Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company

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Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company
Investor Day 2021
Cerved Group

March 26, 2021
Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company

1.   Introduction by the Chairman (G. De Bernardis – Executive Chairman)

2.   Cerved investment case (A. Mignanelli - CEO)

3.   Cerved for Italy (A. Mignanelli - CEO)

4.   Data intelligence (A. Mignanelli - CEO)
       − Offering
       − Channels

5.   Credit management (A. Mignanelli - CEO)

6. Talents, technology, sustainability (A. Mignanelli – CEO)

7.   Financials & strategic outlook 2021-2023 (E. Bona – CFO)
Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company
A brief overview of Cerved’s history

     Institutional ownership                   Private equity ownership                    Public ownership

 1974                              2009                                   2014                                 2021
                SPIN-OFF                            SECOND LBO
                                                                                            100% FREE
            BY INFOCAMERE                                                                     FLOAT
             Italian banks                                                                Public company

INCEPTION                         FIRST LBO                                 IPO                                TODAY

                1995                                   2013                                  2015

            Cerved history and governance reinforce its institutional role and fully independent positioning           3
Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company
A success story documented by our 1st and 2nd Investor Days

    Since its IPO in June 2014 Cerved has been a success story of resilience, growth and cash
                    flow resulting in its shares almost doubling over the period

                                             1 s t an d 2 nd
                                         I n v e stor D a y s
                                       in 2016 and 2018

  2020 Revenues €488m, +47% from 2014             Share price +86% since June 2014 IPO of €5,1
  2020 Adj. EBITDA €204m, +27% from 2014          €242m dividends paid out 2015-2019

Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company
Now gearing up for the next phase with our 3rd Investor Day

       Cerved is setting its strategy and financial targets until 2023, with a refocus on Data
                Intelligence, and an ambitious set of targets for the medium term

                                                                  3 r d I n v e s tor D a y
                                                                   2 6 M a rch 2 0 2 1

                                                       a   Post Covid recovery outlook

                                                       a   Strategic refocus on data business

                                                       a   Focus on organization and execution

Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company
Assessing strategic alternatives for Credit Management to refocus on DAT

 Credit Management has been an                          Refocus on the core Data                     Additional firepower to create
  outstanding success story for                   Intelligence businesses, capitalising              shareholder value via M&A and
         Cerved since 2011                          unique market and competitive                    dividend strategies in line with
                                                                strengths                                     track record

  The performance of Credit                          Since mid-2018 Cerved has                         The disposal would create
    Management has been                               been assessing strategic                       Italy’s leading player in DAT
     strong since the IPO,                             options for the Credit                        benefiting from outstanding
   c r e a t i n g t h e 2 nd l a r g e s t           Management division in                         cash generation capabilities
        Italian player and                            order to focus on Data,                         at the service of M&A and
    multiplying revenues,                           Te c h n o l o g i e s a n d A n a l y t i c s          dividend policies
  EBITDA and AUM by 3x-4x
  CM                   2014
                         2014 2020
                                2020    x     x
                                                                                                      Cerved                    Since IPO
  Revenues €m          53,3   152,3    2,9x                                                          M&A Deals                     18
  Adj. EBITDA €m       11,2   46,8     4,2x                                                          M&A Cash Outflow €m          288
  Adj. EBITDA margin   21%     31%                                                                   Dividends & Buybacks €m      272
  AUM €bn              10,3    41,7    4,0x                                                          Dividend Yield 2015-2019     3,5%

Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company
With sustainability at the core to protect from risk and to grow
                                         IDENTITY                             OFFERING
 Our Purpose

   We help the country to protect
  We help the country to protect
  itself from risk and to grow in a                    ESG                ESG
 itself from risk and to grow in a                  commitment         solutions
           sustainable way
           sustainable way

 We do it by putting data, technology         Client                           100%
 We do it by putting data, technology                                         Public
  and talent at the service of people,     satisfaction                      company
 and talent at the service of people,
  businesses, banks and institutions
  businesses, banks and institutions
                                                            People &

Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company
Prospected voluntary public tender offer
Cerved Group SpA received a prospective voluntary tender offer from Castor Srl on 8 March 2021
 The offer was unsolicited and unexpected
 The Board of Directors is currently evaluating the relevant terms and conditions of the offer
 It will provide all the information useful for the Company’s shareholders to properly evaluate the offer under the
  Statement of the Board of Directors to be published by the trading day before the beginning of the tender period
 UBS and Mediobanca have been appointed as financial advisers as well as BonelliErede and Carbonetti as legal advisers

Determinations on distribution of part of available reserves
 The conditions of the offer explicitly refer to the absence of distribution of reserves and extraordinary dividends
 Therefore the Board of Directors took the view that a different determination in this respect could have immediately
  resulted in an interference in the execution of the Offer or in the termination of the effectiveness of the Offer and, in
  any event, in a possible decrease in the price of the Offer
 The Board of Directors will evaluate the opportunity to propose to distribute part of the available reserves over the
  next few months, taking into account the scenario and the outcome of the offer

Impact of the offer on Cerved’s day-to-day business activities
 No adverse affect Cerved’s day-to-day business activities
 The Board of Directors and management are conducting the business in the ordinary course, in the best interest of
  Cerved, its shareholders and stakeholders and with the utmost attention for, and in strict compliance with, applicable
  laws and regulations
Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company
Prospected voluntary public tender offer (continued)

Extraordinary transactions at subsidiaries’ level – Credit Management division
 The Board of Directors has not yet assumed any final decision on the potential sale of the Credit Management division
 The Company has already commented on the rumors (press release dated 7 March 2021)
 The Company will provide any update in accordance with the applicable laws and regulations

Publication of the Strategic Outlook 2021-2023
 The Strategic Outlook 2021-2023 represents the outcome of a process started before the launch of the offer
 The date of the Investor Day was announced with the 2020 preliminary results on February 2021
 Therefore, it could not be in any way intended as an act to hinder or undermine the offer

The Strategic Outlook 2021-2023 does not factorize any potential tender offer and change in the ownership
structure of Cerved
 Today’s focus is on the Cerved Group stand-alone without any consideration nor impact from the prospected voluntary public
  tender offer
 In this respect the Q&A session will not address any questions related to such voluntary public tender offer

Investor Day 2021 Cerved Group - March 26, 2021 - Cerved Company

1.   Introduction by the Chairman (G. De Bernardis – Executive Chairman)

2.   Cerved investment case (A. Mignanelli - CEO)

3.   Cerved for Italy (A. Mignanelli - CEO)

4.   Data intelligence (A. Mignanelli - CEO)
       − Offering
       − Channels

5.   Credit management (A. Mignanelli - CEO)

6. Talents, technology, sustainability (A. Mignanelli – CEO)

7.   Financials & strategic outlook 2021-2023 (E. Bona – CFO)
Market leader in Italy in Data Intelligence
Data intelligence                                                                                                                                 Credit management
Risk intelligence                                                                       Marketing intelligence

      Credit risk                                                                          Market & sales intelligence                              Banking UTP & NPL
      Credit & ESG Ratings                                                                 Digital marketing                                        Corporate receivables
      Real estate                                                                          Advanced analytics                                       Credit operations
      Regulatory & compliance                                                                                                                        Legal services

Revenues 2020: €274.3m Adi. EBITDA: €139.2m Revenues 2020: €59.7m Adi. EBITDA: €16.1m                                                             Revenues 2020: €152.3m Adi. EBITDA: €46.8m
Cagr 14–19: +1.4%      Adj. EBITDA %: 50.7% Cagr 14–19: + 28.3%   Adj. EBITDA %: + 27.0%                                                          Cagr 14–19: + 28.3%    Adj. EBITDA %: 30.7%

                                                            Customer                                                                Customer                                          Customer
     % of Sales                Mkt share                                                        % of Sales           Mkt share                     % of Sales        Mkt share
                                                           satisfaction                                                            satisfaction                                      satisfaction

         56%                          >37%                         92%                             12%
Cerved is a public company with a consistent track record of results
                                                                                                                                                                                                                                Not restated
Revenues (€m)                                                                                                       Adj. EBITDA (€m)                                                                                            IFRS 9, 15, 16

                                         CAGR +9.5%                                                -6.3%                                                    CAGR +8.1%                                               14.0%

                                                                         458              521               4881                                                                2         2132             237               204
     331              353              377              394                                                              160              171             180             186

    2014             2015             2016             2017             2018             2019              2020         2014             2015            2016            2017            2018            2019            2020
Note: 1) Includes €1.5m of capital gain deriving from the sale of the Turin real estate property                      Note: 2)2017 and 2018 restated; 2017 Adj. EBITDA includes €4.0m adjustment for IFRS 16

Operating cash flow (€m)                                                                                            Revenues vs. GDP
                                                                                                                                                                 IPO                          CV19                           CAGR          YoY
                                          CAGR +4.3%                                               -12.4%            Subprime crisis              Sovereign                                                                  ‘08-’19     ‘19-’20
                                                                                                                   Financialcollapse              debt crisis
                                                                                                                                                                                                        Revenues             + 7.2%        (6.3)%

     126              136              144              143              160              158               139
                                                                                                                                                                                                       Italian GDP3           (0.3)%       (8,9)%

    2014             2015             2016             2017             2018             2019               2020        08 09 10 11 12 13 14 15 16 17 18 19 20

Div. Yield            4.4%             3.6%             3.4%             2.8%             3.3%
                                                                                                                       Note: 3) Italian GDP (volume change - linked to reference year 2015). Source: ISTAT, Mar-21

                             Resilient business model with a balanced mix of a-cyclical, cyclical and anti-cyclical components                                                                                                                   12
Bolt-on M&A has always had a key role in Cerved’s strategy
   Cerved has a consolidated track record in delivering accretive M&A transactions in its core business areas as
    well as in adjacencies
   Since IPO:
    #19 deals in 7 years
    >230 €m acquisitions in terms of enterprise value

                                                                              (NPL servicing platform)
                                                                                                              (joint venture)
                                    (NPL servicing platform)

                                                                                                   (NPL servicing
                     (NPL servicing platform)                                                      platform)


50%   100%   100%     51%   100%   100%         100%

       2014    13           2015                               2016                    2017                                     2018                              2019                  2020
        #3                     #1                                #4                       #1                                      #5                               #4                    #2

ESG identity and enabler for Italian sustainability transition
​ESG identity in line with best practice                           ​ESG offering: enabler for the Italian sustainability transition

 Strong                                                              Foster transparency in the system with
 commitment                                                           Independent ESG ratings and assessment
                                                                      Supply chain ESG platform
 Top quality ratings

 ESG targets in STI                                                   Help companies to change          Share ESG landscape
                                                                     in a positive and sustainable    view and understanding
 Clear roadmap                                                                    way
                                           ESG ratings on Cerved

    Top management
remuneration linked to
 ESG targets reflecting
        selected SDGs

Attractive investment case

Best practice public company                                           Unique data set and technologies

   A public company with top quality                                     Unique data ecosystem
    investor base                                          6   1          Proprietary scores & algorithms
   Best in class corporate governance                                    State-of-the-arts technologies to manage
                                                                           and analyse data

M&A track record                                                       Growth opportunities in data & analytics
                                                      5            2
   Consolidated track record in accretive M&A                            Evolve towards new types of
   Focus on both core business and adjacencies                            Risk Intelligence
   Ample firepower from capital structure                                Surf the fast growing Marketing
                                                                           Intelligence wave

                                                           4   3
Strong cash flows and returns                                          Favorable macro trends
   Solid capital structure, consistently in the 3x area                  Cerved positioned to capture favourable
   Strong and resilient cash conversion                                   megatrends and macrotrends
   Dividend yield has averaged at 3.5% from 2015 to                      ESG themes moving to the top of the
    2019                                                                   agenda

Unique data ecosystem
                               Official Chambers of Commerce data                                                                                            Other official data
                    Financial statements                 Chamber of Commerce                     Insolv. proceedings              Real Estate            Detrimental acts              Ownership                 Workers &
                         19,9m – from 1984                     reports                             2,7m (bankruptcy,               ❨Registry❨               ❨Registry❨                ❨CONSOB❨                   employees
                                                              15,1m valid reports                    liquidation…)               123m real estate        0,9m valid records         Owners and shares             ❨INPS❨
                                                                                                                                 registered, >95%       associated with 774K        related to limited       4,9m companies with
                                                                                                                                National coverage             subjects                  companies              # of workers, job
                              Protests                           Ownership                      Corporate members                   (estimate)                                                                 detail and type of
                        0,65m valid ID records             10,8m list owners report         11m owners and managers links

                                         Proprietary data                                                                                                                       Open data
             PayLine                              Territorial data                    Beneficial owners                                       Public tenders                     Public financing                  Government aid
  63m payment experiences on 2,3m        +2k Data & Concentration Index              3,8m beneficial owners                            Opened, closed, winners: 19,6m              1,1m European                   national register
           companies                          based on Census cells                 (until 17° level of analysis)                                 (ANAC)                          and 370K Italian                   2,2m aid in 2020

       Industries                Unregistered                    Relationships              Company groups                                   ISTAT & BANKIT                    Public Administration               Start-up register
      32% of Italian          economic activities                152m between all            256K Italian groups                        Statistical (134 variables) and    21,2K public entities and 14,8K            (Infocamere)
    companies revised                 (2,2 m)                   economics subject                                                              financial analysis                   subsidiaries                 10K registered start-ups

                                                  Web and social data                                                                                                                                              Clients
                                News                        Corporate websites                        Web pages
                          70K analyzed daily            1,2m Italian corporate websites          500m analyzed weekly                 Experian                      Real estate appraisal
                                                                                                                                     Credit Bureau              100K appraisals in 2020 (400K in
                                                                                                                                                                       the last 5 years)
                                                 Social feeds                Corporate social pages                                                                                                                         with
                                               90K analyzed daily              750K social references                                                                                                                   Client’s data

                                           > 40 years of time series and + 600k business rules to qualify and correlate the dataset                                                                                                         16
Cerved’s proprietary scores are the market benchmarks
                                                                                                          The biggest data graph in Italy
 ​Proprietary scores & algorithms                                                                       providing deep connections among
   Cerved Group                                                                                         companies, people and real estate
                        Benchmark credit risk score available on 3 million companies
     Score (CGS)
   Credit rating        Certified ECAI & Rating Tool for solicited and unsolicited ratings
                                                                                                11 million
      ESG rating        Proprietary methodology to assign ESG ratings and scorres                  people                             8 million
 Environmental                                                                                                                        companies1
                        Proprietary score based on hydrogeological data of the territory
      risk score
   Payline score        Proprietary payment bureau tracking 63m payment experiences
  Open banking
                        AI-based risk score on SMEs & Individuals via checking account data
   (PSD2) score
Collection score        Algorithms that assess and prioritize collection of credit portfolios
     Real Estate
                        Proprietary automated valuation model to assess Real Estate values
valuation model
Anti-fraud Score        Graph-technology powered score integrated with Credit Bureau               152 million
                                                                                                                                  123 million real
  Growth Score          Proprietary score using inter alia companies digital capabilities                                         estate assets

            ECAI = External Credit Assessment Institutions; AI = Artificial Intelligence
            Note: 1) Including 2,2 Mln Unregistred economics activities
Natural Language Processing

State-of-the-art technologies

                                        Graph database: tool for the analysis and        Natural language processing concerns the
 Data                                   representation of relationships between          querying of databases and returning of
 visualisation                          individuals and companies                        generated results in visual format
                                        Cyber security & encryption: algorithms          Blockchain to improve                 100% GDPR               and
 Data usability                                                                                                                                   service design
                                        based on cutting edge methodologies and          «notarization» processes              compliant
 & security                             Multi Factor Authentication                                                            architecture         applied to
                                                                                                                                                  processes and
                                                                                                             Semantic          Platform              products
                                        Artificial Intelligence: comprehensive application which exploits
                                                                                                             text              with >100
                                        Machine & Deep Learning algorithms and technologies (i.e.
 Data analytics                         xgboost, neural network, tensorflow) for data elaboration and        analytics         APIs
                                        decision-making processes                                            engine to
                                                                                                             extract           Digital
                                                                                                             value from        Invoicing
                                        >1.1        >1.000         600m         >EUR 40m      Data lake                        algorithms
                                        PetaByte    Servers        events       data          partitions                       to read and
 Data lake                              of stored   (physical      monitored    purchased     for clients
                                                                                                             data              certify
                                        data        and virtual)   annually     every year                                     invoices

        Raw data                       Technology                                                                                                  Business
        API = Application Programming Interface                                                                                                                    18
Strategy evolution
                                                                                                             DAT player
                                                               Growth path
                                                               repositioning                       Export data intelligence technology,
                                                                                                    platforms and algorithms
                                                      Diversify the product offering
                                                       towards Risk Intelligence and               Evolve product offering and IT
                                                       Marketing Intelligence                       architecture to fully move into ‘‘Data
                                                                                                    as a Service’’ model
                Performance                           Expand the customer base by number
                 excellence                            and segments (Small & Micro
    Achieved strong growth in Credit                 Develop selective international
     Management                                        presence
    Defended market share and                        Divest from Credit Management and
     profitability on Credit Info                      refocus resources on Data Intelligence
    Acquired new technology and skills to
     play in fast growing markets

            2014 - 2020                                         2021 - 2023                                2024 - onwards
          DAT = Data, Analytics and Technologies                                                                                             19
Cerved strategy
                            Business strategy                                                 M&A strategy

              units                                     Risk                    Marketing
                                                    Intelligence               Intelligence

                                                                                                       - DAT accretive -
Institutions                               UPSELL                       CROSS-SELL                       - SW driven -
                                            ESG                        Market Intelligence
 Corporate                             Regulatory/AML                   Sales Intelligence
 TOP/Large                                                                                            - European focus -

                                                                   EXPAND                            Assessing exit options for
                                                          More medium clients                          Credit Management
                                                       Enter small clients segment

           DAT = Data, Analytics and Technologies; SW = Software                                                                  20
Offering evolution

    From             Risk Management                                       Growth Services

      To              Risk Intelligence                                 Marketing Intelligence

             Move from credit risk to other types of            Leverage a unique data ecosystem to boost
             risk intelligence:                                 marketing intelligence:
                Anti-Money Laundering                           Market & Sales Intelligence
 strategy       Anti-fraud                                      Digital Marketing
                Regulatory risk                                 Advanced Analytics
                Real Estate risk
                ESG risk

Channels evolution
                     Financial institutions               Corporates

                                  Advisery/ Multi-specialist

                                                       Productive external
           Medium                                           network

           Small                                               Phygital

Data Intelligence growth strategy

​Business unit                       ​Service lines
                                                                    Historical positioning
                                                                    Recent development
                                                                                                       Customer base with dedicated offering and
                                                                    Target positioning

                                             Credit Risk
  RISK INTELLIGENCE                      Credit & ESG ratings            UPSELL
                                             Real Estate            Non credit risk services
                                                                   leveraging BI leadership
                                          Reg & Compliance
                                         Market Intelligence
     MARKETING                            Sales Intelligence               X-SELL
    INTELLIGENCE                          Digital Marketing        Exploiting scalable and
                                                                  modular based platforms
                                         Advanced Analytics
                                         Banking UTP & NPLs
     CREDIT                             Corporate Receivables   Leverage high performance
                                                                organization and diversified
   MANAGEMENT                              Legal Services                   business model

                                          Credit Operations

                                                                                               LARGE     MEDIUM                   SMALL

         BI = Business Information                                                                                                                 23
M&A strategy

          From..                          …to   …to

 Both Data Intelligence and Credit          Focus on Data Intelligence: data, analytics and technology-
 Management                                 driven in adjacent segments

 Only Italy                                 Mainly Italy with gradual expansion in other
                                            European countries

 Low multiples and growing in line with    Higher multiples growing faster than core business
 core business

Ready for a new season of high quality M&A and international expansion
                                                                                       Client needs   Rationale for Cerved
                                                                                                         Entry point to deliver Cerved offering to small
                                                                                            ERP          New data sources for credit monitoring and
 ​Attributes of M&A targets                                                                               marketing insights

     DAT                       Increase high quality Risk &                                             Expand current sales intelligence platform
                                Marketing data and analytics to                            Sales         Access to new market / new data (e.g.,
                                exploit synergies with current                                            georgraphy and alternative data)

      +                         data set
                                                                                                         Increase analytical power of current
   Software                    Invest in scalable platforms for                        Procurement       procurement platorms with Cerved DAT
    driven                      complementary / adjacent use cases                                       Entry point for «supply chain finance» solutions

      +                                                                                   Reg &
                                                                                                         Completing Cerved KYC/digital onboarding
                               Expand from “Italy Only” to                                               offering
   European                                                                             Compliance       Leveraging on PSD2/open banking capabilities
                                European corporate development
     focus                      strategy (detailed in the
                                following slide)                                                         Entering the fast growing digital learning
  Getting ready for a new season of high                                                  Learning       Increasing penetration of smaller customer
    quality and high value added M&A                                                                      segment

          DAT = Data, Analytics and Technologies; ERP = Enterprise Resource Planning                                                                        25
International corporate development: execution guidelines

                                                          Expand the most exportable & distinctive businesses / technologies
                                                          Quickly and profitably enter as many EU countries as possible

Service line to grow internationally                                                                               Guidelines

               Credit Ratings                  #1 ECAI provider                                                      Light distribution and delivery model

                                                No champions in EU for SMEs
                                               Exportable (ESMA) License & Methodology                               Progressive expansion country by country,

                                                                                                                       with a clear roadmap
                          ESG                  Fast-growing & fragmented market
                                               Exportable Methodology                                                Comprehensive data model and data sourcing
                                                                                                                       strategy for service lines simultaneous
                         Sales                  #1 in ITA
                                                                                                                      Define a country-specific entry strategy

                 Intelligence                   No champions in EU

                                                Scalable platform and technologies
                                                                                                                          Organic vs. M&A (based on opportunities
                      Market                                                                                               available)
                 Intelligence                   Pull from Sales Intelligence (Atoka)
                                                Scalable platform and technologies                                       Data sourcing maps

                ECAI = External Credit Assessment Institutions; ESMA = European Securities and Markets Authority                                                     26
Strategic outlook 2021-2023

                                  Risk Intelligence                                   Low single digit
                                                                 Corporates: Mid single digit - Financial Institutions: Stable
     Divisional organic
              revenues      Marketing Intelligence                                    Low double digit
                            Total Data Intelligence                                    Mid single digit

                              Credit Management                                        High single digit

                                         Revenues                                           5% - 7%
       organic growth            Adjusted EBITDA                                            5% - 7%
                            Operating Cash Flows                                75%-80% cash conversion by 2023
    Growth from M&A               Adjusted EBITDA
            (CAGR’20-’23)                                                                 2.0% - 3.5%
                                from bolt-on M&A
Consolidated organic +      Total Adjusted EBITDA                                        7.0% - 10.5%
         M&A growth
           (CAGR ’20-’23)
                                  Leverage Target      Long-term target of 3.0x Adjusted EBITDA, save for M&A and non-recurring events
      Capital Structure                                Dividend equal to 40%-50% payout of consolidated profits, coupled with variable
                                   Dividend Policy                      additional dividend/ buybacks, subject to M&A

1.   Introduction by the Chairman (G. De Bernardis – Executive Chairman)

2.   Cerved investment case (A. Mignanelli - CEO)

3.   Cerved for Italy (A. Mignanelli - CEO)

4.   Data intelligence (A. Mignanelli - CEO)
       − Offering
       − Channels

5.   Credit management (A. Mignanelli - CEO)

6. Talents, technology, sustainability (A. Mignanelli – CEO)

7.   Financials & strategic outlook 2021-2023 (E. Bona – CFO)
Our purpose

        We help the country to protect itself from
                  risk and to grow sustainably
        We do it by putting data, technology and talent at the service of
                   people, businesses, banks and institutions
Cerved is the reference point for institutions on the Italian economy

 ​We watch the economy from a vantage point                                    ​Our customers

                    Rating Agency certified                                              95%           ​Primary
                                 by ESMA                               A+                of Italian     institutions
                                                                                         Banks          using our data            Key observer on SMEs for
                                                                                                                               periodic consultations provided
                                                                                                                                    by article IV (Country
      The most comprehensive dataset                                                                                                     Surveillance)
     on Italian companies, stakeholders
                  and real estate assets
                                                                                                        Provider of data on
                                                                                                       bankruptcy procedures
          The biggest Payments Bureau                                                                     and companies’       Provider of synthetic indicator of
                       in Italy (Payline)                                                                payment periods         the risk faced by companies
                                                                                                                                             and FIs

                                                                                         +150                                   Provider of data on
           The biggest independent NPL                                                   Public                                 bankruptcy procedures and
                                                                                         Authorities                            companies’ payment periods
                 service provider in Italy

        ESMA = European Securities and Markets Authority                                                                                                            30
        Note: 1) Including Micro companies with purchases on
Capability of capturing favourable megatrends and macrotrends

                    Digital                                                           Green                        Finance &                             Structural
                  transition                                                        transition                    new normal                              reforms

                                                                                                             Post-Covid restructuring          Italy needs structural reforms to
                                                                       Zero CO2 emission in EU in
            Increase in use of data                                                                          corporate sector                   boost growth

            Technology trends in AI & ML                                                                    NPE increase and a larger         Many structural reforms
                                                                       Green finance & green
            45€bn from Recovery Fund                                   regulation                            European market                    favourable to Cerved:
            Reforms to boost the digital                                                                    209€bn from the Recovery             Bankruptcy reform
                                                                       Customer preferences
             transition                                                                                       Fund                                 Digitalisation of courts
                                                                       67€bn from the Recovery Fund                                               Institutional investments in SMEs

         Cerved is an enabler of SMEs                            Cerved ESG scores and ratings            Cerved can support banks and          Structural reforms expected in
            digital capabilities and                             expected to be widely used by            institutions to address finance          Italy to boost growth for
         strongly benefits from firms’                           SME, corporations, banks and              towards the most productive           Cerved and open markets in
                 digitalization                                      institutional investors                firms and to dispose of NPE          which Cerved is a key player

                    AI = Artificial Intelligence; ML = Machine Learning; NPE = Non Performing Exposures                                                                           31
Digital               Green               Finance &          Structural
                                                                                                                                                                         transition            transition           New Normal           reforms
Digital & green transitions
          Higher digitalization of Italian firms can boost Cerved market                                                                        ESG tools expected to be widely used in the Italian economy and
                              penetration and growth                                                                                                       sustainability is part of the Cerved strategy
Cerved mkt penetration by companies’ Digital Score1 by size                                                                              Average probability of default by ESG score                        Seismic hazard map of Sicily
                    Cerved                                                                                                               On 200 Italian firms with non financial report                     expected earthquake intensity in 50 years
Digital Score     penetration                                                                                          43%

    low             1,0%
    medium           5,1%                                                            26%                                                         3.37%
    high            9,5%                                                     19%                                                                                       2.35%
                                                    10%               10%                                                                                                              1.15%
             1%     2%               3%
                                                                                                                                       ESG ESG low                 ESG medium         ESG high
            micro                          small                          medium                              large                    score (65.64)

   Recovery Fund and technology trends expected to strongly increase                                                                             Boom in green finance and forthcoming regulation: tools to
    the digital capabilities of Italian firms                                                                                                      measure ESG performance needed
   45€bn from Recovery Fund                                                                                                                      67€bn from Recovery Fund
   Cerved matches PA goals and digitalized firms in Industry 4.0 like                                                                            New opportunities in adjacent markets (carbon credit register,
    incentive schemes (subsidized finance solutions)                                                                                               white certifications, etc.)
   A digital academy to support digitalization of SMEs and PA

 Cerved becoming the enabler of the Italian digital transition leveraging on                                                                      Cerved ESG scores, ratings and tools expected to be mission
  its comprehensive offering covering the whole Mktg Intelligence cycle                                                                         critical for SME, corporations, banks and institutional investors

                PA = Public Administration
                Note: 1) Digital score is a Cerved proprietary score based on machine learning information used to estimate the digital capability of Italian firms;
Digital           Green       Finance &    Structural
                                                                                                                                                                                      transition        transition   New Normal     reforms
New normal & structural reforms
 In the new normal Cerved will support financial institutions to address                                                                                 Structural reforms open markets in which Cerved is a key player
                finance to the most productive firms
How to address public intervention in finance: # of firms with public guarantees from the
Fondo Centrale di Garanzia, pre- and post- Covid
                                                                                                                                                   Digital public services index1

                                                                 post-Covid default risk                                                            16                                             IT
                                                            Safe           Vulnerable                  Risky                                        14                                                                 €11,5bn for digital
          pre-Covid default risk

                                                                                                                                                    12                                                                transformation in
                                                            308k              182k                    9.3k
                                                            safe            impacted                impacted
                                                                                                                                                    10                                                               Public Administration
                                                                                                                                                     8                                                                  can help Cerved
                                                                             284k                    181k                                            6
                                                                         non-impacted             zombie light                                                                                                         increase market
                                                                                                                                                     2                                                                penetration in PA
                                          Risky                                                                                                      0

    Cerved can support the government to select zombie firms and
     economic sustainable firms
    Draghi G30 report: finance economic viable firms with equity and/or                                                                                  Bankruptcy reform will incentive credit-risk forward looking
     lending, let zombies out of the market                                                                                                                methodologies among SMEs
    Forthcoming €209bn from Recovery Fund open opportunities in                                                                                          EBA guidelines on LOM (Loan Origination and Monitoring) requires
     subsidized finance                                                                                                                                    banks to implement forward looking analyses
    60-100bn of NPE expected as a consequence of Covid-19 also
     following calendar provisioning and stricter regulation

      Cerved information key to support policy makers and banks to                                                                                  Cerved solutions in bankruptcy reform coherent with LOM supporting
              address finance to the most productive firms                                                                                           both SMEs and banks (Fw, Alert System, Treasury Management Tool)
                                   PA = Public Administration; EBA = European Banking Authority; FW = Forward Looking
                                   Source: 1) Digital Economy and Society Index (DESI) - European Commission file:///C:/Users/cg12612/Desktop/DESI2020Thematicchapters-Digitalpublicservices.pdf                                                33

1.   Introduction by the Chairman (G. De Bernardis – Executive Chairman)

2.   Cerved investment case (A. Mignanelli - CEO)

3.   Cerved for Italy (A. Mignanelli - CEO)

4.   Data intelligence (A. Mignanelli - CEO)
       − Offering
       − Channels

5.   Credit management (A. Mignanelli - CEO)

6. Talents, technology, sustainability (A. Mignanelli – CEO)

7.   Financials & strategic outlook 2021-2023 (E. Bona – CFO)
Offering evolution – Data intelligence
              Next slides focus

     From                Risk Management                                    Growth Services

       To                 Risk Intelligence                               Marketing Intelligence

               Move from credit risk to other types of            Leverage a unique data ecosystem to boost
  Business     risk intelligence:                                 marketing intelligence:
                  Anti-money laundering                           Market & sales intelligence
                  Anti-fraud                                      Digital marketing
                  Regulatory risk                                 Advanced analytics
                  Real estate risk
                  ESG risk

The Risk Intelligence market includes fast growing adjacent segments

Target markets (€m) & Cerved market share                                     Market trends
                                                   CAGR                       Stable trends in Credit Information:
                                                   +17%                           ‒ Pressure on pricing on standard products
               CAGR                                            1.8                ‒ Increased attention on risk management due to
                 +6%                                                 CAGR           higher uncertainty post Covid19
                              1.1            1.1                                  ‒ Evolution of credit risk assessment logic
      1.0                                                      1.0
                                                                     +34%         ‒ Digitalization of products and better UX
      0.3                     0.4           0.4
                                                                              Strong growth in Adjacent Risks:
      0.7                      0.8          0.7                0.8   +2%
                                                                                  ‒ Open banking, although early stage

      2017                                                                        ‒ Higher money laundering & frauds risks due to
                            2019           2020            2023E
                 Credit info           Adjacent risks
                                                                                    increasing digital interactions
                                                                                  ‒ State higher activism with stronger regulations
             Cerved mkt share 2019                      >37%                        (e.g. for SMEs)

             Source: Cerved Analysis                                                                                                  36
Risk Intelligence: low single digit growth expected from 2021 to 2023
    Service line                                                                                              Historical trends
                                           2017            2018                 2019   2020   CAGR     YOY
    Revenues (€m)                                                                             17-19   19-20    Overall stable performance from 2017 to
                                           90                88                                                 2020, with contraction of Credit Risk

                                                                                83     86     -4%      4%
       Credit    Risk1
                                    Corp   143               145                149                            Strong Covid-19 impact on Credit Risk for
                                                                                       134    2%      -10%
                                                                                                                corporate clients in 2020
        Credit &                            7                 8                 8       8                      Growth in Regulatory & Compliance
B      ESG Rating                                                                              1%     10%       benefiting from cross-selling
              +                                                                                                           Outlook 2021-2023
          Estate                           35                40                 40      32    7%                         Low single digit growth
              +                                                                                                Managing pricing pressure by delivering
         Reg &                                                                          15
D                                                                               5                               high value services
       Compliance                           1                 2                               163%    202%
               =                                                                                               Product development on new risks
           Risk                                                                                                Products & platforms for medium and
       Intelligence                                          282                284           1.4%    -3.5%
                                           276                                         274                      small clients
          Note: 1) Credit Risk includes Business Information & Risk Analytics                                                                               37

Credit Risk: market leader with numerous growth opportunities
                              Business Information                                                      Risk Analytics                                           Growth drivers

                             Business Information platforms                                  Score development                                                  Pressure on pricing of data proving and
                                 Cerved Credit Suite for                                     CeBi Convention (standard for

                                    corporates                                                 banks’ financial data
                                                                                                                                                                   standard reports
                                 Silos platform for banks                                     reclassification)
                             Customized solutions w/APIs                                     Risk analytics consulting
                                                                                                                                                                  Increased appetite for risk management
                                                                                                                                                                   products prompted by higher
                                                                                                                                                                   transactions uncertainty
                             Unique data ecosystem                                           Market standard products for
                                                                                                                                                                  Product development to address

                             Leading technology and                                           credit assessment services
                              industrialized operations enabling                              Embedded within bank credit                                         changes in customer needs
                              market leading SLAs                                              processes
                             Capabilities c. 200+ analysts,                                  Capabilities of c. 20+ data                                        Regulatory push towards credit risk re-
                              marketing, product specialists                                   scientists                                                          design to integrate forward looking
                                                                                                                                                                   metrics and alternative data (e.g., PSD2)
                                 Financial Institutions                                               Corporates                                                   and Artificial Intelligence
              Market. share

                                                                                                                                                                  High customer penetration and lock-in
                                          >80%            5-7x RMS                                          >45%                                                   through risk projects for top clients
                                                                                                                            2.5x RMS
                                                                                                                                                                   leveraging data scientists (CeBi) and MBS

                    API = Application Programming Interface; SLAs = Service Level Agreement (equal to 99.77% uptime for Cerved Credit Suite and 99.96% uptime for Silos); AI = Artificial Intelligence; RMS = Relative Market Share
                    Source: Cerved analysis

Unique installed base of platforms for credit risk management
                      Financial institutions                                                           Corporates

       SILOS                                                                      CERVED              Portfolio analysis
      CREDIT                                                                      CREDIT
       DESK                                                                        SUITE              Payment Bureau
                                                                                                                                      16k clients
                                                                                                              C Management
    600 clients                                                                                                                      c.50% market
  >80% market share                                                                                                                      share
                          Full set of platforms to support the entire
                           credit process                                                             Collection Services
                          Specialized vertical platforms for financial
                                                                                                      Decisioning
                           and sector deep analysis

                                                                                 Best-in-class platform to support commercial credit process
                         Complete integrated monitoring service on
      MONDO               any credit position changes                                               63m payment experiences on 2,5m companies
                         Daily checks capturing any changes in                                     Proprietary database and real-time delivery
                          directors, rating, financial statements, etc.


Credit & ESG: the leading Italian rating agency with an ESG angle
                               Credit ratings                                                           ESG Solutions                                    Growth drivers
                    Solicited Ratings                                                      ESG Rating and Assessment
                    Unsolicited Ratings                                                    ESG External Reviews
                                                                                                                                                         • Italian market of more than 1mln of SMEs1

                    ECAI Rating                                                            Supply Chain ESG Platform                                     in need of credit and ESG ratings for
                    Research                                                               Research                                                      accessing sustainable and/or government
                                                                                                                                                           guaranteed instruments
                                                                                                                                                         • Cross-selling opportunity on solicited
                     Largest SME Corporate Credit                                          Proprietary ESG methodology and                               ratings and ESG solutions toward c. 20k

                      Rating Team in EU (120+ analysts)                                      database

                     ECAI recognized since 2008                                            Comprehensive offering for banks,                             Cerved clients compared to 1k current
                      (among the first in EU)                                                investors and corporates                                      clients
                     Highly reputed by banks and                                           Operating from an ESMA
                      capital markets practitioners                                          regulated entity in anticipation of                         • ECAI and Credit ratings expected to
                                                                                             forthcoming regulation                                        benefit from banking, insurance and
                    #1 Rating Agency in EU by number of                                            Sole Rating Agency in Italy
                                                                                                                                                           financial markets regulators
                    corporate ratings1                                                              with ESG mandates from:
                                                                                                                                                         • ESG solutions benefiting from capital

                                                                                                       Banks
                    #1 Rating Agency in Italy                                                          Corporates                                         market tailwinds and incoming ESG
                    #2 in EU by revenues among                                                         Financial investors                                Regulation and Supervision (eg, ESMA call
                    “Challenger” Rating Agencies                                                                                                           to action on ESG Ratings and assessment
                  ESMA = European Securities and Markets Authority; ECAI = External Credit Assessment Institution
                  1) N. of Italian Joint stock company SMEs ; 2) Source: CEREP (ESMA Central repository for publishing the rating activity statistics)                                               40

Real Estate: leading player in residential evaluation and VIPO services
                   Real estate appraisals               Visure ipocatastali (VIPO)        Growth drivers
               Residential and commercial appraisals    Cadastral data                  • Market returning to pre-Covid conditions
               Technical due diligence                  Land registry

                                                          reports                           thanks to ample liquidity and mortgages
                                                         BPO services
                                                                                          • Increase presence in commercial
                                                                                            appraisals & technical services (ecobonus)
                                                                                          • Development of Automated Valuation
               Unique database covering c. 95% of 123m real estate assets                  Models, including monitoring platforms

               100k appraisals in 2020 (400k in the last 5 years)
               Technical staff composed of 100+ internal experts and 300+ external         for banks, RE companies and RE funds
                appraisors boasting a capillary presence in Italy
               Comprehensive product offering, fully linked into the Risk Management     • Regulatory changes including EBA and
                platforms of clients                                                        automated RE monitoring and Ecobonus
                                                                                          • Stable market share in both Appraisals
                   Leader in a mature market of          One of the three major players
                                                                                            and VIPO, after years of growth in

                   Residential Appraisals with the            in the Italian market         Appraisals
                       highest profit margins
                                                                                          • Reduced demand for VIPO services due to
                 Upside in Commercial Appraisals                                            insourcing trends by banks

                BPO = Business Process Outsourcing                                                                                   41

Regulatory & compliance to deal with regulatory risks & opportunities
                              KYC                                         Reg Tech            Subsid. Finance        Growth drivers
                     End-to-end digital                           EWS alert systems         BPO for Banks for
                      onboarding                                                                                     • Digitalization of business interactions with
                                                                   Professional services      Gar. Fondo Centrale

                     AML suite                                    Treasury mgmt. SW         “Cerca Bando”           higher relevance of AML and fraud risks via
                     Graph 4 You                                                             Advisory for SMEs       fast and compliant workflows
                     Anomaly Detection
                                                                                                                     • Increase AML penetration on banks via
                                                                                                                       distinctive modules (eg Visius) and non-
                     Biggest business graph available                                        Acquisition of          banking segments (eg Easy AML)

                     Proprietary or exclusive platforms &                                     Finline in 2019

                      workflows                                                               58k dossier
                                                                                                                     • New regulation with increasingly
                     Acquisition of Hawk in 2020, AML specialist                             +120 cliens             stringent compliance obligations for SMEs
                     Largest DB on Italian Companies                                                                  eg. new Codice della Crisi di Impresa and
                                                                                                                       forward-looking indicators for banks
                                                                                                                     • Subsidized finance to continue to benefit
                                                                                                                       from Government support of SMEs
                      AML leading player                          New business          Service launched in

                      (e.g., gaming) with                                                  2019 with the
                                                                                                                       (€145bn1 requests received to access the
                       an incumbent on                                                  acquisition of Finline         Fondo di Centrale Garanzia)
                                                                                                                     • Cross-selling opportunity toward c.20k
                                                                                                                       Cerved banking and Corporate clients
                  Note: 1)Ministero dell'Economia e delle Finanze (MEF)
                  AML = Anti-money laundering                                                                                                                      42
Offering evolution – Data intelligence
                                                                 Next slides focus

     From             Risk Management                                         Growth Services

       To              Risk Intelligence                                    Marketing Intelligence

              Move from credit risk to other types of            Leverage a unique data ecosystem to boost
  Business    risk intelligence:                                 marketing intelligence:
                 Anti-money laundering                           Market & sales intelligence
                 Anti-fraud                                      Digital marketing
                 Regulatory risk                                 Advanced analytics
                 Real estate risk
                 ESG risk

Marketing Intelligence: low double digit growth from 2021 to 2023
    Service line                                                                                                                   Historical trends
    Revenues (€m)
                                                                                                                   CAGR     YOY     Acquisition of MBS in 2019 doubled the
                                                                                                                   17-19   19-20
                                         2017              2018               2019            2020                                   size of the business unit and improved
                                                                                                                                     growth prospects
A    Market & sales
                                                                                                                                    Overall growth in other segments from
                                             16               181               21                19                14%    -9%       2017 to 2020 despite Covid-19 impact
             +                                                                                                                      Sales Intelligence benefiting from
         Digital                                                                                                                     contribution of Atoka
B       marketing                                                              16
                                            9                 12                                  11                30%    -29%                Outlook 2021-2023
              +                                                                                                                             Low double digit Growth
                                         Acquisition of MBS as of
        Advanced                                  1st July                                       29
        analytics                                                              15                                                    Evolve Atoka into market leading tool
D                                                                                                                  n.m.    101%      Launch of new Marketing Intelligence
              =                                                                                                                       platform
        Marketing                                                                                                                    Market expansion on mid and small
       Intelligence                                                                              60                                   clients
                                            26                29                51                                  42%    16%
                                                                                                                                     Selective international expansion
          Note: 1) Includes c. €1m one-off impact of internationalisation incentives offered by the State (MISE voucher)                                                      44
Comprehensive bouquet of services covering the entire marketing cycle

               Cerved positioning & portfolio expansion                                                                      Market macro-trends
                                               A                                      B                        C
                                                                                                                             • Marketing services industry persists
                         Market                           Sales                 Digital                   Advanced
                       Intelligence                    Intelligence            Marketing                  Analytics
                                                                                                                               in being highly fragmented
                          Know the                           Find             Engage clients               Generate          • Growing importance of data &
                           Market                         new clients          & prospects              powerful Insights      analytics in driving marketing
                            2005                             2014            2016          2017                2019

                                                                                                                             • Digital solutions takes over legacy
                     Market intel                       Sales intel              Digital traffic           Data driven     products at growing rate
 Business             platform                            platform                  generation                 management
 portfolio           Market research                    AI for sales             From traffic to            consulting
                     Media monitoring                   Sales analytics           value                     Advanced      • Worldwide success of platform-
                                                                                   Digital analytics          analytics
                                                                                                                               based solutions providing real-time
                                                                                                                               marketing insights

  Shared             Semantic engine                        Cerved           Dedicated sales network                         • Increasing appetite of SMEs &
   assets                                                    DAT                                4k media sources               Micro companies for Marketing
                                Business graph                        Markets specialists
         Source (1) Revenues 2020E: Finance Cerved data                                                                                                              45

Market Intelligence: unique market insights via a digital platform
                                                                                      Growth drivers

                 New platform (Q1 2021)                              KNOW AND        • Underpenetrated and highly fragmented

                 Market & sector analysis
                                                                      THE MARKET TO
                                                                                        Italian market and unique offering
                 Data providing                                      FIND              inspired by global best practice (eg,
                 Media monitoring                                    GROWTH
                                                                                        GlobalData and Statista)
                                                                                      • Fully scalable business model enabling
                                                                                        shift to a recurring revenues model

                 Largest and unique database on Italian companies
                 30-year track record and knowledge of markets                       • Strong commercial network with 70
                 Strong team of c. 60 experts, fully in-house                          dedicated accounts
                 Synergies with Cerved: data, go-to-market, brand, clients
                                                                                      • Cross-selling opportunity toward c. 20k
                                                                                        Cerved existing clients compared to 1.4k
                                                                                        current clients
              Underpenetrated and highly fragmented Italian market

              Cerved has a unique offering for the Italian market
                                                                                      • Synergies with Atoka and MBS projects
              Only 7% penetration of Cerved Clients


Sales Intelligence: Atoka is the reference sales intelligence solution in Italy
                                                                                                Growth drivers

                                                                                FIND NEW        • Underpenetrated and fragmented Italian
                 Sales funnel management

                 Sales intel. Platform                                          CLIENTS          market & unique offering inspired by global
                 Lead generation                                                  +6m            best practice (eg, ZoomInfo)
                 Mkt prospect similarity                                         Italian
                                                                                companies       • Cross-selling opportunity toward c. 20k
                                                                                                  Cerved existing clients compared to 1,5k
                                                                                                  current clients

                 State of the art product, benchmarked to international leaders

                 Largest and unique database on Italian companies                              • Expand on Small & Micro segments
                 Strong team of c. 29 data scientists, fully in-house
                 Synergies with Cerved: data, go-to-market, brand, clients
                                                                                                  leveraging on (i.) dedicated product (i.e.
                                                                                                  Atoka Pocket) as platform and (ii.) digital
                                                                                                  channel and sales

              Untapped users in Italy >500k within        Number of Clients                     • Potential upside in Europe by leveraging on
              financial institutions and corporates                                               partnerships and M&A to accelerate data

                                                                             1,427   1,535
                                                               1,261 1,258               1400
              Similar KPIs compared to ZoomInfo        1,132                                      acquisition and commercial expansion
              (users/ client, ARPU)
                                                      Q4 19 Q1 20 Q2 20 Q3 20 Q4 20
                                                                                                • Fully scalable business model enabling shift
                                                                                                  to a recurring revenues model

Digital Marketing: covering all customers’ digital engagement needs
                                                                                                                                                                   Growth drivers

                        Sales SEO, CRO, SEA, SEM                                                                                                                   • Underpenetrated and highly

                        Web analytics                                                          CUSTOMERS                                                             fragmented Italian market
                        E-mail marketing                                                       VIA ALL DIGITAL
                        Lead generation                                                        CHANNELS                                                            • Cross-selling opportunity toward c. 20k
                        Social media advertising                                                                                                                     Cerved existing clients compared to 260
                                                                                                                                                                      current clients
                                                                                   Case study1 of value generation: +97% traffic increase
                     Fullly compliant with GDPR
                                                                                                                                                                    • New digital marketing offering: content
                                                                                  110k

                      State-of-the-art offering                                                              Increasing

                      SEO                                                                                   performance                                               marketing, social selling & Influencer
                     Comprehensive offering                                              New website                                                                 marketing, e-commerce development
                                                                         # visit

                      the entire digital funnel                                           Old website
                     Synergies with Cerved:
                                                                                                                                                                    • Focus on SME market with a dedicated
                      data, go-to-market, brand,                                                               Go Live
                                                                                                                                                                      SEO platform
                      clients                                                                                                                        Time

                                                                                                                                                                    • Partnerships with best of breed
                  Digital marketing is rapidly replacing traditional advertising thanks to                                                                            partners further enrich and expand

                  superior ROI and segmentation capabilities
                  Increasing appetite by SMEs in fostering digital visibility and e-

                  SEO = Search Engine Optimization; CRO = Conversion Rate Optimization; SEA = Search Engine Advertising; SEM = Search Engine Marketing
                  Note: 1) Cerved Real Case of value generation for Utility company: +97% traffic increase 2020 vs 2019 following the go live of the new website developed by Cerved                         48

Advanced Analytics: a unique offering combined with Cerved’s dataset
                                                                                               Growth drivers
               AA for performance improvement:
                    Churn prediction                                                           • Pursue full exploitation of synergies
                                                                    POWERFUL INSIGHT

                    Pricing strategy                               TO IMPROVE STRATEGY           offering MBS Advanced Analytics
                    Cost excellent program                         AND BOOST GROWTH AND          projects to Cerved clients
                    Digital interaction model                      PRODUCTIVITY
                    Mkt and credit strategy                                                    • Selective M&A to fuel competitive
                    Go to mkt strategy                                                           advantage on data-driven consulting

                  100+ consultants with 25 partners with long tenure

                                                                                                • Potential upside in delivering
                  Leader in insurance segment
                  Leader in pricing models for banks                                             Advanced Analytics for medium
                  Strong performance in 2020                                                     corporates
                                                                                                         MBS – Cerved synergies

                                                                                                            Strengthens go-to-market and
                  Mngmt consulting market value at €4bn1 o/w 20% Advanced Analytics                         client relationship
                                                                                                            Helps promote use cases and

                 Raise of advanced analytics consulting doubling the growth of

                                                                                                             focus on innovation
                  traditional advisory (12,7% vs. 6,4%)1
                                                                                                            Cross-selling advisory to Italian
                  Cerved as challanger with strong positioning on specific verticals (e.g.,                 banks
                   Advanced Analytics project for insurers)                                                 Expanding client base

              AA = Advanced Analytics
              Note: 1) Cerved Estimates on Market Data                                                                                           49

1.   Introduction by the Chairman (G. De Bernardis – Executive Chairman)

2.   Cerved investment case (A. Mignanelli - CEO)

3.   Cerved for Italy (A. Mignanelli - CEO)

4.   Data intelligence (A. Mignanelli - CEO)
       − Offering
       − Channels

5.   Credit management (A. Mignanelli - CEO)

6. Talents, technology, sustainability (A. Mignanelli – CEO)

7.   Financials & strategic outlook 2021-2023 (E. Bona – CFO)
Channels evolution
                     Next slides focus

                             Financial institutions              Corporates

                                         Advisory/ Multi-specialist

                                                              Productive external
           Medium                                                  network

           Small                                                      Phygital

Financial institutions channel - performance & outlook
Service line                         2017         2018       2019   2020    CAGR     YOY    Historical trends
Revenues (€m)                                                               17-19   19-20
                                                                                             Stable risk intelligence with contraction
                                                                                              in Credit Risk and Real Estate more than
Mktg intelligence

                    Market & sales                                                            compensated by strong growth in
                     Intelligence        1             1       6      6                       Regulatory & Compliance
                                                                            103%     5%
                                                                                             Solid organic growth in Market and Sales
                      Advanced        Acquisition of MBS
                      Analytics                                       4                       Intelligence which benefitted from
                                                               2            n.m.    48%       increased focus on cross-selling with
                      Credit risk
                                                                                              regards to the legacy offering and the
                                       90             88      83      86    -4%      4%       Atoka service range
Risk intelligence

                      Credit &          3              3       3      3
                     ESG ratings                                            -2%     18%                 Outlook 2021-2023
                     Real estate       33             38      39      31                      Stable outlook in Risk Intelligence,
                                                                            8%      -20%       with potential for Credit/ ESG ratings,
                    Regulatory &                                      12
                     compliance                        1       2
                                                                            125%    427%       analytics & KYC

Financial institutions                                                                        Further contribution from Marketing
      Channel                                          131    134     141   2%       5%        Intelligence, growing and still largely
Evolution from provider of data to provider of value-added services
                           Product innovation                                                            New service model
                                     Proprietary systems linked to the                                                                           Leading
    Analytics                         database allowing banks to improve their     Market’s largest salesforce with 30 resources
 & Early Warning                      accuracy ratios within credit processes
                                      and rating models                                                                                            force
                                                                                                              Geared toward achieving:
                                                                                   Commercial, technical and
                                     Largest & most complete database             consulting skills plus MBS  comprehensive coverage              &
  Data & scores                       combined with Analytics & Early Warning       for data driven solutions
                                      systems creates a unique offering for an        and transformational     client acquisition                 Client
                                      estimated 90% of Italian banks                        initiatives
                                                                                                               cross-selling and upselling       service
                                     New platform with end-to-end solutions                                                                      teams
                                      over the credit cycle which in 2020
    finance                           related to approx. EUR 5,5bn of                               Large banks: 9 groups, 122 licenses,
                                      underlying loan volumes                                       EUR 71 Revenues in 2020

                                     Almost all large banks have new                                 Medium banks: 40 groups, 135 licenses,
                                      contracts or pilots, further                                    EUR 28 Revenues in 2020                       FIs
                                      contractualised growth in 2021                                                                              cluster
                                     Update of Cerved Group Score to assist                               Small/ BCC/ Other1: 2 large groups
                                      banks in dealing with Covid-related risks,                           308 licenses & other (205 licenses),
   CGS Covid
                                      similarly to the Corporate                                           EUR 43 Revenues in 2020
                                      channel offering

        Note: 1) Other = Insurance companies, financial firms, car companies                                                                                53
Clear strategy to defend from pricing pressure and consolidation
                                                           Flat Fee     Consumption
             Contract renewals                                                                        Bank consolidation
                                                             39%              35%
                                                             61%              65%
       Pressure on Credit Risk data, particularly if                                        Common client overlap
       sold stand-alone                                     2018            2020
                                                                                            Higher bargaining power of enlarged bank
       Product innovation within Cerved’s                 Average residual weighted
       Analytics & Early Warning systems                   life: 1.7 years                  Lower sophistication of purchased bank,
                                                          Latest expiry: Dec 2023          offering product upgrade potential
       Stronger cross-selling capabilities                > 50% of value expiring in
                                                           Dec 2023                         High complexity & decommissioning,
       Anticipation of contract expiries coupled                                            particularly during mergers
       with product innovation and cross-selling        Cerved commercial strategy
                                                        less oriented on long term          Mergers expected to occur mainly between
       High complexity & decommissioning               contracts, which imply higher        Cerved existing client base
                                                           discounts and tenders

                                                                                                          1%                       7%
                                                                                                                 1%     6%
 Strong track record in growing overall revenues (+3,0% CAGR from 2017                 Marketing
                                                                                                                   1%        2%     9%
                                                                                                          28%    31%
  to 2020) while cross-selling and diversifying the product offering                                                    31%       24%
                                                                                        Othe risks

 Increased contribution from Regulatory & Compliance, Marketing
                                                                                        Credit & ESG      70%    67%
  Intelligence and Advanced Analytics more than covering contration in                  rating + R.E.
                                                                                                                        61%       61%

  mature Credit Risk and Covid-related issues with Real Estate                          Credit Risk
                                                                                                          2017   2018   2019      2020
Channels evolution
                                                    Next slides focus

                        Financial institutions               Corporates


                                                          Productive external
           Large/ Mid                                          network

         Small/ Micro                                             Phygital

Corporate channel - Cerved performance & outlook
Service line                                                  2017              2018               2019            2020                 CAGR     YOY    Historical trends
Revenues (€m)                                                                                                                           17-19   19-20
                                                                                                                                                         Mid single digit growth in Risk
                           Market & Sales
 Marketing Intelligence

                                                                                                                                                          Intelligence until 2019. Contraction of
                                                                15                16
                                                                                                    15                13                  1%    -15%
                                                                                                                                                          consumption in 2020 due Covid-19 related
                              Digital                                                                                                                     impact on underlying business trends
                             Marketing                           9                 12                16                11                 30%   -29%
                                                                                                                                                         Solid growth in Marketing Intelligence
                                                               Acquisition of MBS
                                                                                                                      26                                  benefiting from cross-selling and enlarged
                                                                                                     12                                 n.m.    111%      product offering, with limited impact
                             Credit Risk                      143                145               149               134                   2%   -10%      from Covid-19 mainly thanks to AA
 Risk Intelligence

                              Credit &
                                                                4                 4                 5                 5                   4%     5%
                            ESG Ratings                                                                                                                             Outlook 2021-2023
                            Real Estate                                            2                                                     -4%    -35%
                                                                1                                    1                 1                                  Mid Single Digit in Risk Intelligence ,
                            Regulatory &                                                                                                                   with a focus on KYC
                             Compliance                         0                  1                3                  3                 219%    7%
                             Corporate                                                                                                                    Further contribution from Marketing

                             Receivables                        17                21                26                30                  21%   16%
                                                                                                                                                           Intelligence and Corporate Receivables
                                                               191               201               227               223                 9%     -2%
                             Note : 1) Includes c. €1m one-off impact of internationalisation incentives offered by the State (MISE voucher)
                             CM = Credit Management ; AA = Advanced Analytics
Strategy to foster cross-selling, upselling and new clients
                                                  Go-to-market                                 Commercial strategy
                                   Risk Intelligence
                                  & Credit Collection
                                                                Marketing Intelligence              All business units

                                                                                          Delivery via client service teams with
                         #25 key accounts                                                 commercial and technical skills
                         #5 advisory accounts                                            Strong focus on projects which
           Top           4 industry sectors                                               integrate the service offering
                                                                                          Incorporation of sector characteristics
                                                                #70 field sales
                                                                3 geographic areas
                           #160 field sales                                              Develop project s for clients which
                           #25 Telemarketing staff                                        integrate business information with
       Large/Mid           3 geographic areas                                             other Cerved services, via (i.) Usage
                           4 industry sectors                                             stimulation and specialist account
                           #50 resources in special                                       dedicated teams, and (ii.) New client
                            accounts teams (Usage                                          generation
                            stimulation, Credit collection,
                            Ratings, Digital marketing)

    Small / Micro                                  #20 Teleselling                       New client generation
                                                   Website                               Develop off the shelf products
                                                   Partnerships                          Push on digital/online approach for
                                                                                           both sales and usage stimulation

The leading go-to-market in Italy
Corporate channel KPIs                                                                    Client dynamics for Risk Intelligence products
                                              # of clients   2020 Rev. €m   ‘ARPU1 (€k)    Churn and new client generation have averaged at
             Top            Top                  1k              92         €94k            c. 6% and 5%, respectively, from 2017 to 2020, limited
                                                                                            Covid impact
                     Large/ Mid                13,7k             119        €9,0k          Consumption of existing clients averaged 5% except
                                                                                            2020, due to lower consumption in particular of
                         Small/                8,8k              12         €1,4k           SME clients due to Covid
                      Corporate Channel Key Objectives                                        Churn          Existing            New

 Top and Large clients: increase ARPU and share of
                                                                                                           7.1%                                6.9%
  wallet                                                                                            4.6%                  3.1% 4.5%                   4.3%                   4.3%
 Medium clients: increase penetration, ARPU and n.
                                                                                            -5.9%                                      -5.1%                 -5.9%
  of clients                                                                                                      -7.1%                                              -7.9%
 Small and Micro clients: increase number via
  dedicated product platforms
                                                                                                    2017                  2018                 2019              2020
        Note : 1) Average Revenues per Unit                                                                                                                                         58

1.   Introduction by the Chairman (G. De Bernardis – Executive Chairman)

2.   Cerved investment case (A. Mignanelli - CEO)

3.   Cerved for Italy (A. Mignanelli - CEO)

4.   Data intelligence (A. Mignanelli - CEO)
       − Offering
       − Channels

5.   Credit management (A. Mignanelli - CEO)

6. Talents, technology, sustainability (A. Mignanelli – CEO)

7.   Financials & strategic outlook 2021-2023 (E. Bona – CFO)
Truly independent player with a comprehensive product offering
Product offering and client segmentation

                            # of     Banking          Corporate            Credit      Legal
   Type of client
                          clients   UTP & NPLs       Receivables         Operations   Service
                                                                                                  Cerved is the only player in Italy with a highly
                Banks       19                                                                     diversified product offering in order to tackle
             Investors      8
                                                                                                   all client needs
   Consumer Finance         26                                                                    Leading position in Banking NPEs, having
Utilities & Large comp.     79                                                                     completed a number of high-profile and long
                 SMEs      1,575                                                                   term operations with banks and funds
        Public Admin.       21

        Revenue diversification                                 Client concentration              High Revenue diversification with a strong
                                                                                                   focus on the Banking NPE segment and the
                             Banking UTP & NPL                                                     Corporate Receivables segment complemented
             20%                                                   22%                Top 3
                             Corporate Receivables                         12%        4 to 10
                                                                                                   by ancillary services
  49%            20%
                             Credit Operations
                                                          37%                         11 to 20
                                                                                                  High client diversification with almost 1700
              11%                                                         29%         Other
                                                                                                   clients, of which top 10 clients chiefly related to
                             Legal Services
                                                                                                   large NPE servicing contracts
Credit Management: high single digit growth expected to 2023
                                                                Historical trends
                                            CAGR     YOY
Service line    2017   2018   2019   2020   17-19   19-20    Strong growth to 2019 thanks to organic
Revenues (€m)
                                                              growth, high-profile transactions and
    Banking                                                   diversification
   UTP & NPL           88     110    74     68%     -32%
                                                                 Decline in 2020 in Banking NPE due to
        +                                                        the Covid-19 pandemic, albeit segments
  Receivables    17     21    26      30    21%     16%
                                                                 offering growth and resiliency
        +                                                                   Outlook 2021-2023
   Operations    25     23    32      30    14%     -4%                    High single digit growth
        +                                                         Develop UTP servicing for banks
    Services     12     15    18      17    24%     -3%           New NPL servicing contracts
        =                                                         Growth in corporate receivables
 Management      93    147    185     152   41%     -18%          J/V with investors

NPE servicing market expected to return to growth post Covid-19
NPL servicing market outlook
                                                                            Total Servicing
                                                                            Revenue Pool                 Cerved’s 2018 Investor Day anticipated
                                                                            AuM (Servicer)                stabilising NPE volumes albeit growing
                                                                                                          revenues due to performance, macro and
                                                                                       280-300B€          Ancillary Services

                                                                                              1,500M€    The Covid-19 is expected to generate EUR 60-
                                                                                                          100b new NPE volumes, and consequently also
                                                                                                          Servicing Revenues
                                           220B€                               Trajectory
                                                                               in 2018
                                                                                                         Healthier banks coupled with new instruments
                                                                               Investor                   such as GACS expected to accelerate NPE
                                          440M€                                                           disposal timeframe by banks
                                                                   Revenue impact

                                                                   due to Covid-19
                                                                                                         Continuing pressure from BCE on banks to
   110M€                                                                                                  maintain balance sheets healthy
  2014                                      2018           2020       2021                  2023
    Ownership and                                      Large revenue pool
                             Explosive AUM growth
       servicing                                         to be extracted     New wave of NPEs due
                              due to portfolio sales
   largely captive to                                   from more liquid       to Covid-19 crisis
                             and outsourcing deals
         banks                                                assets

             Note: 1) Cerved analysis                                                                                                                62
Covid-19 impact has changed the medium to long term perspective
Cerved market positioning
 Ranking by AuM as of 30/06/2020 (€396bn total)

                                                                                                       Truly independent player well positioned with
                                   #2 player with an 11% share                                140       key institutional investors such as Atlante/ DeA,
   77                              (20% MKT share ex. Purchasers)
                                                                                                        AMCO and REV
             45            38              30             25           23         17                   Knowledgeable and experienced servicer with
                                                                                                        data driven expertise on credit towards
 DoValue    Cerved       Intrum          Prelios          IFIS        AMCO      Credito      Others
                                                                                                        corporate and SMEs

Cerved AUM and collection rates (excl. MPS)
Cerved’s NPL AuM (ex. MPS)                                       Avg. recovery rate                    Target of new AUMs of approx. 2b per annum
                                                                                                        from 2021 to 2025, leading to total NPL AUMS
                                                                               3.20%                    remaining stable
                                                                                                       Net NPLs already secured in 2021 of 700m from
                                                                                                        AMCO, plus up to €2,5bn in the medium term
                                                                                                        via Polis
 Dec 2018    Dec 2019          Dec 2020          Feb 2021               2018    2019       2020

             Source = PwC - The Italian NPL Market, December 2020                                                                                       63
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