Generalfinance

Management Reports • Nov 8, 2022

1

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

Massimo Gianolli

CEO

Ugo Colombo CFO

Agenda

• Generalfinance overview and Q3 2022 results
• Digital and low risk player
• Market context and development
• Guidelines of the Strategic Plan 2022-2024
• 2022-2024 targets and financial projections
• Closing remarks

Generalfinance overview and Q3 2022 results

Corporate Mission

• The Business Plan is based on Generalfinance's desire to further develop its growth in a sustainable manner by making the most of the advantages of the proprietary digital platform, to generate high profitability while maintaining constant risk monitoring.
• Generalfinance has the skills and potential to continue on our development path, based on capital solidity, the diversified funding structure, the proprietary digital platform and the role of support to distressed realities.
• The responsible approach towards companies in difficulty, which allows us to preserve jobs, tradition and corporate know-how that represent the heritage of our entrepreneurial realities, is combined with the capital and financial discipline and with the policy of incentives and personal growth, the true engine of Generalfinance's success.

▪ Our goals in summary are: robust sustainable growth, high profitability and low risk.

A successful history

Long Standing Experience, Specialisation and Unique Positioning

Turnover – historical series

2022 annual growth rate (55%) above the CAGR '19-'21

Sources: Company financial statements; Management accounts Note: Turnover includes Future receivables

Net Income Adjusted – historical series

2022 annual growth rate (40%) on adjusted basis

Sources: Company financial statements; Management accounts Net Income data as of Q3 2022 adjusted (see slide n. 72 for the details of the adjustments)

The main KPIs behind our business – adjusted figures

Income Statement (€m)	2019A	2020A	2021A	CAGR '19-'21	Q3 2021	Q3 2022	YoY
Interest Margin	3,4	4,1	6,2	35,0%	4,5	5,7	26,5%
Net Fee and Commission Income	10,1	13,1	17,7	32,4%	12,5	17,1	37,3%
Net Interest and Other Banking Income	13,5	17,2	23,9	33,1%	16,9	22,8	34,5%
Operating Costs	-6,9	-8,4	-9,8	19,2%	-7,1	-8,6	21,8%
Profit for the year	4,2	5,3	9,5	50,4%	6,6	9,2	40,0%

(€m)	2019A	2020A	2021A	CAGR '19-'21	Q3 2021	Q3 2022	YoY
Turnover	590,0	761,0	1.403,0	54,2%	924,2	1.430,6	54,8%
Disbursed Amount	445,0	562,0	1.118,0	58,5%	739,2	1.183,0	60,0%
LTV	75,4%	73,9%	79,7%	2,8%	80,0%	82,7%	3,4%
Net Banking Income / Average Loan (%)	12,2%	11,2%	9,6%	(11,3%)	10,6%	9,2%	(12,7%)
Interest Margin / Net Banking Income (%)	25,4%	23,8%	26,0%	1,2%	26,5%	24,9%	(5,9%)
Cost Income Ratio	51,0%	48,7%	40,9%	(10,4%)	41,8%	37,9%	(9,4%)
ROE (%)	27,6%	30,9%	42,0%	23,4%	39,2%	26,8%	(31,6%)

Balance Sheet (€m)	2019A	2020A	2021A	CAGR '19-'21	Q3 2021	Q3 2022	YoY
Cash & Cash Equivalents	16,8	24,2	33,5	41,2%	24,8	56,0	125,7%
Financial Assets	131,9	176,5	321,0	56,0%	250,2	336,1	34,4%
Other Assets	9,7	9,5	10,8	5,5%	9,7	11,5	17,9%
Total Assets	158,4	210,2	365,3	51,9%	284,7	403,6	41,8%
Financial Liabilities	129,0	175,4	314,6	56,2%	237,4	327,1	37,8%
Other Liabilities	10,0	12,2	18,7	36,7%	18,3	22,2	21,3%
Total Liabilities	139,0	187,6	333,3	54,8%	255,7	349,3	36,6%
Shareholder's Equity	19,4	22,6	32,0	28,4%	29,0	54,3	87,3%

Note: Turnover includes Future receivables; Income statement data as of Q3 2022 adjusted (see slide n. 72 for the details of the adjustments). ROE adj = annualized net income adj / (equity-net profit)

Asset quality – Cost of Risk and NPE ratio

GENERALFINANCE HAS A LOWER COST OF RISK AND A NON-PERFORMING EXPOSURE COMPARED TO THE MARKET THANKS TO ITS UNIQUE AND EFFECTIVE BUSINESS MODEL ENABLING A CONSTANT MITIGATION OF CREDIT RISK

Sources: Company financial statements; * Assifact NPE Ratio (%) at 30.06.2022 and 30.09.2021 1) Cost of Risk has been computed as Credit Risk Adjustments / Annual Disbursed Loans; 2) Gross NPE («Non-Performing Exposure») Ratio has been computed as Gross NPE / Gross Loans to Customers

Balance sheet overview and regulatory capital

Q3 2022A ASSETS BREAKDOWN

Q3 2022A LIABILITIES AND EQUITY BREAKDOWN

Funding evolution

Q3 2021A – Q3 2022A FUNDING AND COST OF FUNDING (€M, %)

Digital and low risk player

Proprietary digital platform

Organizational chart

A LEAN AND EFFICIENT MACHINE, ORIENTED TO RISK CONTROL AND BUSINESS DEVELOPMENT

A unique business model

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) S&P Fitch

Moody's

Investment Grade

Non-Investment Grade

Notes: 1) Generalfinance data refers to Q3 2022; Assifact data refers to H1 2022; 2) Assifact data net of household debtors.

Collection performance

90% of Generalfinance's portfolio has no payment delays (vs

Only 50% of Generalfinance's portfolio has payment conditions exceeding 120 days (vs 63% of the market)

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

% Exposure

Risk reduction in Distressed Factoring

Given that the majority of Generalfinance's turnover is realized towards distressed Sellers, the Company can benefit from a reduction in risk, because of 3 main factors

Lower Credit Risk

• o Effects of insolvency proceedings on financial position (ex. credit write-offs)
• o Recovery and relaunch plan
• o Possible change in the Governance
• o Possible capital injection or new financing
• o Predeductibility (i.e., superpriority) of receivables arising from loans disbursed in execution of the plan and loans disbursed prior to the submission of the composition with creditors plan, respectively, if the conditions provided by the regulations are met

Lower Operating Risk

• o Court approval (arrangement with creditors, restructuring agreement)
• o Supervision by the court commissioner (arrangement with creditors)
• o Presence of high standing Financial Advisors and Legal Counsels
• o Management change

Lower Risk of Clawback Action

• o Financial assistance for the implementation of the agreement / plan / arrangement with creditors with exemptions from clawback actions
• o Authorization for bridge financing (in these cases, the risk of clawback actions is excluded on a de facto basis)
• o Factoring law and related protections (clawback actions regarding collections from assigned debtors)

Market context and development

Market context and potential impacts over the Plan

Source: (1) Real GDP – IMF; (2) Inflation – ECB; (3) Interest rate – Prometeia; (4) Revenue growth – CERVED; (5) NPE – Banca IFIS "NPLs Market Watch"

Pre-Money expectations Post-Money expectations

Note: (6) For 2024 GF Management prudentially estimates an additional +0.10% increase for 3 months Euribor, reaching 2.10%; (7) Due to the increase of seller's revenues

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An attractive market with key growth drivers

In the overall fast growing factoring market (turnover in Italy is expected to grow from € 250bn in 2021 up to €258-€279bn in 2022) Generalfinance focuses on distressed sellers (UTP, forborne and past due) with a portfolio of performing debtors (in bonis)

Large Corporate (250€M+)

Notes: (1) range of values estimated in the last Assifact report «ForeFact» 22

Source: Assifact, Banca d'Italia, Banca IFIS Market Watch, report PWC, company balance sheets and website

Regulatory Framework

Calendar Provisioning								New definition of default
Default Period	1	2	3	4	5	6	7	8	9
Secured A	-	-	25%	35%	55%	70%	80%	85%	100%	more than 90 days.
Secured B	-	-	25%	35%	55%	80%	100%	-	-
Unsecured	-	-	35%	100%

According to CRR 178, a default occurs when any of the following conditions occur: (i) probable default, or (ii) exposures past due by more than 90 days.

From January 1st, 2020 the European Banking Authority has introduced stricter rules to define if an exposure is in default.

Based on the March 2018 BCE addendum, NPEs should be clustered in terms of default period and level of security, with a distinction		Previous Reg.	New DoD
between secured ('Secured A') other collateral ('Secured B') and unsecured ('Unsecure') properties. For each cluster, banks are expected to apply the above provisioning schedule such that the impaired exposure (NPLs and UTPs) is fully removed from the balance sheet by 2026. The main implications are:	Thresholds	Client in default if arrears for more than 90 days, equal to at least 5% of their exposure towards the bank	Client in default if arrears of € 100 for individuals or € 500 for other exposures for more than 90 days, and at least 1% of their exposure towards the bank. (Bank of Italy can decide between 0 and 2.5%)
▪ development of a strategy for effective NPE reduction ▪ limiting inflows of impaired exposures into banks with a high NPE	Compensation	Offsetting of overdue amounts against unused credit lines is possible	No compensation granted
ratio ▪ Acceleration of credit recovery processes through the transfer / sale of positions	Thresholds	Default status expires when the client settles the position	The default status remains for at least 90 days after the client settles the position

Other "Basel III" regulatory impacts

The envisaged tightening of current account overdrafts, which until now did not require capital provisions but could in future be subject to risk weighting for credit institutions, may have a significant impact in Italy, where they are widely used for household and PMI financing.

Credit to Non-Financial Companies

Vulnerable companies and new non-bankruptcy procedures

More than 40% of SMEs are in vulnerability or risk condition An annual average (2017-2021) of 1,389 companies entered nonbankruptcy procedures

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The potential market for Generalfinance

▪ The 2022 recession has affected the trend of the UTP/Past Due/Forborne stock, which is the best proxy to estimate the Generalfinance's niche market, with an expected growth from € 107bn in 2022 to € 124bn in 2024E

EVOLUTION OF NON-PERFORMING EXPOSURES IN ITALY (€bn)

Notes: 1) Excluding Repo and Current Accounts; (2) UTP transferred and not transferred Source: Assifact, Prometeia, Banca d'Italia, Banca IFIS Market Watch, report PWC, company balance sheets and website

Potential outstanding – Pre Money

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Guidelines of the Strategic Plan 2022-2024

Generalfinance strategic guidelines over the Plan

Sustainable and ESG-compliant business model

More services and reinforcement of commercial structure

More services… … to

Evolution of factoring pro-soluto

The Factor assumes the insolvency risk of the assigned Debtor until the maturity date stipulated in the contract for the loan; after that time, it can demand the return of the advances paid to the Sellers.

Maturity factoring

The supplier obtains payment on a certain and predetermined date. The debtor company, on the other hand, obtains a deferred payment for the pre-established period against payment of interest.

Tax Credit

1

2

3

Recourse or Non-recourse factoring related to tax receivables (IVA, IRES, IRAP) in order to add another source of liquidity to existing and new customers.

4 Improvement of Factoring Not Notification

Not Notification Factoring does not require the notification of the assignment to the debtor; it' particularly suitable for those companies interested in hedging against the risk of insolvency of the customer and that prefer to maintain control of the entire customer portfolio management process.

5 Advance future credits / contracts

The Factor accepts future receivables deriving from a supply contract stipulated by the seller and can consider whether to advance a variable portion of the nominal value. The product is granted as collateral for the factoring relationship

Increase Turnover

Improve Share of Wallet (SoW)

Diversify Generalfinance's product portfolio

Reinforcement of the Commercial Structure (CCO)

It is also planned to reinforce the origination network through:

• Agreements with Traditional Banks
• Agreements with Debt Funds
• Agreements with Private Equity Funds

Credit process enhancement – «NEW PEF»

❑Generalfinance, has started a process of evolution of its credit granting, management and monitoring model, which aims, to create a new granting framework ("NEW PEF")

• ❑The framework will enhance the ability to evaluate and manage factoring transactions through proprietary quantitative scoring models ("GF Score") and industrialised management processes
• ❑ Information development activities of the "NEW PEF" are currently underway with full golive in mid-2023

GENERALFINANCE NEW PEF

Valuation Framework – "GF Score" component

Valuation Framework – focus on Debtor's Score

Macro score	Indicator	Assessment details
1 Commercial score	BRI	▪ Counterparty summary assessment considering the economic and financial aspects, the history of the company, the shareholders structure, etc.
	CGS	▪ Counterparty summary assessment considering the economic and financial aspects, the history of the company, the shareholders structure, etc.
	Rating Score	Counterparty summary assessment considering the economic ▪ and financial aspects, the history of the company, the shareholders structure, etc.
	Delinquency Score	▪ Probability of late payments over the next 12 months
	Failure Score	Company probability of default over the next 12 months ▪
2 Payments	Paydex	▪ Score on the counterparty's payment performance
score	Payline	▪ Score on the counterparty's payment performance
3 Credit insurability score	Grade Allianz Trade	▪ Degree of credit insurability
	DRA	▪ Degree of credit insurability ▪ Coface – in progress
4 Credit insurance	Insurance	Insurance partnership with Allianz Trade to insure up to 100% of the ▪ credit cross, starting from amounts above 30k

Pricing risk adjusted model

▪ A risk-adjusted pricing model (which considers interest and commission components) was defined as a function of three drivers (turnover, scoring and complexity of the transaction) with the possibility of derogation of up to certain predefined limits (at the discretion of the commercial manager) depending on the level of commercial delegation system

Driver	Description
A Turnover	▪ Defined different turnover classes (class A >35mln, B between 20mln and 35mln, C between 10mln and 20mln, D between 5mln and 10mln, E between 1mln and 5mln, F <1mln) to frame the significance/magnitude of the counterparty
B Scoring transaction	▪ Management score assessing the transaction as a whole (weighted valuation of the seller and the debtor portfolio according to different variables) from a risk-adjusted pricing perspective
C Complexity of the relationship	Expected operational complexity to manage the portfolio of debtors (i.e. high, standard, low) which is ▪ a proxy for operating costs considering several parameters
D Level of potential of the relationship	Level of commercial potential of the relationship calculated as the ratio of already agreed turnover / ▪ prospective sales revenue

Improvement of the digital factoring platform

Ongoing process to improve and develop the digital factoring platform through the following upgrade:

New front-end (corporate banking) for Sellers:

• Factoring pro-soluto formale • Optimization of business relationship
  • CRM improvement
  • UX improvement for Sellers

Review of back end information technology architecture:

• Optimization of the time to serve
• Integration /collaboration with fintech (open architecture)
• Treasury back end evolution

Cybersecurity:

• Cloud web application
• Network Access Control
• Penetration test

Automatization of operational processes:

• Machine learning
• Credit operating control
• Collection process

Human capital development

Note: KPI data as of September 2022; (1) Internal audit reserved to a board member and potentially integrated in to the company from 2024;

Evolution of control systems over the plan

Audit function development	Establishment, within the organizational structure, of an Internal Audit Unit on • staff to the Board of Directors (BoD) • Integration of the Internal Audit within the control framework
Risk Management & Compliance improvement	Enhancement of the Risk & Compliance structure • • Integration of additional risks, including ESG theme
Improvement of operational risk control	• Further improvement of control system with reference to operational/legal risk Transition to the TSA method to calculate operational risk (Operational RWA) • Loss Data collection framework in order to improve operational risk • management
Improvement of credit risk control	• Further improvement of second-level controls on performing and non performing loans Potential improvement of credit risk management also through possible • transition to an internal rating model • ESG measure integration (climate and transitional risk)

ESG – Developing a Sustainability Footprint

Generalfinance is not exposed to significant environmental risk. However it is engaged to reduce the environmental impact of its operations and business model

• ❑ IT Systems on cloud environments in particular with regard to the datacenter – managed by external providers implying a significant reduction in energy consumption
• ❑ Car policy (hybrid, full electric)
• ❑ Focus on energy efficiency and environmental impacts with reference to the Group offices

Generalfinance is engaged to promote the well-being of its employees and to play a social role though its core business

• ❑ First aid to Italian distressed SMEs
• ❑ Smart working and agile model of work organisation
• ❑ Incentive and corporate welfare systems
• ❑ Gender diversity

Generalfinance adopted a corporate governance in line with star listing requirements

• ❑ Loyalty shares and related stability
• ❑ Full adherence to «Codice di Corporate Governance»
• ❑ High-standing top management
• ❑ Remuneration/appointment, risk and sustainability committees
• ❑ Board of Directors and Board of Auditors: independence and gender diversity

GENERALFINANCE IS AN ACTIVE MEMBER – TOGETHER WITH A FEW OTHER COMPANIES – OF THE ESG GROUP PROMOTED BY ASSIFACT

Activities in pipeline

Climate / Transitional Risk assessment associated with the loan book

Non-financial statement and reporting

Potential add on over the Plan: expansion abroad

Potential expansion of Generalfinance perimeter to European Countries. Generalfinance will analyse deeply in the coming months some target Countries: (i) Spain, (ii) France, (iii) Greece and (iv) Portugal.

The business development could take place from 2024 - 2025

2022-2024 target and financial projections

Post Money Industrial Plan results

Note: (1) It includes future receivebles; (2) 2022F ADJ value is neutralized by IPO costs equal to € 1.2 mn (3) CAGR '21-'24 - Post-Money

Pre-Money Post-Money

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Number of sellers and debtors evolution over the Plan

SELLERS(1) AND DEBTORS EVOLUTION (#)

Note: (1) Number of sellers at the end of the period; (2) 1st year entrance Turnover; Corporate Seller: > 20M Revenues; Retail Seller: <20M Revenues

Income breakdown

NET BANKING INCOME (€ MN)

Note: (1) net of Delay in Payment interest revenues; (2) net of Delay in Payment commission revenues and other commissions

Funding evolution and interest expense

Note: (1) including IFRS16 debts and other financial liabilities (2) Calculated as interest expense / average financial liabilities (current and previous year).

Net interest margin

Notes: (1) Interest income + Delayed payment Interest over average loans liabilities (current and previous year); (2) Calculated as interest expense / average financial liabilities (current and previous year); (3) For 2024 GF Management prudentially estimates an additional +0.10%; (4) Calculated as Interest Margin/ AVG Loans to Customers; increase for 3 months Euribor, reaching 2.10%;

Source: 3 Months Euribor from Prometeia

NPE and Cost of Risk evolution

Note: (1) Calculated as Credit Risk Adjustments / Disbursed amount

Operating Costs

Note: (1) other net revenues and risk charges; (2) Personnel costs excluding the cost of the Board and the Auditors (3) Operating Costs / Net Banking Income adjusted, see slide 72 for the claculation of 2022 adjusted operating costs

Capex mainly (~75%) related to the digital platform

CET1, TIER 2 and Total Capital evolution

TOTAL CAPITAL EVOLUTION (€ MN)

Note: (1) Calculated as Total RWA / Total Assets

Closing remarks

Industrial Plan 2022-2024 KPIs

Commercial KPI (€ bn)	2021A	2022F	2024E	CAGR '21-'24
Turnover	1.4	2.1	3.4	33.7%
Disbursed Amount	1.1	1.7	2.8	35.6%
(2) LTV	80%	82%	83%	n.a.

P&L (€ mn)	2021A	2022F ADJ	(1) 2024E	CAGR '21-'24
Interest Margin	6.2	9.2	13.7	30.0%
Net Commision	17.7	23.6	35.7	26.3%
Net Banking Income	23.9	32.8	49.3	27.3%
Operating costs	(9.8)	(12.6)	(14.7)	14.4%
Net Profit	9.5	12.9	21.5	31.5%

BS (€ mn)	2021A	2022F ADJ	2024E	CAGR '21-'24
Cash & Cash Equivalents	33.5	39.4	54.7	17.8%
Financial Assets	321.0	370.3	697.9	29.5%
Other Assets	10.8	11.9	13.8	8.7%
Total Assets	365.3	421.7	766.5	28.0%
Financial Liabilities	314.6	342.5	648.5	27.3%
Other Liabilities	18.7	20.4	36.7	25.3%
Shareholder's Equity	32.0	58.7	81.3	36.5%
Total Liabilities	365.3	421.7	766.5	28.0%

KPI (%)	2021A	2022F ADJ	2024E	CAGR '21-'24
Net Banking Income / Average Loans	9.6%	9.5%	8.0%	n.a.
Interest Margin / Net Banking Income	26.0%	28.1%	27.8%	n.a.
Cost Income Ratio	40.9%	38.3%	29.7%	n.a.
ROE	42.0%	28.1%	36.0%	n.a.

Note: (1) 2022F ADJ means that the values are neutralized from IPO costs € 1,2 mn (2) LTV: Loan to Value

• Turnover growth above 30% average per year
• Net Profit 2024 of € 21.5m e ROE 2024 of 36%
• CET1 Ratio exceeding 11% and Total Capital Ratio over 13%
• Capex oriented to the further development of the digital platform

Strong sustainable growth and constant risk monitoring

Sensitivity analisys

Scenario 1	▪ Impact of EURIBOR increase reverted back to the customer by 60% (instead of 85% as assumed in the Plan)
Scenario 2	▪ Increase of 3 bps in the cost of risk
Scenario 3	▪ Increase of 30 bps in the average cost of funding
Scenario 4	Decrease of 25% (i) number of acquired sellers, (ii) Seller's revenue growth ▪

	SCENARIO - BASE			DELTA
P&L (€ mn)	2021A	(1) 2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ	2024E
Interest Margin	6.2	8.8	10.4	4.0%	6.2	9.2	13.7	4.0%	-	(0.4)	(3.3)
Active Interest	9.2	14.4	30.1	48.4%	9.2	14.8	33.3	53.6%	-	(0.4)	(3.2)
Interest Expense	(3.0)	(5.6)	(19.7)	87.8%	(3.0)	(5.6)	(19.6)	87.6%	-	(0.0)	(0.1)
Net Commision	17.7	23.6	35.7	26.3%	17.7	23.6	35.7	26.3%	-	-	-
Active Commission	20.8	28.0	41.5	25.9%	20.8	28.0	41.5	25.9%	-	-	-
Commission Expense	(3.1)	(4.4)	(5.8)	23.3%	(3.1)	(4.4)	(5.8)	23.3%	-	-	-
Net Banking Income	23.9	32.4	46.0	24.4%	23.9	32.8	49.3	27.3%	-	(0.4)	(3.3)
Operating costs	(9.8)	(12.6)	(14.7)	14.4%	(9.8)	(12.6)	(14.7)	14.4%	-	-	-
Net Profit	9.5	12.6	19.3	26.8%	9.5	12.9	21.5	31.5%	-	(0.3)	(2.2)

KPI (%)	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ	2024E
(2) Average Interest Rate	3.8%	3.5%	4.3%	n.a.	3.8%	3.6%	4.8%	n.a.	-	-0.1%	-0.5%
(3) Average funding cost	1.2%	1.7%	3.4%	n.a.	1.2%	1.7%	3.4%	n.a.	-	0.0%	0.0%
Interest Margin / Net Banking Income	26.0%	27.1%	22.5%	n.a.	26.0%	28.1%	27.8%	n.a.	-	-1.0%	-5.2%
ROE	42.0%	27.5%	32.8%	n.a.	42.0%	28.1%	36.0%	n.a.	-	-0.6%	-3.2%
CET1 Ratio	9.3%	15.2%	10.9%	n.a.	9.3%	15.3%	11.2%	n.a.	-	0.0%	-0.3%
Total Capital Ratio	13.7%	18.4%	13.0%	n.a.	13.7%	18.5%	13.3%	n.a.	-	0.0%	-0.3%

Scenario 1	Impact of EURIBOR increase reverted back to the customer by 60% (instead of 85% as assumed in the Plan) ▪
Scenario 2	▪ Increase of 3 bps in the cost of risk
Scenario 3	▪ Increase of 30 bps in the average cost of funding
Scenario 4	Decrease of 25% (i) number of acquired sellers, (ii) Seller's revenue growth ▪

SCENARIO - STRESS						SCENARIO - BASE		DELTA
P&L (€ mn)	2021A	(1) 2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ	2024E
Interest Margin	6.2	9.2	13.7	4.0%	6.2	9.2	13.7	4.0%	-	(0.0)	(0.0)
Active Interest	9.2	14.8	33.3	53.6%	9.2	14.8	33.3	53.6%	-	-	-
Interest Expense	(3.0)	(5.6)	(19.7)	87.7%	(3.0)	(5.6)	(19.6)	87.6%	-	(0.0)	(0.0)
Net Commision	17.7	23.6	35.7	26.3%	17.7	23.6	35.7	26.3%	-	-	-
Active Commission	20.8	28.0	41.5	25.9%	20.8	28.0	41.5	25.9%	-	-	-
Commission Expense	(3.1)	(4.4)	(5.8)	23.3%	(3.1)	(4.4)	(5.8)	23.3%	-	-	-
Net Banking Income	23.9	32.8	49.3	27.3%	23.9	32.8	49.3	27.3%	-	(0.0)	(0.0)
Operating costs	(9.8)	(12.6)	(14.7)	14.4%	(9.8)	(12.6)	(14.7)	14.4%	-	-	-
Net Profit	9.5	12.5	20.7	29.9%	9.5	12.9	21.5	31.5%	-	(0.4)	(0.8)

KPI (%)	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ	2024E
(2) Average Interest Rate	3.8%	3.6%	4.8%	n.a.	3.8%	3.6%	4.8%	n.a.		- - -
(3) Average funding cost	1.2%	1.7%	3.4%	n.a.	1.2%	1.7%	3.4%	n.a.	-	0.0%	0.0%
Interest Margin / Net Banking Income	26.0%	28.1%	27.7%	n.a.	26.0%	28.1%	27.8%	n.a.	-	0.0%	0.0%
ROE	42.0%	27.3%	34.9%	n.a.	42.0%	28.1%	36.0%	n.a.	-	-0.8%	-1.1%
CET1 Ratio	9.3%	15.2%	11.0%	n.a.	9.3%	15.3%	11.2%	n.a.	-	-0.1%	-0.1%
Total Capital Ratio	13.7%	18.4%	13.1%	n.a.	13.7%	18.5%	13.3%	n.a.	-	-0.1%	-0.1%

Scenario 1	▪ Impact of EURIBOR increase reverted back to the customer by 60% (instead of 85% as assumed in the Plan)
Scenario 2	▪ Increase of 3 bps in the cost of risk
Scenario 3	Increase of 30 bps in the average cost of funding ▪

	SCENARIO - BASE			DELTA
P&L (€ mn)	2021A	(1) 2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ	2024E
Interest Margin	6.2	8.3	12.0	4.0%	6.2	9.2	13.7	4.0%	-	(0.9)	(1.7)
Active Interest	9.2	14.8	33.3	53.6%	9.2	14.8	33.3	53.6%	-	-	-
Interest Expense	(3.0)	(6.5)	(21.3)	92.9%	(3.0)	(5.6)	(19.6)	87.6%	-	(0.9)	(1.7)
Net Commision	17.7	23.6	35.7	26.3%	17.7	23.6	35.7	26.3%	-	-	-
Active Commission	20.8	28.0	41.5	25.9%	20.8	28.0	41.5	25.9%	-	-	-
Commission Expense	(3.1)	(4.4)	(5.8)	23.3%	(3.1)	(4.4)	(5.8)	23.3%	-	-	-
Net Banking Income	23.9	31.9	47.6	25.8%	23.9	32.8	49.3	27.3%	-	(0.9)	(1.7)
Operating costs	(9.8)	(12.6)	(14.7)	14.4%	(9.8)	(12.6)	(14.7)	14.4%	-	-	-
Net Profit	9.5	12.3	20.3	29.1%	9.5	12.9	21.5	31.5%	-	(0.6)	(1.2)

KPI (%)	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ	2024E
(2) Average Interest Rate	3.8%	3.6%	4.8%	n.a.	3.8%	3.6%	4.8%	n.a.		- - -
(3) Average funding cost	1.2%	2.0%	3.7%	n.a.	1.2%	1.7%	3.4%	n.a.	-	0.3%	0.3%
Interest Margin / Net Banking Income	26.0%	26.0%	25.1%	n.a.	26.0%	28.1%	27.8%	n.a.	-	-2.0%	-2.6%
ROE	42.0%	26.8%	34.5%	n.a.	42.0%	28.1%	36.0%	n.a.	-	-1.3%	-1.5%
CET1 Ratio	9.3%	15.2%	11.0%	n.a.	9.3%	15.3%	11.2%	n.a.	-	-0.1%	-0.2%
Total Capital Ratio	13.7%	18.4%	13.1%	n.a.	13.7%	18.5%	13.3%	n.a.	-	-0.1%	-0.2%

Scenario 1	▪ Impact of EURIBOR increase reverted back to the customer by 60% (instead of 85% as assumed in the Plan)
Scenario 2	▪ Increase of 3 bps in the cost of risk
Scenario 3	Increase of 30 bps in the average cost of funding ▪
Scenario 4	▪ Decrease of 25% (i) number of acquired sellers, (ii) Seller's revenue growth

SCENARIO - STRESS						SCENARIO - BASE		DELTA
P&L (€ mn)	2021A	(1) 2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ	2024E
Interest Margin	6.2	9.2	13.1	4.0%	6.2	9.2	13.7	4.0%	-	(0.1)	(0.6)
Active Interest	9.2	14.6	32.1	51.6%	9.2	14.8	33.3	53.6%	-	(0.2)	(1.2)
Interest Expense	(3.0)	(5.5)	(19.0)	85.5%	(3.0)	(5.6)	(19.6)	87.6%	-	0.1	0.7
Net Commision	17.7	23.3	34.3	24.7%	17.7	23.6	35.7	26.3%	-	(0.3)	(1.4)
Active Commission	20.8	27.6	40.0	24.3%	20.8	28.0	41.5	25.9%	-	(0.4)	(1.5)
Commission Expense	(3.1)	(4.3)	(5.7)	22.3%	(3.1)	(4.4)	(5.8)	23.3%	-	0.0	0.1
Net Banking Income	23.9	32.4	47.4	25.6%	23.9	32.8	49.3	27.3%	-	(0.4)	(1.9)
Operating costs	(9.8)	(12.6)	(14.6)	14.2%	(9.8)	(12.6)	(14.7)	14.4%	-	0.0	0.1
Net Profit	9.5	12.6	20.3	29.1%	9.5	12.9	21.5	31.5%	-	(0.3)	(1.2)

KPI (%)	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ	2024E
(2) Average Interest Rate	3.8%	3.6%	4.8%	n.a.	3.8%	3.6%	4.8%	n.a.	-	0.0%	0.0%
(3) Average funding cost	1.2%	1.7%	3.4%	n.a.	1.2%	1.7%	3.4%	n.a.	-	0.0%	0.0%
Interest Margin / Net Banking Income	26.0%	28.2%	27.6%	n.a.	26.0%	28.1%	27.8%	n.a.	-	0.2%	-0.1%
ROE	42.0%	27.6%	34.3%	n.a.	42.0%	28.1%	36.0%	n.a.	-	-0.6%	-1.7%
CET1 Ratio	9.3%	16.1%	11.4%	n.a.	9.3%	15.3%	11.2%	n.a.	-	0.8%	0.2%
Total Capital Ratio	13.7%	19.4%	13.6%	n.a.	13.7%	18.5%	13.3%	n.a.	-	0.9%	0.3%

Sensitivity analysis - Combined Scenario

Scenario 1	▪ Impact of EURIBOR increase reverted back to the customer by 60% (instead of 85% as assumed in the Plan)
Scenario 2	Increase of 3 bps in the cost of risk ▪
Scenario 3	▪ Increase of 30 bps in the average cost of funding
Scenario 4	▪ Decrease of 25% (i) number of acquired sellers, (ii) Seller's revenue growth

	SCENARIO - STRESS				SCENARIO - BASE				DELTA
P&L (€ mn)	2021A	(1) 2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ	2024E
Interest Margin	6.2	7.8	8.2	4.0%	6.2	9.2	13.7	4.0%	-	(1.4)	(5.5)
Active Interest	9.2	14.2	29.0	46.5%	9.2	14.8	33.3	53.6%	-	(0.6)	(4.4)
Interest Expense	(3.0)	(6.3)	(20.7)	91.1%	(3.0)	(5.6)	(19.6)	87.6%	-	(0.8)	(1.1)
Net Commision	17.7	23.3	34.3	24.7%	17.7	23.6	35.7	26.3%	-	(0.3)	(1.4)
Active Commission	20.8	27.6	40.0	24.3%	20.8	28.0	41.5	25.9%	-	(0.4)	(1.5)
Commission Expense	(3.1)	(4.3)	(5.7)	22.3%	(3.1)	(4.4)	(5.8)	23.3%	-	0.0	0.1
Net Banking Income	23.9	31.1	42.5	21.1%	23.9	32.8	49.3	27.3%	-	(1.7)	(6.8)
Operating costs	(9.8)	(12.6)	(14.6)	14.2%	(9.8)	(12.6)	(14.7)	14.4%	-	0.0	0.1
Net Profit	9.5	11.4	16.3	19.9%	9.5	12.9	21.5	31.5%	-	(1.5)	(5.2)

KPI (%)	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ		2024E CAGR '21-'24	2021A	2022F ADJ	2024E
(2) Average Interest Rate	3.8%	3.5%	4.3%	n.a.	3.8%	3.6%	4.8%	n.a.	-	-0.1%	-0.5%
(3) Average funding cost	1.2%	2.0%	3.7%	n.a.	1.2%	1.7%	3.4%	n.a.	-	0.3%	0.3%
Interest Margin / Net Banking Income	26.0%	25.2%	19.3%	n.a.	26.0%	28.1%	27.8%	n.a.	-	-2.9%	-8.4%
ROE	42.0%	24.9%	28.5%	n.a.	42.0%	28.1%	36.0%	n.a.	-	-3.2%	-7.5%
CET1 Ratio	9.3%	15.9%	10.8%	n.a.	9.3%	15.3%	11.2%	n.a.	-	0.6%	-0.3%
Total Capital Ratio	13.7%	19.3%	13.0%	n.a.	13.7%	18.5%	13.3%	n.a.	-	0.8%	-0.2%

Annexes

Income Statement

Income Statement (€m)	2019A	2020A	2021A	Q3 2021	Q3 2022
Interest income and similar income	4,6	5,7	9,2	6,4	9,8
Interest expense and similar charges	(1,2)	(1,6)	(3,0)	(1,9)	(4,1)
INTEREST MARGIN	3,4	4,1	6,2	4,5	5,7
Fee and commission income	11,5	14,7	20,8	14,6	20,1
Fee and commission expense	(1,4)	(1,6)	(3,1)	(2,2)	(3,0)
NET FEE AND COMMISSION INCOME	10,1	13,1	17,7	12,5	17,1
Dividends and similar income	0,0	0,0	0,0	0,0	0,0
Net profi (loss) from trading	(0,0)	(0,0)	(0,0)	(0,0)	(0,0)
Net results of other financial assets and liabilities measured at fair value through profit or loss	0,0	(0,0)	0,0	0,0	0,0
NET INTEREST AND OTHER BANKING INCOME	13,5	17,2	23,9	16,9	22,8
Net value adjustments / write-backs for credit risk	(0,4)	(0,7)	(0,2)	(0,2)	(0,3)
a) Financial assets measured at amortised cost	(0,4)	(0,7)	(0,2)	(0,2)	(0,3)
NET PROFIT (LOSS) FROM FINANCIAL MANAGEMENT	13,2	16,5	23,7	16,7	22,5
Administrative expenses	(6,8)	(7,2)	(8,7)	(6,1)	(9,1)
a) Personnel expenses	(3,8)	(4,3)	(5,2)	(3,8)	(4,6)
b) Other administrative expenses	(3,0)	(3,0)	(3,4)	(2,3)	(4,4)
Net provision for risks and charges	(0,0)	(1,1)	(0,2)	(0,2)	(0,0)
b) Other net provisions	(0,0)	(1,1)	(0,2)	(0,2)	(0,0)
Net value adjustments / write-backs on property, plan and equipment	(0,6)	(0,7)	(0,7)	(0,5)	(0,6)
Net value adjustments / write-backs on intangible assets	(0,2)	(0,2)	(0,2)	(0,2)	(0,3)
Other operating income and expenses	0,8	0,8	0,1	(0,0)	0,0
OPERATING COSTS	(6,9)	(8,4)	(9,8)	(7,1)	(9,8)
PRE-TAX PROFIT (LOSS) FROM CURRENT OPERATIONS	6,3	8,1	13,9	9,6	12,7
Income tax for the year on current operations	(2,1)	(2,8)	(4,5)	(3,0)	(4,2)
PROFIT (LOSS) FOR THE YEAR	4,2	5,3	9,5	6,6	8,4

Income statement Q3 2022 – adjusted net income

Income Statement (€m)	Q3 2022	Adj	Q3 2022 Adj
Interest income and similar income	9,8	0,0	9,8
Interest expense and similar charges	(4,1)	0,0	(4,1)
INTEREST MARGIN	5,7	0,0	5,7
Fee and commission income	20,1	0,0	20,1
Fee and commission expense	(3,0)	0,0	(3,0)
NET FEE AND COMMISSION INCOME	17,1	0,0	17,1
Dividends and similar income	0,0	0,0	0,0
Net profi (loss) from trading	(0,0)	0,0	(0,0)
Net results of other financial assets and liabilities measured at fair value through profit or loss	0,0	0,0	0,0
NET INTEREST AND OTHER BANKING INCOME	22,8	0,0	22,8
Net value adjustments / write-backs for credit risk	(0,3)	0,0	(0,3)
a) Financial assets measured at amortised cost	(0,3)	0,0	(0,3)
NET PROFIT (LOSS) FROM FINANCIAL MANAGEMENT	22,5	0,0	22,5
Administrative expenses	(9,1)	1,2	(7,8)
a) Personnel expenses	(4,6)	0,2	(4,4)
b) Other administrative expenses	(4,4)	1,0	(3,4)
Net provision for risks and charges	(0,0)	0,0	(0,0)
b) Other net provisions	(0,0)	0,0	(0,0)
Net value adjustments / write-backs on property, plan and equipment	(0,6)	0,0	(0,6)
Net value adjustments / write-backs on intangible assets	(0,3)	0,0	(0,3)
Other operating income and expenses	0,0	0,0	0,0
OPERATING COSTS	(9,8)	1,2	(8,6)
PRE-TAX PROFIT (LOSS) FROM CURRENT OPERATIONS	12,7	1,2	13,9
Income tax for the year on current operations	(4,2)	(0,4)	(4,6)
PROFIT (LOSS) FOR THE YEAR	8,4	0,8	9,2

Extraordinary costs booked in 2022, related to the IPO Process, ~ 1,2 € M Adjusted net income 9,2 € M, +40% YoY

Note: the tax rate used for the purposes of the adjustment, is equal to the Generalfinance's average tax rate for the period

Balance Sheet

Balance Sheet (€m)	2019A	2020A	2021A	Q3 2021	Q3 2022
ASSET ITEMS
Cash and cash equivalents	0,0	24,2	33,5	24,8	56,0
Financial assets measured at fair value through profit or loss	0,0	0,0	0,0	0,0	0,0
Financial assets measured at amortised cost	148,7	176,5	321,0	250,2	336,1
Property, Plan and Equipment (PPE)	5,3	5,1	4,9	4,8	4,7
Intangible assets	0,4	0,8	1,7	1,0	1,8
Tax assets	0,9	1,4	1,2	0,6	1,9
a) current	0,5	0,7	0,9	0,4	1,7
b) deferred	0,4	0,8	0,3	0,3	0,2
Other assets	3,1	2,2	3,0	3,2	3,0
TOTAL ASSETS	158,4	210,2	365,3	284,7	403,6
LIABILITY AND SHAREHOLDERS' EQUITY ITEMS
Financial liabilities measured at amortised cost	129,0	175,4	314,6	237,4	327,1
a) payables		175,4	283,6	212,4	289,6
b) outstanding securities	129,0	0,0	31,0	25,0	37,6
Tax liabilities	0,6	0,9	1,2	0,9	3,4
Other liabilities	7,6	8,3	15,8	15,7	17,3
Severance pay	1,2	1,4	1,4	1,4	1,3
Provision for risk and charges	0,6	1,6	0,3	0,3	0,1
Share capital	3,3	3,3	3,3	3,3	4,2
Share premium reserve	5,8	5,8	7,8	7,8	25,4
Reserves	6,2	8,2	11,4	11,4	16,2
Valuation reserves	(0,1)	(0,1)	0,0	(0,1)	0,1
Profit (loss) for the year	4,2	5,3	9,5	6,6	8,4
TOTAL LIABILITIES AND SHAREHOLDERS'S EQUITY	158,4	210,2	365,3	284,7	403,6

Costs Structure & Bottom Line – adjusted figures

Notes: ; Operating costs as of Q3 2022 adjusted; Other items = Net provision for risks and charges + Net value adjustments / write-backs on property, plan and equipment + Net value adjustments / write-backs on intangible assets + Other operating income and expenses

Turnover breakdown vs system average 1/2

0,0 20,0 40,0 60,0 80,0 100,0

Turnover breakdown vs system average 2/2

IPO and updated shareholder base

Value proposition, distinctive features and value chain

Value proposition 1 Distinctive skills

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

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

• o Consolidated expertise throughout the entire process
• o End-to-end in-house valuation process, tailored to customer specifications
• o 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

2

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

A model difficult to replicate: from Funding to Operations

Top line components

SIMPLE AND TRANSPARENT P&L PAIRED WITH ALMOST NO VOLATILITY OF FAIR VALUE / CREDIT ADJUSTMENT

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	1.500,00	l = a x i x (h/30)	Prepayment
Total revenues	2.289,04	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

Capital Stack – A capital light lending business

Main trends in the Italian Banking System

At the end of 2021, around 450 banks belonging to more than 60 banking groups were operating in Italy. The consolidation of the sector that began in recent years has led to a 35% reduction in the number of market players

reduction of around 34% compared to 2012

Notes: (1) Total assets as of 2014; number of branches as of 31 July 2014 from Bank of Italy branches database; (2) Total assets at the last available date; number of branches as of 16 February 2021 from Banca d'Italia database; (3) € mld; (4) The numbers reported for Banca di Vicenza and Veneto Banca do not indicate their actual ranking, they are reported for display purposes only.

Source: Banca d'Italia; Information Data Provider as at 12/02/2021

The evolution of stage 2 credits in Italy and Europe

▪ The share of stage 2 loans has been rising since 2019 across the EU, indicating a general expectation of credit risk worsening.

EVOLUTION OF STAGE 2 CREDITS(1) (%; €mn)

Government guarantees

Turnover evolution

• Turnover reach € 3.4 bn in 2024 based on the following assumptions:
  • ➢ Favorable target market development
  • ➢ Increase in average Companies revenues over the plan
  • ➢ Acquisition of more than 30 net new corporate sellers over the plan
• The average turnover for each seller will grow because Generalfinance is shifting its portfolio mix to larger (corporate) sellers than before

Note: (1)It includes future receivebles (2) Disbursed amount is the portion of the trade receivable that is paid by the customer (3) LTV: Loan to Value

Turnover and number of sellers evolution over the Plan

Note: (1) turnover from new seller / turnover of the year; (2) turnover related to lost sellers / turnover of the year; (3)1st year entrance Turnover Corporate Seller: > 20M Revenues; Retail Seller: <20M Revenues

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