2021-M06 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M06, Credebt Exchange® held Active RSA of EUR 17.36m, with EUR 44.46m fully allocated. Investors net redemptions were EUR 0.41m in the period with trading of EUR 14.52m+ and all ETR utilised.

Treasury collections at EUR 9.68m of settled ETR was below that of Trading. The continued strong improvement in origination indicates an increase on 2020’s Y/E results.

Performance 2020-M06 v 2021-M06 remains strong and repeats an almost equal and comparatively strong month in terms of value and volume. Overall year-on-year, 2021-H1 performance is c.15.00% ahead of 2020-H1’s results. Investors’ withdrawals remain stable at c.EUR 0.41m and is consistent with prior years. The Credebt® Index decreased slightly to 87 and is c.35.00% lower than 2020-06. Total credebtors was c.6.4k+. The largest trade was EUR 1.23m

Trend Yield started at c.2.084% as the mid-point with yields alternating either side of that from 2.075% to 2.095% for the month. With negative bank yields of c.1.000% it makes the c.2.750% positive from ETR good for Investors in the short-term market. Leasabill ETR® 3-Year market will re-open in August as shipping assets grow. Total RSA was EUR 17.36m+

2021-M06 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2021-M05 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M05, Credebt Exchange® held Active RSA of EUR 17.43m, with EUR 35.97m fully allocated. Investors net redemptions were EUR 0.57m in the period with trading of EUR 12.22m+ and all ETR utilised.

Treasury collections at EUR 12.57m of settled ETR was in line with that of Trading. The continued strong improvement in origination indicates a likely increase on 2020’s Y/E results.

Performance 2020-M05 v 2021-M05 remains strong and continues to double trade value by 108.9% and volumes up by c.66.00% too. This continues to show that year-on-year, 2021-05 performance is ahead 2020-05’s results by 17.50%. Investors’ withdrawals stabilised at c.EUR 0.57m and is consistent with prior years. The Credebt® Index increased slightly to 96 but c.16.00% lower than 2020-05. Total credebtors was c.6.3k+ with the largest single trade finance deal at EUR 1.67m

Trend Yield started at c.2.077% and move unpredictably before settling at 2.083%. The artificial boost from 2021-M04 increased Investor inflow by 4:1 in M05. With negative bank yields of c.1.000% it makes the c.2.750% positive from ETR good for Investors in the short-term market. Leasabill ETR® 2-Year remains postponed until H2. Total RSA was EUR 17.43m+

2021-M05 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2021-M03 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M03, Credebt Exchange® held Active RSA of EUR 18.54m, with EUR 23.16m fully allocated. Investors net redemptions were EUR 1.85m in the period with trading of EUR 10.11m+ and all ETR utilised.

Treasury collections at EUR 9.21m of settled ETR was in line with that of Trading. A strong improvement in origination is showing early signs of repeating 2020’s performance overall.

Performance 2020-M03 v 2021-M03 although a considerable improvement, it is still the wrong side of 2020’s numbers w/ trade value 17.64% lower. This is a preliminary sign of the Year softening favourably but volumes are still off by c.30.00%. Investors’ withdrawals of c.EUR 1.85m were unusually high for the time of year. The Credebt® Index rose to 121 and remains above 2020 levels. Total credebtors was c.6.3k+ with the largest single trade finance deal at EUR 0.59m

Trend Yield remains below c.1.800%. Starting at c.1.737%, it continued upward throughout the month and ended on 1.766%. Negative bank yields of c.1.000% make the c.2.250% positive from ETR good for Investors in the short-term market. Leasabill ETR® 2-Year at 2.750% has been moved to mid-late 2021-Q2. With total RSA was EUR 18.54m+

2021-M03 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2021-M02 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M02, Credebt Exchange® held Active RSA of EUR 17.46m, with EUR 22.51m fully allocated. Investors net redemptions were EUR 0.33m in the period with trading of EUR 3.98m+ and all ETR utilised.

Treasury collections at EUR 9.05m of settled ETR were almost treble that of Trading. Poor origination dogs the Trade Floor for a second month with strong receipts being the result.

Performance 2020-M02 v 2021-M02 continues to disappoint as the Winter ends w/ trade value down 57.44%. The poor start to the Year hardens the c.26.49% drop in Trade volumes too. Origination struggles to continue its strong 2020 Y/E. c.EUR 0.33m of Investors’ withdrawals was generally sluggish to slow. The Credebt® Index rose slightly at 105 and is above that of 2020 levels too. Total credebtors was c.6.3k+ and the largest single trade finance deal was EUR 0.23m

Trend Yield remains below its ‘ceiling’ of c.1.900%. Starting at c.1.865%, it continued down throughout the month and ended on 1.727%. Negative bank yields of c.1.000% make the c.2.250% positive from ETR good for Investors in the short-term market. Leasabill ETR® 2-Year at 2.750% has been moved to mid-late 2021-Q2. With total RSA was EUR 17.46m+

2021-M02 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2021-M01 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M01, Credebt Exchange® held Active RSA of EUR 18.38m, with EUR 27.02m fully allocated. Investors net redemptions were EUR 0.15m in the period with trading of EUR 4.42m+ and all ETR utilised.

Treasury collections at EUR 8.38m of settled ETR were almost double that of Trading. Not unusual for January but overall lower trading levels certainly impacted this result.

Performance 2020-M01 v 2021-M01 disappointing beginning to the year with trade value down 62.42%. Slow, sleepy start to the Year with a c.30.00% drop in Trade volumes too. Overall poor start to 2021, particularly after the strong ending recorded in 2020. Investors’ withdrawals of c.EUR 0.15m are in line with prior years. The Credebt® Index remains at 96 and below that of 2019 too. Total credebtors was c.6.2k+ and the largest single trade finance deal was EUR 0.23m.

Trend Yield remains below its ‘ceiling’ of c.1.900%. It ended at c.1.858%, dipping just below 1.820% earlier in the month. With bank deposits’ negative yields of c.1.000%, it remains c.2.250% to the positive for Investors for the near to short-term. To boost Investor returns, a 2-Year Leasabill® at 2.750% will open in 2021-H1. Total RSA was EUR 18.38m+

2021-M01 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M12 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivabless that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M12, Credebt Exchange® held Active RSA of EUR 18.20m, with EUR 32.38m fully allocated. Investors net redemptions were EUR 0.92m in the period with trading of EUR 7.10m+ and all ETR utilised.

Treasury collections at EUR 9.91m of settled ETR were significantly above that of Trading. Partly as a result of the lower trading levels in M011 and seasonally typical for Y/E.

Performance 2020-Y/E v 2019-Y/E trade value was 56.36% higher at c.EUR 157.95m to Y/E. Continued international trade finance deals support this business sector as it develops into 2021. Trade volumes were also 11.45% higher than the 2019 year’s results. Investors withdrawals of c.EUR 0.91m were higher than usual. The Credebt® Index decreased to 96 and remains below that of 2019. Total credebtors was c.6.2k+ and the largest single trade finance deal was EUR 0.41m.

Trend Yield remains below its ‘ceiling’ of c1.900%. It ended at c.1.830%, dipping just below 1.800% mid-month. However, with bank deposits’ negative yields of c.1.000%, it remains c.2.250% to the positive for Investors for the near to short-term. To boost Investor returns, a 2-Year Leasabill® at 2.750% will open in 2021-H1. Total RSA was EUR 18.20m+

2020-M12 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M11 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M11, Credebt Exchange® held Active RSA of EUR 17.84m, with EUR 24.80m fully allocated. Investors net redemptions were EUR 0.36m in the period with trading of EUR 14.48m+ and all ETR utilised.

Treasury collections at EUR 8.16m of settled ETR was significantly below that of Trading. Partly to be expected for seasonal reasons but still lower than is typical for M11.

Performance 2020-M11 v 2019-M11 trade value was 83.28% higher. Continued international trade finance deals support this business sector as it develops in 2020-Q4. Trade volumes were 13.33% lower than prior year results. Investors withdrawals of c.EUR 0.36m were again seasonally low. The Credebt® Index increased to 102 and remains below that of 2019. Originators may continue to draw comfort from this. Total credebtors was c.6.2k+ and EUR 0.27m was the largest trade.

Trend Yield did not move above its ‘ceiling’ of c1.900%, starting above c.1.820% and ending at c.1.830%. The suggestion that the Exchange should intervene with a temporary boost on initial investment yields was rejected. At current bank deposit negative yields, it is c.2.250% to the positive for Investors for the near to short-term. Total RSA was EUR 17.84m+

2020-M11 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M10 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M10, Credebt Exchange® held Active RSA of EUR 18.04m, with EUR 26.93m fully allocated. Investors net redemptions were EUR 0.56m in the period with trading of EUR 13.31m+ and all ETR utilised.

M10 Treasury collections at EUR 14.85m of settled ETR was c.11.10% ahead of Trading. Treasury is collecting faster than the Trade Desk is trading. A good indicator of performance.

Performance 2020-M10 v 2019-M10 trade value is 67.92% higher. More international trade finance deals occurring as this new business sector develops in 2020-Q4. Trade volumes were on par with prior year results. Monthly withdrawals by Investors were seasonally low at c.EUR 0.56m. The Credebt® Index remained stable at 92 and remains in line with 2019. Originators continue to draw comfort from this. Total credebtors was c.6.2k+ and EUR 3.39m was the largest trade.

Trend Yield continues its refusal to move above its ‘ceiling’, starting above 1.800% and ending the period slightly above 1.820%. Investor yield remains low and it is expected that the Exchange will intervene with a temporary ‘Year-1 Bonus’ to boost initial investment yields in 2021. International trade finance remains a trading focal point. Total RSA was EUR 18.04m+

2020-M10 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M09 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M09, Credebt Exchange® held Active RSA of EUR 18.84m, with EUR 27.92m fully allocated. Investors net redemptions were EUR 0.26m in the period with trading of EUR 9.10m+ and all ETR utilised.

M09 Treasury at EUR 11.17m of settled ETR was ahead of trading as the larger value trades from M07 settled. These results are a strong sign that Treasury is performing well.

Performance 2020-M09 v 2019-M09 continues its strong increase in trade value of 68.09% as more PPE trades washed through the system and new business sectors are developed. Trade volumes continued to remain low. Monthly withdrawals by Investors were low at c.EUR 0.26m. The Credebt® Index recovered by almost 25.00% to 88 and returns to 2019 levels. Originators should draw good comfort from this. Total credebtors was c.6.2k. EUR 0.23m was the largest trade.

Trend Yield continues to disappoint, starting above 1.860% and ending the period below the 1.800% mark. Despite trade remaining strong, the Investor yield remains low. The Exchange must execute new market strategies rather than relying on speculative PPE trades. A strong focus on international trade finance is seen as the solution. RSA was EUR 19.71m+

2020-M09 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M08 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M08, Credebt Exchange® held Active RSA of EUR 19.71m, with EUR 24.50m fully allocated. Investors net redemptions were EUR 0.73m in the period with trading of EUR 13.24m+ and all ETR utilised.

M08 Treasury performance at EUR 12.74m of settled ETR was in line with Trading after the larger than usual trade values from M07. Collections are now in line and on par with trading.

Performance 2020-M08 v 2019-M08 again saw an increase in trade value of almost 100.00% as more of the PPE trades washed through the system. At the same time, Trade volumes continued to remain low. Investor monthly withdrawals were higher than usual at c.EUR 0.73m. The Credebt® Index eased back by six days to 118 as the Exchange continues its projected growth. Total credebtors were c.6.1k. The largest single value trade was EUR 2.27m (again, this was on PPE equipment).

Trend Yield made a slight gain to the positive starting at c.1.825% and ending the period over 1.840%. Even allowing for seasonality, trade remained strong and Investor yield remains low and stable. Recessionary markets saw the Exchange continue its new market strategies to sustain its strong performance in international trade finance. RSA was EUR 19.71m+

2020-M08 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M07 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M07, Credebt Exchange® held Active RSA of EUR 20.15m, with EUR 25.41m fully allocated. Investors net redemptions were EUR 0.09m in the period with trading of EUR 37.30m+ and all ETR utilised.

M07 Treasury performance at EUR 28.84m of settled ETR although very much larger than normal, was still substantially below Trading that was also significantly larger than usual.

Performance 2020-M07 v 2019-M07 saw a dramatic increase in trade value of c.275.00%, as the coronavirus PPE equipment trades spiked. At the same time, Trade volumes remained low. Investor monthly withdrawals were very light at c.EUR 90.0k. The Credebt® Index eased back to 124 as the Exchange experienced unprecedented growth. Total credebtors were c.6.0k. The largest single trade was EUR 3.67m (on PPE equipment).

Trend Yield, although erratic within tight bands of between c.1.800% and 1.835% remained flat overall for the month at 1.815%. Although recovery and trade are very strong, Investor yield remains low and stable. Recessionary markets means the Exchange must continue its new market strategies to sustain its strong performance. Available RPA was EUR 20.15m+

2020-M07 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M06 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M06, Credebt Exchange® held Active RSA of EUR 22.54m, with EUR 22.69m fully allocated. Investors net redemptions were EUR 0.24m in the period with trading of EUR 14.65m+ and all ETR utilised.

M06 Treasury performance at EUR 11.27m of settled ETR was below trading that was very brisk. This improvement in trading for the month will take time for Treasury to recover.

Performance 2020-M06 v 2019-M06 showed a sharp increase in trade value of 21.83%, as the coronavirus lockdown eased. Trade volumes remained in a downward trend. Investor monthly withdrawals at c.EUR 0.24m were ‘normal’. Another all-time high Credebt® Index at 134. The Exchange has returned to strong growth as predicted. Total credebtors were c.6.0k. The largest trade was EUR 2.46m (on a PPE equipment trade).

Trend Yield average started at c.1.850% and ended down at 1.821% and was ‘flat’ on M05. Although recovery and trade are strong, Investor yield has not yet risen. With markets in a recession the Exchange continues to seek and see a steady increase in new market, trade enquiries. Available RPA was EUR 22.54m+

2020-M06 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M05 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M05, Credebt Exchange® held Active RSA of EUR 22.43m, with EUR 26.78m fully allocated. Investors net redemptions were EUR 0.09m in the period with trading of EUR 5.85m+ and all ETR utilised.

Treasury performance at EUR 7.00m of settled ETR was higher for a third month in a row. This stable improvement can be attributed to the decrease in trading for the month.

Performance 2020-M05 v 2019-M05 showed a decrease of 57.29% in trade volume, due to Covid-19 but overall trade value remains marginally up at 6.63%. There was less than EUR 100.0k Investor withdrawals during the month. The Credebt® Index almost hit another all-time high at 115. The market for the Exchange continues to grow in line with expectations and Originator demand continues to rise. Total creditors & debtors were c.6.0k. The largest trade in M05 was EUR 1.06m

TrendYield average started at c.1.879% and ended down at 1.824%. The expected price increase in Q2 has not materialised and should occur in Q3. The Credebt® Index remains high and should drive Originators’ supply. The Irish/UK markets are now in a recession and the Exchange continues to see a steady increase in trade enquiries. Available RPA was EUR 22.43m+

2020-M05 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M04 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M04, Credebt Exchange® held Active RSA of EUR 29.42m, with EUR 28.44m fully allocated. Investors net redemptions were EUR 0.99m in the period with trading of EUR 6.06m+ and all ETR utilised.

Treasury performance at EUR 8.74m of settled ETR was higher for a second month in a row. This strong improvement can be attributed to the decrease in trading for the month.

Performance 2020-M04 v 2019-M04 showed a decrease of 67.95% in trade volume, due to Covid-19 but there is a continued overall trade value increase YTD of 16.48%. Investor withdrawals returned to its month-on-month average. The Credebt® Index is down 10 but remains high at 107. The market for the Exchange continues to grow in line with expectations and Originator demand continues to rise. Total creditors & debtors were c.6.0k. The largest trade in M04 was EUR 0.20m

Trend Yield average started at c.1.848% and ended at 1.881%. This price is still expected to increase in Q2 in line with Originator supply. The Credebt® Index remains high and will drive this Originators’ supply. The Irish/UK markets have entered a recession that have already resulted in a noticeable increase in trade enquiries. Available RPA was EUR 29.42m+

2020-M04 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M03 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M03, Credebt Exchange® held Active RSA of EUR 31.18m, with EUR 25.89m fully allocated. Investors net redemptions were EUR 4.51m in the period with trading of EUR 9.36m+ with all ETR utilised.

Treasury performance at EUR 8.02m of settled ETR was noticeably higher for the month. This strong improvement can be attributed to a slight decrease in trading for the month.

Performance 2020-M03 v 2019-M03 showed a slight decrease in trade volume of 8.17% but a continued trade value increase of 14.32%. Covid-19 impacted Investor withdrawals but trading continues to strengthen favourably as the Credebt® Index hit 117. The market for the Exchange continues to grow in line with expectations as Originators demand for finance rises. Total creditors & debtors were c.6.0k. The largest single trade in the period was EUR 2.97m

Trend Yield average was stable at c.1.838% in the month. Due to Covid-19 this price is expected to increase in Q2 in line with Originator supply. The sudden increase in the Credebt® Index will drive the supply from Originators as the overall market enters a recession that will be good to strong for Exchange trading. Available RPA was EUR 25.44m+

2020-M03 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M02 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M02, Credebt Exchange® held Active RSA of EUR 25.44m, with EUR 24.24m fully allocated. Investors redeemed EUR 0.76m in the period and trading for M02 was EUR 9.36m+ with all ETR utilised.

Treasury performance at EUR 6.23m of settled ETR was noticeably below the trade for the month. This imbalance can be attributed to a significant increase in trading for the month.

Performance 2020-M02 v 2019-M02 showed a decrease in trade volume of 25.13% but a significant trade value increase of 39.69%. This is a continued good start to the year and can be attributed to the 2020 plan proving its results. The Credebt® Index of 98 makes a favourable market for the Exchange. Total creditors & debtors were c.6.0k. The largest single trade was EUR 0.19m

Trend Yield average increased to c.1.978% in the month starting at 1.952% and ending on 1.919%. This stabilised price is expected to increase in Q2/Q3 in line with Originator supply. The slight decreases in the Credebt® Index and increase in supply from Originators should see this figure remain constant until Q2/Q3. Available RPA was EUR 25.44m+

2020-M02 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2020-M01 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M01, Credebt Exchange® held Active RSA of EUR 32.78m, with EUR 23.90m fully allocated. Investors redeemed EUR 0.20m in the period and trading for M01 was EUR 8.85m+ with all ETR utilised.

Treasury performance at EUR 7.14m of settled ETR was almost at parity for the month. This balance can be attributed to an overall levelling of trade as we enter the New Year.

Performance 2020-M01 v 2019-M01 showed an increase in trade volume of 13.31% and also a substantial trade value increase of 35.37%. This is a good start to a new decade and can be attributed to the 2020 plan proving its results. The Credebt® Index of 109 makes a favourable market for the Exchange. Total creditors & debtors were c.6.0k. The largest single trade was EUR 0.38m

Trend Yield average increased to c.1.934% in the month starting at 1.940% and ending on 1.958%. This stabilised price is expected to increase in Q2/Q3 in line with Originator supply. The increases in the Credebt® Index and in supply from Originators should see this figure remain constant until later in the year. Available RPA capacity was EUR 32.78m+

2020-M01 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M12 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M12, Credebt Exchange® held Active RSA of EUR 32.13m, with EUR 31.96m fully allocated. Investors redeemed EUR 0.56m in the period and trading for M12 was EUR 11.82m+ with all ETR utilised.

Treasury performance at EUR 6.80m of settled ETR was still below the trade value for the month. Seasonality and new Originators are the primary reason for the wide variance.

Performance 2019-M12 v 2018-M12 showed a decline in trade volume of -50.57% but with a substantial trade value increase easing of 39.49%. This reversal of fortune can be attributed to the 2020 plan beginning to show results. The Credebt® Index of 112 makes a favourable market for the Exchange. Y/E total trade was c.EUR 100.88m. Total creditors & debtors were c.5.4k. The largest single trade was EUR 0.96m

Trend Yield average increased to c.1.940% in the month starting at 1.924% and ending on 1.927%. A decisive Brexit has helped stabilise the price. The increases in the Credebt® Index and in demand from Originators should see this figure stabilise at c.1.900% – 2.000% as the Year closes and the 2020 plan unfolds. Available active RPA capacity was EUR 32.13m+

2019-M12 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M11 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M11, Credebt Exchange® held Active RSA of EUR 31.14m, with EUR 23.20m fully allocated. Investors redeemed EUR 1.25m in the period and trading for M11 was EUR 7.90m+ with all ETR utilised.

Treasury performance at EUR 6.16m of settled ETR was unusually below the trade value for the month. It is expected that Collections will finish out the Year slightly higher.

Performance 2019-M11 v 2018-M11 showed a repeat decline in trade volume of -40.09% with the trade value decrease easing further to -19.55%. SME access to trade credit continues to be a negative factor. The Credebt® Index of 109 makes a favourable market for the Exchange for the remainder of Q4 and this is expected to increase substantially in 2020. Year to date Trade was c.EUR 88.09m. Total creditors & debtors were c.5.4k. The largest single trade was EUR 0.68m

Trend Yield averaged c.1.920% in the month starting at 1.902% and ending on 1.926%. Brexit looming, the increase in the Credebt® Index and lack of demand from Originators are all contributing factors. Driven by supply and demand economics, the yield level will most likely remain at this sub-2.000% level until Y/E. Available active RPA capacity was EUR 31.14m+

2019-M11 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M10 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M10, Credebt Exchange® held Active RSA of EUR 21.78m, with EUR 22.68m allocated. Investors redeemed EUR 1.48m in the period and trading for M10 was EUR 7.99m+ with all available ETR utilised.

Treasury performance at EUR 7.54m of settled ETR was almost at parity with trade value for the month. Collections have increased in line with expectations.

Performance 2019-M10 v 2018-M10 showed an easing in trade volume decrease to -13.48% with trade value decrease easing to -26.22%. SME access to trade credit continues to be a negative factor. The Credebt® Index of 94 indicates a favourable market for the Exchange for Q4 and this is expected to increase substantially in 2020. Year to date Trade was c.EUR 86.97m. Total creditors & debtors were c.5.4k. The largest single trade was EUR 0.25m

Trend Yield struck the 2.000% ‘watermark’ level briefly in the month before dipping to another new annual low of 1.899%. This continues to be driven by concerns on Brexit and lack of demand from Originators. The yield level will probably hold firm for the remainder of 2019 as the supply v demand imbalance stabilises. Available active RPA capacity was EUR 21.78m+

2019-M10 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M09 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M09, Credebt Exchange® held Active RSA of EUR 22.85m, with EUR 21.99m allocated. Investors redeemed EUR 2.26m in the period and trading for M09 was EUR 6.61m+ with all available ETR utilised.

Treasury performance at EUR 4.77m of settled ETR was below the trade value for the month. It is expected that trade and collections will increase during busy Q4 trading period.

Performance2019-M09 v 2018-M09 showed a continued decrease in trade volume of 50.78% with a significant drop in trade value of more than 33.76% in the month. SME access to trade credit is a factor, another is to improve our finance offerings. This reversal of the year-on-year decrease was addressed in Q3 with improved results expected in Q4. Year to date Trade was c.EUR 74.52. Total creditors & debtors were c.5.3k. The largest single trade was EUR 0.19m

Trend Yield remained below the 2.000% ‘watermark’ level and dipped to another new annual low of 1.907%. This continues to be driven by concerns on Brexit and lack of demand from Originators. The yield decrease may drop further in Q4 as the supply v demand imbalance continues. Available active RPA capacity was EUR 21.99m+

2019-M09 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M08 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M08, Credebt Exchange® held Active RSA of EUR 23.17m, with EUR 25.82m allocated. Investors redeemed EUR 0.28m in the period and trading for M08 was EUR 6.65m+ with all available ETR utilised.

Treasury performance at EUR 5.02m of settled ETR was marginally below the trade value for the month. Seasonality affected both trade and collections in the period.

Performance 2019-M08 v 2018-M08 showed a continued decrease in trade volume of 43.93% with a significant drop in trade value of more than 18.35% in the month. As the availability of SME trade credit continues to increase, the overall year-on-year decrease for the Exchange showed c.EUR 65.08 traded year to date. This sharp decline for 2019-M08 is also as a result of seasonality. Total creditors & debtors were c.5.3k. The largest single trade was EUR 0.20m

Trend Yield continued the downward trend from July with the period ending at a new annual low of 1.917%. This is driven by seasonality and deepening market concerns on Brexit. The yield decrease is predicted to drop even further in H2 as the supply v demand imbalance continues. Available active RPA capacity was EUR 23.17m+

2019-M08 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M07 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M07, Credebt Exchange® held Active RSA of EUR 32.92m, with EUR 22.43m allocated. Investors redeemed EUR 1.31m in the period and trading for M07 was EUR 9.93m+ with all available ETR utilised.

Treasury performance at EUR 6.52m of settled ETR was significantly below the trade value for the month. Unstable trading in the month over shadowed repayments.

Performance 2019-M07 v 2018-M07 showed a decrease in trade volume of 9.29% with a significant drop in trade value of more than 33.87% in the month. Total trade for the year was EUR 54.60m showing an overall year-on-year decrease for the Exchange of c.16.84%. Trading for 2019-M07 showed an overall stagnant, to declining, position for the year to date. Total creditors & debtors were 5.2k+. The largest single value trade was in July with a value of EUR 0.45m

Trend Yield remained generally stable for the period at 2.021% to 2.076% in the month with a sharp decrease at month end. This is driven by seasonality and continued market concerns on Brexit. The yield decrease is predicted to drop further in H2 as the supply v demand imbalance widens. Available active RPA capacity was EUR 32.92m+

2019-M07 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M06 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M06, Credebt Exchange® held Active RSA of EUR 47.48m, with EUR 22.10m allocated. Investors redeemed EUR 0.71m in the period and trading for M06 was EUR 6.89m+ with all available ETR utilised.

Treasury performance at EUR 4.52m of settled ETR was significantly below the trade value for the month. Unstable trading in the month over shadowed repayments.

Performance 2019-M06 v 2018-M06 showed the same trade volume of but with a significant drop in trade value of more than 32.65% in the month. Total trade for the year was EUR 47.87m showing an overall year-on-year decrease for the Exchange of c.5.46%. Trading for 2019-M06 showed an overall stagnant, to declining, position for the year to date. Total creditors & debtors were 5.1k+. The largest single value trade in the month had a value of EUR 0.20m

Trend Overall, yield remained generally stable for the period at 2.062% to 2.092% in the month with an overall declining trend. This is driven by increased demand from Investors that is not being matched by Originator supply. This yield decrease trend is predicted to drop further in H2. Available active RPA capacity was 47.48m+

2019-M06 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M05 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M05, Credebt Exchange® held Active RSA of EUR 51.16m, with EUR 22.28m allocated. Investors redeemed EUR 0.48m in the period and trading for M05 was down 31.31% at c.EUR 8.66m with all ETR utilised.

Treasury performance was EUR 12.44m of settled ETR and was significantly higher than the trade value for the month. Trading in the month was less than demand and collections.

Performance 2019-M05 v 2018-M05 continued to show an increase in trade volume of 35.07% and a continued decline in the trade value that was down by 31.31%, year-on-year. Total trade for the year-to-date was EUR 37.77m showing a decrease of 6.49% for the Exchange. Trading ended down showing a year-on-year decline to date. Total creditors & debtors were c.5.1k. Highest single value trade was EUR 0.32m. Total trade for the Year was EUR 37.77m

Trend Yield decline continued for the period starting at 2.167% and ending the month at 2.095%. This overall narrow spread remains driven by the decline in supply v demand as the year progresses. The Branch Network initiative has not performed as projected and is being monitored closely. Active RPA capacity declined by 39.63% to EUR 51.16m+

2019-M05 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M04 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M04, Credebt Exchange® held Active RSA of EUR 66.58m, with EUR 20.63m allocated. Investors redeemed EUR 0.18m in the period and trading for M04 was c.EUR 7.62m with all available ETR utilised.

Treasury performance at EUR 7.05m of settled ETR was again on par with the trade value for the month. Stabilised trading in the month was equal to demand and repayments.

Performance 2019-M04 v 2018-M04 continued to show an increase in trade volume of 20.67% and a continued decline in the trade value that was down by 13.41%, year-on-year. Total trade for the year-to-date was EUR 29.12m showing an increase of 4.76% for the Exchange. Trading ended up showing year-on-year growth to date. Total creditors & debtors were 5.0k+. Highest single value trade was EUR 0.20m. Total trade for the Year was EUR 29.12m

Trend Yield decline slightly for the period starting at 2.175% and ending the month at 2.154%. This overall narrow spread remains driven by the stabilised supply v demand as the year progresses. The Branch Network initiative has removed one Local Branches with new opening postponed to Q4. Available Active RPA capacity was EUR 74.53m+

2019-M04 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M03 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M03, Credebt Exchange® held Active RSA of EUR 70.53m, with EUR 20.43m allocated. Investors redeemed EUR 0.28m in the period and trading for M03 was EUR 9.24m+ with all available ETR utilised.

Treasury performance at EUR 9.38m of settled ETR was marginally above the trade value for the month. Stabilised trading in the month meant demand equalled repayments.

Performance 2019-M03 v 2018-M03 showed a strong increase in trade volume of 43.03% with a very strong improvement in the trade value that increased by 68.32%, year-on-year. Total trade for the year was EUR 21.50m showing an overall increase for the Exchange of c.70.00%. Trading for 2019-Q1 showed a strong return to growth for the year to date. Total creditors & debtors were 5.0k+. Highest single value trade was EUR 1.08m

Trend Yield remained generally stable for the period at 2.139% to 2.177% in the month with sharp increases and decreases driven by market concerns on Brexit (it is thought). This narrow spread continues to be driven by the stabilised supply v demand as the year moves toward Q2. Available Active RPA capacity was EUR 70.53m+

2019-M03 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M02 ETR Briefing

Investabill ETR® are fixed value Exchange Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M02, Credebt Exchange® held Active RSA of EUR 74.17m, with EUR 12.26m allocated. Investors redeemed EUR 0.29m in the period and trading for M02 was EUR 6.34m+ with all available ETR utilised.

Treasury performance at EUR 5.27m of settled ETR was almost on par with the trade value for the month. Stabilised trading in the month equalling demand and repayments.

Performance 2019-M02 v 2018-M02 continued to show an increase in trade volume of 16.86% with a disimprovement in the trade value that was down by 8.36%, year-on-year. Total trade for the year so far was EUR 12.26m showing a decline for the Exchange of 8.36%. Trading ended down year-on-year growth for the year to date. Total creditors & debtors were 5.0k+. Highest single value trade was EUR 0.18m. Total trade for the Year was EUR 12.26m

Trend Yield remained stable for the period at 2.101% to 2.162% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year begins. The Branch Network initiative has appointed two Local Branches with new opening announcements expected in H2. Available Active RPA capacity was EUR 74.17m+

2019-M02 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2019-M01 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M01, Credebt Exchange® held Active RSA of EUR 76.68m, with EUR 22.08m allocated. Investors redeemed EUR 0.63m in the period and trading for M01 was EUR 5.92m+ with all available ETR utilised.

Treasury collections performance at EUR 7.90m of settled ETR was greater than trade value for the month. Trading for the month was largely below demand and repayments.

Performance 2019-M01 v 2018-M01 continued its significant increase in trade volume by 67.25% but with a disimprovement in the trade value that was down by 10.13%, year-on-year. Total trade for the month was EUR 5.93m and was below expectations. Disappointing beginning to 2019 that is expected to change by Q/E. Total creditors & debtors were c.5.0k. Highest single value trade was EUR 0.21m. Total trade for the period was EUR 5.93m

Trend Yield increased by 10bps in the period rising from 2.044% to 2.141% in the month. As a narrow spread this continues to be driven by the stabilised supply v demand as the year begins. The Branch Network initiative has opened its first Local Branches with the second Branch opening in M02. Available Active RPA capacity was EUR 76.68m+

2019-M01 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M12 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Y/E, Credebt Exchange® held Active RSA of EUR 79.21m, with EUR 20.63m allocated. Investors redeemed EUR 0.86m in the period and trading for M12 was EUR 8.62m+ with all available ETR utilised.

Treasury performance at EUR 7.96m of settled ETR was in line with the trade value for the month. Stabilised trading during the month roughly equalled demand and repayments.

Performance 2018-M12 v 2017-M12 continued its significant increase in trade volume by 116.52% with a return to significant improvement in the trade value up by 31.55%, year-on-year. Total trade for the Year was EUR 126.27m showing annual growth for the Exchange of 22.59%. Trading ended with moderate, to strong, growth for the year. Total creditors & debtors were c.5.0k. Highest single value trade was EUR 0.43m. Total trade for the Year was EUR 126.27m

Trend Yield remained stable for the period at 2.046% to 2.086% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year ended. The Branch Network initiative has appointed two Local Branches with new opening announcements expected in 2019. Available Active RPA capacity was EUR 79.21m+

2018-M12 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M11 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M11, Credebt Exchange® held Active RSA of EUR 89.30m, with EUR 21.45m allocated. Investors redeemed EUR 0.25m in the period and trading for M11 was EUR 9.17m+ with all available ETR were utilised.

Treasury performance at EUR 8.41m of settled ETR was in line with the trade value for the month. Stabilised trading during the month roughly equalled demand and repayments.

Performance 2018-M11 v 2017-M11 continues its significant increase in trade volume of 50.44% with a return to significant improvement in the trade value of 19.57%, year-on-year. Year to date trade of EUR 111.65m improved overall growth for the Exchange by 26.27%. Trading returned to moderate, or strong, growth for the year. Total creditors & debtors were c.4.9k. Highest single value trade was EUR 0.21m. Total trade for the Year is expected to be c.EUR125.00+

Trend Yield remained stable for the period at 2.077% to 2.129% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year comes to an end. The Branch Network initiative has appointed to Local Branches with some new opening announcements expected in 2019. Available Active RPA capacity was EUR 89.30m+

2018-M11 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M10 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M10, Credebt Exchange® held Active RSA of EUR 94.01m, with EUR 22.89m allocated. Investors redeemed EUR 0.84m in the period and trading for M10 was EUR 10.95m+ with all available ETR were utilised.

Treasury performance at EUR 12.30m of settled ETR was well above the trade value for the month. This was due to strong Treasury management and seasonal collections.

Performance 2018-M10 v 2017-M10 continues its significant increase in trade volume of 48.48% with a return to significant improvement in the trade value of 22.59%, year-on-year. Year to date trade of EUR 105.64m improved overall growth for the Exhcange by 21.07%. Trading returned to moderate, or strong, growth for the year. Total creditors & debtors were c.4.9k. Highest single value trade was EUR 0.80m. Total trade for the Year is expected to be c.EUR 125.00+

Trend Yield remained stable for the period at 2.043% to 2.080% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year matures. The Branch Network initiative short-listed 4 candidates with some new opening announcements expected in M10. Available Active RPA capacity was EUR 93.40m+

2018-M10 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M09 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M09, Credebt Exchange® held Active RSA of EUR 93.40m, with EUR 23.74m allocated. Investors redeemed EUR 0.84m in the period and trading for M08 was EUR 10.20m+ with all available ETR were utilised.

Treasury performance at EUR 7.79m of settled ETR was still below the trade value for the month. This was due to continued strong Originator trading versus settled trades.

Performance 2018-M09 v 2017-M09 continues its significant increase in trade volume of 43.39% with a marginal improvement in trade value of 3.39%, year-on-year. Total trade of EUR 10.20m for M09 improved overall growth for the year by 12.51%. Trading continues to show a moderate growth for the year. Total creditors & debtors were c.4.8k. Highest single value trade was EUR 0.42m. Total trade for the Year increased to EUR 94.20m+

Trend Yield remained stable for the period at 2.043% to 2.080% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year matures. The Branch Network initiative short-listed 4 candidates with some new opening announcements expected in M10. Available Active RPA capacity was 93.40m+

2018-M09 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M08 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M08, Credebt Exchange® held Active RSA of EUR 96.62m, with EUR 17.66m allocated. Investors redeemed EUR 0.27m in the period and trading for M08 was EUR 14.19m+ with all available ETR were utilised.

Treasury performance at EUR 9.48m of settled ETR was still below the trade value for the month. This was due to continued strong Originator trading versus settled trades.

Performance 2018-M08 v 2017-M08 continues its significant increase in trade volume of 31.37% with a strong upward swing of 50.74% in trade value, year-on-year. Total trade of EUR 14.19m for M08 improved overall growth for the year of 23.75%. Trading continues to show moderate to strong growth for the year. Total creditors & debtors were c.4.8k. Highest single value trade was EUR 1.99m. Total trade for the Year increased 20.81% to EUR 83.73m+

Trend Yield remained stable for the period at 2.043% to 2.083% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year matures. The Branch Network initiative expects to see appointments in this quarter/Q3 with opening announcements expected in M09/M10. Available Active RPA capacity was 96.62m+

2018-M08 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M07 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M07, Credebt Exchange® held Active RSA of EUR 91.9m, with EUR 22.89m allocated. Investors redeemed EUR 1.14m in the period and trading for M07 was EUR 15.67m+ with all available ETR were utilised.

Treasury performance at EUR 9.85m of settled ETR was well below the trade volumes for the month. This was due to good, heavy Originator trading compared to settled trades.

Performance 2018-M07 v 2017-M07 spiked with a significant increase in trade volume of 30.44% with a strong upward swing of 81.00% in trade value, year-on-year. Total trade of EUR 15.29m for M07 improved overall growth for the year of 19.65%. Trading showed moderate to strong growth for the year. Total creditors & debtors were c.4.7k in the month. Highest single value trade was EUR 1.60m. Total Active RSA in the month increased 14.59% to EUR 91.9m+

Trend Yield fluctuated between 2.069% and 2.098% in the month. This narrow spread is driven by the continued stabilisation in supply v demand as the year develops. The recent Branch Network initiative expects to see appointments in this quarter/Q3 with opening announcements expected in M08/M09. Available Active RPA capacity was 91.9m+

2018-M07 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M06 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M06, Credebt Exchange® held Active RSA of EUR 78.5m, with EUR 20.42m allocated. Investors redeemed EUR 0.28m in the period and trading for M06 was EUR 12.72m+ with all available ETR were utilised.

Treasury performance at EUR 11.28m of settled ETR was well above the trade volumes for the month. This was due to levelling out of trade and a high number of settled trades.

Performance 2018-M06 v 2017-M06 showed a decrease in trade volume of 22.55%, but trade value remained the same year-on-year. Total trade for M06 was EUR 10.42m and Q2 ended with overall growth of almost 10.00% year-to-date. The Exchange has now traded EUR 300.0m+ in 5-Years. Trading continues to show moderate growth and strength. Total creditors & debtors were c.4.5k in the month. Highest single value trade was EUR 1.82m. Total Active RSA in the month decreased 7.34% to EUR 78.5m+

Trend Yield fluctuated between 2.082% and 2.119% in the month. This narrow spread continues to be driven by a stabilisation in supply v demand as the year develops. The recent Branch Network initiative has launched very well with strong demand and interest. Local Branch opening announcements are expected in Q3. Available Active RPA capacity was 78.5m+

2018-M06 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M05 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M05, Credebt Exchange® held RSA of EUR 287.7m, with EUR 16.52m allocated. EUR 0.61m of Investor redemptions were transacted. Trading for M05 totalled EUR 12.72m+ and all available ETR were utilised.

Treasury performance at EUR 7.78m of settled ETR was well below the trade volumes for the month. This was due to a significant uptake in trade hence the large difference.

Performance 2018-M05 v 2017-M05 although trade volume decreased by 13.00%, trade value increased by almost 40.00%. The negative growth that ended Q1 has been reversed and trading continues good growth and strength. The new 2018 – 2020 strategy has been publicised and will address a significant upturn in ETR generation in 2018-H2. Total creditors & debtors were c.4.4k in the month. Highest single value trade was EUR 1.26m. Total RSA in the month increased 1.25% to EUR 287.8m+

TrendYield fluctuated between 2.100% and 2.123% in the month. This narrow spread was driven by a stabilisation in supply v demand as the effects of Q1 dissipate. With the recent Branch Network initiative being implemented and being launched in 2018-Q2, demand is expected to rise significantly. RPA capacity available for use was 287.8m+

2018-M05 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M04 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M04, Credebt Exchange® held RSA of EUR 261.2m, with EUR 16.40m allocated. EUR 0.65m of Investor redemptions were transacted. Trading for M04 totalled EUR 9.06m+ of trade, with all available ETR utilised.

Treasury performance at EUR 5.04m of settled ETR was significantly below the trade volumes for the month. This was due to the 40.00%+ surge in trading volumes. During M05 this will level out as performance stabilises.

Performance 2018-M04 v 2017-M04 trade value increased significantly by 41.26% to EUR 9.06m although volumes were down by 20.79%. The negative growth from M03 was also reversed as trading continues to grow. The new 2018 – 2020 strategy will address a significant upturn in ETR generation in 2018-H2 with the launch of the Branch Network. Total creditors & debtors were c.4.3k in the month. Highest single value trade was EUR 0.70m. Total RSA in the month increased 3.30% to EUR 261.2m+

TrendYield fluctuated between 2.103% and 2.146% in the month. Originator demand rose significantly in M04 and will bring improved yield in 2018-H2. The unstable Buy rate fluctuations during M04 returned and ended down at c2.103%. With the Branch Network being implemented in 2018-Q2, demand is expected to rise. RPA capacity was 261.2m+

2018-M04 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M03 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M03, Credebt Exchange® held RSA of EUR 252.9m, with EUR 11.24m allocated. EUR 0.60m of Investor redemptions were transacted. Trading for M03 totalled EUR 5.71m+ of trade, with all available ETR utilised.

Treasury performance at EUR 4.89m of settled ETR was marginally below the trade volumes for the month. This was a good, and almost at parity, performance for the period.

Performance 2018-M03 v 2017-M03 trade value decreased by 24.50% with volumes also down by 35.99%. This is the first time that negative overall growth has been recorded. EUR 5.71m of total trade ended 2018-Q1. The new 2018 – 2020 strategy will address a significant upturn in ETR generation in 2018-H2 and announcements are imminent. Total creditors & debtors were c.4.2k in the month. Highest single value trade was EUR 0.14m. Total RSA in the month increased 1.25% to EUR 252.9m+

TrendYield fluctuated between 2.071% and 2.121% in the month. Originator demand rose slightly in M03 and is a return to improved yield in 2018. The unstable Buy rate fluctuations during M02 were removed and ended upward at c2.110%. With the new initiatives being implemented in 2018-Q2, demand is expected to rise. RPA capacity available for use was 252.9m+

2018-M03 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M02 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M02, Credebt Exchange® held RSA of EUR 249.7m, with EUR 12.85m allocated. EUR 1.43m of Investor redemptions were transacted. Trading for M01 totalled EUR 7.21m+ of trade, with all available ETR utilised.

Treasury performance at EUR 3.53m of settled ETR was very much below the trade volumes for the month. This was a poor performance for the period and is a seasonal ‘overflow’.

Performance 2018-M02 v 2017-M02 trade value decreased by 3.56% and trade volumes were also down by 12.64% in the period. This is below the average annual growth rate of c.40.00%+. Total trade of EUR 7.21 continues to be an unimpressive start to 2018. The current medium to strong production pipeline has not yet improved the overall performance. Total creditors & debtors dropped back to c.4,000 in the month. Highest single value trade was EUR 0.24m. Total RSA in the month increased 0.95% to EUR 249.7m+

Trend Yield fluctuated between 2.079% and 2.122% in the month. Originator demand continued to be static in M02 and is a poor start to the Year. The upward swing in Buy rates during M01 fell back in M02 and ended at c2.110%. Supply is still expected to rise in 2018-Q1 as supply lines mature. Current RPA capacity available for use in 2018 is 249.7m+

2018-M02 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M01 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M01, Credebt Exchange® held RSA of EUR 247.4m, with EUR 11.50m allocated. EUR 1.43m of Investor redemptions were transacted. Trading for M01 totalled EUR 6.71m+ of trade, with all available ETR utilised.

Treasury performance at EUR 5.00m of settled ETR was slightly below the trade volumes for the month. This is a better than expected performance for this time of year.

Performance 2018-M01 v 2017-M01 trade value increased 4.04% whilst trade volumes decreased by 29.47% in the period. This is below the average annual growth rate of c.40.00%+. Total trade of EUR 6.71 is a ‘slow’ and unimpressive start to 2018. The current medium to strong production pipeline is expected to improve overall performance. Total creditors & debtors rose significantly to 4,200 in the month. Highest single value trade was EUR 0.16m. Total RSA in the month increased 0.49% to EUR 247.4m+

Trend Yield fluctuated between 2.076% and 2.130% in the month. Originator demand was static in M01 with a slow and unimpressive start to the Year however Buy rates are indicating an upward swing ending at 2.130%. Supply should also rise in 2018-Q1 as supply lines mature. Current RPA capacity available for use in 2018 is 247.4m+

2018-M01 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M12 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M12, Credebt Exchange® held RSA of EUR 246.2m, with EUR 12.29m allocated. EUR 0.35m of Investor redemptions were transacted. Trading for M12 totalled EUR 6.56m+ of trade, with all available ETR utilised.

Treasury performance at EUR 3.61m of settled ETR was significantly below the trade volumes for the month. This is seasonal and will improve as the value in trade stabilises.

Performance 2017-M12 v 2016-M12 trade value and trade volumes in the period significant decreases of 35.17% and 21.80% respectively. This is below the average annual growth rate of c.50.00%+. However, with total trade of EUR 103.6m, 2017 was a strong year. Total creditors & debtors increased to over 3,800 in the month with total trade of EUR 6.56m. Highest single value trade was EUR 0.15m. Total RSA in the month also increased 3.55% to EUR 246.2m+

Yield fluctuated between 2.085% and 2.129% in the month. Originator demand decreased in M12 due to seasonality with prices finishing out the Year at 2.115%. An increase in supply is expected in 2018-Q1 as developed supply lines mature along with new ETR product enhancements. Current RPA capacity available for use in 2018 is 246.2m+

2017-M12 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M11 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M11, Credebt Exchange® held RSA of EUR 237.7m, with EUR 13.24m allocated. EUR 0.97m of Investor redemptions were transacted. Trading for M11 totalled EUR 9.47m+ of trade, with all available ETR utilised.

Treasury performance at EUR 7.10m of settled ETR was marginally below the trade volumes for the month. This is compatible with increased value in trade and will continue.

Performance 2017-M11 v 2016-M11 trade value in the period showed a 18.7% decrease. This is below the average annual growth rate of c.30.00%+. 2017-M11 trade volumes were down by -37.60% versus 2016-M11. Total creditors & debtors increased to over 3,775 in the month with total trade of EUR 9.47m. Highest single value trade was EUR 0.60m. Total RSA in the month also increased 3.35% to EUR 237.7m+

Trend Yield fluctuated between 2.064% and 2.117% in the month. Originator demand is expected to decrease in M12 and Y/E due to seasonality with prices expected to finish out the Year at c.2.100%. An increase in supply is expected in 2018-Q1 as developed supply lines mature. Current RPA capacity available for use in 2017 is 237.7m+

2017-M11 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M10 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M10, Credebt Exchange® held RSA of EUR 231.1m, with EUR 15.73m allocated. EUR 1.11m of Investor redemptions were transacted. Trading for M10 totalled EUR 8.93m+ of trade, with all available ETR utilised.

Treasury performance at EUR 4.80m of settled ETR was below the trade volumes for the month. This is in line with increased value in trade and is expected to continue.

Performance 2017-M10 v 2016-M10 trade value in the period showed a 14.08% increase. This is below the average annual growth rate of c.65.00%+. 2017-M10 trade volumes were down by -30.17% on 2016-M10. Total creditors & debtors increased to over 3,750 in the month with total trade of EUR 8.93m. Highest single value trade was EUR 0.20m. Total RSA in the month also increased 1.01% to EUR 231.1m+

Trend Yield fluctuated between 2.066% and 2.117% in the month. Originator demand is expected to decrease in M11/12 due to seasonality with prices expected to finish out at c.2.200% by Y/E. An increase in supply is expected in 2018-Q1 as developed supply lines mature. Current RPA capacity available for use in 2017 is 231.1m+

2017-M10 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M09 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M09, Credebt Exchange® held RSA of EUR 227.7m, with EUR 16.33m allocated. EUR 0.13m of Investor redemptions were transacted. Trading for M09 totalled EUR 9.86m+ of trade, with all available ETR utilised.

Treasury performance at EUR 4.91m of settled ETR was below the trade volumes for the month. This is an line with increased value in trade and is expected to continue.

Performance 2017-M09 v 2016-M09 trade value in the period showed a 38.54% increase. This is below the average annual growth rate of 70.00%+. 2017-M09 trade volumes were down by -23.73% on 2016-M09. Total creditors & debtors increased to c.3,700 in the month with total trade of EUR 9.86m. Highest single value trade was EUR 0.20m. Total RSA in the month also increased 0.75% to EUR 227.7m+

Trend Yield fluctuated between 2.013% and 2.113% in the month. Originator demand is expected to increase again in Q4 and prices were expected to rise in M10/M11. If this increase in supply continues, it will be the second rise in this Year. Current RPA capacity available for use in 2017 is EUR 227.7m+

2017-M09 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M08 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M08, Credebt Exchange® held RSA of EUR 226.0m, with EUR 18.85m allocated. EUR 0.14m of Investor redemptions were transacted. Trading for M08 totalled EUR 8.93m+ of trade, with all available ETR utilised.

Treasury performance at EUR 4.33m of settled ETR was below the trade volumes for the month.

Performance 2017-M08 v 2016-M08 trade value in the period showed a 13.41% increase. This is below the average annual growth rate of 70.00%+. 2017-M08 trade volumes were down by -20.39% on 2016-M07. Total creditors & debtors increased to c.3,600 in the month with total trade of EUR 8.93m. Highest single value trade was EUR 0.26m. Total RSA in the month also increased 5.42% to EUR 226.0m+

Trend Yield fluctuated between 1.995% and 2.071% in the month. Originator demand is expected to increase again in M09 and prices were expected to rise in M09/M10. If this increase in supply continues, it will be the second rise in this Year. Current RPA capacity available for use in 2017 is EUR 226.0m+

2017-M08 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M07 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M07, Credebt Exchange® held RSA of EUR 214.4m, with EUR 13.88m allocated. EUR 0.81m of Investor redemptions were transacted. Trading for M07 totalled EUR 8.09m+ of trade, with all available ETR utilised.

Treasury performance at EUR 6.43m of settled ETR was below the trade volumes for the month.

Performance 2017-M07 v 2016-M07 trade value in the period showed a 4.63% increase. This is below the average annual growth rate of 70.00%+. 2017-M06 trade volumes were down by -24.25% on 2016-M07 volumes. Total creditors & debtors increased to c.3,500 in the month with total trade of EUR 8.09m. Highest single value trade was EUR 0.20m. Total RSA in the month also increased 2.23% to EUR 214.4m+

Trend Yield fluctuated between 2.067% and 2.139% in the month. Originator demand is expected to increase again in M09 and prices were expected to rise in M08/M09. If this increase in supply continues, it will be the second rise in this Year. Current RPA capacity available for use in 2017 is EUR 214.4m+

2017-M07 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M06 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M06, Credebt Exchange® held RSA of EUR 212.7m, with EUR 14.88m allocated. EUR 0.65m of Investor redemptions were transacted. Trading for M06 totalled EUR 10.48m+ of trade, with all available ETR utilised.

Treasury performance at EUR 6.99m of settled ETR was below the trade volumes for the month.

Performance 2017-M06 v 2016-M06 trade value in the period showed a 8.74% increase. This is below the average annual growth rate of 70.00%+. 2017-M06 trade volumes were down by-4.252% on 2016-M06 volumes. Total creditors & debtors increased to c.3,500 in the month with total trade of EUR 10.48m. Highest single value trade was EUR 2.24m. Total RSA in the month also increased 2.18% to EUR 212.7m+

Trend Yield fluctuated between 2.087% and 2.133% in the month. Originator demand is expected to increase again in M07 and prices were expected to rise in M07/M08. If this increase in supply continues, it will be the second rise in this Year. Current RPA capacity available for use in 2017 is EUR 212.7m+

2017-M06 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M05 ETR Briefing

Investabill ETR® are fixed value Exchange Trade Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M04, Credebt Exchange® held RSA of EUR 210.9m, with EUR 15.49m allocated. EUR 0.91m of Investor redemptions were transacted. Trading for M05 totalled EUR 9.16m+ of trade, with all available ETR utilised.

Treasury performance at EUR 3.88m of settled ETR was significantly below the trade volumes for the month.

Performance 2017-M05 v 2016-M05 trade value in the period showed a 60.85% increase. This is below the average annual growth rate of 70.00%+. 2017-M05 trade volumes were up by 3.126% on volumes from 2016-M04. Total creditors & debtors increased to c.3,400 in the month with total trade of EUR 9.16m. Highest single value trade was EUR 0.27m. Total RSA in the month also increased 2.18% to EUR 210.9m+

Trend Yield fluctuated between 2.013% and 2.202% in the month. Originator demand is expected to increase again in M06 and prices were expected to rise in M06/M07. If this increase in supply continues, it will be the second rise in this Year. Current RPA capacity available for use in 2017 is EUR 210.9m+

2017-M05 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M04 ETR Briefing

Investabill ETR® are fixed value Exchange Trade Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M04, Credebt Exchange® held RSA of EUR 206.4m, with EUR 14.38m allocated. EUR 0.91m of Investor redemptions were transacted. Trading for M04 totalled EUR 6.41m+ of trade, with all available ETR utilised.

Treasury performance at EUR 4.25m of settled ETR was significantly below the trade volumes for the month.

Performance 2017-M04 v 2016-M04 trade value in the period showed a 54.55% increase. This is below the average annual growth rate of 70.00%+. 2017-M04 trade volumes were consistent with volumes in 2016-M04. Total creditors & debtors increased to c.3,350 in the month with total trade of EUR 6.41m. Highest single value trade was EUR 0.20m. Total RSA in the month also increased 2.64% to EUR 206.4m+

Trend Yield fluctuated between 2.156% and 2.213% in the month. Originator demand is expected to increase in M05 and prices are expected to rise by M06. If this increase in supply occurs, it will be the second rise in this Year. Current RPA capacity available for use in throughout 2017 is EUR 206.4m+

2017-M04 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time