FinTech & InsurTech: Company presentation by Malte Dummel, xbAV at the NOAH Conference Berlin 2019, 13-14 June - STATION.

1. Making pensions accessible for everybody.
'Xpension' AG
Malte Dummel, CFO
NOAH Berlin | June 2019

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3. 2
Technology has driven a more than 2x growth in life expectancy with no end in sight...
Average life expectancy in Germany in Years
0
10
20
30
40
50
60
70
80
90
100
1875 1900 1925 1950 1975 2000 2025 2050

4. 3
…but in doing so, technology has created huge problems for most state retirement systems.
Evolution of state pension level as a % of salaries in Germany
35
37
39
41
43
45
47
49
51
53
55
2000 2005 2010 2015 2020 2025 2030

5. 4
10
10
14
17
26
29
61
72
90
105
134
145
149
155
184
208
Italy
Poland
Spain
Mexico
Germany
Japan
Finland
Chile
Sweden
UK
OECD Average
USA
Switzerland
Canada
Netherlands
Denmark
Hence, significant growth in private and corporate pension saving is needed.
Total assets in funded and private pension arrangements as % of GDP
Germany already large at c. €900bn in assets,
still 5x growth needed to reach average

6. 5
Key obstacles for corporate pensions are administrative costs & information, esp. for SMEs.
Top 5 reasons cited by German employers for not offering corporate pension plans (%)
7
17
27
28
28
Don't understand it
Don't feel informed enough
Too expensive
See no benefit
Too complicated

7. 6
Our SaaS platform helps facilitate these large-scale changes in pensions & financial planning.
Consumers:
enabled to manage their
financial future
Advisors:
enabled to focus on providing
high quality advice
Employers:
enabled to provide
employee benefits of
great social value
Insurers / asset managers:
enabled to focus on providing
great savings and
insurance products

8. 7
Our pension advisory solutions increase broker new policy sales efficiency by 3x…

9. 8
… while our pension administration solutions reduce employer and insurer costs by 80%,

10. 9
… and consumers end up saving 60% more for retirement, a massive social benefit.

11. 10
The xbAV platform is growing rapidly, with a 25% market share in Germany already.
Insurance Agents Annual value of advisory sessions (€m)
315
1,244
2,919
5,433
12,000
2015 2016 2017 2018 2019
0 57
439
1,549
4,000
2015 2016 2017 2018 2019

12. 11
xbAV‘s products have already established it as the clear market leader in Germany.
The Advisor (launched in 2015)
covers 90% of the relevant life
insurers and their products
The Manager (launched in
2016-17) covers 4.1m policies
(c. 25% of all existing policies)
The Consumer Account is
aimed at 10m employees
who are now newly entitled
to a pension policy

13. 12
Next steps for xbAV.
Further scale onboarding:
§ Employers
§ Employees
Roll out additional features
Expand:
§ Further verticals in Germany
§ Europe, selectively, with
clients

14. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 10th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
30 successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE®
The NOAH Advisors Core Banking Team
Marco Rodzynek
Managing Director & Founder
Jan Brandes
Managing Director
Nikhil Parmar
Director
Olek Skwarczek
Associate
Lukas Schlund
Analyst
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Investment in
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at a valuation of ~$3 billion
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for €135m to
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