creditshelf AG — Call Transcript 2020

May 7, 2020

Investor and Analyst Conference Call Q1 2020 Agenda

Highlights Q1 2020

We are working on our platform and take opportunities in an increasingly digital world while staying operational during the crisis

Platform

+57% growth in the aggregated volume of loans requested in Q1 2020 to EUR 500 million (Q1 2019: EUR 319.3 million)

-31% decline in total loan volume arranged in Q1 2020 to EUR 11.6 million (Q1 2019: EUR 16.9 million)

24.9 months of average tenor (Q1 2019: 26.1 months)

EUR 773 thousand average ticket size in Q1 2020 (Q1 2019: EUR 805 thousand)

EUR 62 million of additional funding by closing of creditshelf fund in cooperation with anchor investor EIF

Financials

-27% revenue decline in Q1 2020 to EUR 685.6 thousand (Q1 2019: EUR 937 thousand)

EUR 443 thousand from borrower fees

EUR 222 thousand from investor fees

EUR -2,131 thousand EBIT reflecting higher

personnel expenses based on increased headcount

Slowed investments to mitigate Covid-19 pandemic impact

Loan requests at record high in Q1 2020

Loan Requests* Executed Transactions**

* 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. 5

** creditshelf defines "Executed Transactions" as transactions in which a loan arranged through the creditshelf Platform was disbursed. creditshelf defines "Number of transactions" as the number of Executed Transactions.

First German direct lending fund with European Investment Fund (EIF) as anchor investor closed

Additional investment format important milestone to diversify the platform's institutional funding base

Investment Objective Vehicle

• Pure-play credit exposure to thoroughly selected German small & medium enterprises (SME)
• Investing in a broadly diversified und largely uncorrelated pool of senior unsecured SME loans

• Expected yield: 5% (after fees and defaults)

• Access to an otherwise non-accessible asset class

• Underserved niche segment justifies above-market rates
• Quick credit decision due to automated scoring process

• Marketplace lender with cost-effective loan origination

• Closed-end investment fund

• Luxemburg-domiciled S.C.S., SIVAV-RAIF
• Term: 6 years (1 year extension option)
• Targeted fund volume: EUR 150 million (EUR 62 million in first closing)

Alpha Sources Fund Administration

• AIFM/fund manager: LIS Luxemb. & 1741 Fund Solutions
• Investment advisor: creditshelf AG
• Depository: Sanne Group
• Auditor: KPMG

creditshelf's prudent risk management approach mitigates Covid-19 risks

Increased focus on cash inflow

Industry selection gains more importance

Improvement of internal risk assessments

Additional qualitative aspects

creditshelf rarely takes a dominant position but complements existing loans of house banks.

creditshelf is a partner of trust to existing customers.

Recent top-up initiative to cover for up to six installments deepens customer relationship.

Monthly installment reduces risk exposure of investors and shortens duration.

Our active loan book is not exposed to Covid-19 heavy hit industries like tourism, restaurants, hotels, offline retail.

Constantly improved risk assessments reduce defaults and therefore to be waived investor fees.

Revenue (in EUR thousand)

• Revenues down 27% Y-o-Y to EUR 685.6 thousand from lower receipts of borrower and investor fees
• Main driver: decrease in arranged loan volume from EUR 16.9 million in Q1 2019 to EUR 11.6 million in Q1 2020
• Slight increase in gross margins compared to FY 2019
• Blended gross margin Q1 2020: 5.73% (FY2019: 5.54%)
• Borrower fees margin Q1 2020: 3.82% (FY 2019: 3.52%)
• Investor fees margin Q1 2020: 2.02% (FY 2019: 1.91%)
• Other operating income of EUR 300.2 thousand include provision releases, EBIT neutral disagio bookings, VPP II valuation benefit and income from other accounting periods

EBIT (in EUR thousand)

• EBIT decreased by lower revenues and higher costs
• Main cost drivers compared to Q1 2019:
• Higher personnel expenses reflect growing headcount and RSU I-III expenses, while RSU III was not yet reflected in Q1 2019
• Marketing & Advertising costs up by upfront investments for website rework and performance marketing initiative
• Increasing sales commissions driven by successful Commerzbank cooperation
• Depreciation & Amortisation increased based on amortisation of intangibles
• Slowed investments since end of March 2020 to mitigate Covid-19 pandemic impact

Balance Sheet (as of March 31, 2020; in EUR million)

• Current assets decreased to EUR 4.5 million (2019: EUR 7.9 million) as a result of lower cash or cash equivalents of EUR 2.8 million (2019: EUR 6.6 million), while short term receivables remained at year-end 2019 level
• Non-current assets stood at EUR 5.0 million (2019: EUR 5.2 million), reflecting reduced intangible assets as a result of amortization and slightly lower trade receivables in light of Q1 business development
• Total equity decreased to EUR 6.7 million (2019: 8.5 million) driven by net loss
• Subscribed capital slightly increased due to first RSU vesting
• Total liabilities stood at EUR 2.8 million (2019: EUR 4.6 million), mainly due to lower current payables

Unchanged Outlook

We will continue to build a scalable platform

Broadened and deepened partnerships will play a vital role to achieve accelerating network effects

Current Corona developments harbor risks, but also opportunities: Position creditshelf for increasingly digital SME financing solutions

With growth continuing we expect group full year 2020 revenues of EUR 7.0 to 8.5 million

We expect a group full year 2020 EBIT of EUR -4.0 to -5.5 million

Life cycle of creditshelf fund

The creditshelf share

Shareholder structure*

Disclosures based on voting rights notifications >5% received pursuant to the German Securities Trading Act (WpHG). *as of 31 March 2020

Share information

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	1,360,339
Stock Exchanges	Regulated Market (Prime Standard) of the Frankfurt Stock Exchange
Designated Sponsor	ODDO Seydler
Research	Commerzbank, FMR, MainFirst

Overview of Financial Calendar 2020

Quarterly series Q1 2020

in EUR thousand	Q1 2019	Q2 2019	H1 2019	Q3 2019	9M 2019	Q4 2019	FY 2019	Q1 2020
Revenues	936.8	829.4	1,766.2	694.1	2,460.3	2,104.2	4,564.5	685.6
Borrower Fee	594.8	558.0	1,152.8	375.8	1,528.6	1,237.0	2,765.6	443.0
Investor Fee	342.0	271.4	613.4	318.3	931.7	844.8	1,776.5	221.8
Valendo	-	-	-	-	-	22.4	22.4	20.8
Other Op. Income	489.2	291.0	198.2	98.5	296.7	1,235.4	1,532.1	300.2
Total expenses (gross)*	-2,273.3	-2,282.3	-4,555.6	-2,029.3	-6,584.9	-3,892.5	-10,477.4	-2,914,6
Personnel expenses	-978.7	-1,150.3	-2,129.0	-1,007.3	-3,136.3	-1,286.9	-4,423.2	-1,510.9
Related capitalised software	77.3	78.3	155.6	33.1	188.7	37.8	226.5	71.4
Other operating expenses	-1,294.6	-1,132.0	-2,426.6	-1,022.0	-3,448.6	-2,605.6	-6,054.2	-1,403.7
Advertising and Marketing**	-472.6	-578.9	-1,051.5	-535.3	-1,586.8	-561.8	-2,148.5	-627.4
Legal & Consulting Services	-276.5	-285.6	-562.1	-182.2	-744.3	-494.7	-1,239.0	-225.1
Other**	-545.5	-267.5	-813.0	-304.5	-1,117.6	-1,549.1	-2,666.7	-551.0
EBITDA	-770.0	-1,665.6	-2,435.6	-1,203.6	-3,639.2	-515.1	-4,154.3	-1,857.2
Depreciation & Amortisation	-161.0	-186.1	-347.1	-202.3	-549.4	-250.7	-800.1	-274.0
EBIT	-931.0	-1,851.7	-2,782.7	-1,405.9	-4,188.6	-765.8	-4,954.4	-2,131.2

* Gross means excluding benefit of related capitalised software; ** marketing restated for reclassification of travel expenses in Other

Investor contact

creditshelf Aktiengesellschaft

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

Maximilian Franz (IRM) E-Mail: ir@creditshelf.com Phone: +49 (0) 69 348 719 113

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 orsold 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.