		020		580		023		21965		507
81417		490		020		581		023		22635		523
81517		481		020		583		023		22350		516
81617		489		020		593		024		22920		529
81717		477		020		583		023		22210		513
81817		469		019		596		024		22485		519
82117		470		019		605		024		22580		522
82217		467		019		600		024		22685		524
82317		470		019		604		024		22550		521
82417		471		020		620		025		22570		521
82517		466		019		615		024		22275		515
82817		473		020		610		024		22995		531
82917		481		020		613		024		22545		521
83017		482		020		614		024		23155		535
83117		483		020		619		025		23095		533
9117		474		020		631		025		23590		545
9517		468		019		617		024		23280		538
9617		479		020		614		024		23040		532
9717		466		019		599		024		23120		534
9817		467		019		586		023		23025		532
91117		465		019		620		025		22880		529
91217		477		020		629		025		22980		531
91317		477		020		628		025		23655		546
91417		456		019		607		024		23115		534
91517		458		019		618		025		22775		526
91817		475		020		614		024		23440		541
91917		461		019		599		024		24605		568
92017		472		020		606		024		24635		569
92117		475		020		610		024		25215		582
92217		461		019		606		024		24675		570
92517		444		018		597		024		23440		541
92617		455		019		597		024		22830		527
92717		477		020		619		025		24020		555
92817		475		020		624		025		24450		565
92917		467		019		609		024		24445		565
10217		476		020		627		025		24960		577
10317		476		020		642		025		25310		585
10417		460		019		641		025		25805		596
10517		459		019		642		025		25695		594
10617		470		019		639		025		25915		599
10917		469		019		640		025		25650		593
101017		469		019		639		025		26130		604
101117		481		020		640		025		25770		595
101217		480		020		635		025		25020		578
101317		488		020		646		026		23840		551
101617		505		021		632		025		24160		558
101717		507		021		624		025		23630		546
101817		508		021		611		024		23845		551
101917		506		021		598		024		22835		527
102017		510		021		600		024		22390		517
102317		498		021		569		023		22475		519
102417		501		021		558		022		23125		534
102517		491		020		574		023		22145		512
102617		480		020		575		023		25540		590
102717		488		020		581		023		26640		615
103017		485		020		569		023		26450		611
103117		493		020		569		023		26805		619
11117		490		020		564		022		26420		610
11217		478		020		562		022		26710		617
11317		517		021		563		022		27320		631
11617		520		022		585		023		27585		637
11717		510		021		546		022		26755		618
11817		501		021		459		018		26925		622
11917		501		021		429		017		25825		597
111017		496		021		430		017		25775		595
111317		480		020		425		017		26460		611
111417		475		020		417		017		26875		621
111517		481		020		412		016		27170		628
111617		496		021		427		017		27940		645
111717		494		020		430		017		29010		670
112017		489		020		426		017		29545		682
112117		496		021		431		017		29705		686
112217		498		021		428		017		29820		689
112417		500		021		426		017		30100		695
112717		488		020		422		017		30305		700
112817		493		020		436		017		30595		707
112917		514		021		451		018		29780		688
113017		529		022		437		017		30195		698
12117		501		021		430		017		30430		703
12417		533		022		437		017		30340		701
12517		536		022		425		017		30520		705
12617		521		022		425		017		30690		709
12717		517		021		359		014		31125		719
12817		523		022		351		014		31505		728
121117		522		022		389		015		30890		714
121217		541		022		421		017		31265		722
121317		554		023		402		016		32560		752
121417		566		023		399		016		33470		773
121517		591		024		403		016		34435		795
121817		624		026		414		016		35250		814
121917		589		024		405		016		33745		780
122017		577		024		409		016		33755		780
122117		580		024		411		016		33815		781
122217		579		024		411		016		34195		790
122617		583		024		421		017		34370		794
122717		572		024		412		016		33665		778
122817		582		024		418		017		34295		792
122917		574		024		413		016		34045		786
1218		595		025		429		017		34025		786
1318		581		024		419		017		35035		809
1418		572		024		410		016		35210		813
1518		567		023		407		016		35605		822
1818		542		022		410		016		35700		825
1918		525		022		399		016		36060		833
11018		546		023		418		017		36265		838
11118		548		023		433		017		36230		837
11218		536		022		427		017		36400		841
11618		494		020		412		016		36000		832
11718		489		020		414		016		37275		861
11818		475		020		415		016		37250		860
11918		473		020		402		016		38370		886
12218		469		019		406		016		38740		895
12318		474		020		421		017		40260		930
12418		467		019		410		016		36250		837
12518		463		019		408		016		36710		848
12618		461		019		408		016		36310		839
12918		442		018		401		016		36225		837
13018		454		019		384		015		36775		850
13118		450		019		366		015		36785		850
2118		468		019		382		015		37060		856
2218		453		019		366		015		35070		810
2518		431		018		362		014		34860		805
2618		430		018		367		015		34050		787
2718		432		018		380		015		35255		814
2818		420		017		370		015		33390		771
2918		425		018		370		015		33955		784
21218		448		019		375		015		34865		805
21318		485		020		375		015		35555		821
21418		510		021		394		016		37225		860
21518		517		021		394		016		37610		869
21618		539		022		395		016		37895		875
22018		522		022		413		016		37905		876
22118		543		022		390		015		37125		858
22218		539		022		375		015		34105		788
22318		533		022		335		013		33945		784
22618		527		022		327		013		35925		830
22718		519		021		320		013		34990		808
22818		519		021		315		012		34850		805
3118		507		021		365		014		34495		797
3218		521		022		379		015		34820		804
3518		525		022		383		015		35445		819
3618		536		022		391		016		35505		820
3718		524		022		387		015		34955		807
3818		525		022		390		015		34320		793
3918		530		022		395		016		35060		810
31218		540		022		399		016		35365		817
31318		532		022		380		015		34880		806
31418		539		022		378		015		37335		862
31518		523		022		378		015		37735		872
31618		519		021		390		015		37985		877
31918		510		021		390		015		38255		884
32018		518		021		377		015		38635		892
32118		532		022		368		015		38400		887
32218		522		022		362		014		36185		836
32318		530		022		356		014		35465		819
32618		541		022		365		014		36655		847
32718		556		023		361		014		34790		804
32818		536		022		351		014		33060		764
32918		559		023		350		014		32815		758
4218		514		021		335		013		32195		744
4318		514		021		336		013		32595		753
4418		522		022		347		014		32785		757
4518		530		022		345		014		31965		738
4618		534		022		341		014		32280		746
4918		519		021		334		013		32880		760
41018		529		022		330		013		32265		745
41118		537		022		324		013		31820		735
41218		544		023		331		013		31800		735
41318		545		023		331		013		31410		726
41618		554		023		335		013		30865		713
41718		557		023		339		013		31640		731
41818		563		023		343		014		31545		729
41918		559		023		340		013		32250		745
42018		547		023		331		013		31845		736
42318		531		022		327		013		32325		747
42418		536		022		326		013		32750		757
42518		518		021		277		011		30700		709
42618		527		022		286		011		26015		601
42718		527		022		270		011		24470		565
43018		525		022		269		011		23840		551
5118		527		022		267		011		25840		597
5218		531		022		265		011		26335		608
5318		533		022		271		011		25895		598
5418		535		022		265		011		25980		600
5718		545		023		273		011		27245		629
5818		595		025		282		011		27740		641
5918		591		024		340		013		28040		648
51018		600		025		348		014		28720		663
51118		599		025		332		013		27950		646
51418		599		025		332		013		27935		645
51518		596		025		332		013		27105		626
51618		591		024		342		014		27535		636
51718		591		024		341		014		27495		635
51818		588		024		341		014		27870		644
52118		597		025		345		014		27565		637
52218		601		025		339		013		26545		613
52318		597		025		328		013		27210		629
52418		589		024		326		013		26345		609
52518		588		024		337		013		25985		600
52918		592		025		332		013		25865		597
53018		613		025		333		013		26010		601
53118		664		027		329		013		25890		598
6118		665		028		330		013		25965		600
6418		683		028		342		014		26170		605
6518		694		029		352		014		26350		609
6618		720		030		353		014		27035		625
6718		719		030		351		014		27025		624
6818		730		030		367		015		27745		641
61118		720		030		372		015		28840		666
61218		726		030		374		015		26610		615
61318		725		030		379		015		24545		567
61418		720		030		382		015		24825		573
61518		740		031		391		016		25440		588
61818		752		031		398		016		25775		595
61918		739		031		400		016		25935		599
62018		762		032		399		016		26645		616
62118		758		031		397		016		25785		596
62218		750		031		392		016		25715		594
62518		721		030		385		015		24675		570
62618		732		030		391		016		22680		524
62718		708		029		378		015		21060		486
62818		710		029		376		015		21015		485
62918		700		029		379		015		21380		494
7218		707		029		375		015		21415		495
7318		714		030		374		015		21590		499
7518		715		030		397		016		21960		507
7618		715		030		412		016		22050		509
7918		730		030		444		018		22675		524
71018		731		030		446		018		22255		514
71118		740		031		446		018		23875		552
71218		720		030		446		018		24650		569
71318		724		030		446		018		23200		536
71618		733		030		445		018		23623		546
71718		749		031		436		017		23900		552
71818		800		033		440		017		24945		576
71918		769		032		434		017		24830		574
72018		761		032		430		017		24755		572
72318		733		030		448		018		24485		566
72418		736		030		436		017		24455		565
72518		716		030		427		017		24605		568
72618		707		029		427		017		25365		586
72718		691		029		404		016		23860		551
73018		676		028		394		016		22915		529
73118		684		028		412		016		23880		552
8118		683		028		393		016		23830		550
8218		680		028		392		016		25035		578
8318		671		028		393		016		24410		564
8618		679		028		396		016		24415		564
8718		839		035		409		016		24110		557
8818		895		037		368		015		24425		564
8918		849		035		368		015		24815		573
81018		862		036		369		015		24580		568
81318		881		036		376		015		23710		548
81418		892		037		381		015		23890		552
81518		861		036		381		015		23245		537
81618		893		037		383		015		22690		524
81718		900		037		379		015		23025		532
82018		903		037		386		015		22920		529
82118		859		036		390		015		23350		539
82218		876		036		391		016		23800		550
82318		878		036		390		015		23395		540
82418		869		036		384		015		24020		555
82718		839		035		391		016		24360		563
82818		843		035		383		015		24425		564
82918		824		034		367		015		24520		566
83018		831		034		363		014		24935		576
83118		822		034		361		014		25335		585
9418		813		034		372		015		25755		595
9518		814		034		373		015		25355		586
9618		823		034		364		014		24885		575
9718		810		034		360		014		24865		574
91018		814		034		347		014		24835		574
91118		809		033		339		013		24290		561

Date		30 Year Fixed Rate		15 Year Fixed Rate		10 Year Breakeven Inflation Microsoft Office User What market participants expect inflation to be over the next ten years on average
2008-09-11		593		554		196
2008-09-18		578		535		171
2008-09-25		609		577		186
2008-10-02		610		578		159
2008-10-09		594		563		120
2008-10-16		646		614		099
2008-10-23		604		572		108
2008-10-30		646		619		083
2008-11-06		620		588		092
2008-11-13		614		581		095
2008-11-20		604		573		055
2008-11-26		597		574		023
2008-12-04		553		533		044
2008-12-11		547		520		031
2008-12-18		519		492		020
2008-12-24		514		491		015
2008-12-31		510		483		011
2009-01-08		501		462		034
2009-01-15		496		465		053
2009-01-22		512		480		059
2009-01-29		510		480		085
2009-02-05		525		492		112
2009-02-12		516		481		123
2009-02-19		504		468		114
2009-02-26		507		468		102
2009-03-05		515		472		091
2009-03-12		503		464		088
2009-03-19		498		461		115
2009-03-26		485		458		133
2009-04-02		478		452		133
2009-04-09		487		454		135
2009-04-16		482		448		129
2009-04-23		480		448		130
2009-04-30		478		448		150
2009-05-07		484		451		145
2009-05-14		486		452		147
2009-05-21		482		450		159
2009-05-28		491		453		180
2009-06-04		529		479		189
2009-06-11		559		506		199
2009-06-18		538		489		183
2009-06-25		542		487		181
2009-07-02		532		477		169
2009-07-09		520		469		155
2009-07-16		514		463		165
2009-07-23		520		468		186
2009-07-30		525		469		188
2009-08-06		522		463		189
2009-08-13		529		468		191
2009-08-20		512		456		174
2009-08-27		514		458		177
2009-09-03		508		454		164
2009-09-10		507		450		179
2009-09-17		504		447		180
2009-09-24		504		446		180
2009-10-01		494		436		173
2009-10-08		487		433		174
2009-10-15		492		437		191
2009-10-22		500		443		199
2009-10-29		503		446		200
2009-11-05		498		440		207
2009-11-12		491		436		218
2009-11-19		483		432		213
2009-11-25		478		429		214
2009-12-03		471		427		211
2009-12-10		481		432		211
2009-12-17		494		438		221
2009-12-24		505		445		230
2009-12-31		514		454		236
2010-01-07		509		450		238
2010-01-14		506		445		238
2010-01-21		499		440		236
2010-01-28		498		439		232
2010-02-04		501		440		238
2010-02-11		497		434		228
2010-02-18		493		433		227
2010-02-25		505		440		220
2010-03-04		497		433		216
2010-03-11		495		432		223
2010-03-18		496		433		225
2010-03-25		499		434		222
2010-04-01		508		439		224
2010-04-08		521		452		231
2010-04-15		507		440		235
2010-04-22		507		439		234
2010-04-29		506		439		239
2010-05-06		500		436		231
2010-05-13		493		430		224
2010-05-20		484		424		208
2010-05-27		478		421		190
2010-06-03		479		420		200
2010-06-10		472		417		193
2010-06-17		475		420		198
2010-06-24		469		413		197
2010-07-01		458		404		184
2010-07-08		457		407		173
2010-07-15		457		406		183
2010-07-22		456		403		171
2010-07-29		454		400		180
2010-08-05		449		395		185
2010-08-12		444		392		179
2010-08-19		442		390		162
2010-08-26		436		386		154
2010-09-02		432		383		156
2010-09-09		435		383		165
2010-09-16		437		382		178
2010-09-23		437		382		179
2010-09-30		432		375		178
2010-10-07		427		372		184
2010-10-14		419		362		201
2010-10-21		421		364		206
2010-10-28		423		366		213
2010-11-04		424		363		214
2010-11-11		417		357		211
2010-11-18		439		376		204
2010-11-24		440		377		211
2010-12-02		446		381		212
2010-12-09		461		396		218
2010-12-16		483		417		224
2010-12-23		481		415		230
2010-12-30		486		420		231
2011-01-06		477		413		236
2011-01-13		471		408		238
2011-01-20		474		405		235
2011-01-27		480		409		226
2011-02-03		481		408		234
2011-02-10		505		429		234
2011-02-17		500		427		227
2011-02-24		495		422		237
2011-03-03		487		415		243
2011-03-10		488		415		250
2011-03-17		476		397		241
2011-03-24		481		404		242
2011-03-31		486		409		246
2011-04-07		487		410		256
2011-04-14		491		413		262
2011-04-21		480		402		261
2011-04-28		478		397		258
2011-05-05		471		389		254
2011-05-12		463		382		246
2011-05-19		461		380		233
2011-05-26		460		378		231
2011-06-02		455		374		225
2011-06-09		449		368		223
2011-06-16		450		367		222
2011-06-23		450		369		220
2011-06-30		451		369		233
2011-07-07		460		375		241
2011-07-14		451		365		232
2011-07-21		452		366		235
2011-07-28		455		366		243
2011-08-04		439		354		235
2011-08-11		432		350		225
2011-08-18		415		336		216
2011-08-25		422		344		206
2011-09-01		422		339		206
2011-09-08		412		333		198
2011-09-15		409		330		194
2011-09-22		409		329		186
2011-09-29		401		328		182
2011-10-06		394		326		178
2011-10-13		412		337		195
2011-10-20		411		338		196
2011-10-27		410		338		206
2011-11-03		400		331		210
2011-11-10		399		330		210
2011-11-17		400		331		198
2011-11-23		398		330		191
2011-12-01		400		330		199
2011-12-08		399		327		204
2011-12-15		394		321		199
2011-12-22		391		321		200
2011-12-29		395		324		202
2012-01-05		391		323		204
2012-01-12		389		316		207
2012-01-19		388		317		204
2012-01-26		398		324		209
2012-02-02		387		314		213
2012-02-09		387		316		220
2012-02-16		387		316		220
2012-02-23		395		319		227
2012-03-01		390		317		226
2012-03-08		388		313		221
2012-03-15		392		316		233
2012-03-22		408		330		240
2012-03-29		399		323		233
2012-04-05		398		321		232
2012-04-12		388		311		226
2012-04-19		390		313		225
2012-04-26		388		312		224
2012-05-03		384		307		225
2012-05-10		383		305		217
2012-05-17		379		304		210
2012-05-24		378		304		214
2012-05-31		375		297		210
2012-06-07		367		294		212
2012-06-14		371		298		213
2012-06-21		366		295		214
2012-06-28		366		294		210
2012-07-05		362		289		213
2012-07-12		356		286		210
2012-07-19		353		283		212
2012-07-26		349		280		213
2012-08-02		355		283		220
2012-08-09		359		284		228
2012-08-16		362		288		225
2012-08-23		366		289		226
2012-08-30		359		286		229
2012-09-06		355		286		228
2012-09-13		355		285		239
2012-09-20		349		277		256
2012-09-27		340		273		245
2012-10-04		336		269		247
2012-10-11		339		270		253
2012-10-18		337		266		248
2012-10-25		341		272		250
2012-11-01		339		270		249
2012-11-08		340		269		248
2012-11-15		334		265		241
2012-11-21		331		263		240
2012-11-29		332		264		239
2012-12-06		334		267		244
2012-12-13		332		266		250
2012-12-20		337		265		249
2012-12-27		335		265		248
2013-01-03		334		264		246
2013-01-10		340		266		251
2013-01-17		338		266		252
2013-01-24		342		271		252
2013-01-31		353		281		256
2013-02-07		353		277		258
2013-02-14		353		277		257
2013-02-21		356		277		254
2013-02-28		351		276		252
2013-03-07		352		276		255
2013-03-14		363		279		256
2013-03-21		354		272		254
2013-03-28		357		276		252
2013-04-04		354		274		250
2013-04-11		343		265		245
2013-04-18		341		264		238
2013-04-25		340		261		237
2013-05-02		335		256		233
2013-05-09		342		261		231
2013-05-16		351		269		232
2013-05-23		359		277		227
2013-05-30		381		298		224
2013-06-06		391		303		218
2013-06-13		398		310		208
2013-06-20		393		304		203
2013-06-27		446		350		195
2013-07-03		429		339		202
2013-07-11		451		353		206
2013-07-18		437		341		212
2013-07-25		431		339		219
2013-08-01		439		343		219
2013-08-08		440		343		225
2013-08-15		440		344		222
2013-08-22		458		360		214
2013-08-29		451		354		214
2013-09-05		457		359		208
2013-09-12		457		359		209
2013-09-19		450		354		216
2013-09-26		432		337		221
2013-10-03		422		329		219
2013-10-10		423		331		220
2013-10-17		428		333		219
2013-10-24		413		324		217
2013-10-31		410		320		218
2013-11-07		416		327		216
2013-11-14		435		335		218
2013-11-21		422		327		218
2013-11-27		429		330		218
2013-12-05		446		347		214
2013-12-12		442		343		213
2013-12-19		447		351		217
2013-12-26		448		352		218
2014-01-02		453		355		224
2014-01-09		451		356		228
2014-01-16		441		345		227
2014-01-23		439		344		223
2014-01-30		432		340		214
2014-02-06		423		333		214
2014-02-13		428		333		219
2014-02-20		433		335		214
2014-02-27		437		339		215
2014-03-06		428		332		218
2014-03-13		437		338		220
2014-03-20		432		332		216
2014-03-27		440		342		214
2014-04-03		441		347		214
2014-04-10		434		338		213
2014-04-17		427		333		216
2014-04-24		433		339		221
2014-05-01		429		338		219
2014-05-08		421		332		218
2014-05-15		420		329		218
2014-05-22		414		325		218
2014-05-29		412		321		222
2014-06-05		414		323		220
2014-06-12		420		331		221
2014-06-19		417		330		222
2014-06-26		414		322		228
2014-07-03		412		322		227
2014-07-10		415		324		228
2014-07-17		413		323		225
2014-07-24		413		326		224
2014-07-31		412		323		228
2014-08-07		414		327		225
2014-08-14		412		324		224
2014-08-21		410		323		217
2014-08-28		410		325		214
2014-09-04		410		324		215
2014-09-11		412		326		212
2014-09-18		423		337		209
2014-09-25		420		336		202
2014-10-02		419		336		196
2014-10-09		412		330		194
2014-10-16		397		318		191
2014-10-23		392		308		191
2014-10-30		398		313		190
2014-11-06		402		321		193
2014-11-13		401		320		192
2014-11-20		399		317		185
2014-11-26		397		317		185
2014-12-04		389		310		178
2014-12-11		393		320		172
2014-12-18		380		309		164
2014-12-24		383		310		169
2014-12-31		387		315		166
2015-01-08		373		305		162
2015-01-15		366		298		158
2015-01-22		363		293		160
2015-01-29		366		298		162
2015-02-05		359		292		168
2015-02-12		369		299		169
2015-02-19		376		305		171
2015-02-26		380		307		174
2015-03-05		375		303		185
2015-03-12		386		310		175
2015-03-19		378		306		169
2015-03-26		369		297		178
2015-04-02		370		298		177
2015-04-09		366		293		184
2015-04-16		367		294		182
2015-04-23		365		292		188
2015-04-30		368		294		191
2015-05-07		380		302		192
2015-05-14		385		307		187
2015-05-21		384		305		185
2015-05-28		387		311		182
2015-06-04		387		308		181
2015-06-11		404		325		185
2015-06-18		400		323		187
2015-06-25		402		321		190
2015-07-02		408		324		189
2015-07-09		404		320		186
2015-07-16		409		325		185
2015-07-23		404		321		181
2015-07-30		398		317		176
2015-08-06		391		313		170
2015-08-13		394		317		165
2015-08-20		393		315		158
2015-08-27		384		306		153
2015-09-03		389		309		158
2015-09-10		390		310		155
2015-09-17		391		311		157
2015-09-24		386		308		152
2015-10-01		385		307		142
2015-10-08		376		299		153
2015-10-15		382		303		151
2015-10-22		379		298		147
2015-10-29		376		298		149
2015-11-05		387		309		156
2015-11-12		398		320		157
2015-11-19		397		318		154
2015-11-25		395		318		161
2015-12-03		393		316		159
2015-12-10		395		319		155
2015-12-17		397		322		146
2015-12-24		396		322		148
2015-12-31		401		324		153
2016-01-07		397		326		154
2016-01-14		392		319		144
2016-01-21		381		310		134
2016-01-28		379		307		137
2016-02-04		372		301		138
2016-02-11		365		295		123
2016-02-18		365		295		126
2016-02-25		362		293		133
2016-03-03		364		294		147
2016-03-10		368		296		149
2016-03-17		373		299		154
2016-03-24		371		296		161
2016-03-31		371		298		161
2016-04-07		359		288		160
2016-04-14		358		286		157
2016-04-21		359		285		160
2016-04-28		366		289		167
2016-05-05		361		286		166
2016-05-12		357		281		160
2016-05-19		358		281		159
2016-05-26		364		289		156
2016-06-02		366		292		155
2016-06-09		360		287		156
2016-06-16		354		281		147
2016-06-23		356		283		144
2016-06-30		348		278		139
2016-07-07		341		274		142
2016-07-14		342		272		144
2016-07-21		345		275		148
2016-07-28		348		278		150
2016-08-04		343		274		146
2016-08-11		345		276		148
2016-08-18		343		274		145
2016-08-25		343		274		148
2016-09-01		346		277		146
2016-09-08		344		276		150
2016-09-15		350		277		150
2016-09-22		348		276		151
2016-09-29		342		272		155
2016-10-06		342		272		162
2016-10-13		347		276		164
2016-10-20		352		279		167
2016-10-27		347		278		169
2016-11-03		354		284		171
2016-11-10		357		288		176
2016-11-17		394		314		184
2016-11-23		403		325		191
2016-12-01		408		334		190
2016-12-08		413		336		193
2016-12-15		416		337		195
2016-12-22		430		352		190
2016-12-29		432		355		196
2017-01-05		420		344		197
2017-01-12		412		337		197
2017-01-19		409		334		200
2017-01-26		419		340		206
2017-02-02		419		341		206
2017-02-09		417		339		200
2017-02-16		415		335		202
2017-02-23		416		337		203
2017-03-02		410		332		201
2017-03-09		421		342		202
2017-03-16		430		350		201
2017-03-23		423		344		198
2017-03-30		414		339		197
2017-04-06		410		336		196
2017-04-13		408		334		192
2017-04-20		397		323		186
2017-04-27		403		327		189
2017-05-04		402		327		189
2017-05-11		405		329		186
2017-05-18		402		327		181
2017-05-25		395		319		182
2017-06-01		394		319		181
2017-06-08		389		316		178
2017-06-15		391		318		173
2017-06-22		390		317		167
2017-06-29		388		317		171
2017-07-06		396		322		175
2017-07-13		403		329		175
2017-07-20		396		323		176
2017-07-27		392		320		180
2017-08-03		393		318		180
2017-08-10		390		318		181
2017-08-17		389		316		178
2017-08-24		386		316		176
2017-08-31		382		312		175
2017-09-07		378		308		178
2017-09-14		378		308		184
2017-09-21		383		313		185
2017-09-28		383		313		185
2017-10-05		385		315		184
2017-10-12		391		321		188
2017-10-19		388		319		184
2017-10-26		394		325		187
2017-11-02		394		327		188
2017-11-09		390		324		187
2017-11-16		395		331		186
2017-11-22		392		332		185
2017-11-30		390		330		184
2017-12-07		394		336		186
2017-12-14		393		336		188
2017-12-21		394		338		191
2017-12-28		399		344		195
2018-01-04		395		338		199
2018-01-11		399		344		202
2018-01-18		404		349		203
2018-01-25		415		362		206
2018-02-01		422		368		210
2018-02-08		432		377		211
2018-02-15		438		384		207
2018-02-22		440		385		211
2018-03-01		443		390		212
2018-03-08		446		394		212
2018-03-15		444		390		209
2018-03-22		445		391		208
2018-03-29		444		390		206
2018-04-05		440		387		207
2018-04-12		442		387		209
2018-04-19		447		394		214
2018-04-26		458		402		217
2018-05-03		455		403		217
2018-05-10		455		401		217
2018-05-17		461		408		216
2018-05-24		466		415		214
2018-05-31		456		406		207
2018-06-07		454		401		212
2018-06-14		462		407		212
2018-06-21		457		404		212
2018-06-28		455		404		211
2018-07-05		452		399		213
2018-07-12		453		402		212
2018-07-19		452		400		210
2018-07-26		454		402		211
2018-08-02		460		408		212
2018-08-09		459		405		212
2018-08-16		453		401		209
2018-08-23		451		398		208
2018-08-30		452		397		211
2018-09-06		454		399		209

		Acquisition Effects
			Three Months Ended June 30th			Six Months Ended June 30th
			2017		2018		2017		2018
		Pro Forma Revenue		$ 158737		$ 185820		296935		369201
		Pro Forma Net Income		$ 7758		$ 45188		14966		80956
		Revenue Breakdown
					Six Months Ended June 30th
					2017		2018
		Mortgage Products				$ 134453		$ 140410
		Non-Mortgage Products
		Credit Cards				$ 70765		$ 84879
		Personal Loans				$ 37535		$ 61175
		Other				$ 42535		$ 76672
		Total Non-Mortgage Products				$ 150835		$ 222726
			2013A		2014A		2015A		2016A		2017A		MRQ2018
		Mortgage		$ 123091		$ 134137		$ 165272		$ 219991		$ 275910		$ 66948
		Non-Mortgage		$ 16149		$ 33213		$ 88944		$ 164411		$ 341826		$ 117153
							Visible Revenue Opportunity (in millions)
		Category		2017 TTM		Current Market Share		Visible Market Share		Estimate Take Rate		Low		Mid		High
		Mortgage		$ 264		180		4-8		088		$ 600		$ 900		$ 1200
		Credit Cards		$ 126		060		2-4		$275		$ 470		$ 705		$ 940
		Personal Loans		$ 78		2		5-10		250		$ 250		$ 375		$ 500
		Home Equity		$ 40		230		4-6		080		$ 80		$ 100		$ 120
		Other Businesses		$ 50					$ 100		$ 150		$ 200
		Total Revenue		$ 558					$ 1500		$ 2230		$ 2960

LendingTree Inc

Weighted Average Cost of Capital

($ in thousands fiscal year ending December 31)

Debt

Equity

WACC =

After-Tax Cost of Debt

x

of Debt in the Capital Structure

+

Cost of Equity

x

of Equity in the Capital Structure

( rd x (1 - t) x DD + E )

+

(re x ED + E)

Capital Structure

Cost of Debt

Current Portion of Debt

0

Name

Maturity Date

Amount (mm)

Price

Coupon

YTM

Weight

YTM (weighted)

Non - Current Portion of Debt

244

Total Debt (in mm)

$ 24400

Total Amount

$ - 0

5300

Current Share Price

$24060

Shares Outstanding (mm)

13

Total Equity

$ 3084

Cost of Equity

WACC Formula

CAPM (re) = rf + βL x (rm - rf)

Weights x Costs

Capital Weights

Risk-free rate

240 Microsoft Office User Historical Avg Nominal 10 YR US Note

t = Effective Tax Rate

21

Debt-to-Total Capitalization

7

Market Risk Premium

710

Equity-to-Total Capitalization

93

Adjusted Beta

134

WACC

113

Is this the target Capital Structure

Yes Microsoft Office User See Historical Capitlization

Microsoft Office User Historical Avg Nominal 10 YR US Note

Cost of Equity

1191

Peer Comparable Weights

Mean

-

Median

-

29

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

Trading Multiples

Market

Net

Enterprise

EV Revenue

EV EBITDA

PriceEarnings

Company

Ticker

Capitalization

Debt

Value

2017A

2018E

2019E

2017A

2018E

2019E

LTM

2019E

On Deck Capital Inc

NYSEONDK

$577

$681

$1259

64x

33x

29x

ERRORVALUE

371x

280x

1267x

155x

LendingClub Corporation

NYSELC

1431

(85)

1346

23x

19x

17x

ERRORVALUE

156x

101x

-

178x

GreenSky Inc

NasdaqGSKY

1152

151

1303

40x

30x

22x

87x

67x

50x

239x

220x

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$3084

($49)

$3035

49x

40x

33x

356x

201x

159x

452x

326x

Low

$577

($85)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

239x

155x

Mean

1053

249

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

184x

Median

1152

151

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

178x

High

$1431

$681

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

1267x

220x

Operating Statistics

Revenue

Revenue Growth

EBITDA

EBITDA Growth

Company

Ticker

2017A

2018E

2019E

17-18

18-19

2017A

2018E

2019E

17-18

18-19

On Deck Capital Inc

NYSEONDK

$197

$384

$431

948

120

NA

$34

$45

ERRORVALUE

327

LendingClub Corporation

NYSELC

$575

$693

$809

206

168

NA

$86

$133

ERRORVALUE

547

GreenSky Inc

NasdaqGSKY

$326

$438

$586

343

339

$150

$196

$263

308

344

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$618

$755

$916

223

212

$85

$151

$191

775

261

Low

$197

$384

$431

ERRORVALUE

ERRORVALUE

$150

$34

$45

ERRORVALUE

ERRORVALUE

Mean

366

505

609

ERRORVALUE

ERRORVALUE

150

105

147

ERRORVALUE

ERRORVALUE

Median

326

438

586

ERRORVALUE

ERRORVALUE

150

86

133

ERRORVALUE

ERRORVALUE

High

$575

$693

$809

ERRORVALUE

ERRORVALUE

$150

$196

$263

ERRORVALUE

ERRORVALUE

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 1057000		$ 1426950		$ 1890709		$ 2410654		$ 3013317		259
	Revenue Growth					512		607			222		400		350		325		275		250
	Operating Expenses				225702		332290		584603			679500		951300		1284255		1701638		2169588		2711985				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 105700		$ 142695		$ 189071		$ 241065		$ 301332		259
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 68705		$ 92752		$ 122896		$ 168746		$ 210932		275
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		14428		19478		25808		35437		44296
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 54277		$ 73274		$ 97088		$ 133309		$ 166636		275
	Plus Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	Less Capital Expenditures				7200		31955		8000			22650		31710		42809		56721		72320		90400
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		26425		35674		47268		60266		75333
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 33137		$ 44735		$ 59274		$ 73043		$ 91304
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 28203		$ 34194		$ 40689		$ 45031		$ 50553
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 221100				Enterprise Value				$ 4648193
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 301332				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 8437288
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4697014
			Present Value of Terminal Value				$ 4427093
			of Enterprise Value				952				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4648193				Implied Share Price				$ 33201
					Implied Share Price
					Exit Multiple
					euro 332		200x		225x		280x		315x		350x
					95		26714		29804		36600		40924		45249
					100		26022		29028		35641		39849		44057
					115		24070		26842		32938		36818		40698
					120		23459		26157		32092		35869		39646
					130		22293		24850		30477		34058		37639

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 830500		$ 975838		$ 1219797		$ 1555241		$ 2021813		178
	Revenue Growth					512		607			222		100		175		250		275		300
	Operating Expenses				225702		332290		584603			679500		747450		878254		1097817		1399717		1819632				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 83050		$ 97584		$ 121980		$ 155524		$ 202181		178
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 53983		$ 63429		$ 79287		$ 108867		$ 141527		193
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		11336		13320		16650		22862		29721
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 42646		$ 50109		$ 62637		$ 86005		$ 111806		193
	Plus Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	Less Capital Expenditures				7200		31955		8000			22650		24915		29275		36594		46657		60654
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		20763		24396		30495		38881		50545
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 26036		$ 30593		$ 38241		$ 47124		$ 61261
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 22159		$ 23384		$ 26251		$ 29052		$ 33919
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 157195				Enterprise Value				$ 2809338
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 202181				Less Noncontrolling Interest
			Exit Multiple				250x				Plus Cash and ST Investments				293301
			Terminal Value				$ 5054533
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 2858159
			Present Value of Terminal Value				$ 2652142
			of Enterprise Value				944				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 2809338				Implied Share Price				$ 20203
					Implied Share Price
					Exit Multiple
					euro 202		200x		225x		280x		315x		350x
					95		18100		20173		24733		27635		30536
					100		17636		19653		24090		26913		29737
					115		16326		18186		22276		24879		27483
					120		15916		17726		21709		24243		26777
					130		15133		16850		20625		23028		25430

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 981500		$ 1275950		$ 1658735		$ 2114887		$ 2643609		232
	Revenue Growth					512		607			222		300		300		300		275		250
	Operating Expenses				225702		332290		584603			679500		883350		1148355		1492862		1903398		2379248				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 98150		$ 127595		$ 165874		$ 211489		$ 264361		232
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 63798		$ 82937		$ 107818		$ 148042		$ 185053		248
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		13397		17417		22642		31089		38861
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 50400		$ 65520		$ 85176		$ 116953		$ 146192		248
	Plus Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	Less Capital Expenditures				7200		31955		8000			22650		29445		38279		49762		63447		79308
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		24538		31899		41468		52872		66090
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 30770		$ 40001		$ 52001		$ 64081		$ 80101
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 26188		$ 30575		$ 35697		$ 39506		$ 44350
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 198748				Enterprise Value				$ 4082674
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 264361				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 7402105
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4131495
			Present Value of Terminal Value				$ 3883926
			of Enterprise Value				951				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4082674				Implied Share Price				$ 29204
					Implied Share Price
					Exit Multiple
					euro 292		200x		225x		280x		315x		350x
					95		23513		26224		32186		35980		39774
					100		22906		25543		31344		35036		38728
					115		21193		23624		28973		32377		35781
					120		20657		23024		28231		31544		34858
					130		19633		21877		26814		29955		33096

	Stock Data
	Current Price			$241
	52 Week Price Range			20545 - 40440
	200-Day Moving Average			27761
	Beta			134
	Market Cap (mil)			$3080
	Shares Outstanding (mil)			13
	Average Vol (3 month) mil			023
	Insider Ownership			4080
	Shares Short of Float			3772
	LTM PE			4516
	Forward PE			3256
	EVEBITDA			3688

	Company Name		Market Cap (Mil)		Net Income (Mil)		PS		PB		PE		IndustryBusiness Segments
	BlackRock Inc (BLK)		48746		3371		44		18		148
						Potential Comps
	Morgningstar List of Competitors						Franklin Resources
	httpfinancialsmorningstarcomcompetitorsindustry-peeractiont=BLK						Invesco
						T Rowe Price
	httpsenwikipediaorgwikiBlackRock						State Street
	httpwwwwikinvestcomstockBlackRock_(BLK)						Fidelity
						Eaton Vance - primarily active
						wisdom tree (WETF)
						Legg Mason
	Company Name		PE		PBV		EVEBITDA		Market CapAUM
	Invesco		91		14		1194
	T Rowe Price		133		34		831
	AMG		91		24		1213
	Eaton Vance
	wisdom tree		105		57		1428
	Legg Mason		118		07		784
	BlackRock Inc		131		17		1123
	Mean		1076		255		109		ERRORDIV0
	Median		105		24		1194		ERRORNUM
	Implied share price		2090489130435		406656		3510872705797
			median NTM EBITDA - net debt - preferred shares
		BLK Key Statistics
		Total Cash		56730
		Total Debt		57000
		Net Debt		270
	1311887		Preferred shares		6374
	823188		Enterprise Value		527794
	637447992		Equity Value		52114981
		Share Price		2986
		Net Income (LTM)		32970
		Shares outstanding		1656

Investment Thesis

Product Diversification The continued push away from mortgage lending through a string of acquisitions should diversify the business and allow it to grow more consistently through market cycles

Market Opportunity The mortgage business of LendingTree has a lot of opportunity for growth and plenty of room for market penetration The business has only touched 2 of mortgages in the US This should increase with improvements in technology and lenders look to become more efficient (reduce their labor cost)

Product Expansion My LendingTree platform also has a lot of opportunity to cross-sell products and build out a relationship based experience rather than relying on merely a transaction experience

2

1

2

3

RecommendationLendingTree (TREE) has experience multiple compression and price depreciation since the beginning of this year The fundamentals and management strategy of the business have not changed dramatically however and now represents a great opportunity to purchase a call option for long-term growth and gain unique exposure to the financial sector

LendingTree (TREE) | Sector Financial | Industry Mortgage Investment Source 1) Thomson Reuters

Three Key Points

Price Target $292 representing a 21 upsideAverage Wall Street Price Target $301 representing a 25 upside

Sources IBISWorld Company 10-K

Introduction

3

bull LendingTree is an online lending exchange that connects consumers with multiple lenders banks and credit partners It acts like a broker for loans instead of being a direct supplier

bull Founded Pre Fintech Wave Est 1996 by Douglas Lebda current Chairman amp CEO

bull Mid Cap Status Market Cap of $3 billionbull Completely free for customers to use revenue

stream extracted when customers send loan requests to lenders

Company Background Marketplace Business Model

Stock Data

Consumer

Lender 1 Lender 2 Lender 3 Lender 4 Lender 5

Lending Tree Exchange

Lenders on the platform include regional and national banks peer-to-peer lending services and online direct

lenders levels of risk vary across the lenders

Current Price $230

52 Week Price Range 20545 - 40440

200-Day Moving Average 27761

Beta 134

Market Cap (mil) $2950

Shares Outstanding (mil) 13

Average Vol (3 month) mil 023

Insider Ownership 4080

Shares Short of Float 3772

LTM PE 4516

Forward PE 3256

EVEBITDA 3688

Industry Overview

4Source IBIS World FRED

Competitive Landscape

bull LendingTree is one of the only public companies that acts exclusively as an exchange lender

bull Most of the firms in the space are private aggregators or lenders

bull Barriers to entry include assets the company purchases on goodwill proprietary technology customer lists and trademarked names

Market Forces

bull A number of factors influence lending markets across mortgages personal loans auto loans etc including

bull Aggregate Household Debtbull GDP Growthbull Federal Monetary Policybull Prime Ratebull Inflation

Fixed Rate and Inflation Behavior is Steady

000

100

200

300

400

500

600

700

30 Year Fixed Rate 15 Year Fixed Rate

10 Year Breakeven Inflation

Fintech Comps Description

Direct Private Competitors

Offering comparable services to LendingTree

Private Peer-to-PeerLenders

Assume moreof the consumer risk by taking on loans (underwritingloan loss provisions)

Product Diversification

5Source Company 10-K

Home Refinance

Home Purchase

Personal Loans

Home Equity Loans Auto Loans Business

Loans

Credit Cards Student Loans StudentRefinance

Moving Away From Mortgage

0

20

40

60

80

100

2013A 2014A 2015A 2016A 2017A MRQ2018

Mortgage Non-Mortgage

1

Product Categories

bull Over a few short years TREE has acquired a number of leading media and comparison properties

bull The strategy is similar to that of two major TREE shareholders Barry Diller and John Malone (27)

bull Mortgage purchases and refinancing used to compose the majority of revenue now it is only a third of sales

bull Although the movement changes the risk profile of the company it should dampen revenue declines during the next economic downturn as smaller ticket purchases recover quicker

bull Additional categories include auto and home insurance as well as commercial loans

bull CEO Douglas Lebda expressed a continued push into small business loans for continued diversification as well

bull Ultimately the company is positioning itself to provide a full service financial experience for customers

Product Diversification

6Source Company 10-K

Iron Horse HoldingsCredit Card Comparison

November 16th 2016

$104 million

Deposits Online

Media facing in the depository

industry

June 14th 2017

Camino Del Avion

Consumer Facing Media Company

June 20th 2017

SMB Online Lender

September 19th 2017

Credit Repair

Company

June 11th

2018

PersonalFinance Website

July 23rd

2018

$60 million

1

Market Opportunity

7Source 2017 Company Investor Presentation TechCrunch

2

Total Addressable

Market

Est $13B

Est $500M

$264mTTM

Total Addressable

Market

Est $33B

Est $500M

$78mTTM

Total Addressable

Market

Est $10B

Est $1B

$126mTTM

bull LendingTreersquos positioning in its core markets across mortgage credit and personal loan is growing and the company is taking share there still remains plenty of opportunity to expand into its total addressable markets

Mortgage Credit Cards Personal Loans

Visible revenue opportunity in core markets served today not inclusive of acquisitions or new verticals Digital ad spend in financials expected to hit 20 CAGR between 2014 and 2020

tripling LendingTreersquos core market

Comparables (BLK)

Stock Data

DCF (Base)

WACC

DCF (Downside)

WACC

DCF (Upside)

WACC

Comparables

_CIQHiddenCacheSheet

WACC

Key Stats

Acquisition Effects (in millions)

Pro Forma Revenue

2017201820172018Three Months Ended June 30thSix Months Ended June 30th158737185820296935369201Pro Forma Net Income

2017201820172018Three Months Ended June 30thSix Months Ended June 30th7758451881496680956

2018

Mortgage ProductsNon-Mortgage ProductsCredit CardsPersonal LoansOther140410848796117576672

Mortgage2013A2014A2015A2016A2017AMRQ201812309113413716527221999127591066948Non-Mortgage2013A2014A2015A2016A2017AMRQ2018161493321388944164411341826117153

FRED Data

Fixed Rate and Inflation Behavior is Steady

30 Year Fixed Rate3970239709397163972339730397373974439751397583976539772397783978639793398003980639813398213982839835398423984939856398633987039877398843989139898399053991239919399263993339940399473995439961399683997539982399893999640003400104001740024400314003840045400524005940066400734008040087400944010140108401154012240129401364014240150401574016440171401784018540192401994020640213402204022740234402414024840255402624026940276402834029040297403044031140318403254033240339403464035340360403674037440381403884039540402404094041640423404304043740444404514045840465404724047940486404934050040506405144052140528405354054240549405564056340570405774058440591405984060540612406194062640633406404064740654406614066840675406824068940696407034071040717407244073140738407454075240759407664077340780407874079440801408084081540822408294083640843408504085740864408704087840885408924089940906409134092040927409344094140948409554096240969409764098340990409974100441011410184102541032410394104641053410604106741074410814108841095411024110941116411234113041137411444115141158411654117241179411864119341200412074121441221412284123441242412494125641263412704127741284412914129841305413124131941326413334134041347413544136141368413754138241389413964140341410414174142441431414384144541452414584146641473414804148741494415014150841515415224152941536415434155041557415644157141578415854159241599416054161341620416274163441641416484165541662416694167641683416904169741704417114171841725417324173941746417534176041767417744178141788417954180241809418164182341830418374184441851418584186541872418794188641893419004190741914419214192841935419424194941956419634196941977419844199141997420044201242019420264203342040420474205442061420684207542082420894209642103421104211742124421314213842145421524215942166421734218042187421944220142208422154222242229422364224342250422574226442271422784228542292422994230642313423204232742333423414234842355423624236942376423834239042397424044241142418424254243242439424464245342460424674247442481424884249542502425094251642523425304253742544425514255842565425724257942586425934260042607426144262142628426354264242649426564266342670426774268442691426974270542712427194272642733427404274742754427614276842775427824278942796428034281042817428244283142838428454285242859428664287342880428874289442901429084291542922429294293642943429504295742964429714297842985429924299943006430134302043027430344304143048430554306143069430764308343090430974310443111431184312543132431394314643153431604316743174431814318843195432024320943216432234323043237432444325143258432654327243279432864329343300433074331443321433284333543342433495935786096159464660464662614604597553547519514509999999999999965014965125099999999999999652551650450751550349800000000000004484999999999999964784874824847848448600000000000003482491529559538542532525145252552252951251450850750450449400000000000004487492550349800000000000004491483478471480999999999999964940000000000000450551450950599999999999996499498000000000000045014974935054974954964995085215075075059999999999999654934844784794724754690000000000000445845745745599999999999996454449444000000000000044424360000000000000343243499999999999996437437432426999999999999964190000000000000442142300000000000004424417438999999999999974400000000000000444646100000000000003483480999999999999964860000000000000347699999999999996471474484809999999999999650554954874884764809999999999999648600000000000003487491484784714634610000000000000345999999999999996455449454545145999999999999996451451999999999999964554389999999999999743241500000000000004422422412409409401394412411000000000000034099999999999999643994398439939439139539138938839838738738739539388392408399398388393883843833793783753673713663663623563533493553593623663593553553493433633933734133934334331332334332337335334343383423533533533563513523633543573543433413433534235135938139139839344642945143743099999999999996438999999999999974400000000000000444000000000000004458451457457454324224230000000000000442841340999999999999996416434999999999999964224294464424474480000000000000445345144143899999999999997432423000000000000044284334374284374324400000000000000444143442699999999999996433429421424139999999999999741241399999999999997424174139999999999999741241500000000000004413413412413999999999999974124099999999999999640999999999999996409999999999999964124230000000000000442419000000000000044123973923984019999999999999640139939738939338383387373366363366359369376383753863783693736636736536838385384387387404440199999999999996408404409404398391394393384389393913863853763823793763873983973953933953973964013973923813793723653653623643683733713713593583593663613573583643663635435634834134234534834334534334334634435348342342347352347354357394403408413416434324241240941900000000000004419000000000000044174150000000000000441640999999999999996421434230000000000000441399999999999997409999999999999964083974034019999999999999640540199999999999996395394389391393883964033963923933938938638237837838338338539138839439439395392393943933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Year Fixed Rate39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334955453557757856361457261958858157357453352492491483462465000000000000044848492480999999999999964684684724639999999999999746100000000000003458451999999999999964544480000000000000444800000000000004448000000000000044514519999999999999645453479505999999999999964889999999999999748747699999999999996469000000000000044634684690000000000000446346845599999999999996458454454474464360000000000000343343744344644000000000000004436000000000000034324294269999999999999643243844545445445440000000000000044389999999999999744000000000000004434433440000000000000044334324334344389999999999999745199999999999996440000000000000044389999999999999743899999999999997436000000000000034342442142417424134044074059999999999999640343953923938638338338238237537236236436636335737637738139641741500000000000004424134084054094084294269999999999999642241500000000000004415000000000000043974044094099999999999999641340199999999999996397389382383783743683673693693753653663663543533634433933333329328326337338338331333313333327321321324323316317324314316316319317313316333233213113133123073053043042972942982952942892862832828328428828928628628527727326927266272272692652632642672662652652642662662712812772772772762762792722762742652642612562612692772983033130435339353341339343343344363543593593543373293313333243232733532733347343351352355356345344343333333353393323383323423473383333393383323293253213233313332232232432332632332732432332532432633733633633318308313321323173173132309313153052982932982922993053073033130629729829329429229430230730531130832532332132432325321317313317315306309313113083072993032982983093231831831631932232232432631931307301295295293294296299296298288286285289286281281289292287281283278274272275278274276274274277276277276272272276279278284288314325334336337352355344337334343413393353373323423534433933633432332732732932731931931631831731732232932332318318316316312308308313313315321319325327324331332333363363383443383443493623683773843853939439391393873873944019999999999999640340140841500000000000004405999999999999964014074044043994019999999999999644019999999999999640840540139839739910 Year Breakeven Inflation39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334919561711862000000000000115860000000000001119609849999999999999910820000000000001083199999999999996091600000000000004095054600000000000004023043803080201449999999999999901103420000000000000305280000000000000205908519999999999999811240000000000001123113751020910882000000000000011151999999999999913313320000000000001135200000000000011287500000000000113041496145146615917975000000000001188799999999999991994183200000000000011808000000000000116919999999999999155164599999999999991856000000000000118779999999999999189191199999999999991738177164178750000000000011802179817321742191250000000000011986199820739999999999998217499999999999982132000000000000121375000000000002211399999999999992108000000000000122122999999999999998236237523839999999999999236232399999999999982382000000000000122759999999999998226500000000000012204000000000000221560000000000001223224622182240000000000000223123479999999999999234200000000000012386000000000000123119999999999998223820819039999999999999219319819681838000000000000117275182600000000000011714180418520000000000001178816240000000000001153815640000000000001165250000000000011776179417821838000000000000120099999999999998206199999999999982125999999999999921421124999999999998204210521219999999999999217799999999999992238230399999999999982305000000000000223580000000000001238200000000000012345000000000000222559999999999998233800000000000012343999999999999922719999999999998237242799999999999992501999999999999824140000000000001242200000000000022464255626240000000000001260800000000000012582541999999999999824620000000000002233231199999999999982252499999999999922342224000000000000221982334000000000000124123199999999999998235243199999999999992351999999999999922480000000000002216400000000000012056205619775194186200000000000011821784194751964206209600000000000012101999999999999919824999999999999191250000000000011992203619921996201750000000000012042520699999999999998203750000000000012092128000000000000122022204000000000000222722559999999999998220800000000000022326000000000000124233199999999999992322000000000000122622254224400000000000022248000000000000221680000000000001209799999999999992141999999999999921025211799999999999992132000000000000121421212521019999999999999212400000000000012128000000000000121982279999999999999822480000000000002225999999999999982292279999999999999823879999999999999256400000000000012448246825274999999999999248200000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Share Price Data

Peers vs LendingTree

OnDeck 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42361977346685669993600138655575452936370984837815093647493424636326435943636499338503377454354875159338346037460243996377685368960836953943173782786468839223839010768335394663899407163439270038362900479372603370926233083787248630463187438530838333775974384730882773599443923538971505221840471238843353232400323398005927534131439174602929841499189154557889420535917751538074181104084520580240425039491221084154539197169341940425039491221083977823816636086639593437292828892402748907305407583861168633375637939015936728668592397551402227964883937398777144865740055437744157132395587886449806314011318780057316740263340026256875416377906759577154185724019733795541787939436638037420258694380718544258489298718196842977592677810295424578421700660165016169761696240850023099560565969509586511675063351801800605179018527258015078354975311850119846382352956801733499619539270019882882552968352437783501529452510292157365124740144958647850739198181122704522869024650750275162855043593092252945251029215736513051515060025135194040212657884452159851647959083524024025779070885209055088725916652136750239391315145530026668283553118501198463823520790001829752845348810294552777153349501424127945544929518481646645377685322760791953222450607012002534072514805439715318780195916374152852852324951445308385255061556254643104073848372533957007762600895261030139500343654146451509668481568376062176575215690690697835743582467055152066235699930568262172654146451509668481527373522121193795548625351152106564795551748774565646800447059357457657657711765822584661585015902495960960546062357159355510756398466598637070948554675925155788284690160360356194031963595287609256465535779625576816226155070452412324968558096559064528645458535401743234655082003116608851527489029164032625172094914019521851917300718011079534188021848278635115499928031879658997456248615014615384587309203386109955968815986861919607717264782610302623924633376170016166088792963109264423440425637214136354489916180410760443272162196810760064434596558082777591159540308164927049611226610967276336208131064723237362762764084944243645414616645539056701316685116270768249019444467107686186142615242736888427006504343869531067924900265700046156155089967067452181394037687918644307723669750520911283891702933658975891447008546708049279670501271644692283708939678703172147189882023795749372776618323478441713559683216454587222221916788591752136748622389827731577830178383579544929093441237814275795466024737795102892236016677974123400921149781127249223209847899052993784870679394780332760915777662245838248017922153016351282878644029599352523785978267822169938093093044742596881335180842338168822476275757073878246708056209101383298682760483196837722304510919368369137898610812784084082141739849831600812390833618610533411630090286047584059884876886347893593257389489486036278922930006922383762648373758180324367584800184227299988387618332464349283679831746827649849503329879803184973434396548075856086850171243978101178191240975980526680052513757865557683863301981439126785882952771309739632484778436123852249393805382272917942478213212746287531785989834003468858687918625827705987537538287421164875606327659821568575883377780472878782624190745576784130293736884018298683106983528380826977573874395805035786439459867968353061484107280434281348249463818780327586502038201662735004326580746126108890603792792802199288548098868050384199481693228420114856805728759396425088624393563770073787167936540357207877454371045175218836913355580657489246938571334304887040866550222528358743304256334481924228645778968467312994518064180364977122546151763686759905595827580272266567977474370525424566294752945263272227827573342536998325273839220747534755745668700723753737595287142636009674532221424527112735042745783258417345807176119031172557172267101597712982182652294237308847001412636372869023957749517449757277667885173562024634741876746708229459269387565257390499945270917069278884988600947073205195856525754527009655070452412324968596904569256073716083391081464748559817511207726716001385585553578962936014254192336407946121322566164772461890218027663432675827381156456456307312167645299144252734096261260839425713963605913522616936351351481835263464379765664593087636752108183134526131901267454349462855162789208538608570122232152560025410024823058597482069820234066008316008123909359805957038439432599792072076875286045276182830304160868559462495746624509123942963216242781098572855664091015382512939666204636955309856146916143522381656699004696257695573458060211179095876645602295089359540308164927049599099099119909976155001290020760759563409573494814594017066435272235699930568262172652390851873623197486486489108651294854469603731356449387848939989638494686969399700434987294733488225250727650941842208509355497589385655237930116933931451409100914550692551513038773087595694155562620575359205235407595545691823846342765520905393372479457623005598914174573573567254017915718410655615370456560406639861256564911058791613395683760621765752158593205853702806551166552294604985293370032493185455162854581592642550473544687605957830907881013918563871564706131656398703709893656556941557936208035642180511846142157322704612550135567798561612414865477015489096431555185952525157025369600176262412852413949817187575531878019591637415294525102921573653938552692572133549780537080606725404250210112030255486253511521065627165635778109956421805118461421566412546398416615759990765534979658523908558006275594941053477915195857010791013842757484407542517735574382047253821965736890742968567456109953427813508

Product Expansion

8Source Earnings Call Transcript Company Filings

3

My LendingTree

bull Customer familiarity is key as repeat customers drop promotional costs

bull Released My LendingTree which serves as a personal financial management application

bull Launched in 2014 and now has 88 million customers personal loans is prominent

bull Free credit scores credit monitoring and recommendations

bull Ability to lock in customers and accumulate data for personalized recommendations

bull Organic growth can lead to far less promotional spend due to organic customer

New Digital Experience

bull Added more services in 2017 to address consumer needs with additions in deposit accounts and savings accounts improves lifetime value

bull Concierge services and higher conversion with SnapCap

bull Deposit accounts are getting integrated with LendingTree and business credit services are developing

The new thing that we are seeing when I mentioned some of these new startup mortgage companies weve got a mortgage company on our network that literally has no loan officers 100 technology very low margins and is experiencing conversion rates right with our top lenders And I expect those types of things to proliferate I expect more and more lenders to create fully digital experiences that over time wont need humans And those are going to be perfect lenders to dial in just like Prosper and LendingClub change the way personal loans does So I expect thats going to continue to grow

- Doug Lebda Chairman amp CEO 2Q 2018 Earnings Call

Potential Risks

9Source Yahoo Finance

bull Increases in interest rates could adversely affect the ability of network lenders to close loans

bull Similarly a decrease in rates could lead to sudden increases in demand which is actually a negative The best situation for TREE is steady increases and declines in rates

bull Still somewhat dependent on mortgages for growthbull Diversification away from mortgage could change the

risk profile of the firm (ie move to credit cards)bull The decline in stock prices from competitors such as On

Deck Capital and LendingClub could misprice the broader financial technology sector

bull The intended benefits of acquisitions from the past and future may not be realized as expected

Internal and External Risk Factors Mitigants

bull Despite well publicized headwinds TREE has managed this rate environment well

bull Although mortgage purchases and home refinancing still compose over a third of revenue the stated goal of further diversification and an improved environment in 2019 should protect against mortgage headwinds

bull Thus far Tree has been insulated from the collapse in share prices from public P2P lenders like On Deck Capital and Lending Club

0

150

300

450

600

750

900

Peers vs LendingTree

ONDK LC TREE

Conclusion ndash Recommendation to Buy

10

Opportune Time to Buy at Depressed Share Price

bullCurrent prices represent a drawdown of 40 from an all time high in January 2018business fundamentals have arguably not changed that dramatically

Clear Catalysts

bullThe growth of the lending marketplace movement away from mortgage and increased user experience are all improvements for firm value

Diversification of Clubrsquos Portfolio

bullCurrently underweight financial exposure LendingTree offers a bridge between the growth of technology and lower beta financial sector

bull Upside case assumed aggressive MampA activity to continue diversifying away from mortgage products

bull Base case assumed blend or organic and inorganic growth in near term with similar long term outlook as upside

bull Downside incorporated triggering of risk factors and delaycessation of acquisitions in the short term

Valuation AssumptionsImplied Share

Pricesbull Upside 38bull Base 21bull Downside -14

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Date		OnDeck Capital		ONDK Indexed		LendingClub		LC Indexed		LendingTree Close		TREE Indexed
121914		2415		100		2521		100		4329		100
122214		2300		095		2406		095		4355		101
122314		2263		094		2308		092		4618		107
122414		2312		096		2532		100		4739		109
122614		2306		095		2574		102		4796		111
122914		2244		093		2498		099		4805		111
123014		2247		093		2583		102		4793		111
123114		2243		093		2530		100		4834		112
1215		2390		099		2493		099		4734		109
1515		2250		093		2400		095		4694		108
1615		2221		092		2289		091		4821		111
1715		2228		092		2288		091		4819		111
1815		2273		094		2316		092		4921		114
1915		2269		094		2301		091		4939		114
11215		2065		086		2101		083		4847		112
11315		1853		077		2113		084		4530		105
11415		1828		076		2106		084		4443		103
11515		1850		077		2209		088		4173		096
11615		1850		077		2209		088		4277		099
12015		1839		076		2207		088		4113		095
12115		1687		070		2017		080		4114		095
12215		1650		068		1949		077		4220		097
12315		1699		070		1908		076		4040		093
12615		1663		069		1999		079		4043		093
12715		1608		067		2059		082		4083		094
12815		1607		067		2008		080		4090		094
12915		1475		061		1944		077		4076		094
13015		1508		062		1877		074		4118		095
2215		1567		065		1926		076		4156		096
2315		1568		065		2029		080		4268		099
2415		1552		064		2006		080		4235		098
2515		1571		065		2028		080		4201		097
2615		1695		070		2043		081		4126		095
2915		1732		072		2160		086		4030		093
21015		1739		072		2126		084		4051		094
21115		1712		071		2215		088		4019		093
21215		1731		072		2147		085		4252		098
21315		1742		072		2195		087		4292		099
21715		1803		075		2250		089		4333		100
21815		1755		073		2268		090		4380		101
21915		1774		073		2204		087		4390		101
22015		1837		076		2289		091		4384		101
22315		1937		080		2376		094		4355		101
22415		1989		082		2365		094		4407		102
22515		1910		079		2051		081		4700		109
22615		1905		079		2129		084		5216		120
22715		1940		080		2037		081		5304		123
3215		1949		081		2000		079		5291		122
3315		1836		076		2003		079		5242		121
3415		1732		072		2008		080		5239		121
3515		1614		067		1986		079		5203		120
3615		1626		067		2002		079		5111		118
3915		1679		070		1984		079		5180		120
31015		1733		072		1952		077		5063		117
31115		1850		077		1955		078		5400		125
31215		1948		081		1953		077		5442		126
31315		1941		080		1907		076		5424		125
31615		2100		087		1925		076		5439		126
31715		2125		088		1920		076		5488		127
31815		2095		087		1917		076		5655		131
31915		2192		091		1992		079		5628		130
32015		2226		092		2009		080		5590		129
32315		2314		096		2082		083		5764		133
32415		2347		097		2031		081		5623		130
32515		2191		091		1973		078		5612		130
32615		2062		085		1949		077		5609		130
32715		2054		085		1955		078		5592		129
33015		2103		087		1936		077		5606		129
33115		2129		088		1965		078		5601		129
4115		2047		085		1909		076		5587		129
4215		1963		081		1926		076		5586		129
4615		2032		084		1940		077		5686		131
4715		2051		085		1916		076		5810		134
4815		2053		085		1906		076		5723		132
4915		1980		082		1840		073		5699		132
41015		1953		081		1819		072		5660		131
41315		1986		082		1804		072		5678		131
41415		2109		087		1880		075		5686		131
41515		2133		088		1939		077		5869		136
41615		2108		087		1951		077		5900		136
41715		2094		087		1922		076		5989		138
42015		2095		087		1939		077		5999		139
42115		2052		085		1935		077		5991		138
42215		2054		085		1901		075		5994		138
42315		2118		088		1883		075		6073		140
42415		2123		088		1827		072		6091		141
42715		2051		085		1805		072		6112		141
42815		2034		084		1802		071		6175		143
42915		1987		082		1767		070		6175		143
43015		1925		080		1745		069		5503		127
5115		1929		080		1787		071		5502		127
5415		2002		083		1849		073		5571		129
5515		1691		070		1758		070		5573		129
5615		1696		070		1831		073		5600		129
5715		1601		066		1730		069		5594		129
5815		1568		065		1623		064		5734		132
51115		1541		064		1684		067		5791		134
51215		1576		065		1716		068		5776		133
51315		1540		064		1705		068		5728		132
51415		1555		064		1711		068		5730		132
51515		1585		066		1721		068		5720		132
51815		1673		069		1736		069		5700		132
51915		1629		067		1762		070		5922		137
52015		1624		067		1766		070		6007		139
52115		1580		065		1790		071		5774		133
52215		1552		064		1843		073		5701		132
52615		1505		062		1846		073		5744		133
52715		1539		064		1900		075		5836		135
52815		1553		064		1900		075		5853		135
52915		1518		063		1921		076		5926		137
6115		1446		060		1908		076		5962		138
6215		1474		061		1898		075		6129		142
6315		1524		063		1933		077		6341		146
6415		1490		062		1832		073		6293		145
6515		1492		062		1872		074		6270		145
6815		1450		060		1746		069		6242		144
6915		1403		058		1697		067		6354		147
61015		1407		058		1742		069		6430		149
61115		1355		056		1739		069		6386		148
61215		1366		057		1728		069		6399		148
61515		1248		052		1707		068		6478		150
61615		1261		052		1724		068		6524		151
61715		1259		052		1745		069		6599		152
61815		1232		051		1707		068		7238		167
61915		1285		053		1730		069		7182		166
62215		1288		053		1686		067		7342		170
62315		1287		053		1655		066		7350		170
62415		1253		052		1626		064		7323		169
62515		1239		051		1606		064		7694		178
62615		1252		052		1525		060		7816		181
62915		1144		047		1454		058		7789		180
63015		1158		048		1475		059		7861		182
7115		1139		047		1457		058		7818		181
7215		1176		049		1395		055		7499		173
7615		1184		049		1475		059		7671		177
7715		1187		049		1430		057		7684		178
7815		1186		049		1413		056		7792		180
7915		1215		050		1420		056		7863		182
71015		1249		052		1405		056		7785		180
71315		1270		053		1427		057		7815		181
71415		1309		054		1426		057		8235		190
71515		1310		054		1430		057		8347		193
71615		1345		056		1475		059		8140		188
71715		1349		056		1495		059		8256		191
72015		1288		053		1462		058		8328		192
72115		1302		054		1501		060		8422		195
72215		1297		054		1490		059		8480		196
72315		1299		054		1483		059		8165		189
72415		1225		051		1460		058		8216		190
72715		1204		050		1435		057		8171		189
72815		1231		051		1481		059		8322		192
72915		1249		052		1458		058		7966		184
73015		1267		052		1453		058		8201		189
73115		1337		055		1451		058		8292		192
8315		1338		055		1434		057		8260		191
8415		1047		043		1383		055		11751		271
8515		947		039		1440		057		11795		272
8615		907		038		1403		056		11337		262
8715		918		038		1392		055		12104		280
81015		956		040		1437		057		11952		276
81115		901		037		1401		056		12509		289
81215		933		039		1403		056		12190		282
81315		907		038		1396		055		13446		311
81415		908		038		1370		054		13371		309
81715		945		039		1365		054		13808		319
81815		946		039		1330		053		13666		316
81915		958		040		1274		051		13690		316
82015		951		039		1229		049		13387		309
82115		959		040		1214		048		11088		256
82415		911		038		1167		046		10420		241
82515		869		036		1200		048		10466		242
82615		867		036		1217		048		10782		249
82715		908		038		1238		049		10335		239
82815		916		038		1277		051		10720		248
83115		923		038		1255		050		10595		245
9115		912		038		1214		048		10085		233
9215		916		038		1221		048		9844		227
9315		938		039		1239		049		10494		242
9415		933		039		1201		048		10419		241
9815		1005		042		1240		049		10548		244
9915		1000		041		1235		049		10395		240
91015		1001		041		1247		049		10493		242
91115		1029		043		1258		050		10534		243
91415		1020		042		1290		051		10549		244
91515		1059		044		1314		052		11583		268
91615		1041		043		1305		052		11623		268
91715		1061		044		1360		054		11827		273
91815		1056		044		1370		054		11581		268
92115		1044		043		1376		055		11560		267
92215		1014		042		1368		054		11630		269
92315		940		039		1319		052		11687		270
92415		931		039		1337		053		10305		238
92515		942		039		1326		053		9843		227
92815		916		038		1306		052		9107		210
92915		947		039		1346		053		8999		208
93015		990		041		1323		052		9303		215
10115		938		039		1316		052		9004		208
10215		966		040		1325		053		9251		214
10515		999		041		1382		055		9613		222
10615		989		041		1410		056		9149		211
10715		990		041		1438		057		9550		221
10815		1001		041		1486		059		9600		222
10915		992		041		1470		058		9637		223
101215		976		040		1430		057		9805		226
101315		897		037		1428		057		9239		213
101415		896		037		1446		057		9264		214
101515		944		039		1495		059		9636		223
101615		900		037		1436		057		9619		222
101915		918		038		1435		057		9846		227
102015		915		038		1433		057		9874		228
102115		926		038		1439		057		9449		218
102215		924		038		1438		057		9462		219
102315		931		039		1437		057		9800		226
102615		952		039		1428		057		12098		279
102715		927		038		1347		053		12400		286
102815		985		041		1400		056		12729		294
102915		935		039		1362		054		12251		283
103015		952		039		1418		056		12136		280
11215		946		039		1461		058		11500		266
11315		1026		042		1479		059		11577		267
11415		1052		044		1462		058		11390		263
11515		1110		046		1419		056		12025		278
11615		1110		046		1470		058		12497		289
11915		1130		047		1457		058		12898		298
111015		1137		047		1419		056		12130		280
111115		1128		047		1364		054		12146		281
111215		1090		045		1332		053		11900		275
111315		1004		042		1272		050		11649		269
111615		1007		042		1261		050		11719		271
111715		971		040		1281		051		11679		270
111815		979		041		1279		051		11051		255
111915		958		040		1284		051		10383		240
112015		948		039		1263		050		10092		233
112315		943		039		1236		049		10023		232
112415		961		040		1220		048		10220		236
112515		963		040		1258		050		10082		233
112715		977		040		1247		049		10258		237
113015		995		041		1202		048		10188		235
12115		901		037		1209		048		10599		245
12215		1150		048		1256		050		9993		231
12315		1142		047		1282		051		9715		224
12415		1098		045		1287		051		10213		236
12715		1090		045		1345		053		9897		229
12815		1050		043		1373		054		9573		221
12915		1002		041		1404		056		9254		214
121015		1035		043		1416		056		10274		237
121115		978		040		1365		054		9451		218
121415		965		040		1284		051		9415		217
121515		976		040		1246		049		9760		225
121615		942		039		1241		049		9801		226
121715		934		039		1216		048		9517		220
121815		1081		045		1148		046		9539		220
122115		1086		045		1145		045		9301		215
122215		1113		046		1136		045		9004		208
122315		1132		047		1150		046		9150		211
122415		1112		046		1140		045		9121		211
122815		1025		042		1102		044		9004		208
122915		1032		043		1100		044		9131		211
123015		1034		043		1083		043		8980		207
123115		1030		043		1105		044		8928		206
1416		975		040		1108		044		8789		203
1516		972		040		1072		043		8782		203
1616		969		040		1012		040		8634		199
1716		922		038		951		038		8404		194
1816		907		038		949		038		8304		192
11116		857		035		924		037		8197		189
11216		851		035		947		038		8663		200
11316		733		030		886		035		6114		141
11416		745		031		802		032		6624		153
11516		769		032		773		031		6774		156
11916		774		032		734		029		6764		156
12016		771		032		792		031		7183		166
12116		807		033		822		033		7175		166
12216		834		035		846		034		7104		164
12516		782		032		799		032		7015		162
12616		805		033		807		032		7262		168
12716		780		032		771		031		7105		164
12816		757		031		739		029		7036		163
12916		792		033		738		029		7369		170
2116		789		033		761		030		7388		171
2216		760		031		704		028		6596		152
2316		771		032		768		030		6438		149
2416		778		032		759		030		6764		156
2516		761		032		700		028		6005		139
2816		697		029		661		026		5577		129
2916		662		027		657		026		5498		127
21016		697		029		651		026		5710		132
21116		687		028		688		027		5708		132
21216		697		029		704		028		5981		138
21616		762		032		787		031		6336		146
21716		745		031		825		033		6215		144
21816		820		034		870		035		6469		149
21916		844		035		888		035		6369		147
22216		880		036		928		037		6796		157
22316		705		029		884		035		6890		159
22416		631		026		846		034		6994		162
22516		635		026		845		034		8550		198
22616		663		027		841		033		8348		193
22916		670		028		873		035		8837		204
3116		679		028		875		035		9011		208
3216		705		029		916		036		8597		199
3316		769		032		956		038		8989		208
3416		800		033		898		036		9040		209
3716		795		033		940		037		9000		208
3816		772		032		900		036		8519		197
3916		748		031		891		035		8560		198
31016		717		030		901		036		8217		190
31116		736		030		917		036		8602		199
31416		754		031		905		036		8817		204
31516		709		029		853		034		8996		208
31616		706		029		841		033		9140		211
31716		717		030		840		033		9578		221
31816		739		031		870		035		9326		215
32116		747		031		880		035		9217		213
32216		753		031		845		034		9481		219
32316		738		031		823		033		9236		213
32416		762		032		832		033		9510		220
32816		708		029		773		031		9433		218
32916		755		031		807		032		9427		218
33016		764		032		811		032		9268		214
33116		779		032		830		033		9778		226
4116		736		030		804		032		9739		225
4416		735		030		817		032		10218		236
4516		712		029		800		032		9903		229
4616		752		031		824		033		10137		234
4716		725		030		786		031		9926		229
4816		718		030		794		031		9990		231
41116		726		030		769		031		9492		219
41216		706		029		761		030		9386		217
41316		728		030		756		030		9886		228
41416		759		031		744		030		9700		224
41516		783		032		731		029		9764		226
41816		782		032		753		030		10137		234
41916		816		034		803		032		10295		238
42016		830		034		828		033		10185		235
42116		828		034		774		031		9935		229
42216		846		035		764		030		9392		217
42516		848		035		739		029		9086		210
42616		848		035		752		030		8949		207
42716		879		036		812		032		9126		211
42816		860		036		809		032		8783		203
42916		863		036		790		031		8947		207
5216		830		034		793		031		9239		213
5316		550		023		711		028		8518		197
5416		511		021		692		027		8262		191
5516		497		021		685		027		7943		183
5616		512		021		710		028		7556		175
5916		491		020		462		018		7334		169
51016		484		020		410		016		7354		170
51116		467		019		408		016		7072		163
51216		431		018		376		015		6714		155
51316		464		019		351		014		6969		161
51616		466		019		394		016		7047		163
51716		447		019		360		014		6740		156
51816		480		020		399		016		7001		162
51916		453		019		370		015		6950		161
52016		469		019		399		016		6904		159
52316		489		020		432		017		7462		172
52416		492		020		443		018		8100		187
52516		494		020		445		018		7810		180
52616		493		020		437		017		7952		184
52716		498		021		481		019		8109		187
53116		517		021		476		019		8325		192
6116		501		021		498		020		8396		194
6216		525		022		506		020		8785		203
6316		504		021		462		018		8598		199
6616		519		021		474		019		8803		203
6716		513		021		439		017		8951		207
6816		512		021		442		018		9115		211
6916		505		021		447		018		8793		203
61016		511		021		426		017		8577		198
61316		493		020		444		018		8142		188
61416		492		020		442		018		7413		171
61516		499		021		465		018		7426		172
61616		510		021		496		020		7416		171
61716		510		021		487		019		7225		167
62016		547		023		500		020		7696		178
62116		542		022		492		020		7612		176
62216		531		022		484		019		7646		177
62316		547		023		498		020		7923		183
62416		520		022		469		019		7840		181
62716		471		020		430		017		7944		184
62816		493		020		461		018		8124		188
62916		519		021		454		018		8472		196
63016		515		021		430		017		8833		204
7116		525		022		438		017		9284		214
7516		489		020		417		017		9211		213
7616		494		020		420		017		9521		220
7716		524		022		425		017		9311		215
7816		525		022		432		017		9576		221
71116		532		022		437		017		9637		223
71216		546		023		410		016		9615		222
71316		529		022		425		017		9890		228
71416		532		022		451		018		10271		237
71516		536		022		449		018		10229		236
71816		549		023		460		018		10290		238
71916		529		022		460		018		10150		234
72016		532		022		461		018		9537		220
72116		527		022		459		018		9493		219
72216		522		022		441		017		9741		225
72516		506		021		434		017		9813		227
72616		528		022		464		018		9535		220
72716		531		022		465		018		9550		221
72816		521		022		460		018		10229		236
72916		520		022		462		018		10098		233
8116		517		021		459		018		10234		236
8216		500		021		447		018		9934		229
8316		508		021		464		018		10238		236
8416		521		022		460		018		10657		246
8516		525		022		475		019		11002		254
8816		516		021		479		019		10817		250
8916		568		024		479		019		11062		256
81016		548		023		491		019		11160		258
81116		578		024		546		022		11077		256
81216		588		024		540		021		11035		255
81516		604		025		582		023		11039		255
81616		616		026		563		022		10624		245
81716		625		026		553		022		10358		239
81816		627		026		559		022		10379		240
81916		621		026		549		022		10292		238
82216		603		025		539		021		10233		236
82316		612		025		524		021		10705		247
82416		609		025		544		022		10256		237
82516		616		026		552		022		10241		237
82616		617		026		540		021		10068		233
82916		629		026		556		022		10167		235
83016		639		026		550		022		10103		233
83116		633		026		541		021		9700		224
9116		625		026		530		021		9534		220
9216		635		026		540		021		9569		221
9616		635		026		535		021		9508		220
9716		638		026		541		021		9816		227
9816		626		026		547		022		10049		232
9916		607		025		536		021		10155		235
91216		602		025		559		022		10307		238
91316		619		026		575		023		9815		227
91416		599		025		575		023		9647		223
91516		602		025		617		024		9628		222
91616		589		024		643		026		9563		221
91916		595		025		619		025		9257		214
92016		602		025		610		024		8893		205
92116		599		025		611		024		8932		206
92216		601		025		611		024		9399		217
92316		592		025		628		025		9214		213
92616		584		024		611		024		9183		212
92716		585		024		623		025		9319		215
92816		591		024		624		025		9616		222
92916		568		024		608		024		9612		222
93016		570		024		618		025		9691		224
10316		555		023		616		024		9716		224
10416		545		023		616		024		9762		226
10516		560		023		617		024		9487		219
10616		547		023		605		024		9178		212
10716		531		022		595		024		9102		210
101016		544		023		604		024		9195		212
101116		522		022		579		023		9058		209
101216		512		021		554		022		9055		209
101316		491		020		550		022		8934		206
101416		486		020		538		021		8887		205
101716		463		019		499		020		8779		203
101816		467		019		491		019		8876		205
101916		463		019		507		020		9148		211
102016		461		019		486		019		8844		204
102116		456		019		485		019		8928		206
102416		470		019		487		019		9088		210
102516		485		020		490		019		8915		206
102616		483		020		476		019		9127		211
102716		480		020		475		019		7707		178
102816		484		020		470		019		7773		180
103116		489		020		493		020		7985		184
11116		478		020		486		019		8060		186
11216		452		019		481		019		8080		187
11316		409		017		509		020		7985		184
11416		402		017		513		020		8155		188
11716		403		017		591		023		8360		193
11816		388		016		576		023		8340		193
11916		442		018		561		022		8755		202
111016		501		021		589		023		9050		209
111116		556		023		614		024		9515		220
111416		547		023		631		025		9550		221
111516		504		021		652		026		9370		216
111616		489		020		638		025		8815		204
111716		468		019		606		024		9320		215
111816		481		020		598		024		10000		231
112116		476		020		614		024		10255		237
112216		474		020		596		024		10550		244
112316		472		020		594		024		10655		246
112516		481		020		594		024		10780		249
112816		467		019		579		023		10610		245
112916		461		019		562		022		10140		234
113016		460		019		566		022		10480		242
12116		442		018		533		021		10165		235
12216		441		018		515		020		9885		228
12516		425		018		528		021		9925		229
12616		428		018		568		023		9985		231
12716		422		017		586		023		10020		231
12816		405		017		563		022		10500		243
12916		430		018		553		022		10530		243
121216		426		018		534		021		10270		237
121316		425		018		541		021		10215		236
121416		420		017		520		021		10295		238
121516		419		017		512		020		10420		241
121616		425		018		533		021		10580		244
121916		426		018		517		021		10740		248
122016		437		018		521		021		10860		251
122116		440		018		520		021		10665		246
122216		427		018		526		021		10330		239
122316		458		019		521		021		10270		237
122716		460		019		547		022		10335		239
122816		455		019		521		021		10095		233
122916		459		019		517		021		10030		232
123016		463		019		525		021		10135		234
1317		466		019		542		021		9835		227
1417		510		021		574		023		10405		240
1517		476		020		565		022		10200		236
1617		483		020		563		022		10075		233
1917		478		020		566		022		10145		234
11017		492		020		575		023		10505		243
11117		505		021		568		023		10425		241
11217		485		020		560		022		10375		240
11317		498		021		561		022		10460		242
11717		485		020		549		022		10490		242
11817		480		020		549		022		10595		245
11917		480		020		578		023		10600		245
12017		491		020		575		023		10565		244
12317		488		020		589		023		10415		241
12417		489		020		590		023		10635		246
12517		493		020		610		024		10580		244
12617		482		020		612		024		10610		245
12717		478		020		614		024		11080		256
13017		487		020		605		024		11090		256
13117		503		021		617		024		11190		258
2117		517		021		632		025		11100		256
2217		497		021		623		025		11190		258
2317		515		021		634		025		11460		265
2617		519		021		624		025		11370		263
2717		524		022		631		025		11350		262
2817		529		022		620		025		11595		268
2917		546		023		645		026		11680		270
21017		568		024		668		026		11700		270
21317		560		023		668		026		11580		267
21417		569		024		660		026		11795		272
21517		562		023		629		025		11440		264
21617		501		021		578		023		11365		263
21717		489		020		563		022		11295		261
22117		519		021		568		023		11360		262
22217		530		022		564		022		11215		259
22317		553		023		556		022		12225		282
22417		546		023		545		022		12340		285
22717		576		024		558		022		12180		281
22817		534		022		534		021		11840		274
3117		530		022		529		021		11930		276
3217		508		021		525		021		11720		271
3317		490		020		513		020		11910		275
3617		501		021		505		020		11840		274
3717		495		020		506		020		11725		271
3817		506		021		531		021		11645		269
3917		486		020		537		021		11540		267
31017		487		020		531		021		11890		275
31317		486		020		526		021		12090		279
31417		474		020		526		021		12070		279
31517		464		019		535		021		12120		280
31617		474		020		549		022		12390		286
31717		475		020		536		021		12400		286
32017		463		019		539		021		12255		283
32117		450		019		522		021		11665		269
32217		448		019		521		021		11750		271
32317		477		020		520		021		11875		274
32417		462		019		520		021		11885		275
32717		471		020		526		021		11970		277
32817		478		020		545		022		12415		287
32917		480		020		545		022		12370		286
33017		491		020		547		022		12575		290
33117		504		021		549		022		12535		290
4317		474		020		529		021		12180		281
4417		471		020		523		021		11860		274
4517		462		019		524		021		11780		272
4617		463		019		534		021		12150		281
4717		442		018		535		021		12265		283
41017		451		019		537		021		11940		276
41117		460		019		555		022		12205		282
41217		461		019		552		022		12055		278
41317		446		018		546		022		11680		270
41717		435		018		546		022		11985		277
41817		439		018		565		022		12195		282
41917		451		019		572		023		12370		286
42017		460		019		580		023		12520		289
42117		455		019		572		023		12715		294
42417		460		019		585		023		12900		298
42517		473		020		590		023		13120		303
42617		486		020		603		024		12575		290
42717		476		020		599		024		14240		329
42817		475		020		585		023		14090		325
5117		479		020		599		024		14443		334
5217		468		019		585		023		14440		334
5317		462		019		604		024		14265		330
5417		461		019		609		024		14645		338
5517		464		019		575		023		14688		339
5817		432		018		560		022		14795		342
5917		406		017		589		023		14655		339
51017		399		017		594		024		14610		337
51117		390		016		591		023		14860		343
51217		375		016		583		023		15130		350
51517		370		015		584		023		15420		356
51617		360		015		585		023		15800		365
51717		340		014		560		022		15260		353
51817		338		014		555		022		15335		354
51917		339		014		566		022		15765		364
52217		363		015		590		023		15675		362
52317		382		016		589		023		15760		364
52417		365		015		585		023		15670		362
52517		355		015		572		023		15585		360
52617		357		015		559		022		15745		364
53017		355		015		548		022		15790		365
53117		354		015		550		022		15560		359
6117		399		017		570		023		16340		377
6217		395		016		560		022		16600		383
6517		393		016		571		023		16350		378
6617		389		016		566		022		17070		394
6717		392		016		569		023		16980		392
6817		418		017		577		023		17085		395
6917		423		018		578		023		17000		393
61217		430		018		562		022		16130		373
61317		424		018		580		023		16395		379
61417		431		018		570		023		16680		385
61517		421		017		565		022		16655		385
61617		419		017		561		022		16985		392
61917		428		018		578		023		17520		405
62017		434		018		565		022		17330		400
62117		438		018		553		022		17885		413
62217		450		019		570		023		17965		415
62317		459		019		567		022		18205		421
62617		464		019		572		023		18100		418
62717		462		019		556		022		17500		404
62817		460		019		562		022		17985		415
62917		471		020		560		022		17500		404
63017		466		019		551		022		17220		398
7317		486		020		560		022		17140		396
7517		475		020		557		022		17435		403
7617		461		019		537		021		16715		386
7717		476		020		543		022		16890		390
71017		464		019		534		021		17210		398
71117		463		019		537		021		17045		394
71217		468		019		539		021		17340		401
71317		465		019		541		021		17125		396
71417		463		019		539		021		17365		401
71717		450		019		530		021		17430		403
71817		449		019		529		021		18025		416
71917		452		019		520		021		18120		419
72017		458		019		520		021		18090		418
72117		445		018		519		021		18193		420
72417		432		018		508		020		18435		426
72517		435		018		514		020		18605		430
72617		439		018		521		021		18380		425
72717		437		018		519		021		21715		502
72817		435		018		522		021		21655		500
73117		430		018		507		020		22060		510
8117		421		017		509		020		22425		518
8217		410		017		496		020		22825		527
8317		419		017		509		020		22995		531
8417		422		017		521		021		22925		530
8717		500		021		546		022		23345		539
8817		501		021		645		026		22930		530
8917		482		020		608		024		22920		529
81017		484		020		590		023		22185		512
81117		477		020		580		023		21965		507
81417		490		020		581		023		22635		523
81517		481		020		583		023		22350		516
81617		489		020		593		024		22920		529
81717		477		020		583		023		22210		513
81817		469		019		596		024		22485		519
82117		470		019		605		024		22580		522
82217		467		019		600		024		22685		524
82317		470		019		604		024		22550		521
82417		471		020		620		025		22570		521
82517		466		019		615		024		22275		515
82817		473		020		610		024		22995		531
82917		481		020		613		024		22545		521
83017		482		020		614		024		23155		535
83117		483		020		619		025		23095		533
9117		474		020		631		025		23590		545
9517		468		019		617		024		23280		538
9617		479		020		614		024		23040		532
9717		466		019		599		024		23120		534
9817		467		019		586		023		23025		532
91117		465		019		620		025		22880		529
91217		477		020		629		025		22980		531
91317		477		020		628		025		23655		546
91417		456		019		607		024		23115		534
91517		458		019		618		025		22775		526
91817		475		020		614		024		23440		541
91917		461		019		599		024		24605		568
92017		472		020		606		024		24635		569
92117		475		020		610		024		25215		582
92217		461		019		606		024		24675		570
92517		444		018		597		024		23440		541
92617		455		019		597		024		22830		527
92717		477		020		619		025		24020		555
92817		475		020		624		025		24450		565
92917		467		019		609		024		24445		565
10217		476		020		627		025		24960		577
10317		476		020		642		025		25310		585
10417		460		019		641		025		25805		596
10517		459		019		642		025		25695		594
10617		470		019		639		025		25915		599
10917		469		019		640		025		25650		593
101017		469		019		639		025		26130		604
101117		481		020		640		025		25770		595
101217		480		020		635		025		25020		578
101317		488		020		646		026		23840		551
101617		505		021		632		025		24160		558
101717		507		021		624		025		23630		546
101817		508		021		611		024		23845		551
101917		506		021		598		024		22835		527
102017		510		021		600		024		22390		517
102317		498		021		569		023		22475		519
102417		501		021		558		022		23125		534
102517		491		020		574		023		22145		512
102617		480		020		575		023		25540		590
102717		488		020		581		023		26640		615
103017		485		020		569		023		26450		611
103117		493		020		569		023		26805		619
11117		490		020		564		022		26420		610
11217		478		020		562		022		26710		617
11317		517		021		563		022		27320		631
11617		520		022		585		023		27585		637
11717		510		021		546		022		26755		618
11817		501		021		459		018		26925		622
11917		501		021		429		017		25825		597
111017		496		021		430		017		25775		595
111317		480		020		425		017		26460		611
111417		475		020		417		017		26875		621
111517		481		020		412		016		27170		628
111617		496		021		427		017		27940		645
111717		494		020		430		017		29010		670
112017		489		020		426		017		29545		682
112117		496		021		431		017		29705		686
112217		498		021		428		017		29820		689
112417		500		021		426		017		30100		695
112717		488		020		422		017		30305		700
112817		493		020		436		017		30595		707
112917		514		021		451		018		29780		688
113017		529		022		437		017		30195		698
12117		501		021		430		017		30430		703
12417		533		022		437		017		30340		701
12517		536		022		425		017		30520		705
12617		521		022		425		017		30690		709
12717		517		021		359		014		31125		719
12817		523		022		351		014		31505		728
121117		522		022		389		015		30890		714
121217		541		022		421		017		31265		722
121317		554		023		402		016		32560		752
121417		566		023		399		016		33470		773
121517		591		024		403		016		34435		795
121817		624		026		414		016		35250		814
121917		589		024		405		016		33745		780
122017		577		024		409		016		33755		780
122117		580		024		411		016		33815		781
122217		579		024		411		016		34195		790
122617		583		024		421		017		34370		794
122717		572		024		412		016		33665		778
122817		582		024		418		017		34295		792
122917		574		024		413		016		34045		786
1218		595		025		429		017		34025		786
1318		581		024		419		017		35035		809
1418		572		024		410		016		35210		813
1518		567		023		407		016		35605		822
1818		542		022		410		016		35700		825
1918		525		022		399		016		36060		833
11018		546		023		418		017		36265		838
11118		548		023		433		017		36230		837
11218		536		022		427		017		36400		841
11618		494		020		412		016		36000		832
11718		489		020		414		016		37275		861
11818		475		020		415		016		37250		860
11918		473		020		402		016		38370		886
12218		469		019		406		016		38740		895
12318		474		020		421		017		40260		930
12418		467		019		410		016		36250		837
12518		463		019		408		016		36710		848
12618		461		019		408		016		36310		839
12918		442		018		401		016		36225		837
13018		454		019		384		015		36775		850
13118		450		019		366		015		36785		850
2118		468		019		382		015		37060		856
2218		453		019		366		015		35070		810
2518		431		018		362		014		34860		805
2618		430		018		367		015		34050		787
2718		432		018		380		015		35255		814
2818		420		017		370		015		33390		771
2918		425		018		370		015		33955		784
21218		448		019		375		015		34865		805
21318		485		020		375		015		35555		821
21418		510		021		394		016		37225		860
21518		517		021		394		016		37610		869
21618		539		022		395		016		37895		875
22018		522		022		413		016		37905		876
22118		543		022		390		015		37125		858
22218		539		022		375		015		34105		788
22318		533		022		335		013		33945		784
22618		527		022		327		013		35925		830
22718		519		021		320		013		34990		808
22818		519		021		315		012		34850		805
3118		507		021		365		014		34495		797
3218		521		022		379		015		34820		804
3518		525		022		383		015		35445		819
3618		536		022		391		016		35505		820
3718		524		022		387		015		34955		807
3818		525		022		390		015		34320		793
3918		530		022		395		016		35060		810
31218		540		022		399		016		35365		817
31318		532		022		380		015		34880		806
31418		539		022		378		015		37335		862
31518		523		022		378		015		37735		872
31618		519		021		390		015		37985		877
31918		510		021		390		015		38255		884
32018		518		021		377		015		38635		892
32118		532		022		368		015		38400		887
32218		522		022		362		014		36185		836
32318		530		022		356		014		35465		819
32618		541		022		365		014		36655		847
32718		556		023		361		014		34790		804
32818		536		022		351		014		33060		764
32918		559		023		350		014		32815		758
4218		514		021		335		013		32195		744
4318		514		021		336		013		32595		753
4418		522		022		347		014		32785		757
4518		530		022		345		014		31965		738
4618		534		022		341		014		32280		746
4918		519		021		334		013		32880		760
41018		529		022		330		013		32265		745
41118		537		022		324		013		31820		735
41218		544		023		331		013		31800		735
41318		545		023		331		013		31410		726
41618		554		023		335		013		30865		713
41718		557		023		339		013		31640		731
41818		563		023		343		014		31545		729
41918		559		023		340		013		32250		745
42018		547		023		331		013		31845		736
42318		531		022		327		013		32325		747
42418		536		022		326		013		32750		757
42518		518		021		277		011		30700		709
42618		527		022		286		011		26015		601
42718		527		022		270		011		24470		565
43018		525		022		269		011		23840		551
5118		527		022		267		011		25840		597
5218		531		022		265		011		26335		608
5318		533		022		271		011		25895		598
5418		535		022		265		011		25980		600
5718		545		023		273		011		27245		629
5818		595		025		282		011		27740		641
5918		591		024		340		013		28040		648
51018		600		025		348		014		28720		663
51118		599		025		332		013		27950		646
51418		599		025		332		013		27935		645
51518		596		025		332		013		27105		626
51618		591		024		342		014		27535		636
51718		591		024		341		014		27495		635
51818		588		024		341		014		27870		644
52118		597		025		345		014		27565		637
52218		601		025		339		013		26545		613
52318		597		025		328		013		27210		629
52418		589		024		326		013		26345		609
52518		588		024		337		013		25985		600
52918		592		025		332		013		25865		597
53018		613		025		333		013		26010		601
53118		664		027		329		013		25890		598
6118		665		028		330		013		25965		600
6418		683		028		342		014		26170		605
6518		694		029		352		014		26350		609
6618		720		030		353		014		27035		625
6718		719		030		351		014		27025		624
6818		730		030		367		015		27745		641
61118		720		030		372		015		28840		666
61218		726		030		374		015		26610		615
61318		725		030		379		015		24545		567
61418		720		030		382		015		24825		573
61518		740		031		391		016		25440		588
61818		752		031		398		016		25775		595
61918		739		031		400		016		25935		599
62018		762		032		399		016		26645		616
62118		758		031		397		016		25785		596
62218		750		031		392		016		25715		594
62518		721		030		385		015		24675		570
62618		732		030		391		016		22680		524
62718		708		029		378		015		21060		486
62818		710		029		376		015		21015		485
62918		700		029		379		015		21380		494
7218		707		029		375		015		21415		495
7318		714		030		374		015		21590		499
7518		715		030		397		016		21960		507
7618		715		030		412		016		22050		509
7918		730		030		444		018		22675		524
71018		731		030		446		018		22255		514
71118		740		031		446		018		23875		552
71218		720		030		446		018		24650		569
71318		724		030		446		018		23200		536
71618		733		030		445		018		23623		546
71718		749		031		436		017		23900		552
71818		800		033		440		017		24945		576
71918		769		032		434		017		24830		574
72018		761		032		430		017		24755		572
72318		733		030		448		018		24485		566
72418		736		030		436		017		24455		565
72518		716		030		427		017		24605		568
72618		707		029		427		017		25365		586
72718		691		029		404		016		23860		551
73018		676		028		394		016		22915		529
73118		684		028		412		016		23880		552
8118		683		028		393		016		23830		550
8218		680		028		392		016		25035		578
8318		671		028		393		016		24410		564
8618		679		028		396		016		24415		564
8718		839		035		409		016		24110		557
8818		895		037		368		015		24425		564
8918		849		035		368		015		24815		573
81018		862		036		369		015		24580		568
81318		881		036		376		015		23710		548
81418		892		037		381		015		23890		552
81518		861		036		381		015		23245		537
81618		893		037		383		015		22690		524
81718		900		037		379		015		23025		532
82018		903		037		386		015		22920		529
82118		859		036		390		015		23350		539
82218		876		036		391		016		23800		550
82318		878		036		390		015		23395		540
82418		869		036		384		015		24020		555
82718		839		035		391		016		24360		563
82818		843		035		383		015		24425		564
82918		824		034		367		015		24520		566
83018		831		034		363		014		24935		576
83118		822		034		361		014		25335		585
9418		813		034		372		015		25755		595
9518		814		034		373		015		25355		586
9618		823		034		364		014		24885		575
9718		810		034		360		014		24865		574
91018		814		034		347		014		24835		574
91118		809		033		339		013		24290		561

Date		30 Year Fixed Rate		15 Year Fixed Rate		10 Year Breakeven Inflation Microsoft Office User What market participants expect inflation to be over the next ten years on average
2008-09-11		593		554		196
2008-09-18		578		535		171
2008-09-25		609		577		186
2008-10-02		610		578		159
2008-10-09		594		563		120
2008-10-16		646		614		099
2008-10-23		604		572		108
2008-10-30		646		619		083
2008-11-06		620		588		092
2008-11-13		614		581		095
2008-11-20		604		573		055
2008-11-26		597		574		023
2008-12-04		553		533		044
2008-12-11		547		520		031
2008-12-18		519		492		020
2008-12-24		514		491		015
2008-12-31		510		483		011
2009-01-08		501		462		034
2009-01-15		496		465		053
2009-01-22		512		480		059
2009-01-29		510		480		085
2009-02-05		525		492		112
2009-02-12		516		481		123
2009-02-19		504		468		114
2009-02-26		507		468		102
2009-03-05		515		472		091
2009-03-12		503		464		088
2009-03-19		498		461		115
2009-03-26		485		458		133
2009-04-02		478		452		133
2009-04-09		487		454		135
2009-04-16		482		448		129
2009-04-23		480		448		130
2009-04-30		478		448		150
2009-05-07		484		451		145
2009-05-14		486		452		147
2009-05-21		482		450		159
2009-05-28		491		453		180
2009-06-04		529		479		189
2009-06-11		559		506		199
2009-06-18		538		489		183
2009-06-25		542		487		181
2009-07-02		532		477		169
2009-07-09		520		469		155
2009-07-16		514		463		165
2009-07-23		520		468		186
2009-07-30		525		469		188
2009-08-06		522		463		189
2009-08-13		529		468		191
2009-08-20		512		456		174
2009-08-27		514		458		177
2009-09-03		508		454		164
2009-09-10		507		450		179
2009-09-17		504		447		180
2009-09-24		504		446		180
2009-10-01		494		436		173
2009-10-08		487		433		174
2009-10-15		492		437		191
2009-10-22		500		443		199
2009-10-29		503		446		200
2009-11-05		498		440		207
2009-11-12		491		436		218
2009-11-19		483		432		213
2009-11-25		478		429		214
2009-12-03		471		427		211
2009-12-10		481		432		211
2009-12-17		494		438		221
2009-12-24		505		445		230
2009-12-31		514		454		236
2010-01-07		509		450		238
2010-01-14		506		445		238
2010-01-21		499		440		236
2010-01-28		498		439		232
2010-02-04		501		440		238
2010-02-11		497		434		228
2010-02-18		493		433		227
2010-02-25		505		440		220
2010-03-04		497		433		216
2010-03-11		495		432		223
2010-03-18		496		433		225
2010-03-25		499		434		222
2010-04-01		508		439		224
2010-04-08		521		452		231
2010-04-15		507		440		235
2010-04-22		507		439		234
2010-04-29		506		439		239
2010-05-06		500		436		231
2010-05-13		493		430		224
2010-05-20		484		424		208
2010-05-27		478		421		190
2010-06-03		479		420		200
2010-06-10		472		417		193
2010-06-17		475		420		198
2010-06-24		469		413		197
2010-07-01		458		404		184
2010-07-08		457		407		173
2010-07-15		457		406		183
2010-07-22		456		403		171
2010-07-29		454		400		180
2010-08-05		449		395		185
2010-08-12		444		392		179
2010-08-19		442		390		162
2010-08-26		436		386		154
2010-09-02		432		383		156
2010-09-09		435		383		165
2010-09-16		437		382		178
2010-09-23		437		382		179
2010-09-30		432		375		178
2010-10-07		427		372		184
2010-10-14		419		362		201
2010-10-21		421		364		206
2010-10-28		423		366		213
2010-11-04		424		363		214
2010-11-11		417		357		211
2010-11-18		439		376		204
2010-11-24		440		377		211
2010-12-02		446		381		212
2010-12-09		461		396		218
2010-12-16		483		417		224
2010-12-23		481		415		230
2010-12-30		486		420		231
2011-01-06		477		413		236
2011-01-13		471		408		238
2011-01-20		474		405		235
2011-01-27		480		409		226
2011-02-03		481		408		234
2011-02-10		505		429		234
2011-02-17		500		427		227
2011-02-24		495		422		237
2011-03-03		487		415		243
2011-03-10		488		415		250
2011-03-17		476		397		241
2011-03-24		481		404		242
2011-03-31		486		409		246
2011-04-07		487		410		256
2011-04-14		491		413		262
2011-04-21		480		402		261
2011-04-28		478		397		258
2011-05-05		471		389		254
2011-05-12		463		382		246
2011-05-19		461		380		233
2011-05-26		460		378		231
2011-06-02		455		374		225
2011-06-09		449		368		223
2011-06-16		450		367		222
2011-06-23		450		369		220
2011-06-30		451		369		233
2011-07-07		460		375		241
2011-07-14		451		365		232
2011-07-21		452		366		235
2011-07-28		455		366		243
2011-08-04		439		354		235
2011-08-11		432		350		225
2011-08-18		415		336		216
2011-08-25		422		344		206
2011-09-01		422		339		206
2011-09-08		412		333		198
2011-09-15		409		330		194
2011-09-22		409		329		186
2011-09-29		401		328		182
2011-10-06		394		326		178
2011-10-13		412		337		195
2011-10-20		411		338		196
2011-10-27		410		338		206
2011-11-03		400		331		210
2011-11-10		399		330		210
2011-11-17		400		331		198
2011-11-23		398		330		191
2011-12-01		400		330		199
2011-12-08		399		327		204
2011-12-15		394		321		199
2011-12-22		391		321		200
2011-12-29		395		324		202
2012-01-05		391		323		204
2012-01-12		389		316		207
2012-01-19		388		317		204
2012-01-26		398		324		209
2012-02-02		387		314		213
2012-02-09		387		316		220
2012-02-16		387		316		220
2012-02-23		395		319		227
2012-03-01		390		317		226
2012-03-08		388		313		221
2012-03-15		392		316		233
2012-03-22		408		330		240
2012-03-29		399		323		233
2012-04-05		398		321		232
2012-04-12		388		311		226
2012-04-19		390		313		225
2012-04-26		388		312		224
2012-05-03		384		307		225
2012-05-10		383		305		217
2012-05-17		379		304		210
2012-05-24		378		304		214
2012-05-31		375		297		210
2012-06-07		367		294		212
2012-06-14		371		298		213
2012-06-21		366		295		214
2012-06-28		366		294		210
2012-07-05		362		289		213
2012-07-12		356		286		210
2012-07-19		353		283		212
2012-07-26		349		280		213
2012-08-02		355		283		220
2012-08-09		359		284		228
2012-08-16		362		288		225
2012-08-23		366		289		226
2012-08-30		359		286		229
2012-09-06		355		286		228
2012-09-13		355		285		239
2012-09-20		349		277		256
2012-09-27		340		273		245
2012-10-04		336		269		247
2012-10-11		339		270		253
2012-10-18		337		266		248
2012-10-25		341		272		250
2012-11-01		339		270		249
2012-11-08		340		269		248
2012-11-15		334		265		241
2012-11-21		331		263		240
2012-11-29		332		264		239
2012-12-06		334		267		244
2012-12-13		332		266		250
2012-12-20		337		265		249
2012-12-27		335		265		248
2013-01-03		334		264		246
2013-01-10		340		266		251
2013-01-17		338		266		252
2013-01-24		342		271		252
2013-01-31		353		281		256
2013-02-07		353		277		258
2013-02-14		353		277		257
2013-02-21		356		277		254
2013-02-28		351		276		252
2013-03-07		352		276		255
2013-03-14		363		279		256
2013-03-21		354		272		254
2013-03-28		357		276		252
2013-04-04		354		274		250
2013-04-11		343		265		245
2013-04-18		341		264		238
2013-04-25		340		261		237
2013-05-02		335		256		233
2013-05-09		342		261		231
2013-05-16		351		269		232
2013-05-23		359		277		227
2013-05-30		381		298		224
2013-06-06		391		303		218
2013-06-13		398		310		208
2013-06-20		393		304		203
2013-06-27		446		350		195
2013-07-03		429		339		202
2013-07-11		451		353		206
2013-07-18		437		341		212
2013-07-25		431		339		219
2013-08-01		439		343		219
2013-08-08		440		343		225
2013-08-15		440		344		222
2013-08-22		458		360		214
2013-08-29		451		354		214
2013-09-05		457		359		208
2013-09-12		457		359		209
2013-09-19		450		354		216
2013-09-26		432		337		221
2013-10-03		422		329		219
2013-10-10		423		331		220
2013-10-17		428		333		219
2013-10-24		413		324		217
2013-10-31		410		320		218
2013-11-07		416		327		216
2013-11-14		435		335		218
2013-11-21		422		327		218
2013-11-27		429		330		218
2013-12-05		446		347		214
2013-12-12		442		343		213
2013-12-19		447		351		217
2013-12-26		448		352		218
2014-01-02		453		355		224
2014-01-09		451		356		228
2014-01-16		441		345		227
2014-01-23		439		344		223
2014-01-30		432		340		214
2014-02-06		423		333		214
2014-02-13		428		333		219
2014-02-20		433		335		214
2014-02-27		437		339		215
2014-03-06		428		332		218
2014-03-13		437		338		220
2014-03-20		432		332		216
2014-03-27		440		342		214
2014-04-03		441		347		214
2014-04-10		434		338		213
2014-04-17		427		333		216
2014-04-24		433		339		221
2014-05-01		429		338		219
2014-05-08		421		332		218
2014-05-15		420		329		218
2014-05-22		414		325		218
2014-05-29		412		321		222
2014-06-05		414		323		220
2014-06-12		420		331		221
2014-06-19		417		330		222
2014-06-26		414		322		228
2014-07-03		412		322		227
2014-07-10		415		324		228
2014-07-17		413		323		225
2014-07-24		413		326		224
2014-07-31		412		323		228
2014-08-07		414		327		225
2014-08-14		412		324		224
2014-08-21		410		323		217
2014-08-28		410		325		214
2014-09-04		410		324		215
2014-09-11		412		326		212
2014-09-18		423		337		209
2014-09-25		420		336		202
2014-10-02		419		336		196
2014-10-09		412		330		194
2014-10-16		397		318		191
2014-10-23		392		308		191
2014-10-30		398		313		190
2014-11-06		402		321		193
2014-11-13		401		320		192
2014-11-20		399		317		185
2014-11-26		397		317		185
2014-12-04		389		310		178
2014-12-11		393		320		172
2014-12-18		380		309		164
2014-12-24		383		310		169
2014-12-31		387		315		166
2015-01-08		373		305		162
2015-01-15		366		298		158
2015-01-22		363		293		160
2015-01-29		366		298		162
2015-02-05		359		292		168
2015-02-12		369		299		169
2015-02-19		376		305		171
2015-02-26		380		307		174
2015-03-05		375		303		185
2015-03-12		386		310		175
2015-03-19		378		306		169
2015-03-26		369		297		178
2015-04-02		370		298		177
2015-04-09		366		293		184
2015-04-16		367		294		182
2015-04-23		365		292		188
2015-04-30		368		294		191
2015-05-07		380		302		192
2015-05-14		385		307		187
2015-05-21		384		305		185
2015-05-28		387		311		182
2015-06-04		387		308		181
2015-06-11		404		325		185
2015-06-18		400		323		187
2015-06-25		402		321		190
2015-07-02		408		324		189
2015-07-09		404		320		186
2015-07-16		409		325		185
2015-07-23		404		321		181
2015-07-30		398		317		176
2015-08-06		391		313		170
2015-08-13		394		317		165
2015-08-20		393		315		158
2015-08-27		384		306		153
2015-09-03		389		309		158
2015-09-10		390		310		155
2015-09-17		391		311		157
2015-09-24		386		308		152
2015-10-01		385		307		142
2015-10-08		376		299		153
2015-10-15		382		303		151
2015-10-22		379		298		147
2015-10-29		376		298		149
2015-11-05		387		309		156
2015-11-12		398		320		157
2015-11-19		397		318		154
2015-11-25		395		318		161
2015-12-03		393		316		159
2015-12-10		395		319		155
2015-12-17		397		322		146
2015-12-24		396		322		148
2015-12-31		401		324		153
2016-01-07		397		326		154
2016-01-14		392		319		144
2016-01-21		381		310		134
2016-01-28		379		307		137
2016-02-04		372		301		138
2016-02-11		365		295		123
2016-02-18		365		295		126
2016-02-25		362		293		133
2016-03-03		364		294		147
2016-03-10		368		296		149
2016-03-17		373		299		154
2016-03-24		371		296		161
2016-03-31		371		298		161
2016-04-07		359		288		160
2016-04-14		358		286		157
2016-04-21		359		285		160
2016-04-28		366		289		167
2016-05-05		361		286		166
2016-05-12		357		281		160
2016-05-19		358		281		159
2016-05-26		364		289		156
2016-06-02		366		292		155
2016-06-09		360		287		156
2016-06-16		354		281		147
2016-06-23		356		283		144
2016-06-30		348		278		139
2016-07-07		341		274		142
2016-07-14		342		272		144
2016-07-21		345		275		148
2016-07-28		348		278		150
2016-08-04		343		274		146
2016-08-11		345		276		148
2016-08-18		343		274		145
2016-08-25		343		274		148
2016-09-01		346		277		146
2016-09-08		344		276		150
2016-09-15		350		277		150
2016-09-22		348		276		151
2016-09-29		342		272		155
2016-10-06		342		272		162
2016-10-13		347		276		164
2016-10-20		352		279		167
2016-10-27		347		278		169
2016-11-03		354		284		171
2016-11-10		357		288		176
2016-11-17		394		314		184
2016-11-23		403		325		191
2016-12-01		408		334		190
2016-12-08		413		336		193
2016-12-15		416		337		195
2016-12-22		430		352		190
2016-12-29		432		355		196
2017-01-05		420		344		197
2017-01-12		412		337		197
2017-01-19		409		334		200
2017-01-26		419		340		206
2017-02-02		419		341		206
2017-02-09		417		339		200
2017-02-16		415		335		202
2017-02-23		416		337		203
2017-03-02		410		332		201
2017-03-09		421		342		202
2017-03-16		430		350		201
2017-03-23		423		344		198
2017-03-30		414		339		197
2017-04-06		410		336		196
2017-04-13		408		334		192
2017-04-20		397		323		186
2017-04-27		403		327		189
2017-05-04		402		327		189
2017-05-11		405		329		186
2017-05-18		402		327		181
2017-05-25		395		319		182
2017-06-01		394		319		181
2017-06-08		389		316		178
2017-06-15		391		318		173
2017-06-22		390		317		167
2017-06-29		388		317		171
2017-07-06		396		322		175
2017-07-13		403		329		175
2017-07-20		396		323		176
2017-07-27		392		320		180
2017-08-03		393		318		180
2017-08-10		390		318		181
2017-08-17		389		316		178
2017-08-24		386		316		176
2017-08-31		382		312		175
2017-09-07		378		308		178
2017-09-14		378		308		184
2017-09-21		383		313		185
2017-09-28		383		313		185
2017-10-05		385		315		184
2017-10-12		391		321		188
2017-10-19		388		319		184
2017-10-26		394		325		187
2017-11-02		394		327		188
2017-11-09		390		324		187
2017-11-16		395		331		186
2017-11-22		392		332		185
2017-11-30		390		330		184
2017-12-07		394		336		186
2017-12-14		393		336		188
2017-12-21		394		338		191
2017-12-28		399		344		195
2018-01-04		395		338		199
2018-01-11		399		344		202
2018-01-18		404		349		203
2018-01-25		415		362		206
2018-02-01		422		368		210
2018-02-08		432		377		211
2018-02-15		438		384		207
2018-02-22		440		385		211
2018-03-01		443		390		212
2018-03-08		446		394		212
2018-03-15		444		390		209
2018-03-22		445		391		208
2018-03-29		444		390		206
2018-04-05		440		387		207
2018-04-12		442		387		209
2018-04-19		447		394		214
2018-04-26		458		402		217
2018-05-03		455		403		217
2018-05-10		455		401		217
2018-05-17		461		408		216
2018-05-24		466		415		214
2018-05-31		456		406		207
2018-06-07		454		401		212
2018-06-14		462		407		212
2018-06-21		457		404		212
2018-06-28		455		404		211
2018-07-05		452		399		213
2018-07-12		453		402		212
2018-07-19		452		400		210
2018-07-26		454		402		211
2018-08-02		460		408		212
2018-08-09		459		405		212
2018-08-16		453		401		209
2018-08-23		451		398		208
2018-08-30		452		397		211
2018-09-06		454		399		209

		Acquisition Effects
			Three Months Ended June 30th			Six Months Ended June 30th
			2017		2018		2017		2018
		Pro Forma Revenue		$ 158737		$ 185820		296935		369201
		Pro Forma Net Income		$ 7758		$ 45188		14966		80956
		Revenue Breakdown
					Six Months Ended June 30th
					2017		2018
		Mortgage Products				$ 134453		$ 140410
		Non-Mortgage Products
		Credit Cards				$ 70765		$ 84879
		Personal Loans				$ 37535		$ 61175
		Other				$ 42535		$ 76672
		Total Non-Mortgage Products				$ 150835		$ 222726
			2013A		2014A		2015A		2016A		2017A		MRQ2018
		Mortgage		$ 123091		$ 134137		$ 165272		$ 219991		$ 275910		$ 66948
		Non-Mortgage		$ 16149		$ 33213		$ 88944		$ 164411		$ 341826		$ 117153
							Visible Revenue Opportunity (in millions)
		Category		2017 TTM		Current Market Share		Visible Market Share		Estimate Take Rate		Low		Mid		High
		Mortgage		$ 264		180		4-8		088		$ 600		$ 900		$ 1200
		Credit Cards		$ 126		060		2-4		$275		$ 470		$ 705		$ 940
		Personal Loans		$ 78		2		5-10		250		$ 250		$ 375		$ 500
		Home Equity		$ 40		230		4-6		080		$ 80		$ 100		$ 120
		Other Businesses		$ 50					$ 100		$ 150		$ 200
		Total Revenue		$ 558					$ 1500		$ 2230		$ 2960

LendingTree Inc

Weighted Average Cost of Capital

($ in thousands fiscal year ending December 31)

Debt

Equity

WACC =

After-Tax Cost of Debt

x

of Debt in the Capital Structure

+

Cost of Equity

x

of Equity in the Capital Structure

( rd x (1 - t) x DD + E )

+

(re x ED + E)

Capital Structure

Cost of Debt

Current Portion of Debt

0

Name

Maturity Date

Amount (mm)

Price

Coupon

YTM

Weight

YTM (weighted)

Non - Current Portion of Debt

244

Total Debt (in mm)

$ 24400

Total Amount

$ - 0

5300

Current Share Price

$24060

Shares Outstanding (mm)

13

Total Equity

$ 3084

Cost of Equity

WACC Formula

CAPM (re) = rf + βL x (rm - rf)

Weights x Costs

Capital Weights

Risk-free rate

240 Microsoft Office User Historical Avg Nominal 10 YR US Note

t = Effective Tax Rate

21

Debt-to-Total Capitalization

7

Market Risk Premium

710

Equity-to-Total Capitalization

93

Adjusted Beta

134

WACC

113

Is this the target Capital Structure

Yes Microsoft Office User See Historical Capitlization

Microsoft Office User Historical Avg Nominal 10 YR US Note

Cost of Equity

1191

Peer Comparable Weights

Mean

-

Median

-

29

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

Trading Multiples

Market

Net

Enterprise

EV Revenue

EV EBITDA

PriceEarnings

Company

Ticker

Capitalization

Debt

Value

2017A

2018E

2019E

2017A

2018E

2019E

LTM

2019E

On Deck Capital Inc

NYSEONDK

$577

$681

$1259

64x

33x

29x

ERRORVALUE

371x

280x

1267x

155x

LendingClub Corporation

NYSELC

1431

(85)

1346

23x

19x

17x

ERRORVALUE

156x

101x

-

178x

GreenSky Inc

NasdaqGSKY

1152

151

1303

40x

30x

22x

87x

67x

50x

239x

220x

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$3084

($49)

$3035

49x

40x

33x

356x

201x

159x

452x

326x

Low

$577

($85)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

239x

155x

Mean

1053

249

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

184x

Median

1152

151

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

178x

High

$1431

$681

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

1267x

220x

Operating Statistics

Revenue

Revenue Growth

EBITDA

EBITDA Growth

Company

Ticker

2017A

2018E

2019E

17-18

18-19

2017A

2018E

2019E

17-18

18-19

On Deck Capital Inc

NYSEONDK

$197

$384

$431

948

120

NA

$34

$45

ERRORVALUE

327

LendingClub Corporation

NYSELC

$575

$693

$809

206

168

NA

$86

$133

ERRORVALUE

547

GreenSky Inc

NasdaqGSKY

$326

$438

$586

343

339

$150

$196

$263

308

344

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$618

$755

$916

223

212

$85

$151

$191

775

261

Low

$197

$384

$431

ERRORVALUE

ERRORVALUE

$150

$34

$45

ERRORVALUE

ERRORVALUE

Mean

366

505

609

ERRORVALUE

ERRORVALUE

150

105

147

ERRORVALUE

ERRORVALUE

Median

326

438

586

ERRORVALUE

ERRORVALUE

150

86

133

ERRORVALUE

ERRORVALUE

High

$575

$693

$809

ERRORVALUE

ERRORVALUE

$150

$196

$263

ERRORVALUE

ERRORVALUE

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 1057000		$ 1426950		$ 1890709		$ 2410654		$ 3013317		259
	Revenue Growth					512		607			222		400		350		325		275		250
	Operating Expenses				225702		332290		584603			679500		951300		1284255		1701638		2169588		2711985				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 105700		$ 142695		$ 189071		$ 241065		$ 301332		259
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 68705		$ 92752		$ 122896		$ 168746		$ 210932		275
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		14428		19478		25808		35437		44296
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 54277		$ 73274		$ 97088		$ 133309		$ 166636		275
	Plus Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	Less Capital Expenditures				7200		31955		8000			22650		31710		42809		56721		72320		90400
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		26425		35674		47268		60266		75333
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 33137		$ 44735		$ 59274		$ 73043		$ 91304
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 28203		$ 34194		$ 40689		$ 45031		$ 50553
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 221100				Enterprise Value				$ 4648193
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 301332				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 8437288
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4697014
			Present Value of Terminal Value				$ 4427093
			of Enterprise Value				952				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4648193				Implied Share Price				$ 33201
					Implied Share Price
					Exit Multiple
					euro 332		200x		225x		280x		315x		350x
					95		26714		29804		36600		40924		45249
					100		26022		29028		35641		39849		44057
					115		24070		26842		32938		36818		40698
					120		23459		26157		32092		35869		39646
					130		22293		24850		30477		34058		37639

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 830500		$ 975838		$ 1219797		$ 1555241		$ 2021813		178
	Revenue Growth					512		607			222		100		175		250		275		300
	Operating Expenses				225702		332290		584603			679500		747450		878254		1097817		1399717		1819632				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 83050		$ 97584		$ 121980		$ 155524		$ 202181		178
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 53983		$ 63429		$ 79287		$ 108867		$ 141527		193
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		11336		13320		16650		22862		29721
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 42646		$ 50109		$ 62637		$ 86005		$ 111806		193
	Plus Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	Less Capital Expenditures				7200		31955		8000			22650		24915		29275		36594		46657		60654
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		20763		24396		30495		38881		50545
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 26036		$ 30593		$ 38241		$ 47124		$ 61261
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 22159		$ 23384		$ 26251		$ 29052		$ 33919
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 157195				Enterprise Value				$ 2809338
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 202181				Less Noncontrolling Interest
			Exit Multiple				250x				Plus Cash and ST Investments				293301
			Terminal Value				$ 5054533
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 2858159
			Present Value of Terminal Value				$ 2652142
			of Enterprise Value				944				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 2809338				Implied Share Price				$ 20203
					Implied Share Price
					Exit Multiple
					euro 202		200x		225x		280x		315x		350x
					95		18100		20173		24733		27635		30536
					100		17636		19653		24090		26913		29737
					115		16326		18186		22276		24879		27483
					120		15916		17726		21709		24243		26777
					130		15133		16850		20625		23028		25430

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 981500		$ 1275950		$ 1658735		$ 2114887		$ 2643609		232
	Revenue Growth					512		607			222		300		300		300		275		250
	Operating Expenses				225702		332290		584603			679500		883350		1148355		1492862		1903398		2379248				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 98150		$ 127595		$ 165874		$ 211489		$ 264361		232
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 63798		$ 82937		$ 107818		$ 148042		$ 185053		248
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		13397		17417		22642		31089		38861
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 50400		$ 65520		$ 85176		$ 116953		$ 146192		248
	Plus Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	Less Capital Expenditures				7200		31955		8000			22650		29445		38279		49762		63447		79308
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		24538		31899		41468		52872		66090
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 30770		$ 40001		$ 52001		$ 64081		$ 80101
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 26188		$ 30575		$ 35697		$ 39506		$ 44350
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 198748				Enterprise Value				$ 4082674
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 264361				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 7402105
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4131495
			Present Value of Terminal Value				$ 3883926
			of Enterprise Value				951				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4082674				Implied Share Price				$ 29204
					Implied Share Price
					Exit Multiple
					euro 292		200x		225x		280x		315x		350x
					95		23513		26224		32186		35980		39774
					100		22906		25543		31344		35036		38728
					115		21193		23624		28973		32377		35781
					120		20657		23024		28231		31544		34858
					130		19633		21877		26814		29955		33096

	Stock Data
	Current Price			$241
	52 Week Price Range			20545 - 40440
	200-Day Moving Average			27761
	Beta			134
	Market Cap (mil)			$3080
	Shares Outstanding (mil)			13
	Average Vol (3 month) mil			023
	Insider Ownership			4080
	Shares Short of Float			3772
	LTM PE			4516
	Forward PE			3256
	EVEBITDA			3688

	Company Name		Market Cap (Mil)		Net Income (Mil)		PS		PB		PE		IndustryBusiness Segments
	BlackRock Inc (BLK)		48746		3371		44		18		148
						Potential Comps
	Morgningstar List of Competitors						Franklin Resources
	httpfinancialsmorningstarcomcompetitorsindustry-peeractiont=BLK						Invesco
						T Rowe Price
	httpsenwikipediaorgwikiBlackRock						State Street
	httpwwwwikinvestcomstockBlackRock_(BLK)						Fidelity
						Eaton Vance - primarily active
						wisdom tree (WETF)
						Legg Mason
	Company Name		PE		PBV		EVEBITDA		Market CapAUM
	Invesco		91		14		1194
	T Rowe Price		133		34		831
	AMG		91		24		1213
	Eaton Vance
	wisdom tree		105		57		1428
	Legg Mason		118		07		784
	BlackRock Inc		131		17		1123
	Mean		1076		255		109		ERRORDIV0
	Median		105		24		1194		ERRORNUM
	Implied share price		2090489130435		406656		3510872705797
			median NTM EBITDA - net debt - preferred shares
		BLK Key Statistics
		Total Cash		56730
		Total Debt		57000
		Net Debt		270
	1311887		Preferred shares		6374
	823188		Enterprise Value		527794
	637447992		Equity Value		52114981
		Share Price		2986
		Net Income (LTM)		32970
		Shares outstanding		1656

Sources IBISWorld Company 10-K

Introduction

3

bull LendingTree is an online lending exchange that connects consumers with multiple lenders banks and credit partners It acts like a broker for loans instead of being a direct supplier

bull Founded Pre Fintech Wave Est 1996 by Douglas Lebda current Chairman amp CEO

bull Mid Cap Status Market Cap of $3 billionbull Completely free for customers to use revenue

stream extracted when customers send loan requests to lenders

Company Background Marketplace Business Model

Stock Data

Consumer

Lender 1 Lender 2 Lender 3 Lender 4 Lender 5

Lending Tree Exchange

Lenders on the platform include regional and national banks peer-to-peer lending services and online direct

lenders levels of risk vary across the lenders

Current Price $230

52 Week Price Range 20545 - 40440

200-Day Moving Average 27761

Beta 134

Market Cap (mil) $2950

Shares Outstanding (mil) 13

Average Vol (3 month) mil 023

Insider Ownership 4080

Shares Short of Float 3772

LTM PE 4516

Forward PE 3256

EVEBITDA 3688

Industry Overview

4Source IBIS World FRED

Competitive Landscape

bull LendingTree is one of the only public companies that acts exclusively as an exchange lender

bull Most of the firms in the space are private aggregators or lenders

bull Barriers to entry include assets the company purchases on goodwill proprietary technology customer lists and trademarked names

Market Forces

bull A number of factors influence lending markets across mortgages personal loans auto loans etc including

bull Aggregate Household Debtbull GDP Growthbull Federal Monetary Policybull Prime Ratebull Inflation

Fixed Rate and Inflation Behavior is Steady

000

100

200

300

400

500

600

700

30 Year Fixed Rate 15 Year Fixed Rate

10 Year Breakeven Inflation

Fintech Comps Description

Direct Private Competitors

Offering comparable services to LendingTree

Private Peer-to-PeerLenders

Assume moreof the consumer risk by taking on loans (underwritingloan loss provisions)

Product Diversification

5Source Company 10-K

Home Refinance

Home Purchase

Personal Loans

Home Equity Loans Auto Loans Business

Loans

Credit Cards Student Loans StudentRefinance

Moving Away From Mortgage

0

20

40

60

80

100

2013A 2014A 2015A 2016A 2017A MRQ2018

Mortgage Non-Mortgage

1

Product Categories

bull Over a few short years TREE has acquired a number of leading media and comparison properties

bull The strategy is similar to that of two major TREE shareholders Barry Diller and John Malone (27)

bull Mortgage purchases and refinancing used to compose the majority of revenue now it is only a third of sales

bull Although the movement changes the risk profile of the company it should dampen revenue declines during the next economic downturn as smaller ticket purchases recover quicker

bull Additional categories include auto and home insurance as well as commercial loans

bull CEO Douglas Lebda expressed a continued push into small business loans for continued diversification as well

bull Ultimately the company is positioning itself to provide a full service financial experience for customers

Product Diversification

6Source Company 10-K

Iron Horse HoldingsCredit Card Comparison

November 16th 2016

$104 million

Deposits Online

Media facing in the depository

industry

June 14th 2017

Camino Del Avion

Consumer Facing Media Company

June 20th 2017

SMB Online Lender

September 19th 2017

Credit Repair

Company

June 11th

2018

PersonalFinance Website

July 23rd

2018

$60 million

1

Market Opportunity

7Source 2017 Company Investor Presentation TechCrunch

2

Total Addressable

Market

Est $13B

Est $500M

$264mTTM

Total Addressable

Market

Est $33B

Est $500M

$78mTTM

Total Addressable

Market

Est $10B

Est $1B

$126mTTM

bull LendingTreersquos positioning in its core markets across mortgage credit and personal loan is growing and the company is taking share there still remains plenty of opportunity to expand into its total addressable markets

Mortgage Credit Cards Personal Loans

Visible revenue opportunity in core markets served today not inclusive of acquisitions or new verticals Digital ad spend in financials expected to hit 20 CAGR between 2014 and 2020

tripling LendingTreersquos core market

Comparables (BLK)

Stock Data

DCF (Base)

WACC

DCF (Downside)

WACC

DCF (Upside)

WACC

Comparables

_CIQHiddenCacheSheet

WACC

Key Stats

Acquisition Effects (in millions)

Pro Forma Revenue

2017201820172018Three Months Ended June 30thSix Months Ended June 30th158737185820296935369201Pro Forma Net Income

2017201820172018Three Months Ended June 30thSix Months Ended June 30th7758451881496680956

2018

Mortgage ProductsNon-Mortgage ProductsCredit CardsPersonal LoansOther140410848796117576672

Mortgage2013A2014A2015A2016A2017AMRQ201812309113413716527221999127591066948Non-Mortgage2013A2014A2015A2016A2017AMRQ2018161493321388944164411341826117153

FRED Data

Fixed Rate and Inflation Behavior is Steady

30 Year Fixed Rate3970239709397163972339730397373974439751397583976539772397783978639793398003980639813398213982839835398423984939856398633987039877398843989139898399053991239919399263993339940399473995439961399683997539982399893999640003400104001740024400314003840045400524005940066400734008040087400944010140108401154012240129401364014240150401574016440171401784018540192401994020640213402204022740234402414024840255402624026940276402834029040297403044031140318403254033240339403464035340360403674037440381403884039540402404094041640423404304043740444404514045840465404724047940486404934050040506405144052140528405354054240549405564056340570405774058440591405984060540612406194062640633406404064740654406614066840675406824068940696407034071040717407244073140738407454075240759407664077340780407874079440801408084081540822408294083640843408504085740864408704087840885408924089940906409134092040927409344094140948409554096240969409764098340990409974100441011410184102541032410394104641053410604106741074410814108841095411024110941116411234113041137411444115141158411654117241179411864119341200412074121441221412284123441242412494125641263412704127741284412914129841305413124131941326413334134041347413544136141368413754138241389413964140341410414174142441431414384144541452414584146641473414804148741494415014150841515415224152941536415434155041557415644157141578415854159241599416054161341620416274163441641416484165541662416694167641683416904169741704417114171841725417324173941746417534176041767417744178141788417954180241809418164182341830418374184441851418584186541872418794188641893419004190741914419214192841935419424194941956419634196941977419844199141997420044201242019420264203342040420474205442061420684207542082420894209642103421104211742124421314213842145421524215942166421734218042187421944220142208422154222242229422364224342250422574226442271422784228542292422994230642313423204232742333423414234842355423624236942376423834239042397424044241142418424254243242439424464245342460424674247442481424884249542502425094251642523425304253742544425514255842565425724257942586425934260042607426144262142628426354264242649426564266342670426774268442691426974270542712427194272642733427404274742754427614276842775427824278942796428034281042817428244283142838428454285242859428664287342880428874289442901429084291542922429294293642943429504295742964429714297842985429924299943006430134302043027430344304143048430554306143069430764308343090430974310443111431184312543132431394314643153431604316743174431814318843195432024320943216432234323043237432444325143258432654327243279432864329343300433074331443321433284333543342433495935786096159464660464662614604597553547519514509999999999999965014965125099999999999999652551650450751550349800000000000004484999999999999964784874824847848448600000000000003482491529559538542532525145252552252951251450850750450449400000000000004487492550349800000000000004491483478471480999999999999964940000000000000450551450950599999999999996499498000000000000045014974935054974954964995085215075075059999999999999654934844784794724754690000000000000445845745745599999999999996454449444000000000000044424360000000000000343243499999999999996437437432426999999999999964190000000000000442142300000000000004424417438999999999999974400000000000000444646100000000000003483480999999999999964860000000000000347699999999999996471474484809999999999999650554954874884764809999999999999648600000000000003487491484784714634610000000000000345999999999999996455449454545145999999999999996451451999999999999964554389999999999999743241500000000000004422422412409409401394412411000000000000034099999999999999643994398439939439139539138938839838738738739539388392408399398388393883843833793783753673713663663623563533493553593623663593553553493433633933734133934334331332334332337335334343383423533533533563513523633543573543433413433534235135938139139839344642945143743099999999999996438999999999999974400000000000000444000000000000004458451457457454324224230000000000000442841340999999999999996416434999999999999964224294464424474480000000000000445345144143899999999999997432423000000000000044284334374284374324400000000000000444143442699999999999996433429421424139999999999999741241399999999999997424174139999999999999741241500000000000004413413412413999999999999974124099999999999999640999999999999996409999999999999964124230000000000000442419000000000000044123973923984019999999999999640139939738939338383387373366363366359369376383753863783693736636736536838385384387387404440199999999999996408404409404398391394393384389393913863853763823793763873983973953933953973964013973923813793723653653623643683733713713593583593663613573583643663635435634834134234534834334534334334634435348342342347352347354357394403408413416434324241240941900000000000004419000000000000044174150000000000000441640999999999999996421434230000000000000441399999999999997409999999999999964083974034019999999999999640540199999999999996395394389391393883964033963923933938938638237837838338338539138839439439395392393943933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Year Fixed Rate39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334955453557757856361457261958858157357453352492491483462465000000000000044848492480999999999999964684684724639999999999999746100000000000003458451999999999999964544480000000000000444800000000000004448000000000000044514519999999999999645453479505999999999999964889999999999999748747699999999999996469000000000000044634684690000000000000446346845599999999999996458454454474464360000000000000343343744344644000000000000004436000000000000034324294269999999999999643243844545445445440000000000000044389999999999999744000000000000004434433440000000000000044334324334344389999999999999745199999999999996440000000000000044389999999999999743899999999999997436000000000000034342442142417424134044074059999999999999640343953923938638338338238237537236236436636335737637738139641741500000000000004424134084054094084294269999999999999642241500000000000004415000000000000043974044094099999999999999641340199999999999996397389382383783743683673693693753653663663543533634433933333329328326337338338331333313333327321321324323316317324314316316319317313316333233213113133123073053043042972942982952942892862832828328428828928628628527727326927266272272692652632642672662652652642662662712812772772772762762792722762742652642612562612692772983033130435339353341339343343344363543593593543373293313333243232733532733347343351352355356345344343333333353393323383323423473383333393383323293253213233313332232232432332632332732432332532432633733633633318308313321323173173132309313153052982932982922993053073033130629729829329429229430230730531130832532332132432325321317313317315306309313113083072993032982983093231831831631932232232432631931307301295295293294296299296298288286285289286281281289292287281283278274272275278274276274274277276277276272272276279278284288314325334336337352355344337334343413393353373323423534433933633432332732732932731931931631831731732232932332318318316316312308308313313315321319325327324331332333363363383443383443493623683773843853939439391393873873944019999999999999640340140841500000000000004405999999999999964014074044043994019999999999999644019999999999999640840540139839739910 Year Breakeven Inflation39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334919561711862000000000000115860000000000001119609849999999999999910820000000000001083199999999999996091600000000000004095054600000000000004023043803080201449999999999999901103420000000000000305280000000000000205908519999999999999811240000000000001123113751020910882000000000000011151999999999999913313320000000000001135200000000000011287500000000000113041496145146615917975000000000001188799999999999991994183200000000000011808000000000000116919999999999999155164599999999999991856000000000000118779999999999999189191199999999999991738177164178750000000000011802179817321742191250000000000011986199820739999999999998217499999999999982132000000000000121375000000000002211399999999999992108000000000000122122999999999999998236237523839999999999999236232399999999999982382000000000000122759999999999998226500000000000012204000000000000221560000000000001223224622182240000000000000223123479999999999999234200000000000012386000000000000123119999999999998223820819039999999999999219319819681838000000000000117275182600000000000011714180418520000000000001178816240000000000001153815640000000000001165250000000000011776179417821838000000000000120099999999999998206199999999999982125999999999999921421124999999999998204210521219999999999999217799999999999992238230399999999999982305000000000000223580000000000001238200000000000012345000000000000222559999999999998233800000000000012343999999999999922719999999999998237242799999999999992501999999999999824140000000000001242200000000000022464255626240000000000001260800000000000012582541999999999999824620000000000002233231199999999999982252499999999999922342224000000000000221982334000000000000124123199999999999998235243199999999999992351999999999999922480000000000002216400000000000012056205619775194186200000000000011821784194751964206209600000000000012101999999999999919824999999999999191250000000000011992203619921996201750000000000012042520699999999999998203750000000000012092128000000000000122022204000000000000222722559999999999998220800000000000022326000000000000124233199999999999992322000000000000122622254224400000000000022248000000000000221680000000000001209799999999999992141999999999999921025211799999999999992132000000000000121421212521019999999999999212400000000000012128000000000000121982279999999999999822480000000000002225999999999999982292279999999999999823879999999999999256400000000000012448246825274999999999999248200000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Share Price Data

Peers vs LendingTree

OnDeck 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42361977346685669993600138655575452936370984837815093647493424636326435943636499338503377454354875159338346037460243996377685368960836953943173782786468839223839010768335394663899407163439270038362900479372603370926233083787248630463187438530838333775974384730882773599443923538971505221840471238843353232400323398005927534131439174602929841499189154557889420535917751538074181104084520580240425039491221084154539197169341940425039491221083977823816636086639593437292828892402748907305407583861168633375637939015936728668592397551402227964883937398777144865740055437744157132395587886449806314011318780057316740263340026256875416377906759577154185724019733795541787939436638037420258694380718544258489298718196842977592677810295424578421700660165016169761696240850023099560565969509586511675063351801800605179018527258015078354975311850119846382352956801733499619539270019882882552968352437783501529452510292157365124740144958647850739198181122704522869024650750275162855043593092252945251029215736513051515060025135194040212657884452159851647959083524024025779070885209055088725916652136750239391315145530026668283553118501198463823520790001829752845348810294552777153349501424127945544929518481646645377685322760791953222450607012002534072514805439715318780195916374152852852324951445308385255061556254643104073848372533957007762600895261030139500343654146451509668481568376062176575215690690697835743582467055152066235699930568262172654146451509668481527373522121193795548625351152106564795551748774565646800447059357457657657711765822584661585015902495960960546062357159355510756398466598637070948554675925155788284690160360356194031963595287609256465535779625576816226155070452412324968558096559064528645458535401743234655082003116608851527489029164032625172094914019521851917300718011079534188021848278635115499928031879658997456248615014615384587309203386109955968815986861919607717264782610302623924633376170016166088792963109264423440425637214136354489916180410760443272162196810760064434596558082777591159540308164927049611226610967276336208131064723237362762764084944243645414616645539056701316685116270768249019444467107686186142615242736888427006504343869531067924900265700046156155089967067452181394037687918644307723669750520911283891702933658975891447008546708049279670501271644692283708939678703172147189882023795749372776618323478441713559683216454587222221916788591752136748622389827731577830178383579544929093441237814275795466024737795102892236016677974123400921149781127249223209847899052993784870679394780332760915777662245838248017922153016351282878644029599352523785978267822169938093093044742596881335180842338168822476275757073878246708056209101383298682760483196837722304510919368369137898610812784084082141739849831600812390833618610533411630090286047584059884876886347893593257389489486036278922930006922383762648373758180324367584800184227299988387618332464349283679831746827649849503329879803184973434396548075856086850171243978101178191240975980526680052513757865557683863301981439126785882952771309739632484778436123852249393805382272917942478213212746287531785989834003468858687918625827705987537538287421164875606327659821568575883377780472878782624190745576784130293736884018298683106983528380826977573874395805035786439459867968353061484107280434281348249463818780327586502038201662735004326580746126108890603792792802199288548098868050384199481693228420114856805728759396425088624393563770073787167936540357207877454371045175218836913355580657489246938571334304887040866550222528358743304256334481924228645778968467312994518064180364977122546151763686759905595827580272266567977474370525424566294752945263272227827573342536998325273839220747534755745668700723753737595287142636009674532221424527112735042745783258417345807176119031172557172267101597712982182652294237308847001412636372869023957749517449757277667885173562024634741876746708229459269387565257390499945270917069278884988600947073205195856525754527009655070452412324968596904569256073716083391081464748559817511207726716001385585553578962936014254192336407946121322566164772461890218027663432675827381156456456307312167645299144252734096261260839425713963605913522616936351351481835263464379765664593087636752108183134526131901267454349462855162789208538608570122232152560025410024823058597482069820234066008316008123909359805957038439432599792072076875286045276182830304160868559462495746624509123942963216242781098572855664091015382512939666204636955309856146916143522381656699004696257695573458060211179095876645602295089359540308164927049599099099119909976155001290020760759563409573494814594017066435272235699930568262172652390851873623197486486489108651294854469603731356449387848939989638494686969399700434987294733488225250727650941842208509355497589385655237930116933931451409100914550692551513038773087595694155562620575359205235407595545691823846342765520905393372479457623005598914174573573567254017915718410655615370456560406639861256564911058791613395683760621765752158593205853702806551166552294604985293370032493185455162854581592642550473544687605957830907881013918563871564706131656398703709893656556941557936208035642180511846142157322704612550135567798561612414865477015489096431555185952525157025369600176262412852413949817187575531878019591637415294525102921573653938552692572133549780537080606725404250210112030255486253511521065627165635778109956421805118461421566412546398416615759990765534979658523908558006275594941053477915195857010791013842757484407542517735574382047253821965736890742968567456109953427813508

Product Expansion

8Source Earnings Call Transcript Company Filings

3

My LendingTree

bull Customer familiarity is key as repeat customers drop promotional costs

bull Released My LendingTree which serves as a personal financial management application

bull Launched in 2014 and now has 88 million customers personal loans is prominent

bull Free credit scores credit monitoring and recommendations

bull Ability to lock in customers and accumulate data for personalized recommendations

bull Organic growth can lead to far less promotional spend due to organic customer

New Digital Experience

bull Added more services in 2017 to address consumer needs with additions in deposit accounts and savings accounts improves lifetime value

bull Concierge services and higher conversion with SnapCap

bull Deposit accounts are getting integrated with LendingTree and business credit services are developing

The new thing that we are seeing when I mentioned some of these new startup mortgage companies weve got a mortgage company on our network that literally has no loan officers 100 technology very low margins and is experiencing conversion rates right with our top lenders And I expect those types of things to proliferate I expect more and more lenders to create fully digital experiences that over time wont need humans And those are going to be perfect lenders to dial in just like Prosper and LendingClub change the way personal loans does So I expect thats going to continue to grow

- Doug Lebda Chairman amp CEO 2Q 2018 Earnings Call

Potential Risks

9Source Yahoo Finance

bull Increases in interest rates could adversely affect the ability of network lenders to close loans

bull Similarly a decrease in rates could lead to sudden increases in demand which is actually a negative The best situation for TREE is steady increases and declines in rates

bull Still somewhat dependent on mortgages for growthbull Diversification away from mortgage could change the

risk profile of the firm (ie move to credit cards)bull The decline in stock prices from competitors such as On

Deck Capital and LendingClub could misprice the broader financial technology sector

bull The intended benefits of acquisitions from the past and future may not be realized as expected

Internal and External Risk Factors Mitigants

bull Despite well publicized headwinds TREE has managed this rate environment well

bull Although mortgage purchases and home refinancing still compose over a third of revenue the stated goal of further diversification and an improved environment in 2019 should protect against mortgage headwinds

bull Thus far Tree has been insulated from the collapse in share prices from public P2P lenders like On Deck Capital and Lending Club

0

150

300

450

600

750

900

Peers vs LendingTree

ONDK LC TREE

Conclusion ndash Recommendation to Buy

10

Opportune Time to Buy at Depressed Share Price

bullCurrent prices represent a drawdown of 40 from an all time high in January 2018business fundamentals have arguably not changed that dramatically

Clear Catalysts

bullThe growth of the lending marketplace movement away from mortgage and increased user experience are all improvements for firm value

Diversification of Clubrsquos Portfolio

bullCurrently underweight financial exposure LendingTree offers a bridge between the growth of technology and lower beta financial sector

bull Upside case assumed aggressive MampA activity to continue diversifying away from mortgage products

bull Base case assumed blend or organic and inorganic growth in near term with similar long term outlook as upside

bull Downside incorporated triggering of risk factors and delaycessation of acquisitions in the short term

Valuation AssumptionsImplied Share

Pricesbull Upside 38bull Base 21bull Downside -14

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Date		OnDeck Capital		ONDK Indexed		LendingClub		LC Indexed		LendingTree Close		TREE Indexed
121914		2415		100		2521		100		4329		100
122214		2300		095		2406		095		4355		101
122314		2263		094		2308		092		4618		107
122414		2312		096		2532		100		4739		109
122614		2306		095		2574		102		4796		111
122914		2244		093		2498		099		4805		111
123014		2247		093		2583		102		4793		111
123114		2243		093		2530		100		4834		112
1215		2390		099		2493		099		4734		109
1515		2250		093		2400		095		4694		108
1615		2221		092		2289		091		4821		111
1715		2228		092		2288		091		4819		111
1815		2273		094		2316		092		4921		114
1915		2269		094		2301		091		4939		114
11215		2065		086		2101		083		4847		112
11315		1853		077		2113		084		4530		105
11415		1828		076		2106		084		4443		103
11515		1850		077		2209		088		4173		096
11615		1850		077		2209		088		4277		099
12015		1839		076		2207		088		4113		095
12115		1687		070		2017		080		4114		095
12215		1650		068		1949		077		4220		097
12315		1699		070		1908		076		4040		093
12615		1663		069		1999		079		4043		093
12715		1608		067		2059		082		4083		094
12815		1607		067		2008		080		4090		094
12915		1475		061		1944		077		4076		094
13015		1508		062		1877		074		4118		095
2215		1567		065		1926		076		4156		096
2315		1568		065		2029		080		4268		099
2415		1552		064		2006		080		4235		098
2515		1571		065		2028		080		4201		097
2615		1695		070		2043		081		4126		095
2915		1732		072		2160		086		4030		093
21015		1739		072		2126		084		4051		094
21115		1712		071		2215		088		4019		093
21215		1731		072		2147		085		4252		098
21315		1742		072		2195		087		4292		099
21715		1803		075		2250		089		4333		100
21815		1755		073		2268		090		4380		101
21915		1774		073		2204		087		4390		101
22015		1837		076		2289		091		4384		101
22315		1937		080		2376		094		4355		101
22415		1989		082		2365		094		4407		102
22515		1910		079		2051		081		4700		109
22615		1905		079		2129		084		5216		120
22715		1940		080		2037		081		5304		123
3215		1949		081		2000		079		5291		122
3315		1836		076		2003		079		5242		121
3415		1732		072		2008		080		5239		121
3515		1614		067		1986		079		5203		120
3615		1626		067		2002		079		5111		118
3915		1679		070		1984		079		5180		120
31015		1733		072		1952		077		5063		117
31115		1850		077		1955		078		5400		125
31215		1948		081		1953		077		5442		126
31315		1941		080		1907		076		5424		125
31615		2100		087		1925		076		5439		126
31715		2125		088		1920		076		5488		127
31815		2095		087		1917		076		5655		131
31915		2192		091		1992		079		5628		130
32015		2226		092		2009		080		5590		129
32315		2314		096		2082		083		5764		133
32415		2347		097		2031		081		5623		130
32515		2191		091		1973		078		5612		130
32615		2062		085		1949		077		5609		130
32715		2054		085		1955		078		5592		129
33015		2103		087		1936		077		5606		129
33115		2129		088		1965		078		5601		129
4115		2047		085		1909		076		5587		129
4215		1963		081		1926		076		5586		129
4615		2032		084		1940		077		5686		131
4715		2051		085		1916		076		5810		134
4815		2053		085		1906		076		5723		132
4915		1980		082		1840		073		5699		132
41015		1953		081		1819		072		5660		131
41315		1986		082		1804		072		5678		131
41415		2109		087		1880		075		5686		131
41515		2133		088		1939		077		5869		136
41615		2108		087		1951		077		5900		136
41715		2094		087		1922		076		5989		138
42015		2095		087		1939		077		5999		139
42115		2052		085		1935		077		5991		138
42215		2054		085		1901		075		5994		138
42315		2118		088		1883		075		6073		140
42415		2123		088		1827		072		6091		141
42715		2051		085		1805		072		6112		141
42815		2034		084		1802		071		6175		143
42915		1987		082		1767		070		6175		143
43015		1925		080		1745		069		5503		127
5115		1929		080		1787		071		5502		127
5415		2002		083		1849		073		5571		129
5515		1691		070		1758		070		5573		129
5615		1696		070		1831		073		5600		129
5715		1601		066		1730		069		5594		129
5815		1568		065		1623		064		5734		132
51115		1541		064		1684		067		5791		134
51215		1576		065		1716		068		5776		133
51315		1540		064		1705		068		5728		132
51415		1555		064		1711		068		5730		132
51515		1585		066		1721		068		5720		132
51815		1673		069		1736		069		5700		132
51915		1629		067		1762		070		5922		137
52015		1624		067		1766		070		6007		139
52115		1580		065		1790		071		5774		133
52215		1552		064		1843		073		5701		132
52615		1505		062		1846		073		5744		133
52715		1539		064		1900		075		5836		135
52815		1553		064		1900		075		5853		135
52915		1518		063		1921		076		5926		137
6115		1446		060		1908		076		5962		138
6215		1474		061		1898		075		6129		142
6315		1524		063		1933		077		6341		146
6415		1490		062		1832		073		6293		145
6515		1492		062		1872		074		6270		145
6815		1450		060		1746		069		6242		144
6915		1403		058		1697		067		6354		147
61015		1407		058		1742		069		6430		149
61115		1355		056		1739		069		6386		148
61215		1366		057		1728		069		6399		148
61515		1248		052		1707		068		6478		150
61615		1261		052		1724		068		6524		151
61715		1259		052		1745		069		6599		152
61815		1232		051		1707		068		7238		167
61915		1285		053		1730		069		7182		166
62215		1288		053		1686		067		7342		170
62315		1287		053		1655		066		7350		170
62415		1253		052		1626		064		7323		169
62515		1239		051		1606		064		7694		178
62615		1252		052		1525		060		7816		181
62915		1144		047		1454		058		7789		180
63015		1158		048		1475		059		7861		182
7115		1139		047		1457		058		7818		181
7215		1176		049		1395		055		7499		173
7615		1184		049		1475		059		7671		177
7715		1187		049		1430		057		7684		178
7815		1186		049		1413		056		7792		180
7915		1215		050		1420		056		7863		182
71015		1249		052		1405		056		7785		180
71315		1270		053		1427		057		7815		181
71415		1309		054		1426		057		8235		190
71515		1310		054		1430		057		8347		193
71615		1345		056		1475		059		8140		188
71715		1349		056		1495		059		8256		191
72015		1288		053		1462		058		8328		192
72115		1302		054		1501		060		8422		195
72215		1297		054		1490		059		8480		196
72315		1299		054		1483		059		8165		189
72415		1225		051		1460		058		8216		190
72715		1204		050		1435		057		8171		189
72815		1231		051		1481		059		8322		192
72915		1249		052		1458		058		7966		184
73015		1267		052		1453		058		8201		189
73115		1337		055		1451		058		8292		192
8315		1338		055		1434		057		8260		191
8415		1047		043		1383		055		11751		271
8515		947		039		1440		057		11795		272
8615		907		038		1403		056		11337		262
8715		918		038		1392		055		12104		280
81015		956		040		1437		057		11952		276
81115		901		037		1401		056		12509		289
81215		933		039		1403		056		12190		282
81315		907		038		1396		055		13446		311
81415		908		038		1370		054		13371		309
81715		945		039		1365		054		13808		319
81815		946		039		1330		053		13666		316
81915		958		040		1274		051		13690		316
82015		951		039		1229		049		13387		309
82115		959		040		1214		048		11088		256
82415		911		038		1167		046		10420		241
82515		869		036		1200		048		10466		242
82615		867		036		1217		048		10782		249
82715		908		038		1238		049		10335		239
82815		916		038		1277		051		10720		248
83115		923		038		1255		050		10595		245
9115		912		038		1214		048		10085		233
9215		916		038		1221		048		9844		227
9315		938		039		1239		049		10494		242
9415		933		039		1201		048		10419		241
9815		1005		042		1240		049		10548		244
9915		1000		041		1235		049		10395		240
91015		1001		041		1247		049		10493		242
91115		1029		043		1258		050		10534		243
91415		1020		042		1290		051		10549		244
91515		1059		044		1314		052		11583		268
91615		1041		043		1305		052		11623		268
91715		1061		044		1360		054		11827		273
91815		1056		044		1370		054		11581		268
92115		1044		043		1376		055		11560		267
92215		1014		042		1368		054		11630		269
92315		940		039		1319		052		11687		270
92415		931		039		1337		053		10305		238
92515		942		039		1326		053		9843		227
92815		916		038		1306		052		9107		210
92915		947		039		1346		053		8999		208
93015		990		041		1323		052		9303		215
10115		938		039		1316		052		9004		208
10215		966		040		1325		053		9251		214
10515		999		041		1382		055		9613		222
10615		989		041		1410		056		9149		211
10715		990		041		1438		057		9550		221
10815		1001		041		1486		059		9600		222
10915		992		041		1470		058		9637		223
101215		976		040		1430		057		9805		226
101315		897		037		1428		057		9239		213
101415		896		037		1446		057		9264		214
101515		944		039		1495		059		9636		223
101615		900		037		1436		057		9619		222
101915		918		038		1435		057		9846		227
102015		915		038		1433		057		9874		228
102115		926		038		1439		057		9449		218
102215		924		038		1438		057		9462		219
102315		931		039		1437		057		9800		226
102615		952		039		1428		057		12098		279
102715		927		038		1347		053		12400		286
102815		985		041		1400		056		12729		294
102915		935		039		1362		054		12251		283
103015		952		039		1418		056		12136		280
11215		946		039		1461		058		11500		266
11315		1026		042		1479		059		11577		267
11415		1052		044		1462		058		11390		263
11515		1110		046		1419		056		12025		278
11615		1110		046		1470		058		12497		289
11915		1130		047		1457		058		12898		298
111015		1137		047		1419		056		12130		280
111115		1128		047		1364		054		12146		281
111215		1090		045		1332		053		11900		275
111315		1004		042		1272		050		11649		269
111615		1007		042		1261		050		11719		271
111715		971		040		1281		051		11679		270
111815		979		041		1279		051		11051		255
111915		958		040		1284		051		10383		240
112015		948		039		1263		050		10092		233
112315		943		039		1236		049		10023		232
112415		961		040		1220		048		10220		236
112515		963		040		1258		050		10082		233
112715		977		040		1247		049		10258		237
113015		995		041		1202		048		10188		235
12115		901		037		1209		048		10599		245
12215		1150		048		1256		050		9993		231
12315		1142		047		1282		051		9715		224
12415		1098		045		1287		051		10213		236
12715		1090		045		1345		053		9897		229
12815		1050		043		1373		054		9573		221
12915		1002		041		1404		056		9254		214
121015		1035		043		1416		056		10274		237
121115		978		040		1365		054		9451		218
121415		965		040		1284		051		9415		217
121515		976		040		1246		049		9760		225
121615		942		039		1241		049		9801		226
121715		934		039		1216		048		9517		220
121815		1081		045		1148		046		9539		220
122115		1086		045		1145		045		9301		215
122215		1113		046		1136		045		9004		208
122315		1132		047		1150		046		9150		211
122415		1112		046		1140		045		9121		211
122815		1025		042		1102		044		9004		208
122915		1032		043		1100		044		9131		211
123015		1034		043		1083		043		8980		207
123115		1030		043		1105		044		8928		206
1416		975		040		1108		044		8789		203
1516		972		040		1072		043		8782		203
1616		969		040		1012		040		8634		199
1716		922		038		951		038		8404		194
1816		907		038		949		038		8304		192
11116		857		035		924		037		8197		189
11216		851		035		947		038		8663		200
11316		733		030		886		035		6114		141
11416		745		031		802		032		6624		153
11516		769		032		773		031		6774		156
11916		774		032		734		029		6764		156
12016		771		032		792		031		7183		166
12116		807		033		822		033		7175		166
12216		834		035		846		034		7104		164
12516		782		032		799		032		7015		162
12616		805		033		807		032		7262		168
12716		780		032		771		031		7105		164
12816		757		031		739		029		7036		163
12916		792		033		738		029		7369		170
2116		789		033		761		030		7388		171
2216		760		031		704		028		6596		152
2316		771		032		768		030		6438		149
2416		778		032		759		030		6764		156
2516		761		032		700		028		6005		139
2816		697		029		661		026		5577		129
2916		662		027		657		026		5498		127
21016		697		029		651		026		5710		132
21116		687		028		688		027		5708		132
21216		697		029		704		028		5981		138
21616		762		032		787		031		6336		146
21716		745		031		825		033		6215		144
21816		820		034		870		035		6469		149
21916		844		035		888		035		6369		147
22216		880		036		928		037		6796		157
22316		705		029		884		035		6890		159
22416		631		026		846		034		6994		162
22516		635		026		845		034		8550		198
22616		663		027		841		033		8348		193
22916		670		028		873		035		8837		204
3116		679		028		875		035		9011		208
3216		705		029		916		036		8597		199
3316		769		032		956		038		8989		208
3416		800		033		898		036		9040		209
3716		795		033		940		037		9000		208
3816		772		032		900		036		8519		197
3916		748		031		891		035		8560		198
31016		717		030		901		036		8217		190
31116		736		030		917		036		8602		199
31416		754		031		905		036		8817		204
31516		709		029		853		034		8996		208
31616		706		029		841		033		9140		211
31716		717		030		840		033		9578		221
31816		739		031		870		035		9326		215
32116		747		031		880		035		9217		213
32216		753		031		845		034		9481		219
32316		738		031		823		033		9236		213
32416		762		032		832		033		9510		220
32816		708		029		773		031		9433		218
32916		755		031		807		032		9427		218
33016		764		032		811		032		9268		214
33116		779		032		830		033		9778		226
4116		736		030		804		032		9739		225
4416		735		030		817		032		10218		236
4516		712		029		800		032		9903		229
4616		752		031		824		033		10137		234
4716		725		030		786		031		9926		229
4816		718		030		794		031		9990		231
41116		726		030		769		031		9492		219
41216		706		029		761		030		9386		217
41316		728		030		756		030		9886		228
41416		759		031		744		030		9700		224
41516		783		032		731		029		9764		226
41816		782		032		753		030		10137		234
41916		816		034		803		032		10295		238
42016		830		034		828		033		10185		235
42116		828		034		774		031		9935		229
42216		846		035		764		030		9392		217
42516		848		035		739		029		9086		210
42616		848		035		752		030		8949		207
42716		879		036		812		032		9126		211
42816		860		036		809		032		8783		203
42916		863		036		790		031		8947		207
5216		830		034		793		031		9239		213
5316		550		023		711		028		8518		197
5416		511		021		692		027		8262		191
5516		497		021		685		027		7943		183
5616		512		021		710		028		7556		175
5916		491		020		462		018		7334		169
51016		484		020		410		016		7354		170
51116		467		019		408		016		7072		163
51216		431		018		376		015		6714		155
51316		464		019		351		014		6969		161
51616		466		019		394		016		7047		163
51716		447		019		360		014		6740		156
51816		480		020		399		016		7001		162
51916		453		019		370		015		6950		161
52016		469		019		399		016		6904		159
52316		489		020		432		017		7462		172
52416		492		020		443		018		8100		187
52516		494		020		445		018		7810		180
52616		493		020		437		017		7952		184
52716		498		021		481		019		8109		187
53116		517		021		476		019		8325		192
6116		501		021		498		020		8396		194
6216		525		022		506		020		8785		203
6316		504		021		462		018		8598		199
6616		519		021		474		019		8803		203
6716		513		021		439		017		8951		207
6816		512		021		442		018		9115		211
6916		505		021		447		018		8793		203
61016		511		021		426		017		8577		198
61316		493		020		444		018		8142		188
61416		492		020		442		018		7413		171
61516		499		021		465		018		7426		172
61616		510		021		496		020		7416		171
61716		510		021		487		019		7225		167
62016		547		023		500		020		7696		178
62116		542		022		492		020		7612		176
62216		531		022		484		019		7646		177
62316		547		023		498		020		7923		183
62416		520		022		469		019		7840		181
62716		471		020		430		017		7944		184
62816		493		020		461		018		8124		188
62916		519		021		454		018		8472		196
63016		515		021		430		017		8833		204
7116		525		022		438		017		9284		214
7516		489		020		417		017		9211		213
7616		494		020		420		017		9521		220
7716		524		022		425		017		9311		215
7816		525		022		432		017		9576		221
71116		532		022		437		017		9637		223
71216		546		023		410		016		9615		222
71316		529		022		425		017		9890		228
71416		532		022		451		018		10271		237
71516		536		022		449		018		10229		236
71816		549		023		460		018		10290		238
71916		529		022		460		018		10150		234
72016		532		022		461		018		9537		220
72116		527		022		459		018		9493		219
72216		522		022		441		017		9741		225
72516		506		021		434		017		9813		227
72616		528		022		464		018		9535		220
72716		531		022		465		018		9550		221
72816		521		022		460		018		10229		236
72916		520		022		462		018		10098		233
8116		517		021		459		018		10234		236
8216		500		021		447		018		9934		229
8316		508		021		464		018		10238		236
8416		521		022		460		018		10657		246
8516		525		022		475		019		11002		254
8816		516		021		479		019		10817		250
8916		568		024		479		019		11062		256
81016		548		023		491		019		11160		258
81116		578		024		546		022		11077		256
81216		588		024		540		021		11035		255
81516		604		025		582		023		11039		255
81616		616		026		563		022		10624		245
81716		625		026		553		022		10358		239
81816		627		026		559		022		10379		240
81916		621		026		549		022		10292		238
82216		603		025		539		021		10233		236
82316		612		025		524		021		10705		247
82416		609		025		544		022		10256		237
82516		616		026		552		022		10241		237
82616		617		026		540		021		10068		233
82916		629		026		556		022		10167		235
83016		639		026		550		022		10103		233
83116		633		026		541		021		9700		224
9116		625		026		530		021		9534		220
9216		635		026		540		021		9569		221
9616		635		026		535		021		9508		220
9716		638		026		541		021		9816		227
9816		626		026		547		022		10049		232
9916		607		025		536		021		10155		235
91216		602		025		559		022		10307		238
91316		619		026		575		023		9815		227
91416		599		025		575		023		9647		223
91516		602		025		617		024		9628		222
91616		589		024		643		026		9563		221
91916		595		025		619		025		9257		214
92016		602		025		610		024		8893		205
92116		599		025		611		024		8932		206
92216		601		025		611		024		9399		217
92316		592		025		628		025		9214		213
92616		584		024		611		024		9183		212
92716		585		024		623		025		9319		215
92816		591		024		624		025		9616		222
92916		568		024		608		024		9612		222
93016		570		024		618		025		9691		224
10316		555		023		616		024		9716		224
10416		545		023		616		024		9762		226
10516		560		023		617		024		9487		219
10616		547		023		605		024		9178		212
10716		531		022		595		024		9102		210
101016		544		023		604		024		9195		212
101116		522		022		579		023		9058		209
101216		512		021		554		022		9055		209
101316		491		020		550		022		8934		206
101416		486		020		538		021		8887		205
101716		463		019		499		020		8779		203
101816		467		019		491		019		8876		205
101916		463		019		507		020		9148		211
102016		461		019		486		019		8844		204
102116		456		019		485		019		8928		206
102416		470		019		487		019		9088		210
102516		485		020		490		019		8915		206
102616		483		020		476		019		9127		211
102716		480		020		475		019		7707		178
102816		484		020		470		019		7773		180
103116		489		020		493		020		7985		184
11116		478		020		486		019		8060		186
11216		452		019		481		019		8080		187
11316		409		017		509		020		7985		184
11416		402		017		513		020		8155		188
11716		403		017		591		023		8360		193
11816		388		016		576		023		8340		193
11916		442		018		561		022		8755		202
111016		501		021		589		023		9050		209
111116		556		023		614		024		9515		220
111416		547		023		631		025		9550		221
111516		504		021		652		026		9370		216
111616		489		020		638		025		8815		204
111716		468		019		606		024		9320		215
111816		481		020		598		024		10000		231
112116		476		020		614		024		10255		237
112216		474		020		596		024		10550		244
112316		472		020		594		024		10655		246
112516		481		020		594		024		10780		249
112816		467		019		579		023		10610		245
112916		461		019		562		022		10140		234
113016		460		019		566		022		10480		242
12116		442		018		533		021		10165		235
12216		441		018		515		020		9885		228
12516		425		018		528		021		9925		229
12616		428		018		568		023		9985		231
12716		422		017		586		023		10020		231
12816		405		017		563		022		10500		243
12916		430		018		553		022		10530		243
121216		426		018		534		021		10270		237
121316		425		018		541		021		10215		236
121416		420		017		520		021		10295		238
121516		419		017		512		020		10420		241
121616		425		018		533		021		10580		244
121916		426		018		517		021		10740		248
122016		437		018		521		021		10860		251
122116		440		018		520		021		10665		246
122216		427		018		526		021		10330		239
122316		458		019		521		021		10270		237
122716		460		019		547		022		10335		239
122816		455		019		521		021		10095		233
122916		459		019		517		021		10030		232
123016		463		019		525		021		10135		234
1317		466		019		542		021		9835		227
1417		510		021		574		023		10405		240
1517		476		020		565		022		10200		236
1617		483		020		563		022		10075		233
1917		478		020		566		022		10145		234
11017		492		020		575		023		10505		243
11117		505		021		568		023		10425		241
11217		485		020		560		022		10375		240
11317		498		021		561		022		10460		242
11717		485		020		549		022		10490		242
11817		480		020		549		022		10595		245
11917		480		020		578		023		10600		245
12017		491		020		575		023		10565		244
12317		488		020		589		023		10415		241
12417		489		020		590		023		10635		246
12517		493		020		610		024		10580		244
12617		482		020		612		024		10610		245
12717		478		020		614		024		11080		256
13017		487		020		605		024		11090		256
13117		503		021		617		024		11190		258
2117		517		021		632		025		11100		256
2217		497		021		623		025		11190		258
2317		515		021		634		025		11460		265
2617		519		021		624		025		11370		263
2717		524		022		631		025		11350		262
2817		529		022		620		025		11595		268
2917		546		023		645		026		11680		270
21017		568		024		668		026		11700		270
21317		560		023		668		026		11580		267
21417		569		024		660		026		11795		272
21517		562		023		629		025		11440		264
21617		501		021		578		023		11365		263
21717		489		020		563		022		11295		261
22117		519		021		568		023		11360		262
22217		530		022		564		022		11215		259
22317		553		023		556		022		12225		282
22417		546		023		545		022		12340		285
22717		576		024		558		022		12180		281
22817		534		022		534		021		11840		274
3117		530		022		529		021		11930		276
3217		508		021		525		021		11720		271
3317		490		020		513		020		11910		275
3617		501		021		505		020		11840		274
3717		495		020		506		020		11725		271
3817		506		021		531		021		11645		269
3917		486		020		537		021		11540		267
31017		487		020		531		021		11890		275
31317		486		020		526		021		12090		279
31417		474		020		526		021		12070		279
31517		464		019		535		021		12120		280
31617		474		020		549		022		12390		286
31717		475		020		536		021		12400		286
32017		463		019		539		021		12255		283
32117		450		019		522		021		11665		269
32217		448		019		521		021		11750		271
32317		477		020		520		021		11875		274
32417		462		019		520		021		11885		275
32717		471		020		526		021		11970		277
32817		478		020		545		022		12415		287
32917		480		020		545		022		12370		286
33017		491		020		547		022		12575		290
33117		504		021		549		022		12535		290
4317		474		020		529		021		12180		281
4417		471		020		523		021		11860		274
4517		462		019		524		021		11780		272
4617		463		019		534		021		12150		281
4717		442		018		535		021		12265		283
41017		451		019		537		021		11940		276
41117		460		019		555		022		12205		282
41217		461		019		552		022		12055		278
41317		446		018		546		022		11680		270
41717		435		018		546		022		11985		277
41817		439		018		565		022		12195		282
41917		451		019		572		023		12370		286
42017		460		019		580		023		12520		289
42117		455		019		572		023		12715		294
42417		460		019		585		023		12900		298
42517		473		020		590		023		13120		303
42617		486		020		603		024		12575		290
42717		476		020		599		024		14240		329
42817		475		020		585		023		14090		325
5117		479		020		599		024		14443		334
5217		468		019		585		023		14440		334
5317		462		019		604		024		14265		330
5417		461		019		609		024		14645		338
5517		464		019		575		023		14688		339
5817		432		018		560		022		14795		342
5917		406		017		589		023		14655		339
51017		399		017		594		024		14610		337
51117		390		016		591		023		14860		343
51217		375		016		583		023		15130		350
51517		370		015		584		023		15420		356
51617		360		015		585		023		15800		365
51717		340		014		560		022		15260		353
51817		338		014		555		022		15335		354
51917		339		014		566		022		15765		364
52217		363		015		590		023		15675		362
52317		382		016		589		023		15760		364
52417		365		015		585		023		15670		362
52517		355		015		572		023		15585		360
52617		357		015		559		022		15745		364
53017		355		015		548		022		15790		365
53117		354		015		550		022		15560		359
6117		399		017		570		023		16340		377
6217		395		016		560		022		16600		383
6517		393		016		571		023		16350		378
6617		389		016		566		022		17070		394
6717		392		016		569		023		16980		392
6817		418		017		577		023		17085		395
6917		423		018		578		023		17000		393
61217		430		018		562		022		16130		373
61317		424		018		580		023		16395		379
61417		431		018		570		023		16680		385
61517		421		017		565		022		16655		385
61617		419		017		561		022		16985		392
61917		428		018		578		023		17520		405
62017		434		018		565		022		17330		400
62117		438		018		553		022		17885		413
62217		450		019		570		023		17965		415
62317		459		019		567		022		18205		421
62617		464		019		572		023		18100		418
62717		462		019		556		022		17500		404
62817		460		019		562		022		17985		415
62917		471		020		560		022		17500		404
63017		466		019		551		022		17220		398
7317		486		020		560		022		17140		396
7517		475		020		557		022		17435		403
7617		461		019		537		021		16715		386
7717		476		020		543		022		16890		390
71017		464		019		534		021		17210		398
71117		463		019		537		021		17045		394
71217		468		019		539		021		17340		401
71317		465		019		541		021		17125		396
71417		463		019		539		021		17365		401
71717		450		019		530		021		17430		403
71817		449		019		529		021		18025		416
71917		452		019		520		021		18120		419
72017		458		019		520		021		18090		418
72117		445		018		519		021		18193		420
72417		432		018		508		020		18435		426
72517		435		018		514		020		18605		430
72617		439		018		521		021		18380		425
72717		437		018		519		021		21715		502
72817		435		018		522		021		21655		500
73117		430		018		507		020		22060		510
8117		421		017		509		020		22425		518
8217		410		017		496		020		22825		527
8317		419		017		509		020		22995		531
8417		422		017		521		021		22925		530
8717		500		021		546		022		23345		539
8817		501		021		645		026		22930		530
8917		482		020		608		024		22920		529
81017		484		020		590		023		22185		512
81117		477		020		580		023		21965		507
81417		490		020		581		023		22635		523
81517		481		020		583		023		22350		516
81617		489		020		593		024		22920		529
81717		477		020		583		023		22210		513
81817		469		019		596		024		22485		519
82117		470		019		605		024		22580		522
82217		467		019		600		024		22685		524
82317		470		019		604		024		22550		521
82417		471		020		620		025		22570		521
82517		466		019		615		024		22275		515
82817		473		020		610		024		22995		531
82917		481		020		613		024		22545		521
83017		482		020		614		024		23155		535
83117		483		020		619		025		23095		533
9117		474		020		631		025		23590		545
9517		468		019		617		024		23280		538
9617		479		020		614		024		23040		532
9717		466		019		599		024		23120		534
9817		467		019		586		023		23025		532
91117		465		019		620		025		22880		529
91217		477		020		629		025		22980		531
91317		477		020		628		025		23655		546
91417		456		019		607		024		23115		534
91517		458		019		618		025		22775		526
91817		475		020		614		024		23440		541
91917		461		019		599		024		24605		568
92017		472		020		606		024		24635		569
92117		475		020		610		024		25215		582
92217		461		019		606		024		24675		570
92517		444		018		597		024		23440		541
92617		455		019		597		024		22830		527
92717		477		020		619		025		24020		555
92817		475		020		624		025		24450		565
92917		467		019		609		024		24445		565
10217		476		020		627		025		24960		577
10317		476		020		642		025		25310		585
10417		460		019		641		025		25805		596
10517		459		019		642		025		25695		594
10617		470		019		639		025		25915		599
10917		469		019		640		025		25650		593
101017		469		019		639		025		26130		604
101117		481		020		640		025		25770		595
101217		480		020		635		025		25020		578
101317		488		020		646		026		23840		551
101617		505		021		632		025		24160		558
101717		507		021		624		025		23630		546
101817		508		021		611		024		23845		551
101917		506		021		598		024		22835		527
102017		510		021		600		024		22390		517
102317		498		021		569		023		22475		519
102417		501		021		558		022		23125		534
102517		491		020		574		023		22145		512
102617		480		020		575		023		25540		590
102717		488		020		581		023		26640		615
103017		485		020		569		023		26450		611
103117		493		020		569		023		26805		619
11117		490		020		564		022		26420		610
11217		478		020		562		022		26710		617
11317		517		021		563		022		27320		631
11617		520		022		585		023		27585		637
11717		510		021		546		022		26755		618
11817		501		021		459		018		26925		622
11917		501		021		429		017		25825		597
111017		496		021		430		017		25775		595
111317		480		020		425		017		26460		611
111417		475		020		417		017		26875		621
111517		481		020		412		016		27170		628
111617		496		021		427		017		27940		645
111717		494		020		430		017		29010		670
112017		489		020		426		017		29545		682
112117		496		021		431		017		29705		686
112217		498		021		428		017		29820		689
112417		500		021		426		017		30100		695
112717		488		020		422		017		30305		700
112817		493		020		436		017		30595		707
112917		514		021		451		018		29780		688
113017		529		022		437		017		30195		698
12117		501		021		430		017		30430		703
12417		533		022		437		017		30340		701
12517		536		022		425		017		30520		705
12617		521		022		425		017		30690		709
12717		517		021		359		014		31125		719
12817		523		022		351		014		31505		728
121117		522		022		389		015		30890		714
121217		541		022		421		017		31265		722
121317		554		023		402		016		32560		752
121417		566		023		399		016		33470		773
121517		591		024		403		016		34435		795
121817		624		026		414		016		35250		814
121917		589		024		405		016		33745		780
122017		577		024		409		016		33755		780
122117		580		024		411		016		33815		781
122217		579		024		411		016		34195		790
122617		583		024		421		017		34370		794
122717		572		024		412		016		33665		778
122817		582		024		418		017		34295		792
122917		574		024		413		016		34045		786
1218		595		025		429		017		34025		786
1318		581		024		419		017		35035		809
1418		572		024		410		016		35210		813
1518		567		023		407		016		35605		822
1818		542		022		410		016		35700		825
1918		525		022		399		016		36060		833
11018		546		023		418		017		36265		838
11118		548		023		433		017		36230		837
11218		536		022		427		017		36400		841
11618		494		020		412		016		36000		832
11718		489		020		414		016		37275		861
11818		475		020		415		016		37250		860
11918		473		020		402		016		38370		886
12218		469		019		406		016		38740		895
12318		474		020		421		017		40260		930
12418		467		019		410		016		36250		837
12518		463		019		408		016		36710		848
12618		461		019		408		016		36310		839
12918		442		018		401		016		36225		837
13018		454		019		384		015		36775		850
13118		450		019		366		015		36785		850
2118		468		019		382		015		37060		856
2218		453		019		366		015		35070		810
2518		431		018		362		014		34860		805
2618		430		018		367		015		34050		787
2718		432		018		380		015		35255		814
2818		420		017		370		015		33390		771
2918		425		018		370		015		33955		784
21218		448		019		375		015		34865		805
21318		485		020		375		015		35555		821
21418		510		021		394		016		37225		860
21518		517		021		394		016		37610		869
21618		539		022		395		016		37895		875
22018		522		022		413		016		37905		876
22118		543		022		390		015		37125		858
22218		539		022		375		015		34105		788
22318		533		022		335		013		33945		784
22618		527		022		327		013		35925		830
22718		519		021		320		013		34990		808
22818		519		021		315		012		34850		805
3118		507		021		365		014		34495		797
3218		521		022		379		015		34820		804
3518		525		022		383		015		35445		819
3618		536		022		391		016		35505		820
3718		524		022		387		015		34955		807
3818		525		022		390		015		34320		793
3918		530		022		395		016		35060		810
31218		540		022		399		016		35365		817
31318		532		022		380		015		34880		806
31418		539		022		378		015		37335		862
31518		523		022		378		015		37735		872
31618		519		021		390		015		37985		877
31918		510		021		390		015		38255		884
32018		518		021		377		015		38635		892
32118		532		022		368		015		38400		887
32218		522		022		362		014		36185		836
32318		530		022		356		014		35465		819
32618		541		022		365		014		36655		847
32718		556		023		361		014		34790		804
32818		536		022		351		014		33060		764
32918		559		023		350		014		32815		758
4218		514		021		335		013		32195		744
4318		514		021		336		013		32595		753
4418		522		022		347		014		32785		757
4518		530		022		345		014		31965		738
4618		534		022		341		014		32280		746
4918		519		021		334		013		32880		760
41018		529		022		330		013		32265		745
41118		537		022		324		013		31820		735
41218		544		023		331		013		31800		735
41318		545		023		331		013		31410		726
41618		554		023		335		013		30865		713
41718		557		023		339		013		31640		731
41818		563		023		343		014		31545		729
41918		559		023		340		013		32250		745
42018		547		023		331		013		31845		736
42318		531		022		327		013		32325		747
42418		536		022		326		013		32750		757
42518		518		021		277		011		30700		709
42618		527		022		286		011		26015		601
42718		527		022		270		011		24470		565
43018		525		022		269		011		23840		551
5118		527		022		267		011		25840		597
5218		531		022		265		011		26335		608
5318		533		022		271		011		25895		598
5418		535		022		265		011		25980		600
5718		545		023		273		011		27245		629
5818		595		025		282		011		27740		641
5918		591		024		340		013		28040		648
51018		600		025		348		014		28720		663
51118		599		025		332		013		27950		646
51418		599		025		332		013		27935		645
51518		596		025		332		013		27105		626
51618		591		024		342		014		27535		636
51718		591		024		341		014		27495		635
51818		588		024		341		014		27870		644
52118		597		025		345		014		27565		637
52218		601		025		339		013		26545		613
52318		597		025		328		013		27210		629
52418		589		024		326		013		26345		609
52518		588		024		337		013		25985		600
52918		592		025		332		013		25865		597
53018		613		025		333		013		26010		601
53118		664		027		329		013		25890		598
6118		665		028		330		013		25965		600
6418		683		028		342		014		26170		605
6518		694		029		352		014		26350		609
6618		720		030		353		014		27035		625
6718		719		030		351		014		27025		624
6818		730		030		367		015		27745		641
61118		720		030		372		015		28840		666
61218		726		030		374		015		26610		615
61318		725		030		379		015		24545		567
61418		720		030		382		015		24825		573
61518		740		031		391		016		25440		588
61818		752		031		398		016		25775		595
61918		739		031		400		016		25935		599
62018		762		032		399		016		26645		616
62118		758		031		397		016		25785		596
62218		750		031		392		016		25715		594
62518		721		030		385		015		24675		570
62618		732		030		391		016		22680		524
62718		708		029		378		015		21060		486
62818		710		029		376		015		21015		485
62918		700		029		379		015		21380		494
7218		707		029		375		015		21415		495
7318		714		030		374		015		21590		499
7518		715		030		397		016		21960		507
7618		715		030		412		016		22050		509
7918		730		030		444		018		22675		524
71018		731		030		446		018		22255		514
71118		740		031		446		018		23875		552
71218		720		030		446		018		24650		569
71318		724		030		446		018		23200		536
71618		733		030		445		018		23623		546
71718		749		031		436		017		23900		552
71818		800		033		440		017		24945		576
71918		769		032		434		017		24830		574
72018		761		032		430		017		24755		572
72318		733		030		448		018		24485		566
72418		736		030		436		017		24455		565
72518		716		030		427		017		24605		568
72618		707		029		427		017		25365		586
72718		691		029		404		016		23860		551
73018		676		028		394		016		22915		529
73118		684		028		412		016		23880		552
8118		683		028		393		016		23830		550
8218		680		028		392		016		25035		578
8318		671		028		393		016		24410		564
8618		679		028		396		016		24415		564
8718		839		035		409		016		24110		557
8818		895		037		368		015		24425		564
8918		849		035		368		015		24815		573
81018		862		036		369		015		24580		568
81318		881		036		376		015		23710		548
81418		892		037		381		015		23890		552
81518		861		036		381		015		23245		537
81618		893		037		383		015		22690		524
81718		900		037		379		015		23025		532
82018		903		037		386		015		22920		529
82118		859		036		390		015		23350		539
82218		876		036		391		016		23800		550
82318		878		036		390		015		23395		540
82418		869		036		384		015		24020		555
82718		839		035		391		016		24360		563
82818		843		035		383		015		24425		564
82918		824		034		367		015		24520		566
83018		831		034		363		014		24935		576
83118		822		034		361		014		25335		585
9418		813		034		372		015		25755		595
9518		814		034		373		015		25355		586
9618		823		034		364		014		24885		575
9718		810		034		360		014		24865		574
91018		814		034		347		014		24835		574
91118		809		033		339		013		24290		561

Date		30 Year Fixed Rate		15 Year Fixed Rate		10 Year Breakeven Inflation Microsoft Office User What market participants expect inflation to be over the next ten years on average
2008-09-11		593		554		196
2008-09-18		578		535		171
2008-09-25		609		577		186
2008-10-02		610		578		159
2008-10-09		594		563		120
2008-10-16		646		614		099
2008-10-23		604		572		108
2008-10-30		646		619		083
2008-11-06		620		588		092
2008-11-13		614		581		095
2008-11-20		604		573		055
2008-11-26		597		574		023
2008-12-04		553		533		044
2008-12-11		547		520		031
2008-12-18		519		492		020
2008-12-24		514		491		015
2008-12-31		510		483		011
2009-01-08		501		462		034
2009-01-15		496		465		053
2009-01-22		512		480		059
2009-01-29		510		480		085
2009-02-05		525		492		112
2009-02-12		516		481		123
2009-02-19		504		468		114
2009-02-26		507		468		102
2009-03-05		515		472		091
2009-03-12		503		464		088
2009-03-19		498		461		115
2009-03-26		485		458		133
2009-04-02		478		452		133
2009-04-09		487		454		135
2009-04-16		482		448		129
2009-04-23		480		448		130
2009-04-30		478		448		150
2009-05-07		484		451		145
2009-05-14		486		452		147
2009-05-21		482		450		159
2009-05-28		491		453		180
2009-06-04		529		479		189
2009-06-11		559		506		199
2009-06-18		538		489		183
2009-06-25		542		487		181
2009-07-02		532		477		169
2009-07-09		520		469		155
2009-07-16		514		463		165
2009-07-23		520		468		186
2009-07-30		525		469		188
2009-08-06		522		463		189
2009-08-13		529		468		191
2009-08-20		512		456		174
2009-08-27		514		458		177
2009-09-03		508		454		164
2009-09-10		507		450		179
2009-09-17		504		447		180
2009-09-24		504		446		180
2009-10-01		494		436		173
2009-10-08		487		433		174
2009-10-15		492		437		191
2009-10-22		500		443		199
2009-10-29		503		446		200
2009-11-05		498		440		207
2009-11-12		491		436		218
2009-11-19		483		432		213
2009-11-25		478		429		214
2009-12-03		471		427		211
2009-12-10		481		432		211
2009-12-17		494		438		221
2009-12-24		505		445		230
2009-12-31		514		454		236
2010-01-07		509		450		238
2010-01-14		506		445		238
2010-01-21		499		440		236
2010-01-28		498		439		232
2010-02-04		501		440		238
2010-02-11		497		434		228
2010-02-18		493		433		227
2010-02-25		505		440		220
2010-03-04		497		433		216
2010-03-11		495		432		223
2010-03-18		496		433		225
2010-03-25		499		434		222
2010-04-01		508		439		224
2010-04-08		521		452		231
2010-04-15		507		440		235
2010-04-22		507		439		234
2010-04-29		506		439		239
2010-05-06		500		436		231
2010-05-13		493		430		224
2010-05-20		484		424		208
2010-05-27		478		421		190
2010-06-03		479		420		200
2010-06-10		472		417		193
2010-06-17		475		420		198
2010-06-24		469		413		197
2010-07-01		458		404		184
2010-07-08		457		407		173
2010-07-15		457		406		183
2010-07-22		456		403		171
2010-07-29		454		400		180
2010-08-05		449		395		185
2010-08-12		444		392		179
2010-08-19		442		390		162
2010-08-26		436		386		154
2010-09-02		432		383		156
2010-09-09		435		383		165
2010-09-16		437		382		178
2010-09-23		437		382		179
2010-09-30		432		375		178
2010-10-07		427		372		184
2010-10-14		419		362		201
2010-10-21		421		364		206
2010-10-28		423		366		213
2010-11-04		424		363		214
2010-11-11		417		357		211
2010-11-18		439		376		204
2010-11-24		440		377		211
2010-12-02		446		381		212
2010-12-09		461		396		218
2010-12-16		483		417		224
2010-12-23		481		415		230
2010-12-30		486		420		231
2011-01-06		477		413		236
2011-01-13		471		408		238
2011-01-20		474		405		235
2011-01-27		480		409		226
2011-02-03		481		408		234
2011-02-10		505		429		234
2011-02-17		500		427		227
2011-02-24		495		422		237
2011-03-03		487		415		243
2011-03-10		488		415		250
2011-03-17		476		397		241
2011-03-24		481		404		242
2011-03-31		486		409		246
2011-04-07		487		410		256
2011-04-14		491		413		262
2011-04-21		480		402		261
2011-04-28		478		397		258
2011-05-05		471		389		254
2011-05-12		463		382		246
2011-05-19		461		380		233
2011-05-26		460		378		231
2011-06-02		455		374		225
2011-06-09		449		368		223
2011-06-16		450		367		222
2011-06-23		450		369		220
2011-06-30		451		369		233
2011-07-07		460		375		241
2011-07-14		451		365		232
2011-07-21		452		366		235
2011-07-28		455		366		243
2011-08-04		439		354		235
2011-08-11		432		350		225
2011-08-18		415		336		216
2011-08-25		422		344		206
2011-09-01		422		339		206
2011-09-08		412		333		198
2011-09-15		409		330		194
2011-09-22		409		329		186
2011-09-29		401		328		182
2011-10-06		394		326		178
2011-10-13		412		337		195
2011-10-20		411		338		196
2011-10-27		410		338		206
2011-11-03		400		331		210
2011-11-10		399		330		210
2011-11-17		400		331		198
2011-11-23		398		330		191
2011-12-01		400		330		199
2011-12-08		399		327		204
2011-12-15		394		321		199
2011-12-22		391		321		200
2011-12-29		395		324		202
2012-01-05		391		323		204
2012-01-12		389		316		207
2012-01-19		388		317		204
2012-01-26		398		324		209
2012-02-02		387		314		213
2012-02-09		387		316		220
2012-02-16		387		316		220
2012-02-23		395		319		227
2012-03-01		390		317		226
2012-03-08		388		313		221
2012-03-15		392		316		233
2012-03-22		408		330		240
2012-03-29		399		323		233
2012-04-05		398		321		232
2012-04-12		388		311		226
2012-04-19		390		313		225
2012-04-26		388		312		224
2012-05-03		384		307		225
2012-05-10		383		305		217
2012-05-17		379		304		210
2012-05-24		378		304		214
2012-05-31		375		297		210
2012-06-07		367		294		212
2012-06-14		371		298		213
2012-06-21		366		295		214
2012-06-28		366		294		210
2012-07-05		362		289		213
2012-07-12		356		286		210
2012-07-19		353		283		212
2012-07-26		349		280		213
2012-08-02		355		283		220
2012-08-09		359		284		228
2012-08-16		362		288		225
2012-08-23		366		289		226
2012-08-30		359		286		229
2012-09-06		355		286		228
2012-09-13		355		285		239
2012-09-20		349		277		256
2012-09-27		340		273		245
2012-10-04		336		269		247
2012-10-11		339		270		253
2012-10-18		337		266		248
2012-10-25		341		272		250
2012-11-01		339		270		249
2012-11-08		340		269		248
2012-11-15		334		265		241
2012-11-21		331		263		240
2012-11-29		332		264		239
2012-12-06		334		267		244
2012-12-13		332		266		250
2012-12-20		337		265		249
2012-12-27		335		265		248
2013-01-03		334		264		246
2013-01-10		340		266		251
2013-01-17		338		266		252
2013-01-24		342		271		252
2013-01-31		353		281		256
2013-02-07		353		277		258
2013-02-14		353		277		257
2013-02-21		356		277		254
2013-02-28		351		276		252
2013-03-07		352		276		255
2013-03-14		363		279		256
2013-03-21		354		272		254
2013-03-28		357		276		252
2013-04-04		354		274		250
2013-04-11		343		265		245
2013-04-18		341		264		238
2013-04-25		340		261		237
2013-05-02		335		256		233
2013-05-09		342		261		231
2013-05-16		351		269		232
2013-05-23		359		277		227
2013-05-30		381		298		224
2013-06-06		391		303		218
2013-06-13		398		310		208
2013-06-20		393		304		203
2013-06-27		446		350		195
2013-07-03		429		339		202
2013-07-11		451		353		206
2013-07-18		437		341		212
2013-07-25		431		339		219
2013-08-01		439		343		219
2013-08-08		440		343		225
2013-08-15		440		344		222
2013-08-22		458		360		214
2013-08-29		451		354		214
2013-09-05		457		359		208
2013-09-12		457		359		209
2013-09-19		450		354		216
2013-09-26		432		337		221
2013-10-03		422		329		219
2013-10-10		423		331		220
2013-10-17		428		333		219
2013-10-24		413		324		217
2013-10-31		410		320		218
2013-11-07		416		327		216
2013-11-14		435		335		218
2013-11-21		422		327		218
2013-11-27		429		330		218
2013-12-05		446		347		214
2013-12-12		442		343		213
2013-12-19		447		351		217
2013-12-26		448		352		218
2014-01-02		453		355		224
2014-01-09		451		356		228
2014-01-16		441		345		227
2014-01-23		439		344		223
2014-01-30		432		340		214
2014-02-06		423		333		214
2014-02-13		428		333		219
2014-02-20		433		335		214
2014-02-27		437		339		215
2014-03-06		428		332		218
2014-03-13		437		338		220
2014-03-20		432		332		216
2014-03-27		440		342		214
2014-04-03		441		347		214
2014-04-10		434		338		213
2014-04-17		427		333		216
2014-04-24		433		339		221
2014-05-01		429		338		219
2014-05-08		421		332		218
2014-05-15		420		329		218
2014-05-22		414		325		218
2014-05-29		412		321		222
2014-06-05		414		323		220
2014-06-12		420		331		221
2014-06-19		417		330		222
2014-06-26		414		322		228
2014-07-03		412		322		227
2014-07-10		415		324		228
2014-07-17		413		323		225
2014-07-24		413		326		224
2014-07-31		412		323		228
2014-08-07		414		327		225
2014-08-14		412		324		224
2014-08-21		410		323		217
2014-08-28		410		325		214
2014-09-04		410		324		215
2014-09-11		412		326		212
2014-09-18		423		337		209
2014-09-25		420		336		202
2014-10-02		419		336		196
2014-10-09		412		330		194
2014-10-16		397		318		191
2014-10-23		392		308		191
2014-10-30		398		313		190
2014-11-06		402		321		193
2014-11-13		401		320		192
2014-11-20		399		317		185
2014-11-26		397		317		185
2014-12-04		389		310		178
2014-12-11		393		320		172
2014-12-18		380		309		164
2014-12-24		383		310		169
2014-12-31		387		315		166
2015-01-08		373		305		162
2015-01-15		366		298		158
2015-01-22		363		293		160
2015-01-29		366		298		162
2015-02-05		359		292		168
2015-02-12		369		299		169
2015-02-19		376		305		171
2015-02-26		380		307		174
2015-03-05		375		303		185
2015-03-12		386		310		175
2015-03-19		378		306		169
2015-03-26		369		297		178
2015-04-02		370		298		177
2015-04-09		366		293		184
2015-04-16		367		294		182
2015-04-23		365		292		188
2015-04-30		368		294		191
2015-05-07		380		302		192
2015-05-14		385		307		187
2015-05-21		384		305		185
2015-05-28		387		311		182
2015-06-04		387		308		181
2015-06-11		404		325		185
2015-06-18		400		323		187
2015-06-25		402		321		190
2015-07-02		408		324		189
2015-07-09		404		320		186
2015-07-16		409		325		185
2015-07-23		404		321		181
2015-07-30		398		317		176
2015-08-06		391		313		170
2015-08-13		394		317		165
2015-08-20		393		315		158
2015-08-27		384		306		153
2015-09-03		389		309		158
2015-09-10		390		310		155
2015-09-17		391		311		157
2015-09-24		386		308		152
2015-10-01		385		307		142
2015-10-08		376		299		153
2015-10-15		382		303		151
2015-10-22		379		298		147
2015-10-29		376		298		149
2015-11-05		387		309		156
2015-11-12		398		320		157
2015-11-19		397		318		154
2015-11-25		395		318		161
2015-12-03		393		316		159
2015-12-10		395		319		155
2015-12-17		397		322		146
2015-12-24		396		322		148
2015-12-31		401		324		153
2016-01-07		397		326		154
2016-01-14		392		319		144
2016-01-21		381		310		134
2016-01-28		379		307		137
2016-02-04		372		301		138
2016-02-11		365		295		123
2016-02-18		365		295		126
2016-02-25		362		293		133
2016-03-03		364		294		147
2016-03-10		368		296		149
2016-03-17		373		299		154
2016-03-24		371		296		161
2016-03-31		371		298		161
2016-04-07		359		288		160
2016-04-14		358		286		157
2016-04-21		359		285		160
2016-04-28		366		289		167
2016-05-05		361		286		166
2016-05-12		357		281		160
2016-05-19		358		281		159
2016-05-26		364		289		156
2016-06-02		366		292		155
2016-06-09		360		287		156
2016-06-16		354		281		147
2016-06-23		356		283		144
2016-06-30		348		278		139
2016-07-07		341		274		142
2016-07-14		342		272		144
2016-07-21		345		275		148
2016-07-28		348		278		150
2016-08-04		343		274		146
2016-08-11		345		276		148
2016-08-18		343		274		145
2016-08-25		343		274		148
2016-09-01		346		277		146
2016-09-08		344		276		150
2016-09-15		350		277		150
2016-09-22		348		276		151
2016-09-29		342		272		155
2016-10-06		342		272		162
2016-10-13		347		276		164
2016-10-20		352		279		167
2016-10-27		347		278		169
2016-11-03		354		284		171
2016-11-10		357		288		176
2016-11-17		394		314		184
2016-11-23		403		325		191
2016-12-01		408		334		190
2016-12-08		413		336		193
2016-12-15		416		337		195
2016-12-22		430		352		190
2016-12-29		432		355		196
2017-01-05		420		344		197
2017-01-12		412		337		197
2017-01-19		409		334		200
2017-01-26		419		340		206
2017-02-02		419		341		206
2017-02-09		417		339		200
2017-02-16		415		335		202
2017-02-23		416		337		203
2017-03-02		410		332		201
2017-03-09		421		342		202
2017-03-16		430		350		201
2017-03-23		423		344		198
2017-03-30		414		339		197
2017-04-06		410		336		196
2017-04-13		408		334		192
2017-04-20		397		323		186
2017-04-27		403		327		189
2017-05-04		402		327		189
2017-05-11		405		329		186
2017-05-18		402		327		181
2017-05-25		395		319		182
2017-06-01		394		319		181
2017-06-08		389		316		178
2017-06-15		391		318		173
2017-06-22		390		317		167
2017-06-29		388		317		171
2017-07-06		396		322		175
2017-07-13		403		329		175
2017-07-20		396		323		176
2017-07-27		392		320		180
2017-08-03		393		318		180
2017-08-10		390		318		181
2017-08-17		389		316		178
2017-08-24		386		316		176
2017-08-31		382		312		175
2017-09-07		378		308		178
2017-09-14		378		308		184
2017-09-21		383		313		185
2017-09-28		383		313		185
2017-10-05		385		315		184
2017-10-12		391		321		188
2017-10-19		388		319		184
2017-10-26		394		325		187
2017-11-02		394		327		188
2017-11-09		390		324		187
2017-11-16		395		331		186
2017-11-22		392		332		185
2017-11-30		390		330		184
2017-12-07		394		336		186
2017-12-14		393		336		188
2017-12-21		394		338		191
2017-12-28		399		344		195
2018-01-04		395		338		199
2018-01-11		399		344		202
2018-01-18		404		349		203
2018-01-25		415		362		206
2018-02-01		422		368		210
2018-02-08		432		377		211
2018-02-15		438		384		207
2018-02-22		440		385		211
2018-03-01		443		390		212
2018-03-08		446		394		212
2018-03-15		444		390		209
2018-03-22		445		391		208
2018-03-29		444		390		206
2018-04-05		440		387		207
2018-04-12		442		387		209
2018-04-19		447		394		214
2018-04-26		458		402		217
2018-05-03		455		403		217
2018-05-10		455		401		217
2018-05-17		461		408		216
2018-05-24		466		415		214
2018-05-31		456		406		207
2018-06-07		454		401		212
2018-06-14		462		407		212
2018-06-21		457		404		212
2018-06-28		455		404		211
2018-07-05		452		399		213
2018-07-12		453		402		212
2018-07-19		452		400		210
2018-07-26		454		402		211
2018-08-02		460		408		212
2018-08-09		459		405		212
2018-08-16		453		401		209
2018-08-23		451		398		208
2018-08-30		452		397		211
2018-09-06		454		399		209

		Acquisition Effects
			Three Months Ended June 30th			Six Months Ended June 30th
			2017		2018		2017		2018
		Pro Forma Revenue		$ 158737		$ 185820		296935		369201
		Pro Forma Net Income		$ 7758		$ 45188		14966		80956
		Revenue Breakdown
					Six Months Ended June 30th
					2017		2018
		Mortgage Products				$ 134453		$ 140410
		Non-Mortgage Products
		Credit Cards				$ 70765		$ 84879
		Personal Loans				$ 37535		$ 61175
		Other				$ 42535		$ 76672
		Total Non-Mortgage Products				$ 150835		$ 222726
			2013A		2014A		2015A		2016A		2017A		MRQ2018
		Mortgage		$ 123091		$ 134137		$ 165272		$ 219991		$ 275910		$ 66948
		Non-Mortgage		$ 16149		$ 33213		$ 88944		$ 164411		$ 341826		$ 117153
							Visible Revenue Opportunity (in millions)
		Category		2017 TTM		Current Market Share		Visible Market Share		Estimate Take Rate		Low		Mid		High
		Mortgage		$ 264		180		4-8		088		$ 600		$ 900		$ 1200
		Credit Cards		$ 126		060		2-4		$275		$ 470		$ 705		$ 940
		Personal Loans		$ 78		2		5-10		250		$ 250		$ 375		$ 500
		Home Equity		$ 40		230		4-6		080		$ 80		$ 100		$ 120
		Other Businesses		$ 50					$ 100		$ 150		$ 200
		Total Revenue		$ 558					$ 1500		$ 2230		$ 2960

LendingTree Inc

Weighted Average Cost of Capital

($ in thousands fiscal year ending December 31)

Debt

Equity

WACC =

After-Tax Cost of Debt

x

of Debt in the Capital Structure

+

Cost of Equity

x

of Equity in the Capital Structure

( rd x (1 - t) x DD + E )

+

(re x ED + E)

Capital Structure

Cost of Debt

Current Portion of Debt

0

Name

Maturity Date

Amount (mm)

Price

Coupon

YTM

Weight

YTM (weighted)

Non - Current Portion of Debt

244

Total Debt (in mm)

$ 24400

Total Amount

$ - 0

5300

Current Share Price

$24060

Shares Outstanding (mm)

13

Total Equity

$ 3084

Cost of Equity

WACC Formula

CAPM (re) = rf + βL x (rm - rf)

Weights x Costs

Capital Weights

Risk-free rate

240 Microsoft Office User Historical Avg Nominal 10 YR US Note

t = Effective Tax Rate

21

Debt-to-Total Capitalization

7

Market Risk Premium

710

Equity-to-Total Capitalization

93

Adjusted Beta

134

WACC

113

Is this the target Capital Structure

Yes Microsoft Office User See Historical Capitlization

Microsoft Office User Historical Avg Nominal 10 YR US Note

Cost of Equity

1191

Peer Comparable Weights

Mean

-

Median

-

29

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

Trading Multiples

Market

Net

Enterprise

EV Revenue

EV EBITDA

PriceEarnings

Company

Ticker

Capitalization

Debt

Value

2017A

2018E

2019E

2017A

2018E

2019E

LTM

2019E

On Deck Capital Inc

NYSEONDK

$577

$681

$1259

64x

33x

29x

ERRORVALUE

371x

280x

1267x

155x

LendingClub Corporation

NYSELC

1431

(85)

1346

23x

19x

17x

ERRORVALUE

156x

101x

-

178x

GreenSky Inc

NasdaqGSKY

1152

151

1303

40x

30x

22x

87x

67x

50x

239x

220x

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$3084

($49)

$3035

49x

40x

33x

356x

201x

159x

452x

326x

Low

$577

($85)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

239x

155x

Mean

1053

249

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

184x

Median

1152

151

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

178x

High

$1431

$681

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

1267x

220x

Operating Statistics

Revenue

Revenue Growth

EBITDA

EBITDA Growth

Company

Ticker

2017A

2018E

2019E

17-18

18-19

2017A

2018E

2019E

17-18

18-19

On Deck Capital Inc

NYSEONDK

$197

$384

$431

948

120

NA

$34

$45

ERRORVALUE

327

LendingClub Corporation

NYSELC

$575

$693

$809

206

168

NA

$86

$133

ERRORVALUE

547

GreenSky Inc

NasdaqGSKY

$326

$438

$586

343

339

$150

$196

$263

308

344

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$618

$755

$916

223

212

$85

$151

$191

775

261

Low

$197

$384

$431

ERRORVALUE

ERRORVALUE

$150

$34

$45

ERRORVALUE

ERRORVALUE

Mean

366

505

609

ERRORVALUE

ERRORVALUE

150

105

147

ERRORVALUE

ERRORVALUE

Median

326

438

586

ERRORVALUE

ERRORVALUE

150

86

133

ERRORVALUE

ERRORVALUE

High

$575

$693

$809

ERRORVALUE

ERRORVALUE

$150

$196

$263

ERRORVALUE

ERRORVALUE

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 1057000		$ 1426950		$ 1890709		$ 2410654		$ 3013317		259
	Revenue Growth					512		607			222		400		350		325		275		250
	Operating Expenses				225702		332290		584603			679500		951300		1284255		1701638		2169588		2711985				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 105700		$ 142695		$ 189071		$ 241065		$ 301332		259
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 68705		$ 92752		$ 122896		$ 168746		$ 210932		275
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		14428		19478		25808		35437		44296
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 54277		$ 73274		$ 97088		$ 133309		$ 166636		275
	Plus Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	Less Capital Expenditures				7200		31955		8000			22650		31710		42809		56721		72320		90400
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		26425		35674		47268		60266		75333
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 33137		$ 44735		$ 59274		$ 73043		$ 91304
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 28203		$ 34194		$ 40689		$ 45031		$ 50553
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 221100				Enterprise Value				$ 4648193
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 301332				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 8437288
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4697014
			Present Value of Terminal Value				$ 4427093
			of Enterprise Value				952				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4648193				Implied Share Price				$ 33201
					Implied Share Price
					Exit Multiple
					euro 332		200x		225x		280x		315x		350x
					95		26714		29804		36600		40924		45249
					100		26022		29028		35641		39849		44057
					115		24070		26842		32938		36818		40698
					120		23459		26157		32092		35869		39646
					130		22293		24850		30477		34058		37639

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 830500		$ 975838		$ 1219797		$ 1555241		$ 2021813		178
	Revenue Growth					512		607			222		100		175		250		275		300
	Operating Expenses				225702		332290		584603			679500		747450		878254		1097817		1399717		1819632				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 83050		$ 97584		$ 121980		$ 155524		$ 202181		178
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 53983		$ 63429		$ 79287		$ 108867		$ 141527		193
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		11336		13320		16650		22862		29721
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 42646		$ 50109		$ 62637		$ 86005		$ 111806		193
	Plus Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	Less Capital Expenditures				7200		31955		8000			22650		24915		29275		36594		46657		60654
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		20763		24396		30495		38881		50545
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 26036		$ 30593		$ 38241		$ 47124		$ 61261
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 22159		$ 23384		$ 26251		$ 29052		$ 33919
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 157195				Enterprise Value				$ 2809338
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 202181				Less Noncontrolling Interest
			Exit Multiple				250x				Plus Cash and ST Investments				293301
			Terminal Value				$ 5054533
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 2858159
			Present Value of Terminal Value				$ 2652142
			of Enterprise Value				944				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 2809338				Implied Share Price				$ 20203
					Implied Share Price
					Exit Multiple
					euro 202		200x		225x		280x		315x		350x
					95		18100		20173		24733		27635		30536
					100		17636		19653		24090		26913		29737
					115		16326		18186		22276		24879		27483
					120		15916		17726		21709		24243		26777
					130		15133		16850		20625		23028		25430

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 981500		$ 1275950		$ 1658735		$ 2114887		$ 2643609		232
	Revenue Growth					512		607			222		300		300		300		275		250
	Operating Expenses				225702		332290		584603			679500		883350		1148355		1492862		1903398		2379248				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 98150		$ 127595		$ 165874		$ 211489		$ 264361		232
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 63798		$ 82937		$ 107818		$ 148042		$ 185053		248
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		13397		17417		22642		31089		38861
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 50400		$ 65520		$ 85176		$ 116953		$ 146192		248
	Plus Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	Less Capital Expenditures				7200		31955		8000			22650		29445		38279		49762		63447		79308
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		24538		31899		41468		52872		66090
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 30770		$ 40001		$ 52001		$ 64081		$ 80101
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 26188		$ 30575		$ 35697		$ 39506		$ 44350
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 198748				Enterprise Value				$ 4082674
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 264361				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 7402105
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4131495
			Present Value of Terminal Value				$ 3883926
			of Enterprise Value				951				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4082674				Implied Share Price				$ 29204
					Implied Share Price
					Exit Multiple
					euro 292		200x		225x		280x		315x		350x
					95		23513		26224		32186		35980		39774
					100		22906		25543		31344		35036		38728
					115		21193		23624		28973		32377		35781
					120		20657		23024		28231		31544		34858
					130		19633		21877		26814		29955		33096

	Stock Data
	Current Price			$241
	52 Week Price Range			20545 - 40440
	200-Day Moving Average			27761
	Beta			134
	Market Cap (mil)			$3080
	Shares Outstanding (mil)			13
	Average Vol (3 month) mil			023
	Insider Ownership			4080
	Shares Short of Float			3772
	LTM PE			4516
	Forward PE			3256
	EVEBITDA			3688

	Company Name		Market Cap (Mil)		Net Income (Mil)		PS		PB		PE		IndustryBusiness Segments
	BlackRock Inc (BLK)		48746		3371		44		18		148
						Potential Comps
	Morgningstar List of Competitors						Franklin Resources
	httpfinancialsmorningstarcomcompetitorsindustry-peeractiont=BLK						Invesco
						T Rowe Price
	httpsenwikipediaorgwikiBlackRock						State Street
	httpwwwwikinvestcomstockBlackRock_(BLK)						Fidelity
						Eaton Vance - primarily active
						wisdom tree (WETF)
						Legg Mason
	Company Name		PE		PBV		EVEBITDA		Market CapAUM
	Invesco		91		14		1194
	T Rowe Price		133		34		831
	AMG		91		24		1213
	Eaton Vance
	wisdom tree		105		57		1428
	Legg Mason		118		07		784
	BlackRock Inc		131		17		1123
	Mean		1076		255		109		ERRORDIV0
	Median		105		24		1194		ERRORNUM
	Implied share price		2090489130435		406656		3510872705797
			median NTM EBITDA - net debt - preferred shares
		BLK Key Statistics
		Total Cash		56730
		Total Debt		57000
		Net Debt		270
	1311887		Preferred shares		6374
	823188		Enterprise Value		527794
	637447992		Equity Value		52114981
		Share Price		2986
		Net Income (LTM)		32970
		Shares outstanding		1656

Industry Overview

4Source IBIS World FRED

Competitive Landscape

bull LendingTree is one of the only public companies that acts exclusively as an exchange lender

bull Most of the firms in the space are private aggregators or lenders

bull Barriers to entry include assets the company purchases on goodwill proprietary technology customer lists and trademarked names

Market Forces

bull A number of factors influence lending markets across mortgages personal loans auto loans etc including

bull Aggregate Household Debtbull GDP Growthbull Federal Monetary Policybull Prime Ratebull Inflation

Fixed Rate and Inflation Behavior is Steady

000

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30 Year Fixed Rate 15 Year Fixed Rate

10 Year Breakeven Inflation

Fintech Comps Description

Direct Private Competitors

Offering comparable services to LendingTree

Private Peer-to-PeerLenders

Assume moreof the consumer risk by taking on loans (underwritingloan loss provisions)

Product Diversification

5Source Company 10-K

Home Refinance

Home Purchase

Personal Loans

Home Equity Loans Auto Loans Business

Loans

Credit Cards Student Loans StudentRefinance

Moving Away From Mortgage

0

20

40

60

80

100

2013A 2014A 2015A 2016A 2017A MRQ2018

Mortgage Non-Mortgage

1

Product Categories

bull Over a few short years TREE has acquired a number of leading media and comparison properties

bull The strategy is similar to that of two major TREE shareholders Barry Diller and John Malone (27)

bull Mortgage purchases and refinancing used to compose the majority of revenue now it is only a third of sales

bull Although the movement changes the risk profile of the company it should dampen revenue declines during the next economic downturn as smaller ticket purchases recover quicker

bull Additional categories include auto and home insurance as well as commercial loans

bull CEO Douglas Lebda expressed a continued push into small business loans for continued diversification as well

bull Ultimately the company is positioning itself to provide a full service financial experience for customers

Product Diversification

6Source Company 10-K

Iron Horse HoldingsCredit Card Comparison

November 16th 2016

$104 million

Deposits Online

Media facing in the depository

industry

June 14th 2017

Camino Del Avion

Consumer Facing Media Company

June 20th 2017

SMB Online Lender

September 19th 2017

Credit Repair

Company

June 11th

2018

PersonalFinance Website

July 23rd

2018

$60 million

1

Market Opportunity

7Source 2017 Company Investor Presentation TechCrunch

2

Total Addressable

Market

Est $13B

Est $500M

$264mTTM

Total Addressable

Market

Est $33B

Est $500M

$78mTTM

Total Addressable

Market

Est $10B

Est $1B

$126mTTM

bull LendingTreersquos positioning in its core markets across mortgage credit and personal loan is growing and the company is taking share there still remains plenty of opportunity to expand into its total addressable markets

Mortgage Credit Cards Personal Loans

Visible revenue opportunity in core markets served today not inclusive of acquisitions or new verticals Digital ad spend in financials expected to hit 20 CAGR between 2014 and 2020

tripling LendingTreersquos core market

Comparables (BLK)

Stock Data

DCF (Base)

WACC

DCF (Downside)

WACC

DCF (Upside)

WACC

Comparables

_CIQHiddenCacheSheet

WACC

Key Stats

Acquisition Effects (in millions)

Pro Forma Revenue

2017201820172018Three Months Ended June 30thSix Months Ended June 30th158737185820296935369201Pro Forma Net Income

2017201820172018Three Months Ended June 30thSix Months Ended June 30th7758451881496680956

2018

Mortgage ProductsNon-Mortgage ProductsCredit CardsPersonal LoansOther140410848796117576672

Mortgage2013A2014A2015A2016A2017AMRQ201812309113413716527221999127591066948Non-Mortgage2013A2014A2015A2016A2017AMRQ2018161493321388944164411341826117153

FRED Data

Fixed Rate and Inflation Behavior is Steady

30 Year Fixed Rate3970239709397163972339730397373974439751397583976539772397783978639793398003980639813398213982839835398423984939856398633987039877398843989139898399053991239919399263993339940399473995439961399683997539982399893999640003400104001740024400314003840045400524005940066400734008040087400944010140108401154012240129401364014240150401574016440171401784018540192401994020640213402204022740234402414024840255402624026940276402834029040297403044031140318403254033240339403464035340360403674037440381403884039540402404094041640423404304043740444404514045840465404724047940486404934050040506405144052140528405354054240549405564056340570405774058440591405984060540612406194062640633406404064740654406614066840675406824068940696407034071040717407244073140738407454075240759407664077340780407874079440801408084081540822408294083640843408504085740864408704087840885408924089940906409134092040927409344094140948409554096240969409764098340990409974100441011410184102541032410394104641053410604106741074410814108841095411024110941116411234113041137411444115141158411654117241179411864119341200412074121441221412284123441242412494125641263412704127741284412914129841305413124131941326413334134041347413544136141368413754138241389413964140341410414174142441431414384144541452414584146641473414804148741494415014150841515415224152941536415434155041557415644157141578415854159241599416054161341620416274163441641416484165541662416694167641683416904169741704417114171841725417324173941746417534176041767417744178141788417954180241809418164182341830418374184441851418584186541872418794188641893419004190741914419214192841935419424194941956419634196941977419844199141997420044201242019420264203342040420474205442061420684207542082420894209642103421104211742124421314213842145421524215942166421734218042187421944220142208422154222242229422364224342250422574226442271422784228542292422994230642313423204232742333423414234842355423624236942376423834239042397424044241142418424254243242439424464245342460424674247442481424884249542502425094251642523425304253742544425514255842565425724257942586425934260042607426144262142628426354264242649426564266342670426774268442691426974270542712427194272642733427404274742754427614276842775427824278942796428034281042817428244283142838428454285242859428664287342880428874289442901429084291542922429294293642943429504295742964429714297842985429924299943006430134302043027430344304143048430554306143069430764308343090430974310443111431184312543132431394314643153431604316743174431814318843195432024320943216432234323043237432444325143258432654327243279432864329343300433074331443321433284333543342433495935786096159464660464662614604597553547519514509999999999999965014965125099999999999999652551650450751550349800000000000004484999999999999964784874824847848448600000000000003482491529559538542532525145252552252951251450850750450449400000000000004487492550349800000000000004491483478471480999999999999964940000000000000450551450950599999999999996499498000000000000045014974935054974954964995085215075075059999999999999654934844784794724754690000000000000445845745745599999999999996454449444000000000000044424360000000000000343243499999999999996437437432426999999999999964190000000000000442142300000000000004424417438999999999999974400000000000000444646100000000000003483480999999999999964860000000000000347699999999999996471474484809999999999999650554954874884764809999999999999648600000000000003487491484784714634610000000000000345999999999999996455449454545145999999999999996451451999999999999964554389999999999999743241500000000000004422422412409409401394412411000000000000034099999999999999643994398439939439139539138938839838738738739539388392408399398388393883843833793783753673713663663623563533493553593623663593553553493433633933734133934334331332334332337335334343383423533533533563513523633543573543433413433534235135938139139839344642945143743099999999999996438999999999999974400000000000000444000000000000004458451457457454324224230000000000000442841340999999999999996416434999999999999964224294464424474480000000000000445345144143899999999999997432423000000000000044284334374284374324400000000000000444143442699999999999996433429421424139999999999999741241399999999999997424174139999999999999741241500000000000004413413412413999999999999974124099999999999999640999999999999996409999999999999964124230000000000000442419000000000000044123973923984019999999999999640139939738939338383387373366363366359369376383753863783693736636736536838385384387387404440199999999999996408404409404398391394393384389393913863853763823793763873983973953933953973964013973923813793723653653623643683733713713593583593663613573583643663635435634834134234534834334534334334634435348342342347352347354357394403408413416434324241240941900000000000004419000000000000044174150000000000000441640999999999999996421434230000000000000441399999999999997409999999999999964083974034019999999999999640540199999999999996395394389391393883964033963923933938938638237837838338338539138839439439395392393943933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Year Fixed Rate39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334955453557757856361457261958858157357453352492491483462465000000000000044848492480999999999999964684684724639999999999999746100000000000003458451999999999999964544480000000000000444800000000000004448000000000000044514519999999999999645453479505999999999999964889999999999999748747699999999999996469000000000000044634684690000000000000446346845599999999999996458454454474464360000000000000343343744344644000000000000004436000000000000034324294269999999999999643243844545445445440000000000000044389999999999999744000000000000004434433440000000000000044334324334344389999999999999745199999999999996440000000000000044389999999999999743899999999999997436000000000000034342442142417424134044074059999999999999640343953923938638338338238237537236236436636335737637738139641741500000000000004424134084054094084294269999999999999642241500000000000004415000000000000043974044094099999999999999641340199999999999996397389382383783743683673693693753653663663543533634433933333329328326337338338331333313333327321321324323316317324314316316319317313316333233213113133123073053043042972942982952942892862832828328428828928628628527727326927266272272692652632642672662652652642662662712812772772772762762792722762742652642612562612692772983033130435339353341339343343344363543593593543373293313333243232733532733347343351352355356345344343333333353393323383323423473383333393383323293253213233313332232232432332632332732432332532432633733633633318308313321323173173132309313153052982932982922993053073033130629729829329429229430230730531130832532332132432325321317313317315306309313113083072993032982983093231831831631932232232432631931307301295295293294296299296298288286285289286281281289292287281283278274272275278274276274274277276277276272272276279278284288314325334336337352355344337334343413393353373323423534433933633432332732732932731931931631831731732232932332318318316316312308308313313315321319325327324331332333363363383443383443493623683773843853939439391393873873944019999999999999640340140841500000000000004405999999999999964014074044043994019999999999999644019999999999999640840540139839739910 Year Breakeven Inflation39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334919561711862000000000000115860000000000001119609849999999999999910820000000000001083199999999999996091600000000000004095054600000000000004023043803080201449999999999999901103420000000000000305280000000000000205908519999999999999811240000000000001123113751020910882000000000000011151999999999999913313320000000000001135200000000000011287500000000000113041496145146615917975000000000001188799999999999991994183200000000000011808000000000000116919999999999999155164599999999999991856000000000000118779999999999999189191199999999999991738177164178750000000000011802179817321742191250000000000011986199820739999999999998217499999999999982132000000000000121375000000000002211399999999999992108000000000000122122999999999999998236237523839999999999999236232399999999999982382000000000000122759999999999998226500000000000012204000000000000221560000000000001223224622182240000000000000223123479999999999999234200000000000012386000000000000123119999999999998223820819039999999999999219319819681838000000000000117275182600000000000011714180418520000000000001178816240000000000001153815640000000000001165250000000000011776179417821838000000000000120099999999999998206199999999999982125999999999999921421124999999999998204210521219999999999999217799999999999992238230399999999999982305000000000000223580000000000001238200000000000012345000000000000222559999999999998233800000000000012343999999999999922719999999999998237242799999999999992501999999999999824140000000000001242200000000000022464255626240000000000001260800000000000012582541999999999999824620000000000002233231199999999999982252499999999999922342224000000000000221982334000000000000124123199999999999998235243199999999999992351999999999999922480000000000002216400000000000012056205619775194186200000000000011821784194751964206209600000000000012101999999999999919824999999999999191250000000000011992203619921996201750000000000012042520699999999999998203750000000000012092128000000000000122022204000000000000222722559999999999998220800000000000022326000000000000124233199999999999992322000000000000122622254224400000000000022248000000000000221680000000000001209799999999999992141999999999999921025211799999999999992132000000000000121421212521019999999999999212400000000000012128000000000000121982279999999999999822480000000000002225999999999999982292279999999999999823879999999999999256400000000000012448246825274999999999999248200000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Share Price Data

Peers vs LendingTree

OnDeck 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42361977346685669993600138655575452936370984837815093647493424636326435943636499338503377454354875159338346037460243996377685368960836953943173782786468839223839010768335394663899407163439270038362900479372603370926233083787248630463187438530838333775974384730882773599443923538971505221840471238843353232400323398005927534131439174602929841499189154557889420535917751538074181104084520580240425039491221084154539197169341940425039491221083977823816636086639593437292828892402748907305407583861168633375637939015936728668592397551402227964883937398777144865740055437744157132395587886449806314011318780057316740263340026256875416377906759577154185724019733795541787939436638037420258694380718544258489298718196842977592677810295424578421700660165016169761696240850023099560565969509586511675063351801800605179018527258015078354975311850119846382352956801733499619539270019882882552968352437783501529452510292157365124740144958647850739198181122704522869024650750275162855043593092252945251029215736513051515060025135194040212657884452159851647959083524024025779070885209055088725916652136750239391315145530026668283553118501198463823520790001829752845348810294552777153349501424127945544929518481646645377685322760791953222450607012002534072514805439715318780195916374152852852324951445308385255061556254643104073848372533957007762600895261030139500343654146451509668481568376062176575215690690697835743582467055152066235699930568262172654146451509668481527373522121193795548625351152106564795551748774565646800447059357457657657711765822584661585015902495960960546062357159355510756398466598637070948554675925155788284690160360356194031963595287609256465535779625576816226155070452412324968558096559064528645458535401743234655082003116608851527489029164032625172094914019521851917300718011079534188021848278635115499928031879658997456248615014615384587309203386109955968815986861919607717264782610302623924633376170016166088792963109264423440425637214136354489916180410760443272162196810760064434596558082777591159540308164927049611226610967276336208131064723237362762764084944243645414616645539056701316685116270768249019444467107686186142615242736888427006504343869531067924900265700046156155089967067452181394037687918644307723669750520911283891702933658975891447008546708049279670501271644692283708939678703172147189882023795749372776618323478441713559683216454587222221916788591752136748622389827731577830178383579544929093441237814275795466024737795102892236016677974123400921149781127249223209847899052993784870679394780332760915777662245838248017922153016351282878644029599352523785978267822169938093093044742596881335180842338168822476275757073878246708056209101383298682760483196837722304510919368369137898610812784084082141739849831600812390833618610533411630090286047584059884876886347893593257389489486036278922930006922383762648373758180324367584800184227299988387618332464349283679831746827649849503329879803184973434396548075856086850171243978101178191240975980526680052513757865557683863301981439126785882952771309739632484778436123852249393805382272917942478213212746287531785989834003468858687918625827705987537538287421164875606327659821568575883377780472878782624190745576784130293736884018298683106983528380826977573874395805035786439459867968353061484107280434281348249463818780327586502038201662735004326580746126108890603792792802199288548098868050384199481693228420114856805728759396425088624393563770073787167936540357207877454371045175218836913355580657489246938571334304887040866550222528358743304256334481924228645778968467312994518064180364977122546151763686759905595827580272266567977474370525424566294752945263272227827573342536998325273839220747534755745668700723753737595287142636009674532221424527112735042745783258417345807176119031172557172267101597712982182652294237308847001412636372869023957749517449757277667885173562024634741876746708229459269387565257390499945270917069278884988600947073205195856525754527009655070452412324968596904569256073716083391081464748559817511207726716001385585553578962936014254192336407946121322566164772461890218027663432675827381156456456307312167645299144252734096261260839425713963605913522616936351351481835263464379765664593087636752108183134526131901267454349462855162789208538608570122232152560025410024823058597482069820234066008316008123909359805957038439432599792072076875286045276182830304160868559462495746624509123942963216242781098572855664091015382512939666204636955309856146916143522381656699004696257695573458060211179095876645602295089359540308164927049599099099119909976155001290020760759563409573494814594017066435272235699930568262172652390851873623197486486489108651294854469603731356449387848939989638494686969399700434987294733488225250727650941842208509355497589385655237930116933931451409100914550692551513038773087595694155562620575359205235407595545691823846342765520905393372479457623005598914174573573567254017915718410655615370456560406639861256564911058791613395683760621765752158593205853702806551166552294604985293370032493185455162854581592642550473544687605957830907881013918563871564706131656398703709893656556941557936208035642180511846142157322704612550135567798561612414865477015489096431555185952525157025369600176262412852413949817187575531878019591637415294525102921573653938552692572133549780537080606725404250210112030255486253511521065627165635778109956421805118461421566412546398416615759990765534979658523908558006275594941053477915195857010791013842757484407542517735574382047253821965736890742968567456109953427813508

Product Expansion

8Source Earnings Call Transcript Company Filings

3

My LendingTree

bull Customer familiarity is key as repeat customers drop promotional costs

bull Released My LendingTree which serves as a personal financial management application

bull Launched in 2014 and now has 88 million customers personal loans is prominent

bull Free credit scores credit monitoring and recommendations

bull Ability to lock in customers and accumulate data for personalized recommendations

bull Organic growth can lead to far less promotional spend due to organic customer

New Digital Experience

bull Added more services in 2017 to address consumer needs with additions in deposit accounts and savings accounts improves lifetime value

bull Concierge services and higher conversion with SnapCap

bull Deposit accounts are getting integrated with LendingTree and business credit services are developing

The new thing that we are seeing when I mentioned some of these new startup mortgage companies weve got a mortgage company on our network that literally has no loan officers 100 technology very low margins and is experiencing conversion rates right with our top lenders And I expect those types of things to proliferate I expect more and more lenders to create fully digital experiences that over time wont need humans And those are going to be perfect lenders to dial in just like Prosper and LendingClub change the way personal loans does So I expect thats going to continue to grow

- Doug Lebda Chairman amp CEO 2Q 2018 Earnings Call

Potential Risks

9Source Yahoo Finance

bull Increases in interest rates could adversely affect the ability of network lenders to close loans

bull Similarly a decrease in rates could lead to sudden increases in demand which is actually a negative The best situation for TREE is steady increases and declines in rates

bull Still somewhat dependent on mortgages for growthbull Diversification away from mortgage could change the

risk profile of the firm (ie move to credit cards)bull The decline in stock prices from competitors such as On

Deck Capital and LendingClub could misprice the broader financial technology sector

bull The intended benefits of acquisitions from the past and future may not be realized as expected

Internal and External Risk Factors Mitigants

bull Despite well publicized headwinds TREE has managed this rate environment well

bull Although mortgage purchases and home refinancing still compose over a third of revenue the stated goal of further diversification and an improved environment in 2019 should protect against mortgage headwinds

bull Thus far Tree has been insulated from the collapse in share prices from public P2P lenders like On Deck Capital and Lending Club

0

150

300

450

600

750

900

Peers vs LendingTree

ONDK LC TREE

Conclusion ndash Recommendation to Buy

10

Opportune Time to Buy at Depressed Share Price

bullCurrent prices represent a drawdown of 40 from an all time high in January 2018business fundamentals have arguably not changed that dramatically

Clear Catalysts

bullThe growth of the lending marketplace movement away from mortgage and increased user experience are all improvements for firm value

Diversification of Clubrsquos Portfolio

bullCurrently underweight financial exposure LendingTree offers a bridge between the growth of technology and lower beta financial sector

bull Upside case assumed aggressive MampA activity to continue diversifying away from mortgage products

bull Base case assumed blend or organic and inorganic growth in near term with similar long term outlook as upside

bull Downside incorporated triggering of risk factors and delaycessation of acquisitions in the short term

Valuation AssumptionsImplied Share

Pricesbull Upside 38bull Base 21bull Downside -14

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Date		OnDeck Capital		ONDK Indexed		LendingClub		LC Indexed		LendingTree Close		TREE Indexed
121914		2415		100		2521		100		4329		100
122214		2300		095		2406		095		4355		101
122314		2263		094		2308		092		4618		107
122414		2312		096		2532		100		4739		109
122614		2306		095		2574		102		4796		111
122914		2244		093		2498		099		4805		111
123014		2247		093		2583		102		4793		111
123114		2243		093		2530		100		4834		112
1215		2390		099		2493		099		4734		109
1515		2250		093		2400		095		4694		108
1615		2221		092		2289		091		4821		111
1715		2228		092		2288		091		4819		111
1815		2273		094		2316		092		4921		114
1915		2269		094		2301		091		4939		114
11215		2065		086		2101		083		4847		112
11315		1853		077		2113		084		4530		105
11415		1828		076		2106		084		4443		103
11515		1850		077		2209		088		4173		096
11615		1850		077		2209		088		4277		099
12015		1839		076		2207		088		4113		095
12115		1687		070		2017		080		4114		095
12215		1650		068		1949		077		4220		097
12315		1699		070		1908		076		4040		093
12615		1663		069		1999		079		4043		093
12715		1608		067		2059		082		4083		094
12815		1607		067		2008		080		4090		094
12915		1475		061		1944		077		4076		094
13015		1508		062		1877		074		4118		095
2215		1567		065		1926		076		4156		096
2315		1568		065		2029		080		4268		099
2415		1552		064		2006		080		4235		098
2515		1571		065		2028		080		4201		097
2615		1695		070		2043		081		4126		095
2915		1732		072		2160		086		4030		093
21015		1739		072		2126		084		4051		094
21115		1712		071		2215		088		4019		093
21215		1731		072		2147		085		4252		098
21315		1742		072		2195		087		4292		099
21715		1803		075		2250		089		4333		100
21815		1755		073		2268		090		4380		101
21915		1774		073		2204		087		4390		101
22015		1837		076		2289		091		4384		101
22315		1937		080		2376		094		4355		101
22415		1989		082		2365		094		4407		102
22515		1910		079		2051		081		4700		109
22615		1905		079		2129		084		5216		120
22715		1940		080		2037		081		5304		123
3215		1949		081		2000		079		5291		122
3315		1836		076		2003		079		5242		121
3415		1732		072		2008		080		5239		121
3515		1614		067		1986		079		5203		120
3615		1626		067		2002		079		5111		118
3915		1679		070		1984		079		5180		120
31015		1733		072		1952		077		5063		117
31115		1850		077		1955		078		5400		125
31215		1948		081		1953		077		5442		126
31315		1941		080		1907		076		5424		125
31615		2100		087		1925		076		5439		126
31715		2125		088		1920		076		5488		127
31815		2095		087		1917		076		5655		131
31915		2192		091		1992		079		5628		130
32015		2226		092		2009		080		5590		129
32315		2314		096		2082		083		5764		133
32415		2347		097		2031		081		5623		130
32515		2191		091		1973		078		5612		130
32615		2062		085		1949		077		5609		130
32715		2054		085		1955		078		5592		129
33015		2103		087		1936		077		5606		129
33115		2129		088		1965		078		5601		129
4115		2047		085		1909		076		5587		129
4215		1963		081		1926		076		5586		129
4615		2032		084		1940		077		5686		131
4715		2051		085		1916		076		5810		134
4815		2053		085		1906		076		5723		132
4915		1980		082		1840		073		5699		132
41015		1953		081		1819		072		5660		131
41315		1986		082		1804		072		5678		131
41415		2109		087		1880		075		5686		131
41515		2133		088		1939		077		5869		136
41615		2108		087		1951		077		5900		136
41715		2094		087		1922		076		5989		138
42015		2095		087		1939		077		5999		139
42115		2052		085		1935		077		5991		138
42215		2054		085		1901		075		5994		138
42315		2118		088		1883		075		6073		140
42415		2123		088		1827		072		6091		141
42715		2051		085		1805		072		6112		141
42815		2034		084		1802		071		6175		143
42915		1987		082		1767		070		6175		143
43015		1925		080		1745		069		5503		127
5115		1929		080		1787		071		5502		127
5415		2002		083		1849		073		5571		129
5515		1691		070		1758		070		5573		129
5615		1696		070		1831		073		5600		129
5715		1601		066		1730		069		5594		129
5815		1568		065		1623		064		5734		132
51115		1541		064		1684		067		5791		134
51215		1576		065		1716		068		5776		133
51315		1540		064		1705		068		5728		132
51415		1555		064		1711		068		5730		132
51515		1585		066		1721		068		5720		132
51815		1673		069		1736		069		5700		132
51915		1629		067		1762		070		5922		137
52015		1624		067		1766		070		6007		139
52115		1580		065		1790		071		5774		133
52215		1552		064		1843		073		5701		132
52615		1505		062		1846		073		5744		133
52715		1539		064		1900		075		5836		135
52815		1553		064		1900		075		5853		135
52915		1518		063		1921		076		5926		137
6115		1446		060		1908		076		5962		138
6215		1474		061		1898		075		6129		142
6315		1524		063		1933		077		6341		146
6415		1490		062		1832		073		6293		145
6515		1492		062		1872		074		6270		145
6815		1450		060		1746		069		6242		144
6915		1403		058		1697		067		6354		147
61015		1407		058		1742		069		6430		149
61115		1355		056		1739		069		6386		148
61215		1366		057		1728		069		6399		148
61515		1248		052		1707		068		6478		150
61615		1261		052		1724		068		6524		151
61715		1259		052		1745		069		6599		152
61815		1232		051		1707		068		7238		167
61915		1285		053		1730		069		7182		166
62215		1288		053		1686		067		7342		170
62315		1287		053		1655		066		7350		170
62415		1253		052		1626		064		7323		169
62515		1239		051		1606		064		7694		178
62615		1252		052		1525		060		7816		181
62915		1144		047		1454		058		7789		180
63015		1158		048		1475		059		7861		182
7115		1139		047		1457		058		7818		181
7215		1176		049		1395		055		7499		173
7615		1184		049		1475		059		7671		177
7715		1187		049		1430		057		7684		178
7815		1186		049		1413		056		7792		180
7915		1215		050		1420		056		7863		182
71015		1249		052		1405		056		7785		180
71315		1270		053		1427		057		7815		181
71415		1309		054		1426		057		8235		190
71515		1310		054		1430		057		8347		193
71615		1345		056		1475		059		8140		188
71715		1349		056		1495		059		8256		191
72015		1288		053		1462		058		8328		192
72115		1302		054		1501		060		8422		195
72215		1297		054		1490		059		8480		196
72315		1299		054		1483		059		8165		189
72415		1225		051		1460		058		8216		190
72715		1204		050		1435		057		8171		189
72815		1231		051		1481		059		8322		192
72915		1249		052		1458		058		7966		184
73015		1267		052		1453		058		8201		189
73115		1337		055		1451		058		8292		192
8315		1338		055		1434		057		8260		191
8415		1047		043		1383		055		11751		271
8515		947		039		1440		057		11795		272
8615		907		038		1403		056		11337		262
8715		918		038		1392		055		12104		280
81015		956		040		1437		057		11952		276
81115		901		037		1401		056		12509		289
81215		933		039		1403		056		12190		282
81315		907		038		1396		055		13446		311
81415		908		038		1370		054		13371		309
81715		945		039		1365		054		13808		319
81815		946		039		1330		053		13666		316
81915		958		040		1274		051		13690		316
82015		951		039		1229		049		13387		309
82115		959		040		1214		048		11088		256
82415		911		038		1167		046		10420		241
82515		869		036		1200		048		10466		242
82615		867		036		1217		048		10782		249
82715		908		038		1238		049		10335		239
82815		916		038		1277		051		10720		248
83115		923		038		1255		050		10595		245
9115		912		038		1214		048		10085		233
9215		916		038		1221		048		9844		227
9315		938		039		1239		049		10494		242
9415		933		039		1201		048		10419		241
9815		1005		042		1240		049		10548		244
9915		1000		041		1235		049		10395		240
91015		1001		041		1247		049		10493		242
91115		1029		043		1258		050		10534		243
91415		1020		042		1290		051		10549		244
91515		1059		044		1314		052		11583		268
91615		1041		043		1305		052		11623		268
91715		1061		044		1360		054		11827		273
91815		1056		044		1370		054		11581		268
92115		1044		043		1376		055		11560		267
92215		1014		042		1368		054		11630		269
92315		940		039		1319		052		11687		270
92415		931		039		1337		053		10305		238
92515		942		039		1326		053		9843		227
92815		916		038		1306		052		9107		210
92915		947		039		1346		053		8999		208
93015		990		041		1323		052		9303		215
10115		938		039		1316		052		9004		208
10215		966		040		1325		053		9251		214
10515		999		041		1382		055		9613		222
10615		989		041		1410		056		9149		211
10715		990		041		1438		057		9550		221
10815		1001		041		1486		059		9600		222
10915		992		041		1470		058		9637		223
101215		976		040		1430		057		9805		226
101315		897		037		1428		057		9239		213
101415		896		037		1446		057		9264		214
101515		944		039		1495		059		9636		223
101615		900		037		1436		057		9619		222
101915		918		038		1435		057		9846		227
102015		915		038		1433		057		9874		228
102115		926		038		1439		057		9449		218
102215		924		038		1438		057		9462		219
102315		931		039		1437		057		9800		226
102615		952		039		1428		057		12098		279
102715		927		038		1347		053		12400		286
102815		985		041		1400		056		12729		294
102915		935		039		1362		054		12251		283
103015		952		039		1418		056		12136		280
11215		946		039		1461		058		11500		266
11315		1026		042		1479		059		11577		267
11415		1052		044		1462		058		11390		263
11515		1110		046		1419		056		12025		278
11615		1110		046		1470		058		12497		289
11915		1130		047		1457		058		12898		298
111015		1137		047		1419		056		12130		280
111115		1128		047		1364		054		12146		281
111215		1090		045		1332		053		11900		275
111315		1004		042		1272		050		11649		269
111615		1007		042		1261		050		11719		271
111715		971		040		1281		051		11679		270
111815		979		041		1279		051		11051		255
111915		958		040		1284		051		10383		240
112015		948		039		1263		050		10092		233
112315		943		039		1236		049		10023		232
112415		961		040		1220		048		10220		236
112515		963		040		1258		050		10082		233
112715		977		040		1247		049		10258		237
113015		995		041		1202		048		10188		235
12115		901		037		1209		048		10599		245
12215		1150		048		1256		050		9993		231
12315		1142		047		1282		051		9715		224
12415		1098		045		1287		051		10213		236
12715		1090		045		1345		053		9897		229
12815		1050		043		1373		054		9573		221
12915		1002		041		1404		056		9254		214
121015		1035		043		1416		056		10274		237
121115		978		040		1365		054		9451		218
121415		965		040		1284		051		9415		217
121515		976		040		1246		049		9760		225
121615		942		039		1241		049		9801		226
121715		934		039		1216		048		9517		220
121815		1081		045		1148		046		9539		220
122115		1086		045		1145		045		9301		215
122215		1113		046		1136		045		9004		208
122315		1132		047		1150		046		9150		211
122415		1112		046		1140		045		9121		211
122815		1025		042		1102		044		9004		208
122915		1032		043		1100		044		9131		211
123015		1034		043		1083		043		8980		207
123115		1030		043		1105		044		8928		206
1416		975		040		1108		044		8789		203
1516		972		040		1072		043		8782		203
1616		969		040		1012		040		8634		199
1716		922		038		951		038		8404		194
1816		907		038		949		038		8304		192
11116		857		035		924		037		8197		189
11216		851		035		947		038		8663		200
11316		733		030		886		035		6114		141
11416		745		031		802		032		6624		153
11516		769		032		773		031		6774		156
11916		774		032		734		029		6764		156
12016		771		032		792		031		7183		166
12116		807		033		822		033		7175		166
12216		834		035		846		034		7104		164
12516		782		032		799		032		7015		162
12616		805		033		807		032		7262		168
12716		780		032		771		031		7105		164
12816		757		031		739		029		7036		163
12916		792		033		738		029		7369		170
2116		789		033		761		030		7388		171
2216		760		031		704		028		6596		152
2316		771		032		768		030		6438		149
2416		778		032		759		030		6764		156
2516		761		032		700		028		6005		139
2816		697		029		661		026		5577		129
2916		662		027		657		026		5498		127
21016		697		029		651		026		5710		132
21116		687		028		688		027		5708		132
21216		697		029		704		028		5981		138
21616		762		032		787		031		6336		146
21716		745		031		825		033		6215		144
21816		820		034		870		035		6469		149
21916		844		035		888		035		6369		147
22216		880		036		928		037		6796		157
22316		705		029		884		035		6890		159
22416		631		026		846		034		6994		162
22516		635		026		845		034		8550		198
22616		663		027		841		033		8348		193
22916		670		028		873		035		8837		204
3116		679		028		875		035		9011		208
3216		705		029		916		036		8597		199
3316		769		032		956		038		8989		208
3416		800		033		898		036		9040		209
3716		795		033		940		037		9000		208
3816		772		032		900		036		8519		197
3916		748		031		891		035		8560		198
31016		717		030		901		036		8217		190
31116		736		030		917		036		8602		199
31416		754		031		905		036		8817		204
31516		709		029		853		034		8996		208
31616		706		029		841		033		9140		211
31716		717		030		840		033		9578		221
31816		739		031		870		035		9326		215
32116		747		031		880		035		9217		213
32216		753		031		845		034		9481		219
32316		738		031		823		033		9236		213
32416		762		032		832		033		9510		220
32816		708		029		773		031		9433		218
32916		755		031		807		032		9427		218
33016		764		032		811		032		9268		214
33116		779		032		830		033		9778		226
4116		736		030		804		032		9739		225
4416		735		030		817		032		10218		236
4516		712		029		800		032		9903		229
4616		752		031		824		033		10137		234
4716		725		030		786		031		9926		229
4816		718		030		794		031		9990		231
41116		726		030		769		031		9492		219
41216		706		029		761		030		9386		217
41316		728		030		756		030		9886		228
41416		759		031		744		030		9700		224
41516		783		032		731		029		9764		226
41816		782		032		753		030		10137		234
41916		816		034		803		032		10295		238
42016		830		034		828		033		10185		235
42116		828		034		774		031		9935		229
42216		846		035		764		030		9392		217
42516		848		035		739		029		9086		210
42616		848		035		752		030		8949		207
42716		879		036		812		032		9126		211
42816		860		036		809		032		8783		203
42916		863		036		790		031		8947		207
5216		830		034		793		031		9239		213
5316		550		023		711		028		8518		197
5416		511		021		692		027		8262		191
5516		497		021		685		027		7943		183
5616		512		021		710		028		7556		175
5916		491		020		462		018		7334		169
51016		484		020		410		016		7354		170
51116		467		019		408		016		7072		163
51216		431		018		376		015		6714		155
51316		464		019		351		014		6969		161
51616		466		019		394		016		7047		163
51716		447		019		360		014		6740		156
51816		480		020		399		016		7001		162
51916		453		019		370		015		6950		161
52016		469		019		399		016		6904		159
52316		489		020		432		017		7462		172
52416		492		020		443		018		8100		187
52516		494		020		445		018		7810		180
52616		493		020		437		017		7952		184
52716		498		021		481		019		8109		187
53116		517		021		476		019		8325		192
6116		501		021		498		020		8396		194
6216		525		022		506		020		8785		203
6316		504		021		462		018		8598		199
6616		519		021		474		019		8803		203
6716		513		021		439		017		8951		207
6816		512		021		442		018		9115		211
6916		505		021		447		018		8793		203
61016		511		021		426		017		8577		198
61316		493		020		444		018		8142		188
61416		492		020		442		018		7413		171
61516		499		021		465		018		7426		172
61616		510		021		496		020		7416		171
61716		510		021		487		019		7225		167
62016		547		023		500		020		7696		178
62116		542		022		492		020		7612		176
62216		531		022		484		019		7646		177
62316		547		023		498		020		7923		183
62416		520		022		469		019		7840		181
62716		471		020		430		017		7944		184
62816		493		020		461		018		8124		188
62916		519		021		454		018		8472		196
63016		515		021		430		017		8833		204
7116		525		022		438		017		9284		214
7516		489		020		417		017		9211		213
7616		494		020		420		017		9521		220
7716		524		022		425		017		9311		215
7816		525		022		432		017		9576		221
71116		532		022		437		017		9637		223
71216		546		023		410		016		9615		222
71316		529		022		425		017		9890		228
71416		532		022		451		018		10271		237
71516		536		022		449		018		10229		236
71816		549		023		460		018		10290		238
71916		529		022		460		018		10150		234
72016		532		022		461		018		9537		220
72116		527		022		459		018		9493		219
72216		522		022		441		017		9741		225
72516		506		021		434		017		9813		227
72616		528		022		464		018		9535		220
72716		531		022		465		018		9550		221
72816		521		022		460		018		10229		236
72916		520		022		462		018		10098		233
8116		517		021		459		018		10234		236
8216		500		021		447		018		9934		229
8316		508		021		464		018		10238		236
8416		521		022		460		018		10657		246
8516		525		022		475		019		11002		254
8816		516		021		479		019		10817		250
8916		568		024		479		019		11062		256
81016		548		023		491		019		11160		258
81116		578		024		546		022		11077		256
81216		588		024		540		021		11035		255
81516		604		025		582		023		11039		255
81616		616		026		563		022		10624		245
81716		625		026		553		022		10358		239
81816		627		026		559		022		10379		240
81916		621		026		549		022		10292		238
82216		603		025		539		021		10233		236
82316		612		025		524		021		10705		247
82416		609		025		544		022		10256		237
82516		616		026		552		022		10241		237
82616		617		026		540		021		10068		233
82916		629		026		556		022		10167		235
83016		639		026		550		022		10103		233
83116		633		026		541		021		9700		224
9116		625		026		530		021		9534		220
9216		635		026		540		021		9569		221
9616		635		026		535		021		9508		220
9716		638		026		541		021		9816		227
9816		626		026		547		022		10049		232
9916		607		025		536		021		10155		235
91216		602		025		559		022		10307		238
91316		619		026		575		023		9815		227
91416		599		025		575		023		9647		223
91516		602		025		617		024		9628		222
91616		589		024		643		026		9563		221
91916		595		025		619		025		9257		214
92016		602		025		610		024		8893		205
92116		599		025		611		024		8932		206
92216		601		025		611		024		9399		217
92316		592		025		628		025		9214		213
92616		584		024		611		024		9183		212
92716		585		024		623		025		9319		215
92816		591		024		624		025		9616		222
92916		568		024		608		024		9612		222
93016		570		024		618		025		9691		224
10316		555		023		616		024		9716		224
10416		545		023		616		024		9762		226
10516		560		023		617		024		9487		219
10616		547		023		605		024		9178		212
10716		531		022		595		024		9102		210
101016		544		023		604		024		9195		212
101116		522		022		579		023		9058		209
101216		512		021		554		022		9055		209
101316		491		020		550		022		8934		206
101416		486		020		538		021		8887		205
101716		463		019		499		020		8779		203
101816		467		019		491		019		8876		205
101916		463		019		507		020		9148		211
102016		461		019		486		019		8844		204
102116		456		019		485		019		8928		206
102416		470		019		487		019		9088		210
102516		485		020		490		019		8915		206
102616		483		020		476		019		9127		211
102716		480		020		475		019		7707		178
102816		484		020		470		019		7773		180
103116		489		020		493		020		7985		184
11116		478		020		486		019		8060		186
11216		452		019		481		019		8080		187
11316		409		017		509		020		7985		184
11416		402		017		513		020		8155		188
11716		403		017		591		023		8360		193
11816		388		016		576		023		8340		193
11916		442		018		561		022		8755		202
111016		501		021		589		023		9050		209
111116		556		023		614		024		9515		220
111416		547		023		631		025		9550		221
111516		504		021		652		026		9370		216
111616		489		020		638		025		8815		204
111716		468		019		606		024		9320		215
111816		481		020		598		024		10000		231
112116		476		020		614		024		10255		237
112216		474		020		596		024		10550		244
112316		472		020		594		024		10655		246
112516		481		020		594		024		10780		249
112816		467		019		579		023		10610		245
112916		461		019		562		022		10140		234
113016		460		019		566		022		10480		242
12116		442		018		533		021		10165		235
12216		441		018		515		020		9885		228
12516		425		018		528		021		9925		229
12616		428		018		568		023		9985		231
12716		422		017		586		023		10020		231
12816		405		017		563		022		10500		243
12916		430		018		553		022		10530		243
121216		426		018		534		021		10270		237
121316		425		018		541		021		10215		236
121416		420		017		520		021		10295		238
121516		419		017		512		020		10420		241
121616		425		018		533		021		10580		244
121916		426		018		517		021		10740		248
122016		437		018		521		021		10860		251
122116		440		018		520		021		10665		246
122216		427		018		526		021		10330		239
122316		458		019		521		021		10270		237
122716		460		019		547		022		10335		239
122816		455		019		521		021		10095		233
122916		459		019		517		021		10030		232
123016		463		019		525		021		10135		234
1317		466		019		542		021		9835		227
1417		510		021		574		023		10405		240
1517		476		020		565		022		10200		236
1617		483		020		563		022		10075		233
1917		478		020		566		022		10145		234
11017		492		020		575		023		10505		243
11117		505		021		568		023		10425		241
11217		485		020		560		022		10375		240
11317		498		021		561		022		10460		242
11717		485		020		549		022		10490		242
11817		480		020		549		022		10595		245
11917		480		020		578		023		10600		245
12017		491		020		575		023		10565		244
12317		488		020		589		023		10415		241
12417		489		020		590		023		10635		246
12517		493		020		610		024		10580		244
12617		482		020		612		024		10610		245
12717		478		020		614		024		11080		256
13017		487		020		605		024		11090		256
13117		503		021		617		024		11190		258
2117		517		021		632		025		11100		256
2217		497		021		623		025		11190		258
2317		515		021		634		025		11460		265
2617		519		021		624		025		11370		263
2717		524		022		631		025		11350		262
2817		529		022		620		025		11595		268
2917		546		023		645		026		11680		270
21017		568		024		668		026		11700		270
21317		560		023		668		026		11580		267
21417		569		024		660		026		11795		272
21517		562		023		629		025		11440		264
21617		501		021		578		023		11365		263
21717		489		020		563		022		11295		261
22117		519		021		568		023		11360		262
22217		530		022		564		022		11215		259
22317		553		023		556		022		12225		282
22417		546		023		545		022		12340		285
22717		576		024		558		022		12180		281
22817		534		022		534		021		11840		274
3117		530		022		529		021		11930		276
3217		508		021		525		021		11720		271
3317		490		020		513		020		11910		275
3617		501		021		505		020		11840		274
3717		495		020		506		020		11725		271
3817		506		021		531		021		11645		269
3917		486		020		537		021		11540		267
31017		487		020		531		021		11890		275
31317		486		020		526		021		12090		279
31417		474		020		526		021		12070		279
31517		464		019		535		021		12120		280
31617		474		020		549		022		12390		286
31717		475		020		536		021		12400		286
32017		463		019		539		021		12255		283
32117		450		019		522		021		11665		269
32217		448		019		521		021		11750		271
32317		477		020		520		021		11875		274
32417		462		019		520		021		11885		275
32717		471		020		526		021		11970		277
32817		478		020		545		022		12415		287
32917		480		020		545		022		12370		286
33017		491		020		547		022		12575		290
33117		504		021		549		022		12535		290
4317		474		020		529		021		12180		281
4417		471		020		523		021		11860		274
4517		462		019		524		021		11780		272
4617		463		019		534		021		12150		281
4717		442		018		535		021		12265		283
41017		451		019		537		021		11940		276
41117		460		019		555		022		12205		282
41217		461		019		552		022		12055		278
41317		446		018		546		022		11680		270
41717		435		018		546		022		11985		277
41817		439		018		565		022		12195		282
41917		451		019		572		023		12370		286
42017		460		019		580		023		12520		289
42117		455		019		572		023		12715		294
42417		460		019		585		023		12900		298
42517		473		020		590		023		13120		303
42617		486		020		603		024		12575		290
42717		476		020		599		024		14240		329
42817		475		020		585		023		14090		325
5117		479		020		599		024		14443		334
5217		468		019		585		023		14440		334
5317		462		019		604		024		14265		330
5417		461		019		609		024		14645		338
5517		464		019		575		023		14688		339
5817		432		018		560		022		14795		342
5917		406		017		589		023		14655		339
51017		399		017		594		024		14610		337
51117		390		016		591		023		14860		343
51217		375		016		583		023		15130		350
51517		370		015		584		023		15420		356
51617		360		015		585		023		15800		365
51717		340		014		560		022		15260		353
51817		338		014		555		022		15335		354
51917		339		014		566		022		15765		364
52217		363		015		590		023		15675		362
52317		382		016		589		023		15760		364
52417		365		015		585		023		15670		362
52517		355		015		572		023		15585		360
52617		357		015		559		022		15745		364
53017		355		015		548		022		15790		365
53117		354		015		550		022		15560		359
6117		399		017		570		023		16340		377
6217		395		016		560		022		16600		383
6517		393		016		571		023		16350		378
6617		389		016		566		022		17070		394
6717		392		016		569		023		16980		392
6817		418		017		577		023		17085		395
6917		423		018		578		023		17000		393
61217		430		018		562		022		16130		373
61317		424		018		580		023		16395		379
61417		431		018		570		023		16680		385
61517		421		017		565		022		16655		385
61617		419		017		561		022		16985		392
61917		428		018		578		023		17520		405
62017		434		018		565		022		17330		400
62117		438		018		553		022		17885		413
62217		450		019		570		023		17965		415
62317		459		019		567		022		18205		421
62617		464		019		572		023		18100		418
62717		462		019		556		022		17500		404
62817		460		019		562		022		17985		415
62917		471		020		560		022		17500		404
63017		466		019		551		022		17220		398
7317		486		020		560		022		17140		396
7517		475		020		557		022		17435		403
7617		461		019		537		021		16715		386
7717		476		020		543		022		16890		390
71017		464		019		534		021		17210		398
71117		463		019		537		021		17045		394
71217		468		019		539		021		17340		401
71317		465		019		541		021		17125		396
71417		463		019		539		021		17365		401
71717		450		019		530		021		17430		403
71817		449		019		529		021		18025		416
71917		452		019		520		021		18120		419
72017		458		019		520		021		18090		418
72117		445		018		519		021		18193		420
72417		432		018		508		020		18435		426
72517		435		018		514		020		18605		430
72617		439		018		521		021		18380		425
72717		437		018		519		021		21715		502
72817		435		018		522		021		21655		500
73117		430		018		507		020		22060		510
8117		421		017		509		020		22425		518
8217		410		017		496		020		22825		527
8317		419		017		509		020		22995		531
8417		422		017		521		021		22925		530
8717		500		021		546		022		23345		539
8817		501		021		645		026		22930		530
8917		482		020		608		024		22920		529
81017		484		020		590		023		22185		512
81117		477		020		580		023		21965		507
81417		490		020		581		023		22635		523
81517		481		020		583		023		22350		516
81617		489		020		593		024		22920		529
81717		477		020		583		023		22210		513
81817		469		019		596		024		22485		519
82117		470		019		605		024		22580		522
82217		467		019		600		024		22685		524
82317		470		019		604		024		22550		521
82417		471		020		620		025		22570		521
82517		466		019		615		024		22275		515
82817		473		020		610		024		22995		531
82917		481		020		613		024		22545		521
83017		482		020		614		024		23155		535
83117		483		020		619		025		23095		533
9117		474		020		631		025		23590		545
9517		468		019		617		024		23280		538
9617		479		020		614		024		23040		532
9717		466		019		599		024		23120		534
9817		467		019		586		023		23025		532
91117		465		019		620		025		22880		529
91217		477		020		629		025		22980		531
91317		477		020		628		025		23655		546
91417		456		019		607		024		23115		534
91517		458		019		618		025		22775		526
91817		475		020		614		024		23440		541
91917		461		019		599		024		24605		568
92017		472		020		606		024		24635		569
92117		475		020		610		024		25215		582
92217		461		019		606		024		24675		570
92517		444		018		597		024		23440		541
92617		455		019		597		024		22830		527
92717		477		020		619		025		24020		555
92817		475		020		624		025		24450		565
92917		467		019		609		024		24445		565
10217		476		020		627		025		24960		577
10317		476		020		642		025		25310		585
10417		460		019		641		025		25805		596
10517		459		019		642		025		25695		594
10617		470		019		639		025		25915		599
10917		469		019		640		025		25650		593
101017		469		019		639		025		26130		604
101117		481		020		640		025		25770		595
101217		480		020		635		025		25020		578
101317		488		020		646		026		23840		551
101617		505		021		632		025		24160		558
101717		507		021		624		025		23630		546
101817		508		021		611		024		23845		551
101917		506		021		598		024		22835		527
102017		510		021		600		024		22390		517
102317		498		021		569		023		22475		519
102417		501		021		558		022		23125		534
102517		491		020		574		023		22145		512
102617		480		020		575		023		25540		590
102717		488		020		581		023		26640		615
103017		485		020		569		023		26450		611
103117		493		020		569		023		26805		619
11117		490		020		564		022		26420		610
11217		478		020		562		022		26710		617
11317		517		021		563		022		27320		631
11617		520		022		585		023		27585		637
11717		510		021		546		022		26755		618
11817		501		021		459		018		26925		622
11917		501		021		429		017		25825		597
111017		496		021		430		017		25775		595
111317		480		020		425		017		26460		611
111417		475		020		417		017		26875		621
111517		481		020		412		016		27170		628
111617		496		021		427		017		27940		645
111717		494		020		430		017		29010		670
112017		489		020		426		017		29545		682
112117		496		021		431		017		29705		686
112217		498		021		428		017		29820		689
112417		500		021		426		017		30100		695
112717		488		020		422		017		30305		700
112817		493		020		436		017		30595		707
112917		514		021		451		018		29780		688
113017		529		022		437		017		30195		698
12117		501		021		430		017		30430		703
12417		533		022		437		017		30340		701
12517		536		022		425		017		30520		705
12617		521		022		425		017		30690		709
12717		517		021		359		014		31125		719
12817		523		022		351		014		31505		728
121117		522		022		389		015		30890		714
121217		541		022		421		017		31265		722
121317		554		023		402		016		32560		752
121417		566		023		399		016		33470		773
121517		591		024		403		016		34435		795
121817		624		026		414		016		35250		814
121917		589		024		405		016		33745		780
122017		577		024		409		016		33755		780
122117		580		024		411		016		33815		781
122217		579		024		411		016		34195		790
122617		583		024		421		017		34370		794
122717		572		024		412		016		33665		778
122817		582		024		418		017		34295		792
122917		574		024		413		016		34045		786
1218		595		025		429		017		34025		786
1318		581		024		419		017		35035		809
1418		572		024		410		016		35210		813
1518		567		023		407		016		35605		822
1818		542		022		410		016		35700		825
1918		525		022		399		016		36060		833
11018		546		023		418		017		36265		838
11118		548		023		433		017		36230		837
11218		536		022		427		017		36400		841
11618		494		020		412		016		36000		832
11718		489		020		414		016		37275		861
11818		475		020		415		016		37250		860
11918		473		020		402		016		38370		886
12218		469		019		406		016		38740		895
12318		474		020		421		017		40260		930
12418		467		019		410		016		36250		837
12518		463		019		408		016		36710		848
12618		461		019		408		016		36310		839
12918		442		018		401		016		36225		837
13018		454		019		384		015		36775		850
13118		450		019		366		015		36785		850
2118		468		019		382		015		37060		856
2218		453		019		366		015		35070		810
2518		431		018		362		014		34860		805
2618		430		018		367		015		34050		787
2718		432		018		380		015		35255		814
2818		420		017		370		015		33390		771
2918		425		018		370		015		33955		784
21218		448		019		375		015		34865		805
21318		485		020		375		015		35555		821
21418		510		021		394		016		37225		860
21518		517		021		394		016		37610		869
21618		539		022		395		016		37895		875
22018		522		022		413		016		37905		876
22118		543		022		390		015		37125		858
22218		539		022		375		015		34105		788
22318		533		022		335		013		33945		784
22618		527		022		327		013		35925		830
22718		519		021		320		013		34990		808
22818		519		021		315		012		34850		805
3118		507		021		365		014		34495		797
3218		521		022		379		015		34820		804
3518		525		022		383		015		35445		819
3618		536		022		391		016		35505		820
3718		524		022		387		015		34955		807
3818		525		022		390		015		34320		793
3918		530		022		395		016		35060		810
31218		540		022		399		016		35365		817
31318		532		022		380		015		34880		806
31418		539		022		378		015		37335		862
31518		523		022		378		015		37735		872
31618		519		021		390		015		37985		877
31918		510		021		390		015		38255		884
32018		518		021		377		015		38635		892
32118		532		022		368		015		38400		887
32218		522		022		362		014		36185		836
32318		530		022		356		014		35465		819
32618		541		022		365		014		36655		847
32718		556		023		361		014		34790		804
32818		536		022		351		014		33060		764
32918		559		023		350		014		32815		758
4218		514		021		335		013		32195		744
4318		514		021		336		013		32595		753
4418		522		022		347		014		32785		757
4518		530		022		345		014		31965		738
4618		534		022		341		014		32280		746
4918		519		021		334		013		32880		760
41018		529		022		330		013		32265		745
41118		537		022		324		013		31820		735
41218		544		023		331		013		31800		735
41318		545		023		331		013		31410		726
41618		554		023		335		013		30865		713
41718		557		023		339		013		31640		731
41818		563		023		343		014		31545		729
41918		559		023		340		013		32250		745
42018		547		023		331		013		31845		736
42318		531		022		327		013		32325		747
42418		536		022		326		013		32750		757
42518		518		021		277		011		30700		709
42618		527		022		286		011		26015		601
42718		527		022		270		011		24470		565
43018		525		022		269		011		23840		551
5118		527		022		267		011		25840		597
5218		531		022		265		011		26335		608
5318		533		022		271		011		25895		598
5418		535		022		265		011		25980		600
5718		545		023		273		011		27245		629
5818		595		025		282		011		27740		641
5918		591		024		340		013		28040		648
51018		600		025		348		014		28720		663
51118		599		025		332		013		27950		646
51418		599		025		332		013		27935		645
51518		596		025		332		013		27105		626
51618		591		024		342		014		27535		636
51718		591		024		341		014		27495		635
51818		588		024		341		014		27870		644
52118		597		025		345		014		27565		637
52218		601		025		339		013		26545		613
52318		597		025		328		013		27210		629
52418		589		024		326		013		26345		609
52518		588		024		337		013		25985		600
52918		592		025		332		013		25865		597
53018		613		025		333		013		26010		601
53118		664		027		329		013		25890		598
6118		665		028		330		013		25965		600
6418		683		028		342		014		26170		605
6518		694		029		352		014		26350		609
6618		720		030		353		014		27035		625
6718		719		030		351		014		27025		624
6818		730		030		367		015		27745		641
61118		720		030		372		015		28840		666
61218		726		030		374		015		26610		615
61318		725		030		379		015		24545		567
61418		720		030		382		015		24825		573
61518		740		031		391		016		25440		588
61818		752		031		398		016		25775		595
61918		739		031		400		016		25935		599
62018		762		032		399		016		26645		616
62118		758		031		397		016		25785		596
62218		750		031		392		016		25715		594
62518		721		030		385		015		24675		570
62618		732		030		391		016		22680		524
62718		708		029		378		015		21060		486
62818		710		029		376		015		21015		485
62918		700		029		379		015		21380		494
7218		707		029		375		015		21415		495
7318		714		030		374		015		21590		499
7518		715		030		397		016		21960		507
7618		715		030		412		016		22050		509
7918		730		030		444		018		22675		524
71018		731		030		446		018		22255		514
71118		740		031		446		018		23875		552
71218		720		030		446		018		24650		569
71318		724		030		446		018		23200		536
71618		733		030		445		018		23623		546
71718		749		031		436		017		23900		552
71818		800		033		440		017		24945		576
71918		769		032		434		017		24830		574
72018		761		032		430		017		24755		572
72318		733		030		448		018		24485		566
72418		736		030		436		017		24455		565
72518		716		030		427		017		24605		568
72618		707		029		427		017		25365		586
72718		691		029		404		016		23860		551
73018		676		028		394		016		22915		529
73118		684		028		412		016		23880		552
8118		683		028		393		016		23830		550
8218		680		028		392		016		25035		578
8318		671		028		393		016		24410		564
8618		679		028		396		016		24415		564
8718		839		035		409		016		24110		557
8818		895		037		368		015		24425		564
8918		849		035		368		015		24815		573
81018		862		036		369		015		24580		568
81318		881		036		376		015		23710		548
81418		892		037		381		015		23890		552
81518		861		036		381		015		23245		537
81618		893		037		383		015		22690		524
81718		900		037		379		015		23025		532
82018		903		037		386		015		22920		529
82118		859		036		390		015		23350		539
82218		876		036		391		016		23800		550
82318		878		036		390		015		23395		540
82418		869		036		384		015		24020		555
82718		839		035		391		016		24360		563
82818		843		035		383		015		24425		564
82918		824		034		367		015		24520		566
83018		831		034		363		014		24935		576
83118		822		034		361		014		25335		585
9418		813		034		372		015		25755		595
9518		814		034		373		015		25355		586
9618		823		034		364		014		24885		575
9718		810		034		360		014		24865		574
91018		814		034		347		014		24835		574
91118		809		033		339		013		24290		561

Date		30 Year Fixed Rate		15 Year Fixed Rate		10 Year Breakeven Inflation Microsoft Office User What market participants expect inflation to be over the next ten years on average
2008-09-11		593		554		196
2008-09-18		578		535		171
2008-09-25		609		577		186
2008-10-02		610		578		159
2008-10-09		594		563		120
2008-10-16		646		614		099
2008-10-23		604		572		108
2008-10-30		646		619		083
2008-11-06		620		588		092
2008-11-13		614		581		095
2008-11-20		604		573		055
2008-11-26		597		574		023
2008-12-04		553		533		044
2008-12-11		547		520		031
2008-12-18		519		492		020
2008-12-24		514		491		015
2008-12-31		510		483		011
2009-01-08		501		462		034
2009-01-15		496		465		053
2009-01-22		512		480		059
2009-01-29		510		480		085
2009-02-05		525		492		112
2009-02-12		516		481		123
2009-02-19		504		468		114
2009-02-26		507		468		102
2009-03-05		515		472		091
2009-03-12		503		464		088
2009-03-19		498		461		115
2009-03-26		485		458		133
2009-04-02		478		452		133
2009-04-09		487		454		135
2009-04-16		482		448		129
2009-04-23		480		448		130
2009-04-30		478		448		150
2009-05-07		484		451		145
2009-05-14		486		452		147
2009-05-21		482		450		159
2009-05-28		491		453		180
2009-06-04		529		479		189
2009-06-11		559		506		199
2009-06-18		538		489		183
2009-06-25		542		487		181
2009-07-02		532		477		169
2009-07-09		520		469		155
2009-07-16		514		463		165
2009-07-23		520		468		186
2009-07-30		525		469		188
2009-08-06		522		463		189
2009-08-13		529		468		191
2009-08-20		512		456		174
2009-08-27		514		458		177
2009-09-03		508		454		164
2009-09-10		507		450		179
2009-09-17		504		447		180
2009-09-24		504		446		180
2009-10-01		494		436		173
2009-10-08		487		433		174
2009-10-15		492		437		191
2009-10-22		500		443		199
2009-10-29		503		446		200
2009-11-05		498		440		207
2009-11-12		491		436		218
2009-11-19		483		432		213
2009-11-25		478		429		214
2009-12-03		471		427		211
2009-12-10		481		432		211
2009-12-17		494		438		221
2009-12-24		505		445		230
2009-12-31		514		454		236
2010-01-07		509		450		238
2010-01-14		506		445		238
2010-01-21		499		440		236
2010-01-28		498		439		232
2010-02-04		501		440		238
2010-02-11		497		434		228
2010-02-18		493		433		227
2010-02-25		505		440		220
2010-03-04		497		433		216
2010-03-11		495		432		223
2010-03-18		496		433		225
2010-03-25		499		434		222
2010-04-01		508		439		224
2010-04-08		521		452		231
2010-04-15		507		440		235
2010-04-22		507		439		234
2010-04-29		506		439		239
2010-05-06		500		436		231
2010-05-13		493		430		224
2010-05-20		484		424		208
2010-05-27		478		421		190
2010-06-03		479		420		200
2010-06-10		472		417		193
2010-06-17		475		420		198
2010-06-24		469		413		197
2010-07-01		458		404		184
2010-07-08		457		407		173
2010-07-15		457		406		183
2010-07-22		456		403		171
2010-07-29		454		400		180
2010-08-05		449		395		185
2010-08-12		444		392		179
2010-08-19		442		390		162
2010-08-26		436		386		154
2010-09-02		432		383		156
2010-09-09		435		383		165
2010-09-16		437		382		178
2010-09-23		437		382		179
2010-09-30		432		375		178
2010-10-07		427		372		184
2010-10-14		419		362		201
2010-10-21		421		364		206
2010-10-28		423		366		213
2010-11-04		424		363		214
2010-11-11		417		357		211
2010-11-18		439		376		204
2010-11-24		440		377		211
2010-12-02		446		381		212
2010-12-09		461		396		218
2010-12-16		483		417		224
2010-12-23		481		415		230
2010-12-30		486		420		231
2011-01-06		477		413		236
2011-01-13		471		408		238
2011-01-20		474		405		235
2011-01-27		480		409		226
2011-02-03		481		408		234
2011-02-10		505		429		234
2011-02-17		500		427		227
2011-02-24		495		422		237
2011-03-03		487		415		243
2011-03-10		488		415		250
2011-03-17		476		397		241
2011-03-24		481		404		242
2011-03-31		486		409		246
2011-04-07		487		410		256
2011-04-14		491		413		262
2011-04-21		480		402		261
2011-04-28		478		397		258
2011-05-05		471		389		254
2011-05-12		463		382		246
2011-05-19		461		380		233
2011-05-26		460		378		231
2011-06-02		455		374		225
2011-06-09		449		368		223
2011-06-16		450		367		222
2011-06-23		450		369		220
2011-06-30		451		369		233
2011-07-07		460		375		241
2011-07-14		451		365		232
2011-07-21		452		366		235
2011-07-28		455		366		243
2011-08-04		439		354		235
2011-08-11		432		350		225
2011-08-18		415		336		216
2011-08-25		422		344		206
2011-09-01		422		339		206
2011-09-08		412		333		198
2011-09-15		409		330		194
2011-09-22		409		329		186
2011-09-29		401		328		182
2011-10-06		394		326		178
2011-10-13		412		337		195
2011-10-20		411		338		196
2011-10-27		410		338		206
2011-11-03		400		331		210
2011-11-10		399		330		210
2011-11-17		400		331		198
2011-11-23		398		330		191
2011-12-01		400		330		199
2011-12-08		399		327		204
2011-12-15		394		321		199
2011-12-22		391		321		200
2011-12-29		395		324		202
2012-01-05		391		323		204
2012-01-12		389		316		207
2012-01-19		388		317		204
2012-01-26		398		324		209
2012-02-02		387		314		213
2012-02-09		387		316		220
2012-02-16		387		316		220
2012-02-23		395		319		227
2012-03-01		390		317		226
2012-03-08		388		313		221
2012-03-15		392		316		233
2012-03-22		408		330		240
2012-03-29		399		323		233
2012-04-05		398		321		232
2012-04-12		388		311		226
2012-04-19		390		313		225
2012-04-26		388		312		224
2012-05-03		384		307		225
2012-05-10		383		305		217
2012-05-17		379		304		210
2012-05-24		378		304		214
2012-05-31		375		297		210
2012-06-07		367		294		212
2012-06-14		371		298		213
2012-06-21		366		295		214
2012-06-28		366		294		210
2012-07-05		362		289		213
2012-07-12		356		286		210
2012-07-19		353		283		212
2012-07-26		349		280		213
2012-08-02		355		283		220
2012-08-09		359		284		228
2012-08-16		362		288		225
2012-08-23		366		289		226
2012-08-30		359		286		229
2012-09-06		355		286		228
2012-09-13		355		285		239
2012-09-20		349		277		256
2012-09-27		340		273		245
2012-10-04		336		269		247
2012-10-11		339		270		253
2012-10-18		337		266		248
2012-10-25		341		272		250
2012-11-01		339		270		249
2012-11-08		340		269		248
2012-11-15		334		265		241
2012-11-21		331		263		240
2012-11-29		332		264		239
2012-12-06		334		267		244
2012-12-13		332		266		250
2012-12-20		337		265		249
2012-12-27		335		265		248
2013-01-03		334		264		246
2013-01-10		340		266		251
2013-01-17		338		266		252
2013-01-24		342		271		252
2013-01-31		353		281		256
2013-02-07		353		277		258
2013-02-14		353		277		257
2013-02-21		356		277		254
2013-02-28		351		276		252
2013-03-07		352		276		255
2013-03-14		363		279		256
2013-03-21		354		272		254
2013-03-28		357		276		252
2013-04-04		354		274		250
2013-04-11		343		265		245
2013-04-18		341		264		238
2013-04-25		340		261		237
2013-05-02		335		256		233
2013-05-09		342		261		231
2013-05-16		351		269		232
2013-05-23		359		277		227
2013-05-30		381		298		224
2013-06-06		391		303		218
2013-06-13		398		310		208
2013-06-20		393		304		203
2013-06-27		446		350		195
2013-07-03		429		339		202
2013-07-11		451		353		206
2013-07-18		437		341		212
2013-07-25		431		339		219
2013-08-01		439		343		219
2013-08-08		440		343		225
2013-08-15		440		344		222
2013-08-22		458		360		214
2013-08-29		451		354		214
2013-09-05		457		359		208
2013-09-12		457		359		209
2013-09-19		450		354		216
2013-09-26		432		337		221
2013-10-03		422		329		219
2013-10-10		423		331		220
2013-10-17		428		333		219
2013-10-24		413		324		217
2013-10-31		410		320		218
2013-11-07		416		327		216
2013-11-14		435		335		218
2013-11-21		422		327		218
2013-11-27		429		330		218
2013-12-05		446		347		214
2013-12-12		442		343		213
2013-12-19		447		351		217
2013-12-26		448		352		218
2014-01-02		453		355		224
2014-01-09		451		356		228
2014-01-16		441		345		227
2014-01-23		439		344		223
2014-01-30		432		340		214
2014-02-06		423		333		214
2014-02-13		428		333		219
2014-02-20		433		335		214
2014-02-27		437		339		215
2014-03-06		428		332		218
2014-03-13		437		338		220
2014-03-20		432		332		216
2014-03-27		440		342		214
2014-04-03		441		347		214
2014-04-10		434		338		213
2014-04-17		427		333		216
2014-04-24		433		339		221
2014-05-01		429		338		219
2014-05-08		421		332		218
2014-05-15		420		329		218
2014-05-22		414		325		218
2014-05-29		412		321		222
2014-06-05		414		323		220
2014-06-12		420		331		221
2014-06-19		417		330		222
2014-06-26		414		322		228
2014-07-03		412		322		227
2014-07-10		415		324		228
2014-07-17		413		323		225
2014-07-24		413		326		224
2014-07-31		412		323		228
2014-08-07		414		327		225
2014-08-14		412		324		224
2014-08-21		410		323		217
2014-08-28		410		325		214
2014-09-04		410		324		215
2014-09-11		412		326		212
2014-09-18		423		337		209
2014-09-25		420		336		202
2014-10-02		419		336		196
2014-10-09		412		330		194
2014-10-16		397		318		191
2014-10-23		392		308		191
2014-10-30		398		313		190
2014-11-06		402		321		193
2014-11-13		401		320		192
2014-11-20		399		317		185
2014-11-26		397		317		185
2014-12-04		389		310		178
2014-12-11		393		320		172
2014-12-18		380		309		164
2014-12-24		383		310		169
2014-12-31		387		315		166
2015-01-08		373		305		162
2015-01-15		366		298		158
2015-01-22		363		293		160
2015-01-29		366		298		162
2015-02-05		359		292		168
2015-02-12		369		299		169
2015-02-19		376		305		171
2015-02-26		380		307		174
2015-03-05		375		303		185
2015-03-12		386		310		175
2015-03-19		378		306		169
2015-03-26		369		297		178
2015-04-02		370		298		177
2015-04-09		366		293		184
2015-04-16		367		294		182
2015-04-23		365		292		188
2015-04-30		368		294		191
2015-05-07		380		302		192
2015-05-14		385		307		187
2015-05-21		384		305		185
2015-05-28		387		311		182
2015-06-04		387		308		181
2015-06-11		404		325		185
2015-06-18		400		323		187
2015-06-25		402		321		190
2015-07-02		408		324		189
2015-07-09		404		320		186
2015-07-16		409		325		185
2015-07-23		404		321		181
2015-07-30		398		317		176
2015-08-06		391		313		170
2015-08-13		394		317		165
2015-08-20		393		315		158
2015-08-27		384		306		153
2015-09-03		389		309		158
2015-09-10		390		310		155
2015-09-17		391		311		157
2015-09-24		386		308		152
2015-10-01		385		307		142
2015-10-08		376		299		153
2015-10-15		382		303		151
2015-10-22		379		298		147
2015-10-29		376		298		149
2015-11-05		387		309		156
2015-11-12		398		320		157
2015-11-19		397		318		154
2015-11-25		395		318		161
2015-12-03		393		316		159
2015-12-10		395		319		155
2015-12-17		397		322		146
2015-12-24		396		322		148
2015-12-31		401		324		153
2016-01-07		397		326		154
2016-01-14		392		319		144
2016-01-21		381		310		134
2016-01-28		379		307		137
2016-02-04		372		301		138
2016-02-11		365		295		123
2016-02-18		365		295		126
2016-02-25		362		293		133
2016-03-03		364		294		147
2016-03-10		368		296		149
2016-03-17		373		299		154
2016-03-24		371		296		161
2016-03-31		371		298		161
2016-04-07		359		288		160
2016-04-14		358		286		157
2016-04-21		359		285		160
2016-04-28		366		289		167
2016-05-05		361		286		166
2016-05-12		357		281		160
2016-05-19		358		281		159
2016-05-26		364		289		156
2016-06-02		366		292		155
2016-06-09		360		287		156
2016-06-16		354		281		147
2016-06-23		356		283		144
2016-06-30		348		278		139
2016-07-07		341		274		142
2016-07-14		342		272		144
2016-07-21		345		275		148
2016-07-28		348		278		150
2016-08-04		343		274		146
2016-08-11		345		276		148
2016-08-18		343		274		145
2016-08-25		343		274		148
2016-09-01		346		277		146
2016-09-08		344		276		150
2016-09-15		350		277		150
2016-09-22		348		276		151
2016-09-29		342		272		155
2016-10-06		342		272		162
2016-10-13		347		276		164
2016-10-20		352		279		167
2016-10-27		347		278		169
2016-11-03		354		284		171
2016-11-10		357		288		176
2016-11-17		394		314		184
2016-11-23		403		325		191
2016-12-01		408		334		190
2016-12-08		413		336		193
2016-12-15		416		337		195
2016-12-22		430		352		190
2016-12-29		432		355		196
2017-01-05		420		344		197
2017-01-12		412		337		197
2017-01-19		409		334		200
2017-01-26		419		340		206
2017-02-02		419		341		206
2017-02-09		417		339		200
2017-02-16		415		335		202
2017-02-23		416		337		203
2017-03-02		410		332		201
2017-03-09		421		342		202
2017-03-16		430		350		201
2017-03-23		423		344		198
2017-03-30		414		339		197
2017-04-06		410		336		196
2017-04-13		408		334		192
2017-04-20		397		323		186
2017-04-27		403		327		189
2017-05-04		402		327		189
2017-05-11		405		329		186
2017-05-18		402		327		181
2017-05-25		395		319		182
2017-06-01		394		319		181
2017-06-08		389		316		178
2017-06-15		391		318		173
2017-06-22		390		317		167
2017-06-29		388		317		171
2017-07-06		396		322		175
2017-07-13		403		329		175
2017-07-20		396		323		176
2017-07-27		392		320		180
2017-08-03		393		318		180
2017-08-10		390		318		181
2017-08-17		389		316		178
2017-08-24		386		316		176
2017-08-31		382		312		175
2017-09-07		378		308		178
2017-09-14		378		308		184
2017-09-21		383		313		185
2017-09-28		383		313		185
2017-10-05		385		315		184
2017-10-12		391		321		188
2017-10-19		388		319		184
2017-10-26		394		325		187
2017-11-02		394		327		188
2017-11-09		390		324		187
2017-11-16		395		331		186
2017-11-22		392		332		185
2017-11-30		390		330		184
2017-12-07		394		336		186
2017-12-14		393		336		188
2017-12-21		394		338		191
2017-12-28		399		344		195
2018-01-04		395		338		199
2018-01-11		399		344		202
2018-01-18		404		349		203
2018-01-25		415		362		206
2018-02-01		422		368		210
2018-02-08		432		377		211
2018-02-15		438		384		207
2018-02-22		440		385		211
2018-03-01		443		390		212
2018-03-08		446		394		212
2018-03-15		444		390		209
2018-03-22		445		391		208
2018-03-29		444		390		206
2018-04-05		440		387		207
2018-04-12		442		387		209
2018-04-19		447		394		214
2018-04-26		458		402		217
2018-05-03		455		403		217
2018-05-10		455		401		217
2018-05-17		461		408		216
2018-05-24		466		415		214
2018-05-31		456		406		207
2018-06-07		454		401		212
2018-06-14		462		407		212
2018-06-21		457		404		212
2018-06-28		455		404		211
2018-07-05		452		399		213
2018-07-12		453		402		212
2018-07-19		452		400		210
2018-07-26		454		402		211
2018-08-02		460		408		212
2018-08-09		459		405		212
2018-08-16		453		401		209
2018-08-23		451		398		208
2018-08-30		452		397		211
2018-09-06		454		399		209

		Acquisition Effects
			Three Months Ended June 30th			Six Months Ended June 30th
			2017		2018		2017		2018
		Pro Forma Revenue		$ 158737		$ 185820		296935		369201
		Pro Forma Net Income		$ 7758		$ 45188		14966		80956
		Revenue Breakdown
					Six Months Ended June 30th
					2017		2018
		Mortgage Products				$ 134453		$ 140410
		Non-Mortgage Products
		Credit Cards				$ 70765		$ 84879
		Personal Loans				$ 37535		$ 61175
		Other				$ 42535		$ 76672
		Total Non-Mortgage Products				$ 150835		$ 222726
			2013A		2014A		2015A		2016A		2017A		MRQ2018
		Mortgage		$ 123091		$ 134137		$ 165272		$ 219991		$ 275910		$ 66948
		Non-Mortgage		$ 16149		$ 33213		$ 88944		$ 164411		$ 341826		$ 117153
							Visible Revenue Opportunity (in millions)
		Category		2017 TTM		Current Market Share		Visible Market Share		Estimate Take Rate		Low		Mid		High
		Mortgage		$ 264		180		4-8		088		$ 600		$ 900		$ 1200
		Credit Cards		$ 126		060		2-4		$275		$ 470		$ 705		$ 940
		Personal Loans		$ 78		2		5-10		250		$ 250		$ 375		$ 500
		Home Equity		$ 40		230		4-6		080		$ 80		$ 100		$ 120
		Other Businesses		$ 50					$ 100		$ 150		$ 200
		Total Revenue		$ 558					$ 1500		$ 2230		$ 2960

LendingTree Inc

Weighted Average Cost of Capital

($ in thousands fiscal year ending December 31)

Debt

Equity

WACC =

After-Tax Cost of Debt

x

of Debt in the Capital Structure

+

Cost of Equity

x

of Equity in the Capital Structure

( rd x (1 - t) x DD + E )

+

(re x ED + E)

Capital Structure

Cost of Debt

Current Portion of Debt

0

Name

Maturity Date

Amount (mm)

Price

Coupon

YTM

Weight

YTM (weighted)

Non - Current Portion of Debt

244

Total Debt (in mm)

$ 24400

Total Amount

$ - 0

5300

Current Share Price

$24060

Shares Outstanding (mm)

13

Total Equity

$ 3084

Cost of Equity

WACC Formula

CAPM (re) = rf + βL x (rm - rf)

Weights x Costs

Capital Weights

Risk-free rate

240 Microsoft Office User Historical Avg Nominal 10 YR US Note

t = Effective Tax Rate

21

Debt-to-Total Capitalization

7

Market Risk Premium

710

Equity-to-Total Capitalization

93

Adjusted Beta

134

WACC

113

Is this the target Capital Structure

Yes Microsoft Office User See Historical Capitlization

Microsoft Office User Historical Avg Nominal 10 YR US Note

Cost of Equity

1191

Peer Comparable Weights

Mean

-

Median

-

29

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

Trading Multiples

Market

Net

Enterprise

EV Revenue

EV EBITDA

PriceEarnings

Company

Ticker

Capitalization

Debt

Value

2017A

2018E

2019E

2017A

2018E

2019E

LTM

2019E

On Deck Capital Inc

NYSEONDK

$577

$681

$1259

64x

33x

29x

ERRORVALUE

371x

280x

1267x

155x

LendingClub Corporation

NYSELC

1431

(85)

1346

23x

19x

17x

ERRORVALUE

156x

101x

-

178x

GreenSky Inc

NasdaqGSKY

1152

151

1303

40x

30x

22x

87x

67x

50x

239x

220x

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$3084

($49)

$3035

49x

40x

33x

356x

201x

159x

452x

326x

Low

$577

($85)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

239x

155x

Mean

1053

249

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

184x

Median

1152

151

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

178x

High

$1431

$681

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

1267x

220x

Operating Statistics

Revenue

Revenue Growth

EBITDA

EBITDA Growth

Company

Ticker

2017A

2018E

2019E

17-18

18-19

2017A

2018E

2019E

17-18

18-19

On Deck Capital Inc

NYSEONDK

$197

$384

$431

948

120

NA

$34

$45

ERRORVALUE

327

LendingClub Corporation

NYSELC

$575

$693

$809

206

168

NA

$86

$133

ERRORVALUE

547

GreenSky Inc

NasdaqGSKY

$326

$438

$586

343

339

$150

$196

$263

308

344

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$618

$755

$916

223

212

$85

$151

$191

775

261

Low

$197

$384

$431

ERRORVALUE

ERRORVALUE

$150

$34

$45

ERRORVALUE

ERRORVALUE

Mean

366

505

609

ERRORVALUE

ERRORVALUE

150

105

147

ERRORVALUE

ERRORVALUE

Median

326

438

586

ERRORVALUE

ERRORVALUE

150

86

133

ERRORVALUE

ERRORVALUE

High

$575

$693

$809

ERRORVALUE

ERRORVALUE

$150

$196

$263

ERRORVALUE

ERRORVALUE

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 1057000		$ 1426950		$ 1890709		$ 2410654		$ 3013317		259
	Revenue Growth					512		607			222		400		350		325		275		250
	Operating Expenses				225702		332290		584603			679500		951300		1284255		1701638		2169588		2711985				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 105700		$ 142695		$ 189071		$ 241065		$ 301332		259
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 68705		$ 92752		$ 122896		$ 168746		$ 210932		275
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		14428		19478		25808		35437		44296
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 54277		$ 73274		$ 97088		$ 133309		$ 166636		275
	Plus Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	Less Capital Expenditures				7200		31955		8000			22650		31710		42809		56721		72320		90400
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		26425		35674		47268		60266		75333
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 33137		$ 44735		$ 59274		$ 73043		$ 91304
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 28203		$ 34194		$ 40689		$ 45031		$ 50553
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 221100				Enterprise Value				$ 4648193
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 301332				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 8437288
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4697014
			Present Value of Terminal Value				$ 4427093
			of Enterprise Value				952				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4648193				Implied Share Price				$ 33201
					Implied Share Price
					Exit Multiple
					euro 332		200x		225x		280x		315x		350x
					95		26714		29804		36600		40924		45249
					100		26022		29028		35641		39849		44057
					115		24070		26842		32938		36818		40698
					120		23459		26157		32092		35869		39646
					130		22293		24850		30477		34058		37639

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 830500		$ 975838		$ 1219797		$ 1555241		$ 2021813		178
	Revenue Growth					512		607			222		100		175		250		275		300
	Operating Expenses				225702		332290		584603			679500		747450		878254		1097817		1399717		1819632				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 83050		$ 97584		$ 121980		$ 155524		$ 202181		178
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 53983		$ 63429		$ 79287		$ 108867		$ 141527		193
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		11336		13320		16650		22862		29721
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 42646		$ 50109		$ 62637		$ 86005		$ 111806		193
	Plus Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	Less Capital Expenditures				7200		31955		8000			22650		24915		29275		36594		46657		60654
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		20763		24396		30495		38881		50545
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 26036		$ 30593		$ 38241		$ 47124		$ 61261
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 22159		$ 23384		$ 26251		$ 29052		$ 33919
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 157195				Enterprise Value				$ 2809338
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 202181				Less Noncontrolling Interest
			Exit Multiple				250x				Plus Cash and ST Investments				293301
			Terminal Value				$ 5054533
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 2858159
			Present Value of Terminal Value				$ 2652142
			of Enterprise Value				944				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 2809338				Implied Share Price				$ 20203
					Implied Share Price
					Exit Multiple
					euro 202		200x		225x		280x		315x		350x
					95		18100		20173		24733		27635		30536
					100		17636		19653		24090		26913		29737
					115		16326		18186		22276		24879		27483
					120		15916		17726		21709		24243		26777
					130		15133		16850		20625		23028		25430

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 981500		$ 1275950		$ 1658735		$ 2114887		$ 2643609		232
	Revenue Growth					512		607			222		300		300		300		275		250
	Operating Expenses				225702		332290		584603			679500		883350		1148355		1492862		1903398		2379248				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 98150		$ 127595		$ 165874		$ 211489		$ 264361		232
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 63798		$ 82937		$ 107818		$ 148042		$ 185053		248
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		13397		17417		22642		31089		38861
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 50400		$ 65520		$ 85176		$ 116953		$ 146192		248
	Plus Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	Less Capital Expenditures				7200		31955		8000			22650		29445		38279		49762		63447		79308
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		24538		31899		41468		52872		66090
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 30770		$ 40001		$ 52001		$ 64081		$ 80101
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 26188		$ 30575		$ 35697		$ 39506		$ 44350
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 198748				Enterprise Value				$ 4082674
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 264361				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 7402105
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4131495
			Present Value of Terminal Value				$ 3883926
			of Enterprise Value				951				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4082674				Implied Share Price				$ 29204
					Implied Share Price
					Exit Multiple
					euro 292		200x		225x		280x		315x		350x
					95		23513		26224		32186		35980		39774
					100		22906		25543		31344		35036		38728
					115		21193		23624		28973		32377		35781
					120		20657		23024		28231		31544		34858
					130		19633		21877		26814		29955		33096

	Stock Data
	Current Price			$241
	52 Week Price Range			20545 - 40440
	200-Day Moving Average			27761
	Beta			134
	Market Cap (mil)			$3080
	Shares Outstanding (mil)			13
	Average Vol (3 month) mil			023
	Insider Ownership			4080
	Shares Short of Float			3772
	LTM PE			4516
	Forward PE			3256
	EVEBITDA			3688

	Company Name		Market Cap (Mil)		Net Income (Mil)		PS		PB		PE		IndustryBusiness Segments
	BlackRock Inc (BLK)		48746		3371		44		18		148
						Potential Comps
	Morgningstar List of Competitors						Franklin Resources
	httpfinancialsmorningstarcomcompetitorsindustry-peeractiont=BLK						Invesco
						T Rowe Price
	httpsenwikipediaorgwikiBlackRock						State Street
	httpwwwwikinvestcomstockBlackRock_(BLK)						Fidelity
						Eaton Vance - primarily active
						wisdom tree (WETF)
						Legg Mason
	Company Name		PE		PBV		EVEBITDA		Market CapAUM
	Invesco		91		14		1194
	T Rowe Price		133		34		831
	AMG		91		24		1213
	Eaton Vance
	wisdom tree		105		57		1428
	Legg Mason		118		07		784
	BlackRock Inc		131		17		1123
	Mean		1076		255		109		ERRORDIV0
	Median		105		24		1194		ERRORNUM
	Implied share price		2090489130435		406656		3510872705797
			median NTM EBITDA - net debt - preferred shares
		BLK Key Statistics
		Total Cash		56730
		Total Debt		57000
		Net Debt		270
	1311887		Preferred shares		6374
	823188		Enterprise Value		527794
	637447992		Equity Value		52114981
		Share Price		2986
		Net Income (LTM)		32970
		Shares outstanding		1656

Product Diversification

5Source Company 10-K

Home Refinance

Home Purchase

Personal Loans

Home Equity Loans Auto Loans Business

Loans

Credit Cards Student Loans StudentRefinance

Moving Away From Mortgage

0

20

40

60

80

100

2013A 2014A 2015A 2016A 2017A MRQ2018

Mortgage Non-Mortgage

1

Product Categories

bull Over a few short years TREE has acquired a number of leading media and comparison properties

bull The strategy is similar to that of two major TREE shareholders Barry Diller and John Malone (27)

bull Mortgage purchases and refinancing used to compose the majority of revenue now it is only a third of sales

bull Although the movement changes the risk profile of the company it should dampen revenue declines during the next economic downturn as smaller ticket purchases recover quicker

bull Additional categories include auto and home insurance as well as commercial loans

bull CEO Douglas Lebda expressed a continued push into small business loans for continued diversification as well

bull Ultimately the company is positioning itself to provide a full service financial experience for customers

Product Diversification

6Source Company 10-K

Iron Horse HoldingsCredit Card Comparison

November 16th 2016

$104 million

Deposits Online

Media facing in the depository

industry

June 14th 2017

Camino Del Avion

Consumer Facing Media Company

June 20th 2017

SMB Online Lender

September 19th 2017

Credit Repair

Company

June 11th

2018

PersonalFinance Website

July 23rd

2018

$60 million

1

Market Opportunity

7Source 2017 Company Investor Presentation TechCrunch

2

Total Addressable

Market

Est $13B

Est $500M

$264mTTM

Total Addressable

Market

Est $33B

Est $500M

$78mTTM

Total Addressable

Market

Est $10B

Est $1B

$126mTTM

bull LendingTreersquos positioning in its core markets across mortgage credit and personal loan is growing and the company is taking share there still remains plenty of opportunity to expand into its total addressable markets

Mortgage Credit Cards Personal Loans

Visible revenue opportunity in core markets served today not inclusive of acquisitions or new verticals Digital ad spend in financials expected to hit 20 CAGR between 2014 and 2020

tripling LendingTreersquos core market

Comparables (BLK)

Stock Data

DCF (Base)

WACC

DCF (Downside)

WACC

DCF (Upside)

WACC

Comparables

_CIQHiddenCacheSheet

WACC

Key Stats

Acquisition Effects (in millions)

Pro Forma Revenue

2017201820172018Three Months Ended June 30thSix Months Ended June 30th158737185820296935369201Pro Forma Net Income

2017201820172018Three Months Ended June 30thSix Months Ended June 30th7758451881496680956

2018

Mortgage ProductsNon-Mortgage ProductsCredit CardsPersonal LoansOther140410848796117576672

Mortgage2013A2014A2015A2016A2017AMRQ201812309113413716527221999127591066948Non-Mortgage2013A2014A2015A2016A2017AMRQ2018161493321388944164411341826117153

FRED Data

Fixed Rate and Inflation Behavior is Steady

30 Year Fixed Rate3970239709397163972339730397373974439751397583976539772397783978639793398003980639813398213982839835398423984939856398633987039877398843989139898399053991239919399263993339940399473995439961399683997539982399893999640003400104001740024400314003840045400524005940066400734008040087400944010140108401154012240129401364014240150401574016440171401784018540192401994020640213402204022740234402414024840255402624026940276402834029040297403044031140318403254033240339403464035340360403674037440381403884039540402404094041640423404304043740444404514045840465404724047940486404934050040506405144052140528405354054240549405564056340570405774058440591405984060540612406194062640633406404064740654406614066840675406824068940696407034071040717407244073140738407454075240759407664077340780407874079440801408084081540822408294083640843408504085740864408704087840885408924089940906409134092040927409344094140948409554096240969409764098340990409974100441011410184102541032410394104641053410604106741074410814108841095411024110941116411234113041137411444115141158411654117241179411864119341200412074121441221412284123441242412494125641263412704127741284412914129841305413124131941326413334134041347413544136141368413754138241389413964140341410414174142441431414384144541452414584146641473414804148741494415014150841515415224152941536415434155041557415644157141578415854159241599416054161341620416274163441641416484165541662416694167641683416904169741704417114171841725417324173941746417534176041767417744178141788417954180241809418164182341830418374184441851418584186541872418794188641893419004190741914419214192841935419424194941956419634196941977419844199141997420044201242019420264203342040420474205442061420684207542082420894209642103421104211742124421314213842145421524215942166421734218042187421944220142208422154222242229422364224342250422574226442271422784228542292422994230642313423204232742333423414234842355423624236942376423834239042397424044241142418424254243242439424464245342460424674247442481424884249542502425094251642523425304253742544425514255842565425724257942586425934260042607426144262142628426354264242649426564266342670426774268442691426974270542712427194272642733427404274742754427614276842775427824278942796428034281042817428244283142838428454285242859428664287342880428874289442901429084291542922429294293642943429504295742964429714297842985429924299943006430134302043027430344304143048430554306143069430764308343090430974310443111431184312543132431394314643153431604316743174431814318843195432024320943216432234323043237432444325143258432654327243279432864329343300433074331443321433284333543342433495935786096159464660464662614604597553547519514509999999999999965014965125099999999999999652551650450751550349800000000000004484999999999999964784874824847848448600000000000003482491529559538542532525145252552252951251450850750450449400000000000004487492550349800000000000004491483478471480999999999999964940000000000000450551450950599999999999996499498000000000000045014974935054974954964995085215075075059999999999999654934844784794724754690000000000000445845745745599999999999996454449444000000000000044424360000000000000343243499999999999996437437432426999999999999964190000000000000442142300000000000004424417438999999999999974400000000000000444646100000000000003483480999999999999964860000000000000347699999999999996471474484809999999999999650554954874884764809999999999999648600000000000003487491484784714634610000000000000345999999999999996455449454545145999999999999996451451999999999999964554389999999999999743241500000000000004422422412409409401394412411000000000000034099999999999999643994398439939439139539138938839838738738739539388392408399398388393883843833793783753673713663663623563533493553593623663593553553493433633933734133934334331332334332337335334343383423533533533563513523633543573543433413433534235135938139139839344642945143743099999999999996438999999999999974400000000000000444000000000000004458451457457454324224230000000000000442841340999999999999996416434999999999999964224294464424474480000000000000445345144143899999999999997432423000000000000044284334374284374324400000000000000444143442699999999999996433429421424139999999999999741241399999999999997424174139999999999999741241500000000000004413413412413999999999999974124099999999999999640999999999999996409999999999999964124230000000000000442419000000000000044123973923984019999999999999640139939738939338383387373366363366359369376383753863783693736636736536838385384387387404440199999999999996408404409404398391394393384389393913863853763823793763873983973953933953973964013973923813793723653653623643683733713713593583593663613573583643663635435634834134234534834334534334334634435348342342347352347354357394403408413416434324241240941900000000000004419000000000000044174150000000000000441640999999999999996421434230000000000000441399999999999997409999999999999964083974034019999999999999640540199999999999996395394389391393883964033963923933938938638237837838338338539138839439439395392393943933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Year Fixed Rate39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334955453557757856361457261958858157357453352492491483462465000000000000044848492480999999999999964684684724639999999999999746100000000000003458451999999999999964544480000000000000444800000000000004448000000000000044514519999999999999645453479505999999999999964889999999999999748747699999999999996469000000000000044634684690000000000000446346845599999999999996458454454474464360000000000000343343744344644000000000000004436000000000000034324294269999999999999643243844545445445440000000000000044389999999999999744000000000000004434433440000000000000044334324334344389999999999999745199999999999996440000000000000044389999999999999743899999999999997436000000000000034342442142417424134044074059999999999999640343953923938638338338238237537236236436636335737637738139641741500000000000004424134084054094084294269999999999999642241500000000000004415000000000000043974044094099999999999999641340199999999999996397389382383783743683673693693753653663663543533634433933333329328326337338338331333313333327321321324323316317324314316316319317313316333233213113133123073053043042972942982952942892862832828328428828928628628527727326927266272272692652632642672662652652642662662712812772772772762762792722762742652642612562612692772983033130435339353341339343343344363543593593543373293313333243232733532733347343351352355356345344343333333353393323383323423473383333393383323293253213233313332232232432332632332732432332532432633733633633318308313321323173173132309313153052982932982922993053073033130629729829329429229430230730531130832532332132432325321317313317315306309313113083072993032982983093231831831631932232232432631931307301295295293294296299296298288286285289286281281289292287281283278274272275278274276274274277276277276272272276279278284288314325334336337352355344337334343413393353373323423534433933633432332732732932731931931631831731732232932332318318316316312308308313313315321319325327324331332333363363383443383443493623683773843853939439391393873873944019999999999999640340140841500000000000004405999999999999964014074044043994019999999999999644019999999999999640840540139839739910 Year Breakeven Inflation39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334919561711862000000000000115860000000000001119609849999999999999910820000000000001083199999999999996091600000000000004095054600000000000004023043803080201449999999999999901103420000000000000305280000000000000205908519999999999999811240000000000001123113751020910882000000000000011151999999999999913313320000000000001135200000000000011287500000000000113041496145146615917975000000000001188799999999999991994183200000000000011808000000000000116919999999999999155164599999999999991856000000000000118779999999999999189191199999999999991738177164178750000000000011802179817321742191250000000000011986199820739999999999998217499999999999982132000000000000121375000000000002211399999999999992108000000000000122122999999999999998236237523839999999999999236232399999999999982382000000000000122759999999999998226500000000000012204000000000000221560000000000001223224622182240000000000000223123479999999999999234200000000000012386000000000000123119999999999998223820819039999999999999219319819681838000000000000117275182600000000000011714180418520000000000001178816240000000000001153815640000000000001165250000000000011776179417821838000000000000120099999999999998206199999999999982125999999999999921421124999999999998204210521219999999999999217799999999999992238230399999999999982305000000000000223580000000000001238200000000000012345000000000000222559999999999998233800000000000012343999999999999922719999999999998237242799999999999992501999999999999824140000000000001242200000000000022464255626240000000000001260800000000000012582541999999999999824620000000000002233231199999999999982252499999999999922342224000000000000221982334000000000000124123199999999999998235243199999999999992351999999999999922480000000000002216400000000000012056205619775194186200000000000011821784194751964206209600000000000012101999999999999919824999999999999191250000000000011992203619921996201750000000000012042520699999999999998203750000000000012092128000000000000122022204000000000000222722559999999999998220800000000000022326000000000000124233199999999999992322000000000000122622254224400000000000022248000000000000221680000000000001209799999999999992141999999999999921025211799999999999992132000000000000121421212521019999999999999212400000000000012128000000000000121982279999999999999822480000000000002225999999999999982292279999999999999823879999999999999256400000000000012448246825274999999999999248200000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Share Price Data

Peers vs LendingTree

OnDeck 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42361977346685669993600138655575452936370984837815093647493424636326435943636499338503377454354875159338346037460243996377685368960836953943173782786468839223839010768335394663899407163439270038362900479372603370926233083787248630463187438530838333775974384730882773599443923538971505221840471238843353232400323398005927534131439174602929841499189154557889420535917751538074181104084520580240425039491221084154539197169341940425039491221083977823816636086639593437292828892402748907305407583861168633375637939015936728668592397551402227964883937398777144865740055437744157132395587886449806314011318780057316740263340026256875416377906759577154185724019733795541787939436638037420258694380718544258489298718196842977592677810295424578421700660165016169761696240850023099560565969509586511675063351801800605179018527258015078354975311850119846382352956801733499619539270019882882552968352437783501529452510292157365124740144958647850739198181122704522869024650750275162855043593092252945251029215736513051515060025135194040212657884452159851647959083524024025779070885209055088725916652136750239391315145530026668283553118501198463823520790001829752845348810294552777153349501424127945544929518481646645377685322760791953222450607012002534072514805439715318780195916374152852852324951445308385255061556254643104073848372533957007762600895261030139500343654146451509668481568376062176575215690690697835743582467055152066235699930568262172654146451509668481527373522121193795548625351152106564795551748774565646800447059357457657657711765822584661585015902495960960546062357159355510756398466598637070948554675925155788284690160360356194031963595287609256465535779625576816226155070452412324968558096559064528645458535401743234655082003116608851527489029164032625172094914019521851917300718011079534188021848278635115499928031879658997456248615014615384587309203386109955968815986861919607717264782610302623924633376170016166088792963109264423440425637214136354489916180410760443272162196810760064434596558082777591159540308164927049611226610967276336208131064723237362762764084944243645414616645539056701316685116270768249019444467107686186142615242736888427006504343869531067924900265700046156155089967067452181394037687918644307723669750520911283891702933658975891447008546708049279670501271644692283708939678703172147189882023795749372776618323478441713559683216454587222221916788591752136748622389827731577830178383579544929093441237814275795466024737795102892236016677974123400921149781127249223209847899052993784870679394780332760915777662245838248017922153016351282878644029599352523785978267822169938093093044742596881335180842338168822476275757073878246708056209101383298682760483196837722304510919368369137898610812784084082141739849831600812390833618610533411630090286047584059884876886347893593257389489486036278922930006922383762648373758180324367584800184227299988387618332464349283679831746827649849503329879803184973434396548075856086850171243978101178191240975980526680052513757865557683863301981439126785882952771309739632484778436123852249393805382272917942478213212746287531785989834003468858687918625827705987537538287421164875606327659821568575883377780472878782624190745576784130293736884018298683106983528380826977573874395805035786439459867968353061484107280434281348249463818780327586502038201662735004326580746126108890603792792802199288548098868050384199481693228420114856805728759396425088624393563770073787167936540357207877454371045175218836913355580657489246938571334304887040866550222528358743304256334481924228645778968467312994518064180364977122546151763686759905595827580272266567977474370525424566294752945263272227827573342536998325273839220747534755745668700723753737595287142636009674532221424527112735042745783258417345807176119031172557172267101597712982182652294237308847001412636372869023957749517449757277667885173562024634741876746708229459269387565257390499945270917069278884988600947073205195856525754527009655070452412324968596904569256073716083391081464748559817511207726716001385585553578962936014254192336407946121322566164772461890218027663432675827381156456456307312167645299144252734096261260839425713963605913522616936351351481835263464379765664593087636752108183134526131901267454349462855162789208538608570122232152560025410024823058597482069820234066008316008123909359805957038439432599792072076875286045276182830304160868559462495746624509123942963216242781098572855664091015382512939666204636955309856146916143522381656699004696257695573458060211179095876645602295089359540308164927049599099099119909976155001290020760759563409573494814594017066435272235699930568262172652390851873623197486486489108651294854469603731356449387848939989638494686969399700434987294733488225250727650941842208509355497589385655237930116933931451409100914550692551513038773087595694155562620575359205235407595545691823846342765520905393372479457623005598914174573573567254017915718410655615370456560406639861256564911058791613395683760621765752158593205853702806551166552294604985293370032493185455162854581592642550473544687605957830907881013918563871564706131656398703709893656556941557936208035642180511846142157322704612550135567798561612414865477015489096431555185952525157025369600176262412852413949817187575531878019591637415294525102921573653938552692572133549780537080606725404250210112030255486253511521065627165635778109956421805118461421566412546398416615759990765534979658523908558006275594941053477915195857010791013842757484407542517735574382047253821965736890742968567456109953427813508

Product Expansion

8Source Earnings Call Transcript Company Filings

3

My LendingTree

bull Customer familiarity is key as repeat customers drop promotional costs

bull Released My LendingTree which serves as a personal financial management application

bull Launched in 2014 and now has 88 million customers personal loans is prominent

bull Free credit scores credit monitoring and recommendations

bull Ability to lock in customers and accumulate data for personalized recommendations

bull Organic growth can lead to far less promotional spend due to organic customer

New Digital Experience

bull Added more services in 2017 to address consumer needs with additions in deposit accounts and savings accounts improves lifetime value

bull Concierge services and higher conversion with SnapCap

bull Deposit accounts are getting integrated with LendingTree and business credit services are developing

The new thing that we are seeing when I mentioned some of these new startup mortgage companies weve got a mortgage company on our network that literally has no loan officers 100 technology very low margins and is experiencing conversion rates right with our top lenders And I expect those types of things to proliferate I expect more and more lenders to create fully digital experiences that over time wont need humans And those are going to be perfect lenders to dial in just like Prosper and LendingClub change the way personal loans does So I expect thats going to continue to grow

- Doug Lebda Chairman amp CEO 2Q 2018 Earnings Call

Potential Risks

9Source Yahoo Finance

bull Increases in interest rates could adversely affect the ability of network lenders to close loans

bull Similarly a decrease in rates could lead to sudden increases in demand which is actually a negative The best situation for TREE is steady increases and declines in rates

bull Still somewhat dependent on mortgages for growthbull Diversification away from mortgage could change the

risk profile of the firm (ie move to credit cards)bull The decline in stock prices from competitors such as On

Deck Capital and LendingClub could misprice the broader financial technology sector

bull The intended benefits of acquisitions from the past and future may not be realized as expected

Internal and External Risk Factors Mitigants

bull Despite well publicized headwinds TREE has managed this rate environment well

bull Although mortgage purchases and home refinancing still compose over a third of revenue the stated goal of further diversification and an improved environment in 2019 should protect against mortgage headwinds

bull Thus far Tree has been insulated from the collapse in share prices from public P2P lenders like On Deck Capital and Lending Club

0

150

300

450

600

750

900

Peers vs LendingTree

ONDK LC TREE

Conclusion ndash Recommendation to Buy

10

Opportune Time to Buy at Depressed Share Price

bullCurrent prices represent a drawdown of 40 from an all time high in January 2018business fundamentals have arguably not changed that dramatically

Clear Catalysts

bullThe growth of the lending marketplace movement away from mortgage and increased user experience are all improvements for firm value

Diversification of Clubrsquos Portfolio

bullCurrently underweight financial exposure LendingTree offers a bridge between the growth of technology and lower beta financial sector

bull Upside case assumed aggressive MampA activity to continue diversifying away from mortgage products

bull Base case assumed blend or organic and inorganic growth in near term with similar long term outlook as upside

bull Downside incorporated triggering of risk factors and delaycessation of acquisitions in the short term

Valuation AssumptionsImplied Share

Pricesbull Upside 38bull Base 21bull Downside -14

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Date		OnDeck Capital		ONDK Indexed		LendingClub		LC Indexed		LendingTree Close		TREE Indexed
121914		2415		100		2521		100		4329		100
122214		2300		095		2406		095		4355		101
122314		2263		094		2308		092		4618		107
122414		2312		096		2532		100		4739		109
122614		2306		095		2574		102		4796		111
122914		2244		093		2498		099		4805		111
123014		2247		093		2583		102		4793		111
123114		2243		093		2530		100		4834		112
1215		2390		099		2493		099		4734		109
1515		2250		093		2400		095		4694		108
1615		2221		092		2289		091		4821		111
1715		2228		092		2288		091		4819		111
1815		2273		094		2316		092		4921		114
1915		2269		094		2301		091		4939		114
11215		2065		086		2101		083		4847		112
11315		1853		077		2113		084		4530		105
11415		1828		076		2106		084		4443		103
11515		1850		077		2209		088		4173		096
11615		1850		077		2209		088		4277		099
12015		1839		076		2207		088		4113		095
12115		1687		070		2017		080		4114		095
12215		1650		068		1949		077		4220		097
12315		1699		070		1908		076		4040		093
12615		1663		069		1999		079		4043		093
12715		1608		067		2059		082		4083		094
12815		1607		067		2008		080		4090		094
12915		1475		061		1944		077		4076		094
13015		1508		062		1877		074		4118		095
2215		1567		065		1926		076		4156		096
2315		1568		065		2029		080		4268		099
2415		1552		064		2006		080		4235		098
2515		1571		065		2028		080		4201		097
2615		1695		070		2043		081		4126		095
2915		1732		072		2160		086		4030		093
21015		1739		072		2126		084		4051		094
21115		1712		071		2215		088		4019		093
21215		1731		072		2147		085		4252		098
21315		1742		072		2195		087		4292		099
21715		1803		075		2250		089		4333		100
21815		1755		073		2268		090		4380		101
21915		1774		073		2204		087		4390		101
22015		1837		076		2289		091		4384		101
22315		1937		080		2376		094		4355		101
22415		1989		082		2365		094		4407		102
22515		1910		079		2051		081		4700		109
22615		1905		079		2129		084		5216		120
22715		1940		080		2037		081		5304		123
3215		1949		081		2000		079		5291		122
3315		1836		076		2003		079		5242		121
3415		1732		072		2008		080		5239		121
3515		1614		067		1986		079		5203		120
3615		1626		067		2002		079		5111		118
3915		1679		070		1984		079		5180		120
31015		1733		072		1952		077		5063		117
31115		1850		077		1955		078		5400		125
31215		1948		081		1953		077		5442		126
31315		1941		080		1907		076		5424		125
31615		2100		087		1925		076		5439		126
31715		2125		088		1920		076		5488		127
31815		2095		087		1917		076		5655		131
31915		2192		091		1992		079		5628		130
32015		2226		092		2009		080		5590		129
32315		2314		096		2082		083		5764		133
32415		2347		097		2031		081		5623		130
32515		2191		091		1973		078		5612		130
32615		2062		085		1949		077		5609		130
32715		2054		085		1955		078		5592		129
33015		2103		087		1936		077		5606		129
33115		2129		088		1965		078		5601		129
4115		2047		085		1909		076		5587		129
4215		1963		081		1926		076		5586		129
4615		2032		084		1940		077		5686		131
4715		2051		085		1916		076		5810		134
4815		2053		085		1906		076		5723		132
4915		1980		082		1840		073		5699		132
41015		1953		081		1819		072		5660		131
41315		1986		082		1804		072		5678		131
41415		2109		087		1880		075		5686		131
41515		2133		088		1939		077		5869		136
41615		2108		087		1951		077		5900		136
41715		2094		087		1922		076		5989		138
42015		2095		087		1939		077		5999		139
42115		2052		085		1935		077		5991		138
42215		2054		085		1901		075		5994		138
42315		2118		088		1883		075		6073		140
42415		2123		088		1827		072		6091		141
42715		2051		085		1805		072		6112		141
42815		2034		084		1802		071		6175		143
42915		1987		082		1767		070		6175		143
43015		1925		080		1745		069		5503		127
5115		1929		080		1787		071		5502		127
5415		2002		083		1849		073		5571		129
5515		1691		070		1758		070		5573		129
5615		1696		070		1831		073		5600		129
5715		1601		066		1730		069		5594		129
5815		1568		065		1623		064		5734		132
51115		1541		064		1684		067		5791		134
51215		1576		065		1716		068		5776		133
51315		1540		064		1705		068		5728		132
51415		1555		064		1711		068		5730		132
51515		1585		066		1721		068		5720		132
51815		1673		069		1736		069		5700		132
51915		1629		067		1762		070		5922		137
52015		1624		067		1766		070		6007		139
52115		1580		065		1790		071		5774		133
52215		1552		064		1843		073		5701		132
52615		1505		062		1846		073		5744		133
52715		1539		064		1900		075		5836		135
52815		1553		064		1900		075		5853		135
52915		1518		063		1921		076		5926		137
6115		1446		060		1908		076		5962		138
6215		1474		061		1898		075		6129		142
6315		1524		063		1933		077		6341		146
6415		1490		062		1832		073		6293		145
6515		1492		062		1872		074		6270		145
6815		1450		060		1746		069		6242		144
6915		1403		058		1697		067		6354		147
61015		1407		058		1742		069		6430		149
61115		1355		056		1739		069		6386		148
61215		1366		057		1728		069		6399		148
61515		1248		052		1707		068		6478		150
61615		1261		052		1724		068		6524		151
61715		1259		052		1745		069		6599		152
61815		1232		051		1707		068		7238		167
61915		1285		053		1730		069		7182		166
62215		1288		053		1686		067		7342		170
62315		1287		053		1655		066		7350		170
62415		1253		052		1626		064		7323		169
62515		1239		051		1606		064		7694		178
62615		1252		052		1525		060		7816		181
62915		1144		047		1454		058		7789		180
63015		1158		048		1475		059		7861		182
7115		1139		047		1457		058		7818		181
7215		1176		049		1395		055		7499		173
7615		1184		049		1475		059		7671		177
7715		1187		049		1430		057		7684		178
7815		1186		049		1413		056		7792		180
7915		1215		050		1420		056		7863		182
71015		1249		052		1405		056		7785		180
71315		1270		053		1427		057		7815		181
71415		1309		054		1426		057		8235		190
71515		1310		054		1430		057		8347		193
71615		1345		056		1475		059		8140		188
71715		1349		056		1495		059		8256		191
72015		1288		053		1462		058		8328		192
72115		1302		054		1501		060		8422		195
72215		1297		054		1490		059		8480		196
72315		1299		054		1483		059		8165		189
72415		1225		051		1460		058		8216		190
72715		1204		050		1435		057		8171		189
72815		1231		051		1481		059		8322		192
72915		1249		052		1458		058		7966		184
73015		1267		052		1453		058		8201		189
73115		1337		055		1451		058		8292		192
8315		1338		055		1434		057		8260		191
8415		1047		043		1383		055		11751		271
8515		947		039		1440		057		11795		272
8615		907		038		1403		056		11337		262
8715		918		038		1392		055		12104		280
81015		956		040		1437		057		11952		276
81115		901		037		1401		056		12509		289
81215		933		039		1403		056		12190		282
81315		907		038		1396		055		13446		311
81415		908		038		1370		054		13371		309
81715		945		039		1365		054		13808		319
81815		946		039		1330		053		13666		316
81915		958		040		1274		051		13690		316
82015		951		039		1229		049		13387		309
82115		959		040		1214		048		11088		256
82415		911		038		1167		046		10420		241
82515		869		036		1200		048		10466		242
82615		867		036		1217		048		10782		249
82715		908		038		1238		049		10335		239
82815		916		038		1277		051		10720		248
83115		923		038		1255		050		10595		245
9115		912		038		1214		048		10085		233
9215		916		038		1221		048		9844		227
9315		938		039		1239		049		10494		242
9415		933		039		1201		048		10419		241
9815		1005		042		1240		049		10548		244
9915		1000		041		1235		049		10395		240
91015		1001		041		1247		049		10493		242
91115		1029		043		1258		050		10534		243
91415		1020		042		1290		051		10549		244
91515		1059		044		1314		052		11583		268
91615		1041		043		1305		052		11623		268
91715		1061		044		1360		054		11827		273
91815		1056		044		1370		054		11581		268
92115		1044		043		1376		055		11560		267
92215		1014		042		1368		054		11630		269
92315		940		039		1319		052		11687		270
92415		931		039		1337		053		10305		238
92515		942		039		1326		053		9843		227
92815		916		038		1306		052		9107		210
92915		947		039		1346		053		8999		208
93015		990		041		1323		052		9303		215
10115		938		039		1316		052		9004		208
10215		966		040		1325		053		9251		214
10515		999		041		1382		055		9613		222
10615		989		041		1410		056		9149		211
10715		990		041		1438		057		9550		221
10815		1001		041		1486		059		9600		222
10915		992		041		1470		058		9637		223
101215		976		040		1430		057		9805		226
101315		897		037		1428		057		9239		213
101415		896		037		1446		057		9264		214
101515		944		039		1495		059		9636		223
101615		900		037		1436		057		9619		222
101915		918		038		1435		057		9846		227
102015		915		038		1433		057		9874		228
102115		926		038		1439		057		9449		218
102215		924		038		1438		057		9462		219
102315		931		039		1437		057		9800		226
102615		952		039		1428		057		12098		279
102715		927		038		1347		053		12400		286
102815		985		041		1400		056		12729		294
102915		935		039		1362		054		12251		283
103015		952		039		1418		056		12136		280
11215		946		039		1461		058		11500		266
11315		1026		042		1479		059		11577		267
11415		1052		044		1462		058		11390		263
11515		1110		046		1419		056		12025		278
11615		1110		046		1470		058		12497		289
11915		1130		047		1457		058		12898		298
111015		1137		047		1419		056		12130		280
111115		1128		047		1364		054		12146		281
111215		1090		045		1332		053		11900		275
111315		1004		042		1272		050		11649		269
111615		1007		042		1261		050		11719		271
111715		971		040		1281		051		11679		270
111815		979		041		1279		051		11051		255
111915		958		040		1284		051		10383		240
112015		948		039		1263		050		10092		233
112315		943		039		1236		049		10023		232
112415		961		040		1220		048		10220		236
112515		963		040		1258		050		10082		233
112715		977		040		1247		049		10258		237
113015		995		041		1202		048		10188		235
12115		901		037		1209		048		10599		245
12215		1150		048		1256		050		9993		231
12315		1142		047		1282		051		9715		224
12415		1098		045		1287		051		10213		236
12715		1090		045		1345		053		9897		229
12815		1050		043		1373		054		9573		221
12915		1002		041		1404		056		9254		214
121015		1035		043		1416		056		10274		237
121115		978		040		1365		054		9451		218
121415		965		040		1284		051		9415		217
121515		976		040		1246		049		9760		225
121615		942		039		1241		049		9801		226
121715		934		039		1216		048		9517		220
121815		1081		045		1148		046		9539		220
122115		1086		045		1145		045		9301		215
122215		1113		046		1136		045		9004		208
122315		1132		047		1150		046		9150		211
122415		1112		046		1140		045		9121		211
122815		1025		042		1102		044		9004		208
122915		1032		043		1100		044		9131		211
123015		1034		043		1083		043		8980		207
123115		1030		043		1105		044		8928		206
1416		975		040		1108		044		8789		203
1516		972		040		1072		043		8782		203
1616		969		040		1012		040		8634		199
1716		922		038		951		038		8404		194
1816		907		038		949		038		8304		192
11116		857		035		924		037		8197		189
11216		851		035		947		038		8663		200
11316		733		030		886		035		6114		141
11416		745		031		802		032		6624		153
11516		769		032		773		031		6774		156
11916		774		032		734		029		6764		156
12016		771		032		792		031		7183		166
12116		807		033		822		033		7175		166
12216		834		035		846		034		7104		164
12516		782		032		799		032		7015		162
12616		805		033		807		032		7262		168
12716		780		032		771		031		7105		164
12816		757		031		739		029		7036		163
12916		792		033		738		029		7369		170
2116		789		033		761		030		7388		171
2216		760		031		704		028		6596		152
2316		771		032		768		030		6438		149
2416		778		032		759		030		6764		156
2516		761		032		700		028		6005		139
2816		697		029		661		026		5577		129
2916		662		027		657		026		5498		127
21016		697		029		651		026		5710		132
21116		687		028		688		027		5708		132
21216		697		029		704		028		5981		138
21616		762		032		787		031		6336		146
21716		745		031		825		033		6215		144
21816		820		034		870		035		6469		149
21916		844		035		888		035		6369		147
22216		880		036		928		037		6796		157
22316		705		029		884		035		6890		159
22416		631		026		846		034		6994		162
22516		635		026		845		034		8550		198
22616		663		027		841		033		8348		193
22916		670		028		873		035		8837		204
3116		679		028		875		035		9011		208
3216		705		029		916		036		8597		199
3316		769		032		956		038		8989		208
3416		800		033		898		036		9040		209
3716		795		033		940		037		9000		208
3816		772		032		900		036		8519		197
3916		748		031		891		035		8560		198
31016		717		030		901		036		8217		190
31116		736		030		917		036		8602		199
31416		754		031		905		036		8817		204
31516		709		029		853		034		8996		208
31616		706		029		841		033		9140		211
31716		717		030		840		033		9578		221
31816		739		031		870		035		9326		215
32116		747		031		880		035		9217		213
32216		753		031		845		034		9481		219
32316		738		031		823		033		9236		213
32416		762		032		832		033		9510		220
32816		708		029		773		031		9433		218
32916		755		031		807		032		9427		218
33016		764		032		811		032		9268		214
33116		779		032		830		033		9778		226
4116		736		030		804		032		9739		225
4416		735		030		817		032		10218		236
4516		712		029		800		032		9903		229
4616		752		031		824		033		10137		234
4716		725		030		786		031		9926		229
4816		718		030		794		031		9990		231
41116		726		030		769		031		9492		219
41216		706		029		761		030		9386		217
41316		728		030		756		030		9886		228
41416		759		031		744		030		9700		224
41516		783		032		731		029		9764		226
41816		782		032		753		030		10137		234
41916		816		034		803		032		10295		238
42016		830		034		828		033		10185		235
42116		828		034		774		031		9935		229
42216		846		035		764		030		9392		217
42516		848		035		739		029		9086		210
42616		848		035		752		030		8949		207
42716		879		036		812		032		9126		211
42816		860		036		809		032		8783		203
42916		863		036		790		031		8947		207
5216		830		034		793		031		9239		213
5316		550		023		711		028		8518		197
5416		511		021		692		027		8262		191
5516		497		021		685		027		7943		183
5616		512		021		710		028		7556		175
5916		491		020		462		018		7334		169
51016		484		020		410		016		7354		170
51116		467		019		408		016		7072		163
51216		431		018		376		015		6714		155
51316		464		019		351		014		6969		161
51616		466		019		394		016		7047		163
51716		447		019		360		014		6740		156
51816		480		020		399		016		7001		162
51916		453		019		370		015		6950		161
52016		469		019		399		016		6904		159
52316		489		020		432		017		7462		172
52416		492		020		443		018		8100		187
52516		494		020		445		018		7810		180
52616		493		020		437		017		7952		184
52716		498		021		481		019		8109		187
53116		517		021		476		019		8325		192
6116		501		021		498		020		8396		194
6216		525		022		506		020		8785		203
6316		504		021		462		018		8598		199
6616		519		021		474		019		8803		203
6716		513		021		439		017		8951		207
6816		512		021		442		018		9115		211
6916		505		021		447		018		8793		203
61016		511		021		426		017		8577		198
61316		493		020		444		018		8142		188
61416		492		020		442		018		7413		171
61516		499		021		465		018		7426		172
61616		510		021		496		020		7416		171
61716		510		021		487		019		7225		167
62016		547		023		500		020		7696		178
62116		542		022		492		020		7612		176
62216		531		022		484		019		7646		177
62316		547		023		498		020		7923		183
62416		520		022		469		019		7840		181
62716		471		020		430		017		7944		184
62816		493		020		461		018		8124		188
62916		519		021		454		018		8472		196
63016		515		021		430		017		8833		204
7116		525		022		438		017		9284		214
7516		489		020		417		017		9211		213
7616		494		020		420		017		9521		220
7716		524		022		425		017		9311		215
7816		525		022		432		017		9576		221
71116		532		022		437		017		9637		223
71216		546		023		410		016		9615		222
71316		529		022		425		017		9890		228
71416		532		022		451		018		10271		237
71516		536		022		449		018		10229		236
71816		549		023		460		018		10290		238
71916		529		022		460		018		10150		234
72016		532		022		461		018		9537		220
72116		527		022		459		018		9493		219
72216		522		022		441		017		9741		225
72516		506		021		434		017		9813		227
72616		528		022		464		018		9535		220
72716		531		022		465		018		9550		221
72816		521		022		460		018		10229		236
72916		520		022		462		018		10098		233
8116		517		021		459		018		10234		236
8216		500		021		447		018		9934		229
8316		508		021		464		018		10238		236
8416		521		022		460		018		10657		246
8516		525		022		475		019		11002		254
8816		516		021		479		019		10817		250
8916		568		024		479		019		11062		256
81016		548		023		491		019		11160		258
81116		578		024		546		022		11077		256
81216		588		024		540		021		11035		255
81516		604		025		582		023		11039		255
81616		616		026		563		022		10624		245
81716		625		026		553		022		10358		239
81816		627		026		559		022		10379		240
81916		621		026		549		022		10292		238
82216		603		025		539		021		10233		236
82316		612		025		524		021		10705		247
82416		609		025		544		022		10256		237
82516		616		026		552		022		10241		237
82616		617		026		540		021		10068		233
82916		629		026		556		022		10167		235
83016		639		026		550		022		10103		233
83116		633		026		541		021		9700		224
9116		625		026		530		021		9534		220
9216		635		026		540		021		9569		221
9616		635		026		535		021		9508		220
9716		638		026		541		021		9816		227
9816		626		026		547		022		10049		232
9916		607		025		536		021		10155		235
91216		602		025		559		022		10307		238
91316		619		026		575		023		9815		227
91416		599		025		575		023		9647		223
91516		602		025		617		024		9628		222
91616		589		024		643		026		9563		221
91916		595		025		619		025		9257		214
92016		602		025		610		024		8893		205
92116		599		025		611		024		8932		206
92216		601		025		611		024		9399		217
92316		592		025		628		025		9214		213
92616		584		024		611		024		9183		212
92716		585		024		623		025		9319		215
92816		591		024		624		025		9616		222
92916		568		024		608		024		9612		222
93016		570		024		618		025		9691		224
10316		555		023		616		024		9716		224
10416		545		023		616		024		9762		226
10516		560		023		617		024		9487		219
10616		547		023		605		024		9178		212
10716		531		022		595		024		9102		210
101016		544		023		604		024		9195		212
101116		522		022		579		023		9058		209
101216		512		021		554		022		9055		209
101316		491		020		550		022		8934		206
101416		486		020		538		021		8887		205
101716		463		019		499		020		8779		203
101816		467		019		491		019		8876		205
101916		463		019		507		020		9148		211
102016		461		019		486		019		8844		204
102116		456		019		485		019		8928		206
102416		470		019		487		019		9088		210
102516		485		020		490		019		8915		206
102616		483		020		476		019		9127		211
102716		480		020		475		019		7707		178
102816		484		020		470		019		7773		180
103116		489		020		493		020		7985		184
11116		478		020		486		019		8060		186
11216		452		019		481		019		8080		187
11316		409		017		509		020		7985		184
11416		402		017		513		020		8155		188
11716		403		017		591		023		8360		193
11816		388		016		576		023		8340		193
11916		442		018		561		022		8755		202
111016		501		021		589		023		9050		209
111116		556		023		614		024		9515		220
111416		547		023		631		025		9550		221
111516		504		021		652		026		9370		216
111616		489		020		638		025		8815		204
111716		468		019		606		024		9320		215
111816		481		020		598		024		10000		231
112116		476		020		614		024		10255		237
112216		474		020		596		024		10550		244
112316		472		020		594		024		10655		246
112516		481		020		594		024		10780		249
112816		467		019		579		023		10610		245
112916		461		019		562		022		10140		234
113016		460		019		566		022		10480		242
12116		442		018		533		021		10165		235
12216		441		018		515		020		9885		228
12516		425		018		528		021		9925		229
12616		428		018		568		023		9985		231
12716		422		017		586		023		10020		231
12816		405		017		563		022		10500		243
12916		430		018		553		022		10530		243
121216		426		018		534		021		10270		237
121316		425		018		541		021		10215		236
121416		420		017		520		021		10295		238
121516		419		017		512		020		10420		241
121616		425		018		533		021		10580		244
121916		426		018		517		021		10740		248
122016		437		018		521		021		10860		251
122116		440		018		520		021		10665		246
122216		427		018		526		021		10330		239
122316		458		019		521		021		10270		237
122716		460		019		547		022		10335		239
122816		455		019		521		021		10095		233
122916		459		019		517		021		10030		232
123016		463		019		525		021		10135		234
1317		466		019		542		021		9835		227
1417		510		021		574		023		10405		240
1517		476		020		565		022		10200		236
1617		483		020		563		022		10075		233
1917		478		020		566		022		10145		234
11017		492		020		575		023		10505		243
11117		505		021		568		023		10425		241
11217		485		020		560		022		10375		240
11317		498		021		561		022		10460		242
11717		485		020		549		022		10490		242
11817		480		020		549		022		10595		245
11917		480		020		578		023		10600		245
12017		491		020		575		023		10565		244
12317		488		020		589		023		10415		241
12417		489		020		590		023		10635		246
12517		493		020		610		024		10580		244
12617		482		020		612		024		10610		245
12717		478		020		614		024		11080		256
13017		487		020		605		024		11090		256
13117		503		021		617		024		11190		258
2117		517		021		632		025		11100		256
2217		497		021		623		025		11190		258
2317		515		021		634		025		11460		265
2617		519		021		624		025		11370		263
2717		524		022		631		025		11350		262
2817		529		022		620		025		11595		268
2917		546		023		645		026		11680		270
21017		568		024		668		026		11700		270
21317		560		023		668		026		11580		267
21417		569		024		660		026		11795		272
21517		562		023		629		025		11440		264
21617		501		021		578		023		11365		263
21717		489		020		563		022		11295		261
22117		519		021		568		023		11360		262
22217		530		022		564		022		11215		259
22317		553		023		556		022		12225		282
22417		546		023		545		022		12340		285
22717		576		024		558		022		12180		281
22817		534		022		534		021		11840		274
3117		530		022		529		021		11930		276
3217		508		021		525		021		11720		271
3317		490		020		513		020		11910		275
3617		501		021		505		020		11840		274
3717		495		020		506		020		11725		271
3817		506		021		531		021		11645		269
3917		486		020		537		021		11540		267
31017		487		020		531		021		11890		275
31317		486		020		526		021		12090		279
31417		474		020		526		021		12070		279
31517		464		019		535		021		12120		280
31617		474		020		549		022		12390		286
31717		475		020		536		021		12400		286
32017		463		019		539		021		12255		283
32117		450		019		522		021		11665		269
32217		448		019		521		021		11750		271
32317		477		020		520		021		11875		274
32417		462		019		520		021		11885		275
32717		471		020		526		021		11970		277
32817		478		020		545		022		12415		287
32917		480		020		545		022		12370		286
33017		491		020		547		022		12575		290
33117		504		021		549		022		12535		290
4317		474		020		529		021		12180		281
4417		471		020		523		021		11860		274
4517		462		019		524		021		11780		272
4617		463		019		534		021		12150		281
4717		442		018		535		021		12265		283
41017		451		019		537		021		11940		276
41117		460		019		555		022		12205		282
41217		461		019		552		022		12055		278
41317		446		018		546		022		11680		270
41717		435		018		546		022		11985		277
41817		439		018		565		022		12195		282
41917		451		019		572		023		12370		286
42017		460		019		580		023		12520		289
42117		455		019		572		023		12715		294
42417		460		019		585		023		12900		298
42517		473		020		590		023		13120		303
42617		486		020		603		024		12575		290
42717		476		020		599		024		14240		329
42817		475		020		585		023		14090		325
5117		479		020		599		024		14443		334
5217		468		019		585		023		14440		334
5317		462		019		604		024		14265		330
5417		461		019		609		024		14645		338
5517		464		019		575		023		14688		339
5817		432		018		560		022		14795		342
5917		406		017		589		023		14655		339
51017		399		017		594		024		14610		337
51117		390		016		591		023		14860		343
51217		375		016		583		023		15130		350
51517		370		015		584		023		15420		356
51617		360		015		585		023		15800		365
51717		340		014		560		022		15260		353
51817		338		014		555		022		15335		354
51917		339		014		566		022		15765		364
52217		363		015		590		023		15675		362
52317		382		016		589		023		15760		364
52417		365		015		585		023		15670		362
52517		355		015		572		023		15585		360
52617		357		015		559		022		15745		364
53017		355		015		548		022		15790		365
53117		354		015		550		022		15560		359
6117		399		017		570		023		16340		377
6217		395		016		560		022		16600		383
6517		393		016		571		023		16350		378
6617		389		016		566		022		17070		394
6717		392		016		569		023		16980		392
6817		418		017		577		023		17085		395
6917		423		018		578		023		17000		393
61217		430		018		562		022		16130		373
61317		424		018		580		023		16395		379
61417		431		018		570		023		16680		385
61517		421		017		565		022		16655		385
61617		419		017		561		022		16985		392
61917		428		018		578		023		17520		405
62017		434		018		565		022		17330		400
62117		438		018		553		022		17885		413
62217		450		019		570		023		17965		415
62317		459		019		567		022		18205		421
62617		464		019		572		023		18100		418
62717		462		019		556		022		17500		404
62817		460		019		562		022		17985		415
62917		471		020		560		022		17500		404
63017		466		019		551		022		17220		398
7317		486		020		560		022		17140		396
7517		475		020		557		022		17435		403
7617		461		019		537		021		16715		386
7717		476		020		543		022		16890		390
71017		464		019		534		021		17210		398
71117		463		019		537		021		17045		394
71217		468		019		539		021		17340		401
71317		465		019		541		021		17125		396
71417		463		019		539		021		17365		401
71717		450		019		530		021		17430		403
71817		449		019		529		021		18025		416
71917		452		019		520		021		18120		419
72017		458		019		520		021		18090		418
72117		445		018		519		021		18193		420
72417		432		018		508		020		18435		426
72517		435		018		514		020		18605		430
72617		439		018		521		021		18380		425
72717		437		018		519		021		21715		502
72817		435		018		522		021		21655		500
73117		430		018		507		020		22060		510
8117		421		017		509		020		22425		518
8217		410		017		496		020		22825		527
8317		419		017		509		020		22995		531
8417		422		017		521		021		22925		530
8717		500		021		546		022		23345		539
8817		501		021		645		026		22930		530
8917		482		020		608		024		22920		529
81017		484		020		590		023		22185		512
81117		477		020		580		023		21965		507
81417		490		020		581		023		22635		523
81517		481		020		583		023		22350		516
81617		489		020		593		024		22920		529
81717		477		020		583		023		22210		513
81817		469		019		596		024		22485		519
82117		470		019		605		024		22580		522
82217		467		019		600		024		22685		524
82317		470		019		604		024		22550		521
82417		471		020		620		025		22570		521
82517		466		019		615		024		22275		515
82817		473		020		610		024		22995		531
82917		481		020		613		024		22545		521
83017		482		020		614		024		23155		535
83117		483		020		619		025		23095		533
9117		474		020		631		025		23590		545
9517		468		019		617		024		23280		538
9617		479		020		614		024		23040		532
9717		466		019		599		024		23120		534
9817		467		019		586		023		23025		532
91117		465		019		620		025		22880		529
91217		477		020		629		025		22980		531
91317		477		020		628		025		23655		546
91417		456		019		607		024		23115		534
91517		458		019		618		025		22775		526
91817		475		020		614		024		23440		541
91917		461		019		599		024		24605		568
92017		472		020		606		024		24635		569
92117		475		020		610		024		25215		582
92217		461		019		606		024		24675		570
92517		444		018		597		024		23440		541
92617		455		019		597		024		22830		527
92717		477		020		619		025		24020		555
92817		475		020		624		025		24450		565
92917		467		019		609		024		24445		565
10217		476		020		627		025		24960		577
10317		476		020		642		025		25310		585
10417		460		019		641		025		25805		596
10517		459		019		642		025		25695		594
10617		470		019		639		025		25915		599
10917		469		019		640		025		25650		593
101017		469		019		639		025		26130		604
101117		481		020		640		025		25770		595
101217		480		020		635		025		25020		578
101317		488		020		646		026		23840		551
101617		505		021		632		025		24160		558
101717		507		021		624		025		23630		546
101817		508		021		611		024		23845		551
101917		506		021		598		024		22835		527
102017		510		021		600		024		22390		517
102317		498		021		569		023		22475		519
102417		501		021		558		022		23125		534
102517		491		020		574		023		22145		512
102617		480		020		575		023		25540		590
102717		488		020		581		023		26640		615
103017		485		020		569		023		26450		611
103117		493		020		569		023		26805		619
11117		490		020		564		022		26420		610
11217		478		020		562		022		26710		617
11317		517		021		563		022		27320		631
11617		520		022		585		023		27585		637
11717		510		021		546		022		26755		618
11817		501		021		459		018		26925		622
11917		501		021		429		017		25825		597
111017		496		021		430		017		25775		595
111317		480		020		425		017		26460		611
111417		475		020		417		017		26875		621
111517		481		020		412		016		27170		628
111617		496		021		427		017		27940		645
111717		494		020		430		017		29010		670
112017		489		020		426		017		29545		682
112117		496		021		431		017		29705		686
112217		498		021		428		017		29820		689
112417		500		021		426		017		30100		695
112717		488		020		422		017		30305		700
112817		493		020		436		017		30595		707
112917		514		021		451		018		29780		688
113017		529		022		437		017		30195		698
12117		501		021		430		017		30430		703
12417		533		022		437		017		30340		701
12517		536		022		425		017		30520		705
12617		521		022		425		017		30690		709
12717		517		021		359		014		31125		719
12817		523		022		351		014		31505		728
121117		522		022		389		015		30890		714
121217		541		022		421		017		31265		722
121317		554		023		402		016		32560		752
121417		566		023		399		016		33470		773
121517		591		024		403		016		34435		795
121817		624		026		414		016		35250		814
121917		589		024		405		016		33745		780
122017		577		024		409		016		33755		780
122117		580		024		411		016		33815		781
122217		579		024		411		016		34195		790
122617		583		024		421		017		34370		794
122717		572		024		412		016		33665		778
122817		582		024		418		017		34295		792
122917		574		024		413		016		34045		786
1218		595		025		429		017		34025		786
1318		581		024		419		017		35035		809
1418		572		024		410		016		35210		813
1518		567		023		407		016		35605		822
1818		542		022		410		016		35700		825
1918		525		022		399		016		36060		833
11018		546		023		418		017		36265		838
11118		548		023		433		017		36230		837
11218		536		022		427		017		36400		841
11618		494		020		412		016		36000		832
11718		489		020		414		016		37275		861
11818		475		020		415		016		37250		860
11918		473		020		402		016		38370		886
12218		469		019		406		016		38740		895
12318		474		020		421		017		40260		930
12418		467		019		410		016		36250		837
12518		463		019		408		016		36710		848
12618		461		019		408		016		36310		839
12918		442		018		401		016		36225		837
13018		454		019		384		015		36775		850
13118		450		019		366		015		36785		850
2118		468		019		382		015		37060		856
2218		453		019		366		015		35070		810
2518		431		018		362		014		34860		805
2618		430		018		367		015		34050		787
2718		432		018		380		015		35255		814
2818		420		017		370		015		33390		771
2918		425		018		370		015		33955		784
21218		448		019		375		015		34865		805
21318		485		020		375		015		35555		821
21418		510		021		394		016		37225		860
21518		517		021		394		016		37610		869
21618		539		022		395		016		37895		875
22018		522		022		413		016		37905		876
22118		543		022		390		015		37125		858
22218		539		022		375		015		34105		788
22318		533		022		335		013		33945		784
22618		527		022		327		013		35925		830
22718		519		021		320		013		34990		808
22818		519		021		315		012		34850		805
3118		507		021		365		014		34495		797
3218		521		022		379		015		34820		804
3518		525		022		383		015		35445		819
3618		536		022		391		016		35505		820
3718		524		022		387		015		34955		807
3818		525		022		390		015		34320		793
3918		530		022		395		016		35060		810
31218		540		022		399		016		35365		817
31318		532		022		380		015		34880		806
31418		539		022		378		015		37335		862
31518		523		022		378		015		37735		872
31618		519		021		390		015		37985		877
31918		510		021		390		015		38255		884
32018		518		021		377		015		38635		892
32118		532		022		368		015		38400		887
32218		522		022		362		014		36185		836
32318		530		022		356		014		35465		819
32618		541		022		365		014		36655		847
32718		556		023		361		014		34790		804
32818		536		022		351		014		33060		764
32918		559		023		350		014		32815		758
4218		514		021		335		013		32195		744
4318		514		021		336		013		32595		753
4418		522		022		347		014		32785		757
4518		530		022		345		014		31965		738
4618		534		022		341		014		32280		746
4918		519		021		334		013		32880		760
41018		529		022		330		013		32265		745
41118		537		022		324		013		31820		735
41218		544		023		331		013		31800		735
41318		545		023		331		013		31410		726
41618		554		023		335		013		30865		713
41718		557		023		339		013		31640		731
41818		563		023		343		014		31545		729
41918		559		023		340		013		32250		745
42018		547		023		331		013		31845		736
42318		531		022		327		013		32325		747
42418		536		022		326		013		32750		757
42518		518		021		277		011		30700		709
42618		527		022		286		011		26015		601
42718		527		022		270		011		24470		565
43018		525		022		269		011		23840		551
5118		527		022		267		011		25840		597
5218		531		022		265		011		26335		608
5318		533		022		271		011		25895		598
5418		535		022		265		011		25980		600
5718		545		023		273		011		27245		629
5818		595		025		282		011		27740		641
5918		591		024		340		013		28040		648
51018		600		025		348		014		28720		663
51118		599		025		332		013		27950		646
51418		599		025		332		013		27935		645
51518		596		025		332		013		27105		626
51618		591		024		342		014		27535		636
51718		591		024		341		014		27495		635
51818		588		024		341		014		27870		644
52118		597		025		345		014		27565		637
52218		601		025		339		013		26545		613
52318		597		025		328		013		27210		629
52418		589		024		326		013		26345		609
52518		588		024		337		013		25985		600
52918		592		025		332		013		25865		597
53018		613		025		333		013		26010		601
53118		664		027		329		013		25890		598
6118		665		028		330		013		25965		600
6418		683		028		342		014		26170		605
6518		694		029		352		014		26350		609
6618		720		030		353		014		27035		625
6718		719		030		351		014		27025		624
6818		730		030		367		015		27745		641
61118		720		030		372		015		28840		666
61218		726		030		374		015		26610		615
61318		725		030		379		015		24545		567
61418		720		030		382		015		24825		573
61518		740		031		391		016		25440		588
61818		752		031		398		016		25775		595
61918		739		031		400		016		25935		599
62018		762		032		399		016		26645		616
62118		758		031		397		016		25785		596
62218		750		031		392		016		25715		594
62518		721		030		385		015		24675		570
62618		732		030		391		016		22680		524
62718		708		029		378		015		21060		486
62818		710		029		376		015		21015		485
62918		700		029		379		015		21380		494
7218		707		029		375		015		21415		495
7318		714		030		374		015		21590		499
7518		715		030		397		016		21960		507
7618		715		030		412		016		22050		509
7918		730		030		444		018		22675		524
71018		731		030		446		018		22255		514
71118		740		031		446		018		23875		552
71218		720		030		446		018		24650		569
71318		724		030		446		018		23200		536
71618		733		030		445		018		23623		546
71718		749		031		436		017		23900		552
71818		800		033		440		017		24945		576
71918		769		032		434		017		24830		574
72018		761		032		430		017		24755		572
72318		733		030		448		018		24485		566
72418		736		030		436		017		24455		565
72518		716		030		427		017		24605		568
72618		707		029		427		017		25365		586
72718		691		029		404		016		23860		551
73018		676		028		394		016		22915		529
73118		684		028		412		016		23880		552
8118		683		028		393		016		23830		550
8218		680		028		392		016		25035		578
8318		671		028		393		016		24410		564
8618		679		028		396		016		24415		564
8718		839		035		409		016		24110		557
8818		895		037		368		015		24425		564
8918		849		035		368		015		24815		573
81018		862		036		369		015		24580		568
81318		881		036		376		015		23710		548
81418		892		037		381		015		23890		552
81518		861		036		381		015		23245		537
81618		893		037		383		015		22690		524
81718		900		037		379		015		23025		532
82018		903		037		386		015		22920		529
82118		859		036		390		015		23350		539
82218		876		036		391		016		23800		550
82318		878		036		390		015		23395		540
82418		869		036		384		015		24020		555
82718		839		035		391		016		24360		563
82818		843		035		383		015		24425		564
82918		824		034		367		015		24520		566
83018		831		034		363		014		24935		576
83118		822		034		361		014		25335		585
9418		813		034		372		015		25755		595
9518		814		034		373		015		25355		586
9618		823		034		364		014		24885		575
9718		810		034		360		014		24865		574
91018		814		034		347		014		24835		574
91118		809		033		339		013		24290		561

Date		30 Year Fixed Rate		15 Year Fixed Rate		10 Year Breakeven Inflation Microsoft Office User What market participants expect inflation to be over the next ten years on average
2008-09-11		593		554		196
2008-09-18		578		535		171
2008-09-25		609		577		186
2008-10-02		610		578		159
2008-10-09		594		563		120
2008-10-16		646		614		099
2008-10-23		604		572		108
2008-10-30		646		619		083
2008-11-06		620		588		092
2008-11-13		614		581		095
2008-11-20		604		573		055
2008-11-26		597		574		023
2008-12-04		553		533		044
2008-12-11		547		520		031
2008-12-18		519		492		020
2008-12-24		514		491		015
2008-12-31		510		483		011
2009-01-08		501		462		034
2009-01-15		496		465		053
2009-01-22		512		480		059
2009-01-29		510		480		085
2009-02-05		525		492		112
2009-02-12		516		481		123
2009-02-19		504		468		114
2009-02-26		507		468		102
2009-03-05		515		472		091
2009-03-12		503		464		088
2009-03-19		498		461		115
2009-03-26		485		458		133
2009-04-02		478		452		133
2009-04-09		487		454		135
2009-04-16		482		448		129
2009-04-23		480		448		130
2009-04-30		478		448		150
2009-05-07		484		451		145
2009-05-14		486		452		147
2009-05-21		482		450		159
2009-05-28		491		453		180
2009-06-04		529		479		189
2009-06-11		559		506		199
2009-06-18		538		489		183
2009-06-25		542		487		181
2009-07-02		532		477		169
2009-07-09		520		469		155
2009-07-16		514		463		165
2009-07-23		520		468		186
2009-07-30		525		469		188
2009-08-06		522		463		189
2009-08-13		529		468		191
2009-08-20		512		456		174
2009-08-27		514		458		177
2009-09-03		508		454		164
2009-09-10		507		450		179
2009-09-17		504		447		180
2009-09-24		504		446		180
2009-10-01		494		436		173
2009-10-08		487		433		174
2009-10-15		492		437		191
2009-10-22		500		443		199
2009-10-29		503		446		200
2009-11-05		498		440		207
2009-11-12		491		436		218
2009-11-19		483		432		213
2009-11-25		478		429		214
2009-12-03		471		427		211
2009-12-10		481		432		211
2009-12-17		494		438		221
2009-12-24		505		445		230
2009-12-31		514		454		236
2010-01-07		509		450		238
2010-01-14		506		445		238
2010-01-21		499		440		236
2010-01-28		498		439		232
2010-02-04		501		440		238
2010-02-11		497		434		228
2010-02-18		493		433		227
2010-02-25		505		440		220
2010-03-04		497		433		216
2010-03-11		495		432		223
2010-03-18		496		433		225
2010-03-25		499		434		222
2010-04-01		508		439		224
2010-04-08		521		452		231
2010-04-15		507		440		235
2010-04-22		507		439		234
2010-04-29		506		439		239
2010-05-06		500		436		231
2010-05-13		493		430		224
2010-05-20		484		424		208
2010-05-27		478		421		190
2010-06-03		479		420		200
2010-06-10		472		417		193
2010-06-17		475		420		198
2010-06-24		469		413		197
2010-07-01		458		404		184
2010-07-08		457		407		173
2010-07-15		457		406		183
2010-07-22		456		403		171
2010-07-29		454		400		180
2010-08-05		449		395		185
2010-08-12		444		392		179
2010-08-19		442		390		162
2010-08-26		436		386		154
2010-09-02		432		383		156
2010-09-09		435		383		165
2010-09-16		437		382		178
2010-09-23		437		382		179
2010-09-30		432		375		178
2010-10-07		427		372		184
2010-10-14		419		362		201
2010-10-21		421		364		206
2010-10-28		423		366		213
2010-11-04		424		363		214
2010-11-11		417		357		211
2010-11-18		439		376		204
2010-11-24		440		377		211
2010-12-02		446		381		212
2010-12-09		461		396		218
2010-12-16		483		417		224
2010-12-23		481		415		230
2010-12-30		486		420		231
2011-01-06		477		413		236
2011-01-13		471		408		238
2011-01-20		474		405		235
2011-01-27		480		409		226
2011-02-03		481		408		234
2011-02-10		505		429		234
2011-02-17		500		427		227
2011-02-24		495		422		237
2011-03-03		487		415		243
2011-03-10		488		415		250
2011-03-17		476		397		241
2011-03-24		481		404		242
2011-03-31		486		409		246
2011-04-07		487		410		256
2011-04-14		491		413		262
2011-04-21		480		402		261
2011-04-28		478		397		258
2011-05-05		471		389		254
2011-05-12		463		382		246
2011-05-19		461		380		233
2011-05-26		460		378		231
2011-06-02		455		374		225
2011-06-09		449		368		223
2011-06-16		450		367		222
2011-06-23		450		369		220
2011-06-30		451		369		233
2011-07-07		460		375		241
2011-07-14		451		365		232
2011-07-21		452		366		235
2011-07-28		455		366		243
2011-08-04		439		354		235
2011-08-11		432		350		225
2011-08-18		415		336		216
2011-08-25		422		344		206
2011-09-01		422		339		206
2011-09-08		412		333		198
2011-09-15		409		330		194
2011-09-22		409		329		186
2011-09-29		401		328		182
2011-10-06		394		326		178
2011-10-13		412		337		195
2011-10-20		411		338		196
2011-10-27		410		338		206
2011-11-03		400		331		210
2011-11-10		399		330		210
2011-11-17		400		331		198
2011-11-23		398		330		191
2011-12-01		400		330		199
2011-12-08		399		327		204
2011-12-15		394		321		199
2011-12-22		391		321		200
2011-12-29		395		324		202
2012-01-05		391		323		204
2012-01-12		389		316		207
2012-01-19		388		317		204
2012-01-26		398		324		209
2012-02-02		387		314		213
2012-02-09		387		316		220
2012-02-16		387		316		220
2012-02-23		395		319		227
2012-03-01		390		317		226
2012-03-08		388		313		221
2012-03-15		392		316		233
2012-03-22		408		330		240
2012-03-29		399		323		233
2012-04-05		398		321		232
2012-04-12		388		311		226
2012-04-19		390		313		225
2012-04-26		388		312		224
2012-05-03		384		307		225
2012-05-10		383		305		217
2012-05-17		379		304		210
2012-05-24		378		304		214
2012-05-31		375		297		210
2012-06-07		367		294		212
2012-06-14		371		298		213
2012-06-21		366		295		214
2012-06-28		366		294		210
2012-07-05		362		289		213
2012-07-12		356		286		210
2012-07-19		353		283		212
2012-07-26		349		280		213
2012-08-02		355		283		220
2012-08-09		359		284		228
2012-08-16		362		288		225
2012-08-23		366		289		226
2012-08-30		359		286		229
2012-09-06		355		286		228
2012-09-13		355		285		239
2012-09-20		349		277		256
2012-09-27		340		273		245
2012-10-04		336		269		247
2012-10-11		339		270		253
2012-10-18		337		266		248
2012-10-25		341		272		250
2012-11-01		339		270		249
2012-11-08		340		269		248
2012-11-15		334		265		241
2012-11-21		331		263		240
2012-11-29		332		264		239
2012-12-06		334		267		244
2012-12-13		332		266		250
2012-12-20		337		265		249
2012-12-27		335		265		248
2013-01-03		334		264		246
2013-01-10		340		266		251
2013-01-17		338		266		252
2013-01-24		342		271		252
2013-01-31		353		281		256
2013-02-07		353		277		258
2013-02-14		353		277		257
2013-02-21		356		277		254
2013-02-28		351		276		252
2013-03-07		352		276		255
2013-03-14		363		279		256
2013-03-21		354		272		254
2013-03-28		357		276		252
2013-04-04		354		274		250
2013-04-11		343		265		245
2013-04-18		341		264		238
2013-04-25		340		261		237
2013-05-02		335		256		233
2013-05-09		342		261		231
2013-05-16		351		269		232
2013-05-23		359		277		227
2013-05-30		381		298		224
2013-06-06		391		303		218
2013-06-13		398		310		208
2013-06-20		393		304		203
2013-06-27		446		350		195
2013-07-03		429		339		202
2013-07-11		451		353		206
2013-07-18		437		341		212
2013-07-25		431		339		219
2013-08-01		439		343		219
2013-08-08		440		343		225
2013-08-15		440		344		222
2013-08-22		458		360		214
2013-08-29		451		354		214
2013-09-05		457		359		208
2013-09-12		457		359		209
2013-09-19		450		354		216
2013-09-26		432		337		221
2013-10-03		422		329		219
2013-10-10		423		331		220
2013-10-17		428		333		219
2013-10-24		413		324		217
2013-10-31		410		320		218
2013-11-07		416		327		216
2013-11-14		435		335		218
2013-11-21		422		327		218
2013-11-27		429		330		218
2013-12-05		446		347		214
2013-12-12		442		343		213
2013-12-19		447		351		217
2013-12-26		448		352		218
2014-01-02		453		355		224
2014-01-09		451		356		228
2014-01-16		441		345		227
2014-01-23		439		344		223
2014-01-30		432		340		214
2014-02-06		423		333		214
2014-02-13		428		333		219
2014-02-20		433		335		214
2014-02-27		437		339		215
2014-03-06		428		332		218
2014-03-13		437		338		220
2014-03-20		432		332		216
2014-03-27		440		342		214
2014-04-03		441		347		214
2014-04-10		434		338		213
2014-04-17		427		333		216
2014-04-24		433		339		221
2014-05-01		429		338		219
2014-05-08		421		332		218
2014-05-15		420		329		218
2014-05-22		414		325		218
2014-05-29		412		321		222
2014-06-05		414		323		220
2014-06-12		420		331		221
2014-06-19		417		330		222
2014-06-26		414		322		228
2014-07-03		412		322		227
2014-07-10		415		324		228
2014-07-17		413		323		225
2014-07-24		413		326		224
2014-07-31		412		323		228
2014-08-07		414		327		225
2014-08-14		412		324		224
2014-08-21		410		323		217
2014-08-28		410		325		214
2014-09-04		410		324		215
2014-09-11		412		326		212
2014-09-18		423		337		209
2014-09-25		420		336		202
2014-10-02		419		336		196
2014-10-09		412		330		194
2014-10-16		397		318		191
2014-10-23		392		308		191
2014-10-30		398		313		190
2014-11-06		402		321		193
2014-11-13		401		320		192
2014-11-20		399		317		185
2014-11-26		397		317		185
2014-12-04		389		310		178
2014-12-11		393		320		172
2014-12-18		380		309		164
2014-12-24		383		310		169
2014-12-31		387		315		166
2015-01-08		373		305		162
2015-01-15		366		298		158
2015-01-22		363		293		160
2015-01-29		366		298		162
2015-02-05		359		292		168
2015-02-12		369		299		169
2015-02-19		376		305		171
2015-02-26		380		307		174
2015-03-05		375		303		185
2015-03-12		386		310		175
2015-03-19		378		306		169
2015-03-26		369		297		178
2015-04-02		370		298		177
2015-04-09		366		293		184
2015-04-16		367		294		182
2015-04-23		365		292		188
2015-04-30		368		294		191
2015-05-07		380		302		192
2015-05-14		385		307		187
2015-05-21		384		305		185
2015-05-28		387		311		182
2015-06-04		387		308		181
2015-06-11		404		325		185
2015-06-18		400		323		187
2015-06-25		402		321		190
2015-07-02		408		324		189
2015-07-09		404		320		186
2015-07-16		409		325		185
2015-07-23		404		321		181
2015-07-30		398		317		176
2015-08-06		391		313		170
2015-08-13		394		317		165
2015-08-20		393		315		158
2015-08-27		384		306		153
2015-09-03		389		309		158
2015-09-10		390		310		155
2015-09-17		391		311		157
2015-09-24		386		308		152
2015-10-01		385		307		142
2015-10-08		376		299		153
2015-10-15		382		303		151
2015-10-22		379		298		147
2015-10-29		376		298		149
2015-11-05		387		309		156
2015-11-12		398		320		157
2015-11-19		397		318		154
2015-11-25		395		318		161
2015-12-03		393		316		159
2015-12-10		395		319		155
2015-12-17		397		322		146
2015-12-24		396		322		148
2015-12-31		401		324		153
2016-01-07		397		326		154
2016-01-14		392		319		144
2016-01-21		381		310		134
2016-01-28		379		307		137
2016-02-04		372		301		138
2016-02-11		365		295		123
2016-02-18		365		295		126
2016-02-25		362		293		133
2016-03-03		364		294		147
2016-03-10		368		296		149
2016-03-17		373		299		154
2016-03-24		371		296		161
2016-03-31		371		298		161
2016-04-07		359		288		160
2016-04-14		358		286		157
2016-04-21		359		285		160
2016-04-28		366		289		167
2016-05-05		361		286		166
2016-05-12		357		281		160
2016-05-19		358		281		159
2016-05-26		364		289		156
2016-06-02		366		292		155
2016-06-09		360		287		156
2016-06-16		354		281		147
2016-06-23		356		283		144
2016-06-30		348		278		139
2016-07-07		341		274		142
2016-07-14		342		272		144
2016-07-21		345		275		148
2016-07-28		348		278		150
2016-08-04		343		274		146
2016-08-11		345		276		148
2016-08-18		343		274		145
2016-08-25		343		274		148
2016-09-01		346		277		146
2016-09-08		344		276		150
2016-09-15		350		277		150
2016-09-22		348		276		151
2016-09-29		342		272		155
2016-10-06		342		272		162
2016-10-13		347		276		164
2016-10-20		352		279		167
2016-10-27		347		278		169
2016-11-03		354		284		171
2016-11-10		357		288		176
2016-11-17		394		314		184
2016-11-23		403		325		191
2016-12-01		408		334		190
2016-12-08		413		336		193
2016-12-15		416		337		195
2016-12-22		430		352		190
2016-12-29		432		355		196
2017-01-05		420		344		197
2017-01-12		412		337		197
2017-01-19		409		334		200
2017-01-26		419		340		206
2017-02-02		419		341		206
2017-02-09		417		339		200
2017-02-16		415		335		202
2017-02-23		416		337		203
2017-03-02		410		332		201
2017-03-09		421		342		202
2017-03-16		430		350		201
2017-03-23		423		344		198
2017-03-30		414		339		197
2017-04-06		410		336		196
2017-04-13		408		334		192
2017-04-20		397		323		186
2017-04-27		403		327		189
2017-05-04		402		327		189
2017-05-11		405		329		186
2017-05-18		402		327		181
2017-05-25		395		319		182
2017-06-01		394		319		181
2017-06-08		389		316		178
2017-06-15		391		318		173
2017-06-22		390		317		167
2017-06-29		388		317		171
2017-07-06		396		322		175
2017-07-13		403		329		175
2017-07-20		396		323		176
2017-07-27		392		320		180
2017-08-03		393		318		180
2017-08-10		390		318		181
2017-08-17		389		316		178
2017-08-24		386		316		176
2017-08-31		382		312		175
2017-09-07		378		308		178
2017-09-14		378		308		184
2017-09-21		383		313		185
2017-09-28		383		313		185
2017-10-05		385		315		184
2017-10-12		391		321		188
2017-10-19		388		319		184
2017-10-26		394		325		187
2017-11-02		394		327		188
2017-11-09		390		324		187
2017-11-16		395		331		186
2017-11-22		392		332		185
2017-11-30		390		330		184
2017-12-07		394		336		186
2017-12-14		393		336		188
2017-12-21		394		338		191
2017-12-28		399		344		195
2018-01-04		395		338		199
2018-01-11		399		344		202
2018-01-18		404		349		203
2018-01-25		415		362		206
2018-02-01		422		368		210
2018-02-08		432		377		211
2018-02-15		438		384		207
2018-02-22		440		385		211
2018-03-01		443		390		212
2018-03-08		446		394		212
2018-03-15		444		390		209
2018-03-22		445		391		208
2018-03-29		444		390		206
2018-04-05		440		387		207
2018-04-12		442		387		209
2018-04-19		447		394		214
2018-04-26		458		402		217
2018-05-03		455		403		217
2018-05-10		455		401		217
2018-05-17		461		408		216
2018-05-24		466		415		214
2018-05-31		456		406		207
2018-06-07		454		401		212
2018-06-14		462		407		212
2018-06-21		457		404		212
2018-06-28		455		404		211
2018-07-05		452		399		213
2018-07-12		453		402		212
2018-07-19		452		400		210
2018-07-26		454		402		211
2018-08-02		460		408		212
2018-08-09		459		405		212
2018-08-16		453		401		209
2018-08-23		451		398		208
2018-08-30		452		397		211
2018-09-06		454		399		209

		Acquisition Effects
			Three Months Ended June 30th			Six Months Ended June 30th
			2017		2018		2017		2018
		Pro Forma Revenue		$ 158737		$ 185820		296935		369201
		Pro Forma Net Income		$ 7758		$ 45188		14966		80956
		Revenue Breakdown
					Six Months Ended June 30th
					2017		2018
		Mortgage Products				$ 134453		$ 140410
		Non-Mortgage Products
		Credit Cards				$ 70765		$ 84879
		Personal Loans				$ 37535		$ 61175
		Other				$ 42535		$ 76672
		Total Non-Mortgage Products				$ 150835		$ 222726
			2013A		2014A		2015A		2016A		2017A		MRQ2018
		Mortgage		$ 123091		$ 134137		$ 165272		$ 219991		$ 275910		$ 66948
		Non-Mortgage		$ 16149		$ 33213		$ 88944		$ 164411		$ 341826		$ 117153
							Visible Revenue Opportunity (in millions)
		Category		2017 TTM		Current Market Share		Visible Market Share		Estimate Take Rate		Low		Mid		High
		Mortgage		$ 264		180		4-8		088		$ 600		$ 900		$ 1200
		Credit Cards		$ 126		060		2-4		$275		$ 470		$ 705		$ 940
		Personal Loans		$ 78		2		5-10		250		$ 250		$ 375		$ 500
		Home Equity		$ 40		230		4-6		080		$ 80		$ 100		$ 120
		Other Businesses		$ 50					$ 100		$ 150		$ 200
		Total Revenue		$ 558					$ 1500		$ 2230		$ 2960

LendingTree Inc

Weighted Average Cost of Capital

($ in thousands fiscal year ending December 31)

Debt

Equity

WACC =

After-Tax Cost of Debt

x

of Debt in the Capital Structure

+

Cost of Equity

x

of Equity in the Capital Structure

( rd x (1 - t) x DD + E )

+

(re x ED + E)

Capital Structure

Cost of Debt

Current Portion of Debt

0

Name

Maturity Date

Amount (mm)

Price

Coupon

YTM

Weight

YTM (weighted)

Non - Current Portion of Debt

244

Total Debt (in mm)

$ 24400

Total Amount

$ - 0

5300

Current Share Price

$24060

Shares Outstanding (mm)

13

Total Equity

$ 3084

Cost of Equity

WACC Formula

CAPM (re) = rf + βL x (rm - rf)

Weights x Costs

Capital Weights

Risk-free rate

240 Microsoft Office User Historical Avg Nominal 10 YR US Note

t = Effective Tax Rate

21

Debt-to-Total Capitalization

7

Market Risk Premium

710

Equity-to-Total Capitalization

93

Adjusted Beta

134

WACC

113

Is this the target Capital Structure

Yes Microsoft Office User See Historical Capitlization

Microsoft Office User Historical Avg Nominal 10 YR US Note

Cost of Equity

1191

Peer Comparable Weights

Mean

-

Median

-

29

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

Trading Multiples

Market

Net

Enterprise

EV Revenue

EV EBITDA

PriceEarnings

Company

Ticker

Capitalization

Debt

Value

2017A

2018E

2019E

2017A

2018E

2019E

LTM

2019E

On Deck Capital Inc

NYSEONDK

$577

$681

$1259

64x

33x

29x

ERRORVALUE

371x

280x

1267x

155x

LendingClub Corporation

NYSELC

1431

(85)

1346

23x

19x

17x

ERRORVALUE

156x

101x

-

178x

GreenSky Inc

NasdaqGSKY

1152

151

1303

40x

30x

22x

87x

67x

50x

239x

220x

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$3084

($49)

$3035

49x

40x

33x

356x

201x

159x

452x

326x

Low

$577

($85)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

239x

155x

Mean

1053

249

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

184x

Median

1152

151

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

178x

High

$1431

$681

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

1267x

220x

Operating Statistics

Revenue

Revenue Growth

EBITDA

EBITDA Growth

Company

Ticker

2017A

2018E

2019E

17-18

18-19

2017A

2018E

2019E

17-18

18-19

On Deck Capital Inc

NYSEONDK

$197

$384

$431

948

120

NA

$34

$45

ERRORVALUE

327

LendingClub Corporation

NYSELC

$575

$693

$809

206

168

NA

$86

$133

ERRORVALUE

547

GreenSky Inc

NasdaqGSKY

$326

$438

$586

343

339

$150

$196

$263

308

344

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$618

$755

$916

223

212

$85

$151

$191

775

261

Low

$197

$384

$431

ERRORVALUE

ERRORVALUE

$150

$34

$45

ERRORVALUE

ERRORVALUE

Mean

366

505

609

ERRORVALUE

ERRORVALUE

150

105

147

ERRORVALUE

ERRORVALUE

Median

326

438

586

ERRORVALUE

ERRORVALUE

150

86

133

ERRORVALUE

ERRORVALUE

High

$575

$693

$809

ERRORVALUE

ERRORVALUE

$150

$196

$263

ERRORVALUE

ERRORVALUE

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 1057000		$ 1426950		$ 1890709		$ 2410654		$ 3013317		259
	Revenue Growth					512		607			222		400		350		325		275		250
	Operating Expenses				225702		332290		584603			679500		951300		1284255		1701638		2169588		2711985				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 105700		$ 142695		$ 189071		$ 241065		$ 301332		259
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 68705		$ 92752		$ 122896		$ 168746		$ 210932		275
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		14428		19478		25808		35437		44296
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 54277		$ 73274		$ 97088		$ 133309		$ 166636		275
	Plus Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	Less Capital Expenditures				7200		31955		8000			22650		31710		42809		56721		72320		90400
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		26425		35674		47268		60266		75333
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 33137		$ 44735		$ 59274		$ 73043		$ 91304
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 28203		$ 34194		$ 40689		$ 45031		$ 50553
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 221100				Enterprise Value				$ 4648193
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 301332				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 8437288
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4697014
			Present Value of Terminal Value				$ 4427093
			of Enterprise Value				952				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4648193				Implied Share Price				$ 33201
					Implied Share Price
					Exit Multiple
					euro 332		200x		225x		280x		315x		350x
					95		26714		29804		36600		40924		45249
					100		26022		29028		35641		39849		44057
					115		24070		26842		32938		36818		40698
					120		23459		26157		32092		35869		39646
					130		22293		24850		30477		34058		37639

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 830500		$ 975838		$ 1219797		$ 1555241		$ 2021813		178
	Revenue Growth					512		607			222		100		175		250		275		300
	Operating Expenses				225702		332290		584603			679500		747450		878254		1097817		1399717		1819632				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 83050		$ 97584		$ 121980		$ 155524		$ 202181		178
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 53983		$ 63429		$ 79287		$ 108867		$ 141527		193
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		11336		13320		16650		22862		29721
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 42646		$ 50109		$ 62637		$ 86005		$ 111806		193
	Plus Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	Less Capital Expenditures				7200		31955		8000			22650		24915		29275		36594		46657		60654
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		20763		24396		30495		38881		50545
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 26036		$ 30593		$ 38241		$ 47124		$ 61261
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 22159		$ 23384		$ 26251		$ 29052		$ 33919
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 157195				Enterprise Value				$ 2809338
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 202181				Less Noncontrolling Interest
			Exit Multiple				250x				Plus Cash and ST Investments				293301
			Terminal Value				$ 5054533
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 2858159
			Present Value of Terminal Value				$ 2652142
			of Enterprise Value				944				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 2809338				Implied Share Price				$ 20203
					Implied Share Price
					Exit Multiple
					euro 202		200x		225x		280x		315x		350x
					95		18100		20173		24733		27635		30536
					100		17636		19653		24090		26913		29737
					115		16326		18186		22276		24879		27483
					120		15916		17726		21709		24243		26777
					130		15133		16850		20625		23028		25430

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 981500		$ 1275950		$ 1658735		$ 2114887		$ 2643609		232
	Revenue Growth					512		607			222		300		300		300		275		250
	Operating Expenses				225702		332290		584603			679500		883350		1148355		1492862		1903398		2379248				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 98150		$ 127595		$ 165874		$ 211489		$ 264361		232
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 63798		$ 82937		$ 107818		$ 148042		$ 185053		248
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		13397		17417		22642		31089		38861
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 50400		$ 65520		$ 85176		$ 116953		$ 146192		248
	Plus Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	Less Capital Expenditures				7200		31955		8000			22650		29445		38279		49762		63447		79308
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		24538		31899		41468		52872		66090
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 30770		$ 40001		$ 52001		$ 64081		$ 80101
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 26188		$ 30575		$ 35697		$ 39506		$ 44350
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 198748				Enterprise Value				$ 4082674
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 264361				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 7402105
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4131495
			Present Value of Terminal Value				$ 3883926
			of Enterprise Value				951				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4082674				Implied Share Price				$ 29204
					Implied Share Price
					Exit Multiple
					euro 292		200x		225x		280x		315x		350x
					95		23513		26224		32186		35980		39774
					100		22906		25543		31344		35036		38728
					115		21193		23624		28973		32377		35781
					120		20657		23024		28231		31544		34858
					130		19633		21877		26814		29955		33096

	Stock Data
	Current Price			$241
	52 Week Price Range			20545 - 40440
	200-Day Moving Average			27761
	Beta			134
	Market Cap (mil)			$3080
	Shares Outstanding (mil)			13
	Average Vol (3 month) mil			023
	Insider Ownership			4080
	Shares Short of Float			3772
	LTM PE			4516
	Forward PE			3256
	EVEBITDA			3688

	Company Name		Market Cap (Mil)		Net Income (Mil)		PS		PB		PE		IndustryBusiness Segments
	BlackRock Inc (BLK)		48746		3371		44		18		148
						Potential Comps
	Morgningstar List of Competitors						Franklin Resources
	httpfinancialsmorningstarcomcompetitorsindustry-peeractiont=BLK						Invesco
						T Rowe Price
	httpsenwikipediaorgwikiBlackRock						State Street
	httpwwwwikinvestcomstockBlackRock_(BLK)						Fidelity
						Eaton Vance - primarily active
						wisdom tree (WETF)
						Legg Mason
	Company Name		PE		PBV		EVEBITDA		Market CapAUM
	Invesco		91		14		1194
	T Rowe Price		133		34		831
	AMG		91		24		1213
	Eaton Vance
	wisdom tree		105		57		1428
	Legg Mason		118		07		784
	BlackRock Inc		131		17		1123
	Mean		1076		255		109		ERRORDIV0
	Median		105		24		1194		ERRORNUM
	Implied share price		2090489130435		406656		3510872705797
			median NTM EBITDA - net debt - preferred shares
		BLK Key Statistics
		Total Cash		56730
		Total Debt		57000
		Net Debt		270
	1311887		Preferred shares		6374
	823188		Enterprise Value		527794
	637447992		Equity Value		52114981
		Share Price		2986
		Net Income (LTM)		32970
		Shares outstanding		1656

Product Diversification

6Source Company 10-K

Iron Horse HoldingsCredit Card Comparison

November 16th 2016

$104 million

Deposits Online

Media facing in the depository

industry

June 14th 2017

Camino Del Avion

Consumer Facing Media Company

June 20th 2017

SMB Online Lender

September 19th 2017

Credit Repair

Company

June 11th

2018

PersonalFinance Website

July 23rd

2018

$60 million

1

Market Opportunity

7Source 2017 Company Investor Presentation TechCrunch

2

Total Addressable

Market

Est $13B

Est $500M

$264mTTM

Total Addressable

Market

Est $33B

Est $500M

$78mTTM

Total Addressable

Market

Est $10B

Est $1B

$126mTTM

bull LendingTreersquos positioning in its core markets across mortgage credit and personal loan is growing and the company is taking share there still remains plenty of opportunity to expand into its total addressable markets

Mortgage Credit Cards Personal Loans

Visible revenue opportunity in core markets served today not inclusive of acquisitions or new verticals Digital ad spend in financials expected to hit 20 CAGR between 2014 and 2020

tripling LendingTreersquos core market

Comparables (BLK)

Stock Data

DCF (Base)

WACC

DCF (Downside)

WACC

DCF (Upside)

WACC

Comparables

_CIQHiddenCacheSheet

WACC

Key Stats

Acquisition Effects (in millions)

Pro Forma Revenue

2017201820172018Three Months Ended June 30thSix Months Ended June 30th158737185820296935369201Pro Forma Net Income

2017201820172018Three Months Ended June 30thSix Months Ended June 30th7758451881496680956

2018

Mortgage ProductsNon-Mortgage ProductsCredit CardsPersonal LoansOther140410848796117576672

Mortgage2013A2014A2015A2016A2017AMRQ201812309113413716527221999127591066948Non-Mortgage2013A2014A2015A2016A2017AMRQ2018161493321388944164411341826117153

FRED Data

Fixed Rate and Inflation Behavior is Steady

30 Year Fixed Rate3970239709397163972339730397373974439751397583976539772397783978639793398003980639813398213982839835398423984939856398633987039877398843989139898399053991239919399263993339940399473995439961399683997539982399893999640003400104001740024400314003840045400524005940066400734008040087400944010140108401154012240129401364014240150401574016440171401784018540192401994020640213402204022740234402414024840255402624026940276402834029040297403044031140318403254033240339403464035340360403674037440381403884039540402404094041640423404304043740444404514045840465404724047940486404934050040506405144052140528405354054240549405564056340570405774058440591405984060540612406194062640633406404064740654406614066840675406824068940696407034071040717407244073140738407454075240759407664077340780407874079440801408084081540822408294083640843408504085740864408704087840885408924089940906409134092040927409344094140948409554096240969409764098340990409974100441011410184102541032410394104641053410604106741074410814108841095411024110941116411234113041137411444115141158411654117241179411864119341200412074121441221412284123441242412494125641263412704127741284412914129841305413124131941326413334134041347413544136141368413754138241389413964140341410414174142441431414384144541452414584146641473414804148741494415014150841515415224152941536415434155041557415644157141578415854159241599416054161341620416274163441641416484165541662416694167641683416904169741704417114171841725417324173941746417534176041767417744178141788417954180241809418164182341830418374184441851418584186541872418794188641893419004190741914419214192841935419424194941956419634196941977419844199141997420044201242019420264203342040420474205442061420684207542082420894209642103421104211742124421314213842145421524215942166421734218042187421944220142208422154222242229422364224342250422574226442271422784228542292422994230642313423204232742333423414234842355423624236942376423834239042397424044241142418424254243242439424464245342460424674247442481424884249542502425094251642523425304253742544425514255842565425724257942586425934260042607426144262142628426354264242649426564266342670426774268442691426974270542712427194272642733427404274742754427614276842775427824278942796428034281042817428244283142838428454285242859428664287342880428874289442901429084291542922429294293642943429504295742964429714297842985429924299943006430134302043027430344304143048430554306143069430764308343090430974310443111431184312543132431394314643153431604316743174431814318843195432024320943216432234323043237432444325143258432654327243279432864329343300433074331443321433284333543342433495935786096159464660464662614604597553547519514509999999999999965014965125099999999999999652551650450751550349800000000000004484999999999999964784874824847848448600000000000003482491529559538542532525145252552252951251450850750450449400000000000004487492550349800000000000004491483478471480999999999999964940000000000000450551450950599999999999996499498000000000000045014974935054974954964995085215075075059999999999999654934844784794724754690000000000000445845745745599999999999996454449444000000000000044424360000000000000343243499999999999996437437432426999999999999964190000000000000442142300000000000004424417438999999999999974400000000000000444646100000000000003483480999999999999964860000000000000347699999999999996471474484809999999999999650554954874884764809999999999999648600000000000003487491484784714634610000000000000345999999999999996455449454545145999999999999996451451999999999999964554389999999999999743241500000000000004422422412409409401394412411000000000000034099999999999999643994398439939439139539138938839838738738739539388392408399398388393883843833793783753673713663663623563533493553593623663593553553493433633933734133934334331332334332337335334343383423533533533563513523633543573543433413433534235135938139139839344642945143743099999999999996438999999999999974400000000000000444000000000000004458451457457454324224230000000000000442841340999999999999996416434999999999999964224294464424474480000000000000445345144143899999999999997432423000000000000044284334374284374324400000000000000444143442699999999999996433429421424139999999999999741241399999999999997424174139999999999999741241500000000000004413413412413999999999999974124099999999999999640999999999999996409999999999999964124230000000000000442419000000000000044123973923984019999999999999640139939738939338383387373366363366359369376383753863783693736636736536838385384387387404440199999999999996408404409404398391394393384389393913863853763823793763873983973953933953973964013973923813793723653653623643683733713713593583593663613573583643663635435634834134234534834334534334334634435348342342347352347354357394403408413416434324241240941900000000000004419000000000000044174150000000000000441640999999999999996421434230000000000000441399999999999997409999999999999964083974034019999999999999640540199999999999996395394389391393883964033963923933938938638237837838338338539138839439439395392393943933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Year Fixed Rate39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334955453557757856361457261958858157357453352492491483462465000000000000044848492480999999999999964684684724639999999999999746100000000000003458451999999999999964544480000000000000444800000000000004448000000000000044514519999999999999645453479505999999999999964889999999999999748747699999999999996469000000000000044634684690000000000000446346845599999999999996458454454474464360000000000000343343744344644000000000000004436000000000000034324294269999999999999643243844545445445440000000000000044389999999999999744000000000000004434433440000000000000044334324334344389999999999999745199999999999996440000000000000044389999999999999743899999999999997436000000000000034342442142417424134044074059999999999999640343953923938638338338238237537236236436636335737637738139641741500000000000004424134084054094084294269999999999999642241500000000000004415000000000000043974044094099999999999999641340199999999999996397389382383783743683673693693753653663663543533634433933333329328326337338338331333313333327321321324323316317324314316316319317313316333233213113133123073053043042972942982952942892862832828328428828928628628527727326927266272272692652632642672662652652642662662712812772772772762762792722762742652642612562612692772983033130435339353341339343343344363543593593543373293313333243232733532733347343351352355356345344343333333353393323383323423473383333393383323293253213233313332232232432332632332732432332532432633733633633318308313321323173173132309313153052982932982922993053073033130629729829329429229430230730531130832532332132432325321317313317315306309313113083072993032982983093231831831631932232232432631931307301295295293294296299296298288286285289286281281289292287281283278274272275278274276274274277276277276272272276279278284288314325334336337352355344337334343413393353373323423534433933633432332732732932731931931631831731732232932332318318316316312308308313313315321319325327324331332333363363383443383443493623683773843853939439391393873873944019999999999999640340140841500000000000004405999999999999964014074044043994019999999999999644019999999999999640840540139839739910 Year Breakeven Inflation39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334919561711862000000000000115860000000000001119609849999999999999910820000000000001083199999999999996091600000000000004095054600000000000004023043803080201449999999999999901103420000000000000305280000000000000205908519999999999999811240000000000001123113751020910882000000000000011151999999999999913313320000000000001135200000000000011287500000000000113041496145146615917975000000000001188799999999999991994183200000000000011808000000000000116919999999999999155164599999999999991856000000000000118779999999999999189191199999999999991738177164178750000000000011802179817321742191250000000000011986199820739999999999998217499999999999982132000000000000121375000000000002211399999999999992108000000000000122122999999999999998236237523839999999999999236232399999999999982382000000000000122759999999999998226500000000000012204000000000000221560000000000001223224622182240000000000000223123479999999999999234200000000000012386000000000000123119999999999998223820819039999999999999219319819681838000000000000117275182600000000000011714180418520000000000001178816240000000000001153815640000000000001165250000000000011776179417821838000000000000120099999999999998206199999999999982125999999999999921421124999999999998204210521219999999999999217799999999999992238230399999999999982305000000000000223580000000000001238200000000000012345000000000000222559999999999998233800000000000012343999999999999922719999999999998237242799999999999992501999999999999824140000000000001242200000000000022464255626240000000000001260800000000000012582541999999999999824620000000000002233231199999999999982252499999999999922342224000000000000221982334000000000000124123199999999999998235243199999999999992351999999999999922480000000000002216400000000000012056205619775194186200000000000011821784194751964206209600000000000012101999999999999919824999999999999191250000000000011992203619921996201750000000000012042520699999999999998203750000000000012092128000000000000122022204000000000000222722559999999999998220800000000000022326000000000000124233199999999999992322000000000000122622254224400000000000022248000000000000221680000000000001209799999999999992141999999999999921025211799999999999992132000000000000121421212521019999999999999212400000000000012128000000000000121982279999999999999822480000000000002225999999999999982292279999999999999823879999999999999256400000000000012448246825274999999999999248200000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Share Price Data

Peers vs LendingTree

OnDeck 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42361977346685669993600138655575452936370984837815093647493424636326435943636499338503377454354875159338346037460243996377685368960836953943173782786468839223839010768335394663899407163439270038362900479372603370926233083787248630463187438530838333775974384730882773599443923538971505221840471238843353232400323398005927534131439174602929841499189154557889420535917751538074181104084520580240425039491221084154539197169341940425039491221083977823816636086639593437292828892402748907305407583861168633375637939015936728668592397551402227964883937398777144865740055437744157132395587886449806314011318780057316740263340026256875416377906759577154185724019733795541787939436638037420258694380718544258489298718196842977592677810295424578421700660165016169761696240850023099560565969509586511675063351801800605179018527258015078354975311850119846382352956801733499619539270019882882552968352437783501529452510292157365124740144958647850739198181122704522869024650750275162855043593092252945251029215736513051515060025135194040212657884452159851647959083524024025779070885209055088725916652136750239391315145530026668283553118501198463823520790001829752845348810294552777153349501424127945544929518481646645377685322760791953222450607012002534072514805439715318780195916374152852852324951445308385255061556254643104073848372533957007762600895261030139500343654146451509668481568376062176575215690690697835743582467055152066235699930568262172654146451509668481527373522121193795548625351152106564795551748774565646800447059357457657657711765822584661585015902495960960546062357159355510756398466598637070948554675925155788284690160360356194031963595287609256465535779625576816226155070452412324968558096559064528645458535401743234655082003116608851527489029164032625172094914019521851917300718011079534188021848278635115499928031879658997456248615014615384587309203386109955968815986861919607717264782610302623924633376170016166088792963109264423440425637214136354489916180410760443272162196810760064434596558082777591159540308164927049611226610967276336208131064723237362762764084944243645414616645539056701316685116270768249019444467107686186142615242736888427006504343869531067924900265700046156155089967067452181394037687918644307723669750520911283891702933658975891447008546708049279670501271644692283708939678703172147189882023795749372776618323478441713559683216454587222221916788591752136748622389827731577830178383579544929093441237814275795466024737795102892236016677974123400921149781127249223209847899052993784870679394780332760915777662245838248017922153016351282878644029599352523785978267822169938093093044742596881335180842338168822476275757073878246708056209101383298682760483196837722304510919368369137898610812784084082141739849831600812390833618610533411630090286047584059884876886347893593257389489486036278922930006922383762648373758180324367584800184227299988387618332464349283679831746827649849503329879803184973434396548075856086850171243978101178191240975980526680052513757865557683863301981439126785882952771309739632484778436123852249393805382272917942478213212746287531785989834003468858687918625827705987537538287421164875606327659821568575883377780472878782624190745576784130293736884018298683106983528380826977573874395805035786439459867968353061484107280434281348249463818780327586502038201662735004326580746126108890603792792802199288548098868050384199481693228420114856805728759396425088624393563770073787167936540357207877454371045175218836913355580657489246938571334304887040866550222528358743304256334481924228645778968467312994518064180364977122546151763686759905595827580272266567977474370525424566294752945263272227827573342536998325273839220747534755745668700723753737595287142636009674532221424527112735042745783258417345807176119031172557172267101597712982182652294237308847001412636372869023957749517449757277667885173562024634741876746708229459269387565257390499945270917069278884988600947073205195856525754527009655070452412324968596904569256073716083391081464748559817511207726716001385585553578962936014254192336407946121322566164772461890218027663432675827381156456456307312167645299144252734096261260839425713963605913522616936351351481835263464379765664593087636752108183134526131901267454349462855162789208538608570122232152560025410024823058597482069820234066008316008123909359805957038439432599792072076875286045276182830304160868559462495746624509123942963216242781098572855664091015382512939666204636955309856146916143522381656699004696257695573458060211179095876645602295089359540308164927049599099099119909976155001290020760759563409573494814594017066435272235699930568262172652390851873623197486486489108651294854469603731356449387848939989638494686969399700434987294733488225250727650941842208509355497589385655237930116933931451409100914550692551513038773087595694155562620575359205235407595545691823846342765520905393372479457623005598914174573573567254017915718410655615370456560406639861256564911058791613395683760621765752158593205853702806551166552294604985293370032493185455162854581592642550473544687605957830907881013918563871564706131656398703709893656556941557936208035642180511846142157322704612550135567798561612414865477015489096431555185952525157025369600176262412852413949817187575531878019591637415294525102921573653938552692572133549780537080606725404250210112030255486253511521065627165635778109956421805118461421566412546398416615759990765534979658523908558006275594941053477915195857010791013842757484407542517735574382047253821965736890742968567456109953427813508

Product Expansion

8Source Earnings Call Transcript Company Filings

3

My LendingTree

bull Customer familiarity is key as repeat customers drop promotional costs

bull Released My LendingTree which serves as a personal financial management application

bull Launched in 2014 and now has 88 million customers personal loans is prominent

bull Free credit scores credit monitoring and recommendations

bull Ability to lock in customers and accumulate data for personalized recommendations

bull Organic growth can lead to far less promotional spend due to organic customer

New Digital Experience

bull Added more services in 2017 to address consumer needs with additions in deposit accounts and savings accounts improves lifetime value

bull Concierge services and higher conversion with SnapCap

bull Deposit accounts are getting integrated with LendingTree and business credit services are developing

The new thing that we are seeing when I mentioned some of these new startup mortgage companies weve got a mortgage company on our network that literally has no loan officers 100 technology very low margins and is experiencing conversion rates right with our top lenders And I expect those types of things to proliferate I expect more and more lenders to create fully digital experiences that over time wont need humans And those are going to be perfect lenders to dial in just like Prosper and LendingClub change the way personal loans does So I expect thats going to continue to grow

- Doug Lebda Chairman amp CEO 2Q 2018 Earnings Call

Potential Risks

9Source Yahoo Finance

bull Increases in interest rates could adversely affect the ability of network lenders to close loans

bull Similarly a decrease in rates could lead to sudden increases in demand which is actually a negative The best situation for TREE is steady increases and declines in rates

bull Still somewhat dependent on mortgages for growthbull Diversification away from mortgage could change the

risk profile of the firm (ie move to credit cards)bull The decline in stock prices from competitors such as On

Deck Capital and LendingClub could misprice the broader financial technology sector

bull The intended benefits of acquisitions from the past and future may not be realized as expected

Internal and External Risk Factors Mitigants

bull Despite well publicized headwinds TREE has managed this rate environment well

bull Although mortgage purchases and home refinancing still compose over a third of revenue the stated goal of further diversification and an improved environment in 2019 should protect against mortgage headwinds

bull Thus far Tree has been insulated from the collapse in share prices from public P2P lenders like On Deck Capital and Lending Club

0

150

300

450

600

750

900

Peers vs LendingTree

ONDK LC TREE

Conclusion ndash Recommendation to Buy

10

Opportune Time to Buy at Depressed Share Price

bullCurrent prices represent a drawdown of 40 from an all time high in January 2018business fundamentals have arguably not changed that dramatically

Clear Catalysts

bullThe growth of the lending marketplace movement away from mortgage and increased user experience are all improvements for firm value

Diversification of Clubrsquos Portfolio

bullCurrently underweight financial exposure LendingTree offers a bridge between the growth of technology and lower beta financial sector

bull Upside case assumed aggressive MampA activity to continue diversifying away from mortgage products

bull Base case assumed blend or organic and inorganic growth in near term with similar long term outlook as upside

bull Downside incorporated triggering of risk factors and delaycessation of acquisitions in the short term

Valuation AssumptionsImplied Share

Pricesbull Upside 38bull Base 21bull Downside -14

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Date		OnDeck Capital		ONDK Indexed		LendingClub		LC Indexed		LendingTree Close		TREE Indexed
121914		2415		100		2521		100		4329		100
122214		2300		095		2406		095		4355		101
122314		2263		094		2308		092		4618		107
122414		2312		096		2532		100		4739		109
122614		2306		095		2574		102		4796		111
122914		2244		093		2498		099		4805		111
123014		2247		093		2583		102		4793		111
123114		2243		093		2530		100		4834		112
1215		2390		099		2493		099		4734		109
1515		2250		093		2400		095		4694		108
1615		2221		092		2289		091		4821		111
1715		2228		092		2288		091		4819		111
1815		2273		094		2316		092		4921		114
1915		2269		094		2301		091		4939		114
11215		2065		086		2101		083		4847		112
11315		1853		077		2113		084		4530		105
11415		1828		076		2106		084		4443		103
11515		1850		077		2209		088		4173		096
11615		1850		077		2209		088		4277		099
12015		1839		076		2207		088		4113		095
12115		1687		070		2017		080		4114		095
12215		1650		068		1949		077		4220		097
12315		1699		070		1908		076		4040		093
12615		1663		069		1999		079		4043		093
12715		1608		067		2059		082		4083		094
12815		1607		067		2008		080		4090		094
12915		1475		061		1944		077		4076		094
13015		1508		062		1877		074		4118		095
2215		1567		065		1926		076		4156		096
2315		1568		065		2029		080		4268		099
2415		1552		064		2006		080		4235		098
2515		1571		065		2028		080		4201		097
2615		1695		070		2043		081		4126		095
2915		1732		072		2160		086		4030		093
21015		1739		072		2126		084		4051		094
21115		1712		071		2215		088		4019		093
21215		1731		072		2147		085		4252		098
21315		1742		072		2195		087		4292		099
21715		1803		075		2250		089		4333		100
21815		1755		073		2268		090		4380		101
21915		1774		073		2204		087		4390		101
22015		1837		076		2289		091		4384		101
22315		1937		080		2376		094		4355		101
22415		1989		082		2365		094		4407		102
22515		1910		079		2051		081		4700		109
22615		1905		079		2129		084		5216		120
22715		1940		080		2037		081		5304		123
3215		1949		081		2000		079		5291		122
3315		1836		076		2003		079		5242		121
3415		1732		072		2008		080		5239		121
3515		1614		067		1986		079		5203		120
3615		1626		067		2002		079		5111		118
3915		1679		070		1984		079		5180		120
31015		1733		072		1952		077		5063		117
31115		1850		077		1955		078		5400		125
31215		1948		081		1953		077		5442		126
31315		1941		080		1907		076		5424		125
31615		2100		087		1925		076		5439		126
31715		2125		088		1920		076		5488		127
31815		2095		087		1917		076		5655		131
31915		2192		091		1992		079		5628		130
32015		2226		092		2009		080		5590		129
32315		2314		096		2082		083		5764		133
32415		2347		097		2031		081		5623		130
32515		2191		091		1973		078		5612		130
32615		2062		085		1949		077		5609		130
32715		2054		085		1955		078		5592		129
33015		2103		087		1936		077		5606		129
33115		2129		088		1965		078		5601		129
4115		2047		085		1909		076		5587		129
4215		1963		081		1926		076		5586		129
4615		2032		084		1940		077		5686		131
4715		2051		085		1916		076		5810		134
4815		2053		085		1906		076		5723		132
4915		1980		082		1840		073		5699		132
41015		1953		081		1819		072		5660		131
41315		1986		082		1804		072		5678		131
41415		2109		087		1880		075		5686		131
41515		2133		088		1939		077		5869		136
41615		2108		087		1951		077		5900		136
41715		2094		087		1922		076		5989		138
42015		2095		087		1939		077		5999		139
42115		2052		085		1935		077		5991		138
42215		2054		085		1901		075		5994		138
42315		2118		088		1883		075		6073		140
42415		2123		088		1827		072		6091		141
42715		2051		085		1805		072		6112		141
42815		2034		084		1802		071		6175		143
42915		1987		082		1767		070		6175		143
43015		1925		080		1745		069		5503		127
5115		1929		080		1787		071		5502		127
5415		2002		083		1849		073		5571		129
5515		1691		070		1758		070		5573		129
5615		1696		070		1831		073		5600		129
5715		1601		066		1730		069		5594		129
5815		1568		065		1623		064		5734		132
51115		1541		064		1684		067		5791		134
51215		1576		065		1716		068		5776		133
51315		1540		064		1705		068		5728		132
51415		1555		064		1711		068		5730		132
51515		1585		066		1721		068		5720		132
51815		1673		069		1736		069		5700		132
51915		1629		067		1762		070		5922		137
52015		1624		067		1766		070		6007		139
52115		1580		065		1790		071		5774		133
52215		1552		064		1843		073		5701		132
52615		1505		062		1846		073		5744		133
52715		1539		064		1900		075		5836		135
52815		1553		064		1900		075		5853		135
52915		1518		063		1921		076		5926		137
6115		1446		060		1908		076		5962		138
6215		1474		061		1898		075		6129		142
6315		1524		063		1933		077		6341		146
6415		1490		062		1832		073		6293		145
6515		1492		062		1872		074		6270		145
6815		1450		060		1746		069		6242		144
6915		1403		058		1697		067		6354		147
61015		1407		058		1742		069		6430		149
61115		1355		056		1739		069		6386		148
61215		1366		057		1728		069		6399		148
61515		1248		052		1707		068		6478		150
61615		1261		052		1724		068		6524		151
61715		1259		052		1745		069		6599		152
61815		1232		051		1707		068		7238		167
61915		1285		053		1730		069		7182		166
62215		1288		053		1686		067		7342		170
62315		1287		053		1655		066		7350		170
62415		1253		052		1626		064		7323		169
62515		1239		051		1606		064		7694		178
62615		1252		052		1525		060		7816		181
62915		1144		047		1454		058		7789		180
63015		1158		048		1475		059		7861		182
7115		1139		047		1457		058		7818		181
7215		1176		049		1395		055		7499		173
7615		1184		049		1475		059		7671		177
7715		1187		049		1430		057		7684		178
7815		1186		049		1413		056		7792		180
7915		1215		050		1420		056		7863		182
71015		1249		052		1405		056		7785		180
71315		1270		053		1427		057		7815		181
71415		1309		054		1426		057		8235		190
71515		1310		054		1430		057		8347		193
71615		1345		056		1475		059		8140		188
71715		1349		056		1495		059		8256		191
72015		1288		053		1462		058		8328		192
72115		1302		054		1501		060		8422		195
72215		1297		054		1490		059		8480		196
72315		1299		054		1483		059		8165		189
72415		1225		051		1460		058		8216		190
72715		1204		050		1435		057		8171		189
72815		1231		051		1481		059		8322		192
72915		1249		052		1458		058		7966		184
73015		1267		052		1453		058		8201		189
73115		1337		055		1451		058		8292		192
8315		1338		055		1434		057		8260		191
8415		1047		043		1383		055		11751		271
8515		947		039		1440		057		11795		272
8615		907		038		1403		056		11337		262
8715		918		038		1392		055		12104		280
81015		956		040		1437		057		11952		276
81115		901		037		1401		056		12509		289
81215		933		039		1403		056		12190		282
81315		907		038		1396		055		13446		311
81415		908		038		1370		054		13371		309
81715		945		039		1365		054		13808		319
81815		946		039		1330		053		13666		316
81915		958		040		1274		051		13690		316
82015		951		039		1229		049		13387		309
82115		959		040		1214		048		11088		256
82415		911		038		1167		046		10420		241
82515		869		036		1200		048		10466		242
82615		867		036		1217		048		10782		249
82715		908		038		1238		049		10335		239
82815		916		038		1277		051		10720		248
83115		923		038		1255		050		10595		245
9115		912		038		1214		048		10085		233
9215		916		038		1221		048		9844		227
9315		938		039		1239		049		10494		242
9415		933		039		1201		048		10419		241
9815		1005		042		1240		049		10548		244
9915		1000		041		1235		049		10395		240
91015		1001		041		1247		049		10493		242
91115		1029		043		1258		050		10534		243
91415		1020		042		1290		051		10549		244
91515		1059		044		1314		052		11583		268
91615		1041		043		1305		052		11623		268
91715		1061		044		1360		054		11827		273
91815		1056		044		1370		054		11581		268
92115		1044		043		1376		055		11560		267
92215		1014		042		1368		054		11630		269
92315		940		039		1319		052		11687		270
92415		931		039		1337		053		10305		238
92515		942		039		1326		053		9843		227
92815		916		038		1306		052		9107		210
92915		947		039		1346		053		8999		208
93015		990		041		1323		052		9303		215
10115		938		039		1316		052		9004		208
10215		966		040		1325		053		9251		214
10515		999		041		1382		055		9613		222
10615		989		041		1410		056		9149		211
10715		990		041		1438		057		9550		221
10815		1001		041		1486		059		9600		222
10915		992		041		1470		058		9637		223
101215		976		040		1430		057		9805		226
101315		897		037		1428		057		9239		213
101415		896		037		1446		057		9264		214
101515		944		039		1495		059		9636		223
101615		900		037		1436		057		9619		222
101915		918		038		1435		057		9846		227
102015		915		038		1433		057		9874		228
102115		926		038		1439		057		9449		218
102215		924		038		1438		057		9462		219
102315		931		039		1437		057		9800		226
102615		952		039		1428		057		12098		279
102715		927		038		1347		053		12400		286
102815		985		041		1400		056		12729		294
102915		935		039		1362		054		12251		283
103015		952		039		1418		056		12136		280
11215		946		039		1461		058		11500		266
11315		1026		042		1479		059		11577		267
11415		1052		044		1462		058		11390		263
11515		1110		046		1419		056		12025		278
11615		1110		046		1470		058		12497		289
11915		1130		047		1457		058		12898		298
111015		1137		047		1419		056		12130		280
111115		1128		047		1364		054		12146		281
111215		1090		045		1332		053		11900		275
111315		1004		042		1272		050		11649		269
111615		1007		042		1261		050		11719		271
111715		971		040		1281		051		11679		270
111815		979		041		1279		051		11051		255
111915		958		040		1284		051		10383		240
112015		948		039		1263		050		10092		233
112315		943		039		1236		049		10023		232
112415		961		040		1220		048		10220		236
112515		963		040		1258		050		10082		233
112715		977		040		1247		049		10258		237
113015		995		041		1202		048		10188		235
12115		901		037		1209		048		10599		245
12215		1150		048		1256		050		9993		231
12315		1142		047		1282		051		9715		224
12415		1098		045		1287		051		10213		236
12715		1090		045		1345		053		9897		229
12815		1050		043		1373		054		9573		221
12915		1002		041		1404		056		9254		214
121015		1035		043		1416		056		10274		237
121115		978		040		1365		054		9451		218
121415		965		040		1284		051		9415		217
121515		976		040		1246		049		9760		225
121615		942		039		1241		049		9801		226
121715		934		039		1216		048		9517		220
121815		1081		045		1148		046		9539		220
122115		1086		045		1145		045		9301		215
122215		1113		046		1136		045		9004		208
122315		1132		047		1150		046		9150		211
122415		1112		046		1140		045		9121		211
122815		1025		042		1102		044		9004		208
122915		1032		043		1100		044		9131		211
123015		1034		043		1083		043		8980		207
123115		1030		043		1105		044		8928		206
1416		975		040		1108		044		8789		203
1516		972		040		1072		043		8782		203
1616		969		040		1012		040		8634		199
1716		922		038		951		038		8404		194
1816		907		038		949		038		8304		192
11116		857		035		924		037		8197		189
11216		851		035		947		038		8663		200
11316		733		030		886		035		6114		141
11416		745		031		802		032		6624		153
11516		769		032		773		031		6774		156
11916		774		032		734		029		6764		156
12016		771		032		792		031		7183		166
12116		807		033		822		033		7175		166
12216		834		035		846		034		7104		164
12516		782		032		799		032		7015		162
12616		805		033		807		032		7262		168
12716		780		032		771		031		7105		164
12816		757		031		739		029		7036		163
12916		792		033		738		029		7369		170
2116		789		033		761		030		7388		171
2216		760		031		704		028		6596		152
2316		771		032		768		030		6438		149
2416		778		032		759		030		6764		156
2516		761		032		700		028		6005		139
2816		697		029		661		026		5577		129
2916		662		027		657		026		5498		127
21016		697		029		651		026		5710		132
21116		687		028		688		027		5708		132
21216		697		029		704		028		5981		138
21616		762		032		787		031		6336		146
21716		745		031		825		033		6215		144
21816		820		034		870		035		6469		149
21916		844		035		888		035		6369		147
22216		880		036		928		037		6796		157
22316		705		029		884		035		6890		159
22416		631		026		846		034		6994		162
22516		635		026		845		034		8550		198
22616		663		027		841		033		8348		193
22916		670		028		873		035		8837		204
3116		679		028		875		035		9011		208
3216		705		029		916		036		8597		199
3316		769		032		956		038		8989		208
3416		800		033		898		036		9040		209
3716		795		033		940		037		9000		208
3816		772		032		900		036		8519		197
3916		748		031		891		035		8560		198
31016		717		030		901		036		8217		190
31116		736		030		917		036		8602		199
31416		754		031		905		036		8817		204
31516		709		029		853		034		8996		208
31616		706		029		841		033		9140		211
31716		717		030		840		033		9578		221
31816		739		031		870		035		9326		215
32116		747		031		880		035		9217		213
32216		753		031		845		034		9481		219
32316		738		031		823		033		9236		213
32416		762		032		832		033		9510		220
32816		708		029		773		031		9433		218
32916		755		031		807		032		9427		218
33016		764		032		811		032		9268		214
33116		779		032		830		033		9778		226
4116		736		030		804		032		9739		225
4416		735		030		817		032		10218		236
4516		712		029		800		032		9903		229
4616		752		031		824		033		10137		234
4716		725		030		786		031		9926		229
4816		718		030		794		031		9990		231
41116		726		030		769		031		9492		219
41216		706		029		761		030		9386		217
41316		728		030		756		030		9886		228
41416		759		031		744		030		9700		224
41516		783		032		731		029		9764		226
41816		782		032		753		030		10137		234
41916		816		034		803		032		10295		238
42016		830		034		828		033		10185		235
42116		828		034		774		031		9935		229
42216		846		035		764		030		9392		217
42516		848		035		739		029		9086		210
42616		848		035		752		030		8949		207
42716		879		036		812		032		9126		211
42816		860		036		809		032		8783		203
42916		863		036		790		031		8947		207
5216		830		034		793		031		9239		213
5316		550		023		711		028		8518		197
5416		511		021		692		027		8262		191
5516		497		021		685		027		7943		183
5616		512		021		710		028		7556		175
5916		491		020		462		018		7334		169
51016		484		020		410		016		7354		170
51116		467		019		408		016		7072		163
51216		431		018		376		015		6714		155
51316		464		019		351		014		6969		161
51616		466		019		394		016		7047		163
51716		447		019		360		014		6740		156
51816		480		020		399		016		7001		162
51916		453		019		370		015		6950		161
52016		469		019		399		016		6904		159
52316		489		020		432		017		7462		172
52416		492		020		443		018		8100		187
52516		494		020		445		018		7810		180
52616		493		020		437		017		7952		184
52716		498		021		481		019		8109		187
53116		517		021		476		019		8325		192
6116		501		021		498		020		8396		194
6216		525		022		506		020		8785		203
6316		504		021		462		018		8598		199
6616		519		021		474		019		8803		203
6716		513		021		439		017		8951		207
6816		512		021		442		018		9115		211
6916		505		021		447		018		8793		203
61016		511		021		426		017		8577		198
61316		493		020		444		018		8142		188
61416		492		020		442		018		7413		171
61516		499		021		465		018		7426		172
61616		510		021		496		020		7416		171
61716		510		021		487		019		7225		167
62016		547		023		500		020		7696		178
62116		542		022		492		020		7612		176
62216		531		022		484		019		7646		177
62316		547		023		498		020		7923		183
62416		520		022		469		019		7840		181
62716		471		020		430		017		7944		184
62816		493		020		461		018		8124		188
62916		519		021		454		018		8472		196
63016		515		021		430		017		8833		204
7116		525		022		438		017		9284		214
7516		489		020		417		017		9211		213
7616		494		020		420		017		9521		220
7716		524		022		425		017		9311		215
7816		525		022		432		017		9576		221
71116		532		022		437		017		9637		223
71216		546		023		410		016		9615		222
71316		529		022		425		017		9890		228
71416		532		022		451		018		10271		237
71516		536		022		449		018		10229		236
71816		549		023		460		018		10290		238
71916		529		022		460		018		10150		234
72016		532		022		461		018		9537		220
72116		527		022		459		018		9493		219
72216		522		022		441		017		9741		225
72516		506		021		434		017		9813		227
72616		528		022		464		018		9535		220
72716		531		022		465		018		9550		221
72816		521		022		460		018		10229		236
72916		520		022		462		018		10098		233
8116		517		021		459		018		10234		236
8216		500		021		447		018		9934		229
8316		508		021		464		018		10238		236
8416		521		022		460		018		10657		246
8516		525		022		475		019		11002		254
8816		516		021		479		019		10817		250
8916		568		024		479		019		11062		256
81016		548		023		491		019		11160		258
81116		578		024		546		022		11077		256
81216		588		024		540		021		11035		255
81516		604		025		582		023		11039		255
81616		616		026		563		022		10624		245
81716		625		026		553		022		10358		239
81816		627		026		559		022		10379		240
81916		621		026		549		022		10292		238
82216		603		025		539		021		10233		236
82316		612		025		524		021		10705		247
82416		609		025		544		022		10256		237
82516		616		026		552		022		10241		237
82616		617		026		540		021		10068		233
82916		629		026		556		022		10167		235
83016		639		026		550		022		10103		233
83116		633		026		541		021		9700		224
9116		625		026		530		021		9534		220
9216		635		026		540		021		9569		221
9616		635		026		535		021		9508		220
9716		638		026		541		021		9816		227
9816		626		026		547		022		10049		232
9916		607		025		536		021		10155		235
91216		602		025		559		022		10307		238
91316		619		026		575		023		9815		227
91416		599		025		575		023		9647		223
91516		602		025		617		024		9628		222
91616		589		024		643		026		9563		221
91916		595		025		619		025		9257		214
92016		602		025		610		024		8893		205
92116		599		025		611		024		8932		206
92216		601		025		611		024		9399		217
92316		592		025		628		025		9214		213
92616		584		024		611		024		9183		212
92716		585		024		623		025		9319		215
92816		591		024		624		025		9616		222
92916		568		024		608		024		9612		222
93016		570		024		618		025		9691		224
10316		555		023		616		024		9716		224
10416		545		023		616		024		9762		226
10516		560		023		617		024		9487		219
10616		547		023		605		024		9178		212
10716		531		022		595		024		9102		210
101016		544		023		604		024		9195		212
101116		522		022		579		023		9058		209
101216		512		021		554		022		9055		209
101316		491		020		550		022		8934		206
101416		486		020		538		021		8887		205
101716		463		019		499		020		8779		203
101816		467		019		491		019		8876		205
101916		463		019		507		020		9148		211
102016		461		019		486		019		8844		204
102116		456		019		485		019		8928		206
102416		470		019		487		019		9088		210
102516		485		020		490		019		8915		206
102616		483		020		476		019		9127		211
102716		480		020		475		019		7707		178
102816		484		020		470		019		7773		180
103116		489		020		493		020		7985		184
11116		478		020		486		019		8060		186
11216		452		019		481		019		8080		187
11316		409		017		509		020		7985		184
11416		402		017		513		020		8155		188
11716		403		017		591		023		8360		193
11816		388		016		576		023		8340		193
11916		442		018		561		022		8755		202
111016		501		021		589		023		9050		209
111116		556		023		614		024		9515		220
111416		547		023		631		025		9550		221
111516		504		021		652		026		9370		216
111616		489		020		638		025		8815		204
111716		468		019		606		024		9320		215
111816		481		020		598		024		10000		231
112116		476		020		614		024		10255		237
112216		474		020		596		024		10550		244
112316		472		020		594		024		10655		246
112516		481		020		594		024		10780		249
112816		467		019		579		023		10610		245
112916		461		019		562		022		10140		234
113016		460		019		566		022		10480		242
12116		442		018		533		021		10165		235
12216		441		018		515		020		9885		228
12516		425		018		528		021		9925		229
12616		428		018		568		023		9985		231
12716		422		017		586		023		10020		231
12816		405		017		563		022		10500		243
12916		430		018		553		022		10530		243
121216		426		018		534		021		10270		237
121316		425		018		541		021		10215		236
121416		420		017		520		021		10295		238
121516		419		017		512		020		10420		241
121616		425		018		533		021		10580		244
121916		426		018		517		021		10740		248
122016		437		018		521		021		10860		251
122116		440		018		520		021		10665		246
122216		427		018		526		021		10330		239
122316		458		019		521		021		10270		237
122716		460		019		547		022		10335		239
122816		455		019		521		021		10095		233
122916		459		019		517		021		10030		232
123016		463		019		525		021		10135		234
1317		466		019		542		021		9835		227
1417		510		021		574		023		10405		240
1517		476		020		565		022		10200		236
1617		483		020		563		022		10075		233
1917		478		020		566		022		10145		234
11017		492		020		575		023		10505		243
11117		505		021		568		023		10425		241
11217		485		020		560		022		10375		240
11317		498		021		561		022		10460		242
11717		485		020		549		022		10490		242
11817		480		020		549		022		10595		245
11917		480		020		578		023		10600		245
12017		491		020		575		023		10565		244
12317		488		020		589		023		10415		241
12417		489		020		590		023		10635		246
12517		493		020		610		024		10580		244
12617		482		020		612		024		10610		245
12717		478		020		614		024		11080		256
13017		487		020		605		024		11090		256
13117		503		021		617		024		11190		258
2117		517		021		632		025		11100		256
2217		497		021		623		025		11190		258
2317		515		021		634		025		11460		265
2617		519		021		624		025		11370		263
2717		524		022		631		025		11350		262
2817		529		022		620		025		11595		268
2917		546		023		645		026		11680		270
21017		568		024		668		026		11700		270
21317		560		023		668		026		11580		267
21417		569		024		660		026		11795		272
21517		562		023		629		025		11440		264
21617		501		021		578		023		11365		263
21717		489		020		563		022		11295		261
22117		519		021		568		023		11360		262
22217		530		022		564		022		11215		259
22317		553		023		556		022		12225		282
22417		546		023		545		022		12340		285
22717		576		024		558		022		12180		281
22817		534		022		534		021		11840		274
3117		530		022		529		021		11930		276
3217		508		021		525		021		11720		271
3317		490		020		513		020		11910		275
3617		501		021		505		020		11840		274
3717		495		020		506		020		11725		271
3817		506		021		531		021		11645		269
3917		486		020		537		021		11540		267
31017		487		020		531		021		11890		275
31317		486		020		526		021		12090		279
31417		474		020		526		021		12070		279
31517		464		019		535		021		12120		280
31617		474		020		549		022		12390		286
31717		475		020		536		021		12400		286
32017		463		019		539		021		12255		283
32117		450		019		522		021		11665		269
32217		448		019		521		021		11750		271
32317		477		020		520		021		11875		274
32417		462		019		520		021		11885		275
32717		471		020		526		021		11970		277
32817		478		020		545		022		12415		287
32917		480		020		545		022		12370		286
33017		491		020		547		022		12575		290
33117		504		021		549		022		12535		290
4317		474		020		529		021		12180		281
4417		471		020		523		021		11860		274
4517		462		019		524		021		11780		272
4617		463		019		534		021		12150		281
4717		442		018		535		021		12265		283
41017		451		019		537		021		11940		276
41117		460		019		555		022		12205		282
41217		461		019		552		022		12055		278
41317		446		018		546		022		11680		270
41717		435		018		546		022		11985		277
41817		439		018		565		022		12195		282
41917		451		019		572		023		12370		286
42017		460		019		580		023		12520		289
42117		455		019		572		023		12715		294
42417		460		019		585		023		12900		298
42517		473		020		590		023		13120		303
42617		486		020		603		024		12575		290
42717		476		020		599		024		14240		329
42817		475		020		585		023		14090		325
5117		479		020		599		024		14443		334
5217		468		019		585		023		14440		334
5317		462		019		604		024		14265		330
5417		461		019		609		024		14645		338
5517		464		019		575		023		14688		339
5817		432		018		560		022		14795		342
5917		406		017		589		023		14655		339
51017		399		017		594		024		14610		337
51117		390		016		591		023		14860		343
51217		375		016		583		023		15130		350
51517		370		015		584		023		15420		356
51617		360		015		585		023		15800		365
51717		340		014		560		022		15260		353
51817		338		014		555		022		15335		354
51917		339		014		566		022		15765		364
52217		363		015		590		023		15675		362
52317		382		016		589		023		15760		364
52417		365		015		585		023		15670		362
52517		355		015		572		023		15585		360
52617		357		015		559		022		15745		364
53017		355		015		548		022		15790		365
53117		354		015		550		022		15560		359
6117		399		017		570		023		16340		377
6217		395		016		560		022		16600		383
6517		393		016		571		023		16350		378
6617		389		016		566		022		17070		394
6717		392		016		569		023		16980		392
6817		418		017		577		023		17085		395
6917		423		018		578		023		17000		393
61217		430		018		562		022		16130		373
61317		424		018		580		023		16395		379
61417		431		018		570		023		16680		385
61517		421		017		565		022		16655		385
61617		419		017		561		022		16985		392
61917		428		018		578		023		17520		405
62017		434		018		565		022		17330		400
62117		438		018		553		022		17885		413
62217		450		019		570		023		17965		415
62317		459		019		567		022		18205		421
62617		464		019		572		023		18100		418
62717		462		019		556		022		17500		404
62817		460		019		562		022		17985		415
62917		471		020		560		022		17500		404
63017		466		019		551		022		17220		398
7317		486		020		560		022		17140		396
7517		475		020		557		022		17435		403
7617		461		019		537		021		16715		386
7717		476		020		543		022		16890		390
71017		464		019		534		021		17210		398
71117		463		019		537		021		17045		394
71217		468		019		539		021		17340		401
71317		465		019		541		021		17125		396
71417		463		019		539		021		17365		401
71717		450		019		530		021		17430		403
71817		449		019		529		021		18025		416
71917		452		019		520		021		18120		419
72017		458		019		520		021		18090		418
72117		445		018		519		021		18193		420
72417		432		018		508		020		18435		426
72517		435		018		514		020		18605		430
72617		439		018		521		021		18380		425
72717		437		018		519		021		21715		502
72817		435		018		522		021		21655		500
73117		430		018		507		020		22060		510
8117		421		017		509		020		22425		518
8217		410		017		496		020		22825		527
8317		419		017		509		020		22995		531
8417		422		017		521		021		22925		530
8717		500		021		546		022		23345		539
8817		501		021		645		026		22930		530
8917		482		020		608		024		22920		529
81017		484		020		590		023		22185		512
81117		477		020		580		023		21965		507
81417		490		020		581		023		22635		523
81517		481		020		583		023		22350		516
81617		489		020		593		024		22920		529
81717		477		020		583		023		22210		513
81817		469		019		596		024		22485		519
82117		470		019		605		024		22580		522
82217		467		019		600		024		22685		524
82317		470		019		604		024		22550		521
82417		471		020		620		025		22570		521
82517		466		019		615		024		22275		515
82817		473		020		610		024		22995		531
82917		481		020		613		024		22545		521
83017		482		020		614		024		23155		535
83117		483		020		619		025		23095		533
9117		474		020		631		025		23590		545
9517		468		019		617		024		23280		538
9617		479		020		614		024		23040		532
9717		466		019		599		024		23120		534
9817		467		019		586		023		23025		532
91117		465		019		620		025		22880		529
91217		477		020		629		025		22980		531
91317		477		020		628		025		23655		546
91417		456		019		607		024		23115		534
91517		458		019		618		025		22775		526
91817		475		020		614		024		23440		541
91917		461		019		599		024		24605		568
92017		472		020		606		024		24635		569
92117		475		020		610		024		25215		582
92217		461		019		606		024		24675		570
92517		444		018		597		024		23440		541
92617		455		019		597		024		22830		527
92717		477		020		619		025		24020		555
92817		475		020		624		025		24450		565
92917		467		019		609		024		24445		565
10217		476		020		627		025		24960		577
10317		476		020		642		025		25310		585
10417		460		019		641		025		25805		596
10517		459		019		642		025		25695		594
10617		470		019		639		025		25915		599
10917		469		019		640		025		25650		593
101017		469		019		639		025		26130		604
101117		481		020		640		025		25770		595
101217		480		020		635		025		25020		578
101317		488		020		646		026		23840		551
101617		505		021		632		025		24160		558
101717		507		021		624		025		23630		546
101817		508		021		611		024		23845		551
101917		506		021		598		024		22835		527
102017		510		021		600		024		22390		517
102317		498		021		569		023		22475		519
102417		501		021		558		022		23125		534
102517		491		020		574		023		22145		512
102617		480		020		575		023		25540		590
102717		488		020		581		023		26640		615
103017		485		020		569		023		26450		611
103117		493		020		569		023		26805		619
11117		490		020		564		022		26420		610
11217		478		020		562		022		26710		617
11317		517		021		563		022		27320		631
11617		520		022		585		023		27585		637
11717		510		021		546		022		26755		618
11817		501		021		459		018		26925		622
11917		501		021		429		017		25825		597
111017		496		021		430		017		25775		595
111317		480		020		425		017		26460		611
111417		475		020		417		017		26875		621
111517		481		020		412		016		27170		628
111617		496		021		427		017		27940		645
111717		494		020		430		017		29010		670
112017		489		020		426		017		29545		682
112117		496		021		431		017		29705		686
112217		498		021		428		017		29820		689
112417		500		021		426		017		30100		695
112717		488		020		422		017		30305		700
112817		493		020		436		017		30595		707
112917		514		021		451		018		29780		688
113017		529		022		437		017		30195		698
12117		501		021		430		017		30430		703
12417		533		022		437		017		30340		701
12517		536		022		425		017		30520		705
12617		521		022		425		017		30690		709
12717		517		021		359		014		31125		719
12817		523		022		351		014		31505		728
121117		522		022		389		015		30890		714
121217		541		022		421		017		31265		722
121317		554		023		402		016		32560		752
121417		566		023		399		016		33470		773
121517		591		024		403		016		34435		795
121817		624		026		414		016		35250		814
121917		589		024		405		016		33745		780
122017		577		024		409		016		33755		780
122117		580		024		411		016		33815		781
122217		579		024		411		016		34195		790
122617		583		024		421		017		34370		794
122717		572		024		412		016		33665		778
122817		582		024		418		017		34295		792
122917		574		024		413		016		34045		786
1218		595		025		429		017		34025		786
1318		581		024		419		017		35035		809
1418		572		024		410		016		35210		813
1518		567		023		407		016		35605		822
1818		542		022		410		016		35700		825
1918		525		022		399		016		36060		833
11018		546		023		418		017		36265		838
11118		548		023		433		017		36230		837
11218		536		022		427		017		36400		841
11618		494		020		412		016		36000		832
11718		489		020		414		016		37275		861
11818		475		020		415		016		37250		860
11918		473		020		402		016		38370		886
12218		469		019		406		016		38740		895
12318		474		020		421		017		40260		930
12418		467		019		410		016		36250		837
12518		463		019		408		016		36710		848
12618		461		019		408		016		36310		839
12918		442		018		401		016		36225		837
13018		454		019		384		015		36775		850
13118		450		019		366		015		36785		850
2118		468		019		382		015		37060		856
2218		453		019		366		015		35070		810
2518		431		018		362		014		34860		805
2618		430		018		367		015		34050		787
2718		432		018		380		015		35255		814
2818		420		017		370		015		33390		771
2918		425		018		370		015		33955		784
21218		448		019		375		015		34865		805
21318		485		020		375		015		35555		821
21418		510		021		394		016		37225		860
21518		517		021		394		016		37610		869
21618		539		022		395		016		37895		875
22018		522		022		413		016		37905		876
22118		543		022		390		015		37125		858
22218		539		022		375		015		34105		788
22318		533		022		335		013		33945		784
22618		527		022		327		013		35925		830
22718		519		021		320		013		34990		808
22818		519		021		315		012		34850		805
3118		507		021		365		014		34495		797
3218		521		022		379		015		34820		804
3518		525		022		383		015		35445		819
3618		536		022		391		016		35505		820
3718		524		022		387		015		34955		807
3818		525		022		390		015		34320		793
3918		530		022		395		016		35060		810
31218		540		022		399		016		35365		817
31318		532		022		380		015		34880		806
31418		539		022		378		015		37335		862
31518		523		022		378		015		37735		872
31618		519		021		390		015		37985		877
31918		510		021		390		015		38255		884
32018		518		021		377		015		38635		892
32118		532		022		368		015		38400		887
32218		522		022		362		014		36185		836
32318		530		022		356		014		35465		819
32618		541		022		365		014		36655		847
32718		556		023		361		014		34790		804
32818		536		022		351		014		33060		764
32918		559		023		350		014		32815		758
4218		514		021		335		013		32195		744
4318		514		021		336		013		32595		753
4418		522		022		347		014		32785		757
4518		530		022		345		014		31965		738
4618		534		022		341		014		32280		746
4918		519		021		334		013		32880		760
41018		529		022		330		013		32265		745
41118		537		022		324		013		31820		735
41218		544		023		331		013		31800		735
41318		545		023		331		013		31410		726
41618		554		023		335		013		30865		713
41718		557		023		339		013		31640		731
41818		563		023		343		014		31545		729
41918		559		023		340		013		32250		745
42018		547		023		331		013		31845		736
42318		531		022		327		013		32325		747
42418		536		022		326		013		32750		757
42518		518		021		277		011		30700		709
42618		527		022		286		011		26015		601
42718		527		022		270		011		24470		565
43018		525		022		269		011		23840		551
5118		527		022		267		011		25840		597
5218		531		022		265		011		26335		608
5318		533		022		271		011		25895		598
5418		535		022		265		011		25980		600
5718		545		023		273		011		27245		629
5818		595		025		282		011		27740		641
5918		591		024		340		013		28040		648
51018		600		025		348		014		28720		663
51118		599		025		332		013		27950		646
51418		599		025		332		013		27935		645
51518		596		025		332		013		27105		626
51618		591		024		342		014		27535		636
51718		591		024		341		014		27495		635
51818		588		024		341		014		27870		644
52118		597		025		345		014		27565		637
52218		601		025		339		013		26545		613
52318		597		025		328		013		27210		629
52418		589		024		326		013		26345		609
52518		588		024		337		013		25985		600
52918		592		025		332		013		25865		597
53018		613		025		333		013		26010		601
53118		664		027		329		013		25890		598
6118		665		028		330		013		25965		600
6418		683		028		342		014		26170		605
6518		694		029		352		014		26350		609
6618		720		030		353		014		27035		625
6718		719		030		351		014		27025		624
6818		730		030		367		015		27745		641
61118		720		030		372		015		28840		666
61218		726		030		374		015		26610		615
61318		725		030		379		015		24545		567
61418		720		030		382		015		24825		573
61518		740		031		391		016		25440		588
61818		752		031		398		016		25775		595
61918		739		031		400		016		25935		599
62018		762		032		399		016		26645		616
62118		758		031		397		016		25785		596
62218		750		031		392		016		25715		594
62518		721		030		385		015		24675		570
62618		732		030		391		016		22680		524
62718		708		029		378		015		21060		486
62818		710		029		376		015		21015		485
62918		700		029		379		015		21380		494
7218		707		029		375		015		21415		495
7318		714		030		374		015		21590		499
7518		715		030		397		016		21960		507
7618		715		030		412		016		22050		509
7918		730		030		444		018		22675		524
71018		731		030		446		018		22255		514
71118		740		031		446		018		23875		552
71218		720		030		446		018		24650		569
71318		724		030		446		018		23200		536
71618		733		030		445		018		23623		546
71718		749		031		436		017		23900		552
71818		800		033		440		017		24945		576
71918		769		032		434		017		24830		574
72018		761		032		430		017		24755		572
72318		733		030		448		018		24485		566
72418		736		030		436		017		24455		565
72518		716		030		427		017		24605		568
72618		707		029		427		017		25365		586
72718		691		029		404		016		23860		551
73018		676		028		394		016		22915		529
73118		684		028		412		016		23880		552
8118		683		028		393		016		23830		550
8218		680		028		392		016		25035		578
8318		671		028		393		016		24410		564
8618		679		028		396		016		24415		564
8718		839		035		409		016		24110		557
8818		895		037		368		015		24425		564
8918		849		035		368		015		24815		573
81018		862		036		369		015		24580		568
81318		881		036		376		015		23710		548
81418		892		037		381		015		23890		552
81518		861		036		381		015		23245		537
81618		893		037		383		015		22690		524
81718		900		037		379		015		23025		532
82018		903		037		386		015		22920		529
82118		859		036		390		015		23350		539
82218		876		036		391		016		23800		550
82318		878		036		390		015		23395		540
82418		869		036		384		015		24020		555
82718		839		035		391		016		24360		563
82818		843		035		383		015		24425		564
82918		824		034		367		015		24520		566
83018		831		034		363		014		24935		576
83118		822		034		361		014		25335		585
9418		813		034		372		015		25755		595
9518		814		034		373		015		25355		586
9618		823		034		364		014		24885		575
9718		810		034		360		014		24865		574
91018		814		034		347		014		24835		574
91118		809		033		339		013		24290		561

Date		30 Year Fixed Rate		15 Year Fixed Rate		10 Year Breakeven Inflation Microsoft Office User What market participants expect inflation to be over the next ten years on average
2008-09-11		593		554		196
2008-09-18		578		535		171
2008-09-25		609		577		186
2008-10-02		610		578		159
2008-10-09		594		563		120
2008-10-16		646		614		099
2008-10-23		604		572		108
2008-10-30		646		619		083
2008-11-06		620		588		092
2008-11-13		614		581		095
2008-11-20		604		573		055
2008-11-26		597		574		023
2008-12-04		553		533		044
2008-12-11		547		520		031
2008-12-18		519		492		020
2008-12-24		514		491		015
2008-12-31		510		483		011
2009-01-08		501		462		034
2009-01-15		496		465		053
2009-01-22		512		480		059
2009-01-29		510		480		085
2009-02-05		525		492		112
2009-02-12		516		481		123
2009-02-19		504		468		114
2009-02-26		507		468		102
2009-03-05		515		472		091
2009-03-12		503		464		088
2009-03-19		498		461		115
2009-03-26		485		458		133
2009-04-02		478		452		133
2009-04-09		487		454		135
2009-04-16		482		448		129
2009-04-23		480		448		130
2009-04-30		478		448		150
2009-05-07		484		451		145
2009-05-14		486		452		147
2009-05-21		482		450		159
2009-05-28		491		453		180
2009-06-04		529		479		189
2009-06-11		559		506		199
2009-06-18		538		489		183
2009-06-25		542		487		181
2009-07-02		532		477		169
2009-07-09		520		469		155
2009-07-16		514		463		165
2009-07-23		520		468		186
2009-07-30		525		469		188
2009-08-06		522		463		189
2009-08-13		529		468		191
2009-08-20		512		456		174
2009-08-27		514		458		177
2009-09-03		508		454		164
2009-09-10		507		450		179
2009-09-17		504		447		180
2009-09-24		504		446		180
2009-10-01		494		436		173
2009-10-08		487		433		174
2009-10-15		492		437		191
2009-10-22		500		443		199
2009-10-29		503		446		200
2009-11-05		498		440		207
2009-11-12		491		436		218
2009-11-19		483		432		213
2009-11-25		478		429		214
2009-12-03		471		427		211
2009-12-10		481		432		211
2009-12-17		494		438		221
2009-12-24		505		445		230
2009-12-31		514		454		236
2010-01-07		509		450		238
2010-01-14		506		445		238
2010-01-21		499		440		236
2010-01-28		498		439		232
2010-02-04		501		440		238
2010-02-11		497		434		228
2010-02-18		493		433		227
2010-02-25		505		440		220
2010-03-04		497		433		216
2010-03-11		495		432		223
2010-03-18		496		433		225
2010-03-25		499		434		222
2010-04-01		508		439		224
2010-04-08		521		452		231
2010-04-15		507		440		235
2010-04-22		507		439		234
2010-04-29		506		439		239
2010-05-06		500		436		231
2010-05-13		493		430		224
2010-05-20		484		424		208
2010-05-27		478		421		190
2010-06-03		479		420		200
2010-06-10		472		417		193
2010-06-17		475		420		198
2010-06-24		469		413		197
2010-07-01		458		404		184
2010-07-08		457		407		173
2010-07-15		457		406		183
2010-07-22		456		403		171
2010-07-29		454		400		180
2010-08-05		449		395		185
2010-08-12		444		392		179
2010-08-19		442		390		162
2010-08-26		436		386		154
2010-09-02		432		383		156
2010-09-09		435		383		165
2010-09-16		437		382		178
2010-09-23		437		382		179
2010-09-30		432		375		178
2010-10-07		427		372		184
2010-10-14		419		362		201
2010-10-21		421		364		206
2010-10-28		423		366		213
2010-11-04		424		363		214
2010-11-11		417		357		211
2010-11-18		439		376		204
2010-11-24		440		377		211
2010-12-02		446		381		212
2010-12-09		461		396		218
2010-12-16		483		417		224
2010-12-23		481		415		230
2010-12-30		486		420		231
2011-01-06		477		413		236
2011-01-13		471		408		238
2011-01-20		474		405		235
2011-01-27		480		409		226
2011-02-03		481		408		234
2011-02-10		505		429		234
2011-02-17		500		427		227
2011-02-24		495		422		237
2011-03-03		487		415		243
2011-03-10		488		415		250
2011-03-17		476		397		241
2011-03-24		481		404		242
2011-03-31		486		409		246
2011-04-07		487		410		256
2011-04-14		491		413		262
2011-04-21		480		402		261
2011-04-28		478		397		258
2011-05-05		471		389		254
2011-05-12		463		382		246
2011-05-19		461		380		233
2011-05-26		460		378		231
2011-06-02		455		374		225
2011-06-09		449		368		223
2011-06-16		450		367		222
2011-06-23		450		369		220
2011-06-30		451		369		233
2011-07-07		460		375		241
2011-07-14		451		365		232
2011-07-21		452		366		235
2011-07-28		455		366		243
2011-08-04		439		354		235
2011-08-11		432		350		225
2011-08-18		415		336		216
2011-08-25		422		344		206
2011-09-01		422		339		206
2011-09-08		412		333		198
2011-09-15		409		330		194
2011-09-22		409		329		186
2011-09-29		401		328		182
2011-10-06		394		326		178
2011-10-13		412		337		195
2011-10-20		411		338		196
2011-10-27		410		338		206
2011-11-03		400		331		210
2011-11-10		399		330		210
2011-11-17		400		331		198
2011-11-23		398		330		191
2011-12-01		400		330		199
2011-12-08		399		327		204
2011-12-15		394		321		199
2011-12-22		391		321		200
2011-12-29		395		324		202
2012-01-05		391		323		204
2012-01-12		389		316		207
2012-01-19		388		317		204
2012-01-26		398		324		209
2012-02-02		387		314		213
2012-02-09		387		316		220
2012-02-16		387		316		220
2012-02-23		395		319		227
2012-03-01		390		317		226
2012-03-08		388		313		221
2012-03-15		392		316		233
2012-03-22		408		330		240
2012-03-29		399		323		233
2012-04-05		398		321		232
2012-04-12		388		311		226
2012-04-19		390		313		225
2012-04-26		388		312		224
2012-05-03		384		307		225
2012-05-10		383		305		217
2012-05-17		379		304		210
2012-05-24		378		304		214
2012-05-31		375		297		210
2012-06-07		367		294		212
2012-06-14		371		298		213
2012-06-21		366		295		214
2012-06-28		366		294		210
2012-07-05		362		289		213
2012-07-12		356		286		210
2012-07-19		353		283		212
2012-07-26		349		280		213
2012-08-02		355		283		220
2012-08-09		359		284		228
2012-08-16		362		288		225
2012-08-23		366		289		226
2012-08-30		359		286		229
2012-09-06		355		286		228
2012-09-13		355		285		239
2012-09-20		349		277		256
2012-09-27		340		273		245
2012-10-04		336		269		247
2012-10-11		339		270		253
2012-10-18		337		266		248
2012-10-25		341		272		250
2012-11-01		339		270		249
2012-11-08		340		269		248
2012-11-15		334		265		241
2012-11-21		331		263		240
2012-11-29		332		264		239
2012-12-06		334		267		244
2012-12-13		332		266		250
2012-12-20		337		265		249
2012-12-27		335		265		248
2013-01-03		334		264		246
2013-01-10		340		266		251
2013-01-17		338		266		252
2013-01-24		342		271		252
2013-01-31		353		281		256
2013-02-07		353		277		258
2013-02-14		353		277		257
2013-02-21		356		277		254
2013-02-28		351		276		252
2013-03-07		352		276		255
2013-03-14		363		279		256
2013-03-21		354		272		254
2013-03-28		357		276		252
2013-04-04		354		274		250
2013-04-11		343		265		245
2013-04-18		341		264		238
2013-04-25		340		261		237
2013-05-02		335		256		233
2013-05-09		342		261		231
2013-05-16		351		269		232
2013-05-23		359		277		227
2013-05-30		381		298		224
2013-06-06		391		303		218
2013-06-13		398		310		208
2013-06-20		393		304		203
2013-06-27		446		350		195
2013-07-03		429		339		202
2013-07-11		451		353		206
2013-07-18		437		341		212
2013-07-25		431		339		219
2013-08-01		439		343		219
2013-08-08		440		343		225
2013-08-15		440		344		222
2013-08-22		458		360		214
2013-08-29		451		354		214
2013-09-05		457		359		208
2013-09-12		457		359		209
2013-09-19		450		354		216
2013-09-26		432		337		221
2013-10-03		422		329		219
2013-10-10		423		331		220
2013-10-17		428		333		219
2013-10-24		413		324		217
2013-10-31		410		320		218
2013-11-07		416		327		216
2013-11-14		435		335		218
2013-11-21		422		327		218
2013-11-27		429		330		218
2013-12-05		446		347		214
2013-12-12		442		343		213
2013-12-19		447		351		217
2013-12-26		448		352		218
2014-01-02		453		355		224
2014-01-09		451		356		228
2014-01-16		441		345		227
2014-01-23		439		344		223
2014-01-30		432		340		214
2014-02-06		423		333		214
2014-02-13		428		333		219
2014-02-20		433		335		214
2014-02-27		437		339		215
2014-03-06		428		332		218
2014-03-13		437		338		220
2014-03-20		432		332		216
2014-03-27		440		342		214
2014-04-03		441		347		214
2014-04-10		434		338		213
2014-04-17		427		333		216
2014-04-24		433		339		221
2014-05-01		429		338		219
2014-05-08		421		332		218
2014-05-15		420		329		218
2014-05-22		414		325		218
2014-05-29		412		321		222
2014-06-05		414		323		220
2014-06-12		420		331		221
2014-06-19		417		330		222
2014-06-26		414		322		228
2014-07-03		412		322		227
2014-07-10		415		324		228
2014-07-17		413		323		225
2014-07-24		413		326		224
2014-07-31		412		323		228
2014-08-07		414		327		225
2014-08-14		412		324		224
2014-08-21		410		323		217
2014-08-28		410		325		214
2014-09-04		410		324		215
2014-09-11		412		326		212
2014-09-18		423		337		209
2014-09-25		420		336		202
2014-10-02		419		336		196
2014-10-09		412		330		194
2014-10-16		397		318		191
2014-10-23		392		308		191
2014-10-30		398		313		190
2014-11-06		402		321		193
2014-11-13		401		320		192
2014-11-20		399		317		185
2014-11-26		397		317		185
2014-12-04		389		310		178
2014-12-11		393		320		172
2014-12-18		380		309		164
2014-12-24		383		310		169
2014-12-31		387		315		166
2015-01-08		373		305		162
2015-01-15		366		298		158
2015-01-22		363		293		160
2015-01-29		366		298		162
2015-02-05		359		292		168
2015-02-12		369		299		169
2015-02-19		376		305		171
2015-02-26		380		307		174
2015-03-05		375		303		185
2015-03-12		386		310		175
2015-03-19		378		306		169
2015-03-26		369		297		178
2015-04-02		370		298		177
2015-04-09		366		293		184
2015-04-16		367		294		182
2015-04-23		365		292		188
2015-04-30		368		294		191
2015-05-07		380		302		192
2015-05-14		385		307		187
2015-05-21		384		305		185
2015-05-28		387		311		182
2015-06-04		387		308		181
2015-06-11		404		325		185
2015-06-18		400		323		187
2015-06-25		402		321		190
2015-07-02		408		324		189
2015-07-09		404		320		186
2015-07-16		409		325		185
2015-07-23		404		321		181
2015-07-30		398		317		176
2015-08-06		391		313		170
2015-08-13		394		317		165
2015-08-20		393		315		158
2015-08-27		384		306		153
2015-09-03		389		309		158
2015-09-10		390		310		155
2015-09-17		391		311		157
2015-09-24		386		308		152
2015-10-01		385		307		142
2015-10-08		376		299		153
2015-10-15		382		303		151
2015-10-22		379		298		147
2015-10-29		376		298		149
2015-11-05		387		309		156
2015-11-12		398		320		157
2015-11-19		397		318		154
2015-11-25		395		318		161
2015-12-03		393		316		159
2015-12-10		395		319		155
2015-12-17		397		322		146
2015-12-24		396		322		148
2015-12-31		401		324		153
2016-01-07		397		326		154
2016-01-14		392		319		144
2016-01-21		381		310		134
2016-01-28		379		307		137
2016-02-04		372		301		138
2016-02-11		365		295		123
2016-02-18		365		295		126
2016-02-25		362		293		133
2016-03-03		364		294		147
2016-03-10		368		296		149
2016-03-17		373		299		154
2016-03-24		371		296		161
2016-03-31		371		298		161
2016-04-07		359		288		160
2016-04-14		358		286		157
2016-04-21		359		285		160
2016-04-28		366		289		167
2016-05-05		361		286		166
2016-05-12		357		281		160
2016-05-19		358		281		159
2016-05-26		364		289		156
2016-06-02		366		292		155
2016-06-09		360		287		156
2016-06-16		354		281		147
2016-06-23		356		283		144
2016-06-30		348		278		139
2016-07-07		341		274		142
2016-07-14		342		272		144
2016-07-21		345		275		148
2016-07-28		348		278		150
2016-08-04		343		274		146
2016-08-11		345		276		148
2016-08-18		343		274		145
2016-08-25		343		274		148
2016-09-01		346		277		146
2016-09-08		344		276		150
2016-09-15		350		277		150
2016-09-22		348		276		151
2016-09-29		342		272		155
2016-10-06		342		272		162
2016-10-13		347		276		164
2016-10-20		352		279		167
2016-10-27		347		278		169
2016-11-03		354		284		171
2016-11-10		357		288		176
2016-11-17		394		314		184
2016-11-23		403		325		191
2016-12-01		408		334		190
2016-12-08		413		336		193
2016-12-15		416		337		195
2016-12-22		430		352		190
2016-12-29		432		355		196
2017-01-05		420		344		197
2017-01-12		412		337		197
2017-01-19		409		334		200
2017-01-26		419		340		206
2017-02-02		419		341		206
2017-02-09		417		339		200
2017-02-16		415		335		202
2017-02-23		416		337		203
2017-03-02		410		332		201
2017-03-09		421		342		202
2017-03-16		430		350		201
2017-03-23		423		344		198
2017-03-30		414		339		197
2017-04-06		410		336		196
2017-04-13		408		334		192
2017-04-20		397		323		186
2017-04-27		403		327		189
2017-05-04		402		327		189
2017-05-11		405		329		186
2017-05-18		402		327		181
2017-05-25		395		319		182
2017-06-01		394		319		181
2017-06-08		389		316		178
2017-06-15		391		318		173
2017-06-22		390		317		167
2017-06-29		388		317		171
2017-07-06		396		322		175
2017-07-13		403		329		175
2017-07-20		396		323		176
2017-07-27		392		320		180
2017-08-03		393		318		180
2017-08-10		390		318		181
2017-08-17		389		316		178
2017-08-24		386		316		176
2017-08-31		382		312		175
2017-09-07		378		308		178
2017-09-14		378		308		184
2017-09-21		383		313		185
2017-09-28		383		313		185
2017-10-05		385		315		184
2017-10-12		391		321		188
2017-10-19		388		319		184
2017-10-26		394		325		187
2017-11-02		394		327		188
2017-11-09		390		324		187
2017-11-16		395		331		186
2017-11-22		392		332		185
2017-11-30		390		330		184
2017-12-07		394		336		186
2017-12-14		393		336		188
2017-12-21		394		338		191
2017-12-28		399		344		195
2018-01-04		395		338		199
2018-01-11		399		344		202
2018-01-18		404		349		203
2018-01-25		415		362		206
2018-02-01		422		368		210
2018-02-08		432		377		211
2018-02-15		438		384		207
2018-02-22		440		385		211
2018-03-01		443		390		212
2018-03-08		446		394		212
2018-03-15		444		390		209
2018-03-22		445		391		208
2018-03-29		444		390		206
2018-04-05		440		387		207
2018-04-12		442		387		209
2018-04-19		447		394		214
2018-04-26		458		402		217
2018-05-03		455		403		217
2018-05-10		455		401		217
2018-05-17		461		408		216
2018-05-24		466		415		214
2018-05-31		456		406		207
2018-06-07		454		401		212
2018-06-14		462		407		212
2018-06-21		457		404		212
2018-06-28		455		404		211
2018-07-05		452		399		213
2018-07-12		453		402		212
2018-07-19		452		400		210
2018-07-26		454		402		211
2018-08-02		460		408		212
2018-08-09		459		405		212
2018-08-16		453		401		209
2018-08-23		451		398		208
2018-08-30		452		397		211
2018-09-06		454		399		209

		Acquisition Effects
			Three Months Ended June 30th			Six Months Ended June 30th
			2017		2018		2017		2018
		Pro Forma Revenue		$ 158737		$ 185820		296935		369201
		Pro Forma Net Income		$ 7758		$ 45188		14966		80956
		Revenue Breakdown
					Six Months Ended June 30th
					2017		2018
		Mortgage Products				$ 134453		$ 140410
		Non-Mortgage Products
		Credit Cards				$ 70765		$ 84879
		Personal Loans				$ 37535		$ 61175
		Other				$ 42535		$ 76672
		Total Non-Mortgage Products				$ 150835		$ 222726
			2013A		2014A		2015A		2016A		2017A		MRQ2018
		Mortgage		$ 123091		$ 134137		$ 165272		$ 219991		$ 275910		$ 66948
		Non-Mortgage		$ 16149		$ 33213		$ 88944		$ 164411		$ 341826		$ 117153
							Visible Revenue Opportunity (in millions)
		Category		2017 TTM		Current Market Share		Visible Market Share		Estimate Take Rate		Low		Mid		High
		Mortgage		$ 264		180		4-8		088		$ 600		$ 900		$ 1200
		Credit Cards		$ 126		060		2-4		$275		$ 470		$ 705		$ 940
		Personal Loans		$ 78		2		5-10		250		$ 250		$ 375		$ 500
		Home Equity		$ 40		230		4-6		080		$ 80		$ 100		$ 120
		Other Businesses		$ 50					$ 100		$ 150		$ 200
		Total Revenue		$ 558					$ 1500		$ 2230		$ 2960

LendingTree Inc

Weighted Average Cost of Capital

($ in thousands fiscal year ending December 31)

Debt

Equity

WACC =

After-Tax Cost of Debt

x

of Debt in the Capital Structure

+

Cost of Equity

x

of Equity in the Capital Structure

( rd x (1 - t) x DD + E )

+

(re x ED + E)

Capital Structure

Cost of Debt

Current Portion of Debt

0

Name

Maturity Date

Amount (mm)

Price

Coupon

YTM

Weight

YTM (weighted)

Non - Current Portion of Debt

244

Total Debt (in mm)

$ 24400

Total Amount

$ - 0

5300

Current Share Price

$24060

Shares Outstanding (mm)

13

Total Equity

$ 3084

Cost of Equity

WACC Formula

CAPM (re) = rf + βL x (rm - rf)

Weights x Costs

Capital Weights

Risk-free rate

240 Microsoft Office User Historical Avg Nominal 10 YR US Note

t = Effective Tax Rate

21

Debt-to-Total Capitalization

7

Market Risk Premium

710

Equity-to-Total Capitalization

93

Adjusted Beta

134

WACC

113

Is this the target Capital Structure

Yes Microsoft Office User See Historical Capitlization

Microsoft Office User Historical Avg Nominal 10 YR US Note

Cost of Equity

1191

Peer Comparable Weights

Mean

-

Median

-

29

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

Trading Multiples

Market

Net

Enterprise

EV Revenue

EV EBITDA

PriceEarnings

Company

Ticker

Capitalization

Debt

Value

2017A

2018E

2019E

2017A

2018E

2019E

LTM

2019E

On Deck Capital Inc

NYSEONDK

$577

$681

$1259

64x

33x

29x

ERRORVALUE

371x

280x

1267x

155x

LendingClub Corporation

NYSELC

1431

(85)

1346

23x

19x

17x

ERRORVALUE

156x

101x

-

178x

GreenSky Inc

NasdaqGSKY

1152

151

1303

40x

30x

22x

87x

67x

50x

239x

220x

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$3084

($49)

$3035

49x

40x

33x

356x

201x

159x

452x

326x

Low

$577

($85)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

239x

155x

Mean

1053

249

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

184x

Median

1152

151

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

178x

High

$1431

$681

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

1267x

220x

Operating Statistics

Revenue

Revenue Growth

EBITDA

EBITDA Growth

Company

Ticker

2017A

2018E

2019E

17-18

18-19

2017A

2018E

2019E

17-18

18-19

On Deck Capital Inc

NYSEONDK

$197

$384

$431

948

120

NA

$34

$45

ERRORVALUE

327

LendingClub Corporation

NYSELC

$575

$693

$809

206

168

NA

$86

$133

ERRORVALUE

547

GreenSky Inc

NasdaqGSKY

$326

$438

$586

343

339

$150

$196

$263

308

344

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$618

$755

$916

223

212

$85

$151

$191

775

261

Low

$197

$384

$431

ERRORVALUE

ERRORVALUE

$150

$34

$45

ERRORVALUE

ERRORVALUE

Mean

366

505

609

ERRORVALUE

ERRORVALUE

150

105

147

ERRORVALUE

ERRORVALUE

Median

326

438

586

ERRORVALUE

ERRORVALUE

150

86

133

ERRORVALUE

ERRORVALUE

High

$575

$693

$809

ERRORVALUE

ERRORVALUE

$150

$196

$263

ERRORVALUE

ERRORVALUE

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 1057000		$ 1426950		$ 1890709		$ 2410654		$ 3013317		259
	Revenue Growth					512		607			222		400		350		325		275		250
	Operating Expenses				225702		332290		584603			679500		951300		1284255		1701638		2169588		2711985				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 105700		$ 142695		$ 189071		$ 241065		$ 301332		259
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 68705		$ 92752		$ 122896		$ 168746		$ 210932		275
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		14428		19478		25808		35437		44296
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 54277		$ 73274		$ 97088		$ 133309		$ 166636		275
	Plus Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	Less Capital Expenditures				7200		31955		8000			22650		31710		42809		56721		72320		90400
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		26425		35674		47268		60266		75333
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 33137		$ 44735		$ 59274		$ 73043		$ 91304
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 28203		$ 34194		$ 40689		$ 45031		$ 50553
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 221100				Enterprise Value				$ 4648193
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 301332				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 8437288
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4697014
			Present Value of Terminal Value				$ 4427093
			of Enterprise Value				952				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4648193				Implied Share Price				$ 33201
					Implied Share Price
					Exit Multiple
					euro 332		200x		225x		280x		315x		350x
					95		26714		29804		36600		40924		45249
					100		26022		29028		35641		39849		44057
					115		24070		26842		32938		36818		40698
					120		23459		26157		32092		35869		39646
					130		22293		24850		30477		34058		37639

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 830500		$ 975838		$ 1219797		$ 1555241		$ 2021813		178
	Revenue Growth					512		607			222		100		175		250		275		300
	Operating Expenses				225702		332290		584603			679500		747450		878254		1097817		1399717		1819632				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 83050		$ 97584		$ 121980		$ 155524		$ 202181		178
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 53983		$ 63429		$ 79287		$ 108867		$ 141527		193
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		11336		13320		16650		22862		29721
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 42646		$ 50109		$ 62637		$ 86005		$ 111806		193
	Plus Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	Less Capital Expenditures				7200		31955		8000			22650		24915		29275		36594		46657		60654
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		20763		24396		30495		38881		50545
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 26036		$ 30593		$ 38241		$ 47124		$ 61261
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 22159		$ 23384		$ 26251		$ 29052		$ 33919
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 157195				Enterprise Value				$ 2809338
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 202181				Less Noncontrolling Interest
			Exit Multiple				250x				Plus Cash and ST Investments				293301
			Terminal Value				$ 5054533
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 2858159
			Present Value of Terminal Value				$ 2652142
			of Enterprise Value				944				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 2809338				Implied Share Price				$ 20203
					Implied Share Price
					Exit Multiple
					euro 202		200x		225x		280x		315x		350x
					95		18100		20173		24733		27635		30536
					100		17636		19653		24090		26913		29737
					115		16326		18186		22276		24879		27483
					120		15916		17726		21709		24243		26777
					130		15133		16850		20625		23028		25430

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 981500		$ 1275950		$ 1658735		$ 2114887		$ 2643609		232
	Revenue Growth					512		607			222		300		300		300		275		250
	Operating Expenses				225702		332290		584603			679500		883350		1148355		1492862		1903398		2379248				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 98150		$ 127595		$ 165874		$ 211489		$ 264361		232
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 63798		$ 82937		$ 107818		$ 148042		$ 185053		248
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		13397		17417		22642		31089		38861
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 50400		$ 65520		$ 85176		$ 116953		$ 146192		248
	Plus Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	Less Capital Expenditures				7200		31955		8000			22650		29445		38279		49762		63447		79308
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		24538		31899		41468		52872		66090
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 30770		$ 40001		$ 52001		$ 64081		$ 80101
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 26188		$ 30575		$ 35697		$ 39506		$ 44350
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 198748				Enterprise Value				$ 4082674
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 264361				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 7402105
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4131495
			Present Value of Terminal Value				$ 3883926
			of Enterprise Value				951				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4082674				Implied Share Price				$ 29204
					Implied Share Price
					Exit Multiple
					euro 292		200x		225x		280x		315x		350x
					95		23513		26224		32186		35980		39774
					100		22906		25543		31344		35036		38728
					115		21193		23624		28973		32377		35781
					120		20657		23024		28231		31544		34858
					130		19633		21877		26814		29955		33096

	Stock Data
	Current Price			$241
	52 Week Price Range			20545 - 40440
	200-Day Moving Average			27761
	Beta			134
	Market Cap (mil)			$3080
	Shares Outstanding (mil)			13
	Average Vol (3 month) mil			023
	Insider Ownership			4080
	Shares Short of Float			3772
	LTM PE			4516
	Forward PE			3256
	EVEBITDA			3688

	Company Name		Market Cap (Mil)		Net Income (Mil)		PS		PB		PE		IndustryBusiness Segments
	BlackRock Inc (BLK)		48746		3371		44		18		148
						Potential Comps
	Morgningstar List of Competitors						Franklin Resources
	httpfinancialsmorningstarcomcompetitorsindustry-peeractiont=BLK						Invesco
						T Rowe Price
	httpsenwikipediaorgwikiBlackRock						State Street
	httpwwwwikinvestcomstockBlackRock_(BLK)						Fidelity
						Eaton Vance - primarily active
						wisdom tree (WETF)
						Legg Mason
	Company Name		PE		PBV		EVEBITDA		Market CapAUM
	Invesco		91		14		1194
	T Rowe Price		133		34		831
	AMG		91		24		1213
	Eaton Vance
	wisdom tree		105		57		1428
	Legg Mason		118		07		784
	BlackRock Inc		131		17		1123
	Mean		1076		255		109		ERRORDIV0
	Median		105		24		1194		ERRORNUM
	Implied share price		2090489130435		406656		3510872705797
			median NTM EBITDA - net debt - preferred shares
		BLK Key Statistics
		Total Cash		56730
		Total Debt		57000
		Net Debt		270
	1311887		Preferred shares		6374
	823188		Enterprise Value		527794
	637447992		Equity Value		52114981
		Share Price		2986
		Net Income (LTM)		32970
		Shares outstanding		1656

Market Opportunity

7Source 2017 Company Investor Presentation TechCrunch

2

Total Addressable

Market

Est $13B

Est $500M

$264mTTM

Total Addressable

Market

Est $33B

Est $500M

$78mTTM

Total Addressable

Market

Est $10B

Est $1B

$126mTTM

bull LendingTreersquos positioning in its core markets across mortgage credit and personal loan is growing and the company is taking share there still remains plenty of opportunity to expand into its total addressable markets

Mortgage Credit Cards Personal Loans

Visible revenue opportunity in core markets served today not inclusive of acquisitions or new verticals Digital ad spend in financials expected to hit 20 CAGR between 2014 and 2020

tripling LendingTreersquos core market

Comparables (BLK)

Stock Data

DCF (Base)

WACC

DCF (Downside)

WACC

DCF (Upside)

WACC

Comparables

_CIQHiddenCacheSheet

WACC

Key Stats

Acquisition Effects (in millions)

Pro Forma Revenue

2017201820172018Three Months Ended June 30thSix Months Ended June 30th158737185820296935369201Pro Forma Net Income

2017201820172018Three Months Ended June 30thSix Months Ended June 30th7758451881496680956

2018

Mortgage ProductsNon-Mortgage ProductsCredit CardsPersonal LoansOther140410848796117576672

Mortgage2013A2014A2015A2016A2017AMRQ201812309113413716527221999127591066948Non-Mortgage2013A2014A2015A2016A2017AMRQ2018161493321388944164411341826117153

FRED Data

Fixed Rate and Inflation Behavior is Steady

30 Year Fixed Rate3970239709397163972339730397373974439751397583976539772397783978639793398003980639813398213982839835398423984939856398633987039877398843989139898399053991239919399263993339940399473995439961399683997539982399893999640003400104001740024400314003840045400524005940066400734008040087400944010140108401154012240129401364014240150401574016440171401784018540192401994020640213402204022740234402414024840255402624026940276402834029040297403044031140318403254033240339403464035340360403674037440381403884039540402404094041640423404304043740444404514045840465404724047940486404934050040506405144052140528405354054240549405564056340570405774058440591405984060540612406194062640633406404064740654406614066840675406824068940696407034071040717407244073140738407454075240759407664077340780407874079440801408084081540822408294083640843408504085740864408704087840885408924089940906409134092040927409344094140948409554096240969409764098340990409974100441011410184102541032410394104641053410604106741074410814108841095411024110941116411234113041137411444115141158411654117241179411864119341200412074121441221412284123441242412494125641263412704127741284412914129841305413124131941326413334134041347413544136141368413754138241389413964140341410414174142441431414384144541452414584146641473414804148741494415014150841515415224152941536415434155041557415644157141578415854159241599416054161341620416274163441641416484165541662416694167641683416904169741704417114171841725417324173941746417534176041767417744178141788417954180241809418164182341830418374184441851418584186541872418794188641893419004190741914419214192841935419424194941956419634196941977419844199141997420044201242019420264203342040420474205442061420684207542082420894209642103421104211742124421314213842145421524215942166421734218042187421944220142208422154222242229422364224342250422574226442271422784228542292422994230642313423204232742333423414234842355423624236942376423834239042397424044241142418424254243242439424464245342460424674247442481424884249542502425094251642523425304253742544425514255842565425724257942586425934260042607426144262142628426354264242649426564266342670426774268442691426974270542712427194272642733427404274742754427614276842775427824278942796428034281042817428244283142838428454285242859428664287342880428874289442901429084291542922429294293642943429504295742964429714297842985429924299943006430134302043027430344304143048430554306143069430764308343090430974310443111431184312543132431394314643153431604316743174431814318843195432024320943216432234323043237432444325143258432654327243279432864329343300433074331443321433284333543342433495935786096159464660464662614604597553547519514509999999999999965014965125099999999999999652551650450751550349800000000000004484999999999999964784874824847848448600000000000003482491529559538542532525145252552252951251450850750450449400000000000004487492550349800000000000004491483478471480999999999999964940000000000000450551450950599999999999996499498000000000000045014974935054974954964995085215075075059999999999999654934844784794724754690000000000000445845745745599999999999996454449444000000000000044424360000000000000343243499999999999996437437432426999999999999964190000000000000442142300000000000004424417438999999999999974400000000000000444646100000000000003483480999999999999964860000000000000347699999999999996471474484809999999999999650554954874884764809999999999999648600000000000003487491484784714634610000000000000345999999999999996455449454545145999999999999996451451999999999999964554389999999999999743241500000000000004422422412409409401394412411000000000000034099999999999999643994398439939439139539138938839838738738739539388392408399398388393883843833793783753673713663663623563533493553593623663593553553493433633933734133934334331332334332337335334343383423533533533563513523633543573543433413433534235135938139139839344642945143743099999999999996438999999999999974400000000000000444000000000000004458451457457454324224230000000000000442841340999999999999996416434999999999999964224294464424474480000000000000445345144143899999999999997432423000000000000044284334374284374324400000000000000444143442699999999999996433429421424139999999999999741241399999999999997424174139999999999999741241500000000000004413413412413999999999999974124099999999999999640999999999999996409999999999999964124230000000000000442419000000000000044123973923984019999999999999640139939738939338383387373366363366359369376383753863783693736636736536838385384387387404440199999999999996408404409404398391394393384389393913863853763823793763873983973953933953973964013973923813793723653653623643683733713713593583593663613573583643663635435634834134234534834334534334334634435348342342347352347354357394403408413416434324241240941900000000000004419000000000000044174150000000000000441640999999999999996421434230000000000000441399999999999997409999999999999964083974034019999999999999640540199999999999996395394389391393883964033963923933938938638237837838338338539138839439439395392393943933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Year Fixed Rate39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334955453557757856361457261958858157357453352492491483462465000000000000044848492480999999999999964684684724639999999999999746100000000000003458451999999999999964544480000000000000444800000000000004448000000000000044514519999999999999645453479505999999999999964889999999999999748747699999999999996469000000000000044634684690000000000000446346845599999999999996458454454474464360000000000000343343744344644000000000000004436000000000000034324294269999999999999643243844545445445440000000000000044389999999999999744000000000000004434433440000000000000044334324334344389999999999999745199999999999996440000000000000044389999999999999743899999999999997436000000000000034342442142417424134044074059999999999999640343953923938638338338238237537236236436636335737637738139641741500000000000004424134084054094084294269999999999999642241500000000000004415000000000000043974044094099999999999999641340199999999999996397389382383783743683673693693753653663663543533634433933333329328326337338338331333313333327321321324323316317324314316316319317313316333233213113133123073053043042972942982952942892862832828328428828928628628527727326927266272272692652632642672662652652642662662712812772772772762762792722762742652642612562612692772983033130435339353341339343343344363543593593543373293313333243232733532733347343351352355356345344343333333353393323383323423473383333393383323293253213233313332232232432332632332732432332532432633733633633318308313321323173173132309313153052982932982922993053073033130629729829329429229430230730531130832532332132432325321317313317315306309313113083072993032982983093231831831631932232232432631931307301295295293294296299296298288286285289286281281289292287281283278274272275278274276274274277276277276272272276279278284288314325334336337352355344337334343413393353373323423534433933633432332732732932731931931631831731732232932332318318316316312308308313313315321319325327324331332333363363383443383443493623683773843853939439391393873873944019999999999999640340140841500000000000004405999999999999964014074044043994019999999999999644019999999999999640840540139839739910 Year Breakeven Inflation39702397093971639723397303973739744397513975839765397723977839786397933980039806398133982139828398353984239849398563986339870398773988439891398983990539912399193992639933399403994739954399613996839975399823998939996400034001040017400244003140038400454005240059400664007340080400874009440101401084011540122401294013640142401504015740164401714017840185401924019940206402134022040227402344024140248402554026240269402764028340290402974030440311403184032540332403394034640353403604036740374403814038840395404024040940416404234043040437404444045140458404654047240479404864049340500405064051440521405284053540542405494055640563405704057740584405914059840605406124061940626406334064040647406544066140668406754068240689406964070340710407174072440731407384074540752407594076640773407804078740794408014080840815408224082940836408434085040857408644087040878408854089240899409064091340920409274093440941409484095540962409694097640983409904099741004410114101841025410324103941046410534106041067410744108141088410954110241109411164112341130411374114441151411584116541172411794118641193412004120741214412214122841234412424124941256412634127041277412844129141298413054131241319413264133341340413474135441361413684137541382413894139641403414104141741424414314143841445414524145841466414734148041487414944150141508415154152241529415364154341550415574156441571415784158541592415994160541613416204162741634416414164841655416624166941676416834169041697417044171141718417254173241739417464175341760417674177441781417884179541802418094181641823418304183741844418514185841865418724187941886418934190041907419144192141928419354194241949419564196341969419774198441991419974200442012420194202642033420404204742054420614206842075420824208942096421034211042117421244213142138421454215242159421664217342180421874219442201422084221542222422294223642243422504225742264422714227842285422924229942306423134232042327423334234142348423554236242369423764238342390423974240442411424184242542432424394244642453424604246742474424814248842495425024250942516425234253042537425444255142558425654257242579425864259342600426074261442621426284263542642426494265642663426704267742684426914269742705427124271942726427334274042747427544276142768427754278242789427964280342810428174282442831428384284542852428594286642873428804288742894429014290842915429224292942936429434295042957429644297142978429854299242999430064301343020430274303443041430484305543061430694307643083430904309743104431114311843125431324313943146431534316043167431744318143188431954320243209432164322343230432374324443251432584326543272432794328643293433004330743314433214332843335433424334919561711862000000000000115860000000000001119609849999999999999910820000000000001083199999999999996091600000000000004095054600000000000004023043803080201449999999999999901103420000000000000305280000000000000205908519999999999999811240000000000001123113751020910882000000000000011151999999999999913313320000000000001135200000000000011287500000000000113041496145146615917975000000000001188799999999999991994183200000000000011808000000000000116919999999999999155164599999999999991856000000000000118779999999999999189191199999999999991738177164178750000000000011802179817321742191250000000000011986199820739999999999998217499999999999982132000000000000121375000000000002211399999999999992108000000000000122122999999999999998236237523839999999999999236232399999999999982382000000000000122759999999999998226500000000000012204000000000000221560000000000001223224622182240000000000000223123479999999999999234200000000000012386000000000000123119999999999998223820819039999999999999219319819681838000000000000117275182600000000000011714180418520000000000001178816240000000000001153815640000000000001165250000000000011776179417821838000000000000120099999999999998206199999999999982125999999999999921421124999999999998204210521219999999999999217799999999999992238230399999999999982305000000000000223580000000000001238200000000000012345000000000000222559999999999998233800000000000012343999999999999922719999999999998237242799999999999992501999999999999824140000000000001242200000000000022464255626240000000000001260800000000000012582541999999999999824620000000000002233231199999999999982252499999999999922342224000000000000221982334000000000000124123199999999999998235243199999999999992351999999999999922480000000000002216400000000000012056205619775194186200000000000011821784194751964206209600000000000012101999999999999919824999999999999191250000000000011992203619921996201750000000000012042520699999999999998203750000000000012092128000000000000122022204000000000000222722559999999999998220800000000000022326000000000000124233199999999999992322000000000000122622254224400000000000022248000000000000221680000000000001209799999999999992141999999999999921025211799999999999992132000000000000121421212521019999999999999212400000000000012128000000000000121982279999999999999822480000000000002225999999999999982292279999999999999823879999999999999256400000000000012448246825274999999999999248200000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Share Price Data

Peers vs LendingTree

OnDeck 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42361977346685669993600138655575452936370984837815093647493424636326435943636499338503377454354875159338346037460243996377685368960836953943173782786468839223839010768335394663899407163439270038362900479372603370926233083787248630463187438530838333775974384730882773599443923538971505221840471238843353232400323398005927534131439174602929841499189154557889420535917751538074181104084520580240425039491221084154539197169341940425039491221083977823816636086639593437292828892402748907305407583861168633375637939015936728668592397551402227964883937398777144865740055437744157132395587886449806314011318780057316740263340026256875416377906759577154185724019733795541787939436638037420258694380718544258489298718196842977592677810295424578421700660165016169761696240850023099560565969509586511675063351801800605179018527258015078354975311850119846382352956801733499619539270019882882552968352437783501529452510292157365124740144958647850739198181122704522869024650750275162855043593092252945251029215736513051515060025135194040212657884452159851647959083524024025779070885209055088725916652136750239391315145530026668283553118501198463823520790001829752845348810294552777153349501424127945544929518481646645377685322760791953222450607012002534072514805439715318780195916374152852852324951445308385255061556254643104073848372533957007762600895261030139500343654146451509668481568376062176575215690690697835743582467055152066235699930568262172654146451509668481527373522121193795548625351152106564795551748774565646800447059357457657657711765822584661585015902495960960546062357159355510756398466598637070948554675925155788284690160360356194031963595287609256465535779625576816226155070452412324968558096559064528645458535401743234655082003116608851527489029164032625172094914019521851917300718011079534188021848278635115499928031879658997456248615014615384587309203386109955968815986861919607717264782610302623924633376170016166088792963109264423440425637214136354489916180410760443272162196810760064434596558082777591159540308164927049611226610967276336208131064723237362762764084944243645414616645539056701316685116270768249019444467107686186142615242736888427006504343869531067924900265700046156155089967067452181394037687918644307723669750520911283891702933658975891447008546708049279670501271644692283708939678703172147189882023795749372776618323478441713559683216454587222221916788591752136748622389827731577830178383579544929093441237814275795466024737795102892236016677974123400921149781127249223209847899052993784870679394780332760915777662245838248017922153016351282878644029599352523785978267822169938093093044742596881335180842338168822476275757073878246708056209101383298682760483196837722304510919368369137898610812784084082141739849831600812390833618610533411630090286047584059884876886347893593257389489486036278922930006922383762648373758180324367584800184227299988387618332464349283679831746827649849503329879803184973434396548075856086850171243978101178191240975980526680052513757865557683863301981439126785882952771309739632484778436123852249393805382272917942478213212746287531785989834003468858687918625827705987537538287421164875606327659821568575883377780472878782624190745576784130293736884018298683106983528380826977573874395805035786439459867968353061484107280434281348249463818780327586502038201662735004326580746126108890603792792802199288548098868050384199481693228420114856805728759396425088624393563770073787167936540357207877454371045175218836913355580657489246938571334304887040866550222528358743304256334481924228645778968467312994518064180364977122546151763686759905595827580272266567977474370525424566294752945263272227827573342536998325273839220747534755745668700723753737595287142636009674532221424527112735042745783258417345807176119031172557172267101597712982182652294237308847001412636372869023957749517449757277667885173562024634741876746708229459269387565257390499945270917069278884988600947073205195856525754527009655070452412324968596904569256073716083391081464748559817511207726716001385585553578962936014254192336407946121322566164772461890218027663432675827381156456456307312167645299144252734096261260839425713963605913522616936351351481835263464379765664593087636752108183134526131901267454349462855162789208538608570122232152560025410024823058597482069820234066008316008123909359805957038439432599792072076875286045276182830304160868559462495746624509123942963216242781098572855664091015382512939666204636955309856146916143522381656699004696257695573458060211179095876645602295089359540308164927049599099099119909976155001290020760759563409573494814594017066435272235699930568262172652390851873623197486486489108651294854469603731356449387848939989638494686969399700434987294733488225250727650941842208509355497589385655237930116933931451409100914550692551513038773087595694155562620575359205235407595545691823846342765520905393372479457623005598914174573573567254017915718410655615370456560406639861256564911058791613395683760621765752158593205853702806551166552294604985293370032493185455162854581592642550473544687605957830907881013918563871564706131656398703709893656556941557936208035642180511846142157322704612550135567798561612414865477015489096431555185952525157025369600176262412852413949817187575531878019591637415294525102921573653938552692572133549780537080606725404250210112030255486253511521065627165635778109956421805118461421566412546398416615759990765534979658523908558006275594941053477915195857010791013842757484407542517735574382047253821965736890742968567456109953427813508

Product Expansion

8Source Earnings Call Transcript Company Filings

3

My LendingTree

bull Customer familiarity is key as repeat customers drop promotional costs

bull Released My LendingTree which serves as a personal financial management application

bull Launched in 2014 and now has 88 million customers personal loans is prominent

bull Free credit scores credit monitoring and recommendations

bull Ability to lock in customers and accumulate data for personalized recommendations

bull Organic growth can lead to far less promotional spend due to organic customer

New Digital Experience

bull Added more services in 2017 to address consumer needs with additions in deposit accounts and savings accounts improves lifetime value

bull Concierge services and higher conversion with SnapCap

bull Deposit accounts are getting integrated with LendingTree and business credit services are developing

The new thing that we are seeing when I mentioned some of these new startup mortgage companies weve got a mortgage company on our network that literally has no loan officers 100 technology very low margins and is experiencing conversion rates right with our top lenders And I expect those types of things to proliferate I expect more and more lenders to create fully digital experiences that over time wont need humans And those are going to be perfect lenders to dial in just like Prosper and LendingClub change the way personal loans does So I expect thats going to continue to grow

- Doug Lebda Chairman amp CEO 2Q 2018 Earnings Call

Potential Risks

9Source Yahoo Finance

bull Increases in interest rates could adversely affect the ability of network lenders to close loans

bull Similarly a decrease in rates could lead to sudden increases in demand which is actually a negative The best situation for TREE is steady increases and declines in rates

bull Still somewhat dependent on mortgages for growthbull Diversification away from mortgage could change the

risk profile of the firm (ie move to credit cards)bull The decline in stock prices from competitors such as On

Deck Capital and LendingClub could misprice the broader financial technology sector

bull The intended benefits of acquisitions from the past and future may not be realized as expected

Internal and External Risk Factors Mitigants

bull Despite well publicized headwinds TREE has managed this rate environment well

bull Although mortgage purchases and home refinancing still compose over a third of revenue the stated goal of further diversification and an improved environment in 2019 should protect against mortgage headwinds

bull Thus far Tree has been insulated from the collapse in share prices from public P2P lenders like On Deck Capital and Lending Club

0

150

300

450

600

750

900

Peers vs LendingTree

ONDK LC TREE

Conclusion ndash Recommendation to Buy

10

Opportune Time to Buy at Depressed Share Price

bullCurrent prices represent a drawdown of 40 from an all time high in January 2018business fundamentals have arguably not changed that dramatically

Clear Catalysts

bullThe growth of the lending marketplace movement away from mortgage and increased user experience are all improvements for firm value

Diversification of Clubrsquos Portfolio

bullCurrently underweight financial exposure LendingTree offers a bridge between the growth of technology and lower beta financial sector

bull Upside case assumed aggressive MampA activity to continue diversifying away from mortgage products

bull Base case assumed blend or organic and inorganic growth in near term with similar long term outlook as upside

bull Downside incorporated triggering of risk factors and delaycessation of acquisitions in the short term

Valuation AssumptionsImplied Share

Pricesbull Upside 38bull Base 21bull Downside -14

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Date		OnDeck Capital		ONDK Indexed		LendingClub		LC Indexed		LendingTree Close		TREE Indexed
121914		2415		100		2521		100		4329		100
122214		2300		095		2406		095		4355		101
122314		2263		094		2308		092		4618		107
122414		2312		096		2532		100		4739		109
122614		2306		095		2574		102		4796		111
122914		2244		093		2498		099		4805		111
123014		2247		093		2583		102		4793		111
123114		2243		093		2530		100		4834		112
1215		2390		099		2493		099		4734		109
1515		2250		093		2400		095		4694		108
1615		2221		092		2289		091		4821		111
1715		2228		092		2288		091		4819		111
1815		2273		094		2316		092		4921		114
1915		2269		094		2301		091		4939		114
11215		2065		086		2101		083		4847		112
11315		1853		077		2113		084		4530		105
11415		1828		076		2106		084		4443		103
11515		1850		077		2209		088		4173		096
11615		1850		077		2209		088		4277		099
12015		1839		076		2207		088		4113		095
12115		1687		070		2017		080		4114		095
12215		1650		068		1949		077		4220		097
12315		1699		070		1908		076		4040		093
12615		1663		069		1999		079		4043		093
12715		1608		067		2059		082		4083		094
12815		1607		067		2008		080		4090		094
12915		1475		061		1944		077		4076		094
13015		1508		062		1877		074		4118		095
2215		1567		065		1926		076		4156		096
2315		1568		065		2029		080		4268		099
2415		1552		064		2006		080		4235		098
2515		1571		065		2028		080		4201		097
2615		1695		070		2043		081		4126		095
2915		1732		072		2160		086		4030		093
21015		1739		072		2126		084		4051		094
21115		1712		071		2215		088		4019		093
21215		1731		072		2147		085		4252		098
21315		1742		072		2195		087		4292		099
21715		1803		075		2250		089		4333		100
21815		1755		073		2268		090		4380		101
21915		1774		073		2204		087		4390		101
22015		1837		076		2289		091		4384		101
22315		1937		080		2376		094		4355		101
22415		1989		082		2365		094		4407		102
22515		1910		079		2051		081		4700		109
22615		1905		079		2129		084		5216		120
22715		1940		080		2037		081		5304		123
3215		1949		081		2000		079		5291		122
3315		1836		076		2003		079		5242		121
3415		1732		072		2008		080		5239		121
3515		1614		067		1986		079		5203		120
3615		1626		067		2002		079		5111		118
3915		1679		070		1984		079		5180		120
31015		1733		072		1952		077		5063		117
31115		1850		077		1955		078		5400		125
31215		1948		081		1953		077		5442		126
31315		1941		080		1907		076		5424		125
31615		2100		087		1925		076		5439		126
31715		2125		088		1920		076		5488		127
31815		2095		087		1917		076		5655		131
31915		2192		091		1992		079		5628		130
32015		2226		092		2009		080		5590		129
32315		2314		096		2082		083		5764		133
32415		2347		097		2031		081		5623		130
32515		2191		091		1973		078		5612		130
32615		2062		085		1949		077		5609		130
32715		2054		085		1955		078		5592		129
33015		2103		087		1936		077		5606		129
33115		2129		088		1965		078		5601		129
4115		2047		085		1909		076		5587		129
4215		1963		081		1926		076		5586		129
4615		2032		084		1940		077		5686		131
4715		2051		085		1916		076		5810		134
4815		2053		085		1906		076		5723		132
4915		1980		082		1840		073		5699		132
41015		1953		081		1819		072		5660		131
41315		1986		082		1804		072		5678		131
41415		2109		087		1880		075		5686		131
41515		2133		088		1939		077		5869		136
41615		2108		087		1951		077		5900		136
41715		2094		087		1922		076		5989		138
42015		2095		087		1939		077		5999		139
42115		2052		085		1935		077		5991		138
42215		2054		085		1901		075		5994		138
42315		2118		088		1883		075		6073		140
42415		2123		088		1827		072		6091		141
42715		2051		085		1805		072		6112		141
42815		2034		084		1802		071		6175		143
42915		1987		082		1767		070		6175		143
43015		1925		080		1745		069		5503		127
5115		1929		080		1787		071		5502		127
5415		2002		083		1849		073		5571		129
5515		1691		070		1758		070		5573		129
5615		1696		070		1831		073		5600		129
5715		1601		066		1730		069		5594		129
5815		1568		065		1623		064		5734		132
51115		1541		064		1684		067		5791		134
51215		1576		065		1716		068		5776		133
51315		1540		064		1705		068		5728		132
51415		1555		064		1711		068		5730		132
51515		1585		066		1721		068		5720		132
51815		1673		069		1736		069		5700		132
51915		1629		067		1762		070		5922		137
52015		1624		067		1766		070		6007		139
52115		1580		065		1790		071		5774		133
52215		1552		064		1843		073		5701		132
52615		1505		062		1846		073		5744		133
52715		1539		064		1900		075		5836		135
52815		1553		064		1900		075		5853		135
52915		1518		063		1921		076		5926		137
6115		1446		060		1908		076		5962		138
6215		1474		061		1898		075		6129		142
6315		1524		063		1933		077		6341		146
6415		1490		062		1832		073		6293		145
6515		1492		062		1872		074		6270		145
6815		1450		060		1746		069		6242		144
6915		1403		058		1697		067		6354		147
61015		1407		058		1742		069		6430		149
61115		1355		056		1739		069		6386		148
61215		1366		057		1728		069		6399		148
61515		1248		052		1707		068		6478		150
61615		1261		052		1724		068		6524		151
61715		1259		052		1745		069		6599		152
61815		1232		051		1707		068		7238		167
61915		1285		053		1730		069		7182		166
62215		1288		053		1686		067		7342		170
62315		1287		053		1655		066		7350		170
62415		1253		052		1626		064		7323		169
62515		1239		051		1606		064		7694		178
62615		1252		052		1525		060		7816		181
62915		1144		047		1454		058		7789		180
63015		1158		048		1475		059		7861		182
7115		1139		047		1457		058		7818		181
7215		1176		049		1395		055		7499		173
7615		1184		049		1475		059		7671		177
7715		1187		049		1430		057		7684		178
7815		1186		049		1413		056		7792		180
7915		1215		050		1420		056		7863		182
71015		1249		052		1405		056		7785		180
71315		1270		053		1427		057		7815		181
71415		1309		054		1426		057		8235		190
71515		1310		054		1430		057		8347		193
71615		1345		056		1475		059		8140		188
71715		1349		056		1495		059		8256		191
72015		1288		053		1462		058		8328		192
72115		1302		054		1501		060		8422		195
72215		1297		054		1490		059		8480		196
72315		1299		054		1483		059		8165		189
72415		1225		051		1460		058		8216		190
72715		1204		050		1435		057		8171		189
72815		1231		051		1481		059		8322		192
72915		1249		052		1458		058		7966		184
73015		1267		052		1453		058		8201		189
73115		1337		055		1451		058		8292		192
8315		1338		055		1434		057		8260		191
8415		1047		043		1383		055		11751		271
8515		947		039		1440		057		11795		272
8615		907		038		1403		056		11337		262
8715		918		038		1392		055		12104		280
81015		956		040		1437		057		11952		276
81115		901		037		1401		056		12509		289
81215		933		039		1403		056		12190		282
81315		907		038		1396		055		13446		311
81415		908		038		1370		054		13371		309
81715		945		039		1365		054		13808		319
81815		946		039		1330		053		13666		316
81915		958		040		1274		051		13690		316
82015		951		039		1229		049		13387		309
82115		959		040		1214		048		11088		256
82415		911		038		1167		046		10420		241
82515		869		036		1200		048		10466		242
82615		867		036		1217		048		10782		249
82715		908		038		1238		049		10335		239
82815		916		038		1277		051		10720		248
83115		923		038		1255		050		10595		245
9115		912		038		1214		048		10085		233
9215		916		038		1221		048		9844		227
9315		938		039		1239		049		10494		242
9415		933		039		1201		048		10419		241
9815		1005		042		1240		049		10548		244
9915		1000		041		1235		049		10395		240
91015		1001		041		1247		049		10493		242
91115		1029		043		1258		050		10534		243
91415		1020		042		1290		051		10549		244
91515		1059		044		1314		052		11583		268
91615		1041		043		1305		052		11623		268
91715		1061		044		1360		054		11827		273
91815		1056		044		1370		054		11581		268
92115		1044		043		1376		055		11560		267
92215		1014		042		1368		054		11630		269
92315		940		039		1319		052		11687		270
92415		931		039		1337		053		10305		238
92515		942		039		1326		053		9843		227
92815		916		038		1306		052		9107		210
92915		947		039		1346		053		8999		208
93015		990		041		1323		052		9303		215
10115		938		039		1316		052		9004		208
10215		966		040		1325		053		9251		214
10515		999		041		1382		055		9613		222
10615		989		041		1410		056		9149		211
10715		990		041		1438		057		9550		221
10815		1001		041		1486		059		9600		222
10915		992		041		1470		058		9637		223
101215		976		040		1430		057		9805		226
101315		897		037		1428		057		9239		213
101415		896		037		1446		057		9264		214
101515		944		039		1495		059		9636		223
101615		900		037		1436		057		9619		222
101915		918		038		1435		057		9846		227
102015		915		038		1433		057		9874		228
102115		926		038		1439		057		9449		218
102215		924		038		1438		057		9462		219
102315		931		039		1437		057		9800		226
102615		952		039		1428		057		12098		279
102715		927		038		1347		053		12400		286
102815		985		041		1400		056		12729		294
102915		935		039		1362		054		12251		283
103015		952		039		1418		056		12136		280
11215		946		039		1461		058		11500		266
11315		1026		042		1479		059		11577		267
11415		1052		044		1462		058		11390		263
11515		1110		046		1419		056		12025		278
11615		1110		046		1470		058		12497		289
11915		1130		047		1457		058		12898		298
111015		1137		047		1419		056		12130		280
111115		1128		047		1364		054		12146		281
111215		1090		045		1332		053		11900		275
111315		1004		042		1272		050		11649		269
111615		1007		042		1261		050		11719		271
111715		971		040		1281		051		11679		270
111815		979		041		1279		051		11051		255
111915		958		040		1284		051		10383		240
112015		948		039		1263		050		10092		233
112315		943		039		1236		049		10023		232
112415		961		040		1220		048		10220		236
112515		963		040		1258		050		10082		233
112715		977		040		1247		049		10258		237
113015		995		041		1202		048		10188		235
12115		901		037		1209		048		10599		245
12215		1150		048		1256		050		9993		231
12315		1142		047		1282		051		9715		224
12415		1098		045		1287		051		10213		236
12715		1090		045		1345		053		9897		229
12815		1050		043		1373		054		9573		221
12915		1002		041		1404		056		9254		214
121015		1035		043		1416		056		10274		237
121115		978		040		1365		054		9451		218
121415		965		040		1284		051		9415		217
121515		976		040		1246		049		9760		225
121615		942		039		1241		049		9801		226
121715		934		039		1216		048		9517		220
121815		1081		045		1148		046		9539		220
122115		1086		045		1145		045		9301		215
122215		1113		046		1136		045		9004		208
122315		1132		047		1150		046		9150		211
122415		1112		046		1140		045		9121		211
122815		1025		042		1102		044		9004		208
122915		1032		043		1100		044		9131		211
123015		1034		043		1083		043		8980		207
123115		1030		043		1105		044		8928		206
1416		975		040		1108		044		8789		203
1516		972		040		1072		043		8782		203
1616		969		040		1012		040		8634		199
1716		922		038		951		038		8404		194
1816		907		038		949		038		8304		192
11116		857		035		924		037		8197		189
11216		851		035		947		038		8663		200
11316		733		030		886		035		6114		141
11416		745		031		802		032		6624		153
11516		769		032		773		031		6774		156
11916		774		032		734		029		6764		156
12016		771		032		792		031		7183		166
12116		807		033		822		033		7175		166
12216		834		035		846		034		7104		164
12516		782		032		799		032		7015		162
12616		805		033		807		032		7262		168
12716		780		032		771		031		7105		164
12816		757		031		739		029		7036		163
12916		792		033		738		029		7369		170
2116		789		033		761		030		7388		171
2216		760		031		704		028		6596		152
2316		771		032		768		030		6438		149
2416		778		032		759		030		6764		156
2516		761		032		700		028		6005		139
2816		697		029		661		026		5577		129
2916		662		027		657		026		5498		127
21016		697		029		651		026		5710		132
21116		687		028		688		027		5708		132
21216		697		029		704		028		5981		138
21616		762		032		787		031		6336		146
21716		745		031		825		033		6215		144
21816		820		034		870		035		6469		149
21916		844		035		888		035		6369		147
22216		880		036		928		037		6796		157
22316		705		029		884		035		6890		159
22416		631		026		846		034		6994		162
22516		635		026		845		034		8550		198
22616		663		027		841		033		8348		193
22916		670		028		873		035		8837		204
3116		679		028		875		035		9011		208
3216		705		029		916		036		8597		199
3316		769		032		956		038		8989		208
3416		800		033		898		036		9040		209
3716		795		033		940		037		9000		208
3816		772		032		900		036		8519		197
3916		748		031		891		035		8560		198
31016		717		030		901		036		8217		190
31116		736		030		917		036		8602		199
31416		754		031		905		036		8817		204
31516		709		029		853		034		8996		208
31616		706		029		841		033		9140		211
31716		717		030		840		033		9578		221
31816		739		031		870		035		9326		215
32116		747		031		880		035		9217		213
32216		753		031		845		034		9481		219
32316		738		031		823		033		9236		213
32416		762		032		832		033		9510		220
32816		708		029		773		031		9433		218
32916		755		031		807		032		9427		218
33016		764		032		811		032		9268		214
33116		779		032		830		033		9778		226
4116		736		030		804		032		9739		225
4416		735		030		817		032		10218		236
4516		712		029		800		032		9903		229
4616		752		031		824		033		10137		234
4716		725		030		786		031		9926		229
4816		718		030		794		031		9990		231
41116		726		030		769		031		9492		219
41216		706		029		761		030		9386		217
41316		728		030		756		030		9886		228
41416		759		031		744		030		9700		224
41516		783		032		731		029		9764		226
41816		782		032		753		030		10137		234
41916		816		034		803		032		10295		238
42016		830		034		828		033		10185		235
42116		828		034		774		031		9935		229
42216		846		035		764		030		9392		217
42516		848		035		739		029		9086		210
42616		848		035		752		030		8949		207
42716		879		036		812		032		9126		211
42816		860		036		809		032		8783		203
42916		863		036		790		031		8947		207
5216		830		034		793		031		9239		213
5316		550		023		711		028		8518		197
5416		511		021		692		027		8262		191
5516		497		021		685		027		7943		183
5616		512		021		710		028		7556		175
5916		491		020		462		018		7334		169
51016		484		020		410		016		7354		170
51116		467		019		408		016		7072		163
51216		431		018		376		015		6714		155
51316		464		019		351		014		6969		161
51616		466		019		394		016		7047		163
51716		447		019		360		014		6740		156
51816		480		020		399		016		7001		162
51916		453		019		370		015		6950		161
52016		469		019		399		016		6904		159
52316		489		020		432		017		7462		172
52416		492		020		443		018		8100		187
52516		494		020		445		018		7810		180
52616		493		020		437		017		7952		184
52716		498		021		481		019		8109		187
53116		517		021		476		019		8325		192
6116		501		021		498		020		8396		194
6216		525		022		506		020		8785		203
6316		504		021		462		018		8598		199
6616		519		021		474		019		8803		203
6716		513		021		439		017		8951		207
6816		512		021		442		018		9115		211
6916		505		021		447		018		8793		203
61016		511		021		426		017		8577		198
61316		493		020		444		018		8142		188
61416		492		020		442		018		7413		171
61516		499		021		465		018		7426		172
61616		510		021		496		020		7416		171
61716		510		021		487		019		7225		167
62016		547		023		500		020		7696		178
62116		542		022		492		020		7612		176
62216		531		022		484		019		7646		177
62316		547		023		498		020		7923		183
62416		520		022		469		019		7840		181
62716		471		020		430		017		7944		184
62816		493		020		461		018		8124		188
62916		519		021		454		018		8472		196
63016		515		021		430		017		8833		204
7116		525		022		438		017		9284		214
7516		489		020		417		017		9211		213
7616		494		020		420		017		9521		220
7716		524		022		425		017		9311		215
7816		525		022		432		017		9576		221
71116		532		022		437		017		9637		223
71216		546		023		410		016		9615		222
71316		529		022		425		017		9890		228
71416		532		022		451		018		10271		237
71516		536		022		449		018		10229		236
71816		549		023		460		018		10290		238
71916		529		022		460		018		10150		234
72016		532		022		461		018		9537		220
72116		527		022		459		018		9493		219
72216		522		022		441		017		9741		225
72516		506		021		434		017		9813		227
72616		528		022		464		018		9535		220
72716		531		022		465		018		9550		221
72816		521		022		460		018		10229		236
72916		520		022		462		018		10098		233
8116		517		021		459		018		10234		236
8216		500		021		447		018		9934		229
8316		508		021		464		018		10238		236
8416		521		022		460		018		10657		246
8516		525		022		475		019		11002		254
8816		516		021		479		019		10817		250
8916		568		024		479		019		11062		256
81016		548		023		491		019		11160		258
81116		578		024		546		022		11077		256
81216		588		024		540		021		11035		255
81516		604		025		582		023		11039		255
81616		616		026		563		022		10624		245
81716		625		026		553		022		10358		239
81816		627		026		559		022		10379		240
81916		621		026		549		022		10292		238
82216		603		025		539		021		10233		236
82316		612		025		524		021		10705		247
82416		609		025		544		022		10256		237
82516		616		026		552		022		10241		237
82616		617		026		540		021		10068		233
82916		629		026		556		022		10167		235
83016		639		026		550		022		10103		233
83116		633		026		541		021		9700		224
9116		625		026		530		021		9534		220
9216		635		026		540		021		9569		221
9616		635		026		535		021		9508		220
9716		638		026		541		021		9816		227
9816		626		026		547		022		10049		232
9916		607		025		536		021		10155		235
91216		602		025		559		022		10307		238
91316		619		026		575		023		9815		227
91416		599		025		575		023		9647		223
91516		602		025		617		024		9628		222
91616		589		024		643		026		9563		221
91916		595		025		619		025		9257		214
92016		602		025		610		024		8893		205
92116		599		025		611		024		8932		206
92216		601		025		611		024		9399		217
92316		592		025		628		025		9214		213
92616		584		024		611		024		9183		212
92716		585		024		623		025		9319		215
92816		591		024		624		025		9616		222
92916		568		024		608		024		9612		222
93016		570		024		618		025		9691		224
10316		555		023		616		024		9716		224
10416		545		023		616		024		9762		226
10516		560		023		617		024		9487		219
10616		547		023		605		024		9178		212
10716		531		022		595		024		9102		210
101016		544		023		604		024		9195		212
101116		522		022		579		023		9058		209
101216		512		021		554		022		9055		209
101316		491		020		550		022		8934		206
101416		486		020		538		021		8887		205
101716		463		019		499		020		8779		203
101816		467		019		491		019		8876		205
101916		463		019		507		020		9148		211
102016		461		019		486		019		8844		204
102116		456		019		485		019		8928		206
102416		470		019		487		019		9088		210
102516		485		020		490		019		8915		206
102616		483		020		476		019		9127		211
102716		480		020		475		019		7707		178
102816		484		020		470		019		7773		180
103116		489		020		493		020		7985		184
11116		478		020		486		019		8060		186
11216		452		019		481		019		8080		187
11316		409		017		509		020		7985		184
11416		402		017		513		020		8155		188
11716		403		017		591		023		8360		193
11816		388		016		576		023		8340		193
11916		442		018		561		022		8755		202
111016		501		021		589		023		9050		209
111116		556		023		614		024		9515		220
111416		547		023		631		025		9550		221
111516		504		021		652		026		9370		216
111616		489		020		638		025		8815		204
111716		468		019		606		024		9320		215
111816		481		020		598		024		10000		231
112116		476		020		614		024		10255		237
112216		474		020		596		024		10550		244
112316		472		020		594		024		10655		246
112516		481		020		594		024		10780		249
112816		467		019		579		023		10610		245
112916		461		019		562		022		10140		234
113016		460		019		566		022		10480		242
12116		442		018		533		021		10165		235
12216		441		018		515		020		9885		228
12516		425		018		528		021		9925		229
12616		428		018		568		023		9985		231
12716		422		017		586		023		10020		231
12816		405		017		563		022		10500		243
12916		430		018		553		022		10530		243
121216		426		018		534		021		10270		237
121316		425		018		541		021		10215		236
121416		420		017		520		021		10295		238
121516		419		017		512		020		10420		241
121616		425		018		533		021		10580		244
121916		426		018		517		021		10740		248
122016		437		018		521		021		10860		251
122116		440		018		520		021		10665		246
122216		427		018		526		021		10330		239
122316		458		019		521		021		10270		237
122716		460		019		547		022		10335		239
122816		455		019		521		021		10095		233
122916		459		019		517		021		10030		232
123016		463		019		525		021		10135		234
1317		466		019		542		021		9835		227
1417		510		021		574		023		10405		240
1517		476		020		565		022		10200		236
1617		483		020		563		022		10075		233
1917		478		020		566		022		10145		234
11017		492		020		575		023		10505		243
11117		505		021		568		023		10425		241
11217		485		020		560		022		10375		240
11317		498		021		561		022		10460		242
11717		485		020		549		022		10490		242
11817		480		020		549		022		10595		245
11917		480		020		578		023		10600		245
12017		491		020		575		023		10565		244
12317		488		020		589		023		10415		241
12417		489		020		590		023		10635		246
12517		493		020		610		024		10580		244
12617		482		020		612		024		10610		245
12717		478		020		614		024		11080		256
13017		487		020		605		024		11090		256
13117		503		021		617		024		11190		258
2117		517		021		632		025		11100		256
2217		497		021		623		025		11190		258
2317		515		021		634		025		11460		265
2617		519		021		624		025		11370		263
2717		524		022		631		025		11350		262
2817		529		022		620		025		11595		268
2917		546		023		645		026		11680		270
21017		568		024		668		026		11700		270
21317		560		023		668		026		11580		267
21417		569		024		660		026		11795		272
21517		562		023		629		025		11440		264
21617		501		021		578		023		11365		263
21717		489		020		563		022		11295		261
22117		519		021		568		023		11360		262
22217		530		022		564		022		11215		259
22317		553		023		556		022		12225		282
22417		546		023		545		022		12340		285
22717		576		024		558		022		12180		281
22817		534		022		534		021		11840		274
3117		530		022		529		021		11930		276
3217		508		021		525		021		11720		271
3317		490		020		513		020		11910		275
3617		501		021		505		020		11840		274
3717		495		020		506		020		11725		271
3817		506		021		531		021		11645		269
3917		486		020		537		021		11540		267
31017		487		020		531		021		11890		275
31317		486		020		526		021		12090		279
31417		474		020		526		021		12070		279
31517		464		019		535		021		12120		280
31617		474		020		549		022		12390		286
31717		475		020		536		021		12400		286
32017		463		019		539		021		12255		283
32117		450		019		522		021		11665		269
32217		448		019		521		021		11750		271
32317		477		020		520		021		11875		274
32417		462		019		520		021		11885		275
32717		471		020		526		021		11970		277
32817		478		020		545		022		12415		287
32917		480		020		545		022		12370		286
33017		491		020		547		022		12575		290
33117		504		021		549		022		12535		290
4317		474		020		529		021		12180		281
4417		471		020		523		021		11860		274
4517		462		019		524		021		11780		272
4617		463		019		534		021		12150		281
4717		442		018		535		021		12265		283
41017		451		019		537		021		11940		276
41117		460		019		555		022		12205		282
41217		461		019		552		022		12055		278
41317		446		018		546		022		11680		270
41717		435		018		546		022		11985		277
41817		439		018		565		022		12195		282
41917		451		019		572		023		12370		286
42017		460		019		580		023		12520		289
42117		455		019		572		023		12715		294
42417		460		019		585		023		12900		298
42517		473		020		590		023		13120		303
42617		486		020		603		024		12575		290
42717		476		020		599		024		14240		329
42817		475		020		585		023		14090		325
5117		479		020		599		024		14443		334
5217		468		019		585		023		14440		334
5317		462		019		604		024		14265		330
5417		461		019		609		024		14645		338
5517		464		019		575		023		14688		339
5817		432		018		560		022		14795		342
5917		406		017		589		023		14655		339
51017		399		017		594		024		14610		337
51117		390		016		591		023		14860		343
51217		375		016		583		023		15130		350
51517		370		015		584		023		15420		356
51617		360		015		585		023		15800		365
51717		340		014		560		022		15260		353
51817		338		014		555		022		15335		354
51917		339		014		566		022		15765		364
52217		363		015		590		023		15675		362
52317		382		016		589		023		15760		364
52417		365		015		585		023		15670		362
52517		355		015		572		023		15585		360
52617		357		015		559		022		15745		364
53017		355		015		548		022		15790		365
53117		354		015		550		022		15560		359
6117		399		017		570		023		16340		377
6217		395		016		560		022		16600		383
6517		393		016		571		023		16350		378
6617		389		016		566		022		17070		394
6717		392		016		569		023		16980		392
6817		418		017		577		023		17085		395
6917		423		018		578		023		17000		393
61217		430		018		562		022		16130		373
61317		424		018		580		023		16395		379
61417		431		018		570		023		16680		385
61517		421		017		565		022		16655		385
61617		419		017		561		022		16985		392
61917		428		018		578		023		17520		405
62017		434		018		565		022		17330		400
62117		438		018		553		022		17885		413
62217		450		019		570		023		17965		415
62317		459		019		567		022		18205		421
62617		464		019		572		023		18100		418
62717		462		019		556		022		17500		404
62817		460		019		562		022		17985		415
62917		471		020		560		022		17500		404
63017		466		019		551		022		17220		398
7317		486		020		560		022		17140		396
7517		475		020		557		022		17435		403
7617		461		019		537		021		16715		386
7717		476		020		543		022		16890		390
71017		464		019		534		021		17210		398
71117		463		019		537		021		17045		394
71217		468		019		539		021		17340		401
71317		465		019		541		021		17125		396
71417		463		019		539		021		17365		401
71717		450		019		530		021		17430		403
71817		449		019		529		021		18025		416
71917		452		019		520		021		18120		419
72017		458		019		520		021		18090		418
72117		445		018		519		021		18193		420
72417		432		018		508		020		18435		426
72517		435		018		514		020		18605		430
72617		439		018		521		021		18380		425
72717		437		018		519		021		21715		502
72817		435		018		522		021		21655		500
73117		430		018		507		020		22060		510
8117		421		017		509		020		22425		518
8217		410		017		496		020		22825		527
8317		419		017		509		020		22995		531
8417		422		017		521		021		22925		530
8717		500		021		546		022		23345		539
8817		501		021		645		026		22930		530
8917		482		020		608		024		22920		529
81017		484		020		590		023		22185		512
81117		477		020		580		023		21965		507
81417		490		020		581		023		22635		523
81517		481		020		583		023		22350		516
81617		489		020		593		024		22920		529
81717		477		020		583		023		22210		513
81817		469		019		596		024		22485		519
82117		470		019		605		024		22580		522
82217		467		019		600		024		22685		524
82317		470		019		604		024		22550		521
82417		471		020		620		025		22570		521
82517		466		019		615		024		22275		515
82817		473		020		610		024		22995		531
82917		481		020		613		024		22545		521
83017		482		020		614		024		23155		535
83117		483		020		619		025		23095		533
9117		474		020		631		025		23590		545
9517		468		019		617		024		23280		538
9617		479		020		614		024		23040		532
9717		466		019		599		024		23120		534
9817		467		019		586		023		23025		532
91117		465		019		620		025		22880		529
91217		477		020		629		025		22980		531
91317		477		020		628		025		23655		546
91417		456		019		607		024		23115		534
91517		458		019		618		025		22775		526
91817		475		020		614		024		23440		541
91917		461		019		599		024		24605		568
92017		472		020		606		024		24635		569
92117		475		020		610		024		25215		582
92217		461		019		606		024		24675		570
92517		444		018		597		024		23440		541
92617		455		019		597		024		22830		527
92717		477		020		619		025		24020		555
92817		475		020		624		025		24450		565
92917		467		019		609		024		24445		565
10217		476		020		627		025		24960		577
10317		476		020		642		025		25310		585
10417		460		019		641		025		25805		596
10517		459		019		642		025		25695		594
10617		470		019		639		025		25915		599
10917		469		019		640		025		25650		593
101017		469		019		639		025		26130		604
101117		481		020		640		025		25770		595
101217		480		020		635		025		25020		578
101317		488		020		646		026		23840		551
101617		505		021		632		025		24160		558
101717		507		021		624		025		23630		546
101817		508		021		611		024		23845		551
101917		506		021		598		024		22835		527
102017		510		021		600		024		22390		517
102317		498		021		569		023		22475		519
102417		501		021		558		022		23125		534
102517		491		020		574		023		22145		512
102617		480		020		575		023		25540		590
102717		488		020		581		023		26640		615
103017		485		020		569		023		26450		611
103117		493		020		569		023		26805		619
11117		490		020		564		022		26420		610
11217		478		020		562		022		26710		617
11317		517		021		563		022		27320		631
11617		520		022		585		023		27585		637
11717		510		021		546		022		26755		618
11817		501		021		459		018		26925		622
11917		501		021		429		017		25825		597
111017		496		021		430		017		25775		595
111317		480		020		425		017		26460		611
111417		475		020		417		017		26875		621
111517		481		020		412		016		27170		628
111617		496		021		427		017		27940		645
111717		494		020		430		017		29010		670
112017		489		020		426		017		29545		682
112117		496		021		431		017		29705		686
112217		498		021		428		017		29820		689
112417		500		021		426		017		30100		695
112717		488		020		422		017		30305		700
112817		493		020		436		017		30595		707
112917		514		021		451		018		29780		688
113017		529		022		437		017		30195		698
12117		501		021		430		017		30430		703
12417		533		022		437		017		30340		701
12517		536		022		425		017		30520		705
12617		521		022		425		017		30690		709
12717		517		021		359		014		31125		719
12817		523		022		351		014		31505		728
121117		522		022		389		015		30890		714
121217		541		022		421		017		31265		722
121317		554		023		402		016		32560		752
121417		566		023		399		016		33470		773
121517		591		024		403		016		34435		795
121817		624		026		414		016		35250		814
121917		589		024		405		016		33745		780
122017		577		024		409		016		33755		780
122117		580		024		411		016		33815		781
122217		579		024		411		016		34195		790
122617		583		024		421		017		34370		794
122717		572		024		412		016		33665		778
122817		582		024		418		017		34295		792
122917		574		024		413		016		34045		786
1218		595		025		429		017		34025		786
1318		581		024		419		017		35035		809
1418		572		024		410		016		35210		813
1518		567		023		407		016		35605		822
1818		542		022		410		016		35700		825
1918		525		022		399		016		36060		833
11018		546		023		418		017		36265		838
11118		548		023		433		017		36230		837
11218		536		022		427		017		36400		841
11618		494		020		412		016		36000		832
11718		489		020		414		016		37275		861
11818		475		020		415		016		37250		860
11918		473		020		402		016		38370		886
12218		469		019		406		016		38740		895
12318		474		020		421		017		40260		930
12418		467		019		410		016		36250		837
12518		463		019		408		016		36710		848
12618		461		019		408		016		36310		839
12918		442		018		401		016		36225		837
13018		454		019		384		015		36775		850
13118		450		019		366		015		36785		850
2118		468		019		382		015		37060		856
2218		453		019		366		015		35070		810
2518		431		018		362		014		34860		805
2618		430		018		367		015		34050		787
2718		432		018		380		015		35255		814
2818		420		017		370		015		33390		771
2918		425		018		370		015		33955		784
21218		448		019		375		015		34865		805
21318		485		020		375		015		35555		821
21418		510		021		394		016		37225		860
21518		517		021		394		016		37610		869
21618		539		022		395		016		37895		875
22018		522		022		413		016		37905		876
22118		543		022		390		015		37125		858
22218		539		022		375		015		34105		788
22318		533		022		335		013		33945		784
22618		527		022		327		013		35925		830
22718		519		021		320		013		34990		808
22818		519		021		315		012		34850		805
3118		507		021		365		014		34495		797
3218		521		022		379		015		34820		804
3518		525		022		383		015		35445		819
3618		536		022		391		016		35505		820
3718		524		022		387		015		34955		807
3818		525		022		390		015		34320		793
3918		530		022		395		016		35060		810
31218		540		022		399		016		35365		817
31318		532		022		380		015		34880		806
31418		539		022		378		015		37335		862
31518		523		022		378		015		37735		872
31618		519		021		390		015		37985		877
31918		510		021		390		015		38255		884
32018		518		021		377		015		38635		892
32118		532		022		368		015		38400		887
32218		522		022		362		014		36185		836
32318		530		022		356		014		35465		819
32618		541		022		365		014		36655		847
32718		556		023		361		014		34790		804
32818		536		022		351		014		33060		764
32918		559		023		350		014		32815		758
4218		514		021		335		013		32195		744
4318		514		021		336		013		32595		753
4418		522		022		347		014		32785		757
4518		530		022		345		014		31965		738
4618		534		022		341		014		32280		746
4918		519		021		334		013		32880		760
41018		529		022		330		013		32265		745
41118		537		022		324		013		31820		735
41218		544		023		331		013		31800		735
41318		545		023		331		013		31410		726
41618		554		023		335		013		30865		713
41718		557		023		339		013		31640		731
41818		563		023		343		014		31545		729
41918		559		023		340		013		32250		745
42018		547		023		331		013		31845		736
42318		531		022		327		013		32325		747
42418		536		022		326		013		32750		757
42518		518		021		277		011		30700		709
42618		527		022		286		011		26015		601
42718		527		022		270		011		24470		565
43018		525		022		269		011		23840		551
5118		527		022		267		011		25840		597
5218		531		022		265		011		26335		608
5318		533		022		271		011		25895		598
5418		535		022		265		011		25980		600
5718		545		023		273		011		27245		629
5818		595		025		282		011		27740		641
5918		591		024		340		013		28040		648
51018		600		025		348		014		28720		663
51118		599		025		332		013		27950		646
51418		599		025		332		013		27935		645
51518		596		025		332		013		27105		626
51618		591		024		342		014		27535		636
51718		591		024		341		014		27495		635
51818		588		024		341		014		27870		644
52118		597		025		345		014		27565		637
52218		601		025		339		013		26545		613
52318		597		025		328		013		27210		629
52418		589		024		326		013		26345		609
52518		588		024		337		013		25985		600
52918		592		025		332		013		25865		597
53018		613		025		333		013		26010		601
53118		664		027		329		013		25890		598
6118		665		028		330		013		25965		600
6418		683		028		342		014		26170		605
6518		694		029		352		014		26350		609
6618		720		030		353		014		27035		625
6718		719		030		351		014		27025		624
6818		730		030		367		015		27745		641
61118		720		030		372		015		28840		666
61218		726		030		374		015		26610		615
61318		725		030		379		015		24545		567
61418		720		030		382		015		24825		573
61518		740		031		391		016		25440		588
61818		752		031		398		016		25775		595
61918		739		031		400		016		25935		599
62018		762		032		399		016		26645		616
62118		758		031		397		016		25785		596
62218		750		031		392		016		25715		594
62518		721		030		385		015		24675		570
62618		732		030		391		016		22680		524
62718		708		029		378		015		21060		486
62818		710		029		376		015		21015		485
62918		700		029		379		015		21380		494
7218		707		029		375		015		21415		495
7318		714		030		374		015		21590		499
7518		715		030		397		016		21960		507
7618		715		030		412		016		22050		509
7918		730		030		444		018		22675		524
71018		731		030		446		018		22255		514
71118		740		031		446		018		23875		552
71218		720		030		446		018		24650		569
71318		724		030		446		018		23200		536
71618		733		030		445		018		23623		546
71718		749		031		436		017		23900		552
71818		800		033		440		017		24945		576
71918		769		032		434		017		24830		574
72018		761		032		430		017		24755		572
72318		733		030		448		018		24485		566
72418		736		030		436		017		24455		565
72518		716		030		427		017		24605		568
72618		707		029		427		017		25365		586
72718		691		029		404		016		23860		551
73018		676		028		394		016		22915		529
73118		684		028		412		016		23880		552
8118		683		028		393		016		23830		550
8218		680		028		392		016		25035		578
8318		671		028		393		016		24410		564
8618		679		028		396		016		24415		564
8718		839		035		409		016		24110		557
8818		895		037		368		015		24425		564
8918		849		035		368		015		24815		573
81018		862		036		369		015		24580		568
81318		881		036		376		015		23710		548
81418		892		037		381		015		23890		552
81518		861		036		381		015		23245		537
81618		893		037		383		015		22690		524
81718		900		037		379		015		23025		532
82018		903		037		386		015		22920		529
82118		859		036		390		015		23350		539
82218		876		036		391		016		23800		550
82318		878		036		390		015		23395		540
82418		869		036		384		015		24020		555
82718		839		035		391		016		24360		563
82818		843		035		383		015		24425		564
82918		824		034		367		015		24520		566
83018		831		034		363		014		24935		576
83118		822		034		361		014		25335		585
9418		813		034		372		015		25755		595
9518		814		034		373		015		25355		586
9618		823		034		364		014		24885		575
9718		810		034		360		014		24865		574
91018		814		034		347		014		24835		574
91118		809		033		339		013		24290		561

Date		30 Year Fixed Rate		15 Year Fixed Rate		10 Year Breakeven Inflation Microsoft Office User What market participants expect inflation to be over the next ten years on average
2008-09-11		593		554		196
2008-09-18		578		535		171
2008-09-25		609		577		186
2008-10-02		610		578		159
2008-10-09		594		563		120
2008-10-16		646		614		099
2008-10-23		604		572		108
2008-10-30		646		619		083
2008-11-06		620		588		092
2008-11-13		614		581		095
2008-11-20		604		573		055
2008-11-26		597		574		023
2008-12-04		553		533		044
2008-12-11		547		520		031
2008-12-18		519		492		020
2008-12-24		514		491		015
2008-12-31		510		483		011
2009-01-08		501		462		034
2009-01-15		496		465		053
2009-01-22		512		480		059
2009-01-29		510		480		085
2009-02-05		525		492		112
2009-02-12		516		481		123
2009-02-19		504		468		114
2009-02-26		507		468		102
2009-03-05		515		472		091
2009-03-12		503		464		088
2009-03-19		498		461		115
2009-03-26		485		458		133
2009-04-02		478		452		133
2009-04-09		487		454		135
2009-04-16		482		448		129
2009-04-23		480		448		130
2009-04-30		478		448		150
2009-05-07		484		451		145
2009-05-14		486		452		147
2009-05-21		482		450		159
2009-05-28		491		453		180
2009-06-04		529		479		189
2009-06-11		559		506		199
2009-06-18		538		489		183
2009-06-25		542		487		181
2009-07-02		532		477		169
2009-07-09		520		469		155
2009-07-16		514		463		165
2009-07-23		520		468		186
2009-07-30		525		469		188
2009-08-06		522		463		189
2009-08-13		529		468		191
2009-08-20		512		456		174
2009-08-27		514		458		177
2009-09-03		508		454		164
2009-09-10		507		450		179
2009-09-17		504		447		180
2009-09-24		504		446		180
2009-10-01		494		436		173
2009-10-08		487		433		174
2009-10-15		492		437		191
2009-10-22		500		443		199
2009-10-29		503		446		200
2009-11-05		498		440		207
2009-11-12		491		436		218
2009-11-19		483		432		213
2009-11-25		478		429		214
2009-12-03		471		427		211
2009-12-10		481		432		211
2009-12-17		494		438		221
2009-12-24		505		445		230
2009-12-31		514		454		236
2010-01-07		509		450		238
2010-01-14		506		445		238
2010-01-21		499		440		236
2010-01-28		498		439		232
2010-02-04		501		440		238
2010-02-11		497		434		228
2010-02-18		493		433		227
2010-02-25		505		440		220
2010-03-04		497		433		216
2010-03-11		495		432		223
2010-03-18		496		433		225
2010-03-25		499		434		222
2010-04-01		508		439		224
2010-04-08		521		452		231
2010-04-15		507		440		235
2010-04-22		507		439		234
2010-04-29		506		439		239
2010-05-06		500		436		231
2010-05-13		493		430		224
2010-05-20		484		424		208
2010-05-27		478		421		190
2010-06-03		479		420		200
2010-06-10		472		417		193
2010-06-17		475		420		198
2010-06-24		469		413		197
2010-07-01		458		404		184
2010-07-08		457		407		173
2010-07-15		457		406		183
2010-07-22		456		403		171
2010-07-29		454		400		180
2010-08-05		449		395		185
2010-08-12		444		392		179
2010-08-19		442		390		162
2010-08-26		436		386		154
2010-09-02		432		383		156
2010-09-09		435		383		165
2010-09-16		437		382		178
2010-09-23		437		382		179
2010-09-30		432		375		178
2010-10-07		427		372		184
2010-10-14		419		362		201
2010-10-21		421		364		206
2010-10-28		423		366		213
2010-11-04		424		363		214
2010-11-11		417		357		211
2010-11-18		439		376		204
2010-11-24		440		377		211
2010-12-02		446		381		212
2010-12-09		461		396		218
2010-12-16		483		417		224
2010-12-23		481		415		230
2010-12-30		486		420		231
2011-01-06		477		413		236
2011-01-13		471		408		238
2011-01-20		474		405		235
2011-01-27		480		409		226
2011-02-03		481		408		234
2011-02-10		505		429		234
2011-02-17		500		427		227
2011-02-24		495		422		237
2011-03-03		487		415		243
2011-03-10		488		415		250
2011-03-17		476		397		241
2011-03-24		481		404		242
2011-03-31		486		409		246
2011-04-07		487		410		256
2011-04-14		491		413		262
2011-04-21		480		402		261
2011-04-28		478		397		258
2011-05-05		471		389		254
2011-05-12		463		382		246
2011-05-19		461		380		233
2011-05-26		460		378		231
2011-06-02		455		374		225
2011-06-09		449		368		223
2011-06-16		450		367		222
2011-06-23		450		369		220
2011-06-30		451		369		233
2011-07-07		460		375		241
2011-07-14		451		365		232
2011-07-21		452		366		235
2011-07-28		455		366		243
2011-08-04		439		354		235
2011-08-11		432		350		225
2011-08-18		415		336		216
2011-08-25		422		344		206
2011-09-01		422		339		206
2011-09-08		412		333		198
2011-09-15		409		330		194
2011-09-22		409		329		186
2011-09-29		401		328		182
2011-10-06		394		326		178
2011-10-13		412		337		195
2011-10-20		411		338		196
2011-10-27		410		338		206
2011-11-03		400		331		210
2011-11-10		399		330		210
2011-11-17		400		331		198
2011-11-23		398		330		191
2011-12-01		400		330		199
2011-12-08		399		327		204
2011-12-15		394		321		199
2011-12-22		391		321		200
2011-12-29		395		324		202
2012-01-05		391		323		204
2012-01-12		389		316		207
2012-01-19		388		317		204
2012-01-26		398		324		209
2012-02-02		387		314		213
2012-02-09		387		316		220
2012-02-16		387		316		220
2012-02-23		395		319		227
2012-03-01		390		317		226
2012-03-08		388		313		221
2012-03-15		392		316		233
2012-03-22		408		330		240
2012-03-29		399		323		233
2012-04-05		398		321		232
2012-04-12		388		311		226
2012-04-19		390		313		225
2012-04-26		388		312		224
2012-05-03		384		307		225
2012-05-10		383		305		217
2012-05-17		379		304		210
2012-05-24		378		304		214
2012-05-31		375		297		210
2012-06-07		367		294		212
2012-06-14		371		298		213
2012-06-21		366		295		214
2012-06-28		366		294		210
2012-07-05		362		289		213
2012-07-12		356		286		210
2012-07-19		353		283		212
2012-07-26		349		280		213
2012-08-02		355		283		220
2012-08-09		359		284		228
2012-08-16		362		288		225
2012-08-23		366		289		226
2012-08-30		359		286		229
2012-09-06		355		286		228
2012-09-13		355		285		239
2012-09-20		349		277		256
2012-09-27		340		273		245
2012-10-04		336		269		247
2012-10-11		339		270		253
2012-10-18		337		266		248
2012-10-25		341		272		250
2012-11-01		339		270		249
2012-11-08		340		269		248
2012-11-15		334		265		241
2012-11-21		331		263		240
2012-11-29		332		264		239
2012-12-06		334		267		244
2012-12-13		332		266		250
2012-12-20		337		265		249
2012-12-27		335		265		248
2013-01-03		334		264		246
2013-01-10		340		266		251
2013-01-17		338		266		252
2013-01-24		342		271		252
2013-01-31		353		281		256
2013-02-07		353		277		258
2013-02-14		353		277		257
2013-02-21		356		277		254
2013-02-28		351		276		252
2013-03-07		352		276		255
2013-03-14		363		279		256
2013-03-21		354		272		254
2013-03-28		357		276		252
2013-04-04		354		274		250
2013-04-11		343		265		245
2013-04-18		341		264		238
2013-04-25		340		261		237
2013-05-02		335		256		233
2013-05-09		342		261		231
2013-05-16		351		269		232
2013-05-23		359		277		227
2013-05-30		381		298		224
2013-06-06		391		303		218
2013-06-13		398		310		208
2013-06-20		393		304		203
2013-06-27		446		350		195
2013-07-03		429		339		202
2013-07-11		451		353		206
2013-07-18		437		341		212
2013-07-25		431		339		219
2013-08-01		439		343		219
2013-08-08		440		343		225
2013-08-15		440		344		222
2013-08-22		458		360		214
2013-08-29		451		354		214
2013-09-05		457		359		208
2013-09-12		457		359		209
2013-09-19		450		354		216
2013-09-26		432		337		221
2013-10-03		422		329		219
2013-10-10		423		331		220
2013-10-17		428		333		219
2013-10-24		413		324		217
2013-10-31		410		320		218
2013-11-07		416		327		216
2013-11-14		435		335		218
2013-11-21		422		327		218
2013-11-27		429		330		218
2013-12-05		446		347		214
2013-12-12		442		343		213
2013-12-19		447		351		217
2013-12-26		448		352		218
2014-01-02		453		355		224
2014-01-09		451		356		228
2014-01-16		441		345		227
2014-01-23		439		344		223
2014-01-30		432		340		214
2014-02-06		423		333		214
2014-02-13		428		333		219
2014-02-20		433		335		214
2014-02-27		437		339		215
2014-03-06		428		332		218
2014-03-13		437		338		220
2014-03-20		432		332		216
2014-03-27		440		342		214
2014-04-03		441		347		214
2014-04-10		434		338		213
2014-04-17		427		333		216
2014-04-24		433		339		221
2014-05-01		429		338		219
2014-05-08		421		332		218
2014-05-15		420		329		218
2014-05-22		414		325		218
2014-05-29		412		321		222
2014-06-05		414		323		220
2014-06-12		420		331		221
2014-06-19		417		330		222
2014-06-26		414		322		228
2014-07-03		412		322		227
2014-07-10		415		324		228
2014-07-17		413		323		225
2014-07-24		413		326		224
2014-07-31		412		323		228
2014-08-07		414		327		225
2014-08-14		412		324		224
2014-08-21		410		323		217
2014-08-28		410		325		214
2014-09-04		410		324		215
2014-09-11		412		326		212
2014-09-18		423		337		209
2014-09-25		420		336		202
2014-10-02		419		336		196
2014-10-09		412		330		194
2014-10-16		397		318		191
2014-10-23		392		308		191
2014-10-30		398		313		190
2014-11-06		402		321		193
2014-11-13		401		320		192
2014-11-20		399		317		185
2014-11-26		397		317		185
2014-12-04		389		310		178
2014-12-11		393		320		172
2014-12-18		380		309		164
2014-12-24		383		310		169
2014-12-31		387		315		166
2015-01-08		373		305		162
2015-01-15		366		298		158
2015-01-22		363		293		160
2015-01-29		366		298		162
2015-02-05		359		292		168
2015-02-12		369		299		169
2015-02-19		376		305		171
2015-02-26		380		307		174
2015-03-05		375		303		185
2015-03-12		386		310		175
2015-03-19		378		306		169
2015-03-26		369		297		178
2015-04-02		370		298		177
2015-04-09		366		293		184
2015-04-16		367		294		182
2015-04-23		365		292		188
2015-04-30		368		294		191
2015-05-07		380		302		192
2015-05-14		385		307		187
2015-05-21		384		305		185
2015-05-28		387		311		182
2015-06-04		387		308		181
2015-06-11		404		325		185
2015-06-18		400		323		187
2015-06-25		402		321		190
2015-07-02		408		324		189
2015-07-09		404		320		186
2015-07-16		409		325		185
2015-07-23		404		321		181
2015-07-30		398		317		176
2015-08-06		391		313		170
2015-08-13		394		317		165
2015-08-20		393		315		158
2015-08-27		384		306		153
2015-09-03		389		309		158
2015-09-10		390		310		155
2015-09-17		391		311		157
2015-09-24		386		308		152
2015-10-01		385		307		142
2015-10-08		376		299		153
2015-10-15		382		303		151
2015-10-22		379		298		147
2015-10-29		376		298		149
2015-11-05		387		309		156
2015-11-12		398		320		157
2015-11-19		397		318		154
2015-11-25		395		318		161
2015-12-03		393		316		159
2015-12-10		395		319		155
2015-12-17		397		322		146
2015-12-24		396		322		148
2015-12-31		401		324		153
2016-01-07		397		326		154
2016-01-14		392		319		144
2016-01-21		381		310		134
2016-01-28		379		307		137
2016-02-04		372		301		138
2016-02-11		365		295		123
2016-02-18		365		295		126
2016-02-25		362		293		133
2016-03-03		364		294		147
2016-03-10		368		296		149
2016-03-17		373		299		154
2016-03-24		371		296		161
2016-03-31		371		298		161
2016-04-07		359		288		160
2016-04-14		358		286		157
2016-04-21		359		285		160
2016-04-28		366		289		167
2016-05-05		361		286		166
2016-05-12		357		281		160
2016-05-19		358		281		159
2016-05-26		364		289		156
2016-06-02		366		292		155
2016-06-09		360		287		156
2016-06-16		354		281		147
2016-06-23		356		283		144
2016-06-30		348		278		139
2016-07-07		341		274		142
2016-07-14		342		272		144
2016-07-21		345		275		148
2016-07-28		348		278		150
2016-08-04		343		274		146
2016-08-11		345		276		148
2016-08-18		343		274		145
2016-08-25		343		274		148
2016-09-01		346		277		146
2016-09-08		344		276		150
2016-09-15		350		277		150
2016-09-22		348		276		151
2016-09-29		342		272		155
2016-10-06		342		272		162
2016-10-13		347		276		164
2016-10-20		352		279		167
2016-10-27		347		278		169
2016-11-03		354		284		171
2016-11-10		357		288		176
2016-11-17		394		314		184
2016-11-23		403		325		191
2016-12-01		408		334		190
2016-12-08		413		336		193
2016-12-15		416		337		195
2016-12-22		430		352		190
2016-12-29		432		355		196
2017-01-05		420		344		197
2017-01-12		412		337		197
2017-01-19		409		334		200
2017-01-26		419		340		206
2017-02-02		419		341		206
2017-02-09		417		339		200
2017-02-16		415		335		202
2017-02-23		416		337		203
2017-03-02		410		332		201
2017-03-09		421		342		202
2017-03-16		430		350		201
2017-03-23		423		344		198
2017-03-30		414		339		197
2017-04-06		410		336		196
2017-04-13		408		334		192
2017-04-20		397		323		186
2017-04-27		403		327		189
2017-05-04		402		327		189
2017-05-11		405		329		186
2017-05-18		402		327		181
2017-05-25		395		319		182
2017-06-01		394		319		181
2017-06-08		389		316		178
2017-06-15		391		318		173
2017-06-22		390		317		167
2017-06-29		388		317		171
2017-07-06		396		322		175
2017-07-13		403		329		175
2017-07-20		396		323		176
2017-07-27		392		320		180
2017-08-03		393		318		180
2017-08-10		390		318		181
2017-08-17		389		316		178
2017-08-24		386		316		176
2017-08-31		382		312		175
2017-09-07		378		308		178
2017-09-14		378		308		184
2017-09-21		383		313		185
2017-09-28		383		313		185
2017-10-05		385		315		184
2017-10-12		391		321		188
2017-10-19		388		319		184
2017-10-26		394		325		187
2017-11-02		394		327		188
2017-11-09		390		324		187
2017-11-16		395		331		186
2017-11-22		392		332		185
2017-11-30		390		330		184
2017-12-07		394		336		186
2017-12-14		393		336		188
2017-12-21		394		338		191
2017-12-28		399		344		195
2018-01-04		395		338		199
2018-01-11		399		344		202
2018-01-18		404		349		203
2018-01-25		415		362		206
2018-02-01		422		368		210
2018-02-08		432		377		211
2018-02-15		438		384		207
2018-02-22		440		385		211
2018-03-01		443		390		212
2018-03-08		446		394		212
2018-03-15		444		390		209
2018-03-22		445		391		208
2018-03-29		444		390		206
2018-04-05		440		387		207
2018-04-12		442		387		209
2018-04-19		447		394		214
2018-04-26		458		402		217
2018-05-03		455		403		217
2018-05-10		455		401		217
2018-05-17		461		408		216
2018-05-24		466		415		214
2018-05-31		456		406		207
2018-06-07		454		401		212
2018-06-14		462		407		212
2018-06-21		457		404		212
2018-06-28		455		404		211
2018-07-05		452		399		213
2018-07-12		453		402		212
2018-07-19		452		400		210
2018-07-26		454		402		211
2018-08-02		460		408		212
2018-08-09		459		405		212
2018-08-16		453		401		209
2018-08-23		451		398		208
2018-08-30		452		397		211
2018-09-06		454		399		209

		Acquisition Effects
			Three Months Ended June 30th			Six Months Ended June 30th
			2017		2018		2017		2018
		Pro Forma Revenue		$ 158737		$ 185820		296935		369201
		Pro Forma Net Income		$ 7758		$ 45188		14966		80956
		Revenue Breakdown
					Six Months Ended June 30th
					2017		2018
		Mortgage Products				$ 134453		$ 140410
		Non-Mortgage Products
		Credit Cards				$ 70765		$ 84879
		Personal Loans				$ 37535		$ 61175
		Other				$ 42535		$ 76672
		Total Non-Mortgage Products				$ 150835		$ 222726
			2013A		2014A		2015A		2016A		2017A		MRQ2018
		Mortgage		$ 123091		$ 134137		$ 165272		$ 219991		$ 275910		$ 66948
		Non-Mortgage		$ 16149		$ 33213		$ 88944		$ 164411		$ 341826		$ 117153
							Visible Revenue Opportunity (in millions)
		Category		2017 TTM		Current Market Share		Visible Market Share		Estimate Take Rate		Low		Mid		High
		Mortgage		$ 264		180		4-8		088		$ 600		$ 900		$ 1200
		Credit Cards		$ 126		060		2-4		$275		$ 470		$ 705		$ 940
		Personal Loans		$ 78		2		5-10		250		$ 250		$ 375		$ 500
		Home Equity		$ 40		230		4-6		080		$ 80		$ 100		$ 120
		Other Businesses		$ 50					$ 100		$ 150		$ 200
		Total Revenue		$ 558					$ 1500		$ 2230		$ 2960

LendingTree Inc

Weighted Average Cost of Capital

($ in thousands fiscal year ending December 31)

Debt

Equity

WACC =

After-Tax Cost of Debt

x

of Debt in the Capital Structure

+

Cost of Equity

x

of Equity in the Capital Structure

( rd x (1 - t) x DD + E )

+

(re x ED + E)

Capital Structure

Cost of Debt

Current Portion of Debt

0

Name

Maturity Date

Amount (mm)

Price

Coupon

YTM

Weight

YTM (weighted)

Non - Current Portion of Debt

244

Total Debt (in mm)

$ 24400

Total Amount

$ - 0

5300

Current Share Price

$24060

Shares Outstanding (mm)

13

Total Equity

$ 3084

Cost of Equity

WACC Formula

CAPM (re) = rf + βL x (rm - rf)

Weights x Costs

Capital Weights

Risk-free rate

240 Microsoft Office User Historical Avg Nominal 10 YR US Note

t = Effective Tax Rate

21

Debt-to-Total Capitalization

7

Market Risk Premium

710

Equity-to-Total Capitalization

93

Adjusted Beta

134

WACC

113

Is this the target Capital Structure

Yes Microsoft Office User See Historical Capitlization

Microsoft Office User Historical Avg Nominal 10 YR US Note

Cost of Equity

1191

Peer Comparable Weights

Mean

-

Median

-

29

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

Trading Multiples

Market

Net

Enterprise

EV Revenue

EV EBITDA

PriceEarnings

Company

Ticker

Capitalization

Debt

Value

2017A

2018E

2019E

2017A

2018E

2019E

LTM

2019E

On Deck Capital Inc

NYSEONDK

$577

$681

$1259

64x

33x

29x

ERRORVALUE

371x

280x

1267x

155x

LendingClub Corporation

NYSELC

1431

(85)

1346

23x

19x

17x

ERRORVALUE

156x

101x

-

178x

GreenSky Inc

NasdaqGSKY

1152

151

1303

40x

30x

22x

87x

67x

50x

239x

220x

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$3084

($49)

$3035

49x

40x

33x

356x

201x

159x

452x

326x

Low

$577

($85)

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

239x

155x

Mean

1053

249

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

184x

Median

1152

151

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

753x

178x

High

$1431

$681

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

ERRORVALUE

1267x

220x

Operating Statistics

Revenue

Revenue Growth

EBITDA

EBITDA Growth

Company

Ticker

2017A

2018E

2019E

17-18

18-19

2017A

2018E

2019E

17-18

18-19

On Deck Capital Inc

NYSEONDK

$197

$384

$431

948

120

NA

$34

$45

ERRORVALUE

327

LendingClub Corporation

NYSELC

$575

$693

$809

206

168

NA

$86

$133

ERRORVALUE

547

GreenSky Inc

NasdaqGSKY

$326

$438

$586

343

339

$150

$196

$263

308

344

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

0

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

(Invalid Identifier)

(Invalid Identifier)

(Invalid Identifier)

ERRORVALUE

ERRORVALUE

LendingTree Inc

NasdaqTREE

$618

$755

$916

223

212

$85

$151

$191

775

261

Low

$197

$384

$431

ERRORVALUE

ERRORVALUE

$150

$34

$45

ERRORVALUE

ERRORVALUE

Mean

366

505

609

ERRORVALUE

ERRORVALUE

150

105

147

ERRORVALUE

ERRORVALUE

Median

326

438

586

ERRORVALUE

ERRORVALUE

150

86

133

ERRORVALUE

ERRORVALUE

High

$575

$693

$809

ERRORVALUE

ERRORVALUE

$150

$196

$263

ERRORVALUE

ERRORVALUE

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 1057000		$ 1426950		$ 1890709		$ 2410654		$ 3013317		259
	Revenue Growth					512		607			222		400		350		325		275		250
	Operating Expenses				225702		332290		584603			679500		951300		1284255		1701638		2169588		2711985				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 105700		$ 142695		$ 189071		$ 241065		$ 301332		259
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 68705		$ 92752		$ 122896		$ 168746		$ 210932		275
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		14428		19478		25808		35437		44296
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 54277		$ 73274		$ 97088		$ 133309		$ 166636		275
	Plus Depreciation amp Amortization				3157		6187		20077			26425		36995		49943		66175		72320		90400
	Less Capital Expenditures				7200		31955		8000			22650		31710		42809		56721		72320		90400
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		26425		35674		47268		60266		75333
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 33137		$ 44735		$ 59274		$ 73043		$ 91304
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 28203		$ 34194		$ 40689		$ 45031		$ 50553
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 221100				Enterprise Value				$ 4648193
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 301332				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 8437288
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4697014
			Present Value of Terminal Value				$ 4427093
			of Enterprise Value				952				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4648193				Implied Share Price				$ 33201
					Implied Share Price
					Exit Multiple
					euro 332		200x		225x		280x		315x		350x
					95		26714		29804		36600		40924		45249
					100		26022		29028		35641		39849		44057
					115		24070		26842		32938		36818		40698
					120		23459		26157		32092		35869		39646
					130		22293		24850		30477		34058		37639

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 830500		$ 975838		$ 1219797		$ 1555241		$ 2021813		178
	Revenue Growth					512		607			222		100		175		250		275		300
	Operating Expenses				225702		332290		584603			679500		747450		878254		1097817		1399717		1819632				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 83050		$ 97584		$ 121980		$ 155524		$ 202181		178
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 53983		$ 63429		$ 79287		$ 108867		$ 141527		193
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		11336		13320		16650		22862		29721
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 42646		$ 50109		$ 62637		$ 86005		$ 111806		193
	Plus Depreciation amp Amortization				3157		6187		20077			26425		29068		34154		42693		46657		60654
	Less Capital Expenditures				7200		31955		8000			22650		24915		29275		36594		46657		60654
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		20763		24396		30495		38881		50545
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 26036		$ 30593		$ 38241		$ 47124		$ 61261
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 22159		$ 23384		$ 26251		$ 29052		$ 33919
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 157195				Enterprise Value				$ 2809338
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 202181				Less Noncontrolling Interest
			Exit Multiple				250x				Plus Cash and ST Investments				293301
			Terminal Value				$ 5054533
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 2858159
			Present Value of Terminal Value				$ 2652142
			of Enterprise Value				944				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 2809338				Implied Share Price				$ 20203
					Implied Share Price
					Exit Multiple
					euro 202		200x		225x		280x		315x		350x
					95		18100		20173		24733		27635		30536
					100		17636		19653		24090		26913		29737
					115		16326		18186		22276		24879		27483
					120		15916		17726		21709		24243		26777
					130		15133		16850		20625		23028		25430

	LendingTree Inc
	Discounted Cash Flow Analysis
	($ in thousands fiscal year ending December 31)
	Mid-Year Convention			Y
				Historicals				CAGR		Projections							CAGR
				2015		2016		2017		(15-18)		2018		2019		2020		2022		2023		2024		(18-24)
9081		Revenue				$ 254216		$ 384402		$ 617736		559		$ 755000		$ 981500		$ 1275950		$ 1658735		$ 2114887		$ 2643609		232
	Revenue Growth					512		607			222		300		300		300		275		250
	Operating Expenses				225702		332290		584603			679500		883350		1148355		1492862		1903398		2379248				6670
135240		EBITDA				$ 31671		$ 58299		$ 53210		296		$ 75500		$ 98150		$ 127595		$ 165874		$ 211489		$ 264361		232
	Margin				125		152		86			100		100		100		100		100		100
	Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	of sales				12		16		33			35		35		35		35		30		30
	EBIT				$ 28514		$ 52112		$ 33133		78		$ 49075		$ 63798		$ 82937		$ 107818		$ 148042		$ 185053		248
	Margin				112		136		54			65		65		65		65		70		70
	Taxes		21			-22973		20366		6291			10306		13397		17417		22642		31089		38861
	EBIAT				$ 51487		$ 31746		$ 26842		-278		$ 38769		$ 50400		$ 65520		$ 85176		$ 116953		$ 146192		248
	Plus Depreciation amp Amortization				3157		6187		20077			26425		34353		44658		58056		63447		79308
	Less Capital Expenditures				7200		31955		8000			22650		29445		38279		49762		63447		79308
	of sales				28		83		13			30		30		30		30		30		30
	Less Inc(Dec) in Net Working Capital				3000		8000		14000			18875		24538		31899		41468		52872		66090
	of sales				12		21		23			25		25		25		25		25		25
	Unlevered Free Cash Flow				$ 44444		$ (2022)		$ 24919			$ 23669		$ 30770		$ 40001		$ 52001		$ 64081		$ 80101
	WACC				113
	Discount Period								0500		1500		250		350		450		550
	Discount Factor								095		085		076		069		062		055
	Present Value of Free Cash Flow								$ 22431		$ 26188		$ 30575		$ 35697		$ 39506		$ 44350
			Enterprise Value							Implied Equity Value and Share Price
			Cumulative Present Value of FCF				$ 198748				Enterprise Value				$ 4082674
									Less Total Debt				244480
			Terminal Value							Less Preferred Stock
			Terminal Year EBITDA (2022E)				$ 264361				Less Noncontrolling Interest
			Exit Multiple				280x				Plus Cash and ST Investments				293301
			Terminal Value				$ 7402105
			Discount Factor				052 Microsoft Office User mid year convention not applied				Implied Equity Value				$ 4131495
			Present Value of Terminal Value				$ 3883926
			of Enterprise Value				951				Fully Diluted Shares Outstanding				14147
			Enterprise Value				$ 4082674				Implied Share Price				$ 29204
					Implied Share Price
					Exit Multiple
					euro 292		200x		225x		280x		315x		350x
					95		23513		26224		32186		35980		39774
					100		22906		25543		31344		35036		38728
					115		21193		23624		28973		32377		35781
					120		20657		23024		28231		31544		34858
					130		19633		21877		26814		29955		33096

	Stock Data
	Current Price			$241
	52 Week Price Range			20545 - 40440
	200-Day Moving Average			27761
	Beta			134
	Market Cap (mil)			$3080
	Shares Outstanding (mil)			13
	Average Vol (3 month) mil			023
	Insider Ownership			4080
	Shares Short of Float			3772
	LTM PE			4516
	Forward PE			3256
	EVEBITDA			3688

	Company Name		Market Cap (Mil)		Net Income (Mil)		PS		PB		PE		IndustryBusiness Segments
	BlackRock Inc (BLK)		48746		3371		44		18		148
						Potential Comps
	Morgningstar List of Competitors						Franklin Resources
	httpfinancialsmorningstarcomcompetitorsindustry-peeractiont=BLK						Invesco
						T Rowe Price
	httpsenwikipediaorgwikiBlackRock						State Street
	httpwwwwikinvestcomstockBlackRock_(BLK)						Fidelity
						Eaton Vance - primarily active
						wisdom tree (WETF)
						Legg Mason
	Company Name		PE		PBV		EVEBITDA		Market CapAUM
	Invesco		91		14		1194
	T Rowe Price		133		34		831
	AMG		91		24		1213
	Eaton Vance
	wisdom tree		105		57		1428
	Legg Mason		118		07		784
	BlackRock Inc		131		17		1123
	Mean		1076		255		109		ERRORDIV0
	Median		105		24		1194		ERRORNUM
	Implied share price		2090489130435		406656		3510872705797
			median NTM EBITDA - net debt - preferred shares
		BLK Key Statistics
		Total Cash		56730
		Total Debt		57000
		Net Debt		270
	1311887		Preferred shares		6374
	823188		Enterprise Value		527794
	637447992		Equity Value		52114981
		Share Price		2986
		Net Income (LTM)		32970
		Shares outstanding		1656

Product Expansion

8Source Earnings Call Transcript Company Filings

3

My LendingTree

bull Customer familiarity is key as repeat customers drop promotional costs

bull Released My LendingTree which serves as a personal financial management application

bull Launched in 2014 and now has 88 million customers personal loans is prominent

bull Free credit scores credit monitoring and recommendations

bull Ability to lock in customers and accumulate data for personalized recommendations

bull Organic growth can lead to far less promotional spend due to organic customer

New Digital Experience

bull Added more services in 2017 to address consumer needs with additions in deposit accounts and savings accounts improves lifetime value

bull Concierge services and higher conversion with SnapCap

bull Deposit accounts are getting integrated with LendingTree and business credit services are developing

The new thing that we are seeing when I mentioned some of these new startup mortgage companies weve got a mortgage company on our network that literally has no loan officers 100 technology very low margins and is experiencing conversion rates right with our top lenders And I expect those types of things to proliferate I expect more and more lenders to create fully digital experiences that over time wont need humans And those are going to be perfect lenders to dial in just like Prosper and LendingClub change the way personal loans does So I expect thats going to continue to grow

- Doug Lebda Chairman amp CEO 2Q 2018 Earnings Call

Potential Risks

9Source Yahoo Finance

bull Increases in interest rates could adversely affect the ability of network lenders to close loans

bull Similarly a decrease in rates could lead to sudden increases in demand which is actually a negative The best situation for TREE is steady increases and declines in rates

bull Still somewhat dependent on mortgages for growthbull Diversification away from mortgage could change the

risk profile of the firm (ie move to credit cards)bull The decline in stock prices from competitors such as On

Deck Capital and LendingClub could misprice the broader financial technology sector

bull The intended benefits of acquisitions from the past and future may not be realized as expected

Internal and External Risk Factors Mitigants

bull Despite well publicized headwinds TREE has managed this rate environment well

bull Although mortgage purchases and home refinancing still compose over a third of revenue the stated goal of further diversification and an improved environment in 2019 should protect against mortgage headwinds

bull Thus far Tree has been insulated from the collapse in share prices from public P2P lenders like On Deck Capital and Lending Club

0

150

300

450

600

750

900

Peers vs LendingTree

ONDK LC TREE

Conclusion ndash Recommendation to Buy

10

Opportune Time to Buy at Depressed Share Price

bullCurrent prices represent a drawdown of 40 from an all time high in January 2018business fundamentals have arguably not changed that dramatically

Clear Catalysts

bullThe growth of the lending marketplace movement away from mortgage and increased user experience are all improvements for firm value

Diversification of Clubrsquos Portfolio

bullCurrently underweight financial exposure LendingTree offers a bridge between the growth of technology and lower beta financial sector

bull Upside case assumed aggressive MampA activity to continue diversifying away from mortgage products

bull Base case assumed blend or organic and inorganic growth in near term with similar long term outlook as upside

bull Downside incorporated triggering of risk factors and delaycessation of acquisitions in the short term

Valuation AssumptionsImplied Share

Pricesbull Upside 38bull Base 21bull Downside -14

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Potential Risks

9Source Yahoo Finance

bull Increases in interest rates could adversely affect the ability of network lenders to close loans

bull Similarly a decrease in rates could lead to sudden increases in demand which is actually a negative The best situation for TREE is steady increases and declines in rates

bull Still somewhat dependent on mortgages for growthbull Diversification away from mortgage could change the

risk profile of the firm (ie move to credit cards)bull The decline in stock prices from competitors such as On

Deck Capital and LendingClub could misprice the broader financial technology sector

bull The intended benefits of acquisitions from the past and future may not be realized as expected

Internal and External Risk Factors Mitigants

bull Despite well publicized headwinds TREE has managed this rate environment well

bull Although mortgage purchases and home refinancing still compose over a third of revenue the stated goal of further diversification and an improved environment in 2019 should protect against mortgage headwinds

bull Thus far Tree has been insulated from the collapse in share prices from public P2P lenders like On Deck Capital and Lending Club

0

150

300

450

600

750

900

Peers vs LendingTree

ONDK LC TREE

Conclusion ndash Recommendation to Buy

10

Opportune Time to Buy at Depressed Share Price

bullCurrent prices represent a drawdown of 40 from an all time high in January 2018business fundamentals have arguably not changed that dramatically

Clear Catalysts

bullThe growth of the lending marketplace movement away from mortgage and increased user experience are all improvements for firm value

Diversification of Clubrsquos Portfolio

bullCurrently underweight financial exposure LendingTree offers a bridge between the growth of technology and lower beta financial sector

bull Upside case assumed aggressive MampA activity to continue diversifying away from mortgage products

bull Base case assumed blend or organic and inorganic growth in near term with similar long term outlook as upside

bull Downside incorporated triggering of risk factors and delaycessation of acquisitions in the short term

Valuation AssumptionsImplied Share

Pricesbull Upside 38bull Base 21bull Downside -14

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Conclusion ndash Recommendation to Buy

10

Opportune Time to Buy at Depressed Share Price

bullCurrent prices represent a drawdown of 40 from an all time high in January 2018business fundamentals have arguably not changed that dramatically

Clear Catalysts

bullThe growth of the lending marketplace movement away from mortgage and increased user experience are all improvements for firm value

Diversification of Clubrsquos Portfolio

bullCurrently underweight financial exposure LendingTree offers a bridge between the growth of technology and lower beta financial sector

bull Upside case assumed aggressive MampA activity to continue diversifying away from mortgage products

bull Base case assumed blend or organic and inorganic growth in near term with similar long term outlook as upside

bull Downside incorporated triggering of risk factors and delaycessation of acquisitions in the short term

Valuation AssumptionsImplied Share

Pricesbull Upside 38bull Base 21bull Downside -14

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Appendix ndash DCF (Base)

11

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Appendix ndash DCF (Base)

12

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Appendix ndash DCF (Downside)

13

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Appendix ndash DCF (Downside)

14

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Appendix ndash DCF (Upside)

15

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Appendix ndash DCF (Upside)

16

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables

Appendix - Comparables

17

Trading MultiplesMarket Net Enterprise EV Revenue EV EBITDA

Company Ticker Capitalization Debt Value 2017A 2018E 2019E 2017A 2018E 2019E LTM 2019EOn Deck Capital Inc NYSEONDK $577 $681 $1259 64x 33x 29x --- 371x 280x 1267x 155xLendingClub Corporation NYSELC 1431 (85) 1346 23x 19x 17x --- 156x 101x --- 178xGreenSky Inc NasdaqGSKY 1152 151 1303 40x 30x 22x 87x 67x 50x 239x 220x

LendingTree Inc NasdaqTREE $3084 ($49) $3035 49x 40x 33x 356x 201x 159x 452x 326x

Low $577 ($85) $1259 23x 19x 17x 87x 67x 50x 239x 155xMean 1053 249 1302 42x 27x 23x 87x 198x 143x 753x 184xMedian 1152 151 1303 40x 30x 22x 87x 156x 101x 753x 178xHigh $1431 $681 $1346 64x 33x 29x 87x 371x 280x 1267x 220x

Operating Statistics

Company Ticker 2017A 2018E 2019E 17-18 18-19 2017A 2018E 2019E 17-18 18-19On Deck Capital Inc NYSEONDK $197 $384 $431 948 120 NA $34 $45 --- 327LendingClub Corporation NYSELC $575 $693 $809 206 168 NA $86 $133 --- 547GreenSky Inc NasdaqGSKY $326 $438 $586 343 339 $150 $196 $263 308 344

LendingTree Inc NasdaqTREE $618 $755 $916 223 212 $85 $151 $191 775 261

Low $197 $384 $431 206 120 $150 $34 $45 308 327Mean 366 505 609 499 209 150 105 147 308 406Median 326 438 586 343 168 150 86 133 308 344High $575 $693 $809 948 339 $150 $196 $263 308 547

Revenue EBITDA GrowthEBITDARevenue Growth

PriceEarnings

• Slide Number 1
• Investment Thesis
• Introduction
• Industry Overview
• Product Diversification
• Product Diversification
• Market Opportunity
• Product Expansion
• Potential Risks
• Conclusion ndash Recommendation to Buy
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Base)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Downside)
• Appendix ndash DCF (Upside)
• Appendix ndash DCF (Upside)
• Appendix - Comparables