CREDIT SHELF

INVESTOR AND ANALYST BOOKLET

GERMAN EQUITY FORUM

November 22, 2021

1 . BUSINESS CASE 2. FINANCIALS 3. Q&A

1. BUSINESS CASE

THE GERMAN SME LOAN MARKET HAS REACHED A FAVOURABLE INFLECTION POINT…

SME PLAY A VITAL ROLE IN THE GERMAN ECONOMY

The lion's share of German companies belongs to the SME segment*

Approx. 150,000 to 200,000 SMEs generate annual revenues > EUR 2.5 million**

WHILE THE ECONOMY IS ON THE RISE AGAIN…

The main German economic research institutes predict the way out of the crisis

2 Pandemic and government support programs phase out in 2022

…BANKS STAY RESTRICTIVE WITH THEIR FUNDS

Especially in the SME segment, significantly more restrictive banks have been observed since 2019

Regulation incl. Basel IV will further restrict banks from balance sheet lending

Sources: Bundesverband Mittelständische Wirtschaft. Unternehmerverband Deutschlands e.V.; Projektgruppe Gemeinschaftsdiagnose: Gemeinschaftsdiagnose Herbst 2021; KfW-ifo Credit Constraint Indicator (October 2021).

…WE OFFER A ATTRACTIVE SOLUTION TO ADDRESS THE NEEDS OF BOTH BORROWERS AND INVESTORS

Indicative Rating Indicative Funding Costs B A BBB BB 1% -4% 4% -6% 4% -12% > 12% Secured bank loan Sec. bank loan Unsecured bank loan Unsecured bank loan creditshelf Finetrading/ Factoring / Supplier Credit / Private Equity • Market segment not sufficiently addressed by banks • Significant cost advantages versus other non-bank financing alternatives

PRIVATE DEBT AS AN ATTRACTIVE SOLUTION IN THE SEARCH FOR ALTERNATIVE YIELD

ALTERNATIVES PLAY SIGNIFICANT ROLE IN PORTFOLIO ALLOCATION

Allocation strategy of institutional investors worldwide

PRIVATE DEBT AUM AMOUNT TO NEARLY USD 1 TRILLION

Total private debt assets under management worldwide

DIRECT LENDING IS MAJOR COMPONENT OF ALL PD AUM

Allocation of private debt in June 2020

Overall trend towards alternatives in the portfolio composition of decisions makers

Private debt investments is what 50% of decision makers want to increase their exposure in

FAVORABLE CHARACTERISTICS OF CREDITSHELF'S DIGITAL SME LOAN ORIGINATION

9M 2017 9M 2018 9M 2019 9M 2020 9M2021 ARRANGED LOAN VOLUME IN EUR MN 20.9 30.0 51.7 70.3

DEFAULTS OVER COHORTS

110.9 EUR 140 mn

arranged loan volume in the last 12 months alone

9.6% p.a.

volume weighted unlevered gross yield last 12 months

3.79 x

Sharpe ratio over the last 12 months

1 Pure credit play in one of the strongest economies
2 >50% long-term CAGR for new business volumes in underserved market 2
Digital SME loans offer an attractive premium compared to other senior corporate debt instruments 3
4 Higher granularity vs classic private debt

TO SUM IT UP: CREDITSHELF'S USPS

We shape growth in Europe's economical powerhouse.

Automated processes allow large numbers of cases to be processed quickly and with minimum resource requirements, while ensuring deeper risk analysis.

We digitalize and industrialize SME loans.

UNIQUE PRODUCT DIGITAL VALUE CHAIN ATTRACTIVE ASSET CLASS

We create access to a new, attractive asset class for institutional investors. In various formats, we offer investment opportunities with high granularity.

We make the German 'Mittelstand' investable.

2. FINANCIALS

ON TRACK: GROWING TOP LINE PAIRED WITH STRICT COST CONTROL SHOWS SCALABILITY

REVENUE GROWTH REFLECTING CHANGING FEE STRUCTURE

Increase of 58% in arranged loan volume from EUR 70.3 mn in 9M '20 to EUR 110.9 mn in 9M '21. 1
Borrower fee revenues up 45%, contributing strongly to total revenue growth to kEUR 4,881 (9M '20: kEUR 3,675). 2
Borrower fee margin stands at 3.3% (9M 20: 3.6%). 3

Lower investor fee margin of 1% (9M '20: 1.6%) driven by conditions with large financing partners, securing the funding of the growing loan volume on the creditshelf platform. 1
Investor fee rebates for defaulted loans continue to be below model expectations. 2
Servicing and advisory fees, which are predominantly outstanding volumebased with strong growth. 3

BALANCE SHEET

as of September 30, 2021; in EUR mn

Current assets decreased to EUR 2.2 mn (FY '20: EUR 5.5 mn) driven by lower cash or cash equivalents of EUR 0.8 mn (FY '20: EUR 3.8 mn). December '20 balance sheet due to recorded payments for transactions of EUR 3.1 mn.
Non-current assets with EUR 4.2 mn (FY '20: EUR 4.6 mn) below December '20 due to regular amortization of intangibles.
Current liabilities reduced to EUR 1.7 mn (FY '20: EUR 5.0 mn) corresponding to the December short-term increase of current assets.
Non-current liabilities rose to EUR 2.6 mn (FY '20: EUR 1.2 mn), driven by an increase in other non-current financial liabilities which reflects a shareholder loan of EUR 1.5 mn drawn by the company.
Total equity decreased to EUR 2.1 mn (FY '20: 3.9 mn), resulting from negative net result, partially compensated by RSU equity settlement in capital reserves.

3. Q&A

APPENDIX

OUR BUSINESS MODEL ADDRESSES NEEDS BOTH ON THE BORROWER AND THE INVESTOR SIDE

SME BORROWERS	PLATTFORM	INSTITUTIONAL INVESTORS
1. Significant short / medium-term financing needs 2. No access to capital market funding o rr 3. No access to unsecured bank ~1 o -5 w lending due to bank restrictions e % r e e 4. Less attractive economics of alternatives 5. Lengthy and complicated credit process	• Customer Acquisition • Automated data es processing e F e B c vi • Tech-based risk er % S ~1 analysis process & or F est • Asset selection v n I • Pricing, offering and distribution	1. No efficient access to SME risk asset class 2. Ticket size issue of existing debt funds with focus on larger tickets 3. Limited access to unsecured financing 4. Unattractive yield of traditional debt products
Lack of Loan supply	Unsecured, digital SME loans	Lack of investment opportunities

A FOCUSED AND DIFFERENTIATED MARKET POSITION

GEOGRAPHY	Focusing exclusively on German 'Mittelstand'…		Age ø 20 years
TARGET BORROWERS	…with an appropriate company size (p.a. revenues).	EUR 1,000,000 to ~100,000,000	ø EUR 18,000,000
LOAN STRUCTURE	Clear positioning in the capital structure	Senior Unsecured	>2/3 amortizing
LOAN SIZE	with loan volumes adapted to SME businesses.	EUR 100,000 to 5,000,000	ø EUR 1,000,000
LOAN TENOR	Tailored tenors to fit financing needs.	1 – 96 months	ø 29 months
INVESTOR PROFILE	creditshelf investors are exclusively professionals.	Institutional Investors	Gross return ø 8-9%

COOPERATION WITH EIF MAKES ESG PRINCIPLES AN INCREMENTAL PART OF OUR RISK SELECTION

EIF acts as anchor investor in creditshelf Loan Fund with a first closing commitment EUR 30 mn and a standing commitment for a second closing.

EIF's commitment, through its collateralization by the European Fund for Strategic Investments (EFSI), is part of the Investment Plan for Europe or 'Juncker Plan'. The plan aims to stimulate investments in order to create jobs and promote growth.

EIF ensures that its ESG principles are adhered to and actively practiced. This is not only ensured by a comprehensive due diligence process, but also a part of the ongoing monitoring process.

4 This leads to a direct implementation into creditshelf'srisk analysis and selection process, that must continuously adhere to EIFs high standards to make investments possible.

CURRENT AND FUTURE FRAME OF ESG AT CREDITSHELF

EIF ESG STANDARDS

Full compliance with ESG principles at both platform and borrower level necessary condition for EIF investment
Comprehensive consideration of all Environmental, Social and Governance (ESG) aspects in combination with the UN Sustainable Development Goals (SDG)
Ongoing monitoring of platform and fund activities by independent risk and compliance functions of EIF

CS RISK SELECTION

Full compliance with the 'EIF policy on restricted sectors', thereby excluding certain economic sectors (e.g. weapons, pornography, gambling) and ethical guidance for certain sensitive economic sectors
Established processes between the platform, AIFM and EIF entities
Successive further development of creditshelf credit analysis from an implicit consideration of ESG factors to an even more explicit disclosure of ESG risks

GOING FORWARD

Full disclosure of explicit ESG factors in the risk analysis through standardized questionnaires as part of the credit analysis
Even stronger monitoring of the key ESG factors as part of the borrower's ongoing monitoring

A DIGITAL HIGHLY AUTOMATED CREDIT PROCESS

Acquisition of borrowers and investors through various channels. Partnerships play a central role.

DATA PROCESSING

Automated assessment and preparation of external information, account data and financial information submitted by the borrower.

Analysis of the credit worthiness of potential borrowers and creation of a credit score based on creditshelf's own algorithms and models.

Final decision on the loan application based on the results of automated risk analysis and human expert analysis.

Pricing proposal to investors, offering via the creditshelf platform and organization of the payout in case of a successful allocation.

the borrower's repayments and operational performance, including dunning.

creditshelf offers a unique product based on a deep value chain.

creditshelf arranges loans and is much more than a matching platform that compares existing offers and needs.

ADVANCED TECH ENABLES A LEAN CREDIT PROCESS

CREDITSHELF WITH ORIGINATION POWER IN A HIGHLY DISINTERMEDIATED GERMAN SME MARKET

MULTI-CHANNEL MARKETING MIX ENABLES STRONG LEAD GENERATION

Multi-channel approach allows deep reach into a disintermediated market
Mix of online and offline activities in combination with data driven approach
3 Growing partner network leads to marketing impact due to multiplied distribution and high-quality leads
Already 700+ partners onboarded, more to come through dedicated sales effort 4

10% CONVERSION RATE

PORTFOLIO INSIGHTS

LET CUSTOMER VOICES SPEAK FOR THEMSELVES

We helped the producer of sustainable wheat products to finance strong growth after regional demand increased massively.

"The team at creditshelf has handled our growth case with a creative and flexible approach. Some banks it would have probably taken months to commit to our project, including a repeated need of collateral."

Reinhold Müller, Landhaus TeigwarenMüller

creditshelf's product was used to pre-finance a large order to produce modern baggage handling equipment.

"Working with creditshelf, we noticed that there is someone on the other side of the table who is interested in the project and believes in us."

Robert Kleinschmidt, SRK Systems GmbH

Our loans enabled this e-commerce driven producer of custom furniture to improve their liquidity in times of strong growth – helping them to reach profitability.

"creditshelf's approach is a great ancillary product that exactly fit our development phase and perfectly complemented the solutions provided by our banking partners."

Philipp Koecke, deinSchrank.de

Due to strong seasonality in the highquality audio products business, we helped by enabling the pre-financing of goods purchasing.

"The team really focused on understand our business model. Additionally, an efficient feedback round made the financing process faster and less complicated. That's crucial when we need liquidity quickly."

Marcel Faller, sonoro audio GmbH

GROWTH ACCELERATED BY NETWORK EFFECTS

CREDITSHELF – A TOP 100 FINANCIAL TIMES EUROPEAN GROWTH COMPANY

August 19, 2021

creditshelf: "Den Pfad zum Break-Even haben wir fest im Blick"

Die Digitalisierung hat längst in der Bankenbranche und bei der Vergabe von Krediten Einzug gehalten. Mittendrin im B2B-Kreditgeschäft ist die börsennotierte creditshelf.

August 27, 2021

Creditshelf: Mit Allianzen kräftig wachsen

Die Plattform für Mittelstandskredite befindet sich auf klarem Wachstumskurs. Die Ausverkaufskurse zum Einstieg nutzen.

March 9, 2021

Commerzbank setzt verstärkt auf Creditshelf Seit 2019 vermittelt die Commerzbank Firmenkunden an die Kreditplattform Creditshelf. Künftig gilt das auch für kleinere Mittelständler.

August 16, 2021

creditshelf: "Verfolgen den Weg zum Break-Even konsequent"

Insgesamt eine spannende Geschichte, zumal es nicht so übermäßig viele börsennotierte FinTech-Unternehmen in Deutschland gibt – schon gar nicht mit Listing im streng regulierten Prime Standard.

March 12, 2021

Der Jahresauftakt ist geglückt: Nach den ersten beiden Monaten liegt die Zahl der vermittelten Kredite mit 18,6 Mio. Euro bereits deutlich über dem Niveau des gesamten Q1 des Vj. (11,6 Mio. Euro).

March 2, 2021

The FT 1000, compiled with Statista, a research company, lists the European companies that achieved the highest compound annual growth rate in revenue between 2016 and 2019. Place 72: creditshelf AG

May 8, 2020

Vor diesem Hintergrund gewinnt ein eigener Kreditfonds, an dem Creditshelf schon länger arbeitet, eine besondere Bedeutung. Bereits im vergangenen November hatte der Europäische Investitionsfonds (EIF) dafür eine Zusage in Höhe von 30 Millionen Euro gegeben.

January 19, 2021

Creditshelf clinches €40m funding line from Amsterdam Trade Bank

RUN BY AN EXPERIENCED MANAGEMENT TEAM

	EXECUTIVE BOARD

	CEO	COO	CFO	CTO	CPO
Name	Dr. Tim Thabe	Dr. Daniel Bartsch	Fabian Brügmann	Dr. Gregor Heinrich	Jan Stechele
Prior experience	Co-founder with >15 years on Senior Credit Officer and rating consultant positions	Co-founder and former Head of institutional equity & fixed income sales at leading investment bank	Capital markets specialist at top-tier bank with deep insights into structured finance transactions; >15 years in the industry	>14 years in CTO positions and vast experience in digital transformation projects (financial industry)	>13 years in wholesale banking with C-level positions for business development, digital, marketing & communic.
Former companies	▪ UBS ▪ Goldman Sachs	▪ UBS ▪ Bain & Company ▪ Kienbaum	▪ Commerzbank ▪ Goldman Sachs	▪ Stonebranch ▪ semafora systems ▪ Fraunhofer IGD	▪ BayernLB ▪ Baden-Württem bergische Bank
Education	▪ MBA (Kellog-WHU) ▪ PhD (Uni. Mannheim) ▪ CFA charterholder	▪ MBA (Uni. Mannheim) ▪ PhD (Uni. Düsseldorf)	▪ MSc (EBS)	▪ PhD (Uni. Leipzig) ▪ MSc. (Uni. Darmstadt)	▪ MSc (Uni. Erlangen-Nbg.)

THE CREDITSHELF SHARE

ISIN / WKN DE000A2LQUA5 / A2LQUA Stock exchange symbol / Reuters symbol CSQ Type of Shares Ordinary bearer shares with no-par value (auf den Inhaberlautende Stückaktien) First day of trading July 25, 2018 Number of Shares 1.376.251 Stock Exchanges Regulated Market (Prime Standard) of the Frankfurt Stock Exchange Designated Sponsor ODDO BHF Corporates & Markets AG, Hauck & Aufhäuser

Research FMR, KBW, Kepler Cheuvreux

QUARTERLY SERIES

IN kEUR	Q4 2019	FY 2019	Q1 2020	Q2 2020	H1 2020	Q3 2020	9M 2020	Q4 2020	FY 2020	Q1 2021	Q2 2021	H1 2021	Q3 2021	9M 2021
Revenues	2,104.2	4,564.5	685.6	1,815.7	2,501.3	1,173.2	3,674.5	1,224.6	4,899.2	1,657.5	1,722.6	3,380.1	1,500.8	4,880.9
Borrower Fee	1,237.0	2,765.6	443.0	1,252.3	1,695.2	801.2	2,496.4	894.6	3,391.0	1,256.7	1,230.4	2,497.1	1,109.7	3,606.8
Investor Fee	844.8	1,776.5	221.8	548.3	770.2	361.1	1,131.3	260.1	1,333.0	347.5	394.4	741.9	307.5	1.049,4
Servicing and Advisory Fee	22.4	22.4	20.8	15.1	35.9	10.9	46.8	70,0	175,2	53.4	87.8	141.2	83.5	224.7
Other Op. Income	1,235.4	1,532.1	300.2	114.3	414.6	105.1	510.7	429.8	940.4	0.0	1.6	1.6	44.0	45.5

														-6,539.2
														-4,064.3
Related capitalised software	37.8	226.5	71.4	114.0	185,4	127.3	312.7	109.2	421.9	142.0	163.8	306.8	181.5	488.3

Other operating expenses	-2,605.6	-6,054.2	-1,403.7	-1,121.0	-2,537.1	-774.7	-3,302.9	-1,063.3	-4,366.2	-862.3	-946.1	-1,808.4	-666.5	-2,474.9
Advertising and Marketing**	-561.8	-2,148.5	-627.4	-272.3	-899.7	-228.8	-1,128.5	-201.1	-1,329.6	-149.3	-183.3	-332.6	-193.6	-526.2
Legal & Consulting Services	-494.7	-1,239.0	-225.1	-226.3	-451.5	-132.1	-583.6	-118.4	-702.0	-134.4	-240.3	-374.7	-169.6	-544.3
Other**	-1,549.1	-2,666.7	-551.0	-635.0	-1,185.9	-413.8	-1,590.7	-743.8	-2,334.6	-578.6	-522.5	-1,101.1	-303.3	-1,404.4

EBITDA	-515.1	-4,154.3	-1,857.2	-596.5	-2,453.7	-818.3	-3,272.1	-856.9	-4,129.0	-400.8	-504.9	-905.7	-218.8	-1,124.5
Depreciation & Amortisation	-250.7	-800.1	-274.0	-287.6	-561.7	-315.4	-877.1	-339.2	-1,216.2	-317.5	-316.5	-634.0	-317.7	-951.6
EBIT	-765.8	-4,954.4	-2,131.2	-884.2	-3,015.4	-1,133.7	-4,149.1	-1,196.1	-5,345.2	-718.2	-821.4	-1,539.7	-536.4	-2,076.1
Total expenses (gross)* Personnel expenses	-3,892.5 -1,286.9	-10,477.4 -4,423.2	-2,914,6 -1,510.9	-2,640.5 -1,507.0	-5,555.0 -3,017.8	-2,223.9 -1,449.2	-7,769.9 -4,467.1	-2,620.5 -1,557.2	-10,390.4 -6,024.3	-2,201.3 -1,339.0	-2,229.1 -1,446.9	-4,548.7 -2,785.8	-1,945.1 -1,278.6

OVERVIEW OF FINANCIAL CALENDAR

February 24-25, 2021	ODDO SEYDLER Digital Small & Mid Cap Conference 2021
March 30, 2021	Publication Annual Report 2020
May 10, 2021	Annual General Meeting (Virtual AGM)
May 12, 2021	Publication Q1 statement
June 9, 2021	Platow Euro Finance Small Cap Conference, Frankfurt / Main
September 2, 2021	Commerzbank Corporate Conference, Frankfurt / Main
September 9, 2021	Publication Q2 statement
September 24, 2021	Baader Small Cap Day, Munich
November 11, 2021	Publication Q3 statement
November 22-24, 2021	German Equity Forum, Presentation & One-on-Ones

2021

INVESTOR CONTACT

CREDITSHELF AKTIENGESELLSCHAFT

Fabian Brügmann (CFO) E-Mail: [email protected] Phone: +49 (0) 69 348 772 427

Maximilian Franz (IRM) E-Mail: [email protected] 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 exists to 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 is selective in nature and does not purport to contain all information that may be required to evaluate the creditshelf Aktiengesellschaft and/or its securities.

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), unless this 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.