CREDIT SHELF

INVESTOR AND ANALYST PRESENTATION

FY 2020

March 30, 2021

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

1. BUSINESS UPDATE

CREDITSHELF BUSINESS MODEL BENEFITS FROM ACCELERATING ECONOMIC AND INDUSTRY TRENDS

OUR PLATFORM IS A TAILOR FIT SOLUTION FOR SME FINANCING NEEDS…

…AND HAS FURTHER STRENGTHENED ITS UNIQUE VALUE PROPOSITION FOR INSTITUTIONAL INVESTORS

Investors are looking for attractive investment opportunities in the low interest rate environment.	8.8% average gross yield(1)	Unsecured SME loans offer interest rates between 6% and 12% with an attractive risk / return profile.
Investors can hardly invest into German SME companies that lack capital market access.	2,400+ registered borrowers	creditshelf enables direct and indirect access to German SME debt asset class via different vehicles (direct, securities, fund, SPVs etc.).
Ideal opportunity to enter an underserved, sustainable market with a EUR 100+ bn credit gap(2)	124% loan CAGR(3)	creditshelf focuses on a vast and underpenetrated target with only ~2-3% market penetration.(4) market
Online platforms have a significant impact in lending – EUR 11.7 bn loans brokered in 2020(5) – and link a large number of important players in SME financing.	700+ partners onboarded	creditshelf is open for cooperations with institutional partners on the borrower, the investor and the referral side.

Sources: (1) Based on all loans disbursed within financial year 2020; (2) Working Paper: Die globale FinTech-Revolution: eine Chance für KMUs?" (Prof. Mark Mietzner, 2018), company estimation; (3) Based on arranged loan volume 2015-2020; (4) solarisBank (2019): "Der digitale SME-Kredit in Deutschland – Eine Studie von Barkow Consulting in Zusammenarbeit mit solarisBank"; (5) Verband Deutscher Kreditplattformen, 2020.

GROWTH STRATEGY – MORE OF THE SAME TO SCALE

OPERATIONAL EFFICIENCY GAINS

Increasing degree of process automation

Prudent cost management Focused performance marketing approach

Software development

Further development of the software, proprietary, data-driven credit decision support and credit scoring algorithms.

Cooperations

Strategic cooperations regarding the referral of platform participants inside creditshelf's network.

Expansion of product portfolio

Creation and onboarding of complementary products to fit SME financing needs.

SUCCESSFUL OVERCOMING OF CORONA-CHALLENGES WHILE DELIVERING ON GROWTH STRATEGY

SIGNIFICANT EFFICIENCY GAINS by focussing on what's critical and necessary to run the business. Adjusted controls, decisions, rights and end-to-end visibility to enhance cost accountability.	Implementation of remote work system without loss of productivity	Optimized middle office processes: 2 FTEs administered 237 loans ('19: 167)	Marketing efficiency gains: EUR 945 per lead* ('19: EUR 1.267) at consistent conversion
BENEFITTING OF DATA POWER AND DIGITAL TOOLS by harnessing automation, analytics, core systems and data to improve efficiency, and enhance performance and customer experience.	Implementation of further automation in the credit process reduces human interaction	New CRM system enables digitalized, data driven marketing and enhanced customer experience	+1.400 processed loan requests in 2020 with EUR +1.5 bn volume

EXPLORING NEW FRONTIERS FOR BUSINESS OPPORTUNITIES by starting new cooperationsto secure funding and widen investor possibilities.	Numerous renowned investors onboarded (e.g. BNP, EIF, ATB)	Partner network extended (~150 new partners in 2020, 700+ total)	Extension of Commerzbank cooperation with access to new products and customers

2. FINANCIALS & OUTLOOK

FINANCIAL HIGHLIGHS FY 2020

+14% growth in the aggregated volume of loans requested in FY 2020 to EUR 1,528.2 mn (FY 2019: EUR 1,340.7 mn).

2 Slowed pace of new arranged loans in Q4 to address risks of second lock down.
3 EUR 98.9 mn total loan volume arranged in FY 2020 benefits from growing platform network (FY 2019: EUR 88.5 mn).
4 26.8 months of average tenor (FY 2019: 27.7 months) driven by shortened tenors to mitigate Corona risks.

kEUR 899 average ticket size in FY 2020 (FY 2019: kEUR 893).

PLATFORM FINANCIALS

+7.3% revenue growth in FY 2020 to kEUR 4,899.2 (FY 2019: kEUR 4,564.5).

kEUR 3,391.0 from borrower fees (FY 2019: kEUR 2,765.6).

3 kEUR 1,508.3 from investor / service and advisory fees (FY 2019: kEUR 1,798.9).

kEUR -5,345.2 EBIT decreased (FY 2019: kEUR -4,954.3).

Cost management and strategic investments to

mitigate Corona-risks and be prepared for opportunities arising from economic recovery.

ATTRACTIVE UNIT COST ECONOMICS

FACILITATING SUSTAINABLE REVENUE GROWTH

Increase of 11.8% in arranged loan volume from EUR 88.5 mn in FY 2019 to EUR 98.9 mn in FY 2020 while maintaining highest risk standards in times of crisis.
A growing platform network and the scale-up financing initiative more than compensate temporary KfW loan supply measures.
Revenues up 7.3% Y-o-Y to kEUR 4,899.2 driven by higher borrower fee margins of 3.4% in 2020 (FY 2019:3.1%) and loan volume growth.
Servicing and advisory fees are increasingly supplementing standard investor fees and are generating outstanding volumebased revenues recognized over time.

STABLE OPERATIONAL PERFORMANCE DRIVEN BY REVENUE GROWTH AND PRUDENT COST MANAGEMENT

Total revenue benefitting from increase of revenues with lower other income.
Actively managed total expenses decreased to kEUR 9,969 (FY 2019: kEUR 10,251):
Higher personnel expenses of kEUR 6,024 (FY 2019: kEUR 4,423) driven by -headcount and RSU-expenses.
Own work capitalized increased to kEUR 422 (FY 2019: kEUR 227) due to inhouse software development.
Marketing & Advertising costs down to kEUR 1,330 (FY 2019: kEUR 2,237) despite strengthening the performance marketing infrastructure.
Other operating expenses excl. marketing down to kEUR 3,037 (FY 2019: kEUR 3,818).
Stable EBITDA: kEUR -4,129.0 (FY 2019: kEUR -4,154.2).
Slightly lower EBIT: kEUR -5,345.2 (FY 2019: kEUR -4,954.3) due to higher amortization of intangible assets.

PROVEN RISK MODEL IN UNPRECEDENTED TIMES OF CORONA CRISIS

IMPROVING DEFAULT RATES…

…BENEFITTING FROM GROWING DATA SET

Constant data-driven improvement in credit risk model leads to better default predictions and decreased default risk over time as shown by cohort analysis.
Despite unprecedented Corona crisis, overall defaults continue to be in line with expectations and guidance.
Quality and resilience of portfolio as well as loan servicing capacity proven by constantly more than 95%(2) of outstanding loans making timely payments throughout 2020.

(1) Cohorts based on disbursement date, not volume weighted (2) Not more then 30 days arrear.

FY 2020 WITH TANGIBLE MILESTONES IN EXECUTING OUR INSTITUTIONAL DEBT INVESTOR STRATEGY

FUND IMPACT ON ARRANGED LOANS IN FY 2020

ONGOING DIVERSIFICATION OF INVESTMENT FORMATS AND OFFERED RISK PROFILES

Partner of choice to convert loans into securities format

At least EUR 40mn warehouse facility with junior/senior financing

Exclusive product for maturities of up to 8 years

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.

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

PORTFOLIO INSIGHTS

BALANCE SHEET

as of December 31, 2020; in EUR mn

Current assets decreased to EUR 5.5 mn (FY 2019: EUR 7.9 mn) - temporarily higher cash or cash equivalents of EUR 3.8 mn (FY 2019: EUR 6.6 mn) by recorded payments for transactions of EUR 3.1 mn in the balance sheet cause a short-term increase.
Non-current assets decreased to EUR 4.6 mn (FY 2019: EUR 5.2 mn) driven by ordinary amortization of intangible assets.
Current liabilities increased to EUR 5.0 mn (FY 2019: EUR 3.2 mn) corresponding to the increase of current assets.
Non-current liabilities amounting to EUR 1.2 mn (FY 2019: EUR 1.4 mn).
Total equity decreased to EUR 3.9 mn (FY 2019: 8.5 mn), resulting from negative annual result, partially compensated by RSU equity settlement in capital reserves.

QUARTERLY SERIES

IN kEUR	Q1 2019	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
Revenues	936.8	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
Borrower Fee	594.8	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
Investor Fee	342.0	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
Servicing and advisory Fee	0,0	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
Other Op. Income	489.2	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

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	-2,640.5	-5,555.0	-2,223.9	-7,769.9	-2,620.5	-10,390.4
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	-1,507.0	-3,017.8	-1,449.2	-4,467.1	-1,557.2	-6,024.3
Related capitalised software	77.3	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

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	-1,121.0	-2,537.1	-774.7	-3,302.9	-1,063.3	-4,366.2
Advertising and Marketing**	-472.6	-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
Legal & Consulting Services	-276.5	-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
Other**	-545.5	-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

EBITDA	-770.0	-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
Depreciation & Amortisation	-161.0	-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
EBIT	-931.0	-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

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

Designated Sponsor ODDO Seydler

Stock Exchanges Regulated Market (Prime Standard) of the Frankfurt Stock Exchange

Research Commerzbank, FMR, KBW

OVERVIEW OF FINANCIAL CALENDAR

	February 24-25, 2021	ODDO SEYDLER Digital Small & Mid Cap Conference 2021
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
	Aug. 31 - Sept. 2, 2021	Commerzbank Corporate Conference, Frankfurt / Main
	September 9, 2021	Publication Q2 statement
	September 20-24, 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: [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.