creditshelf AG — Investor Presentation 2021

Sep 9, 2021

CREDIT SHELF

INVESTOR AND ANALYST PRESENTATION

Q2 2021

September 9, 2021

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AGENDA

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

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1. BUSINESS UPDATE

H1 2021 - STRONGEST IN COMPANY HISTORY

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Over the last years, the creditshelf platform has consistently reached new levels of arranged loan volume.

A high recurring customer rate significantly contributed to this trend and underscores creditshelf's product market fit.

Q1 and Q2 2021 mark milestones as some of the strongest quarters in company history with a growing conversion rate.

H1 2021 - STRONGEST IN COMPANY HISTORY

• +57% growth in the aggregated volume of loans arranged in H1 2021 to EUR 71.8 mn (H1 2020: EUR 45.6 mn).
• Since the launch of its platform in 2015, creditshelf has arranged a total of over EUR 360 mn in loans for German SMEs. 2
• EUR 120+ mn loans arranged in the last 12 months alone, reflecting a growing origination power. 3
  • EUR 744.5 mn aggregated volume of loans requested after high Q1 2020 requests as a result of uncertainty at beginning of coronavirus pandemic (H1 2020: EUR 860.1 mn).
• ATB partnership expanded with additional EUR 20 mn investable capital, now totaling to a commitment of EUR 60 mn. 5
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Cooperations with Sparkasse Bremen and two Volksbanks mark milestones with our product now present in all three pillars of the German banking sector.

GROWTH DRIVERS

SME's investment needs underserved by banks

Higher conversion rate

Institutional funding strategy

Focused marketing campaigns

High customer retention rate

EXTERNAL TRENDS REMAIN FAVORABLE

...WHILE A MAJOR WAVE OF INSOLVENCIES SO FAR HAS REMAINED ABSENT...

…AND SMES CONTINUE TO BE CONFRONTED WITH RESTRICTIVE BANKS.

with more restrictive banks since 2018.

Sources: ifo Institute. (July 2021), company estimation; Commerzbank data on insolvencies; Leibniz Centre for European Economic Research. (2021). The Covid-19 Insolvency Gap; KfW-ifo Credit Constraint Indicator (July 2021).

CREDITSHELF WITH ORIGINATION POWER IN A HIGHLY DISINTERMEDIATED GERMAN SME MARKET

MULTI-CHANNEL MARKETING MIX ENABLES STRONG LEAD GENERATION

• 1 Multi-channel approach allows deep reach into a disintermediated market
• Mix of online and offline activities in combination with data driven approach

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• 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

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10% CONVERSION RATE

DEBT SCALE-UP FINANCING – AN ATTRACTIVE, UNDERSERVED MARKET

GROWING MARKET OF SCALE-UP FINANCING, CONTRIBUTING TO OUR GROWTH

LIMITED COMPETITION AND CRISIS-DRIVEN, NEW BUSINESS MODEL OPPORTUNITIES

The crisis is opening new opportunities centered around digital business models, while the working capital market is temporarily dominated by state guaranteed products (KfW).

Venture capital / debt providers are focussing on earlier stages, revenue-based products and / or larger tickets, lacking standardized processes.

Banks show very little flexibility in their financing offers for scale-ups, struggling with negative EBIT.

Scale-Up-financing generates non-bankable, but investable assets with long-term opportunities – customers grow into the 'regular' segment.

Enabler: Cashflow-based lending and standardized processes. Benefit: Fast credit decisioning and no equity dilution.

TECHNOLOGY ENABLES EFFICIENCY GAINS

PROCESS EFFORT

'Do what you can do best, and automate the rest'

Viable unit costs economics also for smaller tickets via largely automated operations

Loans per risk FTE (in EUR mn)

SPEED

'Quick availability of cash is more important than the price tag'

Tasks become algorithms, dashboards and scores, so that Analysts focus on complex tasks

Calendar days to final approval*

HUMAN IN THE LOOP AI

'Analysts to use their brains, not their hands'

Synergy between analysts' expertise and datadriven machine learning models

0 50 100 150 100 200 300 2017 2018 2019 2020 2021 Stable risk profile Loans arranged in EUR mn (right axis) Average Crefo score (left axis) H1 2021

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

2. FINANCIALS

REVENUE GROWTH PAIRED WITH LOWER COST BASE HIGHLIGHTS SCALING POTENTIAL

ATTRACTIVE RETURN PROPOSITION IN NEGATIVE YIELD ENVIRONMENT

CONSTANTLY HIGH GROSS YIELDS

VOLUME GROWTH WITH

STABLE REPAYMENT BEHAVIOR REALISED DEFAULT RATE* COHORTS IMPROVE OVER TIME

REVENUE GROWTH IN H1 2021

• Increase of 57% in arranged loan volume from EUR 45.6 mn in H1 '20 to EUR 71.8 mn in H1 '21.
• Revenues up 35% to kEUR 3,380 driven by significant loan volume growth.
• Stable borrower fee margin continues to stand at 3.5% (H1 '20: 3.7%).
• Lower investor fee margin due to implementation of largescale funding vehicles …
• … coming with servicing and advisory fees, which are partly supplementing standard investor fees and are generating volume-based revenues recognized over time.
• Higher rebates compared with H1 '20 driven by a larger single case loan restructuring weighing on investor fee margins.

BALANCE SHEET

as of June 30, 2021; in EUR mn

• Current assets decreased to EUR 2.7 mn (FY '20: EUR 5.5 mn) – lower cash or cash equivalents of EUR 1.2 mn (FY '20: EUR 3.8 mn), due to recorded payments for transactions of EUR 3.1 mn in the balance sheet as of December '20 caused a short-term increase.
• Non-current assets with EUR 4.3 mn (FY '20: EUR 4.6 mn) slightly 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 2.7 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 2.6 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 with an increasing vaccination penetration rate and the absence of a larger 'lockdown'. At the same time, virus variants and temporary supply bottlenecks harbor risks.

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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 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.

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

4. Q&A

APPENDIX

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

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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

CREDITSHELF – A TOP 100 FINANCIAL TIMES EUROPEAN GROWTH COMPANY

March 12, 2021 March 2, 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).

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.

Creditshelf clinches €40m funding line from Amsterdam Trade Bank

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 March 9, 2021

Commerzbank setzt verstärkt auf Creditshelf Seit 2019 vermittelt die Commerzbank Firmenkunden, deren Darlehenswünsche sie nicht erfüllen kann, an die Kreditplattform Creditshelf. Künftig gilt das auch für kleinere Mittelständler.

January 19, 2021 March 11, 2021

Roland Berger und creditshelf geben Banken Impulse für eine zukunftsorientierte SME-Finanzierung

SUCCESSFUL INSTITUTIONAL DEBT INVESTOR STRATEGY AS BASIS FOR GROWTH

FUND AND ATB IMPACT ON ARRANGED LOAN VOLUME IN H1 2021*

ONGOING DIVERSIFICATION OF INVESTMENT FORMATS AND OFFERED RISK PROFILES Partner of choice to convert loans into securities format At least EUR 60 mn warehouse facility Maturities of up to 8 years Up to EUR 150 mn SICAV diversified, permanent capital fund format

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 Inhaber lautende 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 Research FMR, KBW

QUARTERLY SERIES

IN kEUR	Q3 2019	9M 2019	Q4 2019	FY 2019	Q1 2020	Q2 2020	H1 2020	Q3 2020	9M 2020	Q4 2020	FY2020	Q1 2021	Q2 2021	H1 2021
Revenues	694.1	2,460.3	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
Borrower Fee	375.8	1,528.6	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
Investor Fee	318.3	931.7	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
Servicing and Advisory Fee	0,0	0,0	22,4	22,4	20,8	15,1	35,9	10,9	105,2	70,0	175,2	53.4	87.8	141.2
Other Op. Income	98.5	296.7	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
Total expenses (gross)*	-2,029.3	-6,584.9	-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
Personnel expenses	-1,007.3	-3,136.3	-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
Related capitalised software	33.1	188.7	37.8	226.5	71.4	114.0	185,4	127.3	312.7	109.2	421.9	142.0	163.8	306.8
Other operating expenses	-1,022.0	-3,448.6	-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
Advertising and Marketing**	-535.3	-1,586.8	-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
Legal & Consulting Services	-182.2	-744.3	-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
Other**	-304.5	-1,117.6	-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
EBITDA	-1,203.6	-3,639.2	-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
Depreciation & Amortisation	-202.3	-549.4	-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
EBIT	-1,405.9	-4,188.6	-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

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: 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.