Disclaimer

This presentation has been prepared by Generalfinance and contains certain information of a forward-looking nature, projections, targets, and estimates that reflect Generalfinance management's current views related to future events. Forward-looking information not represent historical facts. Such information includes financial projections and estimates as well as related assumptions, information referring to plans, objectives, and expectations regarding future operations, products, and services, and information regarding future financial results. By their very nature, forwardlooking information involves a certain amount of risk, uncertainty and assumptions so that actual results could differ significantly from those expressed or implied in forward-looking information. These forward-looking statements have been developed from scenarios based on a set of economic assumptions related to a given competitive and regulatory environment.

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.

Today's presenters

Ugo Colombo

CFO

Massimo Gianolli CEO

Agenda

Main 1Q 2023 Results
Focus on Asset Quality and Digital Factoring
1Q 2023 Results: Balance Sheet, P&L, Funding and Capital
Annexes

Main 1Q 2023 Results

Turnover witnessing a strong growth story

2023 annual growth rate (17%) above the market average (+8%)

Net Income: high profitability from the operations

Profitability level in line with 2023 Budget

Focus on Asset Quality and Digital Factoring

A low risk model with a best in class asset quality

Assifact NPE Ratio (%) as at 31.12.2022 Cost of Risk has been computed as Credit Risk Adjustments / Annual Disbursed Loans; Gross NPE («Non-Performing Exposure») Ratio has been computed as Gross NPE / Gross Loans to Customers

Default Rate and NPE Ratio constantly improving

Default rate: NPE inlfow of the year / loans disbursement flow of the year

Collection performance: a strategic delivery to our Customers

Generalfinance boasts a portfolio quality, both in terms of Payment Conditions and Payment Delays, higher than the rest of the market

Small businesses perceive more benefits from factoring

Company's DSO expressing a very low duration of the portfolio

A unique business model, leveraging the factoring features

The peculiarity of Generalfinance's business model is the choice of Seller–Debtor, where clients (Sellers) typically have a low credit rating (turnaround situation) while the Debtors underlying customer loans refer to a high credit rating (investment grade)

Notes: 1) Generalfinance data refers to 1Q 2023 (LTM); Assifact data refers to 2022; 2) Assifact data net of household debtors.

A strategic asset: the proprietary digital platform

1Q 23 Results: Balance Sheet, P&L, Funding and Capital

Main KPIs behind our business

Income Statement (€m)	2020A	2021A	2022A	CAGR '20-'22	1Q22	1Q23	YoY
Margin Interest	4 1 ,	6 2 ,	7 3 ,	4% 33 ,	1 8 ,	1 8 ,	(3 5%) ,
Net Commission	13 1 ,	17 7 ,	23 6 ,	34 2% ,	2 5 ,	6 0 ,	16 9% ,
Banking Net Income	17 2 ,	23 9 ,	30 9 ,	0% 34 ,	7 0 ,	7 8 ,	6% 11 ,
Net value adjustments / write-backs for credit risk	(0 7) ,	(0 2) ,	(1 2) ,	30 0% ,	(0 0) ,	(0 1) ,	n.s.
Operating Costs	(8 4) ,	(9 8) ,	(11 6) ,	5% 17 ,	(2 8) ,	(3 2) ,	14 7% ,
Net Profit	5 3 ,	9 5 ,	12 1 ,	51 1% ,	2 7 ,	2 9 ,	7 9% ,

(€m)	2020A	2021A	2022A	CAGR '20-'22	1Q22	1Q23	YoY
Turnover	761 0 ,	403 0 1 ,	2 009 0 ,	62 5% ,	432 4 ,	506 9 ,	2% 17 ,
Allocated Amount	562 0 ,	1 118 0 ,	1 674 0 ,	6% 72 ,	359 3 ,	411 7 ,	6% 14 ,
LTV	73 9% ,	79 7% ,	83 3% ,	6 2% ,	83 1% ,	81 2% ,	-2 3% ,
Net Banking Income / Average Loan (%)	11 2%	9 6%	8 7%	(11 9%)	8 5%	8 5%	0 3%
Margin Banking (%) Interest / Net Income	, 8% 23	, 0% 26	, 5% 23	, (0 6%)	, 0% 26	, 5% 22	, (13 5%)
Cost Income Ratio	, 48 7%	, 40 9%	, 37 7%	, (12 0%)	, 40 2%	, 41 4%	, 2 8%
ROE (%)	, 30 9% ,	, 42 0% ,	, 26 3% ,	, (7 7%) ,	, 40 0% ,	, 22 9% ,	, (42 8%) ,
Balance Sheet (€m)	2020A	2021A	2022A	CAGR '20-'22	1Q22	1Q23	YoY
Equivalents Cash Cash &	24 2	33 5	43 7	4% 34	46 2	62 0	2% 34
Financial Assets	, 176 5 ,	, 321 0 ,	, 385 4 ,	, 47 8% ,	, 333 1 ,	, 342 9 ,	, 2 9% ,
Other Assets	9 5 ,	10 8 ,	14 7 ,	4% 24 ,	11 2 ,	14 6 ,	4% 30 ,
Total Assets	210 2 ,	365 3 ,	443 8 ,	45 3% ,	390 5 ,	419 5 ,	4% 7 ,
Financial Liabilities	175 4 ,	314 6 ,	368 4 ,	9% 44 ,	336 6 ,	335 5 ,	(0 3%) ,
Other Liabilities	12 2 ,	18 7 ,	18 6 ,	23 5% ,	23 9 ,	29 7 ,	24 1% ,
Liabilities Total	187 6 ,	333 3 ,	387 0 ,	6% 43 ,	360 5 ,	365 2 ,	3% 1 ,
Shareholder's Equity	22 6 ,	32 0 ,	56 8 ,	58 5% ,	30 0 ,	54 3 ,	81 2% ,

A very simple balance sheet with a strong capital position…

RWA Density: RWA / Total Asset Note: CET1 Ratio and Total Capital Ratio calculated taking into account total dividends to be distributed (payout 50% of net profit)

…coupled with a robust funding and liquidity position

Net interest Income, «hedged» against interest rate rises

▪ Net Interest Income only ~22% of the Net Banking Income

Almost all funding available at variable rates (Eurbor 1M, 3M)
As of today, around 99% of the factoring contracts have been renegotiated, changing the calculated interest rate from fixed to variable (based on Euribor 3M)

2020A 2021A 2022A 1Q22 4Q22 1Q23

Notes: (1) Calculated as interest expense / average financial liabilities (current and previous year); (2) Spread: Avarage interest rate on seller – Avarage cost of funding (3) Interest income + Delayed payment Interest / average loans (current and previous year); (4) Calculated as Net Interest income/ average loans (current and previous year)

Net commission income, the primary source of profitability

▪ Net Commission Income ~78% of the Net Banking Income

▪ Commission Income/Turnover stable YoY, even with the different mix of the portfolio (Corporate Sellers vs Retail Sellers)

▪ Declining commission expense rate thanks to optimization of insurance costs and banking fees

Cost / Income reflecting the efficiency of the operating machine

▪ Year-on-year growth in operating costs lower than the CAGR of the last 3 years

▪ Cost income remaining at excellent levels from the high efficiency of the operating machine and the economy of scale (IT proprietary platform)

Note: (1) other net revenues and risk charges; (2) Operating Costs / Net Banking Income. Operating Costs on Adjusted basis

2022 FY Results: Closing Remarks

Closing Remarks

2023 start of the year confirms a growing trend, in line with full year budget
Macro economic evolution and more difficult environment for SME lending support our strategy
Excellent asset quality confirms Generalfinance conservative risk policy
Costs under control and cost income expected to drop despite the planned investments (digital platform, FTEs) confirm good operating leverage

▪ New steps ahead to further support our numbers

New sellers pipeline set to push a stronger growth ahead
Robust funding structure to support future growth
Strong Capital ratios (CET1 at 16.0%) allowing a sound capital buffer for growth exceeding strategic plan horizon
Expanding Generalfinance abroad: further steps towards the conclusion of the analysis over foreign market (Southern Europe)

▪ Net Income guidance confirmed in the range 16-17 €M

Income Statement

Income Statement (€m)	1Q22	1Q23	YoY
Interest income and similar income	3.1	5.4	72.8%
Interest expense and similar charges	(1.3)	(3.6)	179.7%
INTEREST MARGIN	1.8	1.7	(3.5%)
Fee and commission income	6.3	7.0	12.4%
Fee and commission expense	(1.1)	(1.0)	(8.1%)
NET FEE AND COMMISSION INCOME	5.2	6.0	16.9%
Dividends and similar income	0.0	0.0	0.0%
Net profi (loss) from trading	(0.0)	0.0	(156.7%)
Net results of other financial assets and liabilities measured at fair value through p/l	0.0	0.0	(100.0%)
NET INTEREST AND OTHER BANKING INCOME	7.0	7.8	11.6%
Net value adjustments / write-backs for credit risk	(0.0)	(0.1)	201.6%
a) Financial assets measured at amortised cost	(0.0)	(0.1)	201.6%
NET PROFIT (LOSS) FROM FINANCIAL MANAGEMENT	6.9	7.7	10.6%
Administrative expenses	(2.4)	(3.2)	29.5%
a) Personnel expenses	(1.4)	(1.9)	35.7%
b) Other administrative expenses	(1.0)	(1.3)	21.5%
Net provision for risks and charges	(0.0)	(0.0)	0.9%
b) Other net provisions	(0.0)	(0.0)	0.9%
Net value adjustments / write-backs on property, plan and equipment	(0.2)	(0.1)	3.0%
Net value adjustments / write-backs on intangible assets	(0.1)	(0.1)	32.6%
Other operating income and expenses	(0.1)	0.2	(331.3%)
OPERATING COSTS	(2.8)	(3.2)	14.7%
PRE-TAX PROFIT (LOSS) FROM CURRENT OPERATIONS	4.1	4.5	7.9%
Income tax for the year on current operations	(1.4)	(1.6)	7.9%
PROFIT (LOSS) FOR THE YEAR	2.7	2.9	7.9%

Balance Sheet

Balance Sheet (€m)	2020A	2021A	2022A	CAGR 20-22	2022A	1Q23	Y/Y %
Cash and cash equivalents	24.2	33.5	43.7	34.4%	43.7	62.0	41.8%
Financial assets measured at fair value through p/l	0.0	0.0	0.0	ns	0.0	0.0	14.7%
Financial assets measured at amortised cost	176.5	321.0	385.4	47.8%	385.4	342.9	(11.0%)
Property, Plan and Equipment (PPE)	5.1	4.9	4.9	(2.3%)	4.9	4.8	(0.8%)
Intangible assets	0.8	1.7	2.0	60.0%	2.0	2.0	0.1%
Tax assets	1.4	1.2	4.6	80.7%	4.6	4.6	(0.1%)
a) current	0.7	0.9	4.1	143.5%	4.1	4.1	(0.1%)
b) deferred	0.7	0.3	0.5	(15.5%)	0.5	0.5	0.0%
Other assets	2.2	3.0	3.2	20.6%	3.2	3.1	(0.7%)
TOTAL ASSETS	210.2	365.3	443.8	45.3%	443.8	419.5	(5.5%)
Financial liabilities measured at amortised cost	175.4	314.6	368.4	44.9%	368.4	335.5	(8.9%)
a) payables	175.4	283.6	331.2	37.4%	331.2	293.2	(11.5%)
b) outstanding securities	0.0	31.0	37.2	ns	37.2	42.3	13.8%
Tax liabilities	0.9	1.2	4.9	134.0%	4.9	6.4	30.9%
Other liabilities	8.4	15.8	11.6	17.4%	11.6	20.9	80.6%
Severance pay	1.4	1.4	1.3	(3.0%)	1.3	1.4	1.1%
Provision for risk and charges	1.6	0.3	0.8	(28.4%)	0.8	1.1	20.8%
Share capital	3.3	3.3	4.2	12.8%	4.2	4.2	0.0%
Share premium reserve	5.8	7.8	25.4	109.3%	25.4	25.4	0.0%
Reserves	8.2	11.4	16.2	40.4%	16.2	21.6	33.7%
Valuation reserves	(0.1)	0.0	0.1	ns	0.1	0.1	25.6%
Profit (loss) for the year	5.3	9.5	10.9	43.3%	10.9	2.9	(73.0%)
TOTAL LIABILITIES AND SHAREHOLDERS'S EQUITY	210.2	365.3	443.8	45.3%	443.8	419.5	(5.5%)

An organization oriented to risk control and business Chief Financial Officer (CFO Board of Directors Chief Commercial Officer (CCO) Chief Lending Officer (CLO) Chief Information Officer (CIO) Internal Audit ICT Development Organization and Systems Synthesis Purchasing and Operational Support Administration and Staffing Planning and Control Supervisory Reporting Treasury CEO's Staff ICT System Commercial Coordination and Network Development Corporate Sellers Retail Sellers Legal and Corporate Affairs Department Risk Management AML e Compliance Chief Operating Officer (COO) Debtors Management Collection Back Office Legal Support Sellers Valuation Debtors Valuation Portfolio Monitoring 66 Employees Chief executive officer (CEO)

Turnover breakdown vs system average 1/2

Turnover breakdown vs system average 2/2

HIGHER NUMBER OF DEBTORS PER SELLER¹

IPO and updated shareholder base

Revenues' generation – example

PRO SOLVENDO TRANSACTION		Formula	P&L Accounting
Invoice's nominal value	100,000	a
Advance rate	80.00%	b
Gross disbursed amount	80,000	c = a x b

Maturity of disbursed amount (days)	88	e
Contractual interest rate	4.00%	f
Interest revenues	789.04	g = ( c x f x (e+2) ) / 365	Prepayment

DSO	90	h
Monthly commission rate	0.50%	i
Commission revenues	1500.00	l = a x i x (h/30)	Prepayment

Total revenues	2289.04	m = g + l	Prepayment

Net disbursed amount	77,710.96	n = c - m

Delay in payment (days)	5	o
Delay in payment interest rate	5.00%	p
Delay in payment commission rate	0.50%	q
Delay in payment interest revenues	54.79	r = ( c x p x o) / 365	Cash basis
Delay in payment commission revenues	83.33	s = a x q x (o/30)	Cash basis

Delay in payment total revenues	138.13	t = r + s	Cash basis

Non-advance amount	20,000	u = a - c
Net settlement	19,861.87	v = u - t

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