CREDIT SHELF

INVESTOR AND ANALYST PRESENTATION

Q1 2021

MAY 12, 2021

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

1. BUSINESS UPDATE & FINANCIALS

THE FUTURE OF LENDING: EFFICIENT ECO SYSTEMS

97% of banks see a very high strategic relevance of digital ecosystems for the German banking market in the next 5 years.

Commerzbank and creditshelf expanded their existing strategic partnership to Private and Small-Business Customers segment.

57% of banks want to generate >10% of their revenue from digital ecosystems in 5 years. However, these ambitions do not match their level of investment.

Sparkasse Bremen and creditshelf started a cooperation in lending to SME corporate customers, which now have access to creditshelf's products.

WE CONTRIBUTE A COMPLEMENTARY SOLUTION TO GERMAN SME FINANCING ECO SYSTEMS

Increasingly restrictive bank lending standards

Needs

Unprofitable bank corporate lending

Significant SME credit gap of EUR +100 bn

OUR SME CUSTOMERS NEEDS…

Classic German Mittelstand and scale-up companies looking for additional and swift financing as collateralized house bank credit lines are often fully utilized
Average revenue p.a.: EUR ~18 mn
Average cs-credit score: B to BB
In situation such as working-capital needs, succession, M&A, growth or digitalization

… ARE MET BY OUR PRODUCT OFFERING

Drivers

Unsecured SME loans
EUR 100,000 to EUR 5 mn
1 to 96 months
Bullet or annuity
Quick and easy digital loan application
Feedback within 48 hours

AVERAGE TICKET SIZE: EUR ~1 MN

… ENABLED BY OUR SCALABLE PLATFORM

Growing Institutional Investor Base

Platform grants access to attractive asset class
Accessible SME universe: 400,000+ companies(1)

Technology

Enablers

Highly automated risk analysis requires sufficient data only ~20% of smaller companies provide(2)
Automation and standardization in combination with average ticket sizes allow for attractive unit cost economics

DEEP, TECHNOLOGY-DRIVEN RISK ANALYSIS DELIVERS FAVOURABLE RISK-RETURN PROFILES

LOW IMPACT OF CORONA CRISIS ON DEFAULT RATES…

Vintage	2017	2018	2019	2020
Change in default rate between September 2020 and March 2021***	0%	0%	+1.27%	+0.23%

DEFAULT RATES & COUPONS BY VINTAGE IN %

Vintage	2017	2018	2019	2020
Weighted average coupon p.a.	9.19%	8.54%	8.34%	8.82%
Observed default rate p.a**	3.3%	2.2%	1.2%	<0.1%

* Data as of Dec. 2020; cumulated; ** annualized default rates p.a. calculated as cumulated weighted default rates in final month on book / months on book x 12 ; all data as of April 2021; *** in % of change of default volumes between September 2020 and March 2021.

FINANCIAL HIGHLIGHTS Q1 2021

+224% growth in the aggregated volume of loans arranged in Q1 2021 to EUR 37.6 mn (Q1 2020: EUR 11.6 mn).
2 Strongest quarter in company history with growth based on a balanced mix of new and existing customers.
3 EUR 357.1 mn aggregated volume of loans requested after high Q1 2020 requests as a result of uncertainty at beginning of coronavirus pandemic (Q1 2020: EUR 500.0 mn).
4 27.4 months of average tenor (Q1 2020: 24.9 months) with average volume-weighted interest rate of 8.9% (Q1 2020: 9.2%).

kEUR 1,140 average ticket size in Q1 2021 (Q1 2020: kEUR 773).

PLATFORM FINANCIALS

+142% revenue growth in Q1 2021 to kEUR 1,657.5 (Q1 2020: kEUR 685.6).

kEUR 1,256.7 from borrower fees (Q1 2020: kEUR 443.0).

3 kEUR 400.8 from investor / service and advisory fees (Q1 2020: kEUR 242.6).
4 kEUR -718.2 EBIT significantly improved (Q1 2020: kEUR - 2,131.2).

5 Efficiency gains and prudent cost management lead to lower Q-o-Q overall expenses.

SUCCESSFUL INSTITUTIONAL DEBT INVESTOR STRATEGY AS BASIS FOR GROWTH

FUND AND ATB IMPACT ON ARRANGED LOAN VOLUME IN Q1 2021*

ONGOING DIVERSIFICATION OF INVESTMENT FORMATS AND OFFERED RISK PROFILES Partner of choice to convert loans into securities format At least EUR 40 mn warehouse facility Maturities of up to 8 years Up to EUR 150 mn SICAV diversified, permanent capital fund format

STRONG REVENUE GROWTH IN Q1 2021

Increase of 224% in arranged loan volume from EUR 11.6 mn in Q1 '20 to EUR 37.6 mn in Q1 '21.
Successful partnerships, with which creditshelf is constantly expanding the SME financing eco system.
Revenues up 142% Q-o-Q to kEUR 1,658 driven by significant loan volume growth.
Servicing and advisory fees are partly supplementing standard investor fees and are generating volume-based revenues recognized over time.
Higher rebates compared with the prior-year quarter as a result of loan defaults and a larger single case loan restructuring weighed on investor fee margin.

TOTAL REVENUE GROWTH PAIRED WITH LOWER COST BASE HIGHLIGHTS SCALING POTENTIAL

Improved total revenue quality
Actively managed total expenses decreased significantly to kEUR 2,201 (Q1 '20: kEUR 2,914):
Decreased personnel expenses of kEUR 1,339 (Q1 '20: kEUR 1,511) driven by stable -headcount and reduced RSU-expenses.
Own work capitalized increased to kEUR 143 (Q1 '20: kEUR 71) due to inhouse software development.
Marketing & Advertising costs down to kEUR 149 (Q1 '20: kEUR 627) as a result of a focused marketing approach.
Other operating expenses down to kEUR 713 (Q1 '20: kEUR 776).
EBITDA improved significantly: kEUR -401 (Q1 '20: kEUR -1,857).
EBIT at kEUR -718 (Q1 2020: kEUR -2,131) includes kEUR 318 amortization of intangible assets (Q1 '20: 274).

BALANCE SHEET

as of March 31, 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 1.3 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.
Noncurrent assets with EUR 4.5 mn (FY '20: EUR 4.6 mn) on par with December '20.
Current liabilities reduced to EUR 1.6 mn (FY '20: EUR 5.0 mn) corresponding to the December short-term increase of current assets.
Noncurrent liabilities rose to EUR 2.2 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 mn drawn by the company.
Total equity decreased to EUR 3.2 mn (FY '20: 3.9 mn), resulting from negative net result, partially compensated by RSU equity settlement in capital reserves.

2. OUTLOOK

UNCHANGED OUTLOOK – SET FOR GROWTH

We assume that the German economy will recover over the course of 2021 with an increasing vaccination penetration rate and further long-term, broad-based closures of significant parts of the German economy can be avoided. Some sectors are benefitting more than others.

4

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

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

3. Q&A

APPENDIX

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

ATTRACTIVE PRODUCT FOR THE SME FINANCING MIX

DIGITAL SME LOANS

✓ EUR 100,000 to EUR 5 mn
✓ 1 to 96 months
✓ Bullet or annuity
✓ Senior unsecured
✓ Quick and easy digital loan application
✓ Feedback within 48 hours

FRIENDSURANCE

"Startups often receive funding from business angels and venture capital funds, but rarely any loans, and certainly not in times of the coronavirus. In the first quarter of 2020, investments in insurtechs halved worldwide. The fact that we got financed so quickly via creditshelf shows how compelling and solid our business model is."

Tim Kunde, CEO

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.)

TOTAL LOANS REQUESTED AND ARRANGED

* 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. ** 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. 19

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 Commerzbank, FMR, KBW

QUARTERLY SERIES

IN kEUR	Q2 2019	H1 2019	Q3 2019	9M 2019	Q4 2019	FY 2019	Q1 2020	Q2 2020	H1 2020	Q3 2020	9M 2020	Q4 2020	FY2020	Q1 2021
Revenues	829.4	1,766.2	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
Borrower Fee	558.0	1,152.8	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
Investor Fee	271.4	613.4	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
Servicing and Advisory Fee	0,0	0,0	0,0	0,0	22,4	22,4	20,8	15,1	35,9	10,9	105,2	70,0	175,2	53.4
Other Op. Income	291.0	198.2	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

Total expenses (gross)*	-2,282.3	-4,555.6	-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
Personnel expenses	-1,150.3	-2,129.0	-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
Related capitalised software	78.3	155.6	33.1	188.7	37.8	226.5	71.4	114.0	185,4	127.3	312.7	109.2	421.9	142.0

Other operating expenses	-1,132.0	-2,426.6	-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
Advertising and Marketing**	-578.9	-1,051.5	-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
Legal & Consulting Services	-285.6	-562.1	-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
Other**	-267.5	-813.0	-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

EBITDA	-1,665.6	-2,435.6	-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
Depreciation & Amortisation	-186.1	-347.1	-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
EBIT	-1,851.7	-2,782.7	-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

OVERVIEW OF FINANCIAL CALENDAR

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.