Company Presentation

Last update – 2015 FY Results

CERVED INFORMATION SOLUTIONS S.p.A.

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 or 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 otherwise 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 other factors affecting the business and operations of the company. Neither Cerved Information Solutions S.p.A. nor any of 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.

Table of Contents

2

Full Year 2015 Business Review 3

Overview 1

Investment Case 4

Full Year 2015 Results 2

Appendices 5

The Italian Leader in the Credit Information Market

3

2% 42%

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)

Consumer 321

Corporates 305

€13.8m

4% of Group

(11.7% CAGR)

€142.6m

40% of Group

(+6.3% CAGR)

€75.0m

21% of Group

(+57.7% CAGR)

€124.5m

35% of Group

(-2.0% CAGR)

No. 9 No.1 No. 11) No.1

Market

2013 Data (€m)

(CAGR11-13)

Cerved

2015 Revenues1)

(CAGR11-15)

NPLs 502

Corporate receivables

219

Business Information

120

Rating & Analytics 39

Real Estate

97

Consumer Information

103

Credit Information Credit Management Marketing Solutions

Source: PwC 1) Preliminary figures 2) No. 1 player In the non-captive market, considering pro-forma revenues in 2013 which include Recus and Tarida

4

Consistent Growth and Cash Flow Generation

Consistent Growth EBITDA Growth High Cash Flows

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

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

113 119 125 132 139

2011 2012 2013 2014 2015

138 145 152 160 171

2011 2012 2013 2014 2015

267 291

313 331 353

2011 2012 2013 2014 2015

+6.7%/ 1.6%

+7.4% / +3.9%

% / % Total Growth % / Organic Growth %

+5.1% / +3.8%

+5.5%

+6.7%/ +5.2%

+5.2%

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

Attractive dividend payout

2 Growth

3 Cash flow

1 Resiliency

Our Growth Strategy

6

Credit Management - Grow AUM and keep focused on collection

Credit Information and Marketing Services - Continue to exploit the

underpenetrated corporate market

Exploit opportunities in adjacent markets

Credit Information - Consolidate position in financial institutions

Continue to invest in new product development and innovation

Add-on opportunities focused on the Italian market

Table of Contents

7

Full Year 2015 Results 2

Investment Case 4

Appendices 5

Overview 1

Full Year 2015 Business Review 3

8

Group Revenues

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

Revenues (€m) and Revenue growth (%)

290.6 313.5 331.3

353.5

2012 2013 2014 2015

331.3

353.5

2.5 (0.1)

21.7 (0.9) (1.0)

Revenues

2014

CI -

Financial Institutions

CI -

Corporates

Credit

Management

Marketing Solutions Other & Conso

clearing

Revenues

2015

Credit Information

+7.9% / +5.7%

+5.7% / +3.8%

% / % Total Growth % / Organic Growth %

+6.7% / 1.6%

9

Group EBITDA

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

EBITDA (1) (€m) and EBITDA margin (%)

160.1

170.8

3.3

8.3 (0.9)

EBITDA

2014

Credit

Information

Credit

Management

Marketing

Solutions

EBITDA

2015

144.7 151.5 160.1 170.8

2012 2013 2014 2015

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 %

+6.7% / +5.2%

48.3%

10

Group Divisional Performance

Credit Information Credit Management Marketing Solutions

127.4 126.3 122.0 124.5

128.8 138.2 142.7 142.6

256.232 264.5 264.7 267.1

2012 2013 2014 2015

Re

ve

nu

e

EB

ITD

A

136.8 139.3 142.1 145.4

2012 2013 2014 2015

25.0 36.6

53.3

75.0

2012 2013 2014 2015

4.4 7.6

11.2

19.5

2012 2013 2014 2015

9.9 12.8 14.7 13.8

2012 2013 2014 2015

3.5 4.7

6.8 5.9

2012 2013 2014 2015

35.6%

36.5%

45.9%

20.7%

21.0%

53.4% 52.7% 53.7%

(6.2%)

Fin. Inst.

Corp.

% YoY Growth %

11.8%

40.8% 44.2%

1.4% 0.9%

2.0%

17.6%

(12.6%)

18.8%

74.5% 64.2%

% EBITDA margin % % CAGR

42.7%

26.0% 54.4%

%

2.3%

€m 2012 2013 2014 2015

Revenues 290.6 313.5 331.3 353.5

% growth (YoY) 8.8% 7.9% 5.7% 6.7%

EBITDA 144.7 151.5 160.1 170.8

% Revenues 49.8% 48.3% 48.3% 48.3%

Depreciation & Amortization (16.5) (23.3) (25.1) (28.5)

EBITA 128.3 128.2 135.0 142.3

PPA Amortization (53.1) (39.4) (42.9) (45.8)

Non recurring income and expenses 2.5 (7.4) (4.5) (3.8)

EBIT 75.5 81.4 87.6 92.8

Financial income 0.9 0.8 1.1 1.1

Financial expenses - non recurring - - (10.1) (52.4)

Financial expenses (29.1) (59.6) (54.6) (43.2)

PBT 20.5 22.6 24.0 (1.7)

Income tax expenses (15.4) (14.7) (12.0) 5.3

Reported Net Income 5.1 8.0 12.0 3.6

Adjusted Net Income 62.6 43.0 55.0 68.5

of which: Minorities 0.8 1.1 1.4 2.5

11

Summary Profit and Loss

Summary Profit and Loss (€m)

119.5

151.5 145.3 139.8

(25.4) (30.1) (32.4) (30.0)

(82.5) (81.9) (73.3) (74.0)

11.7

40.8 40.4 37.8

2012 2013 2014 2015

Inventories Trade receivables Trade payables

Deferred revenues Net Working Capital

12

Net Working Capital

Net Working Capital (€m)

4.0% 13.0% 11.7% 10.7%

NWC as % of Revenues %

€m 2012 2013 2014 2015

EBITDA 144.7 151.5 160.1 170.8

Net Capex (25.7) (26.6) (28.2) (31.6)

EBITDA-Capex 119.0 125.0 131.9 139.1

as % of EBITDA 82% 82% 82% 81%

Cash change in Net Working

Capital(1)(6.1) (24.7) 8.2 3.0

Change in other assets /

liabilities / provisions(1.9) 7.3 (13.9) (6.0)

Operating Cash Flow 111.1 107.5 126.2 136.1

as % of EBITDA 77% 71% 79% 80%

Operating Cash Flow (€m)

Operating Cash Flow

13

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

€m 2013 2014 H1'15 2015

Bonds 780.0 530.0 530.0 530.0

Other financial Debt 1) 0.6 4.0 25.9 41.8

Accrued Interests 20.6 17.3 17.3 17.3

Gross Debt 801.1 551.3 573.2 589.1

Cash (50.3) (46.1) (14.3) (50.7)

Capitalized financing fees 2) (28.6) (17.6) (16.2) (1.5)

IFRS Net Debt 722.2 487.6 542.7 536.8

Net Debt/ LTM EBITDA 3) 4.8x 3.0x 3.3x 3.1x

Non-recurring impact of "Forward Start"

transaction- - - 37.3

Adjusted Net Debt 722.2 487.6 542.7 499.6

Adjusted Net Debt/ LTM EBITDA 4.8x 3.0x 3.3x 2.9x

Financial Indebtedness

14

Net Financial Indebtedness (€m)

(1) FY’15 includes 1m of Revolving Credit Facility,16m of Vendor Loan, and 24m of breakage costs related to the refinancing transaction; H1’15 includes 5m of Revolving Credit Facility and 16m of Vendor Loan

(2) Extraordinary write-off of €13.3m in FY’15 and €5.3m in 9M’15 related to the refinancing transaction

(3) LTM EBITDA pro-forma including Recus, RL Value and the Creval transaction for the last 12 months

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

or strategic transactions and quarterly fluctuations

Dividends

EUR 174m (+8.7%)

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

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

EBITDA

Leverage & Dividends

16

Revenue Growth Corporate and Mktg Solutions behind target

EBITDA Growth In line with guidance

Net Profit In line with targets

Cash Flow In line with targets

Leverage Reduce to c. 3.0x by year-end

Refinancing New committed facilities in place

M&A Unlikely to close another deal in 2015

Guidance for 2015 EBITDA confirmed in range of €170-174m

Cerved’s performance YTD in line with most key objectives for 2015

2015 Guidance Update (Q3 Results Presentation)

17

Macro Highlights

Source: Bank of Italy

11.3% 12.4% 12.8% 11.7%

10.8%

8.6% 8.1%

6.6%

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 grew +0.8%

versus 2014, first yearly

GDP growth since 2011

Strong decline in

unemployment, and

healthy increase in

new bank lending

Despite being positive,

all macroeconomic

indicators remain well

below pre-crisis levels

Cerved proprietary

data also reflecting an

improved macro

Fewer late paying

companies and

bankruptcies reflect

the improved health of

SMEs in Italy

NPLs confirm lower

growth vs prior years

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; Cerved estimates on

Bank of Italy data

Source: Osservatorio Cerved

50

100

150

200

2008

2009

2010

2011

2012

2013

2014

2015

5.8% 12.8% 8.6% -12.2%

Source: Osservatorio Cerved

3.0% 3.5% 3.7%

3.9%

Source: Osservatorio Cerved, Bank of Italy

Q4

-0,5%

Q4

0,0%

Q4

0,0%

Q4

0,1%

Source: ISTAT, OECD

2012

Q1 Q2 Q3 Q4

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

-36%

2015

Q1 Q2 Q3

Q1 Q2 Q3 Q4

2012 2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q1 Q2 Q3 Q4

2012 2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

YoY +0.8%

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

Table of Contents

18

Full Year 2015 Results 2

Full Year 2015 Business Review 3

Investment Case 4

Appendices 5

Overview 1

Operational and Strategic Update for 2015 and Key Actions for 2016

Business Review Topics

19

Business

Corporate

Credit Information – Corporate

Credit Information – Financial Institutions

Credit Management

Marketing Solutions

Governance

Mergers & Acquisitions

Investor Relations

Credit Information – Corporates

20

2015 represents a year of discontinuity, with a significant investment in the revamp of the sales network

Business

Corporate

4.0% 2.4%

5.9% 4.3%

Lost

Clients

Existing

Clients

New Clients Y-o-Y

Consumption

2015 negatively impacted by decline in lost points, despite positive trends regarding the

sale and consumption of prepaid points and services (+7.9% and +4.3%, respectively)

Revamp of sales force network well underway: completion expected by June 2016, with

full impacts expected by year-end 2016

2016 also expected to benefit from product innovation: recent launch of Cerved

Credibility, as well as a new platform for Corporate products and services

Consumption of Credit Information Points &

Services: 2015 vs 2014 1) Status Quo Sales Force Revamp

1) Consumption of points and services in 2015 compared to 2014 for credit information products by c. 20k corporate clients covered by the field sales network

Key

Initiatives

New Go-to-Market

Teleselling for Small Clients

Salesforce Reinforcement

New CRM

Churn Reduction Initiatives

finalised

ongoing ongoing

advanced advanced

Credit Information – Financial Institutions

21

Business

Corporate

2015 characterised by positive conditions with limited renewals and no impact from consolidation

Bank New Lending from 2008 (€bn) 1) CI Financial Institutions – Revenue Breakdown 2015

1) Source: Bank of Italy

682

572 517

488 463 401 395

451

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

2008 2009 2010 2011 2012 2013 2014 2015

Real Estate

Rating &

Analytics Business

Information

2015 Revenue growth of +2.0% exceeded initial guidance of -1.0% to +1.0%

Better than expected results due to a combination of few bank renewals, no impact yet

from bank consolidation, new bank lending returning to growth, and most importantly

strong results from the real estate appraisals segment

Popolari banks currently preparing themselves for consolidation, which is expected to

start to materialise in the latter part of 2016

Credit Management

22

Business

Corporate

Another record year for the Credit Management division with Sales and EBITDA up 40.8% and 74.5%, respectively

Revenues Breakdown 2015 Credit Management AuMs

Significant opportunities in 2016 offered by government reforms regarding bankruptcy

and foreclosure procedures, together with specific initiatives to reduce bank NPLs

Strong focus also on optimising the “small tickets” segment, integrating the operations of

Recus (utility and finance company clients) with Finservice (corporate clients)

Assets Under Management at EUR 12.5bn at YE 2015, reflecting an outflow of EUR 1.6bn

of old portfolios. The outflow does not have any impact on future Revenues

NPLs and Problematic

Credits

1.8

7.8

10.3

14.1

1.6

12.5

2012 2013 2014 FY'15

(ex.

outflows)

Outflows FY'15

Banks &

Investors

Utilities &

Financials Corporates

Legal

Services

Re-

marketing

Marketing Solutions

23

Business

Corporate

8.9 9.9

12.8

14.7 13.8

3.1 3.5

4.7

6.8 5.9

2011 2012 2013 2014 2015

Revenues Breakdown 2015 Revenues and EBITDA (€m)

2015 was a lacklustre year for the Marketing Solutions division, despite continuing product innovation

Despite the positive launch of the Marketing+ platform, 2015 Revenues and EBITDA

declined vs the prior year, due to commercial issues and revenue recognition phasing

2015 saw a solid increase in marketing platforms (eg. Marketing+) and database-

derived products, at the expense of projects on industry and competitor analysis

2016 to continue this trend, and also to focus on improving the commercial synergies

between the corporate and marketing solutions field sales forces

Database &

Marketing

Platforms

Ad-Hoc

Projects

Industrial

and

Competitor

Analysis

Mergers and Acquisitions

24

Corporate

Business

Continue to complement organic growth with acquisitions in core and adjacent markets in Italy

2015 deals were the Creval transaction (valued €21.7m) and a further stake in

SpazioDati (€1m capital increase to reach 43%)

2016 has already seen the acquisition of a further 11% stake (reaching 91%) in the

holding company of the Credit Management activities

Currently working on a rich pipeline of small, bolt-on transactions in all key business

areas in Italy

A few deals at a very advanced stage, with Closing expected in the short term

Recus SpA 81% 19.0m

RLValue Srl 100% 1.4m

Creval Partnership 100% 21.7m

SpazioDati Srl 43% 2.3m

M&A Since IPO in June 2014 Illustrative Targets

Company Stake % Investment

CI

BI

CM

Adj.

MS

Advanced Preliminary Status

Mo

re

Less

Eff

ort

M&A Effort and Status

2015 was a very busy year also considering CVC’s full exit via 3 ABBs, increasing Cerved’s

free float from 44% to 100% and significantly widening its institutional shareholder base

IR activity for 2016 focussed on further increasing analyst coverage (currently 11) and

attracting new investors, with the objective of increasing average daily volumes

In line with 2015 we have planned a rich schedule of conferences and roadshows,

together with the Investor Day on May 10th in London

Investor Relations

25

Corporate

Business

Marked effort to increase liquidity and share price, in line with Cerved’s status as public company

Tentative Agenda for 2016 Cerved Share Price evolution in 2015

Mar 23 Equity Conference (HSBC) Paris

May 10 Investor Day London

May 11 Business Services Conference (JPM) London

May 18 Italy Conference (DB) London

Jun 8 Italian Equity Conference (Kepler) Milan

Jun 22 CEO Conference (Mediobanca) Milan

Jun 28 European Business Services (GS) London

Sep 8 Equity Conference (HSBC) Frankfurt

Dec 6 Mid Cap Conference (Berenberg) Pennyhill

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

80%

90%

100%

110%

120%

130%

140%

150%

160%

AVG NOSH

(monthly, k)

CERVED FTSE Mid-Cap

Corporate Governance

AGM/EGM on 14 December 2015 aligned Cerved to international best practice in key areas

Corporate

Business

26

Appointment of the new Board of Directors

A new Board of Directors will be voted at the AGM to be held on 29 April 2016

Total board members to remain at 11, of which a maximum of 2 from minority slates

The incumbent board will propose its own slate, to be published 30 days pre-AGM

Authorisation to issue shares for acquisitions

Enabling resolution for the BoD to issue shares for a maximum of 10% of existing shares,

without pre-emption rights, in order to maintain leverage and dividend targets

Long-term Incentive Plan (LTIP)

Performance share plan, 3 year vesting, maximum dilution of 1.5% dilution up to 2021:

- 70% of target based on Adjusted Pre-Tax Profit/Share CAGR, vesting from 6.0%

- 30% of target based on TSR, vesting from median of FTSE Italy mid-cap index

Table of Contents

27

Full Year 2015 Results 2

Investment Case 4

Appendices 5

Overview 1

Full Year 2015 Business Review 3

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

Sto

ck o

f

mo

nito

red

len

din

g

Ne

w le

nd

ing

Co

mm

erc

ial

cre

dit

Tota

l cre

dit

sup

po

rte

d b

y

Ce

rve

d

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

29

…in a growing market with room for increased penetration

2% 42%

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)

Consumer 321

Corporates 305

€13.8m

4% of Group

(11.7% CAGR)

€142.6m

40% of Group

(+6.3% CAGR)

€75.0m

21% of Group

(+57.7% CAGR)

€124.5m

35% of Group

(-2.0% CAGR)

No. 9 No.1 No. 11) No.1

Market

2013 Data (€m)

(CAGR11-13)

Cerved

2015 Revenues1)

(CAGR11-15)

NPLs 502

Corporate receivables

219

Business Information

120

Rating & Analytics 39

Real Estate

97

Consumer Information

103

Credit Information Credit Management Marketing Solutions

Source: PwC 1) Preliminary figures 2) No. 1 player In the non-captive market, considering pro-forma revenues in 2013 which include Recus and Tarida

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

of approx. 350 FTEs

− More than 300 FTEs

for corporates

− Around 45 FTEs for

financial institutions

Business Information Value Chain based on Scale

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

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

EB

ITD

A M

arg

in %

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

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

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)

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

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

0

50,000

100,000

150,000

200,000

250,000

20

04

2

00

5

20

06

2

00

7

20

08

2

00

9

20

10

2

01

1

20

12

2

01

3

20

14

2

01

5

20

16

2

01

7

20

18

2

01

9

20

20

37

12.5

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 December 31st, 2015

€0.5bn

various banks

contracts

€2.1bn from

Creval

agreement

Cerved Growth

Pre-crisis level of €40-50bn

Current level of €197bn, expected to

decrease to €107bn by 2020, thanks to

positive impact of reforms and GACS

#1 Independent Player

Growth from i) NPL growth and ii)

increased outsourcing/NPLs disposals

acted by banks

Source: Company information

NPLs Evolution in Italy Cerved NPLs

Forecasts

Shorter lenghts of procedures

Inertial scenario (7.3 years)

Shorter lenghts of procedure + full effectiveness of

GACS system

€216 bn

€175 bn

€107 bn

Bad debt stock (€m)

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

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 2004-2015

2004

2005

2008

€14mm Mar 2012 Information Services

2012

2011

2013

2014

Illustrative M&A pipeline for 2016

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

Mo

re

Less

Effo

rt

M&A Effort and Status

2015

Illustrative Free Cash Flow

40

Resiliency

Cash flow

Growth

Illustrative Free Cash Flow Bridge excluding non-recurring items

178

83

32

16

5

43

Co

nse

nsu

s 2016

EB

ITD

A

Co

nse

nsu

s 2016

Ca

pe

x

Inte

rest

Exp

en

ses

NW

C a

nd

Oth

er

Ca

sh T

axe

s

@ 3

4%

*

Fre

e C

ash

Flo

w

* Estimated value for the long term using an overall 34% tax rate; cash taxes in 2016 expected to be lower due to non-recurring timing effects

Previously €39m

Table of Contents

41

Full Year 2015 Results 2

Appendices 5

Investment Case 4

Overview 1

Full Year 2015 Business Review 3

42

Basis for Financial Information

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 CG 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)

43

Group Revenues and EBITDA - Quarterly Analysis

Quarterly Analysis - Revenues (€m)

Quarterly Analysis - EBITDA(€m)

160.1 170.8

FY

2014

2015

38.1 41.3

33.1

47.6

39.4

45.0

35.7

50.7

Q1 Q2 Q3 Q4

+6.7% / +5.2%

+9.1%/ 7.4%

+3.6% / +1.1%

+7.7% / +5.9%

+6.4% / +6.0%

331.3

353.5

FY

2014

2015

79.3 84.7

71.5

95.8

83.0

94.6

78.3

97.6

Q1 Q2 Q3 Q4

Total Growth % / Organic Growth %

+11.6% / +4.6%

% / %

+6.7% / +1.6%

+4.7% / (0.7)% +9.5% /

+2.3%

+1.9% / +0.2%

44

Credit Information – Quarterly Analysis

66.4 69.2 57.9 71.3

264.7

66.3 69.7 59.1 72.1

267.2

Rev CI - Q1 Rev CI - Q2 Rev CI - Q3 Rev CI - Q4 Rev CI - FY

2014

2015

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

35.2 37.4 30.4 39.1

142.1

36.0 37.4 30.6 41.5

145.4

EBITDA - Q1 EBITDA - Q2 EBITDA - Q3 EBITDA - Q4 EBITDA - FY

2014

2015

Credit Information – Revenues (€m)

(0.1)% 2.1%

Credit Information – EBITDA (€m)

2.2% (0.2)%

0.8%

0.9%

2.3%

0.4% 6.2%

1.0%

30.3 31.5 28.6 31.6

122.0

31.1 31.6 29.5 32.3

124.5

Rev- Q1 Rev - Q2 Rev - Q3 Rev - Q4 Rev - FY

3.1%

2.0%

1.3% (2.4%) 0.2% 2.6% 1.2%

2.3% (0.1)%

(0.1)%

36.1 37.7 29.2 39.8

142.7

35.2 38.1 29.6 39.7

142.6

Rev- Q1 Rev - Q2 Rev - Q3 Rev - Q4 Rev - FY

45

Credit Mgmt and Marketing Solutions – Quarterly Analysis

1.0 1.2 0.9

3.6

6.8

1.0 1.4 0.9

2.6

5.9

EBITDA -

Q1

EBITDA -

Q2

EBITDA -

Q3

EBITDA -

Q4

EBITDA -

FY

2014

2015

1.8 2.6

1.8

5.0

11.2

2.4

6.3 4.2

6.6

19.5

EBITDA -

Q1

EBITDA -

Q2

EBITDA -

Q3

EBITDA -

Q4

EBITDA -

FY

2014

2015

Marketing Solutions – Revenues and EBITDA (€m)

10.3 12.7 11.2 19.2

53.3

14.1 21.9

17.2 21.7

75.0

Rev - Q1 Rev - Q2 Rev - Q3 Rev - Q4 Rev - FY

Credit Management – Revenues and EBITDA (€m)

2.8 3.2 2.8

6.0

14.7

2.9 3.4 2.8

4.7

13.8

Rev - Q1 Rev - Q2 Rev - Q3 Rev - Q4 Rev - FY

37.3%

73.3%

54.5%

34.2%

4.8% 6.0%

3.4%

142.0%

74.5%

12.2%

4.2%

131.7%

40.8%

(22.2%)

(6.2%)

(28.0%)

(12.6%)

(2.2%)

13.1% 33.1%

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 2012 2013 2014 2015

Total Revenues (including other income) 290,6 313,7 331,6 353,7

Cost of raw material and other materials (0,7) (2,8) (7,0) (8,3)

Cost of Serv ices (76,3) (77,6) (76,3) (78,9)

Personnel costs (67,2) (67,2) (73,7) (81,5)

Other operating costs (7,4) (8,1) (8,2) (8,5)

Impairment of receivables and other provisions (7,1) (6,4) (6,3) (5,7)

EBITDA 144,7 151,5 160,1 170,8

Depreciation & amortization (16,4) (23,3) (25,1) (28,5)

EBITA 128,2 128,2 135,0 142,3

PPA Amortization (53,1) (39,4) (42,9) (45,8)

Non-recurring income and expenses (7,4) (4,5) (3,8)

EBIT 75,5 81,4 87,6 92,8

PBT 20,5 22,6 24,0 (1,7)

Income tax expenses (15,4) (14,7) (12,0) 5,3

Reported Net Income 5,1 8,0 12,0 3,6

Adjusted Net Income 62,6 43,0 55,0 68,5

of which: Minorities 0,8 1,1 1,4 2,5

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 2012 2013 2014 2015

Intangible assets 248,7 501,1 472,4 459,7

Goodwill 275,8 708,6 718,8 718,8

Tangible assets 16,5 16,6 17,3 16,4

Financial assets 15,0 14,9 14,9 8,3

Fixed assets 556,1 1.241,3 1.223,4 1.203,1

Inventories 0,1 1,3 0,7 2,0

Trade receivables 119,5 151,5 145,3 139,8

Trade payables (25,4) (30,1) (32,4) (30,0)

Deferred revenues (82,5) (83,1) (73,3) (74,0)

Net working capital 11,6 39,6 40,4 37,8

Other receivables 15,4 5,8 7,1 7,6

Other payables (53,8) (20,4) (26,1) (32,2)

Net corporate income tax items (3,0) (27,2) (18,8) (1,0)

Employees Leaving Indemnity (9,6) (10,9) (13,1) (12,5)

Provisions (10,6) (15,0) (11,1) (8,5)

Deferred taxes (1) (60,4) (119,8) (109,1) (88,7)

Net Invested Capital 445,7 1.093,3 1.092,7 1.105,6

IFRS Net Debt (2) 280,6 722,2 487,6 536,8

Group Equity 165,1 371,1 605,1 568,8

Total Sources 445,7 1.093,3 1.092,7 1.105,6

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 2012 2013 2014 2015

EBITDA 144,7 151,5 160,1 170,8

Net Capex (25,7) (26,6) (28,2) (31,6)

EBITDA-Capex 119,0 125,0 131,9 139,1

as % of EBITDA 82% 82% 82% 81%

Cash change in Net Working Capital (6,1) (24,7) 8,2 3,0

Change in other assets / liabilities (1,9) 7,3 (13,9) (6,0)

Operating Cash Flow 111,1 107,5 126,2 136,1

Interests paid (6,9) (29,1) (51,7) (40,3)

Cash taxes (21,3) (18,4) (24,1) (40,2)

Non recurring items (3,9) 0,1 (3,4) (3,2)

Cash Flow (before debt and equity movements) 76,8 60,1 46,9 52,3

Net Div idends (13,1) (0,1) 1,0 (40,1)

Acquisitions / deferred payments / earnout (3,4) (509,4) (20,9) (23,5)

IPO Capital Increase (net of IPO costs) - - 220,2 -

Other - - (0,1) (1,1)

Debt drawdown / (repayment) (48,0) 482,8 (254,5) -

Net Cash Flow of the Period 12,3 33,5 (7,5) (12,3)

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 2012 2013 2014 2015

Reported Net Income 5,1 8,0 12,0 3,6

Non recurring income and expenses (2,5) 7,4 4,5 3,8

Shareholders Fee 2,2 - -

Capitalized financing fees 3,2 4,1 3,4 2,9

Earn-out 26,8 - -

PPA Amortization 53,1 39,4 42,9 45,8

Financial charges non-recurring - - 10,1 52,4

IRS termination - - 1,0 -

Fiscal Impact of above components (25,3) (15,8) (18,9) (28,4)

Adjustments 57,5 35,1 43,0 76,4

Impact of IRES change treatment - - - (11,5)

Adjusted Net Income 62,6 43,0 55,0 68,5

Cerved Information Solutions S.p.A. Via San Vigilio, 1 - 20142 Milano

Tel. +39 02 77541 Fax +39 02 76020458

company.cerved.com