Company Presentation CERVED INFORMATION SOLUTIONS S.p.A. Last update - - PowerPoint PPT Presentation

SLIDE 1

Company Presentation

Last update – 2015 Q1 Results

CERVED INFORMATION SOLUTIONS S.p.A.

SLIDE 2

Disclaimer

1

This presentation and any materials distributed in connection herewith (together, the “Presentation”) do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase

• r subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be

relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. None of Cerved Information Solutions S.p.A., its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or

• therwise arising in connection with this Presentation. The information contained in this Presentation is provided as at the

date of this Presentation and is subject to change without notice. Statements made in this Presentation may include forward-looking statements. These statements may be identified by the fact that they use words such as “anticipate”, “estimate”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe”, and/or other words and terms of similar meaning in connection with, among other things, any discussion of results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. Such statements are based on management’s current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties, including factors that could delay, divert or change any of

• them. Forward-looking statements contained in this Presentation regarding trends or current activities should not be

taken as a representation that such trends or activities will continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements contained herein. Such differences may adversely affect the outcome and financial effects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and

• ther factors affecting the business and operations of the company. Neither Cerved Information Solutions S.p.A. nor any
• f its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or

amend any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this Presentation. It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full-year results.

SLIDE 3

Table of Contents

2

Business Review on FY 2014 Results

3

Overview

1

Investment Case

4

Q1’2015 Results

2

Appendices

5

SLIDE 4

Source: PwC 1) No. 1 player In the non-captive market, considering pro-forma revenues in 2013 which include Recus and Tarida

2% 42% Corporates

290 (+3.6%)

Business Information

627 (+3.9%) 721 (+8.5%)

Cerved

Position and Market Share in 2013 359 (-4.3%)

4.2% 42.7% 7.3%1) Financial Institutions

Consumer 321 Corporates 305

€14,7m 4% of Group (+18.4% CAGR) €142.7m 43% of Group (+8.5% CAGR) €53,3m 16% of Group (+63.7% CAGR) €122,0m 37% of Group (-3.3% CAGR)

• No. 9

No.1

• No. 11)

No.1

Market

2013 Data (€m) (CAGR 11-13)

Cerved

2014 Revenues (CAGR 11-14)

NPLs 502 Corporate receivables 219

The Italian Leader in the Credit Information Market

Credit Information Credit Management Marketing Solutions

Business Information 120 Rating & Analytics 39 Real Estate 97 Consumer Information 103 3

SLIDE 5

4

Consistent Growth EBITDA Growth High Cash Flows

Consistent Growth and Cash Flow Generation

113 119 125 132 30 31 2011 2012 2013 2014 Q1'14 Q1'15 Revenue (€m) EBITDA (€m) EBITDA – Capex (€m) 138 145 152 160 38 39 2011 2012 2013 2014 Q1'14 Q1'15 267 291 313 331 79 83 2011 2012 2013 2014 Q1'14 Q1'15

+4.7%/ (0.7)% +7.4% / +3.9% % / % Total Growth % / Organic Growth %

Consistent Revenue, EBITDA and Cash Flow growth despite macroeconomic conditions

Note: 2011 and 2012 EBITDA adjusted for shareholder’s fees and 2011 adjusted to review accounting policy related to the database acquisition costs

+5.1% / +3.8% +3.6%/ +1.3% +5.2% +3.9%

SLIDE 6

Proven Model, Bound for Growth

5

Mission-critical products and services through the cycle Undisputed market leadership Significant competitive advantages High revenue visibility Fundamental sector growth Untapped potential within the Italian market Cerved specific organic growth initiatives M&A Best-in-class EBITDA margins Cash conversion

2

Growth

3

Cash flow

1

Resiliency

SLIDE 7

Our Growth Strategy

6

Credit Information - Consolidate position in financial institutions Credit Information and Marketing Services - Continue to exploit the underpenetrated corporate market Exploit opportunities in adjacent markets Credit Management - Grow AUM and keep focused on collection Continue to invest in new product development and innovation Add-on opportunities in Italy and abroad

SLIDE 8

Table of Contents

7

Business Review on FY 2014 Results

3

Q1’2015 Results

2

Investment Case

4

Appendices

5

Overview

1

SLIDE 9

Group Revenues

8

Revenues (€m) and Revenue growth (%)

290,6 313,5 331,3 79,3 83,0 2012 2013 2014 Q1'14 Q1'15

Revenue Bridge (Q1’2014 – Q1’2015) – (€m)

79,3 83,0 0,8 (0,8) 3,8 0,1 (0,1)

Revenues Q1'2014 CI - Financial Institutions CI - Corporates Credit Management Marketing Solutions Other & Conso clearing Revenues Q1'2015

Credit Information

+7.9% / +5.7% +5.7% / +3.8% +4.7% / (0.7)%

SLIDE 10

Group EBITDA

9

EBITDA (1) (€m) and EBITDA margin (%)

38,1 39,4 0,8 0,6 (0,0)

EBITDA Q1'2014 Credit Information Credit Management Marketing Solutions EBITDA Q1'2015

EBITDA Bridge (Q1’2014 – Q1’2015) – (€m)

144,7 151,5 160,1 38,1 39,4 2012 2013 2014 Q1'14 Q1'15 48.3% 49.8% 48.3%

(1) FY 2012 EBITDA is adjusted for Shareholder Fees;

+4.7% / +4.6% +5.6/ +4.5% % / % Total Growth % / Organic Growth % +3.6% / +1.3%

48.0% 47.5%

SLIDE 11

10

Group Divisional Performance

Credit Information Credit Management Marketing Solutions

127,4 126,3 122,0 30,3 31,1 128,8 138,2 142,7 36,0 35,2 256,2 264,5 264,7 66,4 66,3 2012 2013 2014 Q1'14 Q1'15

Revenue EBITDA

136,8 139,3 142,1 35,2 36,0 2012 2013 2014 Q1'14 Q1'15 25,0 36,6 53,3 10,3 14,1 2012 2013 2014 Q1'14 Q1'15 4,4 7,6 11,2 1,8 2,4 2012 2013 2014 Q1'14 Q1'15 9,9 12,8 14,7 2,8 2,9 2012 2013 2014 Q1'14 Q1'15 3,5 4,7 6,8 1,0 1,0 2012 2013 2014 Q1'14 Q1'15

35.6% 36.5% 45.9% 20.7% 21.0% 53.4% 52.7% 53.7% 4.8%

• Fin. Inst.

Corp.

% YoY Growth %

21.9%

36.8%

45.9% 1.6%

(0.1)%

1.9%

2.2% 17.6% (2.2)%

38.5%

34.2%

59.3%

% EBITDA margin % % CAGR

37.3% 34.8% 17.6% 17.2% 53.0% 54.2%

SLIDE 12

11

Summary Profit and Loss

Summary Profit and Loss (€m)

€m 2013 2014 Q1'14 Q1'15 Total Revenues 313,5 331,3 79,3 83,0 % growth (YoY) 7,9% 5,7% 10,0% 4,7% EBITDA 151,5 160,1 38,1 39,4 % Revenues 48,3% 48,3% 48,0% 47,5% Depreciation & Amortization (23,3) (25,1) (5,8) (7,2) EBITA 128,2 135,0 32,3 32,2 PPA Amortization (39,4) (42,9) (10,7) (10,8) Non recurring income and expenses (7,4) (4,5) (0,5) (1,0) EBIT 81,4 87,6 21,1 20,3 Financial income 0,8 1,1 0,1 0,2 Financial expenses - non recurring

• (10,1)
• Financial expenses

(59,6) (54,6) (14,9) (10,7) PBT 22,6 24,0 6,4 9,9 Income tax expenses (14,7) (12,0) (4,9) (3,8) Reported Net Income 8,0 12,0 1,5 6,1 Adjusted Net Income 43,0 55,0 9,8 14,7

• f which: Minorities

1,1 1,4 0,3 0,2

SLIDE 13

12

Net Working Capital

Net Working Capital (€m) 119,5 151,5 135,3 145,3 151,1 140,9 149,8 (25,4) (30,1) (31,8) (32,4) (33,8) (28,6) (29,1) (82,5) (81,9) (73,3) (73,3) (73,1) (66,9) (66,9) 11,6 40,8 31,0 31,0 45,3 46,6 54,9 2012 2013 2014 Ex-M&A 2014 Q1'14 Q1'15 Ex-M&A Q1'15

Inventories Trade receivables Trade payables Deferred revenues Net Working Capital 4.0% 13.0% NWC as % of Revenues % 11.7%2) 14.2%1) 14.1% 9.5%1) 15.9%2)

(1) Data excludes Recus and RLValue (2) NWC/Revenues based on Revenues of Recus and RL Value for the last 12 months

SLIDE 14

Operating Cash Flow (€m)

Operating Cash Flow

13

(1) Cash change in Net Working Capital exludes non recurring items

€m 2013 2014 Q1'14 Q1'15 EBITDA 151,5 160,1 38,1 39,4 Net Capex (26,6) (28,2) (7,8) (8,0) EBITDA-Capex 125,0 131,9 30,2 31,4 as % of EBITDA 82% 82% 79% 80% Cash change in Net Working Capital(1) (24,7) 8,2 (7,1) (13,5) Change in other assets / liabilities 7,3 (13,9) (3,7) 1,3 Operating Cash Flow 107,5 126,2 19,5 19,2

SLIDE 15

Financial Indebtedness

14

Net Financial Indebtedness (€m)

€m 2013 H1'14 2014 Q1'15 Bonds 780,0 530,0 530,0 530,0 Other financial debt 0,6 0,6 4,0 1,4 Accrued Interests 20,6 17,8 17,3 8,5 Gross Debt 801,1 548,4 551,3 539,9 Cash (50,3) (17,1) (46,1) (42,1) Capitalized financing fees (28,6) (19,1) (17,6) (16,9) IFRS Net Debt 722,2 512,1 487,6 480,9 Net Debt/ LTM EBITDA 4,8x 3,3x 3,0x 2,9x

25,5 21,5 17,5 13,5 9,6 9,6 9,6 9,6 4,8 4,8 4,8 4,8 29,6 25,7 21,7 17,8 13,8 13,8 13,8 13,8 9,2 9,2 9,2 9,2 4,6 20 40 60 jan-15 apr-15 jul-15

• ct-15

jan-16 apr-16 jul-16

• ct-16

jan-17 apr-17 jul-17

• ct-17

jan-18

Senior Subordinated Senior Secured

Bond Redemption Cost Evolution (€m)

SLIDE 16

Guidance Full Year 2015

EUR 170m (+6.2%)

FY 2015

including Creval Partnership for 3 quarters

Leverage

3.0x EBITDA long-term target, save for non-recurring

• r strategic transactions and quarterly fluctuations

Dividends

EUR 174m (+8.7%)

Organic Growth

+ EUR 4m (+2.5%) + EUR 7m (+4.5%)

EBITDA Leverage & Dividends

EUR 160.1m

FY 2014 Reported

EUR 163.2m

FY 2014 Proforma

Including Recus & RLValue

Maximize distribution of available cash, to the extent permitted by our financial condition and future investment opportunities, as per board’s programmatic resolution

SLIDE 17

Macro Highlights

16

10,8% 8,6% 8,1% 11,3% 12,4% 12,5% Q4

• 0,6%

Q4 0,0% Q4 0,0%

50 100 150 200

5.3% 13.5% 7.2%

Key Economic Indicators Cerved Proprietary Data Italian unemployment Italian GDP New lending

% of companies paying over 60 days late versus contractual terms Number of proceedings (seasonally adjusted) and growth rates versus same quarter of previous year

 2015

GDP finally expected to grow, after 3 very difficult years in which there were 9 quarters with negative GDP growth

 Positive

signs from new lending volumes: +13% in Q1’15 after a +12% in Q4‘14 (albeit largely from TLTRO)

 Same data as in FY

2014 presentation

 This

data confirms improvement in key variables such as late paying companies and bankruptcy rates

 Growth

in NPLs continues at a lower pace, as expected by many sources

Growth rate compared to the previous quarter New lending volumes in € billions (quarterly)

Key highlights Late paying companies Bankruptcies NPLs Key highlights

Unemployment as % of total working population

2014

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

3,0% 3,5% 3,7% 2014

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

Default rate on outstanding loans (Q3 and Q4 2014 are forecasts; Cerved estimates

• n Bank of Italy data)

Source: ISTAT/OECD Source: ISTAT Source: Bank of Italy Source: Osservatorio Cerved Source: Osservatorio Cerved Source: Osservatorio Cerved, Bank of Italy

2008 – 2010 – 2012 – Q1’15

YoY -0.4% YoY -1.7% YoY -2.8%

SLIDE 18

Table of Contents

17

Q1’2015 Results

2

Business Review on FY 2014 Results

3

Investment Case

4

Appendices

5

Overview

1

SLIDE 19

Operational and Strategic Update for 2014 and Key Actions for 2015

Business Review Topics

18

Business Finance M&A and IR Credit Information - Corporate Credit Information – Financial Institutions Credit Management Marketing Solutions EBITDA & Profitability Financial Reporting, Working Capital and Capital Structure Mergers & Acquisitions Investor Relations

SLIDE 20

Revenue growth of 3.3% in 2014 impacted by weak economy, integration of Experian Data Services (EDS) and the launch of Cerved’s new ERP system Drivers of consumption(1) in 2014 were positive and led to 3.3% growth vs 2013: churn declined vs 2013, new clients more than offset churn, and renewals were positive Numerous new products are being launched or are in the pipeline Launched a strategic project to improve sales force efficiency and effectiveness

Credit Information – Corporates

19

95 102 108 124 129 138 143 2008 2009 2010 2011 2012 2013 2014

1) Consumption of points in 2014 compared to 2013 for business information products by c. 22k corporate clients covered by the field sales network

Investing in the business to improve performance in the medium term

Lince Honyvem EDS

Consumption of Business Information Points 2014 vs 2013 (1) Corporate Revenues 2008-2014 (€m) 2)

Business Finance M&A and IR Lost Clients Existing Clients New Clients Y-o-Y Consumption (4.1%) 2.0% 5.4% 3.3%

2) 2011 proforma for Honyvem

SLIDE 21

Real Estate Rating & Analytics Business Information

Credit Information – Financial Institutions

20

Tough year in 2014 with Revenues declining 3.4% due to large contract renewals coupled with lower new bank lending Lower pressure expected in 2015 with absence of large business information contract renegotiations with large banks, together with improved new bank lending prospects Banche Popolari consolidation impact should be limited and diluted over time; a consolidation in the Italian banking system will occur in the medium to long term

682 572 517 488 463 401 395

+6% (16%) (10%) (6%) (5%) (13%) (2%) (20%) (15%) (10%) (5%) 0% 5% 10% 15% 20% 25%

2008 2009 2010 2011 2012 2013 2014

1) Source: Bank of Italy

After a tough 2014 the environment appears less challenging in 2015

CI Financial Institutions – Breakdown 2014 Bank New Lending from 2008 (€bn) 1)

Business Finance

YoY change (%)

M&A and IR

SLIDE 22

Banks & Investors Utilities & Financials Corporates Legal Services Re- marketing

2014 was another record year with Revenues growing 46% and EBITDA 47% Cerved Credit Management is now the #1 independent player in Italy covering: All credit types: personal/corporate, secured/unsecured, large/small All client types: corporates, utilities, financial companies, banks and funds Full value chain: caring, out-of-court settlement, legal services and re-marketing Launched strategic project to focus on performance and integration of operations

Credit Management

21

10,3 7,8 1,8 1,3 0,5 2014 2013 2012 2011 2010

Impressive growth and diversification from 2011 to 2014 with Revenue CAGR of 64%

Credit Management Revenue Breakdown AuM Evolution (€bn)

NPLs and Problematic Credits Business Finance M&A and IR

SLIDE 23

Closed strategic partnership with Creval to manage their NPL portfolio on April 1st 2015 Price of €21.7m reflects an EV/EBITDA multiple of 5.5x on expected 2015 EBITDA of €3.9m Credit Management sector growth fundamentals remain solid with banks due to increase pace of NPL disposals or outsourcing

Credit Management (cont’d)

Potential in the market to increase sale and/or outsourcing of bank portfolios

Business Map Evolution of NPL Financial Institutions – Banks (€bn)

59 78 107 125 156 183 201 216 227 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E

Business Finance

Source: Prometeia

7% 28%

M&A and IR

22

SLIDE 24

Ad-Hoc Projects Database Industrial and Competitor Analysis Marketing Platforms

2014 was a record year in terms of Revenue and EBITDA growth of 15% and 45% resp. thanks to revamp of product offering and new go-to-market approach 2015 focus on launching new products and consolidating results to exploit cross-selling

• pportunities while at the same time reducing cannibalisation

Searching M&A opportunities although there are few targets considering market fragmentation and stringent regulation regarding information on private individuals

Marketing Solutions

23

8,9 9,9 12,8 14,7 3,1 3,5 4,7 6,8

2011 2012 2013 2014

Continue to exploit synergies with Corporates on database, clients and sales force

Breakdown of 2014 Revenues Revenues and EBITDA (€m)

Business Finance M&A and IR

SLIDE 25

Labor Expenses Information Services Sales Agents Accruals & Bad Debt Other Costs

Margin improvements in 2014 demonstrated the

• perating leverage of each division

Improvement in Credit Information due to careful cost management and impact of Experian deal Further scope to optimise the cost base and increase efficiency within the group

EBITDA and Profitability

24

53,9% 53,4% 52,7% 53,7% 2011 2012 2013 2014 17,0% 17,6% 20,7% 21,0% 2011 2012 2013 2014 34,5% 35,6% 36,5% 45,9% 2011 2012 2013 2014

Cerved enjoys operating leverage in each of its three divisions

Credit Information EBITDA margins Credit Management EBITDA margins Marketing Solutions EBITDA margins

Business Finance

1) Note: financials related to Cerved Group SpA

Operating Expenses 2014 1)

M&A and IR

SLIDE 26

Financial Reporting, Working Capital, Capital Structure

Busy 2015 for the Financial Division with 3 key projects in place Significant investment to improve and integrate management information systems of acquired companies Launched project to optimise Working Capital and in particular Trade Receivables with objective of improving cash inflows Albeit premature, we are monitoring the opportunity to refinance the €530m of

• utstanding bonds in January 2016; debt market conditions currently very attractive

25

Bond Redemption Cost Evolution (€m)

25,5 21,5 17,5 13,5 9,6 9,6 9,6 9,6 4,8 4,8 4,8 4,8 29,6 25,7 21,7 17,8 13,8 13,8 13,8 13,8 9,2 9,2 9,2 9,2 4,6 20 40 60 jan-15 apr-15 jul-15

• ct-15

jan-16 apr-16 jul-16

• ct-16

jan-17 apr-17 jul-17

• ct-17

jan-18

Senior Subordinated Senior Secured

Business Finance M&A and IR

SLIDE 27

2014 was a very busy year with 3 closed deals and 1 signed deal Pipeline remains interesting and focused on Italy in current and adjacent sectors. Foreign M&A only at the monitoring phase Seeking adjacencies in which to exploit existing competitive strengths – along the lines

• f the entry into the Credit Management business in 2011

Mergers & Acquisitions

26

Recus SpA 1) 80% 18.8m 15.9m 3.5m RLValue Srl 1) 100% 1.4m 1.7m 0.4m SpazioDati Srl 33% 1.3m n.a. n.a. Creval Partnership 2) 100% 21.7m

• c. 9m
• c. 3.9m

1) Actual Revenues and EBITDA for the 12m period ending December 2014 2) Deal closed in April 1 2015; Expected EBITDA for the 12m period ending December 2015

Strategy focused on safe, bolt-on acquisitions in core and adjacent markets in Italy

Pipeline 2015

Company Stake Investment Revenues EBITDA

Deal Closed 2014 & Creval Portfolio Partnership (2015)

CI BI CM Adj. MS Foreign Company Stake Investment

Advanced Preliminary Status

More Less Effort M&A Effort and Status Business Finance M&A and IR

SLIDE 28

Date Event Location May 13-14 Business Services Conference (JPM) London Jun 10-11 Business Services Conference (Unicredit) Milan Jun 22-23 Business Services Conference (GS) London Jun 25 Equity Conference (Mediobanca) Milan Sep 16 Euro Services Conference (UBS) London Oct 2 Italian Conference (JPM) Milan Nov 18 Business Services Conference (DB) London Dec 1 Pennyhill Equities (Berenberg) London

IR activity focussed on “virtuous circle” involving analyst coverage, investor meetings and trading volumes 2015 envisages a rich agenda in terms of conferences and non-deal roadshows in Europe and North America Corporate website improved to include numerous new features as per best practice

Investor Relations

27

120 141 206 182 207 304 176

Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

Medium term objective is to prepare Cerved to be a Public Company

Conferences Scheduled for 2015 1) Average Daily Volumes (NOSH k) 2)

1) Tentative dates and events subject to change 2) Excluding 2, 5 and 6 January 2015

Business Finance M&A and IR

SLIDE 29

Table of Contents

28

Q1’2015 Results

2

Investment Case

4

Business Review on FY 2014 Results

3

Appendices

5

Overview

1

SLIDE 30

Cerved is a Systemic, Mission-Critical Asset for Italy …

29

Mission-critical for the majority of corporates At the core of the Italian economy supporting c.€1.5trn credit positions

700 1.455 390 365

Stock of monitored lending New lending Commercial credit Total credit supported by Cerved Credit positions supported by Cerved Information (€bn)

Monitoring

Covering the full spectrum of the credit value chain

Recovery Underwriting Origination

c.700 c.31.200 Credit Information client base

Financial insitutions Corporates

Credit management Credit Information Marketing solutions Credit management Decision analytics and Monitoring Credit limit sizing

SLIDE 31

30

…in a growing market with room for increased penetration

Source: PwC 1) No. 1 player In the non-captive market, considering pro-forma revenues in 2013 which include Recus and Tarida

2% 42% Corporates

290 (+3.6%)

Business Information

627 (+3.9%) 721 (+8.5%)

Cerved

Position and Market Share in 2013 359 (-4.3%)

4.2% 42.7% 7.3%1) Financial Institutions

Consumer 321 Corporates 305

€14,7m 4% of Group (+18.4% CAGR) €142.7m 43% of Group (+8.5% CAGR) €53,3m 16% of Group (+63.7% CAGR) €122,0m 37% of Group (-3.3% CAGR)

• No. 9

No.1

• No. 11)

No.1

Market

2013 Data (€m) (CAGR 11-13)

Cerved

2014 Revenues (CAGR 11-14)

NPLs 502 Corporate receivables 219

Credit Information Credit Management Marketing Solutions

Business Information 120 Rating & Analytics 39 Real Estate 97 Consumer Information 103

SLIDE 32

31

Data sourcing Data processing Products Sales

 Investment of c.€40m

p.a.

 16mm companies

and 20mm company- related individuals for >40 years

 Mix of proprietary,

unofficial and official information making it difficult to replicate

 More than 450 FTEs

who process, analyse and check the data

 More than 200 FTEs in

the IT department: almost all of the products are online

 Broadest product

range for corporates and financial institutions: c.30 families and c.180 individual products

 More than 30 FTEs in

the marketing department

 National sales network

• f approx. 350 FTEs

− More than 300 FTEs for corporates − Around 45 FTEs for financial institutions

Business Information Value Chain based on Scale

SLIDE 33

Cerved revenue Breakdown 2014

32

RMS 2013 (1) Cerved CAGR 11-14 Cerved CAGR 11-13 Market CAGR 11-13

Source: Company information, PwC (1) Relative Market Share: Cerved’s revenue divided by revenue of No. 2 market player

Credit Information

1.6x 2.4% 3.6% (1.0%)

€649m

Credit Information 80%

Market size and Cerved’s market share in Credit Information 2014

41% market share

Undisputed Leader in Italian Credit Information

SLIDE 34

Crif Infocamere Ribes Assicom Visura REAG 4 Prometeia Wise 0% 10% 20% 30% 40% 50% 60% 0,00 0,20 0,40 0,60 0,80 1,00 1,20 1,40 1,60 1,80 2,00 EBITDA Margin % Relative Market Share in Credit Information (RMS)(1)

33

Sources: Company information, AIDA, PwC Estimates (1) RMS = Competitor revenue / Cerved’s revenue; except for Cerved’s RMS which is defined as Cerved’s revenue divided by the revenue of the No. 2 market player

Scale vs. profitability – Cerved vs. competitors 2013A

A bubble of this size represents €30 million in revenue

Cerved’s Market Share commands Best-In-Class Margins

SLIDE 35

29,7% 34,6% 35,1% 48,3%

34

EBITDA margin 2014A Operating cash flow margin 2014A(1)

Source: Company information for Cerved and comparables (1) Defined as (adj. EBITDA – Capex)/Revenue (2) LTM as of September 2014

26,5% 31,0% 27,0% 39,9%

(2) (2)

Compared to the Largest Publicly Listed Peers, Cerved’s Profitability is also Unmatched

SLIDE 36

Credit Information and Credit Management Markets

255 265 270 275 290 123 126 123 119 120 123 134 118 98 97 41 44 41 40 39 123 115 110 102 103

665 684 662 634 649

2009 2010 2011 2012 2013

35

Credit Information Market (€m)

(6,1)% (1,0)% (7,4)% (1,0)% 2,6%

(0.6)%

Source: IMF, AIFI (Associazione Italiana Private Equity e Venture Capital), AIDA, Financial Reports, PwC Estimates

Consumer Information Banks Rating & Scoring Banks Real Estate Banks Business Information Banks Business Information Corporate

152 164 180 192 219 256 276 311 323 359 100 107 121 133 142

508 547 612 648 721

2009 2010 2011 2012 2013

+9.1%

10.1% 8.0% 8.1%

Bank NPLs Consumer Finance NPLs Corporate NPLs CAGR ‘09-’13 CAGR ‘09-’13

Credit Management Market (€m)

SLIDE 37

Resilient Demand for Credit Information across Economic and Credit Cycles

36

Increasing need for credit checks Increasing receivable volumes Increasing new lending and stock of loans Increasing economic activity Higher scrutiny and monitoring Increasing need for more frequent checks and credit information

Resiliency Growth

Negative macro environment Positive macro environment

Increasing counterparty risk Corporates Financial institutions Corporates Financial institutions

Resiliency Cash flow Growth

SLIDE 38

Increasing SME Credit Information penetration expected to continue

1.185 510 437 395 394

The SME Market represents Significant Untapped Potential for Credit Information

Large SME market

Thousands of SMEs (10-250 FTEs) 2013A

Long enforcement times

Average days to enforce a contract 2014A

34% 34% 35% 35% 37% 38% 40% 41% 43% 44% 08A 09A 10A 11A 12A 13E 14E 15E 16E 17E

(1) For companies with more than €1mm in revenue (2) For Italy, penetration represents the weighted average of: 25/35% penetration for ~170k small companies (10-49 FTEs); 60/70% penetration for ~20k medium companies (50-200 FTEs); 70/80% penetration for ~4k large companies (>200 FTEs)

Credit Information penetration 2012A (%) Credit Information penetration 2008A-17E(%)

37

Italian SMEs usage of Credit Information underpenetrated vs. UK

Resiliency Cash flow Growth

78%(1) 37%(2)

Source: World Bank Source: Annual Report of European SMEs 2014 – European Commission (data on 2013)

191 186 158 123 392

Source: Eurostat, Cerved Group, Interviews to industry experts Source: Eurostat, Cerved Group, Interviews to industry experts

SLIDE 39

227 216 201 183 156 125 107 78 59 2017E 2016E 2015E 2014E 2013 2012 2011 2010 2009

Market NPLs

38

12,4 10,3 7,8 1,8 1,3 0,5 2015 2014 2013 2012 2011 2010

Cerved NPLs

Captive portfolio purchased prior to 2009 €0.8bn SPV corporate /SME €4.3bn on 3 SPVs €1.9bn consumer finance €0.9bn SPV consumer loan

Market Growth

Credit Management Growth in NPLs(1)

Resiliency Cash flow Growth

(1)1) Excludes Finservice which operates on the collection of NPLs for corporates. (2)2) As of April 1st, 2015

25.4% 7.4% CAGR 2009A–14E: CAGR 2014E–17E:

€0.5bn various banks contracts €2.1bn from Creval agreement

Cerved Growth

Pre-crisis level of €40-50bn Current level of €183bn, expected to increase to €227bn by 2017 #1 Independent Player Growth from i) NPL growth and ii) increased outsourcing/NPLs disposals acted by banks

(1)Source: Prometeia Source: Company information

Market NPLS Cerved NPLs

SLIDE 40

 Increasing NPL volumes  Low liquidity, low collections, higher

fees

 Decreasing NPL prices, outsourcing

Credit Management Model across the Economic Cycle

39

Negative economic cycle Opportunistically intake massive portfolios Maximize collections Positive economic cycle

 Increasing liquidity  Refinancing options for debt holders  Increasing collections

Resiliency Cash flow Growth

Illustrative impact of economic cycle

NPL stock Collection rates Time

SLIDE 41

Consolidation of core markets

Deal Revenue

€28mm Dec 2003 €6mm Dec 2007 €67mm Dec 2008 €16mm Dec 2011 €10mm Mar 2013 n.m. Start-up €1mm Dec 2010

Data Services

Cerved M&A track record 2004-2014

2004 2005 2008

€14mm Mar 2012

Information Services

2012 2011 2013 2014

Illustrative M&A pipeline for 2015

Resiliency Cash flow Growth

Entry into adjacent markets

M&A Track Record and Pipeline

€0.5 Dec 2013 €15.7mm Dec 2014 €8-9m in FY2015 40

CI BI CM Adj. MS Foreign

Advanced Preliminary Status

More Less Effort

M&A Effort and Status

2015

SLIDE 42

Free Cash Flow

41

Future growth

(1) Current interest costs on €530m of outstanding bonds, net of €250m of FRNs repaid in June 2014 (2) Estimated value for the long term using an overall 34% tax rate; cash taxes in 2015 expected to be higher due to non-recurring timing effects

Resiliency Cash flow Growth

Illustrative 2014 Free Cash Flow Bridge excluding Non-Recurring Items (€m) 126 58 39 30 Actual 2014 Operating Cash Flow Interest on Current Capital Structure (1) Illustrative Cash Taxes (2) Illustrative Free Cash Flow

SLIDE 43

Table of Contents

42

Q1’2015 Results

2

Appendices

5

Business Review on FY 2014 Results

3

Investment Case

4

Overview

1

SLIDE 44

Basis for Financial Information

43

• Please note that Cerved Information Solutions SpA (“CIS SpA”) was

incorporated on 14 March 2014 and holds a 100% stake in Cerved Group SpA (“CG SpA”) since 28 March 2014

• In order to provide the markets with complete financial information to reflect

the CIS SpA consolidated business operations in calendar years 2013 and 2014, the financial data contained in this presentation represents the aggregate of the following consolidated accounts: (i.) CG SpA from 1 January to 31 March 2014 and CIS SpA from 14 March to 31 December 2014, and (ii.) Cerved Holding SpA from 1 January to 27 February 2013 and Cerved Group SpA from 9 January to 31 December 2013

• On a consolidated basis, there are minor differences between the accounts of

CIS SpA and CG SpA, mainly related to costs connected to CIS SpA’s status as a listed company, and the costs incurred to carry out the IPO of CIS SpA

• Financial information are provided to investors at two different levels: CIS SpA

(listed on the Milan Stock Exchange) and CG SpA (issuer of €530m of bonds)

SLIDE 45

Credit Information

44

% EBITDA margin % YoY Growth %

Revenues (€m) and Revenue growth (%) EBITDA (€m) and EBITDA margin (%)

136,8 139,3 142,1 35,2 36,0 2012 2013 2014 Q1'14 Q1'15 1.8% 52.7% 53.4% 53.7% 2.0% 53.0% 54.2% 2.2% 127,4 126,3 122,0 30,3 31,1 128,8 138,2 142,7 36,0 35,2 256,2 264,5 264,6 66,3 2012 2013 2014 Q1'14 Q1'15 3.2% Corporates: Financial Institutions: 5.3% (2.1)% (2.4)% 2.6% 0.1% CAGR 2012-2014 Q1’14 vs Q1’15 66,4 (0.1)%

SLIDE 46

Credit Management

45

EBITDA (€m) and EBITDA margin (%)

% EBITDA margin

Revenues (€m) and Revenue growth (%)

% YoY Growth % 25,0 14,1 36,6 53,3 10,3 2012 2013 2014 Q1'14 Q1'15 46.4% 45.5% 36.8% 4,4 7,6 11,2 1,8 2,4 2012 2013 2014 Q1'14 Q1'15 72.4% 20.7% 17.6% 21.0% 47.2% 17.6% 17.2% 34.2%

SLIDE 47

Marketing Solutions

46

% EBITDA margin

EBITDA (€m) and EBITDA margin (%) Revenues (€m) and Revenue growth (%)

% YoY Growth % 3,5 4,7 6,8 1,0 1,0 2012 2013 2014 Q1'14 Q1'15 32.3% 36.5% 35.6% 45.9% 45.0% 37.3% 34.8% (2.2)% 9,9 12,8 14,7 2,8 2,9 2012 2013 2014 Q1'14 Q1'15 29.0% 15.3% 4.8%

SLIDE 48

Profit and Loss

47

Source: Company Information, 2013 as “Added data”, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports (1) Includes ‘Other income’

€m 2013 2014 Q1'14 Q1'15 Total Revenues 313,5 331,3 79,3 83,0 Cost of raw material and other materials (2,8) (7,0) (1,1) (1,3) Cost of Services (77,6) (76,3) (19,4) (18,9) Personnel costs (67,2) (73,7) (17,6) (19,7) Other operating costs (8,1) (8,2) (1,8) (2,1) Impairment of receivables and other provisions (6,4) (6,3) (1,2) (1,6) EBITDA (1) 151,5 160,1 38,1 39,4 Depreciation & amortization (23,3) (25,1) (5,8) (7,2) EBITA 128,2 135,0 32,3 32,2 PPA Amortization (39,4) (42,9) (10,7) (10,8) EBIT 81,4 87,6 21,1 20,3 PBT 22,6 24,0 6,4 9,9 Income tax expenses (14,7) (12,0) (4,9) (3,8) Reported Net Income 8,0 12,0 1,5 6,1 Adjusted Net Income 43,0 55,0 9,8 14,7

• f which: Minorities

1,1 1,4 0,3 0,2

SLIDE 49

48

Balance Sheet

Source: Company Information, 2013 as “Added data”, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports (1) Non cash item (2) Net of capitalized financing fees

€m 2013 2014 Q1'14 Q1'15 Intangible assets 501,1 472,4 491,9 462,6 Goodwill 708,6 718,8 709,0 718,8 Tangible assets 16,6 17,3 17,1 17,0 Financial assets 14,9 14,9 15,6 14,9 Fixed assets 1.241,3 1.223,4 1.233,7 1.213,4 Inventories 1,3 0,7 1,1 1,2 Trade receivables 151,5 145,3 151,1 149,8 Trade payables (30,1) (32,4) (33,8) (29,1) Deferred revenues (83,1) (73,3) (73,1) (66,9) Net working capital 39,6 40,4 45,3 54,9 Other receivables 5,8 7,1 8,3 14,2 Other payables (20,4) (26,1) (25,4) (28,1) Net corporate income tax items (27,2) (18,8) (17,7) (31,5) Employees Leaving Indemnity (10,9) (13,1) (11,1) (13,4) Provisions (15,0) (11,1) (13,0) (10,8) Deferred taxes (1) (119,8) (109,1) (118,5) (106,8) Net Invested Capital 1.093,3 1.092,7 1.101,6 1.091,8 IFRS Net Debt (2) 722,2 487,6 730,2 480,9 Group Equity 371,1 605,1 371,4 610,9 Total Sources 1.093,3 1.092,7 1.101,6 1.091,8

SLIDE 50

49

Cash Flow

Source: Company Information, 2013 as “Added data”, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports

€m 2013 2014 Q1'14 Q1'15 EBITDA 151,5 160,1 38,1 39,4 Net Capex (26,6) (28,2) (7,8) (8,0) EBITDA-Capex 125,0 131,9 30,2 31,4 as % of EBITDA 82% 82% 79% 80% Cash change in Net Working Capital (24,7) 8,2 (7,1) (13,5) Change in other assets / liabilities 7,3 (13,9) (3,7) 1,3 Operating Cash Flow 107,5 126,2 19,5 19,2 Interests paid (29,1) (51,7) (22,3) (19,2) Cash taxes (18,4) (24,1) (12,8)

• Non recurring items

0,1 (3,4) (0,5) (1,0) Cash Flow (before debt and equity movements) 60,1 46,9 (16,1) (1,0) Dividends (0,1) 1,0 0,3

• Acquisitions / deferred payments / earnout

(509,4) (20,9) (0,4) (0,4) IPO Capital Increase (net of IPO costs)

• 220,2
• Other
• (0,1)
• (1,0)

Debt drawdown / (repayment) 482,8 (254,5)

• Net Cash Flow of the Period

33,5 (7,5) (16,2) (2,4)

SLIDE 51

Adjusted Net Income Bridge

50

Source: Company Information, 2013 as “Added data”, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports Note: PPA Amortization refers to business aggregation processes

€m 2013 2014 Q1'14 Q1'15 Reported Net Income 8,0 12,0 1,5 6,1 Non recurring income and expenses 7,4 4,5 0,5 1,0 Capitalized financing fees 4,1 3,4 0,9 0,7 PPA Amortization 39,4 42,9 10,7 10,8 Financial charges non-recurring

• 10,1
• IRS termination
• 1,0
• Fiscal Impact of above components

(15,8) (18,9) (3,7) (3,9) Adjustments 35,1 43,0 8,3 8,6 Adjusted Net Income 43,0 55,0 9,8 14,7