TAS Group Interim Management Report: all economic indicators show continued growth

Milan, May 14, 2021

PRESS RELEASE

TAS

THE BOARD OF DIRECTORS HAS APPROVED THE

INTERIM MANAGEMENT REPORT AT 31 MARCH 2021

ALL ECONOMIC INDICATORS CONTINUE TO GROW

DOUBLE-DIGIT GROWTH IN EBITDA, + 66%

• Total revenues up 14.2% to € 15.2 million compared to € 13.3 million in the first quarter of 2020
• Gross Operating Margin (EBITDA) up by 66.6% compared to the first quarter of 2020, reaching 3.9 million euros compared to 2.3 million in 2020
• Operating profit (EBIT) almost doubled to 1.8 million euros compared to 1.0 million euros in the first quarter of 2020
• Net profit significantly improved, equal to 0.8 million euros, compared to 0.2 million euros as of March 31, 2020
• Positive Net Financial Position of € 7.6 million, excluding the impact deriving from IFRS 16, compared to a value of € 2.0 million at 31 December 2020, an improvement of € 5.6 million. Consolidated liquidity of € 20.5 million compared to € 10.6 million at 31 December 2020.

The Board of Directors of TAS SpA (hereinafter the "Company" or "TAS"), a leading company in Italy in the supply of software and services for banking and financial applications, also present in Europe and America, met today under the presidency of Dario Pardi, and approved the interim management report as at 31 March 2021.

The President Dario Pardi commented as follows: "The first months of 2021 saw significant improvements, with double- and triple-digitgrowth in volumes and margins. We are therefore satisfied with the results achieved despite the difficulties caused by the pandemic situation, as demonstrated by the ever-increasingnumber of customers who rely on our technological solutions and those who choose us as a strategic partner in their business. In this first quarter, the ongoing projects continued in all areas of our competence and important investments were made, in the wake of last year, when more than 10% of revenues were invested. We remain convinced that innovating and updating our services and our offering is essential to maintain a high level of competitiveness ".

"In Q1 2021 we have once again demonstrated our ability to dynamically evolve to respond to market demands - underlined CEO Valentino Bravi. In particular, the introduction of the PSD2 legislation sees us increasingly protagonists with solutions that facilitate banking institutions and new players in the world of payments to seize the enormous opportunities offered by a constantly evolving market. The development of the Global Payments Platform (the only one of its kind, which integrates the world of interbank payments with digital payments) is positioning TAS Group as one of the main leaders in the sector not only in the Italian market but also in several European countries. In addition, in recent months we have completed the development and go-live of the Aquarius platform with various customers. Aquarius, already installed in over 80% of the Italian Banking sector and in some European banks, qualifies as the most flexible, complete and updated solution for Banking Treasury, Collateral Management, Liquidity Management and the T2 / T2S consolidation project.

Furthermore, Banks are also investing an ever-increasing budget to meet the need for digital transformation and the new operating model linked to the Coronavirus, another process in which

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TAS plays a primary role. Shifting the focus to the corporate investment policy, also in the first half of 2021 we are continuing the multi-year investment plan to adapt our offer to the most recent technological (micro-services) and functional needs of our customers. The results obtained - such as the growth in revenues in Italy and especially abroad, thanks also to the consolidation of the Infraxis company acquired last year - do confirm that the strategic decisions, supported by the huge investments made in recent years, are correct."

Data as of 31/03/2021

The following table summarizes the main economic and financial results of the Group as at 31 March 2021 which include the economic effects of the Infraxis Group acquired on 30 June 2020.

Results as of March 31, 2021

The Group's total revenues, made up almost entirely of core revenues, amounted to € 15.2 million at 31 March 2021 compared to € 13.3 million in the corresponding period of the previous year, with double-digit growth equal to 14.2%.

Core revenues, consisting of software licenses and related maintenance (36.1%), royalties, usage fees and SAAS services (12.1%), assistance fees and professional services (51.8%), grew by 14% to 15.1 million euros at March 31, 2021.

1IAP: EBITDA (Earrning Before Interest Taxes Depreciations and Amortizations - Gross Operating Margin) represents an alternative performance indicator not defined by IFRS but used by the Company's management to monitor and evaluate its operating performance, as it is not influenced by volatility due to the effects of the various criteria for determining taxable income, the amount and characteristics of the capital employed as well as the related amortization policies. This indicator is defined for the Group as Profit / (Loss) for the period before depreciation and amortization of tangible and intangible fixed assets, financial income and charges and income taxes.

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Revenues in Italy grew by 7.3%, while abroad they grew by 39.8% (+1.1 million euros), thanks also to the impact of the Infraxis Group (1.9 million euros), acquired with economic effect in the consolidation from 1 July 2020.

Ebitda for the period grew by 66.6% to 3.9 million euros compared to 2.3 million in the first quarter of 2020, with an incidence on total revenues of 25.3% compared to 17.4% of 2020 (of which 1.5 million euros from the Infraxis Group).

The operating result for the period almost doubled to 1.8 million euros compared to 1.0 million euros in the first quarter of 2020. This value is affected by depreciation of 2.0 million euros.

The net result for the period, after current and deferred taxes of € 0.9 million, is clearly improving with a profit of € 0.8 million, compared to € 0.2 million at March 31, 2020.

The Net Financial Position, excluding the impact deriving from IFRS 16, is positive for € 7.6 million compared to a value of € 2 million at 31 December 2020, an improvement of € 5.6 million. Including the impact of IFRS 16, the Net Financial Position is negative for € 0.6 million compared to a negative value of € 6 million at 31 December 2020. Cash and cash equivalents amounted to € 20.5 million, in an improvement of 9.9 million euros compared to 10.6 million euros at 31 December 2020. The increase is linked for 5 million euros to the loan taken out by the subsidiary Global Payments with Ubi Banca (now Intesa SanPaolo) and for 4, 9 million euros to cash generation for the period, mainly linked to the seasonality of collections historically foreseen in the first months of the year, due to the annual billing of maintenance and usage fees on installed software products, of which 2.4 million euros generated by the Infraxis Group.

Performance of operating activities

During the period, the Group's investments continued in the various areas and the market action in European countries was strengthened as well as the definition of strategic partnerships for the development of the Group's business. In particular, it should be noted:

• for the Financial Markets and Treasury area: the continuation of the developments on the Aquarius platform, to manage liquidity, according to the principles of Basel 3, in an integrated manner for securities, cash and collateral. Aquarius is specifically designed for the European market and integrated with Target2 and Target 2 Securities platforms as well as triparty collateral management systems. Thanks to the work of the interbank working group for the Consolidation T2 / T2S Eurosystem project, created and coordinated by TAS with the support of Partner companies KPMG and Accenture, the Aquarius solution qualifies as the most updated and flexible platform available to Banks engaged in the challenging compliance impacts generated by the new settlement infrastructure of the European Central Bank which will replace the current systems in a big bang mode starting from November 2022;
• for the eMoney area: the continuation of the evolutionary developments on the CashLess 3.0® platform for the Italian market, as well as the strengthening of the ACS solution with the introduction of Risk Based Authentication for the secure authentication of cardholders according to the EMVCo 3DSecure2.0 protocol; the Fraud Protect solution, empowered by predictive models regarding both card-based payment transactions and account-based transactions such as credit transfers and instant payments, is also strengthened with particular attention to the implications of the PSD2 regulation in terms of Strong Customer Authentication exemption and Transaction Risk Analysis; among the most recent developments there are the Payment Intelligence and Harmonizer Hub components, designed to simplify the behavioral analysis on Big data of customer transactions; the most

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recent additional module dedicated to Sanction Screening of payment transactions, a mandatory activity in the Transaction Banking area for Anti Money Laundering purposes, is also in an advanced stage of development. For the foreign market, Infraxis continued to develop the Paystorm product for its international customers and the specific ones for the Brazilian market with its partner Swap. In addition, Infraxis AG has enriched the functionality of the IQS testing product. The integration activities between the Card 3.0 IE (International Edition) platform and the PayStorm product also progressed under the coordination of TAS International, with the rebranding of the entire Card 3.0 IE suite under the name PayStorm;

• for the Payment Systems area: the continuation of the development and expansion activities of the TAS TPP Enabler solution, following the interest shown by the Banks and Third Parties willing to operate as PISP / AISP / CISP in response to the solicitations and opportunities introduced by the PSD2 and the implementation of the GPP- Global Payment Platform for the same subjects; the development of the Network Gateway3.0 platform also continues, covering the evolution of the ESMIG access interface to the new Eurosystem Target Services (T2 / T2S / TIPS);
• for the Financial Value Chain area: the strengthening of the PayTAS suite offer in the eGovernment space, for accessing the centralized Payments Node by PSPs (Payment Service Providers) and central and local Public Administration entities, in line with evolutions dictated by PagoPA SpA, the public company, with the mission of a widespread diffusion of digital payments and digital services in the country. The functional and technological review (based on microservices) of the e-Banking and Corporate Banking solution for business customers also continues, particularly under a PSD2 and consumer perspective;
• for the 2ESolutions area: the continuation of the project to reposition the TAS offering from a proprietary solution to a market proposition, with a focus on the Cloud, Customer eXperience and Social business collaboration, with an international perspective relying on Oracle's Cloud Applications.

Geographically, market action continues in Europe, North America and Latin America where the Issuing and Processing offer combined with the Cloud proposition is enjoying success thanks to the high flexibility of the operating model and the significant reduction in time- to-market in issuing new payment card products. In Brazil, as a result of TAS Brasil's acquisition of company shares in Swap Processamento de Dados, and the latter's commitment to base its e-money and processing offer on the PayStorm platform, on the one hand new services were launched for Swap's direct customers and, on the other, commercial activity was intensified with several prospects that will also allow the activation of new products and services provided directly by Swap.

The integration activity between the PayStorm platform and the T24 / Transact and Infinity solutions of the Partner Temenos also continues, facilitated by the partnership with ITSS, one of the major System Integrators of the world leader in core banking solutions. The joint market scouting with Partners continues without geographical limitations.

In Italy, the market recognition of Aquarius being a treasury solution capable of meeting the challenges of T2 / T2S Consolidation increases, and the promotion action of the Global Payment Platform towards non-bank new entrants enabled by PSD2 as well.

Significant events that occurred in the first quarter of 2021

• On 8 February 2021, the subsidiary Global Payments took out a bank loan of 5 million euros from UBI Banca SpA (now IntesaSanPaolo) which provides for 6 monthly pre-amortization instalments starting from 8 March 2021 and 30 monthly repayment instalments. At the same

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time, the company proceeded, with the same credit institution, to the stipulation of an Interest Rate Swap contract detailed below:

These are operations to hedge the interest rate risk deriving from the loan taken out with Intesa SanPaolo.

• In February 2021, the LEAT laboratory of the University of the Côte d'Azur (UCA), part of the French CNRS (National Center for Scientific Research), has entered into a partnership with TAS Group to test performance and explore the prospects for a distribution on a large scale of the blockchain, applied to the protection and authentication of data for the activation of smart contracts. These new technologies are expected to revolutionize the way claims related to inter- vehicle accidents are handled in the coming years.
• On March 2, 2021 TAS France and Symag, the innovative company of the BNP Paribas Group providing collection and loyalty solutions and services in the Retail sector, entered into a technological partnership to allow customers to quickly activate the Symag's solutions in SaaS mode with 24/7 availability.
• On March 16, 2021 Cascade, an issuer and processor based in the United States, announced the imminent launch of the Visa® THAT ™ prepaid card. THAT will be the first card program offered by Cascade entirely based on the PayStorm platform, the TAS Group solution developed with microservices and based on advanced APIs.

Events subsequent to the end of the first quarter

• On April 29, 2021, the ordinary Shareholders' Meeting of the Company approved the allocation of the result for the year 2020, which was allocated as follows:
• • for Euro 829,873.12 to the legal reserve pursuant to art. 2430 Civil Code;
  • for Euro 15,767,589.36 carried forward.

Covid-19 - Call for attention to financial reporting

In compliance with the obligations set out in the attention notice n. 1/21 issued by Consob on February 16, 2021, relating to the financial information that issuers must provide in light of the consequences of the Covid-19 pandemic (in line with the recommendations published by ESMA on common European supervisory priorities of October 28 2020 "European common enforcement priorities for 2020 annual financial reports", it is announced that the Group, albeit in a particularly complex context, achieved broadly positive results both in terms of revenues and of marginality, substantially aligned with expectations as reported in the budget approved by the Board of Directors on February 26, 2021.

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