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

SLIDE 1

Company Presentation

Last update – 2015 H1 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

Half-Year Business Review

3

Overview

1

Investment Case

4

Half-Year 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

Revenue (€m) EBITDA (€m) EBITDA – Capex (€m)

113 119 125 132 65 69 2011 2012 2013 2014 H1'14 H1'15 138 145 152 160 79 84 2011 2012 2013 2014 H1'14 H1'15 267 291 313 331 164 178 2011 2012 2013 2014 H1'14 H1'15

+8.3%/ 2.1% +7.4% / +3.9% % / % Total Growth % / Organic Growth %

Consistent Revenue, EBITDA and Cash Flow growth

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% +6.4% +6.5%/ +4.4% +5.2%

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 focused on the Italian market

SLIDE 8

Table of Contents

7

Half-Year 2015 Results

2

Investment Case

4

Appendices

5

Overview

1

Half-Year Business Review

3

SLIDE 9

Group Revenues

8

Revenues (€m) and Revenue growth (%) Revenue Bridge (H1’2014 – H1’2015) – (€m)

% / % Total Growth % / Organic Growth %

290,6 313,5 331,3 164,0 177,6

2012 2013 2014 H1'14 H1'15

+7.9% / +5.7% +5.7% / +3.8% +8.3% / 2.1%

164,0 177,6 0,9 (0,4) 13,1 0,3 (0,3)

Revenues H1'2014 CI - Financial Institutions CI - Corporates Credit Management Marketing Solutions Other & Conso clearing Revenues H1'2015

Credit Information

SLIDE 10

Group EBITDA

9

EBITDA (1) (€m) and EBITDA margin (%) EBITDA Bridge (H1’2014 – H1’2015) – (€m)

% / %

144,7 151,5 160,1 79,3 84,4

2012 2013 2014 H1'14 H1'15 48.3% 49.8% 48.3%

+4.7% / +4.6% +5.6/ +4.5% Total Growth % / Organic Growth % +6.5% / +4.4%

48.4% 47.5% 79,3 84,4 0,7 4,3 0,1

EBITDA H1'2014 Credit Information Credit Management Marketing Solutions EBITDA H1'2015

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

SLIDE 11

10

Group Divisional Performance

Credit Information Credit Management Marketing Solutions

127,4 126,3 122,0 61,8 62,7 128,8 138,2 142,7 73,7 73,3 256,2 264,5 264,7 135,6 136,0 2012 2013 2014 H1'14 H1'15

Revenue EBITDA

136,8 139,3 142,1 72,6 73,3 2012 2013 2014 H1'14 H1'15 25,0 36,6 53,3 23,0 36,1 2012 2013 2014 H1'14 H1'15 4,4 7,6 11,2 4,4 8,7 2012 2013 2014 H1'14 H1'15 9,9 12,8 14,7 6,0 6,3 2012 2013 2014 H1'14 H1'15 3,5 4,7 6,8 2,3 2,4 2012 2013 2014 H1'14 H1'15

35.6% 36.5% 45.9% 20.7% 21.0% 53.4% 52.7% 53.7% 5.4%

• Fin. Inst.

Corp.

% YoY Growth %

21.9%

57.2%

45.9% 1.6%

0.3%

1.9%

0.9% 17.6% 5.5%

38.5%

97.7%

59.3%

% EBITDA margin % % CAGR

37.8% 37.9% 19.2% 24.2% 53.6% 53.9% %

SLIDE 12

11

Summary Profit and Loss

Summary Profit and Loss (€m)

€m 2013 2014 H1' 14 H1' 15 Revenues 313,5 331,3 164,0 177,6 % growth (YoY) 7,9% 5,7% 6,4% 8,3% EBITDA 151,5 160,1 79,3 84,4 % Revenues 48,3% 48,3% 48,4% 47,5% Depreciation & Amortization (23,3) (25,1) (11,9) (14,5) EBITA 128,2 135,0 67,4 69,9 PPA Amortization (39,4) (42,9) (21,3) (21,8) Non recurring income and expenses (7,4) (4,5) (1,7) (2,0) EBIT 81,4 87,6 44,3 46,1 Financial income 0,8 1,1 0,9 0,5 Financial expenses - non recurring

• (10,1)

(10,1)

• Financial expenses

(59,6) (54,6) (30,2) (21,6) PBT 22,6 24,0 5,0 25,0 Income tax expenses (14,7) (12,0) (3,3) (8,5) Reported Net Income 8,0 12,0 1,7 16,4 Adjusted Net Income 43,0 55,0 26,2 33,9

• f which: Minorities

1,1 1,4 0,6 0,9

SLIDE 13

12

Net Working Capital

Net Working Capital (€m) 119,5 151,5 135,3 145,3 143,6 123,2 134,8 (25,4) (30,1) (31,8) (32,4) (34,8) (27,3) (30,0) (82,5) (81,9) (73,3) (73,3) (64,6) (60,3) (60,3) 11,6 40,8 31,0 40,4 45,7 36,7 45,6 2012 2013 2014 Ex-M&A 2014 H1'14 H1'15 Ex-M&A H1'15

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

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

11.1%1)

SLIDE 14

Operating Cash Flow (€m)

Operating Cash Flow

13

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

€m 2013 2014 H1'14 H1'15 EBITDA 151,5 160,1 79,3 84,4 Net Capex (26,6) (28,2) (14,2) (15,1) EBITDA-Capex 125,0 131,9 65,2 69,3 as % of EBITDA 82% 82% 82% 82% Cash change in Net Working Capital(1) (24,7) 8,2 (13,9) (4,9) Change in other assets / liabilities 7,3 (13,9) (3,5) (4,1) Operating Cash Flow 107,5 126,2 47,7 60,3

SLIDE 15

Financial Indebtedness

14

Net Financial Indebtedness (€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

Bond Redemption Cost Evolution (€m)

€m 2013 H1'14 2014 H1'15 Bonds 780,0 530,0 530,0 530,0 Other financial Debt 1) 0,6 0,6 4,0 25,9 Accrued Interests 20,6 17,8 17,3 17,3 Gross Debt 801,1 548,4 551,3 573,2 Cash (50,3) (17,1) (46,1) (14,3) Capitalized financing fees (28,6) (19,1) (17,6) (16,2) IFRS Net Debt 722,2 512,1 487,6 542,7 Net Debt/ LTM EBITDA 4,8x 3,3x 3,0x 3,3x

(1) H1'15 Includes 5m of Revolving Credit Facility and 16m of Vendor Loan

SLIDE 16

2015 Guidance (Q1 Results Presentation)

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

15

SLIDE 17

2015 Guidance Update (Q2 Results Presentation)

Revenue Growth Corporate Credit Info needs to improve in H2 EBITDA Growth In line with targets Net Profit In line with targets Cash Flow In line with targets Leverage Reduce leverage to c. 3.0x by year-end Refinancing New committed facilities in place M&A pipeline Good prospects to close deals in H2 New Product Development Need to transform efforts into Revenues Guidance for 2015 EBITDA confirmed in range of €170-174m Cerved’s performance YTD to June in line with key objectives for 2015

16

SLIDE 18

Macro Highlights

17

Source: Bank of Italy 11,3% 12,4% 12,7% 12,4% 10,8% 8,6% 8,1% 7,4%

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

 In Q1 2015 GDP grew

+0.3% vs prior quarter. FMI and ISTAT expect +0.7% growth in 2015

 Unemployment is now

declining from a record level in 2014

 New bank lending YTD

to May 2015 grew by 22.5% vs 2014

 Cerved

proprietary data also reflecting an improved macro

 Companies paying late

continue to decline

 Bankruptcies in Q1 2015

declined 2.8% vs 2014

 Growth in the stock of

NPLs appears to be flattening

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

• n Bank of Italy data)

Source: Osservatorio Cerved

50 100 150 200

2008 – 2010 – 2012 – Q1’15

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1

5.3% 13.5% 7.2%

• 2.1%

Source: Osservatorio Cerved

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1

3,0% 3,5% 3,7% 3,8% Source: Osservatorio Cerved, Bank of Italy,

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1

Q4

• 0,6%

Q4 0,0% Q4 0,0%

Source: ISTAT, OECD

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1

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

Source: ISTAT

Q1 Q2 Q3 Q4

2012 2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1

• 40%

SLIDE 19

Table of Contents

18

Half-Year 2015 Results

2

Half-Year Business Review

3

Investment Case

4

Appendices

5

Overview

1

SLIDE 20

Operational and Strategic Update

Business Review Topics

19

Finance and M&A Business Credit Information – Corporate Credit Information – Financial Institutions Credit Management Marketing Solutions Refinancing Mergers & Acquisitions New Product Development

SLIDE 21

Credit Information – Corporates

20

Investing in the business to improve performance in the medium term

Revenues returned to growth in Q2 (+1.3%) after a weak Q1 (-2.4%), largely due to the tough comparison with 2014 which had particularly strong results Key performance indicators in H1 2015 are solid with respect to the sale and consumption of prepaid points H2 2015 expected to yield higher Revenue growth due to a less tough comparable Currently implementing strategic revamping project to improve sales force efficiency and effectiveness to enhance growth starting from 2016

Corporate Sales Force Revamp Revenues (€m) 142,7 35,2 38,1 73,3

2014 Q1'15 Q2'15 H1'15

(0.5)% +3.3% % YTD +1.3% (2.4)%

Key Initiatives

New Go-to-Market

(Segmentation & Prospect Clients)

Teleselling for Small Clients Salesforce Reinforcement New CRM New Churn Reduction Initiatives

Q1'16 Q2'16 Q1Q3'16 Q2'16 Q1'16 Go Live Date Business Finance & M&A

SLIDE 22

Credit Information – Financial Institutions

21

After a tough 2014 the environment appears less challenging in 2015 Bank New Lending – Quarterly from 2008 (€bn) 1)

50 100 150 200 Q1'08 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14 Q1'15

Performance in H1 2015 at +1.4% (+2.6% in Q1 and +0.2% in Q2) slightly above upper target of expectations for 2015 Positive performance in real estate appraisals, balancing contraction in cadastal

• surveys. No impact yet from the envisaged consolidation of the Banche Popolari

Continuing activity on the renewal and extension of contracts with large banks Actively working with Experian to review go-to-market and product offering for the consumer credit bureau

1) Source: Bank of Italy

122,0 31,1 31,6 62,7

2014 Q1'15 Q2'15 H1'15

(3.4)% +1.4%

Revenues (€m)

% YTD +2.6% +0.2%

• 40%

Business Finance & M&A

SLIDE 23

Credit Management

22

Continuing strong results with positive tailwind from market and regulatory 11,2 2,4 6,3 8,7

EBITDA 2014 Q1'15 Q2'15 H1'15

AuM Evolution (€bn)

Legislative changes appear promising - but largely still on paper. On day-to-day

• perating basis collection rates remain low

2015 growth in Revenues, EBITDA and AUM reflect a combination of organic, quasi

• rganic and M&A-driven situations

Recus performing below target due to a number of factors, numerous initiatives being taken to return to historic levels Strong focus on strategic project to achieve operational excellence

12,9 10,3 7,8 1,8 1,3 0,5

H1'2015 2014 2013 2012 2011 2010

53,3 14,1 21,9 36,1

Rev 2014 Q1'15 Q2'15 H1'15

+57.2% +45.5% +47.2%

Revenues and EBITDA (€m)

% YTD +97.7% +73.3% +37.3% +142.0% +34.2%

Business Finance & M&A

SLIDE 24

Marketing Solutions

23

Full roll-out of Marketing+ expected to enhance results in H2 2015 Marketing+ Web-based Platform

YTD results below full year targets, impacted by switch from B-Circles to Marketing+, the new web-based marketing platform Marketing+ sales campaign began in late May (full roll-out to the sales force only in June) and is showing encouraging results Increased focus of commercial network on avoid cannibalization with the corporate credit information activities Higher Revenues growth expected in H2 2015 reflecting full impact of Marketing+

14,7 2,9 3,4 6,3

Rev 2014 Q1'15 Q2'15 H1'15

+5.4% +15.3%

Revenues and EBITDA (€m)

% YTD

6,8 1,0 1,4 2,4

EBITDA 2014 Q1'15 Q2'15 H1'15

+45.0% +5.5% +6.0% +4.8% +12.2% (2.2)%

Find and compare companies Analyze sectors Improve performance

• 1. One-stop platform to satisfy key marketing and commercial needs
• 2. Vertical applicatoin dedicated to specific needs

Geomarketing tool DBforYou (web visualization tool)

• 3. Easy way to access a network of marketing analysts

Ad-hoc projects

Business Finance & M&A

SLIDE 25

New Product Development

24

Unprecedented effort to renew product range and offer new services

Business Finance & M&A

Data Sources Platforms & Applications Adjacent Services Web Data Open Data integration Real Estate DataBase Marketing+ Credit Monitoring Decision analytics Upgrade of main applications Real Estate Value-Added BPO Anti Money Laundering Credit on Self

Proprietary Technology Proprietary Content Higher value-added output Improved customer experience Enriched value proposition Cross-selling opportunities

SLIDE 26

Refinancing

Crystallizing refinancing conditions for January 2016

25

Business Finance & M&A

39 16 23

Bond Interest Expenses Interest Savings New Facilities Interest Expenses

TLA –Amortizing 160m E+2.00% 4 year

• avg. life

TLB – Bullet 400m E+2.50% 6 years Revolving Credit Facility 100m E+2.00% 5 years

Committed facilities of €660m (including €100m RCF) available to be drawn in January 2016, locking in attractive terms to refinance Cerved’s outstanding bonds Reduction in interest cost of approx. €23m p.a. with a reduction in weighted average cost from 7.1% to 2.7% (assuming 75% of the new facilities are swapped to fixed rate) One-off cash costs estimated at €37m (€23.4m prepayment penalties, plus upfront and ticking fees and other costs) almost entirely payable in January 2016

Comparison of Yearly Interest Costs Overview of the New Facilities

Initial Margin % Tenor Facility Amount (€)

SLIDE 27

Mergers & Acquisitions

26

Creval, RLValue and SpazioDati on track, Recus below expectations Mergers & Acquisitions – Summary Data Recus SpA 81% 19.0m RLValue Srl 100% 1.4m Creval Partnership 100% 21.7m SpazioDati Srl 43% 2.3m

Company Stake % Investment CI BI CM Adj. MS Advanced Preliminary Status

More Less Effort

M&A Effort and Status

Illustrative Pipeline 2015

Creval performing in line with plan, merger effective from 1 July 2015 RLValue performing above plan, merger effective from 1 April 2015 SpazioDati €1.0m capital increase to increase stake to 43% and develop new projects Recus hit by numerous factors, performance below plan, contingency plan under way Numerous opportunities in pipeline in all divisions as well as in adjacencies Pipeline exclusively focussed on opportunities in Italy

Business Finance & M&A

SLIDE 28

Table of Contents

27

Half-Year 2015 Results

2

Investment Case

4

Appendices

5

Overview

1

Half-Year Business Review

3

SLIDE 29

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

28

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 30

29

…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 31

30

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 32

Cerved revenue Breakdown 2014

31

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 33

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)

32

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 34

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

33

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 35

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

34

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 36

Resilient Demand for Credit Information across Economic and Credit Cycles

35

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 37

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(%)

36

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 38

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

Market NPLs

37

12,9 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 June 30th, 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 39

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

fees

 Decreasing NPL prices, outsourcing

Credit Management Model across the Economic Cycle

38

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 40

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 39

CI BI CM Adj. MS

Advanced Preliminary Status

More Less Effort

M&A Effort and Status

2015

SLIDE 41

126 58 74 39 30 23 6 Actual 2014 Operating Cash Flow Interest on Existing €530m Bonds Illustrative Cash Taxes (1) Illustrative Free Cash Flow (Pre-refinancing) Interest Savings on Forward Start Refinancing Cash Taxes on Interest Savings Illustrative Free Cash Flow (Post-refinancing)

(1) 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

Illustrative Free Cash Flow

40

Resiliency Cash flow Growth

Illustrative 2014 Free Cash Flow Bridge excluding non-recurring items

Pre Bond Refinancing Post Bond Refinancing

SLIDE 42

Table of Contents

41

Half-Year 2015 Results

2

Appendices

5

Investment Case

4

Overview

1

Half-Year Business Review

3

SLIDE 43

Basis for Financial Information

42

• 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 complete financial information to reflect CIS SpA

consolidated business operations, the financial data referred to FY2014 and FY2013 are represented via the following accounts’ aggregation respectively: (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 listed company, and costs incurred to carry out the IPO of CIS SpA (in 2014 results)

• 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 44

Quarterly Analysis - Revenues (€m) Quarterly Analysis - EBITDA(€m)

Total Growth % / Organic Growth % % / %

Group Revenues and EBITDA - Quarterly Analysis

79,3 84,4 H1

2014 2015

164,0 177,6 H1

2014 2015

79,3 84,7 83,0 94,6 Q1 Q2 38,1 41,3 39,4 45,0 Q1 Q2

Total Growth % / Organic Growth % +11.6% / +4.6% % / % +8.3% / +2.1% +4.7% / (0.7)% +6.5% / +4.4% +9.1%/ 7.4% +3.6% / +1.1% 43

SLIDE 45

Credit Information – Financial Institutions – Rev (€m) Credit Information – Corporate – Rev (€m) Credit Information – Revenues (€m)

Credit Information – Quarterly Analysis

66,4 69,2 135,6 66,3 69,7 136,0 Rev CI - Q1 Rev CI - Q2 Rev CI - H1

2014 2015

35,2 37,4 72,6 36,0 37,4 73,3 EBITDA - Q1 EBITDA - Q2 EBITDA - H1

2014 2015

(0.1)% 0.8%

Credit Information – EBITDA (€m)

2.2% (0.2)% 0.9% 0.3%

30,3 31,5 61,8 31,1 31,6 62,7 Rev- Q1 Rev - Q2 Rev - H1

2.6%

36,1 37,7 73,7 35,2 38,1 73,3 Rev- Q1 Rev - Q2 Rev - H1

2014 2015

1.4% (0.5%) 1.3% (2.4%) 0.2%

44

SLIDE 46

Marketing Solutions – Revenues and EBITDA (€m) Credit Management – Revenues and EBITDA (€m)

Credit Mgmt and Marketing Solutions – Quarterly Analysis

1,0 1,2 2,3 1,0 1,4 2,4 EBITDA - Q1 EBITDA - Q2 EBITDA - H1

2014 2015

(2.2%)

2,8 3,2 6,0 2,9 3,4 6,3 Rev - Q1 Rev - Q2 Rev - H1

4.8% 6.0% 5.4% 12.2% 5.5%

10,3 12,7 23,0 14,1 21,9 36,1 Rev - Q1 Rev - Q2 Rev - H1

37.3% 73.3% 57.2% 34.2% 142.0% 97.7%

1,8 2,6 4,4 2,4 6,3 8,7 EBITDA - Q1 EBITDA - Q2 EBITDA - H1

2014 2015

45

SLIDE 47

Profit and Loss

46

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 H1'14 H1'15 Total Revenues (including other income) 313,7 331,6 164,1 177,6 Cost of raw material and other materials (2,8) (7,0) (2,7) (4,7) Cost of Services (77,6) (76,3) (39,3) (39,7) Personnel costs (67,2) (73,7) (36,1) (41,5) Other operating costs (8,1) (8,2) (3,8) (4,4) Impairment of receivables and other provisions (6,4) (6,3) (2,8) (2,8) EBITDA 151,5 160,1 79,3 84,4 Depreciation & amortization (23,3) (25,1) (11,9) (14,5) EBITA 128,2 135,0 67,4 69,9 PPA Amortization (39,4) (42,9) (21,3) (21,8) Non-recurring income and expenses (7,4) (4,5) (1,7) (2,0) EBIT 81,4 87,6 44,3 46,1 PBT 22,6 24,0 5,0 25,0 Income tax expenses (14,7) (12,0) (3,3) (8,5) Reported Net Income 8,0 12,0 1,7 16,4 Adjusted Net Income 43,0 55,0 26,2 33,9

• f which: Minorities

1,1 1,4 0,6 0,9

SLIDE 48

47

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 H1'14 H1'15 Intangible assets 501,1 472,4 481,7 451,6 Goodwill 708,6 718,8 709,1 739,5 Tangible assets 16,6 17,3 16,9 16,9 Financial assets 14,9 14,9 16,4 15,9 Fixed assets 1.241,3 1.223,4 1.224,1 1.223,9 Inventories 1,3 0,7 1,6 1,1 Trade receivables 151,5 145,3 143,6 134,8 Trade payables (30,1) (32,4) (34,8) (30,0) Deferred revenues (83,1) (73,3) (64,6) (60,3) Net working capital 39,6 40,4 45,7 45,6 Other receivables 5,8 7,1 7,4 8,5 Other payables (20,4) (26,1) (27,9) (22,4) Net corporate income tax items (27,2) (18,8) (11,1) (5,8) Employees Leaving Indemnity (10,9) (13,1) (11,7) (12,6) Provisions (15,0) (11,1) (12,0) (8,7) Deferred taxes (1) (119,8) (109,1) (110,0) (104,1) Net Invested Capital 1.093,3 1.092,7 1.104,6 1.124,5 IFRS Net Debt (2) 722,2 487,6 512,1 542,7 Group Equity 371,1 605,1 592,5 581,8 Total Sources 1.093,3 1.092,7 1.104,6 1.124,5

SLIDE 49

48

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 H1'14 H1'15 EBITDA 151,5 160,1 79,3 84,4 Net Capex (26,6) (28,2) (14,2) (15,1) EBITDA-Capex 125,0 131,9 65,2 69,3 as % of EBITDA 82% 82% 82% 82% Cash change in Net Working Capital (24,7) 8,2 (13,9) (4,9) Change in other assets / liabilities 7,3 (13,9) (3,5) (4,1) Operating Cash Flow 107,5 126,2 47,7 60,3 Interests paid (29,1) (51,7) (32,5) (19,8) Cash taxes (18,4) (24,1) (19,2) (28,4) Non recurring items 0,1 (3,4) (1,7) (2,0) Cash Flow (before debt and equity movements) 60,1 46,9 (5,7) 10,1 Net Dividends (0,1) 1,0 0,9 (39,8) Acquisitions / deferred payments / earnout (509,4) (20,9) (1,2) (23,3) IPO Capital Increase (net of IPO costs)

• 220,2

226,2

• Other
• (0,1)
• (1,1)

Debt drawdown / (repayment) 482,8 (254,5) (253,2)

• Net Cash Flow of the Period

33,5 (7,5) (33,1) (54,1)

SLIDE 50

Adjusted Net Income Bridge

49

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 H1’14 H1'15 Reported Net Income 8,0 12,0 1,7 16,4 Non recurring income and expenses 7,4 4,5 1,7 2,0 Capitalized financing fees 4,1 3,4 1,9 1,4 PPA Amortization 39,4 42,9 21,3 21,8 Financial charges non-recurring

• 10,1

10,1

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

(15,8) (18,9) (10,5) (7,8) Adjustments 35,1 43,0 24,5 17,4 Adjusted Net Income 43,0 55,0 26,2 33,9