Generalfinance S p A : 12/10/2022 - GENERALFINANCE H1 2022 Financial Results

GENERALFINANCE

H1 2022 Financial

Results

2022 ITALIAN EXCELLENCES

Mid Corporate Conference

October 12, 2022

STRICTLY PRIVATE AND CONFIDENTIAL

Disclaimer

This presentation may contain written and oral "forward-looking statements", which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number or assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of Generalfinance S.p.A. (the "Company").

There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of futures performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise expect as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.

The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advise or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any State or other jurisdiction of the United States or in Australia, Canada or Japan or any jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form apart of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.

Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2) Ugo Colombo, in his capacity as manager responsible for the preparation of the Company's financial reports declares that the accounting information contained in this

Presentation reflects the Generalfinance documented results, financial accounts and accounting records. Neither the Company nor any of its or

their respective representatives, directors or employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.

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Generalfinance: Factoring, Digital, Low Risk

Overview and business model

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Generalfinance: Factoring Digital Low Risk player

KEY FIGURES H1 2022

• Leading independent player in the white space of factoring for Distressed Italian SMEs, unserved by traditional banks, with no comparable companies
• Digital platform enables unique efficiency, knowledge of clients (competitive advantage) and better risk management
• Competitive advantage with tailor-made services to customers by using a unique in-house Scoring and Rating system and high sector diversification
• Excellent risk management due to digital platform data management and managerial proven experience
• Strong growth opportunities supported by sound capital and excellent funding structure
• Management with a solid experience in financial services to distressed companies, as well as significant skills in business development

Turnover

€ 933M

Net Income Adj

€ 5.7M

Gross NPE ratio

0.53%

(vs 2.6% Avg market)

ROE Adj

25%

+71% vs H1 2021

+47% vs H1 2021

CET1 ratio

15.4%

(vs 4.5% Regulatory req.)

Cost Income Ratio

39.7%

(vs 47% H1 2021)

Note: Turnover includes Future receivables; Income statement data as of 1H 2022 adjusted. ROE adj = annualized net income adj / (equity-net profit)

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Value proposition, distinctive features and value chain

1	Value proposition

Generalfinance offers its customers (mostly companies under

financial stress) rapid and customized interventions for the financing of the working capital and trade receivables, covering the entire supply chain finance

Factoring		"Revolving" relationship (LIR1 at
Pro-Solvendo		24 months) in a predominantly
Factoring		"notification" mode and, where
	applicable, "acceptance" of the
Pro-Soluto		debt

2	Distinctive skills

1. Consolidated expertise throughout the entire process

o End-to-endin-house valuation process, tailored to

customer specifications

1. Strong risk reduction and diversification mechanisms

o In-house-developed proprietary factoring platform to

support business specifications

o Fast operational processes and capability to provide

bridge financing within turnaround processes

3	Generalfinance masters all the crossroads of the value chain

1. All operational steps and core activities are carried out internally by Generalfinance's dedicated structures

1. Generalfinance does not relies on external consultants to assess the creditworthiness of sellers and debtors but owns all the skills

o The process is reinforced by credit insurance policies provided by Allianz Trade insurance company which, during the risk

acquisition phase, performs an independent assessment of the assigned debtors, providing Generalfinance a feedback on

the results of their assessment

Origination	Credit	Credit	Completion	Ordinary	Monitoring
assessment	resolution	of the sale	management

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