TAS Tecnologia Avanzata dei Sistemi S p A : Annual financial statements and consolidated financial statements 2020 with reports (English version) -

TAS S.p.A.

Consolidated Financial

Statements and Annual

Financial Statements at

31 December 2020

COMPANY SUBJECT TO THE MANAGEMENT AND COORDINATION OF OWL S.p.A.

TAS Tecnologia Avanzata dei Sistemi S.p.A.

Page 2

TABLE OF CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS OF TAS GROUP

		Page
- Corporate structure of the Parent Company TAS S.p.A.	3
-	Group structure	4
- Information on Parent Company	5
- Activities and Group Structure	9
-	Management Report	14
-	Consolidated Financial Statements	68
- Notes to the Financial Statements	73
-	Annexes:	153

1. Statement pursuant to art. 154-bis, sections 3 and 4 of Italian Legislative Decree no. 58/1998

FINANCIAL STATEMENTS OF TAS S.P.A.

-	Financial statements of TAS S.p.A.	154
-	Notes to the Financial Statements	159
-	Annexes:	227

1. Financial statements of OWL S.p.A.
2. Statement pursuant to art. 154-bis, sections 3 and 4 of Italian Legislative Decree no. 58/1998

Consolidated Financial Statements and Annual Financial Statements of TAS S.p.A at 31 December 2020

TAS Tecnologia Avanzata dei Sistemi S.p.A.

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CORPORATE BODIES

Board of Directors

expiry: on the approval of the Financial Statements at 31 December 2022

Dario Pardi	1	Chairman
Valentino Bravi	1	Chief Executive Officer
Fabio Bravi	1	Director
Umberto Pardi	1	Director
Giancarlo Maria Albini	1,2,3	Independent non-executive director
Carlotta De Franceschi	1.3	Independent non-executive director
Ambrosella Ilaria Landonio	1.2	Independent non-executive director
Roberta Viglione	1.2	Independent non-executive director
Annunziata Magnotti	1.3	Independent non-executive director

Board of Statutory Auditors

expiry: on the approval of the Financial Statements at 31 December 2022

Statutory Auditors

Antonio Mele	1	Chairman
Luca Maria Tesio	1
Diana Rizzo	1
Alternate Auditors
Sonia Ferrero	1
Gian Luca Succi	1
Auditing Firm		Deloitte & Touche S.p.A.
Share capital	Euro 24,330,645.501	Fully subscribed and paid-up
No. shares	83,536,898

1 Appointed by the Shareholders' Meeting on 28 Ap

2020

1. Member of the Control, Risks and Related Parties Committee
2. Member of the Remuneration and Appointme Committee

1 On 28 April 2020, the Shareholders' Meeting approved a stock option plan pursuant to article 114-bis of the Consolidated Law on Finance (TUF) and article 84-bis, paragraph 1 of the Issuers' Regulation, in favour of employees of TAS (including directors with strategic responsibilities) and of its subsidiaries, for 2020-2022 up to a maximum nominal amount of Euro 482,299.58, for the issuing, also repeated, of a maximum of 1,663,102 shares, corresponding to 1.99% of share capital.

Consolidated Financial Statements and Annual Financial Statements of TAS S.p.A at 31 December 2020

TAS Tecnologia Avanzata dei Sistemi S.p.A.

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GROUP STRUCTURE

Ownership percentages and structure at 31 December 2020

Consolidated Financial Statements and Annual Financial Statements of TAS S.p.A at 31 December 2020

TAS Tecnologia Avanzata dei Sistemi S.p.A.

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INFORMATION ON TAS S.P.A.

TAS Group is a group specialising in software solutions for electronic money, payments, capital markets and Extended Enterprise systems. Listed on the Italian Online Stock Exchange ["Mercato Telematico Azionario"] since May 2000, TAS is the market leader in Italy for card management systems, payment networks access and stock exchange order management.

TAS Group (hereinafter the "Group") is the trade name identifying the group of companies comprising TAS Tecnologia Avanzata dei Sistemi S.p.A. (hereinafter "TAS", "TAS S.p.A.", the "Company" or the "Parent Company") - controlled by OWL S.p.A. - of the companies in which interests are held Global Payments S.p.A. ("Global Payments"), Mantica Italia S.r.l. ("Mantica") and TAS International S.A. (formerly TAS Helvetia S.A.) ("TAS International"), and the subsidiaries of TAS International TAS France S.A.S.U. ("TAS France"), TAS Iberia S.L.U. ("TAS Iberia"), TAS Germany GmbH ("TAS Germany"), TAS Brasil Ltda ("formerly TASAMERICAS Ltda, renamed "TAS Brasil" on 25 February 2021) TAS USA Inc ("TAS Usa"), TAS Eastern Europe d.o.o. ("TAS EE"), Infraxis AG and Infraxis LTD ("Infraxis Group" or "Infraxis").

The TAS Group serves the most important commercial and central banks in Italy and Europe, major organisations offering financial services and some of the main global brokers present in the Fortune Global 500 classification.

Standing as a first level partner on international markets, the TAS Group operates through various subsidiaries.

Thanks to the diversification path followed over the last ten years, TAS Group solutions have been adopted by Public Administrations (Ministries, Regions and other local Entities) and by non- banking companies from many different sectors.

TAS is held for 73.208% (figure at the approval date of this report) by OWL S.p.A., a company indirectly controlled by Dario Pardi, who is also Chairman of the Board of Directors of TAS S.p.A. and by Valentino Bravi, Chief Executive Officer of the Company, by their respective family members, and by the investors Carisma S.p.A. and Sergio Loro Piana S.a.p.A. that became part of the TAS ownership structure on 20 February 2020, via the vehicle CLP S.r.l.

Over 100 million cards managed at international level

Over 100 financial institutions in Italy manage securities using TAS solutions

A presence in 8 countries and more than 150 customers worldwide

ISO 9001 2015 compliance certificate

The largest payment carrier in Europe

ERP solutions adopted by major service industries and PA entities

Consolidated Financial Statements and Annual Financial Statements of TAS S.p.A at 31 December 2020