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LendingClub Cautions Investors Against Potential Unsolicited Exchange Offer from IEG Holdings

Company Receives Unsolicited Exchange Offer; Board of Directors Unanimously Recommends Stockholders Ignore Exchange Offer, If and When Made

SAN FRANCISCO, July 7, 2017 /PRNewswire/ -- LendingClub (NYSE: LC), America’s largest online marketplace connecting borrowers and investors, today announced that on June 29, 2017, its Board of Directors (the “Board”) received a letter from IEG Holdings Corporation (“IEG”) stating its intention to acquire up to 9.99% of the outstanding common stock of LendingClub on the basis of two shares of IEG common stock for each share of LendingClub common stock, representing a 38% discount to the current trading price of LendingClub’s common stock. The Board believes there is no rational economic basis upon which LendingClub stockholders should accept IEG’s proposed exchange offer, which appears intended to mislead investors into mistakenly tendering into a deeply discounted offer. The Board has unanimously concluded the offer is grossly inadequate, is not in the best interests of LendingClub and its stockholders and urges stockholders not to be misled into tendering into the offer, if and when it is made.

There is ample evidence indicating that IEG is a short term investor and is attempting to profit at the expense of LendingClub investors for its own personal gain:

The Board unanimously recommends that stockholders simply ignore IEG’s proposed exchange offer, if and when made.

In making its determination, the Board considered:

The deeply discounted value of the proposed exchange offer

Shares of IEG would be a poor investment

The form of the proposed offer consideration is an illiquid, highly concentrated, over-the-counter stock

The proposed exchange offer will generally be taxable to LendingClub stockholders

IEG’s troublesome track record and practices in a prior exchange offer; a timeline:

The full text of IEG’s letter is being furnished as an...


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