P2P Lending Briefing May 2015

1Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital
LLC
Symfonie P2P Ltd
Proprietary and Confidential
May, 2015

LLC
Contact
London:
16 High Holborn, London WC21V 6BX
T: +44 20 3287 2690 F: +44 20 8616 7499
Prague:
Na Pankráci 1062/58, 140 00 Praha 4
T: +420 227 023 999
Email:
msonenshine@symfoniecapital.com
This publication has been prepared by Symfonie Capital LLC (Symfonie) for
information purposes only. It is not an offer or solicitation for the purchase
or sale of any financial instrument. Reasonable care has been taken to
ensure that the information contained herein is not untrue or misleading, but
no representation is made as to its accuracy or completeness. This
document is confidential and proprietary to Symfonie. Transmission or
publication of this document without the express prior consent of Symfonie
is strictly prohibited. Symfonie reserves all legal rights in connection with the
publication of this document.
© 20015 Symfonie Capital LLC

LLC
P2P Loan Briefing
May, 2015

4Private and conditional. Unauthorised distribution strictly prohibited. © 2015 Symfonie Capital LLC
Peer to peer lending concept
• Evaluates borrowers and assigns a
risk score
• Approves or rejects borrowers
• Verifies borrower data
• Posts borrower demand to website
• Matches lenders and borrowers
• Payment processing and loan
servicing
Peer to peer lending uses internet technology to create a marketplace of borrowers and lenders
• Lenders earn higher
rates of interest than
they could earn on
bank deposits
• Lenders can diversify
across many borrowers
• Borrowers save money
by borrowing at lower
rates than they would
pay to banks and
finance companies
Lenders /Investors P2P Internet Service Borrowers

Peer to Peer Lending Around the World
LendingClub
Prosper
Circleback
FairPlace
Cumplo
Prestadero
Zopa
FundingCircle
RateSetter
Smava
Auxmoney
Kokos
Isepankur
Lubbus
Comunitae
Babyloan
Friendsclear
ZltyMelon
Country / Name of website
NORTH & SOUTH AMERICA EUROPE ASIA
CreditEase
Ppdai
Aqush
Maneo
Zopa
DhanaX
More than 35 providers around the world, more than $12bn in loans annually, growing at least 50 %
per year.Source: Symfonie research

Illustration – Credit Rating vs. Interest Rate
Source: Lendingclub.com, Prosper.com, Fundingcircle.com and Bondora.com Annual Report data.

Stated Net Investor Returns
Source: Lendingclub.com, Prosper.com, Fundingcircle.com and Bondora.com Annual Report data.

Overview of P2P Lending Sites in Europe and the US
The range of lending opportunities is continually expanding.
Most sites offer both primary and secondary investment opportunities.
Most sites can setup accounts for legal entities.
Source: The websites and Symfonie. The list is illustrative only and is not intended to be a complete or authoritative listing of all P2P
marketplace providers. Terms, conditions and actual investment results may differ from those presented here. The Fund’s actual
investments might not include all the above providers and might also include others that are not presented here.
Country Website Type of Loans
Annual Loan
Volume
Loan Grades Tenor (Yrs)
Rates
Available
US Prosper.com Consumer USD 3 bln A-E+ 1,3,5 6%-30%
US Lendingclub.com Consumer USD 9.2 bln A-G 3,5 6%-25%
UK Zopa.co.uk Consumer GBP 670 mln A-B 3,5 5%-8%
UK Ratesetter.com Consumer GBP 600 mln A-B 0-5 3%-6%
UK Fundingcircle.com Business GBP 650 mln A-C 3,5 4%-10%
UK Thincats.com Business GBP 90 mln A-C 0-5 8%-11%
France Pret-dunion.fr Consumer EUR 180 mln A-B 2,5 4%-6%
Estonia Bondora.com Consumer EUR 48 mln A-G 0-5 15%-30%
Slovakia Zltymelon.sk Consumer EUR 2 mln A-D 1,2,3 5%28%
Spain Comunitae.com Consumer EUR 16 mln A-C 1,2,4 8%-12%
Germany Auxmoney.com Consumer EUR 240 mln A-C 1,2,3,4,5 6%-14%

Transparency & Lending Standards
P2P marketplace providers offer a diverse array of borrower risk classes also offer
comprehensive data on borrowers, made available in downloadable data format.
Data include:
• Income
• Job title
• Place of employment
• If a business loan, name of business, type of business, registration number, names of Directors
• If a business loan, financial history
• City/Region of residence
• Total consumer / business debt outstanding
• Total consumer line usage
• Delinquency history
• Debt/Income ratio
• Rent/Mortgage payment
• Stated purpose of loan
• Size, tenor of loan
• Number of lenders funding the loan
• Independent credit score
• P2P marketplace provider credit score

LLC
Business Opportunity
• Central and Eastern Europe – 92 mn
people, fast growing market
• EUR 877 bn in GDP
• Approximately EUR 50 bn in consumer
debt
• About EUR 600 bn in commercial debt
• Debt/GDP in Central and Eastern Europe
is about 50% of debt/GDP in Western
Europe
• GDP growth is generally higher than in
Western Europe while unemployment is
generally lower

LLC
Winning Strategy for P2P Business
Innovate – develop products that are more
attractive than what is available in traditional
distribution channels
Refinance – help credit worthy borrowers
refinance high interest rate loans
Find underserved segments – reach
borrowers who do not meet threshold
requirements in the banking sector, yet who are
credit worthy
Leverage core competence in credit –
segment borrowers into risk bands and work
with them to manage their borrowing needs
Restructure and recover – finding
restructuring and recovery solutions that
address lenders’ ultimate goal of generating a
favorable return/risk ratio
Develop scale and scope – address the needs
of
a wide range of borrowers
Cross Sell – identify other financial products
that can be sold to the customer base
Regional expansion – export good systems
and practices to enter other markets
Develop alliances – create synergies by
identifying good providers in other markets and
broadening platform access

LLC
Symfonie P2P Ltd
Capital Raising Round 2
May, 2015

LLC
Milestones
Seed capital – Done.
The company was seeded with GBP 100,000
from the founders and Symfonie Angel Venture
Fund, LP.
Round 1 – Done.
The company raised a further GBP 180,000
from early stage investors.
Management team – Done.
The company recruited a team of highly
experienced professionals to execute the
strategy.
Platform Development – Done.
Operating systems in place.
Credit Models – Done.
Credit scorecards for Consumer and SME loans
are in place. Additionally, we are contracting
with Experian for expert scoring models.
Open for Business – Done.
First loans booked, first investors on boarded.
Capital Raise Round 2 – Now Open.
13.7% of the Company (post-money
capitalisation GBP 1.5 mn).

LLC
Capital Structure
Shares outstanding
383,340
Capital contributed GBP
291,675
Preferred share
53.8%
Common shares
46.2%
Committed additional shares
246,500
Committed capital
GBP 319,750
Current share round
Type of shares
Common
Number of shares
100,000
21.5%
20.6%
57.9%
Angel Fund Individual Management
*Note – Preferred shares and common shares have
same voting rights. Preferred shares are entitled to 8%
dividend and have priority in sale or liquidation or
company.

Business Plan Overview
Data in GPB
Data are based on the current business plan and are subject to change.
Year of Operations - Loan products 1 2 3 4 5
Revenue Base
Deals Closed 29 206 595 1,498 2,016
Loans value originated 1,457,055 9,096,626 24,926,380 44,360,429 63,165,644
Year End Outstanding Loans 1,367,973 8,984,860 27,654,231 55,095,180 85,546,628
Total Year-End Headcount 10 11 12 17 20
Revenues - Loan products
Origination Fees - Total 43,712 272,899 747,791 1,330,813 1,894,969
Loan Service Fees - Total 2,371 38,394 158,429 418,077 792,301
PPI Fees - Total 21 334 1,425 4,944 11,116
Total Revenues 46,103 311,626 907,646 1,753,834 2,698,387
Net Income
Pre-tax Profits - Total (317,197) (240,102) 510,095 1,107,174 2,134,905
Corporate Tax - - 112,221 243,578 469,679
Net profits (317,197) (240,102) 397,874 863,596 1,665,226

Valuation
The business is valued with DCF (r=30%) and with an assumed earnings multiple of 15x earnings.
Once functioning and developing according to plan the business should have value in the near term of
GBP 8 mn. This valuation does not incorporate growth opportunities as the Company expands into
Poland and other countries.
Company Value Over Time
2 4 6 8 9 10 12
2
21 23
7
17
-
10
20
30
40
1 2 3 4 5 6 7
Year of Operations
mn
DCF PE 15 Capital Invested
Source: Symfonie Capital estimates, based on business plan targets.. DCF assumes r=30%. PE 15 assumes 15x earnings multiple.

LLC
Investor Terms – Round 2
Total Capital Raised Up to GBP 200,000
Total shares sold – 100,000 13.7% of the
Company, post money)
Preferred Shares
Voting
10% dividend, plus participation in overall
company dividend
CZK 75 / EUR 2.70 / GBP 2.40 / US$3.80 per
share
Common Shares
Voting
CZK 65 / EUR 2.40 / GBP 2.00 / US$3.10 per
share
Note: The company’s base currency is GBP, so the
price when translated into other currencies is
subject to change.

LLC
Growth Opportunities
 SME lending in the Czech Republic
 Build on success in the Czech Republic to
enter Poland and other Central/East
European markets
 Tie to Angel Fund means add-on equity
funding platform
Source: Symfonie Capital forecasts.

A Region with Relatively Low Government Debt
Source: EU statistics database, Symfonie Capital estimates.

Relatively Low Private Debt Stock

Convergence Continues
The Czech Republic offers relatively strong growth and a generally healthier consumer than most
other peer countries in new Europe.

Convergence Continues
In Central and Eastern Europe consumer loans/capita is about 35% of the figure in Western Europe.

Czech Republic is Strategically Well Located
The Czech Republic offers a EUR 8 bn consumer finance market and borders on Poland, the region’s
largest market.

Bank Consumer Lending – EUR 7.2 bn Outstanding
• Volume of consumer
loans at banks is EUR
7.13 bn
• Net consumer loan
growth at banks has
been practically stagnant
last several years
Source: Czech National Bank, Symfonie Capital estimates. CZK translated into EUR at constant rates.

25
Non-Bank Consumer Lending – EUR 1.3 bn annually
• contracts in 2012:
931,752
• loans taken in 2012:
EUR 1.3 bn
• 2 mn active contracts:
EUR 2.2 bn
• 374,300 contracts in 2012 for
personal loans: EUR 400 mn
• 204,470 revolving loans in
2012:
EUR 455 mn
• 352,031 point of sale loans in
2012: EUR 386 mn
Source: Czech Leasing and Finance Association (www.clfa.cz). CZK translated into EUR at constant rates.

Polish Consumer Loans – EUR 30 bn Outstanding
Source: National Bank of Poland and Symfonie Capital Estimates. PLN translated into EUR at constant rates.

Bank Loans to Czech Businesses – EUR 5.7 bn
Source: Czech National Bank, Symfonie Capital estimates. CZK translated into EUR at constant rates.

Non-banking Sector Loans to Czech Businesses – EUR 1.2
bn
Source: Czech Leasing and Finance Association (www.clfa.cz). CZK translated into EUR at constant rates.

Lending to Polish SME Sector – EUR 40 bn
Source: National Bank of Poland and Symfonie Capital estimates. PLN translated into EUR at constant rates.

30
Interest Rates Provide Opportunity for P2P
Czech bank rates on consumer loans are about 12% while deposit rates are less than 2%.
Source: Czech National Bank, Symfonie Capital estimates.

31
Interest Rates Provide Opportunity for P2P
Polish deposit rates are less than 5% while base consumer lending rates are more than
15%
Source: National Bank of Poland, Symfonie Capital estimates.

What’s the Problem?
• Loan rates, especially non-bank loans, are 6%–20%.
• Banks often have collateral requirements businesses don’t meet.
• Banks can be difficult to deal with – bureaucracy, loan terms, lack of flexibility).
• Smaller loans and shorter term loans are much more expensive than bigger loans and longer term
loans.
• High equity requirements and low loan to value for collateralised loans.
• Loan pricing is not always transparent – non-interest charges plus terms and conditions increase
loan cost substantially.
• Many consumer lenders charge clients for early repayment – usually about 1% of the outstanding
amount of the loan.
• Many consumer lenders charge a monthly account fee in addition to the interest rate.
The window of opportunity is to identify credit worthy SME clients who are paying high interest rates
or not getting enough credit – finance them at same or lower rates with riendly terms, policies and
procedures.

33
Competitive Edge – Opportunities to Get Market Share
Lower costs – pass cost savings on to the
borrowers
Knowing the client better – understand the
borrowers to keep default rates low
Data gathering – gather data on customers so
and tailor products to meet their needs
Size doesn’t matter – Develop a lending
model that doesn’t automatically impose higher
base interest rates on smaller size loans
Flexible – we allow borrowers to easily shorten
or lengthen loan tenor
Proactive credit management – work with
clients to help them manage credit problems
before they turn into defaults
Source: Symfonie Capital. The above list is indicative and does not necessarily reflect final product features, terms and conditions.
Choice of flat or declining payment – offer
loans with declining monthly payment as an
alternative to the traditional flat payment
structure
Payment holidays – build one or two months
per year into the payment calendar where no
payment is due
Rising payment loans – offer loans that have
smaller payments on the front end and larger
payments on the back end.
Look-back rewards – reward consistent
payers with cash-back, credit toward principal
balance, step-down interest rates
Cross selling – cross sell customers into other
financial products besides lending and
borrowing

34
Czech Savings and Investment Base
Source: Czech National Bank, Symfonie Capital research and estimates. CZK translated into EUR at constnat rates.

Polish Savings and Investment
92.3
100.6
113.7
122.9
24.8
28.6
27.4
35.3
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
2009 2010 2011 2012
EURBn
Bank Deposits Mutual Funds
Source: National Bank of Poland, Symfonie Capital research and estimates. PLN translated into EUR at constant rates.

36
Non-Performing Loans
Source: Czech National Bank and Symfonie Capital estimates.
• Bank non-performing
loans to households have
risen to around 6%.
• Among unsecured
consumer loans the non-
performing rate is
probably closer to 8%.
• Home Credit recently
reported about 8.5%.
• CNB bank lending survey
recently indicated banks
charge on average 17%
on their relatively risky
loans.
• Mortgage loans are
typically categorized as
low risk due to
collateralization.

Revenue Targets
Revenue & Net Profit Model
(2.0)
-
2.0
4.0
6.0
1 2 3 4 5 6 7
Year of Operations
mn Net Profits Revenues
Source: Symfonie Capital, There is no assurance the targets will actually be achieved. Actual performance may differ depending on
market conditions and product terms and conditions. Revenue model is subject to change.
• The current plan targets
issuance of about GBP 2 mn
of loans in the first 12 months
following launch, rising to an
annual volume of GBP 65 mn
by the 5th year of operation.
• The revenue model assumes
an average loan tenor 3 years
and an average loan size GBP
20,000.
• Origination fees are expected
to average 3% of loan,
collected up front. A loan
servicing fee of 1% of the
monthly payment amount,
collected over tenor of the
loan is expected.

38
Expense Model
Expenses Year 3
Credit check fee
Office Rent
Office Supplies
IT Systems
Business admin &
analysis compensation
Management
compensation
Communication
Supervisory Board
Accounting
Legal
Travel
Marketing
Credit staff
compensation
Operating staff, management
and marketing are the largest
cost items, accounting for
nearly 80% of the expense
budget. The Company plans
to keep marketing costs
contained during the first 12–
18 months after start of
operations while it ensures
quality control and makes
initial product adjustments.
To date actual expenses have
been significantly below
budgeted numbers.
Source: Symfonie Capital. The cost model presented is indicative and subject to change without notice. Actual results may differ.

39
Incentivising Management & Employees
• Management and employees earn ownership in the Company.
• Management and employ ownership consists of options to buy shares in the Company,
vested over time and with cash payments in exchange for the shares. Vesting begins
after 18 months of service and takes place over an 18 month period. Managers
therefore must work for 36 months in order to become fully vested.
• Management buy-in is 23% of the Company on a fully diluted basis.
• Management and employees also have an incentive programme and can earn options
to buy shares in the Company. The incentive programme begins after three years and
is vested over a two year period, so management must stay with the Company for five
years in order to be fully vested.

Management Incentive Plan
• Management earns options on company equity depending on profits produced in year 4 and 5.
• Option plan is subject to adjustment by the Company’s directors and approval by shareholders.
Option Plan for Year 4 Earnings
0%
2%
4%
6%
8%
10%
12%
14%
85,985
171,969
257,954
343,938
429,923
515,907
601,892
687,876
773,861
859,845
Year 4 Earnings (EUR)
%ofCompanyEarned
Option Plan for Year 5 Earnings
0%
2%
4%
6%
8%
10%
12%
14%
149,546
299,092
448,638
598,183
747,729
897,275
1,046,821
1,196,367
1,345,913
1,495,459
Year 5 Earnings (EUR)
%ofCompanyEarned

Symfonie P2P: Michael Sonenshine – CEO
Michael Sonenshine, CFA – Investment Principal
Mr. Sonenshine has more than 20 years of experience in banking and investment
management. He specialises in credit investments. He founded the Symfonie
group of companies in 2012.
• MT Thaler, Prague/London: CEO/Partner, Head of Research. Investment
funds focused on central and eastern Europe and pan-European credit
markets
• CSFB, London: European High Yield Debt Research
• ING Bank, London: European High Yield Debt Research
• ING Investment Management, Prague: CEO, Czech Republic
• ING Bank, London: Analyst
• Driehaus Capital, Prague: Analyst
• Evrobank, Prague: Advisor
• MBA William Simon School, University of Rochester
• B.A., Tufts University

42
Symfonie P2P: Peter McGregor – Chief Operating Officer
Mr McGregor oversees all administrative and operational issues for
Symfonie in the P2P arena.
• More than 25 years experience in banking and operations management
• Banco Nacional de Guinea Ecuatorial, Malabo, Equatorial Guinea – Chief
Operations Officer
• MT Thaler Investment Management, Prague – Chief Operations Officer.
• ING Bank, Monaco, Budapest, Prague – Wholesale banking and wealth
management operations
• ABN AMRO, Geneva – wealth management operations and product
management
• PhD, Computer Science, Oxford University, England
• BSc (Hons) in Mathematics, Witwatersrand, Johannesburg, South Africa

43
Symfonie P2P: Stepan Alexa – Chief Technology Officer
Mr. Alexa is responsible for the architecture and implementation of the
company’s IT solutions.
• More than 15 years professional experience in systems development
• Implemented database systems in Central and Eastern Europe for T-Mobile,
Vodafone and MTS Russia
• Sales Director, Oracle, Central and East Europe
• MSc, Economics and Computer Science, Prague College of Economics

44
Symfonie P2P: Jitka Rombova – Chief Financial Officer
Ms. Rombova is responsible for overseeing and monitoring the
company’s finance.
• More than 20 years professional experience in managerial finance and
business development
• Partner, CQK Invest, providing financial and business support to innovative
startup companies
• 10 years experience in senior management positions in HBO Europe,
promoted to CFO
• MBA, University of Pittsburgh, Diploma, University of Chemical Technology,
Prague

Symfonie Advisory Board
The Symfonie Advisory Board is a group of highly experienced financial professionals. Symfonie has
regular meetings with the Advisory Board to discuss the Fund’s investments, strategy, research on
P2P providers. Advisory Board members are independent of Symfonie and do not have legal or
regulatory authority or status within Symfonie.
Willem Naves / Holland
• More than 25 years of experience in investment and corporate banking
• Banking advisory projects in Macedonia, Poland, El Salvador and Indonesia
• Twenty years experience in credit trading management positions in the ING Group, working in Amsterdam,
London and Sao Paolo
• Erasmus University degree in Law
Pavel Kohout / Czech Republic
• Fifteen years experience in economic analysis and investment management
• Director of Strategy at Partners Advisors, a leading Czech financial advisory firm
• Author of several books on economics
• Member of Czech National Economics Advisory Board
• Member, Expert Panel of Advisors to Czech Ministry of Finance

LLC
Symfonie P2P Ltd
Appendices
May, 2015

Symfonie P2P Structure
Seed investors own
Preferred shares
preferential rights to
dividends to 10% per
annum notional dividend
(when/if declared), pari-
passu with common
thereafter. Convertible to
common at any time.
Seed investment & Round 1
GBP 300,000 – CLOSED
Round 2: GBP 200,000 for
startup and launch of
operations – NOW OPEN
Symfonie P2P, LTD
100% ownership of operating subsidiarie
SymCredit &
SymVest Czech
Republic
Operating company in
the Czech Republic
SymCredit
Poland
Operating
company in Poland

Shareholding
Indicative shareholding structure, post money, assuming all authorised capital sold and
issued.

Key Corporate Governance Provisions
• New issuance of capital above authorised shares must be approved by at least 75% of
outstanding shares.
• The business may not incur debt totaling more than 20% of share capital without at
least 65% approval of outstanding shares.
• The business must payout at least 50% of net earnings as dividends unless at least
75% of shareholders approve otherwise.
• Drag provision to incorporated into the statutes. If at least 85% of shareholders agree
to sell their shares the other 15% are bound.
• Tag provision all shareholders are entitled to participate pro rata in any offer to buy
secondary shares.

Key Risks
• Underperformance – If the business plan is underperforming more capital will be
needed.
In this case the shareholders will decide whether to authorise additional capital or
decrease management incentive pool.
• Competition – other P2P operators may enter the markets faster than we do.
• Finance – the business is likely to need additional capital to expand into other markets.
There is no guarantee capital will be readily available on favourable terms and
conditions.
• Exit strategy – there is no guarantee the business or the shares will be readily
marketable when and exit is desired.
• Legislation – adverse legislation may prevent the business from developing or may
prohibit the business entirely
• New operations – all procedures, policies and systems will be new, untried and
untested.

Disclaimer
• This document has been prepared by Symfonie Capital LLC (“Symfonie Capital”) for persons reasonably believed by Symfonie
Capital to be persons of the categories to whom Symfonie Capital are permitted to communicate financial promotions. This document
does not constitute or form part of any offer or invitation to sell, or the solicitation of an offer to subscribe or purchase any investment.
Symfonie Capital believes that the information it provides is accurate as at the date of publication, but no warranty of its accuracy or
completeness is given and no liability in respect of errors or omissions is accepted by Symfonie Capital or any partner or employee of
Symfonie Capital. Past performance is not necessarily a guide to future performance.
• This presentation is for illustration and discussion purposes only and is not intended to be, neither should it be construed or used as,
financial, legal, tax or investment advice nor an offer to sell, nor a solicitation of any offer to buy, an interest in any of the funds
managed by Symfonie Capital (the “Funds”). None of the Funds have shares registered under the U.S. Securities Act of 1933, as
amended.
• This presentation is as of the date indicated and subject to change without notice.
• Any indications of interest from prospective investors in response to this material involves no obligation or commitment of any kind.
Subscriptions can be made only on the basis of a Confidential Offering Memorandum to qualified investors. The investment objectives
and methods summarized in this document represent our current focus and intentions.
• There is no assurance that Symfonie Capital or the Company will achieve its objectives. Investors may lose money upto the full value
of their investments. No representation is made that the Company will achieve its objectives or that any investor will or is likely to
achieve results comparable to any that may be shown. There can be no assurance that any investor will make any profit at all or will
be able to avoid incurring substantial losses. Past performance is no guarantee of future results.
• This presentation does not take into account the particular investment objectives or financial circumstances of any specific person
who may receive it. Before making any investment, you should thoroughly review the the Company’s Confidential Offering
Memorandum with your financial and tax advisor to determine whether an investment in the Company is suitable for you in light of
your financial situation.
• This presentation is subject to revision and updating. Certain information has been provided by third-party sources and, although
believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. This
presentation is confidential, is intended only for the person to whom it has been delivered and under no circumstance may a copy be
shown, copied, transmitted, or otherwise given to any person other than the authorized recipient. Symfonie Capital is solely
responsible for the content herein.

LLC
Symfonie P2P Investments
Product Portfolio
May, 2015

Symfonie P2P Key Investment Considerations
Step 1 – Provider selection
Ownership and management of the provider
Credit scoring process
Range and quality of borrower data gathered and
presented
Data presentation transparency
Provider practices, policies and procedures
Gross and net returns on loans originated
Loan recovery policy and process
Operating history to date
Step 2 – Loan selection
Verified income and employment
Borrower debt/income ratios
Borrower debt outstanding
History of responsible debt management
External credit scores
The goal is to choose good providers, understand how they classify
borrowers and then to filter the borrower pools to find loans that offer
the best reward/risk characteristics.

Smart Investing for High Income
• P2P loans and bonds offer steady returns and attractive yields
• Principal re-payments of consumer and business loans monthly mean overall lower
credit risk and more opportunities to re-invest cash flows
• Diversification across borrowers, countries, sectors, yields and maturities
• Research and risk management driven investment process
• Investors may select quarterly/annual principal/interest distributions
• Tax optimal zero coupon structure available
• Regular portfolio updates

Symfonie P2P Fund – Portfolio Overview
The Notes portfolio has similar objective and strategy as the Fund –
earn high steady returns with a diversified portfolio.
Key Portfolio Statistics up to 04/2015
Number of Loans 1,496
Average Gross Yield to Maturity 11.2%
Expected Net Yield to Maturity 8.9%
Average Time to Maturity (years) 3.5
Average Loan Age (years) 0.88
Number of Loans Defaulted to Date 40
Loan Loss Impact on Portfolio 0.19%
Overall Average Rating B-

Ideal Investor Profile
• Investors seeking relatively stable returns
over time but who may not have sufficient
credit expertise
• Investors who understand Peer to Peer
lending and are looking for more
diversification than they can achieve on
their own
• Investors seeking a relatively high yield for
savings and who are able to accept a
moderate level of risk
• Investors willing to match the term of their
investment to the underlying maturity of
the portfolio

Key Risks for Noteholders
• Defaults – higher defaults can reduce
principal value of notes
• Liquidity – no secondary market for the
notes
Risk warning – the notes are not guaranteed. Investors may lose interest and principal in case there is a
high default rate among the loans in which the portfolio invests.

Notes Structure
Symfonie P2P Income Trust
Symfonie Capital, LLCNoteholders
• Noteholders lend money to the Trust,
receive principal and interest
payments
• Places equity capital into Trust
• Manages Trust Assets
• Bankruptcy protected investment
trust
• Subject to law of Delaware, USA
• Legal owner of all investment assets
• Invests in P2P loans and bonds only
• All assets are collateral for benefit of
noteholders
• Diversified International portfolio of
investments in P2P loans and bonds
• Principal and interest received
monthly

Cash Waterfall Puts Investors First
Step 1. Trust receives principal and interest
payments from loans
Step 2. Principal and stated interest payments
paid to Noteholders
Step 3. Next 1% interest from investments paid to
Trust equity holder (Symfonie)
Step 4. Reinvestment of excess interest back into
Trust increases collateral for Noteholders
75% of excess interest paid out to Noteholders
at maturity

Collateralisation Protects Investors
100 % proceeds from issuance of notes
+ equity capital reserve 3 % of notes outstanding
+ reinvestment of excess interest

Investment Process – Research Driven
Market Assessment
Evaluations of P2P services
Proprietary screening filters
Macro-economic research
Relative value comparisons
Loan Selection
Asset class selection
Risk/return analysis
Default rate modeling
Sizing and Risk
Diversification of among loans,
service providers, loan markets
Monitoring
On-going review of loan
performance and service
provider activities.
Working with service providers to
restructuring loans if
necessary.
Investment Execution
CIO approves loan purchase
Trade Executed

LLC
Symfonie Track Record
May, 2015

Symfonie Lending Fund – Steady Returns
• 5 year P2P loan portfolio returns
approximately 8.5% annually
• 3 year P2P loan portfolio returns
approximately 6.5% annually
Source: Symfonie. Charts above reflect the performance of the 2019 (5 year) and 2017 (3 year) class of Symfonie Lending Fund, LP, net
of management and administrative fees. Management fees are 1.5 % and 1.25 % respectively. Administrative fees are 0.75 %.

Symfonie Performance by Site
Performance by Site
Statistics up to 04/2015 Lending Club Prosper Funding Circle Bondora
Average Gross Yield to
Maturity
12.6% 12.5% 10.4% 26.5%
Target Net Yield to Maturity 8.7% 9.2% 8.3% 15.8%
Average Time to Maturity
(years)
4.3 3.9 3.1 2.2
Average Loan Age (years) 1.16 0.8 1.2 1.3
Loan Loss Impact on Portfolio 0.3% 1.23% 0.3% 19%
Overall Average Rating B- B- B- C-

Symfonie EM Credit – Consistent Outperformance
Source: Symfonie. Chart above reflects the performance of the credit strategy implemented within the MT Thaler New Europe Fund
during the time Symfonie principal Michael Sonenshine was responsible for the Fund’s investments in credit instruments.
0.80
0.90
1.00
1.10
1.20
1.30
1.40
Jan-05
M
ar-05M
ay-05
Jul-05
Sep-05
N
ov-05
Jan-06
M
ar-06M
ay-06
Jul-06
Sep-06
N
ov-06
Jan-07
M
ar-07M
ay-07
Jul-07
Sep-07
N
ov-07
Jan-08
M
ar-08M
ay-08
Jul-08
Base=1
Hedged WE XOVER
Hedged EEI
Hedged EMCI
USDLIBOR 1M
Symfonie
HEDGED WE HY

Symfonie Global High Yield – Successful Track Record
Source: Symfonie. Chart above reflects the performance of the Ceska Sporitelna High Yield Fund during the time Symfonie principal
Michael Sonenshine was responsible as investment advisor to the Fund.
Symfonie Global HY
90
105
120
135
150
165
180
195
210
225
240
31-O
ct-0831-Dec-08
28-Feb-0930-Apr-0930-Jun-0931-Aug-0931-O
ct-0931-Dec-09
28-Feb-1030-Apr-1030-Jun-1031-Aug-1031-O
ct-1031-Dec-10
28-Feb-1130-Apr-1130-Jun-1131-Aug-1131-O
ct-1131-Dec-1129-Feb-1230-Apr-1230-Jun-1231-Aug-1231-O
ct-1231-Dec-12
IndexNov1=100
ML WE HY SYMFONIE EU XOVER EMCI

LLC
Symfonie P2P Investment
Team
May, 2015

Symfonie Investment Team
Michael Sonenshine CFA – Investment Principal
Mr Sonenshine has more than 20 years of experience in banking and investment
management, specialising in credit investments. His investment process is research
driven with an emphasis on fundamental analysis. He founded Symfonie Capital LLC in
2012.
2003–2012 MT Thaler, Prague/London: CEO/Partner, Head of Research. Investment funds focused on
central and eastern Europe and pan-European credit markets
2000–2003 CSFB, London: European High Yield Debt Research
1998–2000 ING Bank, London: European High Yield Debt Research
1995–1998 ING Investment Management, Prague: CEO, Czech Republic
1994–1995 ING Bank, London: Analyst
1993–1994 Driehaus Capital, Prague: Analyst
1992–1993 Evrobank, Prague: Advisor
MBA William Simon School, University of Rochester
B.A., Tufts University

The Symfonie Advisory Board is a group of highly experienced financial professionals. Symfonie has regular
meetings with the Advisory Board to discuss the Fund’s investments, strategy, research on P2P providers. Advisory
Board members are independent of Symfonie and do not have legal or regulatory authority or status within Symfonie.
Willem Naves / The Netherlands
• More than 25 years of experience in investment and corporate banking
• Twenty years experience in credit trading management positions in the ING Group – Amsterdam, London, Sao Paolo
• Global co-Head of Fixed Income trading at ING
• Head of EMEA Equity and Fixed Income sales and trading product
• Banking advisory projects focusing on credit and risk management in Macedonia, Poland, El Salvador and Indonesia
• Erasmus University degree in Law
Pavel Kohout / Czech Republic
• Fifteen years experience in economic analysis and investment management
• Director of Strategy at Partners, a leading Czech financial advisory firm
• Author of several books on economics
• Member of Czech National Economics Advisory Board
• Member, Expert Panel of Advisors to Czech Ministry of Finance

The Symfonie Advisory Board is a group of highly experienced financial professionals. Symfonie has regular
meetings with the Advisory Board to discuss the Fund’s investments, strategy, research on P2P providers. Advisory
Board members are independent of Symfonie and do not have legal or regulatory authority or status within Symfonie.
Maarten van den Belt / UK
• More than twenty five years of experience in investment and corporate banking
• Credit risk management and loan officer positions at NMB Bank, the Netherlands
• Corporate high yield bond management during the formative years of the European high yield market
• Senior management positions in treasury and lending at ING Bank, Raiffeisen Bank and West LB
• Developed and managed capital markets trading and consumer banking businesses in Tokyo, Moscow and London
• Managing partner responsible for alternative asset manger with $400mn AUM focused on investments in Russia
• Non-Executive Directorships with TMM, a leading Ukrainian real estate developer and Pristav, one of Russia’s largest consumer debt
collection agencies
• University of Utrecht, Social and Business law
Charles Klein / China
• Twenty years experience in corporate finance and treasury management
• Management positions in General Motors with responsibility for currency portfolios, asset acquisition and disposition and financial
reporting systems
• Resident in China, fluent in German and Russian
• MBA, Wharton School of Management

Disclaimer
• This document has been prepared by Symfonie Capital LLC (“Symfonie”) for persons reasonably believed by Symfonie to be persons of the categories
to whom Symfonie are permitted to communicate financial promotions. This document does not constitute or form part of any offer or invitation to sell, or
the solicitation of an offer to subscribe or purchase any investment. Symfonie believes that the information it provides is accurate as at the date of
publication, but no warranty of its accuracy or completeness is given and no liability in respect of errors or omissions is accepted by Symfonie or any
partner or employee of Symfonie. Past performance is not necessarily a guide to future performance.
• This presentation is for illustration and discussion purposes only and is not intended to be, neither should it be construed or used as, financial, legal, tax
or investment advice nor an offer to sell, nor a solicitation of any offer to buy, an interest in any of the funds managed by Symfonie (the “Funds”). None
of the Funds have shares registered under the U.S. Securities Act of 1933, as amended. None of the Funds will be registered under the U.S. Investment
Company Act of 1940, as amended. Any offer or solicitation of an investment in any of the Funds may be made only by delivery of a respective fund’s
Confidential Offering Memorandum to qualified prospective investors.
• This presentation is as of the date indicated, is not complete, and does not contain certain material information about the Funds, including important
disclosures and risk factors associated with an investment in any of the Funds.
• Any indications of interest from prospective investors in response to this material involves no obligation or commitment of any kind. Subscriptions can be
made only on the basis of a Confidential Offering Memorandum to qualified investors. The investment objectives and methods summarized in this
document represent our current focus and intentions.
• There is no assurance that Symfonie will achieve its objectives or that its investment process or risk management will be successful. Investors may lose
money. No representation is made that any of the Funds will or are likely to achieve their respective objectives or that any investor will or is likely to
achieve results comparable to any that may be shown or will make any profit at all or will be able to avoid incurring substantial losses. Past performance
is no guarantee of future results.
• This presentation does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it.
Before making any investment, you should thoroughly review the particular fund’s Confidential Offering Memorandum with your financial and tax advisor
to determine whether an investment in the fund is suitable for you in light of your financial situation.
• This presentation is subject to revision and updating. Certain information has been provided by third-party sources and, although believed to be reliable,
it has not been independently verified and its accuracy or completeness cannot be guaranteed.
• This presentation is confidential, is intended only for the person to whom it has been delivered and under no circumstance may a copy be shown,
copied, transmitted, or otherwise given to any person other than the authorised recipient.
• Symfonie is solely responsible for the content herein.

P2P Lending Briefing May 2015

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