Smartbroker Holding AG

Investor Presentation • May 3, 2022

Unique Operating Model To Digitise Europe's Largest Retail Brokerage Market

May 2022

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Redefining Digital Investing Unique Combination of Digital Brokerage & Relevant Financial Information

Transaction: Smartbroker

The largest neo broker operator by assets under custody in Germany

Media

The largest publisher-independent financial portal operator

Host of the largest finance community across German-speaking Europe

One of Germany's leading digital personal finance and investment platforms – across most asset classes and investment strategies.

20+yrs market experience | 100% digital | No stores – no hidden costs | Full service | Leading by technology | In-house development

Existing Media Revenue Base & Strong Profitability Allow for Self-Financing of Smartbroker

Preliminary unaudited financials 2021, based on management information system | Growth rates are YoY | CAC = client acquisition cost

Operational KPIs 2021 Brokerage Accounts & Assets More Than Doubled – Media Reach Also Expanded

Smartbroker Classic Transaction

Revenue 2021E Over-achieved Guidance – Growth Stemming from Both Business Units

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Revenues, in €m Revenue growth by segment, in €m

E: estimated, according to preliminary management information system financials

Profitability 2021E 3 rd Consecutive Year of Achieving or Exceeding Our Financial Guidance

Operational EBITDA, in €m Targeted investment into Smartbroker client growth, in €m

Fulfilled guidance – Self-financing Smartbroker customer growth

CAC = client acquisition cost, SB = Smartbroker, E: estimated, according to preliminary management information system financials

Award-Winning Neo Broker for Private Investors & Savers

Germany's ONLY full-service broker with zero fees

• Trade virtually all securities licensed in Germany on all German exchanges
• Zero securities account fee
• Zero to €4 per transaction

• Zero downtime

• Free savings plans

• Derivatives trading starting from €0 Premium partners: Morgan Stanley, HSBC, UBS and Vontobel

Smartbroker 2.0 Brand New Customer Experience & State-of-the-Art Functionality

• Smartbroker 2.0 to be launched in H2 2022
• Faster service
• New products: e. g. selection of crypto currencies
• Smartbroker Cloud Platform
• Integrated customer data and content platform
• New client groups
• Digital ecosystem with well-known fintech companies centred in Berlin

Commercial Impact of Smartbroker 2.0

Establishing a Greatly Improved Business Model for the Brokerage Segment

Focussed Financial Media Coverage

Our Targeted Audience Makes us a Preferred Partner for Advertisers

• Media outlets across Desktop, Mobile Web, App
• 836k registered users in our discussion forums

• Clearly defined audience

• Users with above-average income and education level

• We estimate to reach at least 40% of Germany's XO investors
• New paid-services & video editorial team starting in Q2 2022

Personal Investing in Germany: At the Beginning of a Seismic Shift

German Households' Financial Assets Grow by 6% p.a. Investments in Listed Equities & Funds Growing at Double this Rate

Digitally-native neo brokers and robo advisors account for less than 3% market share

Source: Deutsche Bundesbank, data as of Q3 2021 | Company websites, own research, Oliver Wyman 2021 | CAGR. 2015-2021 | OECD 2021 data | Smartbroker market share based on assets under custody, company estimate

Market Pricing Remains Largely Stable Zero-fee Commissions Enable Broad Access To Capital Markets

Broad Banks Maintain high commissions as long as possible

XO-Focussed Wait and see what happens to customer base before lowering fees

Start-ups Disrupt market by changing low (zero) commissions, and earning revenue from other sources

Commissions based on hypothetical investment of EUR 5,000 | Source: ExtraETF 2022, broker websites, Blackrock

Key Tailwinds Consistently Expanding Our Market Opportunity

Growing share of XO investors using and trusting digital brokers

• Widespread access to reliable financial information, brokerage & investment solutions
• User-friendly technology & established commission-free business models

Sustained demand for investment alternatives

• Pressure on state pension systems
• Low to negative (real) interest rate environment
• Increasing inflation

Digital Natives – a new generation of investors & savers

€100+ billion inherited financial assets p.a. – a growing share is reinvested via digital channels

Guidance 2022

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Continuing Our Profitable Growth

2022 Outlook | A Year of Two Halves Smartbroker 2.0 to be Launched in H2 2022

• Complete overhaul of user experience, functionality, branding, back-end technology
• Immediate access for new clients to comprehensive product and functionality
• Subsequent migration of current customer base

Impact on Key Dynamics in 2022

Customers

▪ Intentional temporary slow-down of client additions to avoid migration of recently onboarded customers

Cost base

▪ WSO is maintaining the current brokerage platforms while investing into the launch & roll-out of Smartbroker 2.0

Pre-Launch Smartbroker 2.0

Customers

• Accelerated and more efficient customer acquisitions onto a state-of-the-art Smartbroker Cloud Platform
• Higher revenues per trade
• Increased trade frequency

Cost base

• Degressive cost base & scalable business model
• Higher customer lifetime value

Operational KPIs 2022 Guidance Focusing on the Launch of Smartbroker 2.0

B: budgeted, according to current company guidance

Assets under custody, in €bn

Financial Guidance 2022 25% Revenue Growth & Temporary Increase In Investment

4.3 4.4 12.0 17.5 2020 2021E 2022B CAC Op. EBITDA 28.2 51.4 2020 2021E 2022B 62 - 67 56% Media 44% Transaction +25% 16 - 18 10 - 12

Revenues, in €m Operational EBITDA before and after Smartbroker CAC, in €m

Total Investment into Smartbroker 2.0 of c€20m

• In 2021 (c40% of total) and 2022 (c60%)
• Across P&L (c20% of total) and Cash Flow (c80%)
• Financed by cash on balance sheet (€25+m) and operational cash generation
• Additional liquidity available/ undrawn

Laying foundations for vastly improved business model

E: estimated, according to preliminary management information system financials | B: budgeted, according to current company guidance (HGB)

Our Growth Cycle Long-term Value Creation for Our Clients and Our Shareholders

All growth values are 2021 year-over-year

Investing into Two Main Trends at the Heart of the Digital Transformation

• Unique Target Operating Model
• Strong Operational and Financial Momentum
• EUR 7 Trillion (7 x 10¹²) Market Growing at 6% p.a. for the Brokerage Business Alone
• Best Positioned for Material Market Share Gain
• Well -defined Product Roadmap to Monetise Opportunities
• State -of -the -Art Technology Roll -Out
• Ample long -term Growth Avenues

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wallstreet:online AG Ritterstr. 11 | 10969 Berlin

ir@wallstreet-online.de

About | The wallstreet:online Group operates Smartbroker - a multiple award-winning online broker, which is the only provider in Germany to combine the extensive product range of traditional brokers with the extremely favourable conditions of neo brokers. At the same time, the Group operates four high-reach stock market portals (wallstreetonline.de, boersenNews.de, FinanzNachrichten.de and ARIVA.de). With several hundred million monthly page impressions, the Group is the by far largest publisher-independent financial portal operator in Germanspeaking countries and hosts the largest finance community.