November 2018

LEASING – BANKING – FACTORINGINVESTOR RELATIONS

1978 Founded by W. Grenke:

Leasing business started

2000 IPO took place

2003 1st credit rating, BBB+

2005 Factoring business started

2009 Banking business started

2012 New business volume

exceeds EUR 1 billion treshold

2016 Net profit exceeds EUR 100

million treshold

GRENKE the highly focused fintech since 1978

2

HISTORY IN MILESTONES MISSION

FINANCIAL

SERVICES

FOR SMALL &

MEDIUM SIZED

COMPANIES

Efficiently process high volumes

of small contracts

FACTS & FIGURES

Over 750,000 running contracts

Average acqusition value

approximately EUR 8,500

100% B2B customers

141 branches in 31 countries

GRENKE the highly focused fintech since 1978

3

GRENKE IS

FOCUSED ON

GROWTH

Standardisation/Digitalisation along

the entire value chain

Unit cost minimization

MAXIMUM EFFICIENCY IN OPERATIONS

Diversified leasing and refinancing portfolio

40 Years of risk management experience

Advanced IT-based loss forecasting model

Risk assessments as precise as possible

SOPHISTICATED RISK MANAGEMENT

Strictly value based corporate management

Ambitious targets for contribution margins and equity ratio

(> 16%)

Third party financial ratings (BBB+ by Standard & Poors)

Equity ratio 19.2% (as of 30/09/18)

OUTSTANDING FINANCIAL STRENGTH

GRENKE results represent a continuation of solid performance

New business 9M-2018

4

Leasing is still our core business

81.3

17.3

1.4

New business

9M-2018IN PER CENT

309.3

366.2

9M-2017 9M-2018

1,401.9

1,718.1

9M-2017 9M-2018

20.0

29.3

9M-2017 9M-2018

Leasing +23%

Factoring +18%

SME lending business +46%

New business in EUR millions

GRENKE results represent a continuation of solid performance

Trend in consolidated net profit

5

33.1 24.6 27.8 39.3 42.5 47,065,0

80.8

103.2

125

145-153

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018ebeforeIFRS9

2018eafter

IFRS9

2008 - 2017

CAGR 15.9 %

Net profit in EUR millions

126-132

Future dividend distribution of approx. 20 – 30% from after-tax profits

Average payout ratio: 26.3% (since 2002)

DACH Western Europe(without DACH)

Southern Europe Northern/EasternEurope

Other Regions

GRENKE GROUP’s Leasing New business 9M-2018

Strong new business development in our core markets

6

Core Markets: Germany, France, Italy

394.4438.7

542.3

277.9DE FR IT

New business in EUR millions

23

2532

16

4

New business

Leasing

9M-2018IN PER CENT

Regions: DACH: Germany, Austria, Switzerland; Western Europe (without DACH): Belgium, France, Luxembourg, the Netherlands

Southern Europe: Croatia, Italy, Malta, Portugal, Slovenia, Spain

Northern/Eastern Europe: Denmark, Finland, Ireland, Norway, Sweden, UK / Czech Republic, Hungary, Poland, Romania, Slovakia

Other regions: Australia*, Brazil, Canada*, Chile*, Singapore*, Turkey, UAE

64.8

GRENKE’s position in the market

Numerous competitive advantages

7

BANK-DEPENDENT INDEPENDENT MANUFACTURER-DEPENDENT

COMPETITORS

DISADVANTAGE DISADVANTAGECOMPETITIVE ADVANTAGES

Clear “small-ticket” focus

ADVANTAGE ADVANTAGESCOMPETITIVE ADVANTAGES

DE: ABC, Mercator, BFL, MMV,

BNP, Deutsche Leasing

FR: BNP Leasing Solutions, Credit

Agricole L., Crédit Mutuel Arkea

IT: BNP; DLL; GE-Banca IFIS

UK: BNP Lease, Delage L, Soc Gen.

ES+PT: BNP Lease, Delage L

DE: Targoleasing, CHG

Meridian

FR: CHG Meridian, Factum, NBB

UK: CIT, Siemens FE

ES: CSI, Rent-and-Tech, CHG

PT: CANDOR

EU: Cisco Finance, Dell Financial Service,

Xerox Leasing, HP Financial Service,

IBM, Siemens Financial Services

Administrative burden

Focus on “big tickets”

Tied to one product (brand)

Dealers insist on independence

High degree

of automation

Independent

and flexible

No dealer partnerships Access to point of sale through

manufacturer‘s own sales channel

Diversified

Refinancing

Dealer programme/

Partnership

GRENKE Bank strengthens our refinancing base

Target Group

Small and medium-sized enterprises

Leasing and factoring customers of the

Group (Cross-Selling)

Retail customers

Objectives

Sustainable development of deposits and

SME lending business

Presence in further European Countries in

order to be able to conduct leasing and

factoring operations

8

481

20 29

9M-2017 9M-2018

Spalte3 Spalte1 Spalte2Deposits SME lending business

(New business)

in EUR millionsCompetitive benefits

The use of IT solutions for improved,

efficient workflow generates cost benefits

(cost-income ratio)

Favorably priced transaction costs

to boost profitability

Access to European payment transaction

system: effective cash management

Products

SME loans with risk coverage: KfW, L-Bank, German

Government (micro-credit programme)

Term deposit, current account and credit card

(SME’s and retail customers)

Global loans of development banks lead to attractive

leasing conditions

Services

GRENKE Banking App: Manage your bank accounts

and credit cards, f.e. bank transfers

GRENKE CASH App: Barcode that allows cash to be

paid into the account at cashier’s desk (also payout)

625

** Average period of a factoring transaction in approx. days

* Franchise

Corporate benefits

Flexible financing of invoices

Fast payment within 24 hours

Personal communication and support

IT based: Highly automated processing – i.e.

simple submission of claims; transparency

through online tool

Financing solid and attractive

GRENKE Factoring

We offer SME´s another key pillar of corporate financing

in EUR millions Market Period

Profit

Margin Days**

DE9M-

20181.66% 27

Int.9M-

20181.31% 40

Target group

SME’s in B2B

From annual turnover of

EUR 250k to EUR 5,000k

Largely independent of

individual sectors

Factoring Users

GER: 264; INT: 345

DE

International: CH, HU*, IT*, IE*, PL*, UK*

9

122 129

187238

9M-2017 9M-2018

FACTORING VOLUME – AMOUNT OF

PURCHASED RECEIVABLES

Broadly diversified portfolio in Leasing new business

10

4.3 Security Devices/Others

IT Products 67.2

20.1 Machines/Systems

8.4 Medical Technology

9M-2018IN PER CENT

IT equipment (incl. notebooks)

Photocopying equipment

Telecommunications

General Office technology

Leasing New Business Portfolio

11

We have continued to diversify our funding mix

Status: October, 2018

Debt issuance programme

Stand alone bonds

Promissory notes (Schuldschein)

Revolving credit facilities

Money market lines

Commercial paper programme

Overdraft facilities

Loans

Asset-backed commercial paper

programme

Global loans

Deposit business

Term deposits

Senior Unsecured Asset Based

GRENKE Bank

Approx.

2,637 EURmApprox.

822 EURmApprox.

1,174 EURm

57 % 18 % 25 %

GRENKE Group uses matched funding

Treasury is strongly focused on financing the core business

12

* Present value of operating income of a lease contract less risk and individual contract costs | ** New calculation of CM2 margin

in EUR millions

(5,000.00)

(3,000.00)

(1,000.00)

1,000.00

3,000.00

5,000.00

31.10.2018 31.10.2019 31.10.2020 31.10.2021 31.10.2022 31.10.20233

S&P RATING: BBB+/STABLE/A-2/AND GBB RATING: (GESELLSCHAFT FÜR BONITÄTSBEURTEILUNG MBH) A/STABLE

MATURITY STRUCTURE AS PER OCTOBER 2018

Medium term notes (MTN) Promissory notes (Schuldscheindarlehen) Term deposits GRENKE Bank

Assets Cash Debts

Global loans

1

∑612

∑ 219

∑ 521 ∑ 497 ∑ 498

∑ 219

125

271 263 295

410

200

1

75 58 65 40 1875

197 142

96 37 18

69 58 41 11

0

100

200

300

400

500

600

2018 2019 2020 2021 2022 2023

∑612

Solid contribution margins with continuous growth

13

CM2 is made up of the present value of operating income

of a lease contract less risk and individual contract costs

in EUR millions

0%

5%

10%

15%

20%

25%

0

100

200

300

400

CM1 is calculated as the present value of the interest

margin net of commissions paid to third parties

in EUR millions

CM2CM1

* New calculation of CM2

0%

5%

10%

15%

20%

25%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

New Business Leasing CM1 Margin CM2 CM2 Margin

Result for the period (income statement)

14

209

61 67 61

2

262

75

5713

117

Net interest

income

Profit from

new

business

Settlement of

claims and

risk provision

Profit from

service

business

Gains/losses

from

disposals

Income

from

operating

business

Staff costs Selling and

admin-

istrative

expenses

Other

expenses

Operating

result

in EUR millions

CM2 CALCULATION OF NEW BUSINESS IN 3M-2018 (TOTAL LIFETIME)

INCOME STATEMENT OF 9M-2018

0%

1%

2%

3%

4%

5%

6%

7%

8%

2012 2013 2014 2015 2016 2017

GRENKE’s experience enables it to calculate and forecast credit

losses more precisely

RISK PROVISION P.A. LOSS EXPECTATIONS 48 MONTHS CONTRACT TERM

Calculated loss expectations at contract start

Calculated actual loss expectations per end of period

15

0%

50%

100%

150%

200%

250%

300%

350%

400%

2009 2010 2011 2012 2013 2014 2015 2016 2017

Settlement of claims and risk provision (2009 = 100%)

Volume of leased assets (2009 = 100%)

Proximity to customers is key

Australia

16

69 Locations in core

markets

141International locations

31Countries

> 19,500reseller in core markets

> 34,000reseller international

Baltics

Outlook 2018

17

KEY FINANCIAL AND STRATEGIC PERFORMANCE INDICATORS

New Business

expectations

GRENKE Group Leasing: 18 – 22% (adjusted; previous 16 – 20%)

GRENKE Group Factoring: 15 - 20%

Expansion/Product

diversification

Leasing: Cell divisions in our core markets France, Germany, Italy as well as

in Spain, United Kingdom and Canada

Leasing: New market entry: The Baltics and New Zealand

Factoring: New market entry: Portugal

Balance sheet We aim for an equity ratio of 16%

Profitability Stability of business model will lead to net profit of:

EUR 126m – 132m (narrowed; previous EUR 123m – 131m)

We aim to achieve a sustainable cost/income ratio under 60%

18

Investment

Considerations

SOUND EQUITY BASE

STABLE RATING

LOW CYCLICITY

Equity ratio 19.2%

(as of 30/09/2018)

BBB+/stable/A-2 rating since

2003

Stable business model (small

ticket IT leasing)

Low loss rate even during the

latest recession (<2%)

LOW ASSET RISKS

No open residual values (full-

amortization requirement)

STRONG GROWTH

Increase in net profits +23.6%

(Q3/18 vs. Q3/17)

New business volume +21.0%

(Q3/18 vs. Q3/17)

Reasons for choosing GRENKE

APPENDIX

KEY RESULTS 9M-2018 9M-2017* DIFFERENCE

Net Interest income EUR 209.0m EUR 182.2m + 14.7%

Operating result EUR 117.1m EUR 104.9m + 11.6%

Net profit EUR 97.9m EUR 79.3m + 23.6%

Earnings per share (IFRS) EUR 2.06 EUR 1.74 + 18.4%

Cost/Income ratio 56.3% 54.6% 3.1%

Equity ratio 19.2% 16.6% + 15.7%

9M-2018 results compared to 9M-2017

20

*Previous year’s figures adjusted in accordance with IRFS 9

Equity ratio – different ways of requirements

Basis: solid balance sheet

EQUITY RATIO WITHIN TARGETS

21

EQUITY RATIO & ROE & TOTAL CAPITAL RATIO

16.8% 16.9% 17.0% 17.4% 17.7%

10.7%

13.2%13.7%

15.0% 14.6%

2013 2014 2015 2016 2017

Equity Ratio (Balance Sheet)

Total Capital Ratio according to CRRROE after Tax

17.68%

22.68%

15.65%

Economic capital (embedded value)

Balance sheet equity Regulatory capital

16.0%

10.5%

as a % of total assets (risk-weighted assets) as per Dec. 31, 2017

Our partners

22

HU, ES, IT

ES, PT, SKIT

IT, UK

IT

Buy

Neutral

Shareholder structure and Analyst overview

23

AVERAGE 2017 2018E (IFRS9)

EPS in EUR 2.74 2.76

Profit in EURm 125.0 146.5 (130.9)

EBT in EURm 158.5 196.1 (165.6)

Price/Earnings-Ratio 28.1 31.4

Share price in EUR 79.2 95.9

Buy: Buy, add, overweight | Neutral: Neutral, Hold | Sell: Sell, underweight

Grenke Beteiligung

GmbH & Co. KG*

40.8

Management** 0.7

Freefloat 55.5

Shareholder structure

As per June 2018IN PER CENT

* General Partner: Grenke Vermögensverwaltung GmbH;

Limited Partner: Family Grenke (Wolfgang, Anneliese, Moritz, Roland, Oliver Grenke)

** Management: Supervisory Board and Board of Directors

TOTAL SHARES: 46,353,918Grenke Foundation

3.0

ANALYST EXPECTATIONS

Disclaimer

This presentation contains forward-looking statements. Forward-looking statements

are statements that are neither facts nor a description of past events; they comprise

statements relating to our assumptions and expectations. Each statement made

in this presentation that reflects our intentions, assumptions, expectations or forecasts

as well as the underlying presumptions is a forward-looking statement. These statements

are based on planning figures, estimates and forecasts currently available to the Board

of Directors of GRENKE AG. Accordingly, forward-looking statements refer exclusively

to planning data, estimates and forecasts at the time at which they are made.

We assume no responsibility to further develop or modify such statements

in the event of fresh information being available or future events occurring.

By their very nature, forward-looking statements imply risks and uncertainty factors.

A large number of key factors can contribute towards actual events varying quite

substantially from forward-looking statements. Such factors include the condition

of the financial markets and the regional focal points of our investment activities.

24

Notes

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Notes

Leasing – Banking – Factoring | Investor Relations26

Notes

Leasing – Banking – Factoring | Investor Relations27