CORPORATE PRESENTATION CORPORATEflatex AG PRESENTATION| August 2019 flatex AG | February 2020

Financial Services Technologies We got IT Operational key figures and guidance 2019e Operational key figures at a glance (pre-acquisition of DEGRIO)

Number of Number of exchanges Annualized Executed Annualized Executed Securities Customer Customers and OTC-partners Trades Trade Volume under Custody Cash Deposits B2C B2B

>380 k > 50 68 ~12.5 m ~150 bn ~13 bn >EUR 900 m

Credit Book Average Interest Rate TIER-1 Return on Equity Offices Employees (collateralized) (Loan Book) Capital (before Tax) Berlin Willich Neuss Dusseldorf Leipzig Andernach Zwickau Kulmbach Frankfurt a.M. Vienna (HQ)

>EUR 400 m ~4.0 % p.a. ~EUR 70 m ~25 % 10 >520

3 flatex Aktiengesellschaft – Financial Services Technologies Track record and mid-term ambition

 Reorganisation International of Group Expansion – Building Europe’s structure and flatex to leading online new acquire segmentation brokerage business  Acquisition of DEGIRO into Fin and service provider  Implement flatex+DEGIRO technology based Tech units XCOM/biw to Successful control cost lending and Increased 300 structure and set-  Restructuring of redeveloping  expansion to NL More than 1 million up tech in-house group treasury with the with more than clients relations expertise operations and potential to 30,000 new activities implementation generate an client account  Implemented high of IFRS additional EUR More than 35 million Implementing opening class management Reporting 10+ million  B2B strategy: transactions team and the standard subsequent  Boost of organic  Improved B2C Doubled number banking platform restructuring growth of product portfolio of new client to More than 250 billion for private and actions existing B2C with Morgan approx. 80,000 business Stanley ETP specialist banks annual trading flow 150  Sold CeFDex to partnership Commerzbank to 133 * reduce risk 119.1 107.0 structure (strategic 95.0 EUR million partnership) 75.2 80 Net Sales EBITDA 42.4 40,0 30.6 32.1 Net Profit 22.7 19.7 -8.0 2014a 2015a 2016a 2017a 2018a 2019e mid term ambition

4 flatex Aktiengesellschaft – Financial Services Technologies * Adjusted for non-operational and non-EBIDTA revenue accounting effect of 6m EUR in 2018 flatex - Executive Committee

Jörn Engelmann Steffen Jentsch Jens Möbitz Dr. Benon Janos

CRO Co-Head IT Head Back Office Head B2B flatex Bank MD flatex Bank MD flatex Bank MD flatex Bank

Stephan Simmang Frank Niehage Muhamad Chahrour Niklas Helmreich

Co-Head IT CEO flatex AG CFO flatexAG Head B2C Chief Technology Officer CEO flatex Bank MD flatex Bank MD flatex Bank

ALL EXCO MEMBERS ARE PART OF THE FOUR-YEAR PLAN

5 flatex Aktiengesellschaft – Financial Services Technologies Business Model Key Issues in Banking

Digitisation increases the pressure on Start-ups: New competitors in the market integration of customers and processes: lead to a decomposition of the value chain in Despite the support of top management, banking many companies have not developed an overall strategy yet

Business Analytics is gaining importance in Cost structures to the test: The majority of sales: More “soft” customer data (from more banks are reviewing their cost structure - one sources) exploiting the potential of customer focus is IT and possible consolidations data and more effective customisation of products

Regulatory: The banking supervision’s Growing market demands affect all banks (ECB, NFSA) demand on the management of equally. The developed solutions here in the banks are increasing (IT law, MIFID undifferentiated area will help banks II, etc.) to focus on their core competencies in banking

7 flatex Aktiengesellschaft – Financial Services Technologies flatex - business model of flatex and ViTrade (c75% REVENUE CONTRIBUTION, c35% EBITDA MARGIN)

. Self-developed core banking system (FTX:CBS) with outstanding expertise in transaction banking and fully fledge bank with automatized settlement and clearing processes

. Fastest growing online brokerage business in Germany and Austria, >300k retail clients doing >12.5m transactions with transaction flow of >EUR 150bn p.a.

. Market share of >25% in Germany and >50% in Austria in terms of online brokerage transactions (total est. # of transactions: 50-55m in Germany, 2-3m in Austria)

. Most trading-active client pool in the brokerage market (our clients: avg. 40-50 trades p.a. vs. market: avg. 8-12 trades p.a.)

. Dedicated brokerage offering with focused marketing strategy minimizes operating expenses (cost per client acquisition less than EUR 100 vs. EUR 300-500 CPA at competitors)

8 flatex Aktiengesellschaft – Financial Services Technologies flatex impressions

9 flatex Aktiengesellschaft – Financial Services Technologies flatex - our competitive edge: the triple „P“

. Unlimited trading possibilities with a flat pricing model of max. EUR 5.90 per transaction – regardless of type of asset (stocks, bonds, ETPs, ETFs etc.) and transaction amount

Price . Competitive technology edge due to self-developed, highly scalable security ordering/ settlement infrastructure ensures sustainable cost leadership with cost per trade (CPT) of currently less than EUR 1.44

. Top notch product offering including equities, bonds, ETPs, ETFs and mutual funds . Market leading ETP offering of Morgan Stanley, Commerzbank, Goldman Sachs, UBS, BNP Product Paribas, HSBC, Vontobel, and other products . Economies of scale: each additional trade reduces cost per trade settlement – doubling the # of transactions reduces CPT by >40%

. Trading platform only – no research, recommendation or intelligence – avoiding regulatory Platform administration and costs . Designed by traders for traders

10 flatex Aktiengesellschaft – Financial Services Technologies flatex - split of total number of trades

Exchange Traded Funds 17%

Shares and Bonds 37%

Exchange Traded Products, FX/Commodities/CFD etc. 47%

11 flatex Aktiengesellschaft – Financial Services Technologies flatex - case study: Prime ETP distributor

. German ETP market size notional of around EUR 70bn pa – flatex AG with >15% distribution stake . In the past: product issuing banks kept 90% of the revenue pool - 10% to product distributor . >75,000 flatex-select products issued by Morgan Stanley that clients can trade at no cost

BANKS… …ISSUE ETPs… …OFFERED AT FLATEX… …TRADED BY CLIENTS

Market Revenue generation for 90 : 10 issuing bank through: standard in   the past: split • Inherent interest component Partnerships 50 : 50 • Bid-ask spread today:  split  REVENUE POOL

12 flatex Aktiengesellschaft – Financial Services Technologies flatex - ETP Premium Partner Model

Goldman Sachs

Morgan Stanley Commerzbank UBS

Vontobel BNP Paribas HSBC

13 flatex Aktiengesellschaft – Financial Services Technologies flatex - development of brokerage KPIs

Growing Number of B2C customers (thousand) Total Number of Trades flatex Bank (million)

12.5

290.0 11.3

253.8 10.5 10.1

212.0

176.6 7.7 145.5 Source: AG flatex Source: Source: FinTech Group

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

14 flatex Aktiengesellschaft – Financial Services Technologies flatex - maturity profile of our trading customers

25 % of the trades representing customers who are inbetween 1-3 years with FTX

63 % of the trades representing customers who are more than three years with FTX 12 % of the trades representing customers who are less than a year with FTX

15 flatex Aktiengesellschaft – Financial Services Technologies flatex - volatility is key driver of transactions and revenues

Volatility has reawakened after reaching 20-year record low in 2017 with significant upside potential - resulting in two consecutive record months Jan and Feb 2018 (+40% transactions compared to same period 2017) with strong revenue effect

HIGH CORRELATION BETWEEN MARKET VOLATILITY AND CLIENTS’ ACTIVITY WITH STRONG UPSIDE POTENTIAL

Brexit Trump Jan/Feb Italian Budget vote election 2018

Increase in volatility led to record Trades / transaction number of >2 million Total # of clients in Jan/Feb 2018 +40% FinTech Group AG vs. Jan/Feb 2017

VDAX 04.01.2016 04.04.2016 04.07.2016 04.10.2016 04.01.2017 04.04.2017 04.07.2017 04.10.2017 04.01.2018 04.04.2018 04.07.2018 04.10.2018 04.01.2019

16 flatex Aktiengesellschaft – Financial Services Technologies Investment case - DEGIRO flatex and DeGiro - Overview

2019E 2019E 306k clients 470k clients 11.5m transactions 18.6m transactions 3 countries 18 countries >500 employees >200 employees

. Founded in 2005 in Germany . Founded in 2007 in Netherlands as fund management . Exchange listed in Germany (ISIN DE000FTG1111) company . Since 2006: flatex retail brokerage . Private, non-listed Dutch company . Since 2014: new management team . Since 2011: DeGiro brokerage to professional clients . 2014: Acquisition of IT provider and bank . Since 2013: DeGiro retail brokerage . German bank with EU passport . Asset-light model, no banking license . Proprietary IT bank system, highly vertically integrated . Proprietary IT and trading engine

18 flatex Aktiengesellschaft – Financial Services Technologies flatex and DeGiro - Unique combination

• Strong regulatory experience • Presence in 18 countries with one • Full German banking license with EU central infrastructure & market intelligence passport Highly • Rapidly expanding client base in Europe • Strong expertise in IT (proprietary IT complementary • Access to nearly 50 foreign exchanges banking system) • Proprietary trading engine • Independent of external IT service • Efficient execution, clearing and settlement of providers Very limited the trading flow • Outstanding product portfolio overlap • Options and Futures product lines • Extensive network of exchange and • Streamlined operations product partners (esp. ETP) (low-cost service center in Sofia) • Experienced management team

19 flatex Aktiengesellschaft – Financial Services Technologies flatex and DeGiro - Unique combination

#1 Largest pan-  Full value chain in-house 30m+ trades in 2019E European retail  Cost and innovation leadership in 18 European countries  Highly comprehensive product/exchange portfolio

Germany Joint client growth rate of over 200.000 clients in 2019E >20% market share Further countries (both DeGiro and flatex each with strong organic Austria with a leading and client growth rate of greater 30%) >40% market share rapidly growing market position Netherlands Full product range with access to ~50 foreign >35% market share exchanges: stocks, bonds, ETPs, ETFs, funds, …and presence in further 11 European countries options & futures, CFDs, FX

20 flatex Aktiengesellschaft – Financial Services Technologies flatex and DeGiro - Synergies at a glance

One banking license Trading flow One flow and one corporate One bank EUR 200b annually infrastructure

Synergies: €15-20m >EUR 750m daily Two brands Synergies: €3-5m

Central architecture Access to 1m customers One IT (based on Java /C++) One firm Combined data center Combined marketing/ Synergies: €10-15m bargaining power Synergies: €3-5m

Annual synergies of EUR >30m

21 flatex Aktiengesellschaft – Financial Services Technologies Deal structure and timeframe

Deal Structure Acquisition price: EUR 250m (on a cash and debt free basis)

. thereof EUR 60m paid in cash . thereof EUR 190m in flatex shares − Financing through a capital increase against a issued to existing DeGiro contribution in kind (“Sachkapitalerhöhung”) with shareholders exclusion of subscription rights to existing flatex shareholders − 7.5m new shares issued at reference price of EUR 25.33/share from flatex authorized capital 2017 & 2018

Indicative timeframe . Acquisition of 9.4% stake in DeGiro B.V. with signing . Acquisition of remainder 90.6% after regulatory approval at closing . Expected completion of 100% at the beginning of Q2 of 2020

22 flatex Aktiengesellschaft – Financial Services Technologies Shareholder structure

As of December 2019 Post transaction

4,3% flatex * management 9,9% heliad 27.7% newly issued shares . De Giro founders team and employees . 15 beneficiaries 23,6% GFBK (entity of 19.6m shares 27.1m shares flatex founder) outstanding outstanding 3,1% flatex management*

7.2% heliad 62,2% free float 45.0% free float 17.1% GFBK (entity of flatex * Excluding additional approx. 450k management options exerciseable over next three years founder)

23 flatex Aktiengesellschaft – Financial Services Technologies flatex and DeGiro combined - Key metrics

Standalone 2019E combined 2019E illustrative, pro forma

EUR 60m EUR 133m Revenue EUR 193m

EUR 13.7m EUR 40.3m EBITDA EUR 54m

EUR 10m EUR 18m Net Profit EUR 28m

EUR 26m EUR 186m Equity EUR 212m

470k 306k Brokerage Clients 776k

18.6m 11.5m Transactions 30.1m

24 flatex Aktiengesellschaft – Financial Services Technologies Two strong partners combine forces

Mid Term Ambition

Revenue EBITDA EPS EUR 300m EUR 150m EUR 3.00

25 flatex Aktiengesellschaft – Financial Services Technologies Annex B2B Business B2B - fully modular self-developed core banking platform (c25% REVENUE CONTRIBUTION, c20% EBITDA MARGIN) Layers within the FTX:CBS banking platform Technology HTML Sales Platform OADO Online branch Entax-BO-Client Objektive-c (iOS) Java (Android) Mobile App CRM / Sales Trading FE REST / SOAP HA Production APIs Wildfly Platform Account/Depot Srv. Securities Payment Service Cards Java, Go C++ Deposit Transaction Service Credit Facilitation Master Data SAP ASE

Regulatory & Wildfly Compliance Steering Accounting Controlling Tax Java Platform Regulat. Reporting C++ Mgmt. Reporting DWH / BI Risk / Liq. Mgmt (Abacus) SAP ASE APIs Support PostgreSQL Platform ABACUSTicketing Batchdata Service Portal Oracle ASCII, XLS / SFTP InfoZone / WM Shared Services Archive FIX / EBICS /SWIFT

28 flatex Aktiengesellschaft – Financial Services Technologies B2B - shared services: banking processes and platform

POSITION FLATEX’S AG BANKING PLATFORM AS THE STANDARD PLATFORM FOR PRIVATE AND SPECIALIST BANKS

Regulatory Umbrella

flatex flatex Bank BPO Banks Fintech Payment Application Use Cases … Broker Corporates Start-ups Instutions

API API Layer API

flatex Platform Software + Banking BANKING AS A SOFTWARE AS A SERVICE SERVICE flatex Data centre DATA CENTRES ISO 27001

Financial System Infrastructure SEPA SWIFT EXCHANGES …

29 flatex Aktiengesellschaft – Financial Services Technologies B2B - client excerpt and case studies

Unique combination of technology and banking know-how enables our clients to build top-class financial products and services

Key partner Notable clients and partners

flatex AG developed, flatex AG provides its high maintains and runs LOX, the ETP frequency payment platform to OTC system for Deutsche Bank Deutsche Post Rentenservice AG and Commerzbank AG - 3bn which takes care of 26m pension price feeds and 50k transactions payment transactions every - per day. month.

flatex AG was chosen to set-up flatex AG is the central IT service the technological infrastructure provider for the Federal for digital online retail banks in Association of German Banks, Germany and Austria including providing key technology providing several respective platform to run the German regulatory banking processes. Deposit Guarantee Scheme.

30 flatex Aktiengesellschaft – Financial Services Technologies Corporate information flatex AG - our stock

Shares outstanding: 19,595,637 STOCKPRICE DEVELOPMENT L6M

35 Dec 2019 Options outstanding: max. 0.5m PT EUR 33.00 Buy Berenberg Market capitalisation: EUR 480m (as of 2019-12-31) Dec 2019 30 PT EUR 29.00 Buy Open Market / SCALE Commerzbank Listed: Deutsche Börse / Frankfurt

ISIN: DE000FTG1111 25

Bloomberg: FTK GR Equity Dec 2019 PT EUR 39.00 Buy Hauck & Aufhäuser

20 Dec 2019 PT EUR 42.00 Buy Stock covered by M.M. Warburg

15 01.06.19 01.07.19 01.08.19 01.09.19 01.10.19 01.11.19 01.12.19

32 flatex Aktiengesellschaft – Financial Services Technologies flatex AG - key milestones

1988 2010 Company founded in Langen Full white label Retail Bank operations begins (full BPO)

2015 1997 Migration of mwb fairtrade from caceis to FinTech Group Bank for Full BPO IT provider for bankenverband order routing and securities settlement (1.4 m trades/year) ever since

2001 2017 Development and full BPO provider Large Austrian bank selected FinTech Group as full BPO for pan-European expansion for Austrian and German digital expansion (core bank system FTG:CBS:R1 is born)

2006 2019 FinTech Group Bank AG will be renamed to flatex Bank AG Best German online broker goes live

2009 2019 L.O.X. OTC certificate platform developed (limit order FinTech Group AG will be renamed to flatex AG system connects DB/Coba flow to 22 pan-European )

33 flatex Aktiengesellschaft – Financial Services Technologies Financial Calendar 2020

Upcoming ’ Conferences & Roadshows 2020 Feb Investor Roadshows Lugano, Milan, Barcelona, Madrid, Salt Lake City, Chicago, Montreal, New York, Brussels, Amsterdam May Goldman Sachs European Small and Mid Cap Symposium London, 12.05.20 MainFirst SMID Cap Forum Frankfurt Sep Stifel Cross Sector Insight Europe Conference London

34 flatex Aktiengesellschaft – Financial Services Technologies Contact

Muhamad Chahrour flatex Aktiengesellschaft CFO / Investor Relations Rotfeder-Ring 7 60327 Frankfurt/Main, Germany Phone: +49 (0)69 4500010 www.flatex.com Mail: [email protected]