Smartbroker Holding AG

Investor Presentation • Jul 13, 2022

The Profitable Disruptor of Germany's Personal Savings & Investment Sector

July 2022

Disclaimer

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Introduction to the Smartbroker Team Senior Leadership with combined 95+ Years Relevant Sector Experience

Matthias Hach CEO

• Joined March 2021
• 25+ years digital banking and brokerage experience
• Most recently CMO of comdirect Bank AG and Divisional Board Member at Commerzbank

Roland Nicklaus CFO

• Assumed role in April 2021
• Joined as non-executive in 2008
• 23 years banking & finance experience
• Most recently non-executive director & board adviser to a telco and a digital infrastructure provider

Oliver Haugk CTO

Stefan Zmojda Chief Revenue Officer

Michael Bulgrin Chief Content Officer

Thomas Soltau Co-CEO w:o capital

Comprehensive second management layer with relevant experience in banking, IT, content and online marketing

Redefining Digital Investing

wallstreet:online Offers a Comprehensive Digital Finance and Investment Platform for Private Investors

Transaction: Smartbroker

WSO operates the largest next generation broker by assets under custody in Germany

Media

The largest publisher-independent financial portal operator

Host of the largest finance community across German-speaking Europe

20+yrs market experience | 100% digital | Comprehensive product offering | In-house development

Media Unit Forms Strong Revenue and Profitability Basis Enables the Self-Financed Development of the Smartbroker Platform

Pro forma figures based on the management information system incl. wallstreet:online capital AG fully consolidated as of 1 Jan 2021 | Growth rates are YoY CAC = client acquisition cost

Complementary Business Segments All Business Drivers Developed Favourably in the Last Years

Transaction

Digital brokerage solutions for private investors and savers

REVENUE SOURCE

Client commissions Fees from partner banks and trading venues

BUSINESS DRIVERS

Number of securities accounts Number of trades per account Revenue per trade

Media

Financial news portals & forums Paid services (Börsenbrief) B2B data & development services

REVENUE SOURCE

Digital advertising (direct deals, RTB) Subscription fees B2B client commissions

BUSINESS DRIVERS

Number of readers, registered users Session length Number of advertising clients Number of B2B clients & new projects

Synergies

Profitability → Self-financing of new projects

Media reach → Brokerage client acquisition

Brokerage reach → Blue-chip advertising deals

Active community → Trading activity

Full integration → New user experience, full customer journey

Guidance 2022 25% Revenue Growth at ~55k New Securities Accounts in 2022

Laying foundations for vastly improved business model

2021: Pro forma figures based on the management information system, wallstreet:online capital AG fully consolidated as of 1 Jan 2021 | B: budgeted, according to current company guidance | CAC: client acquisition cost

Smartbroker and its Market

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28m Securities Accounts in Germany

Smartbroker is the Only Full-Service Broker with €0 fees

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Award-Winning NextGen Broker for Private Investors & Savers

Germany's ONLY full-service broker with zero fees

• Trade virtually all securities licensed in Germany on all German exchanges
• Permanently from €0 transaction fees
• Zero securities account fee, free savings plans
• Virtually all funds without issue premium
• Large selection of international trading venues, incl. Nasdaq, NYSE, LSE
• Derivatives trading starting from €0 Premium partners: Morgan Stanley, HSBC, UBS and Vontobel

Award-winning Next Generation Broker

• Smartbroker received the rating "Very Good" in the Handelsblatt ranking of the best online brokers 2022
• In the current Zertifikate Awards, Smartbroker took 3rd place among the best online brokers in the readers' choice ranking 2021 / 2022
• Smartbroker ranked 3rd (out of 14 tested brokers) in the study by the German Society for Consumer Studies on the best ETF brokers in 2022 in terms of pricing, offering, transparency and service
• Smartbroker is the cheapest provider on the market According to "Finanztest", part of the renowned not-for-profit "Stiftung Warentest" consumer advocate group (Issue 12/2021)

German Households' Financial Assets Grow by 6% p.a. Investments in Listed Equities & Funds Growing at Double this Rate

Total financial assets of German households, in €bn, 2021

Source: Deutsche Bundesbank, data as of Q3 2021 | Company websites, own research, Oliver Wyman 2021 | CAGR 2015-2021 OECD 2021 data | Smartbroker market share based on assets under custody, company estimate

Market Pricing Remains Largely Stable Zero-fee Commissions Enable Broad Access to Capital Markets

XO-Focussed Wait and see what happens to customer base before lowering fees

Start-ups Disrupt market by charging low (zero) commissions, and earning revenue from other sources

Commissions based on hypothetical investment of EUR 5,000 | Source: ExtraETF 2022, broker websites

Broad Banks Maintain high commissions as long as possible

Smartbroker 2.0

Unique Foundation for Smartbroker 2.0 Linking Information And Transaction

Min. 40% reach among the

execution-only investors in German-speaking Europe

Only Full-Service Online Broker with €0 fees

Reach based on estimated 5m execution-only investors in 2021, source: Oliver Wyman 2021

Smartbroker 2.0 Creates Scalability & Innovation Power Extended Licence | Own Platform | Own Technology

Smartbroker 2.0 Brand New Customer Experience & State-of-the-Art Functionality

Comprehensive product as per Smartbroker standard

▪ All shares, all ETFs, all funds, all derivatives, all stock exchanges

PLUS important additions & innovations

• Smartbroker app & new web interface
• New products: e. g. crypto trading
• New client groups

EQUALS

• Best offer on the German online broker market
• First provider to combine transaction with content & community in one product

Commercial Impact of Smartbroker 2.0

Establishing a Greatly Improved Business Model for the Brokerage Segment

Conclusion

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The Profitable Disruptor

of Germany's Personal Savings & Investment Sector

Consistent Profitability and Growth for More than a Decade

CAC: client acquisition cost | B: budgeted, median; EBITDA margin calculated for EBITDA before CAC

Product Leadership

All stock exchanges, all important asset classes combined in one product

Efficiency

Efficient online marketing Utilisation of the reach of own media portals

Brand building

Innovation

Connecting information & transaction

Social trading, financial education, community

The Role of the Market Disruptor is Part of our Company DNA

Establishing price leadership in personal investing

• Deliberately waiving retail fees for the benefit of our clients
• Made possible by re-evaluating market dynamics, lean cost structure, digital first products
• FondsDiscount revolutionised the funds market in 2004 with the introduction of zero per cent issue premia

Smartbroker draws from this decades-long experience

• Disrupting the brokerage and personal investment markets
• Full-service broker at the most favourable conditions
• Long-term value creation for all stakeholders is at the heart of our corporate strategy

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wallstreet:online AG Ritterstr. 11 | 10969 Berlin ir@wallstreet-online.de

About | The wallstreet:online Group operates Smartbroker - a multiple award-winning online broker, which is the only provider in Germany to combine the extensive product range of traditional brokers with the extremely favourable conditions of next generation brokers. At the same time, the Group operates four high-reach stock market portals (wallstreet-online.de, boersenNews.de, FinanzNachrichten.de and ARIVA.de). With several hundred million monthly page impressions, the Group is the by far largest publisher-independent financial portal operator in German-speaking countries and hosts the largest finance community.