creditshelf AG — Investor Presentation 2021

Nov 11, 2021

CREDIT SHELF

INVESTOR AND ANALYST PRESENTATION

9M 2021

November 11, 2021

AGENDA

1 . BUSINESS UPDATE 2. FINANCIALS 3. OUTLOOK 4. Q&A

1. BUSINESS UPDATE

GROWING IMPORTANCE OF OUR DIGITAL SME FINANCING OFFERING

A UNIQUE SOLUTION TO COMPLEMENTARY NEEDS OF SME BORROWERS AND INSTITUTIONAL INVESTORS

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

Allocation of private debt in June 2020

While overall portfolio composition shows trend towards alternatives, half of decision makers want to increase investments into private debt.

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

INSTITUTIONAL FUNDING BASE STRENGTHENED VIA FIBR BANK VEHICLE EXPANSION

FUND AND FIBR BANK* IMPACT ON ARRANGED LOAN VOLUME IN 9M 2021**

FIBR Bank expanded debt funding on creditshelf platform by up to EUR 60 mn, now totaling EUR 120 mn.

2

1

Second extension illustrates the attractiveness of creditshelf's investment opportunities for professional and institutional investors.

MATT KUS, HEAD OF LENDING PARTNERSHIPS AT FIBR BANK

"Our lending partnership strategy, focused on providing SME lenders with funding for their origination is gaining momentum. By expanding our existing successful partnership with creditshelf, we are strengthening our footprint in Germany, addressing the urgent need for SME debt capital."

2. FINANCIALS

ON TRACK: GROWING TOP LINE PAIRED WITH STRICT COST CONTROL

REVENUE GROWTH REFLECTING CHANGED FEE STRUCTURE

• 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.

• 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. OUTLOOK

UNCHANGED OUTLOOK – SET FOR GROWTH

We assume that the German economy will continue to recover assuming the absence of another 'lockdown'. At the same time, the increasing number of Corona cases and temporary supply bottlenecks harbor risks.

1

2

3

Every crisis offers opportunities. We expect that structural changes in the German SME lending market are accelerating, providing tailwind to our business.

Based on efficiency gains, ongoing investments and a growing network, we consider ourselves well positioned to scale our business towards break-even and expand our market penetration in SME finance.

With growth continuing we expect group full year 2021 revenues of EUR 6.0 to 8.0 mn.

5

4

With prudent cost management, we expect a group full year 2021 EBIT of EUR minus 3.0 to minus 4.0 mn.

4. Q&A

APPENDIX

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
Total expenses (gross)*	-3,892.5	-10,477.4	-2,914,6	-2,640.5	-5,555.0	-2,223.9	-7,769.9	-2,620.5	-10,390.4	-2,201.3	-2,229.1	-4,548.7	-1,945.1	-6,539.2
Personnel expenses	-1,286.9	-4,423.2	-1,510.9	-1,507.0	-3,017.8	-1,449.2	-4,467.1	-1,557.2	-6,024.3	-1,339.0	-1,446.9	-2,785.8	-1,278.6	-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

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

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 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.