Company Overviewand Financials

Registered in Malta, Credissimo is a leading European FinTech group that utilizes innovative proprietary technology to provide instant online consumer loans, e-commerce financing and bill payment services since 2007.

Credissimo is present in five countries worldwide, of which four in Europe, and is an undisputed market leader in the online consumer lending segment in two of them.

Credissimo’s efficient business model, rigorous technological optimization, lending automation solutions, and visionary management are the key drivers of its longstanding competitive edge and success.

The group adheres to the highest regulatory requirements and is supervised by multiple banking and financial services regulators in each country of operations.

A leading FinTech consumer lender with a state-of-the art proprietary operating platform

Immediately scalable and transferrable online business model for global expansion

Strong brand awareness in multiple countries Healthy balance sheet and reliable long-term free cash flow

generation

Please direct all indications of interest to Credissimo’s Corporate Finance Department at: investors@credissimo.com

The beginning of 2018 marked Credissimo’s aggressive expansion, including on new continents. Given that the proprietary platform could readily accommodate any language, currency, and regulatory framework, the requisite for massive further growth is purely financial.

Credissimo’s shareholders seek constant operational improvements in all markets, as well as investigate new opportunities (markets and products) which would drive the Company forward in its next stages of expansion and would contribute towards harnessing of its profitability potential around the world.

Rapid customer base and loan portfolio expansion EBITDA Margin of 35+% and Net Margin of 30+% in the ordinary

course of business over an extended period of time Experienced management with tremendous visionary capabilities Ambitious pipeline of projects leading toward the transformation into

a digital bank

The Company

The current document summarizes the most important characteristics (financial and non-financial) of the Company, including its historical development, ownership, products, business processes, customer base growth, portfolio growth and financials.

Highlights

Credissimo at a glance

established

2007 2008

1st on the market to offer near instant approval process (next best alternative was 24 hours)

Launch of a new proprietary technology for real-time application processing

+ 250,000 loan applications and +140,000 Facebook followers reached

+ 100,000 loan applications reached

20122009

1st on the market to offer purely online lending

2011

1st on the market to offer a loan at 0% interest rate for the first 30 days (grace period)

2014

Innovative new service “Pay Later” (delayed payment for online shopping)

2015

1st in the industry in Bulgaria to be awarded a credit rating*

2013

1st on the market to offer bill payment financing

Mobile version of Credissimo’s website launched

1st in Bulgaria to launch mobile app

“Most Innovative Company for 2015” Award by B2B Media

2017 2018

Expansion in Colombia & Spain

Expansion in Poland

“Favourite Financial Institution in Bulgaria” & Favourite Bulgarian Brand” Award by Mylovemarks

+400k followers on Viber

“Favourite Financial Institution in Bulgaria” & Favourite Bulgarian Brand” Award by Mylovemarks

Forbes Business Awards 2017 “Financial Sector Innovations” & “Quality of Services”

Reached Top 10 Alternative Finance in European FinTech Awards 2017

Product diversification

1st in the industry in the world to offer Chatbot service

2016

“Overall responsibility and charity” Award by the Business Lady Magazine

International expansion in Macedonia

Source: Company Management* Credit rating was awarded by Bulgarian Credit Rating Agency AD.

A leading player in the CEE tech-enabled consumer lending arena with solid global potential

Strong brand

One the most highly recognized brands in the FinTech industry in Bulgaria, Macedonia and Poland;

77% returning customers over the period 2016-2018;

96% customer satisfaction based on an in-house survey.

Profitability & Growth

On consolidated level, Credissimo generated a net loan portfolio CAGR of 28% for the period Jan2016-Dec2018.

The Company granted cash to customers at the amount of EUR 89m for the period 2016-2018 and collected EUR 113m, achieving the impressive 128% cash collection rate as a result of its highly efficient, in-house structured debt collection process.

For the period 2015-2018 Credissimo enjoyed more than 3m website visits and granted more than 300 thousand loans, marking a significant increase year-to-year.

Scalable business model

Structured entirely online, Credissimo’s business model has no reliance on a physical network or PPE to achieve growth, thus no significant future CAPEX outflow would be required to leverage the effectiveness of the model at full potential.

Through its fast and rigorous scoring system and automated pre-selection procedures with preset criteria for approvals/ rejections, the Company is capable of addressing the financial needs of customers with higher risk standing, while minimizing both risk cost and time of service delivery.

After opening its subsidiaries in Poland in 2017, in 2018 Credissimo continued the further expansion of its operations in South America (Colombia) and Europe (Spain), as well as in other attractive markets globally.

Leading FinTech company in Europe

One of the most dynamically developing FinTech structures in the non-banking financial (NBF) sector, Credissimo strives to continuously provide innovative tech solutions to enhance its leading positions on the online lending marketin Europe and around the world.

The Company has developed a state-of-the-art proprietary operating platform which allows a high degree of automation of the business processes on the basis of machine learning and big-data coordination.

Credissimo’s platform can be easily and efficiently implemented to work purely online in any country, language, currency, regulatory framework at minimized risk and cost.

Credissimo’s Group OverviewAfter 10 years of FinTech experience and having reached a mature stage of its development, Credissimo has paved its way to leverage its successful online business model abroad and expand in other countries around the world.

Credissimo’s GroupSource: Company Management

Ownership structure as of December 2018Source: Company Management

Mr.Kosta Kantchev

28.34%

Mr.Asen Benev

22.83%

AdvencosEOOD

15.00%

Mr.Georgi Karpuzov

3.00%

Mr.Sokol Iankov

30.83%

*

* Parent company, registered in Malta

CREDISSIMO HOLDING LIMITED

CREDISSIMO ЕAD

I TRUSTEOOD

FD CREDISSIMODOOEL SKOPJE

CREDISSIMO POLSKA SP. Z.O.O

CREDISSIMO SUPERAD

CREDISSIMOCOLOMBIA S.A.S

CREDISSIMO F.S.SPAIN S.L

CREDISSIMO PLUSSP. Z.O.O

100%

100%

100%

100%100%

100%

100% 100%

Key drivers behind Credissimo’s success

The Company prides itself on a proprietary and lean business model – all vital business processes, e.g. IT, credit scoring, risk management, debt collection, marketing and PR, customer support, etc., are performed by an in-house team of 139 experienced professionals with a keen sense of product development, process management and service quality.

The number of unique customers increased from 263k in 2016 to about 377k in 2018 (i.e. by a CAGR of 20%) as a result of the Company’s focused efforts to deliver a convenient online application mode and flexibility in the desired loan amount, loan terms and installments.

With its solid market presence, Credissimo possesses one of the most recognized brands in the country and enjoys very high customer loyalty levels as evidenced by the continuously growing share of returning clients, reaching nearly 80% in each of the past 3 years.

The client management process and preferential interest rates, at which the Company extends loans to its returning customers, create and strengthen long-term loyalty and satisfaction (96%), and differentiate Credissimo visibly from its competitors.

Credissimo’s management team possesses tremendous visionary capabilities, which are at the heart of the Company’s business development and operating success. What started as a local consumer lending company, quickly transformed over the years into a regional FinTech powerhouse with ambitious management ready to invest in future growth. All was made possible by delivering strong operating results, innovative product offerings, and synergies across product lines and geographic locations.

Credissimo operates a unique FinTech business model for online consumer lending without the use of any physical locations. It has kept its leading positions in the Central and Eastern European consumer finance sector due to its visionary business approach aiming to automate and shorten the procedures for loan application and processing.

Number of unique applied customers accumulated Number of loans granted Share of returning customers

Customer base evolution

60%

80%

20%

40%

0%

100,000

200,000

300,000

0

Source: Company Management

Credissimo was the 1st company in the world to launch a chatbot service for granting online consumer loans via Facebook Messenger.

2012

82,6

06

18,0

62

2013

138,

767

40,4

86

2014

173,

398

54,

695

2015

215

,625

60,3

76

2016

263,

209

63,0

33

2017

79,0

64

298,

432

2018

94,3

94

377,

260

Diversified product mix and innovative tech solutions in line with the latest trends in the FinTech world

Short-term Loans

Loan amount: EUR 50 to EUR 400Loan term: revolving on 15/30 daysInterest rate: 0% for the first loan receivedif repaid within a grace period of 30 daysRepayment: bullet

Installment Loans

Loan amount: EUR 100 to EUR 1,500 Loan term: 3 - 24 monthsRepayment: monthly installments

E-commerce POSBenefits:For merchants: easy and free-of-charge integration, 100% guaranteed payment, improvement of sales > 122 merchants listed as users of the service so far.

For customers: financing of online purchases, online application and nearly instant approval, deferred payment until the delivery of the goods, 0% interest rate within a 15-days grace periodafter the delivery of goods.

Online Car Loans

Car title loan with a convenient model of application and near instant approval. It is securitized with the leased asset, ownedby the lessee prior to the transaction.

Source: Company Management

Credissimo’s Product Portfolio

Mobilewallet

Overdraft

facility

Product DiversificationEnvisioned in 2019

The distinctive big-data driven credit model and advanced risk management system placeCredissimo ahead of its competitors

Integrated credit model with fully automated business processes

Online: desktop or mobile website

Mobile app: iOS & Android

Facebook page & app

Chatbot via Facebook Messenger

Partner network: online and offline

Call Center E-commerce POS Checkout

Omni-channelapplication

process

Near instant approval process

Generation of loan agreement documentation

Electronic signing of loan agreement

E-commerce POS CheckoutPrecise proprietary pre-scoring and scoring model, performing instant credit risk assessment

Dataprocessing

Repayment monitoring Overdue payments distribution and monitoring

Info module for call center Module for legal department

Interest income calculation for each loan based on its repayment plan

Calculation of loan principal, penalties, fees (servicing, collection, legal, etc.)

Generation of individual loan portfolio with DPD, remaining notional, receivables, etc.

Calculation of impairment accrued on each loan based on preset criteria

Loanservicing

Loanaccounting

Risk Management System

1. 2. 3.Automatic reminders in caseof delinquency Customized settings of the system functionality allow for automatic sending of reminders via sms and e-mail in case of delinquency or other events that can be specified.

Automated filters and packages of overdue receivables Based on preset criteria, packages of loans in arrears are automatically loaded and distributed to the employees responsible for their collection (soft collection/ call center or field collection).

In-house structured debt collection process Coordination of all loans in arrears is performed with great efficiency through the collection module of Credissimo’s proprietary IT system, which allows for scaling and a personalized approach to the customer via full automation and smart big-data analytics.

Map and Client Base

The Company’s comprehensive approval criteria contribute to maintaining high quality of the customers base

Credissimo’s client base contains predominantly young people, having stable occupation, residing in big cities, with male share slightly prevailing.

Clients residing in large cities (above 200k)

Clients with at least secondary educational degree

93%

Clients below the age of 30 years

91%

60%

54% 46%

Bulgaria Population: 7 millionGDP: 52.4 billion USD

MacedoniaPopulation: 2 millionGDP: 10.9 billion USD

SpainPopulation: 47 millionGDP: 1.232 trillion USD

PolandPopulation: 38 millionGDP: 469.5 billion USD

ColombiaPopulation: 49 millionGDP: 282.5 billion USD

Audited by

Profit and Loss Summary

Accounting Policies

Credissimo prepares its financial statements in accordance with IFRS. The presented Profit & Loss Statement is on consolidated basis in thousand EUR. Loans to customers represent a net amount comprising granted loan amounts, collected amounts, accrued interest, fees, commissions, and impairment Short-term loans payables are liabilities under loans received from individual creditors and one credit institution

EUR, ‘000 FY15 FY16 FY17 FY18

Interest Income 2 457 3 099 4 061 4 723

Interest Expense (227) (97) (43) (65)

Other income from operations 6 504 8 104 10 609 13 197

Total consolidated revenue 8 734 11 106 14 627 17 856

G&A and other OPEX (3 749) (4 676) (6 215) (9 125)

Depreciation (211) (82) (117) (122)

Losses from impairment of loans (1 043) (2 180) (2 709) (4 839)

Total OPEX & Impairment (5 002) (6 938) (9 041) (14 086)

EBT 3 731 4 168 5 586 3 770

Income tax (385) (426) (584) (566)

Net Income 3 346 3 742 5 002 3 204

Balance Sheet Report

EUR, ‘000 Dec14 Dec15 Dec16 Dec17 Dec18

Assets

Cash and cash equivalents 380 1 016 1 253 1 704 1 211

Loans to clients 6 715 7 945 10 195 13 448 17 149

Other assets 313 982 363 112 336

PPE 119 130 223 216 167

Intangibles 239 105 223 302 574

Total Assets 7 766 10 178 12 257 15 782 19 437

Liabilities

Loans payables 1 744 1 308 479 475 1 604

Finance Leasing 42 39 110 84 65

Trade payables 39 102 160 347 610

Tax Payable 290 360 361 464 449

Other liabilities (incl. salaries) 38 74 137 267 371

Deferred tax liability 4 4 1 - 22

Total Liabilities 2 157 1 888 1 248 1 637 3 121

Total shareholder’s equity 5 609 8 291 11 010 14 145 16 316

Total liabilities & shareholder’s equity 7 766 10 178 12 257 15 782 19 437

Collection and Portfolio

During its historical development, Credissimo has steadily increased the total size of annual loan disbursements. Collection grows in stride with the disbursement growth and the average cash collection rate amounts to approximately 130% from granted loans as a result of Credissimo’s highly efficient, in-house structured debt collection and legal enforcement process.

Collection From GrantsOn consolidated level, Credissimo generated a gross loan portfolio CAGR of 38% for the period Jan2014- Dec2018, with gross portfolio reaching EUR 26.1m as of 31 December 2018. In light of the strong growth of its loan portfolio, Credissimo sustained stable impairment levels leading to large profitability increase.

Portfolio Growth

Gross Portfolio Impairments as % of portfolio

since inception

EUR 147M loans grantedEUR 187M cash collected

05 10 15 20 25 30 35 40 45

Cash collected Loans granted in EUR millions

2017

2018

2016

2015

2014

25m

20m

15m

10m

5m

0m

35%

30%

25%

15%

20%

5%

10%

0%

Q1 1

4

Q1 1

6

Q3

14

Q3

16

Q1 1

5

Q1 1

7

Q3

15

Q3

17

Q1 1

8

Q2

14

Q2

16

Q4

14

Q4

16

Q2

15

Q2

17

Q4

15

Q4

17

Q2

18

Q3

18

Q4

18

Revenue and Portfolio growth

Our automated proprietary underwriting system simultaneously gathers and analyzes thousands of data points to create a personalized client snapshot. This helps us constantly increase our client base, maintain a steady revenue growth and sustain stable profitability levels.

Revenue and portfolio growthFor the period 2015-2018 Credissimo enjoyed more than 3m website visits and granted more than 300 thousand loans, marking a significant increase year-to-year. Thus, the Company increased its revenue on average by 27% per year in the past 4 financial years, with revenue CAGR reaching 40% for the period 2012 – 2018.

Continuous Revenue Growth, y-to-y

80%

70%

60%

50%

30%

40%

10%

20%

0%

Revenue Growth, y-to-y

2013

2014

2015

2016

2017

2018

71.4% 71.3%

27.1% 27.3%31.7%

22.0%

10 EURm

12 EURm

14 EURm

16 EURm

18 EURm

8 EURm

6 EURm

4 EURm

2 EURm

0 EURm

Revenue Gross Portfolio Growth

2014

2016

2017

2018

2015

2.6x revenue growth

20% 19%

37%33% 32%

Credissimo’s profitability remains strong in the course of ordinary business operations. EBITDA and Net Margins transitioned to lower levels in 2018 on account of the company’s international expansion efforts, including initial marketing and customer acquisition costs needed to gain market share. With the development of each market, the positive long-term P&L and cash-flow results would overcome needed initial investments on each market. Aside from these factors, incoming cash flows and loan portfolio growth continue to be sustainable at above-industry levels.

Diversified product mix and innovative tech solutions in line with the latest trends in the FinTech world

Operating performance in the context of international expansion

EBITDA EBITDA Margin EUR’000

2,000

3,000

1,000

4,000

5,000

6,000

7,000

0

10%

15%

5%

20%

25%

30%

35%

40%

45%

50%

0%

2014 2015 2016 2017 2018

Regional Market Entrance Aggresive International Expansion

49% 48%

39% 39%

22%

We look forward to your feedback andinvestment interest

Please contact us for any further details or requests:

e-mail: investors@credissimo.comwebsite: https://credissimo.com

Orange Point Building, fl. 2, Dun Karm Street, Birkirkara 9037, Malta