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1Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital
LLC
Symfonie P2P Ltd
Prop...
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LLC
Contact
London:
16 Hi...
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LLC
P2P Loan Briefing
May...
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Peer to peer lending ...
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Peer to Peer Lending ...
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Illustration – Credit...
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Stated Net Investor R...
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Overview of P2P Lendi...
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Transparency & Lendin...
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LLC
Business Opportunity...
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LLC
Winning Strategy for...
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LLC
Symfonie P2P Ltd
Cap...
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LLC
Milestones
Seed capi...
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LLC
Capital Structure
Sh...
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Business Plan Overvi...
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Valuation
The busine...
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LLC
Investor Terms – Rou...
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LLC
Growth Opportunities...
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A Region with Relati...
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Relatively Low Priva...
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Convergence Continue...
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Convergence Continue...
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Czech Republic is St...
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Bank Consumer Lendin...
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Non-Bank Consumer...
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Polish Consumer Loan...
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Bank Loans to Czech ...
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Non-banking Sector L...
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Lending to Polish SM...
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Interest Rates Pr...
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Interest Rates Pr...
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What’s the Problem?
...
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Competitive Edge ...
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Czech Savings and...
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Polish Savings and I...
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Non-Performing Lo...
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Revenue Targets
Reve...
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Expense Model
Exp...
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Incentivising Man...
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Management Incentive...
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Symfonie P2P: Michae...
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Symfonie P2P: Pet...
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Symfonie P2P: Ste...
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Symfonie P2P: Jit...
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Symfonie Advisory Bo...
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Symfonie P2P Ltd
App...
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Symfonie P2P Structu...
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Shareholding
Indicat...
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Key Corporate Govern...
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Key Risks
• Underper...
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Disclaimer
• This do...
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Symfonie P2P Investm...
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Symfonie P2P Key Inv...
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Smart Investing for ...
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Symfonie P2P Fund – ...
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Ideal Investor Profi...
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Key Risks for Noteho...
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Notes Structure
Symf...
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Cash Waterfall Puts ...
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Collateralisation Pr...
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Investment Process –...
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Symfonie Track Recor...
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Symfonie Lending Fun...
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Symfonie Performance...
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Symfonie EM Credit –...
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Symfonie Global High...
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Symfonie P2P Investm...
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Symfonie Investment ...
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The Symfonie Advisor...
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The Symfonie Advisor...
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Disclaimer
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Symfone P2P Ltd Funding Round Presentation

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Update on platform activity and details of the new capital raising round. The platform is focused on business lending in Central Europe.

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Symfone P2P Ltd Funding Round Presentation

  1. 1. 1Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie P2P Ltd Proprietary and Confidential May, 2015
  2. 2. 2Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Contact London: 16 High Holborn, London WC21V 6BX T: +44 20 3287 2690 F: +44 20 8616 7499 Prague: Na Pankráci 1062/58, 140 00 Praha 4 T: +420 227 023 999 Email: msonenshine@symfoniecapital.com This publication has been prepared by Symfonie Capital LLC (Symfonie) for information purposes only. It is not an offer or solicitation for the purchase or sale of any financial instrument. Reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, but no representation is made as to its accuracy or completeness. This document is confidential and proprietary to Symfonie. Transmission or publication of this document without the express prior consent of Symfonie is strictly prohibited. Symfonie reserves all legal rights in connection with the publication of this document. © 20015 Symfonie Capital LLC
  3. 3. 3Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC P2P Loan Briefing May, 2015
  4. 4. 4Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Peer to peer lending concept • Evaluates borrowers and assigns a risk score • Approves or rejects borrowers • Verifies borrower data • Posts borrower demand to website • Matches lenders and borrowers • Payment processing and loan servicing Peer to peer lending uses internet technology to create a marketplace of borrowers and lenders • Lenders earn higher rates of interest than they could earn on bank deposits • Lenders can diversify across many borrowers • Borrowers save money by borrowing at lower rates than they would pay to banks and finance companies Lenders /Investors P2P Internet Service Borrowers
  5. 5. 5Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Peer to Peer Lending Around the World LendingClub Prosper Circleback FairPlace Cumplo Prestadero Zopa FundingCircle RateSetter Smava Auxmoney Kokos Isepankur Lubbus Comunitae Babyloan Friendsclear ZltyMelon Country / Name of website NORTH & SOUTH AMERICA EUROPE ASIA Country / Name of website CreditEase Ppdai Aqush Maneo Zopa DhanaX Country / Name of website More than 35 providers around the world, more than $12bn in loans annually, growing at least 50 % per year.Source: Symfonie research
  6. 6. 6Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Illustration – Credit Rating vs. Interest Rate Source: Lendingclub.com, Prosper.com, Fundingcircle.com and Bondora.com Annual Report data.
  7. 7. 7Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Stated Net Investor Returns Source: Lendingclub.com, Prosper.com, Fundingcircle.com and Bondora.com Annual Report data.
  8. 8. 8Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Overview of P2P Lending Sites in Europe and the US The range of lending opportunities is continually expanding. Most sites offer both primary and secondary investment opportunities. Most sites can setup accounts for legal entities. Source: The websites and Symfonie. The list is illustrative only and is not intended to be a complete or authoritative listing of all P2P marketplace providers. Terms, conditions and actual investment results may differ from those presented here. The Fund’s actual investments might not include all the above providers and might also include others that are not presented here. Country Website Type of Loans Annual Loan Volume Loan Grades Tenor (Yrs) Rates Available US Prosper.com Consumer USD 3 bln A-E+ 1,3,5 6%-30% US Lendingclub.com Consumer USD 9.2 bln A-G 3,5 6%-25% UK Zopa.co.uk Consumer GBP 670 mln A-B 3,5 5%-8% UK Ratesetter.com Consumer GBP 600 mln A-B 0-5 3%-6% UK Fundingcircle.com Business GBP 650 mln A-C 3,5 4%-10% UK Thincats.com Business GBP 90 mln A-C 0-5 8%-11% France Pret-dunion.fr Consumer EUR 180 mln A-B 2,5 4%-6% Estonia Bondora.com Consumer EUR 48 mln A-G 0-5 15%-30% Slovakia Zltymelon.sk Consumer EUR 2 mln A-D 1,2,3 5%28% Spain Comunitae.com Consumer EUR 16 mln A-C 1,2,4 8%-12% Germany Auxmoney.com Consumer EUR 240 mln A-C 1,2,3,4,5 6%-14%
  9. 9. 9Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Transparency & Lending Standards P2P marketplace providers offer a diverse array of borrower risk classes also offer comprehensive data on borrowers, made available in downloadable data format. Data include: • Income • Job title • Place of employment • If a business loan, name of business, type of business, registration number, names of Directors • If a business loan, financial history • City/Region of residence • Total consumer / business debt outstanding • Total consumer line usage • Delinquency history • Debt/Income ratio • Rent/Mortgage payment • Stated purpose of loan • Size, tenor of loan • Number of lenders funding the loan • Independent credit score • P2P marketplace provider credit score
  10. 10. 10Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Business Opportunity • Central and Eastern Europe – 92 mn people, fast growing market • EUR 877 bn in GDP • Approximately EUR 50 bn in consumer debt • About EUR 600 bn in commercial debt • Debt/GDP in Central and Eastern Europe is about 50% of debt/GDP in Western Europe • GDP growth is generally higher than in Western Europe while unemployment is generally lower
  11. 11. 11Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Winning Strategy for P2P Business Innovate – develop products that are more attractive than what is available in traditional distribution channels Refinance – help credit worthy borrowers refinance high interest rate loans Find underserved segments – reach borrowers who do not meet threshold requirements in the banking sector, yet who are credit worthy Leverage core competence in credit – segment borrowers into risk bands and work with them to manage their borrowing needs Restructure and recover – finding restructuring and recovery solutions that address lenders’ ultimate goal of generating a favorable return/risk ratio Develop scale and scope – address the needs of a wide range of borrowers Cross Sell – identify other financial products that can be sold to the customer base Regional expansion – export good systems and practices to enter other markets Develop alliances – create synergies by identifying good providers in other markets and broadening platform access
  12. 12. 12Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie P2P Ltd Capital Raising Round 2 May, 2015
  13. 13. 13Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Milestones Seed capital – Done. The company was seeded with GBP 100,000 from the founders and Symfonie Angel Venture Fund, LP. Round 1 – Done. The company raised a further GBP 180,000 from early stage investors. Management team – Done. The company recruited a team of highly experienced professionals to execute the strategy. Platform Development – Done. Operating systems in place. Credit Models – Done. Credit scorecards for Consumer and SME loans are in place. Additionally, we are contracting with Experian for expert scoring models. Open for Business – Done. First loans booked, first investors on boarded. Capital Raise Round 2 – Now Open. 13.7% of the Company (post-money capitalisation GBP 1.5 mn).
  14. 14. 14Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Capital Structure Shares outstanding 383,340 Capital contributed GBP 291,675 Preferred share 53.8% Common shares 46.2% Committed additional shares 246,500 Committed capital GBP 319,750 Current share round Type of shares Common Number of shares 100,000 21.5% 20.6% 57.9% Angel Fund Individual Management *Note – Preferred shares and common shares have same voting rights. Preferred shares are entitled to 8% dividend and have priority in sale or liquidation or company.
  15. 15. 15Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Business Plan Overview Data in GPB Data are based on the current business plan and are subject to change. Year of Operations - Loan products 1 2 3 4 5 Revenue Base Deals Closed 29 206 595 1,498 2,016 Loans value originated 1,457,055 9,096,626 24,926,380 44,360,429 63,165,644 Year End Outstanding Loans 1,367,973 8,984,860 27,654,231 55,095,180 85,546,628 Total Year-End Headcount 10 11 12 17 20 Revenues - Loan products Origination Fees - Total 43,712 272,899 747,791 1,330,813 1,894,969 Loan Service Fees - Total 2,371 38,394 158,429 418,077 792,301 PPI Fees - Total 21 334 1,425 4,944 11,116 Total Revenues 46,103 311,626 907,646 1,753,834 2,698,387 Net Income Pre-tax Profits - Total (317,197) (240,102) 510,095 1,107,174 2,134,905 Corporate Tax - - 112,221 243,578 469,679 Net profits (317,197) (240,102) 397,874 863,596 1,665,226
  16. 16. 16Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Valuation The business is valued with DCF (r=30%) and with an assumed earnings multiple of 15x earnings. Once functioning and developing according to plan the business should have value in the near term of GBP 8 mn. This valuation does not incorporate growth opportunities as the Company expands into Poland and other countries. Company Value Over Time 2 4 6 8 9 10 12 2 21 23 7 17 - 10 20 30 40 1 2 3 4 5 6 7 Year of Operations mn DCF PE 15 Capital Invested Source: Symfonie Capital estimates, based on business plan targets.. DCF assumes r=30%. PE 15 assumes 15x earnings multiple.
  17. 17. 17Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Investor Terms – Round 2 Total Capital Raised Up to GBP 200,000 Total shares sold – 100,000 13.7% of the Company, post money) Preferred Shares Voting 10% dividend, plus participation in overall company dividend CZK 75 / EUR 2.70 / GBP 2.40 / US$3.80 per share Common Shares Voting CZK 65 / EUR 2.40 / GBP 2.00 / US$3.10 per share Note: The company’s base currency is GBP, so the price when translated into other currencies is subject to change.
  18. 18. 18Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Growth Opportunities  SME lending in the Czech Republic  Build on success in the Czech Republic to enter Poland and other Central/East European markets  Tie to Angel Fund means add-on equity funding platform Source: Symfonie Capital forecasts.
  19. 19. 19Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC A Region with Relatively Low Government Debt Source: EU statistics database, Symfonie Capital estimates.
  20. 20. 20Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Relatively Low Private Debt Stock Source: EU statistics database, Symfonie Capital estimates.
  21. 21. 21Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Convergence Continues The Czech Republic offers relatively strong growth and a generally healthier consumer than most other peer countries in new Europe. Source: EU statistics database, Symfonie Capital estimates.
  22. 22. 22Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Convergence Continues In Central and Eastern Europe consumer loans/capita is about 35% of the figure in Western Europe. Source: EU statistics database, Symfonie Capital estimates.
  23. 23. 23Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Czech Republic is Strategically Well Located The Czech Republic offers a EUR 8 bn consumer finance market and borders on Poland, the region’s largest market. Source: EU statistics database, Symfonie Capital estimates.
  24. 24. 24Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Bank Consumer Lending – EUR 7.2 bn Outstanding • Volume of consumer loans at banks is EUR 7.13 bn • Net consumer loan growth at banks has been practically stagnant last several years Source: Czech National Bank, Symfonie Capital estimates. CZK translated into EUR at constant rates.
  25. 25. 25Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 25 Non-Bank Consumer Lending – EUR 1.3 bn annually • contracts in 2012: 931,752 • loans taken in 2012: EUR 1.3 bn • 2 mn active contracts: EUR 2.2 bn • 374,300 contracts in 2012 for personal loans: EUR 400 mn • 204,470 revolving loans in 2012: EUR 455 mn • 352,031 point of sale loans in 2012: EUR 386 mn Source: Czech Leasing and Finance Association (www.clfa.cz). CZK translated into EUR at constant rates.
  26. 26. 26Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Polish Consumer Loans – EUR 30 bn Outstanding Source: National Bank of Poland and Symfonie Capital Estimates. PLN translated into EUR at constant rates.
  27. 27. 27Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Bank Loans to Czech Businesses – EUR 5.7 bn Source: Czech National Bank, Symfonie Capital estimates. CZK translated into EUR at constant rates.
  28. 28. 28Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Non-banking Sector Loans to Czech Businesses – EUR 1.2 bn Source: Czech Leasing and Finance Association (www.clfa.cz). CZK translated into EUR at constant rates.
  29. 29. 29Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Lending to Polish SME Sector – EUR 40 bn Source: National Bank of Poland and Symfonie Capital estimates. PLN translated into EUR at constant rates.
  30. 30. 30Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 30 Interest Rates Provide Opportunity for P2P Czech bank rates on consumer loans are about 12% while deposit rates are less than 2%. Source: Czech National Bank, Symfonie Capital estimates.
  31. 31. 31Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 31 Interest Rates Provide Opportunity for P2P Polish deposit rates are less than 5% while base consumer lending rates are more than 15% Source: National Bank of Poland, Symfonie Capital estimates.
  32. 32. 32Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC What’s the Problem? • Loan rates, especially non-bank loans, are 6%–20%. • Banks often have collateral requirements businesses don’t meet. • Banks can be difficult to deal with – bureaucracy, loan terms, lack of flexibility). • Smaller loans and shorter term loans are much more expensive than bigger loans and longer term loans. • High equity requirements and low loan to value for collateralised loans. • Loan pricing is not always transparent – non-interest charges plus terms and conditions increase loan cost substantially. • Many consumer lenders charge clients for early repayment – usually about 1% of the outstanding amount of the loan. • Many consumer lenders charge a monthly account fee in addition to the interest rate. The window of opportunity is to identify credit worthy SME clients who are paying high interest rates or not getting enough credit – finance them at same or lower rates with riendly terms, policies and procedures.
  33. 33. 33Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 33 Competitive Edge – Opportunities to Get Market Share Lower costs – pass cost savings on to the borrowers Knowing the client better – understand the borrowers to keep default rates low Data gathering – gather data on customers so and tailor products to meet their needs Size doesn’t matter – Develop a lending model that doesn’t automatically impose higher base interest rates on smaller size loans Flexible – we allow borrowers to easily shorten or lengthen loan tenor Proactive credit management – work with clients to help them manage credit problems before they turn into defaults Source: Symfonie Capital. The above list is indicative and does not necessarily reflect final product features, terms and conditions. Choice of flat or declining payment – offer loans with declining monthly payment as an alternative to the traditional flat payment structure Payment holidays – build one or two months per year into the payment calendar where no payment is due Rising payment loans – offer loans that have smaller payments on the front end and larger payments on the back end. Look-back rewards – reward consistent payers with cash-back, credit toward principal balance, step-down interest rates Cross selling – cross sell customers into other financial products besides lending and borrowing
  34. 34. 34Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 34 Czech Savings and Investment Base Source: Czech National Bank, Symfonie Capital research and estimates. CZK translated into EUR at constnat rates.
  35. 35. 35Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Polish Savings and Investment 92.3 100.6 113.7 122.9 24.8 28.6 27.4 35.3 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 2009 2010 2011 2012 EURBn Bank Deposits Mutual Funds Source: National Bank of Poland, Symfonie Capital research and estimates. PLN translated into EUR at constant rates.
  36. 36. 36Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 36 Non-Performing Loans Source: Czech National Bank and Symfonie Capital estimates. • Bank non-performing loans to households have risen to around 6%. • Among unsecured consumer loans the non- performing rate is probably closer to 8%. • Home Credit recently reported about 8.5%. • CNB bank lending survey recently indicated banks charge on average 17% on their relatively risky loans. • Mortgage loans are typically categorized as low risk due to collateralization.
  37. 37. 37Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Revenue Targets Revenue & Net Profit Model (2.0) - 2.0 4.0 6.0 1 2 3 4 5 6 7 Year of Operations mn Net Profits Revenues Source: Symfonie Capital, There is no assurance the targets will actually be achieved. Actual performance may differ depending on market conditions and product terms and conditions. Revenue model is subject to change. • The current plan targets issuance of about GBP 2 mn of loans in the first 12 months following launch, rising to an annual volume of GBP 65 mn by the 5th year of operation. • The revenue model assumes an average loan tenor 3 years and an average loan size GBP 20,000. • Origination fees are expected to average 3% of loan, collected up front. A loan servicing fee of 1% of the monthly payment amount, collected over tenor of the loan is expected.
  38. 38. 38Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 38 Expense Model Expenses Year 3 Credit check fee Office Rent Office Supplies IT Systems Business admin & analysis compensation Management compensation Communication Supervisory Board Accounting Legal Travel Marketing Credit staff compensation Operating staff, management and marketing are the largest cost items, accounting for nearly 80% of the expense budget. The Company plans to keep marketing costs contained during the first 12– 18 months after start of operations while it ensures quality control and makes initial product adjustments. To date actual expenses have been significantly below budgeted numbers. Source: Symfonie Capital. The cost model presented is indicative and subject to change without notice. Actual results may differ.
  39. 39. 39Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 39 Incentivising Management & Employees • Management and employees earn ownership in the Company. • Management and employ ownership consists of options to buy shares in the Company, vested over time and with cash payments in exchange for the shares. Vesting begins after 18 months of service and takes place over an 18 month period. Managers therefore must work for 36 months in order to become fully vested. • Management buy-in is 23% of the Company on a fully diluted basis. • Management and employees also have an incentive programme and can earn options to buy shares in the Company. The incentive programme begins after three years and is vested over a two year period, so management must stay with the Company for five years in order to be fully vested.
  40. 40. 40Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Management Incentive Plan • Management earns options on company equity depending on profits produced in year 4 and 5. • Option plan is subject to adjustment by the Company’s directors and approval by shareholders. Option Plan for Year 4 Earnings 0% 2% 4% 6% 8% 10% 12% 14% 85,985 171,969 257,954 343,938 429,923 515,907 601,892 687,876 773,861 859,845 Year 4 Earnings (EUR) %ofCompanyEarned Option Plan for Year 5 Earnings 0% 2% 4% 6% 8% 10% 12% 14% 149,546 299,092 448,638 598,183 747,729 897,275 1,046,821 1,196,367 1,345,913 1,495,459 Year 5 Earnings (EUR) %ofCompanyEarned
  41. 41. 41Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie P2P: Michael Sonenshine – CEO Michael Sonenshine, CFA – Investment Principal Mr. Sonenshine has more than 20 years of experience in banking and investment management. He specialises in credit investments. He founded the Symfonie group of companies in 2012. • MT Thaler, Prague/London: CEO/Partner, Head of Research. Investment funds focused on central and eastern Europe and pan-European credit markets • CSFB, London: European High Yield Debt Research • ING Bank, London: European High Yield Debt Research • ING Investment Management, Prague: CEO, Czech Republic • ING Bank, London: Analyst • Driehaus Capital, Prague: Analyst • Evrobank, Prague: Advisor • MBA William Simon School, University of Rochester • B.A., Tufts University
  42. 42. 42Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 42 Symfonie P2P: Peter McGregor – Chief Operating Officer Mr McGregor oversees all administrative and operational issues for Symfonie in the P2P arena. • More than 25 years experience in banking and operations management • Banco Nacional de Guinea Ecuatorial, Malabo, Equatorial Guinea – Chief Operations Officer • MT Thaler Investment Management, Prague – Chief Operations Officer. • ING Bank, Monaco, Budapest, Prague – Wholesale banking and wealth management operations • ABN AMRO, Geneva – wealth management operations and product management • PhD, Computer Science, Oxford University, England • BSc (Hons) in Mathematics, Witwatersrand, Johannesburg, South Africa
  43. 43. 43Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 43 Symfonie P2P: Stepan Alexa – Chief Technology Officer Mr. Alexa is responsible for the architecture and implementation of the company’s IT solutions. • More than 15 years professional experience in systems development • Implemented database systems in Central and Eastern Europe for T-Mobile, Vodafone and MTS Russia • Sales Director, Oracle, Central and East Europe • MSc, Economics and Computer Science, Prague College of Economics
  44. 44. 44Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC 44 Symfonie P2P: Jitka Rombova – Chief Financial Officer Ms. Rombova is responsible for overseeing and monitoring the company’s finance. • More than 20 years professional experience in managerial finance and business development • Partner, CQK Invest, providing financial and business support to innovative startup companies • 10 years experience in senior management positions in HBO Europe, promoted to CFO • MBA, University of Pittsburgh, Diploma, University of Chemical Technology, Prague
  45. 45. 45Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie Advisory Board The Symfonie Advisory Board is a group of highly experienced financial professionals. Symfonie has regular meetings with the Advisory Board to discuss the Fund’s investments, strategy, research on P2P providers. Advisory Board members are independent of Symfonie and do not have legal or regulatory authority or status within Symfonie. Willem Naves / Holland • More than 25 years of experience in investment and corporate banking • Banking advisory projects in Macedonia, Poland, El Salvador and Indonesia • Twenty years experience in credit trading management positions in the ING Group, working in Amsterdam, London and Sao Paolo • Erasmus University degree in Law Pavel Kohout / Czech Republic • Fifteen years experience in economic analysis and investment management • Director of Strategy at Partners Advisors, a leading Czech financial advisory firm • Author of several books on economics • Member of Czech National Economics Advisory Board • Member, Expert Panel of Advisors to Czech Ministry of Finance
  46. 46. 46Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie P2P Ltd Appendices May, 2015
  47. 47. 47Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie P2P Structure Seed investors own Preferred shares preferential rights to dividends to 10% per annum notional dividend (when/if declared), pari- passu with common thereafter. Convertible to common at any time. Seed investment & Round 1 GBP 300,000 – CLOSED Round 2: GBP 200,000 for startup and launch of operations – NOW OPEN Symfonie P2P, LTD 100% ownership of operating subsidiarie SymCredit & SymVest Czech Republic Operating company in the Czech Republic SymCredit Poland Operating company in Poland
  48. 48. 48Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Shareholding Indicative shareholding structure, post money, assuming all authorised capital sold and issued.
  49. 49. 49Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Key Corporate Governance Provisions • New issuance of capital above authorised shares must be approved by at least 75% of outstanding shares. • The business may not incur debt totaling more than 20% of share capital without at least 65% approval of outstanding shares. • The business must payout at least 50% of net earnings as dividends unless at least 75% of shareholders approve otherwise. • Drag provision to incorporated into the statutes. If at least 85% of shareholders agree to sell their shares the other 15% are bound. • Tag provision all shareholders are entitled to participate pro rata in any offer to buy secondary shares.
  50. 50. 50Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Key Risks • Underperformance – If the business plan is underperforming more capital will be needed. In this case the shareholders will decide whether to authorise additional capital or decrease management incentive pool. • Competition – other P2P operators may enter the markets faster than we do. • Finance – the business is likely to need additional capital to expand into other markets. There is no guarantee capital will be readily available on favourable terms and conditions. • Exit strategy – there is no guarantee the business or the shares will be readily marketable when and exit is desired. • Legislation – adverse legislation may prevent the business from developing or may prohibit the business entirely • New operations – all procedures, policies and systems will be new, untried and untested.
  51. 51. 51Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Disclaimer • This document has been prepared by Symfonie Capital LLC (“Symfonie Capital”) for persons reasonably believed by Symfonie Capital to be persons of the categories to whom Symfonie Capital are permitted to communicate financial promotions. This document does not constitute or form part of any offer or invitation to sell, or the solicitation of an offer to subscribe or purchase any investment. Symfonie Capital believes that the information it provides is accurate as at the date of publication, but no warranty of its accuracy or completeness is given and no liability in respect of errors or omissions is accepted by Symfonie Capital or any partner or employee of Symfonie Capital. Past performance is not necessarily a guide to future performance. • This presentation is for illustration and discussion purposes only and is not intended to be, neither should it be construed or used as, financial, legal, tax or investment advice nor an offer to sell, nor a solicitation of any offer to buy, an interest in any of the funds managed by Symfonie Capital (the “Funds”). None of the Funds have shares registered under the U.S. Securities Act of 1933, as amended. • This presentation is as of the date indicated and subject to change without notice. • Any indications of interest from prospective investors in response to this material involves no obligation or commitment of any kind. Subscriptions can be made only on the basis of a Confidential Offering Memorandum to qualified investors. The investment objectives and methods summarized in this document represent our current focus and intentions. • There is no assurance that Symfonie Capital or the Company will achieve its objectives. Investors may lose money upto the full value of their investments. No representation is made that the Company will achieve its objectives or that any investor will or is likely to achieve results comparable to any that may be shown. There can be no assurance that any investor will make any profit at all or will be able to avoid incurring substantial losses. Past performance is no guarantee of future results. • This presentation does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. Before making any investment, you should thoroughly review the the Company’s Confidential Offering Memorandum with your financial and tax advisor to determine whether an investment in the Company is suitable for you in light of your financial situation. • This presentation is subject to revision and updating. Certain information has been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. This presentation is confidential, is intended only for the person to whom it has been delivered and under no circumstance may a copy be shown, copied, transmitted, or otherwise given to any person other than the authorized recipient. Symfonie Capital is solely responsible for the content herein.
  52. 52. 52Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie P2P Investments Product Portfolio May, 2015
  53. 53. 53Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie P2P Key Investment Considerations Step 1 – Provider selection Ownership and management of the provider Credit scoring process Range and quality of borrower data gathered and presented Data presentation transparency Provider practices, policies and procedures Gross and net returns on loans originated Loan recovery policy and process Operating history to date Step 2 – Loan selection Verified income and employment Borrower debt/income ratios Borrower debt outstanding History of responsible debt management External credit scores The goal is to choose good providers, understand how they classify borrowers and then to filter the borrower pools to find loans that offer the best reward/risk characteristics.
  54. 54. 54Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Smart Investing for High Income • P2P loans and bonds offer steady returns and attractive yields • Principal re-payments of consumer and business loans monthly mean overall lower credit risk and more opportunities to re-invest cash flows • Diversification across borrowers, countries, sectors, yields and maturities • Research and risk management driven investment process • Investors may select quarterly/annual principal/interest distributions • Tax optimal zero coupon structure available • Regular portfolio updates
  55. 55. 55Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie P2P Fund – Portfolio Overview The Notes portfolio has similar objective and strategy as the Fund – earn high steady returns with a diversified portfolio. Key Portfolio Statistics up to 04/2015 Number of Loans 1,496 Average Gross Yield to Maturity 11.2% Expected Net Yield to Maturity 8.9% Average Time to Maturity (years) 3.5 Average Loan Age (years) 0.88 Number of Loans Defaulted to Date 40 Loan Loss Impact on Portfolio 0.19% Overall Average Rating B-
  56. 56. 56Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Ideal Investor Profile • Investors seeking relatively stable returns over time but who may not have sufficient credit expertise • Investors who understand Peer to Peer lending and are looking for more diversification than they can achieve on their own • Investors seeking a relatively high yield for savings and who are able to accept a moderate level of risk • Investors willing to match the term of their investment to the underlying maturity of the portfolio
  57. 57. 57Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Key Risks for Noteholders • Defaults – higher defaults can reduce principal value of notes • Liquidity – no secondary market for the notes Risk warning – the notes are not guaranteed. Investors may lose interest and principal in case there is a high default rate among the loans in which the portfolio invests.
  58. 58. 58Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Notes Structure Symfonie P2P Income Trust Symfonie Capital, LLCNoteholders • Noteholders lend money to the Trust, receive principal and interest payments • Places equity capital into Trust • Manages Trust Assets • Bankruptcy protected investment trust • Subject to law of Delaware, USA • Legal owner of all investment assets • Invests in P2P loans and bonds only • All assets are collateral for benefit of noteholders • Diversified International portfolio of investments in P2P loans and bonds • Principal and interest received monthly
  59. 59. 59Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Cash Waterfall Puts Investors First Symfonie P2P Income Trust Step 1. Trust receives principal and interest payments from loans Step 2. Principal and stated interest payments paid to Noteholders Step 3. Next 1% interest from investments paid to Trust equity holder (Symfonie) Step 4. Reinvestment of excess interest back into Trust increases collateral for Noteholders 75% of excess interest paid out to Noteholders at maturity
  60. 60. 60Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Collateralisation Protects Investors Symfonie P2P Income Trust 100 % proceeds from issuance of notes + equity capital reserve 3 % of notes outstanding + reinvestment of excess interest
  61. 61. 61Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Investment Process – Research Driven Market Assessment Evaluations of P2P services Proprietary screening filters Macro-economic research Relative value comparisons Loan Selection Asset class selection Risk/return analysis Default rate modeling Sizing and Risk Diversification of among loans, service providers, loan markets Monitoring On-going review of loan performance and service provider activities. Working with service providers to restructuring loans if necessary. Investment Execution CIO approves loan purchase Trade Executed
  62. 62. 62Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie Track Record May, 2015
  63. 63. 63Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie Lending Fund – Steady Returns • 5 year P2P loan portfolio returns approximately 8.5% annually • 3 year P2P loan portfolio returns approximately 6.5% annually Source: Symfonie. Charts above reflect the performance of the 2019 (5 year) and 2017 (3 year) class of Symfonie Lending Fund, LP, net of management and administrative fees. Management fees are 1.5 % and 1.25 % respectively. Administrative fees are 0.75 %.
  64. 64. 64Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie Performance by Site Performance by Site Statistics up to 04/2015 Lending Club Prosper Funding Circle Bondora Average Gross Yield to Maturity 12.6% 12.5% 10.4% 26.5% Target Net Yield to Maturity 8.7% 9.2% 8.3% 15.8% Average Time to Maturity (years) 4.3 3.9 3.1 2.2 Average Loan Age (years) 1.16 0.8 1.2 1.3 Loan Loss Impact on Portfolio 0.3% 1.23% 0.3% 19% Overall Average Rating B- B- B- C-
  65. 65. 65Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie EM Credit – Consistent Outperformance Source: Symfonie. Chart above reflects the performance of the credit strategy implemented within the MT Thaler New Europe Fund during the time Symfonie principal Michael Sonenshine was responsible for the Fund’s investments in credit instruments. 0.80 0.90 1.00 1.10 1.20 1.30 1.40 Jan-05 M ar-05M ay-05 Jul-05 Sep-05 N ov-05 Jan-06 M ar-06M ay-06 Jul-06 Sep-06 N ov-06 Jan-07 M ar-07M ay-07 Jul-07 Sep-07 N ov-07 Jan-08 M ar-08M ay-08 Jul-08 Base=1 Hedged WE XOVER Hedged EEI Hedged EMCI USDLIBOR 1M Symfonie HEDGED WE HY
  66. 66. 66Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie Global High Yield – Successful Track Record Source: Symfonie. Chart above reflects the performance of the Ceska Sporitelna High Yield Fund during the time Symfonie principal Michael Sonenshine was responsible as investment advisor to the Fund. Symfonie Global HY 90 105 120 135 150 165 180 195 210 225 240 31-O ct-0831-Dec-08 28-Feb-0930-Apr-0930-Jun-0931-Aug-0931-O ct-0931-Dec-09 28-Feb-1030-Apr-1030-Jun-1031-Aug-1031-O ct-1031-Dec-10 28-Feb-1130-Apr-1130-Jun-1131-Aug-1131-O ct-1131-Dec-1129-Feb-1230-Apr-1230-Jun-1231-Aug-1231-O ct-1231-Dec-12 IndexNov1=100 ML WE HY SYMFONIE EU XOVER EMCI
  67. 67. 67Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie P2P Investment Team May, 2015
  68. 68. 68Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Symfonie Investment Team Michael Sonenshine CFA – Investment Principal Mr Sonenshine has more than 20 years of experience in banking and investment management, specialising in credit investments. His investment process is research driven with an emphasis on fundamental analysis. He founded Symfonie Capital LLC in 2012. 2003–2012 MT Thaler, Prague/London: CEO/Partner, Head of Research. Investment funds focused on central and eastern Europe and pan-European credit markets 2000–2003 CSFB, London: European High Yield Debt Research 1998–2000 ING Bank, London: European High Yield Debt Research 1995–1998 ING Investment Management, Prague: CEO, Czech Republic 1994–1995 ING Bank, London: Analyst 1993–1994 Driehaus Capital, Prague: Analyst 1992–1993 Evrobank, Prague: Advisor MBA William Simon School, University of Rochester B.A., Tufts University
  69. 69. 69Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC The Symfonie Advisory Board is a group of highly experienced financial professionals. Symfonie has regular meetings with the Advisory Board to discuss the Fund’s investments, strategy, research on P2P providers. Advisory Board members are independent of Symfonie and do not have legal or regulatory authority or status within Symfonie. Willem Naves / The Netherlands • More than 25 years of experience in investment and corporate banking • Twenty years experience in credit trading management positions in the ING Group – Amsterdam, London, Sao Paolo • Global co-Head of Fixed Income trading at ING • Head of EMEA Equity and Fixed Income sales and trading product • Banking advisory projects focusing on credit and risk management in Macedonia, Poland, El Salvador and Indonesia • Erasmus University degree in Law Pavel Kohout / Czech Republic • Fifteen years experience in economic analysis and investment management • Director of Strategy at Partners, a leading Czech financial advisory firm • Author of several books on economics • Member of Czech National Economics Advisory Board • Member, Expert Panel of Advisors to Czech Ministry of Finance Symfonie Advisory Board
  70. 70. 70Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC The Symfonie Advisory Board is a group of highly experienced financial professionals. Symfonie has regular meetings with the Advisory Board to discuss the Fund’s investments, strategy, research on P2P providers. Advisory Board members are independent of Symfonie and do not have legal or regulatory authority or status within Symfonie. Maarten van den Belt / UK • More than twenty five years of experience in investment and corporate banking • Credit risk management and loan officer positions at NMB Bank, the Netherlands • Corporate high yield bond management during the formative years of the European high yield market • Senior management positions in treasury and lending at ING Bank, Raiffeisen Bank and West LB • Developed and managed capital markets trading and consumer banking businesses in Tokyo, Moscow and London • Managing partner responsible for alternative asset manger with $400mn AUM focused on investments in Russia • Non-Executive Directorships with TMM, a leading Ukrainian real estate developer and Pristav, one of Russia’s largest consumer debt collection agencies • University of Utrecht, Social and Business law Charles Klein / China • Twenty years experience in corporate finance and treasury management • Management positions in General Motors with responsibility for currency portfolios, asset acquisition and disposition and financial reporting systems • Resident in China, fluent in German and Russian • MBA, Wharton School of Management Symfonie Advisory Board
  71. 71. 71Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC Disclaimer • This document has been prepared by Symfonie Capital LLC (“Symfonie”) for persons reasonably believed by Symfonie to be persons of the categories to whom Symfonie are permitted to communicate financial promotions. This document does not constitute or form part of any offer or invitation to sell, or the solicitation of an offer to subscribe or purchase any investment. Symfonie believes that the information it provides is accurate as at the date of publication, but no warranty of its accuracy or completeness is given and no liability in respect of errors or omissions is accepted by Symfonie or any partner or employee of Symfonie. Past performance is not necessarily a guide to future performance. • This presentation is for illustration and discussion purposes only and is not intended to be, neither should it be construed or used as, financial, legal, tax or investment advice nor an offer to sell, nor a solicitation of any offer to buy, an interest in any of the funds managed by Symfonie (the “Funds”). None of the Funds have shares registered under the U.S. Securities Act of 1933, as amended. None of the Funds will be registered under the U.S. Investment Company Act of 1940, as amended. Any offer or solicitation of an investment in any of the Funds may be made only by delivery of a respective fund’s Confidential Offering Memorandum to qualified prospective investors. • This presentation is as of the date indicated, is not complete, and does not contain certain material information about the Funds, including important disclosures and risk factors associated with an investment in any of the Funds. • Any indications of interest from prospective investors in response to this material involves no obligation or commitment of any kind. Subscriptions can be made only on the basis of a Confidential Offering Memorandum to qualified investors. The investment objectives and methods summarized in this document represent our current focus and intentions. • There is no assurance that Symfonie will achieve its objectives or that its investment process or risk management will be successful. Investors may lose money. No representation is made that any of the Funds will or are likely to achieve their respective objectives or that any investor will or is likely to achieve results comparable to any that may be shown or will make any profit at all or will be able to avoid incurring substantial losses. Past performance is no guarantee of future results. • This presentation does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. Before making any investment, you should thoroughly review the particular fund’s Confidential Offering Memorandum with your financial and tax advisor to determine whether an investment in the fund is suitable for you in light of your financial situation. • This presentation is subject to revision and updating. Certain information has been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. • This presentation is confidential, is intended only for the person to whom it has been delivered and under no circumstance may a copy be shown, copied, transmitted, or otherwise given to any person other than the authorised recipient. • Symfonie is solely responsible for the content herein.

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