creditshelf AG — Call Transcript 2019

Mar 28, 2019

Investor and Analyst Conference Call FY 2018

We are constantly working on our platform and business and continue the growth story from the successful IPO

growth in the aggregated volume of loans requested in FY 2018 to EUR 1,042 million (FY 2017: EUR 471 million)

growth in total credit volume arranged in FY 2018 to EUR 50.7 million (FY 2017: EUR 33.5 million)

months of average tenor (FY 2017: 14.5 months)

average ticket size in FY 2018 (FY 2017: EUR 424 thousand)

platform visitors per month - tenfold increase in FY 2018

revenue growth in FY 2018 to EUR 2.379 thousand (FY 2017: EUR 1.202 thousand)

from borrower fees

from investor fees

EBIT reflects costs of being

public and includes significant one-off costs

FTE's of highly qualified staff at the end of FY 2018 ‒ including CTO and CFO as second tier management (end of FY 2017: 17)

- Significant short / mediumterm financing needs

• No access to capital market funding
• No access to unsecured bank lending
• Less attractive economics of alternatives
• Lengthy credit process

Lack of loan supply (credit gap)

Lack of investment opportunities

Co-founder & Chief Executive Officer

Dr. Gregor Heinrich Fabian Brügmann

Chief Technology Officer Chief Financial Officer

Co-founder & Chief Operating Officer

Dr. Tim Thabe Dr. Daniel Bartsch Dr. Mark Währisch

Chief Risk Officer

Executive Board

(1) SME defined as corporates with annual revenues below EUR 50 million; Source: "Working Paper: Die globale FinTech-Revolution: eine Chance für KMUs?" (Prof. Mark Mietzner, 2018), "FinTech-Markt in Deutschland" (Gregor Dorfleiter, Lars Hornuf, 2016); "IMF, World Economic Outlook Database, April 2018" (IMF, 2018)

Technological advantage based on next generation risk model Unrivalled intelligence due to comprehensive and growing high-quality database Key factors protecting creditshelf's market position

Well-established, high-quality investor base

Strong track-record of recurring borrowers

Obotritia Capital as anchor investor with potential to act as a backstop

Longstanding and proven fronting-bank relationship

• Total volume requested in FY 2018: EUR 1,042 million
• Total volume requested since launch: approx. EUR 1.68 billion
• Continued high demand for creditshelf's SME financing solutions from borrowers and investors

^* creditshelf defines "Loan Requests" as credit project applications the company has received in the respective period. creditshelf defines "Number of Requests" as the total number of credit project applications it has received. creditshelf defines "Volume of Requests" as the total loan volume requested by potential borrowers in their initial credit project applications. 12

• Total volume arranged in FY 2018: EUR 50.7 million
• This represents an increase of 51.2 % compared to FY 2017
• So far largest German online SME credit financing project via creditshelf with a volume of EUR 4.75 million
• Seasonally strong Q4 contributes EUR 20.6 million
• Average Duration in 12M 2018 of 19.9 months (9M 2018: 19.1 months)

• Average Ticket Size in FY 2018 of EUR 745 thousand (FY 2017: EUR 424 thousand)

• Strong revenue growth of 97.9% to EUR 2.379 thousand from higher receipts of borrower and investor fees

• Main growth driver: increase in credit volume arranged at increased gross margins
• Service fees for investors introduced in Q2 of 2017
• Expansion of the product portfolio in 2017 to include loans of up to 5 years

• Demand for larger volumes from investors and borrowers

• EBIT decreased due to increase in costs

• Increased expenditures to enhance growth in line with IPO investment plan:
• Personnel expenses
• Marketing expenses
• In addition, EBIT 2018 reflects expenses in connection with the IPO such as:

• Virtual participation and retention programs of creditshelf group

• Gross cash flow at EUR -4,571 thousand (2017: -672 thousand) driven by higher operating loss

• Cash flow from operating activities stood at EUR -4,217 thousand (2017: 573 thousand)
• Cash flow from investment activities primarily resulted from investments in intangible assets
• Cash flow from financing activities was EUR 16,458 thousand (2017: 1,472 thousand) reflecting the IPO

• Cash and cash equivalents stood at EUR 12,425 thousand as of December 31, 2018 (2017: 2.027 thousand)

• Total current assets of EUR 13.2 million (2017: 2.3), 94% of which are cash or cash equivalents

• Non-current assets increased to EUR 3.2 million (2017: 1.9) driven by higher software related intangible assets
• Total equity has grown to app. EUR 11.5 million (2017: 1.2) due to IPO. Directly linked IPO costs reflected in IFRS equity
• Capital reserves in the reporting period were increased to EUR 18.3 million.
• Financial liabilities increased by EUR 1.9 million to almost EUR 5.0 million driven by higher current liabilities

We continue to work on the improvement of our risk analysis tools and platform

To broaden our product portfolio, we develop new attractive solutions for SME financing

With growth continuing we expect group full year 2019 revenues of EUR 4.5 to 5.5 million

We expect a group full year 2019 EBIT of EUR -3.5 to -4.5 million reflecting ongoing investments in our platform

Mid-term ambition confirmed: EUR 500 million loans arranged p.a. and a conversion rate of around 10%

European Online Alternative Finance market with strong growth driven by UK, Germany with much higher potential

Sources: The 3rd European Alternative Finance Industry Report (Cambridge Centre for Alternative Finance, 2018); European SME Policy. Recommendations for a Growth-Oriented Agenda (Klaus-Heiner Rohl, Cologne Institute for Economic Research, 2017); GDP – World Bank national accounts data, an OECD National Accounts data files (https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2017&start=2015)

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1) Consisting of both non-defaulted and defaulted companies based on a unique and fine tuned combination of the firm's daily accounting and transactions data

2) Indicative time expectations based on own estimates

Source: Company information

Sector: Capital goods

Demand: Raw material pre-financing

creditshelf solution: Assistance in the strong order situation through short-term financing

Sector: Consumer goods

Demand: Order pre-financing

creditshelf solution: Assistance with the increasing number of major projects through needs-based financing

Sector: Automotive & Components

Demand: Growth financing

creditshelf solution: Supporting the strong growth of the company

Sector: Consumer goods

Demand: Financing of stock building

creditshelf solution: Implementation of creditshelf as a complementary part in the financing mix

Disclosures based on voting rights notifications >5% received pursuant to the German Securities Trading Act (WpHG).

ISIN / WKN	DE000A2LQUA5 / A2LQUA
Stock exchange symbol / Reuters symbol	CSQ
Type of Shares	Ordinary bearer shares with no-par value (auf den Inhaber lautende Stückaktien)
First day of trading	July 25, 2018
Number of Shares	1,331,250
Stock Exchanges	Regulated Market (Prime Standard) of the Frankfurt Stock Exchange
Designated Sponsor	Commerzbank, ODDO Seydler

April 2	Roadshow London (UK)
April 15	Roadshow Frankfurt / Main
April 16	Roadshow Zürich (Switzerland)
May 8	Münchner Kapitalmarkt Konferenz
May 14	Annual General Meeting - Frankfurt / Main
May 15	DVFA German Spring Conference
May 28	Publication Q1 statement
June 4	Prior Capital Markets Conference
August 29	Commerzbank Sector Conference
September 2	DVFA German Fall Conference
September 19	Publication half-yearly financial report
November 21	Publication Q3 statement
November 25	German Equity Forum – Frankfurt / Main

in TEUR	Q1 2018	Q2 2018	H1 2018	Q3 2018	9M 2018	Q4 2018	FY 2018
Revenues	317.0	448.5	765.5	781.7	1,547.2	831.8	2,379.0
Borrower Fee	241.1	277.3	518.4	442.1	960.5	521.0	1,481.5
Investor Fee	75.8	171.3	247.1	339.6	586.7	310.8	897.5
Other Op. Income	31.9	317.2	349.1	8.1	357.1	135.2	492.3
Total expenses	-2,397.5	-1,491.6	-3,889.2	-2,398.8	-6,288.0	-1,691.2	-7,979.2
Personnel expenses	-284.3	-1,921.4	-2,205.6	-944.2	-3,149.8	-658.4	-3,808.2
Related capitalised software		140.3	140.3	75.1	215.5	90.3	305.8
Other operating expenses	-2,113.2	289.4	-1,823.8	-1,529.8	-3,353.6	-1,078.9	-4,432.5
Advertising and Marketing	-131.9	-244.3	-376.2	-297.9	-674.1	-448.5	-1,122.6
Legal & Consulting Services	-39.8	-268.5	-308.3	-163.3	-471.5	-296.9	-768.4
Expenses for VPP	-1,729.5	1,152.1	-577.4	-676.0	-1,253.3	172.0	-1,081.3
Other	-212.1	-349.9	-562.0	-392.6	-954.6	-505.6	-1,460.2
EBITDA	-2,048.7	-725.9	-2,774.6	-1,609.1	-4,383.7	-724.1	-5,107.8
Depreciation & Amortisation	-46.6	-55.4	-102.0	-59.1	-161.1	-102.1	-263.2
EBIT	-2,095.3	-781.3	-2,876.6	-1,668.2	-4,544.7	-826.2	-5,370,9

creditshelf Aktiengesellschaft Fabian Brügmann (CFO) E-Mail: ir@creditshelf.com Phone: +49 (0) 69 348 772 427

cometis AG Maximilian Franz E-Mail: ir@creditshelf.com Phone: +49 (0) 611 20 58 55 22

Disclaimer/legal notice:

Statements in this presentation relating to future status or circumstances, including statements regarding management's plans and objectives for future operations, sales and earning figures, are forward-looking statements of goals and expectations based on estimates, assumptions and the anticipated effects of future events on current and developing circumstances taking into account currently available information and do not necessarily predict future results. Many factors could cause the actual results to be materially different from those that may be expressed or implied by such statements. Various known and unknown risks, uncertainties, unforeseeable developments, changes in the economic and political environment and other currently not yet identifiable effects can cause that future results, the financial situation or the outlook of creditshelf Aktiengesellschaft deviate from the estimates set forth herein. creditshelf Aktiengesellschaft reserves the right to change and complete the information in this presentation without notice. No liability is assumed, and no guarantee given for the completeness, correctness, adequacy, accuracy, fairness or preciseness of any information or opinion contained herein and no obligation existsto update any statement or information in this presentation.

This presentation serves information purposes only and does not constitute of form part of an offer or solicitation to acquire, subscribe to or dispose of any securities of creditshelf Aktiengesellschaft. Hence, the information in this presentation isselective in nature and does not purport to contain all information that may be required to evaluate the creditshelf Aktiengesellschaft and/or itssecurities.

The securities are also not and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States of America or to or for the account of or for the benefit of U.S. Persons (as defined in Regulation S of the U.S. Securities Act), unlessthis occurs pursuant to an exemption from the registration requirements of the U.S. Securities Act or in a transaction to which the U.S. Securities Act does not apply.