1. Proprietary & Confidential – E-LOAN, Inc. ©2005

2. Page 2 This presentation contains forward-looking statements based on current expectations that involve risks and uncertainties. E-LOAN actual results may differ from the results described here. Factors that could cause actual results to differ include, but are not limited to, general conditions in the lending industry, interest rate fluctuations, and the impact of competitive products. These and other risk factors are detailed in reports E-LOAN files with the Securities and Exchange Commission. Safe Harbor

3. Page 3 $1,174 B $692 B $431 B $1,479 B * MBAA (Mortgage), SMR Research (Home Equity), Company Estimate (Auto) ** Revenue estimate assumes the market revenue basis points is equal to E-LOAN Q4 2004 levels. 2004 Originations of $3.8 Trillion $80 Billion Revenue Market Consumer Lending Market

4. Page 4 Unnecessary Costs and Conflicts  Highly compensated sales people  Pricing based on negotiation not creditworthiness  Recommendations based on salesperson’s commission structure Confusing and Mistrusted Process  Lack of pricing transparency – “junk fees”  Complex terminology – “points, index rate, impounds”  Lack of control – distrust of process and profession, “black box” Slow Process  Many intermediaries – time demand on customer  Too much paperwork – disclosures, documentation Problem: Getting a Loan is a Pain

5. Page 5 Leverage the Internet  Create Customer Loyalty Through Transparency  Reduce Customer Acquisition Costs  Reduce Loan Processing Costs – Offshore & Paperless Process Apply a Manufacturer Mentality to Lower Costs Eliminate the Middleman E-LOAN Solution: Streamline the Process

6. Page 6 Shop Apply Underwrite Document Fund Monitor $ Brokers/ Auto Dlrs. Wholesale Lenders Retail Lenders E-LOAN Lead Companies End-to-End Solution

7. Page 7 Fast Process Great Rates Internet = Enormous Operating Leverage Low Cost Producer Low Rates Market Share Scale

8. Page 8 * Guidance as of February 17, 2005 (Q4’04 Earnings Conference Call) 153 103 68 36 22 135 165 Our Revenue has Grown…

9. Page 9 Q1 2003 Total Revenue $36 M Diversified Revenue $15 M Q1 2005 Total Revenue $38 M Diversified Revenue $27 M (1) Non-Prime originations, similar to purchase mortgages, have proven to be stable in various interest rate environments. (2) Q1 2005 includes revenue from E-LOAN Closing Services, Inc. 58% 30% 16% 8% 12% 16% 34% 14% 6% … and Diversified for Greater Predictability

10. Page 10 2002 ($ in billions) 2003 ($ in billions) 2004 ($ in billions) Total US Home Equity Originations (1) 257327431 Total Value of US Homes (2) 14,90016,00017,100 Total US mortgage debt outstanding (2) 6,9007,6008,300 Total US home equity available (2) 8,0008,4008,800 Significant home equity available to borrowers Lower rates & tax advantages compared to credit card debt Source: (1) SMR Research: Home Equity Loans: 2005 Outlook (exclusive of any home equity securitizations done by non-federally regulated institutions (2) Federal Reserve, NYSE and NASDAQ Home Equity Finance Market

11. Page 11 * Source: Mortgage Bankers’ Association of America Large, Stable, Growing Market Purchase Mortgage Market

12. Page 12 20022003 2004Target % Diversified Revenue 42%53%72%85% Revenue 100% Expenses: Operations 51%46%49%40% Marketing 25%27%35%27% Technology 6% 7% G&A 7%6%9%6% Pre-tax Income 11%16%1%20% E-LOAN Financial Model

13. Page 13 Gain on sale of loans  First Mortgages, Home Equity, & Subprime Auto = cash gain on sale  Prime Auto Loans = discounted cash flow gain on sale Interest spread on loans held prior to sale  Mortgage & Home Equity = typically held approx. 30 days  Auto Loans = typically held under 10 days LoanAverage Loan SizeGain On Sale - Basis PointsGain On Sale - Dollars Mortgage$ 215,000207 bps$ 4,500 Home Equity$ 54,000305 bps$ 1,630 Auto *$ 16,000220 bps$ 300 Q1 2005 How We Make Money * Excludes the $2.65 benefit from the QSPE Auto loan sale

14. Page 14 ExpenseMortgageHome EquityAuto Headcount & Related50%63%66% Commissions21%13%--- Processing Costs18%15%20% Facilities & Other11%9%14% Majority of cost is headcount & commission related (66% - 71%) Significant leverage to operations cost as we automate process Operations Cost Mix

15. Page 15 Labor Cost  Offshore – India & Philippines  Express / “No Commission” Products  Process automation / streamline efforts Technology Automation  Paperless loan processing  Upgraded loan origination system  Expand automated underwriting  Tools to improve application to fund conversion Operations Cost Initiatives

16. Page 16 ProductQ1 2005Target% Change Mortgage$ 1,830$ 1,250(32%) Home Equity$ 800$ 500(38%) Auto$ 250$ 125(50%) Includes both fixed and variable costs to originate & sell loans Excludes interest expense Operations Cost Per Loan

17. Page 17 Shift to internet marketing – online advertising / search Q1 2004 Total Marketing $11.1 M Q1 2005 Total Marketing $13.4 M 54% 45% 15% 1% 11% 1% 8% 5% 19% 41% Marketing Mix is Evolving

18. Page 18 Early Uses Simple Purchases Books Music Financial Transactions Pay Bills Trade Stocks Airline Tickets Online Loans Security Privacy More Experience Complex Uses Evolution of Internet Usage

19. Page 19 Online % of Market Source: Jupiter Research [Oct 2002] Online Growth – Internet Home Mortgage

20. Page 20 Lower Acquisition Costs  Maximize advertising channel spend through use of application attribution model  Lower TV costs through fixed rate purchases, better station selection and enhanced focus on profitable local markets  Use recent trademark registration to lower search word costs  More aggressive approach to obtaining Internet partnerships Better Utilize Substantive Brand We’ve Developed  90% of customers say they are highly likely to use us again, another 6% say they are likely – they cite our fast, easy, transparent and affordable approach Increase Realtor Partnerships Marketing Initiatives

21. Page 21 Cash and Equivalent $ 65 Loans Held for Sale 26 Retained Interest – Auto 0 Other Current & Fixed Assets 34 Total Assets $ 134 Warehouse Lines Payable$ 25 Other Current Liabilities 20 Total Liabilities 45 Shareholders’ Equity89 Total Liabilities and Equity$ 134 (Condensed, in $ Millions) Mar 31’ 05 Tangible Book Value Loans Held for Sale - Warehouse Lines Payable = E-LOAN Cash Used Balance Sheet

22. Proprietary & Confidential – E-LOAN, Inc. ©2005