FinTech & InsurTech: Company presentation by Malte Dummel, CFO of xbAV AG, at the NOAH Conference London 2019, 30-31 October, Old Billingsgate.

1. 1
Buying and managing
pension & life insurance
made easy.
October 2019
(xbAV AG)

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3. Our mission
Pension & life insurance are an essential way for people
to protect themselves & their families against life-changing events.
But they are often seen as complicated and lots of hassle,
so most people do too little, too late.
We aim to improve the lives of 10m people by helping
them sign up to the right pension & life insurance over the next 5 years.
2

4. 3
Xpension: a single SaaS platform to connect customers, agents and insurers
to buy & manage pension and life insurance
Value to Individual Stakeholders
Consumer Customers
Better information
and less hassle
 Own policies in one
place
 Clear information
Corporate Customers
80% faster & easier life
insurance admin
 Own policies in one
place
 Clear information
 80% admin time saved
Insurance Agents
3x commission potential
 Fully-guided sales
process
 60% higher policy
values
 More time for new
business
Insurers
More new business at
lower cost
 More new business
 More loyal customers
 Lower administrative
costs
API

5. What we have achieved already: fast-growing German market leader who
successfully executed a landgrab strategy
>$180m
Commissions created
>$5bn
New policy value created
>4m
Partner policies
>10,000
Insurance agents
(more than largest insurer)
>30
Life insurers
>$40m
Total funding ($24m Series B 2018)

6. Digital pension & life insurance sales and management is a huge opportunity
with a €25bn annual addressable market in Europe
Annual insurer spending on policy sale &
management is a significant proportion
The life insurance market is huge
c. 30% of that market is addressable
with technology
5
€710bn
p.a.
€75bn
p.a.
€25bn
p.a.
Pension & life insurance
premiums Spending on policy
sale & management
Technology

7. Investors joining at the current breakout growth phase benefit from the
significant R&D that has gone into building a multi-stakeholder B2B platform
and reaching a critical mass of users in Germany
Building blocks of our strategy to create the leading European pension & life insurance platform
2016 2017 2018 2019 2020 2021 2022 2023
Series BSeries A
Build deep market understanding & client trust (incl. in analogue predecessor company)
Research & development together with insurers, incl. 2018 German fundamental regulatory change
Landgrab strategy, acquiring critical mass of users cheaply via multipliers
Use platform economics to start monetizing
Achieve full platform lock-in effect in Germany
Expand to Europe with customers
6

8. Due to B2B2C distribution, we can scale to 350k corporate and 33m employee
customers at low cost, further boosted by once-in-a-lifetime regulatory change
Corporate pension and related life insurance products allows for
highly efficient and scalable B2B2C distribution in Germany
2018 German regulatory change created an opportunity for 10m new
policies over 3-5yrs by legislating sector-wide pension auto-enrolment
Before Newly Added
Primary clients
84 life insurers
25 large agent pools
Users/clients
200k agents
Users/clients (later)
350k corporates
Users
33m employees
1 Agent
1 Customer
1 Employer &
union group
N Customers
7

9. The ultra long-term nature of life insurance creates the foundation for a highly-
scalable, sustainably successful business with strong unit economics
8
Customer /
User group
Customer
Acquisition Cost
(CAC)
Months to
breakeven
Historical
churn p.a.
15yr Lifetime value
(LTV)
LTV /
CAC
Insurer €120,000 6m 0.0% €3,750,000 31x
Agent €115 5m 0.3% €4,050 35x
Plus
significant
upside
from
upselling

10. We are the clear market leader in Germany with zero churn among our insurer
& broker pool clients and have at least a 3yr lead time over potential entrants
After building essential client trust with basic products, successful ongoing conversion & upselling over time
Base Product: New Policy Sale
Functionality for Agents (2016)
Intermediate Upsell: White Label Policy
Management for Corporate Customers (2017)
Premium Upsell: Bulk Policy Sale & Auto-
Enrolment for Corporates & Consumers (2019)
9

11. 16
20
21
3119%
24% 25%
37%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2016 2017 2018 2019
0
5
10
15
20
25
30
35
Life Insurers % of Life Insurers in Germany
€56m
€390m
€1,378m
€3,011m
2016 2017 2018 2019
€0m
€500m
€1,000m
€1,500m
€2,000m
€2,500m
€3,000m
€3,500m
€2m
€14m
€48m
€104m
2016 2017 2018 2019
€0m
€20m
€40m
€60m
€80m
€100m
€120m
1,244
2,919
5,433
10,754
4%
8%
16%
31%
0%
5%
10%
15%
20%
25%
30%
35%
2016 2017 2018 2019
0
2,000
4,000
6,000
8,000
10,000
12,000
Agents % of Corporate Pension Agents in Germany
275%
CAGR
Users are growing
rapidly, leading to
a >30% of relevant
agents & insurers
on platform in
Germany already
>10,000
Insurance agents
>30
Life insurers
>€3bn
New policy value p.a.
>€100m
Commissions created p.a.
290%
CAGR
10

12. Keep scaling existing offering
in Germany
Roll out additional features to
cover all of life insurance
Expand into Europe, selectively,
with clients
What are our next steps?

13. Disclaimer
12
This presentation contains forward-looking statements that are based on current assumptions and forecasts of the
management of Xpension / xbAV AG ('xbAV'). This presentation is for information purposes only. It does not constitute
either a solicitation or an offer to purchase, sell or exchange any securities of xbAV and neither this presentation nor
anything contained herein shall form the basis of any contract or commitment whatsoever. Furthermore, the forward-
looking statements are no guarantees of future performance and involve known and unknown risks and uncertainties.
Actual results, performance or achievements of xbAV may differ materially. xbAV assumes no liability to update these
forward-looking statements or to make them conform to future events or developments.
This presentation may not be distributed in any jurisdiction in which it is unlawful to make such presentation or distribution
under applicable laws and regulations. In particular, this presentation may not be distributed in or into the United States or
to any U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended 'S'), other than as
permitted by Regulation S, or to qualified institutional buyers as defined in and in accordance with Rule 144A under the
U.S. Securities Act of 1933, as amended, and this presentation is not to be distributed in or to any citizen or resident of
Canada, Australia or Japan.
This presentation may only be attended by, and may only be distributed to, persons in member states of the European
Economic Area who are qualified investors within the meaning of Article 2(1)(E) of the Prospectus Directive (2003/71/EC)
(including any amendments and any relevant implementing measure in each relevant member state of the EEA)
('Qualified Investors') and persons who (i) are outside the United Kingdom, (ii) who are investment professionals within
the meaning of Article 19(5) of the Financial Services an Markets Act 2000 (Financial Promotion) Order 2005, as
amended (the 'Order'), and (iii) are high net worth companies, unincorporated associations and other bodies to whom it
may otherwise lawfully be communicated in accordance with Article 49 (2)(a) to (d) of the Order (all such persons,
together with Qualified Investors, being referred to as 'Relevant Persons'). Any investment or investment activity to which
this presentation relates is available only to relevant persons.
The information contained in this presentation must be kept strictly confidential and may not be reproduced or
redistributed in any format to any person without the express written permission of xbAV.

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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