TAS Tecnologia Avanzata dei Sistemi S p A : Excellent economic results for TAS Group in the half-year report, compared to last year’s first semester. Revenues up to 29.7 million (+ 13.1%) and Ebitda up to 5.6 million (+ 33.2%)

Milan, 9 September 2021

PRESS RELEASE

TAS

THE BOARD OF DIRECTORS APPROVED THE HALF-YEAR REPORT

AT 30 JUNE 2021

SIGNIFICANT GROWTH IN REVENUES AND MARGINALITY

• Total revenues: 29.7 million euros, a double-digit increase (+ 13.1%) compared to
• 1. million euros in the first half of 2020
• Gross Operating Margin (EBITDA): up 33.2% to 5.6 million euros compared to 4.2 million euros in the first half of 2020, with an incidence on total revenues of 18.8% (16% in the first half of 2020)
• Operating result (EBIT): positive for 1.1 million euros, in line with the value of the previous half year
• Net result for the period: positive profit of 0.3 million euros compared to a value of
• 1. million euros in the first half of 2020
• Net financial position: positive for 4.5 million euros (excluding the impact of IFRS 16) compared to a positive value of 1.5 million euros at 31 December 2020, an improvement of 3.0 million euros

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 chairmanship of Dario Pardi and approved the consolidated half-year report as at 30 June 2021.

Chairman Dario Pardi commented as follows: "The results obtained in the first half of 2021 are absolutely satisfactory and confirm the positive financial performance of the previous periods, testifying to the solidity of the Group and the validity of the undertaken business actions. TAS Group is a company characterized by a strong propensity for continuous evolution and growth, as demonstrated also by the strategic operations completed in the first six months of 2021, and those we are about to conclude, such as the agreement for the acquisition of the majority stake in EliData SpA, a software house developing IT solutions for the financial sector that will allow us to strengthen our role in the area of specialized solutions and services in treasury management and financial markets ".

Valentino Bravi, Chief Executive Officer of the Group, added: "In the first half of 2021 we actively pursued the multi-year investment plan aimed at ensuring the compliance of our offer with the latest technological requirements, applying the new micro-service based architectures to all new products and software under development. Bringing technologically advanced and competitive solutions to the markets is an imperative for us and one of the pillars of our business strategy ".

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Data as of 30/06/20211

The following table summarizes the Group's main economic and financial results at 30 June 2021 compared with the corresponding period of the previous year:

TAS GROUP (thousands of Euro)	30.06.2021	30.06.2020	Var.	Var%
Total revenue	29,745	26,296	3,449	13.1%
- of which core	29,521	25,879	3.642	14.1%
- of which non typical	225	417	(192)	(46.0%)
Gross operating margin (Ebitda2)	5,588	4.195	1,393	33.2%
% of total revenues	18.8%	16.0%	2.8%	17.8%
Operating result (Ebit)	1.079	1,207	(128)	(10.6%)
% of total revenues	3.6%	4.6%	(1.0%)	(21.0%)
Result before taxes	953	841	112	13.3%
% of total revenues	3.2%	3.2%	0.0%	0.2%
Group net profit / (loss) for the period	259	505	(246)	(48.7%)
% of total revenues	0.9%	1.9%	(1.0%)	(54.7%)
TAS GROUP (thousands of Euro)	30.06.2021	31.12.2020	Var.	Var%
Total assets	114,588	105,481	9.107	8.6%
Total Net Equity	38.776	38,611	165	0.4%
Net equity attributable to the shareholders of the parent company	38.150	37.968	182	0.5%
Net Financial Position3	(2,585)	(6,450)	3,865	59.9%
- of which liquidity	17,311	10,647	6,664	62.6%
- of which payables to banks and other lenders	(12,772)	(9,073)	(3,699)	(40.8%)
- of which leasing payables (IFRS 16)	(7,124)	(8,024)	900	11.2%
Employees at the end of the period (number)	565	560	5	0.9%
Employees (average for the period)	549	525	24	4.6%

The total revenues of the Group in the first half of 2021 amounted to 29.7 million euros (a double- digit increase of +13.1%), compared to 26.3 million euros in the previous half-year. The consolidated financial statements at 30 June 2021 benefited from the contribution of the Infraxis Group, 3.5 million euros of revenues in the first half of 2021, acquired with economic effect in the consolidated statements from 1 July 2020.

Core revenues, mainly consisting of software licenses and related maintenance (33.6%), royalties, usage fees and SaaS services (21.7%), support fees and professional services (44.7%), grew in Italy by + 4.1% and abroad by 61.7%.

Ebitda for the period grew by 33.2% to 5.6 million euros compared to 4.2 million euros in the first half of 2020, with an incidence on total revenues of 18.8% compared to 16,0% in 2020. The contribution of the international part reached around 34%.

1The European Securities and Markets Authority (ESMA) has published guidelines on Alternative Performance Indicators ("IAP") for listed issuers. The IAP refer to measures used by management and investors to analyze the trends and performance of the Group, which do not derive directly from the financial statements. These measures are relevant to assist management and investors in analyzing the Group's performance. Investors should not consider these IAP as a substitute, but rather as additional information to the data included in the financial statements. It should be noted that the IAP as defined may not be comparable to measures with a similar name used by other companies.

2IAP: 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 assets, financial income and charges and income taxes.

3The Company has applied the new Net Financial Position scheme envisaged by Consob's Notice no. 5/21 of 29 April 2021, which implements the ESMA Guideline published on 4 March 2021.

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The operating result for the period, which includes depreciation of 4.5 million euros, is positive for

1.1 million euros and in line with the previous half year (+1.2 million euros). In particular, the value of amortization at 30 June 2021 includes € 0.4 million linked to the effects of the purchase price allocation for the Infraxis Group.

The net result for the period, after current and deferred taxes for 0.7 million euros, stands at a positive value of 0.3 million euros compared to a value of 0.5 million euros in the previous half- year (current and deferred taxes amounted in the first half of 2020 to € 0.3 million).

The Net Financial Position, excluding the impact deriving from IFRS 16, is positive for 4.5 million euros compared to a positive value of 1.5 million euros at 31 December 2020, an improvement of 3 million euros. Including the impact of IFRS 16, the Net Financial Position is negative for Euro

2.6 million compared to a negative value of Euro 6.5 million at 31 December 2020. Cash and cash equivalents amounted to Euro 17.3 million, an improvement of € 6.7 million compared to € 10.6 million at 31 December 2020.

Performance of operating activities

During the period, the Group's investments continued in the various areas and the international market action was strengthened as well as the research and negotiation of strategic partnerships for the development of the Group's business. Particularly:

• for the Financial Markets and Treasury area: the continuation of the development projects related to the Aquarius platform, to manage liquidity, according to Basel 3 principles, in an integrated way for securities, cash and collateral. Aquarius is designed in particular for the European market and integrated with Target2 and Target 2 Securities platforms as well as with the triparty collateral management systems. Thanks to the work of the interbank working group for the T2/T2S Consolidation Eurosystem project, created and coordinated by TAS with the support of the KPMG and Accenture Partners, the Aquarius solution qualifies as the most flexible, complete and updated platform available to the Banks involved in the challenging

compliance impacts generated by the new European Central Bank settlement infrastructure, which will replace the current systems in bang mode starting from November 2022;

• for the E-money area: the continuation of the evolutionary developments on the CashLess 3.0® platform for the Italian market, and in particular the creation of a new proposition for the banking branch transformation: the Remote Teller, a remotely managed bank branch that allows the Institute, in the age of imperative cost-cutting and closing of physical branches in the territory, to avoid losing that segment of customers who require a trust relationship with their credit institution while being less accustomed to digital channels and internet banking. The Fraud Protect solution, equipped with predictive models tuned on card-based payment transactions but also on interbank credit/debit transfers and instant payments, continues its strengthening process with particular attention to the implications of the PSD2 regulation on the topic of Strong Customer Authentication exemption and Transaction Risk Analysis; the Payment Intelligence and Harmonizer Hub components have also been released, designed to simplify the behavioral analysis on Big data of customer transactions; the most recent module under development within the Fraud Protect suite is dedicated to the Sanction Screening of payment transactions, a mandatory activity in the Transaction Banking area for Anti Money Laundering purposes. For the foreign markets, Infraxis continued to develop the Paystorm solution adopted by its international customers and the specific platform configuration for the Brazilian market with its partner Swap. In addition, Infraxis AG has enriched the functionality of the IQS testing product.
• for the Payment Systems area: the continuation of the development and expansion activities for the TAS TPP Enabler solution, following the interest shown by the Banks and Third Parties

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candidates to operate as PISP / AISP / CISP in response to the solicitations and opportunities introduced by the PSD2, and the implementation of the GPP platform - Global Payment Platform for non-bank new entrants; the development of the Network Gateway3.0 platform also continues, referring to the evolution of the ESMIG access interface to the new Eurosystem Target Services (T2 / T2S / TIPS / ECMS);

• for the Financial Value Chain area: the strengthening of the PayTAS suite offer for eGovernment in line with the specifications being defined in relation to the pagoPA circuit for PSPs (Payment Service Providers) and central and local Public Administration Bodies. The functional and technological (microservices) review of the e-Banking and Corporate Banking solution for business customers also continues, both from a PSD2 and a consumer perspective, as well as the preparation of use cases that take advantage of the new European Request to Pay (RTP) scheme;
• for the 2ESolutions area: Cloud, Customer eXperience and Social business collaboration, with an international perspective, built on Oracle Cloud Applications, continue to be the core focus of the extended enterprise offering of this area.

At a geographical level, 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 customer services have been launched for Swap's current clients and, on the other hand, commercial activity has intensified with various new potential customers which 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 collaboration 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.

At the Italian level, the affirmation of Aquarius continues, as a treasury solution capable of meeting the challenge of the T2 / T2S Consolidation project, as well as the promotion action of the Global Payment Platform towards non-bank players who have recently entered the payments ecosystem thanks to PSD2.

Significant events that occurred during the half year

Among the activities and events worthy of note during the half year, the following should be noted:

• On February 8, 2021, the subsidiary Global Payments took out a bank loan of 5 million euros from UBI Banca SpA (now Intesa SanPaolo) which provides for n. 6 monthly pre- amortization installments starting from 8 March 2021 and n. 30 monthly repayment installments. At the same time, the company proceeded, with the same credit institution, to the stipulation of an Interest Rate Swap contract detailed below:

Type of financial	Initial date	Expiration	Bank	Customer	Notional in	Reference bank
transaction			parameter	parameter rate	Euros
			rate
				Euribor 3m +
IRS	08/02/2021	08/02/2024	Euribor 3m	Spread 1.05%	5,000,000	Intesa SanPaolo
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These are operations to hedge the interest rate risk deriving from the loan taken out with Intesa SanPaolo Bank.

• In February 2021, the LEAT laboratory of the University of the French Riviera (UCA Université Cote d'Azur), part of the French CNRS (National Center for Scientific Research), entered into a partnership with TAS Group to test performance and explore perspectives for a large-scale distribution 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, BNP Paribas Group's innovative provider of loyalty, collection and loyalty solutions and services in the Retail sector, entered into a technological partnership to allow Symag customers to quickly activate the solutions of the latter in SaaS mode with 24/7 availability.
• On March 16, 2021 Cascade, a US-based issuer and processor, announced the imminent launch of the Visa® THAT ™ prepaid card. THAT is the first card program offered by Cascade entirely based on the Issuing PayStorm platform, the TAS Group solution developed with microservices and based on advanced APIs.
• 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 of the civil code;
  • for Euro 15,767,589.36 carried forward.
• On May 28, 2021, TAS Group announced that it had acquired ISO 27001 certification also for the parent company and the subsidiary Global Payments S.p.A . Mantica Srl, the Group company specialized in Machine Learning, also passed the audit and obtained the UNI EN ISO 9001: 2015 certification for its quality management system.
• On June 24, 2021, TAS Group launched a new brand and a new line of services: TAS Group Cloud Services. The operational heart of TAS Group's cloud services is concentrated in the Sophia-Antipolis Datacenter (France) supported by other Datacenters in Europe (Milan, Bologna, Paris). TAS Group's Cloud Services are certified ISO 9001, ISO 27001 (information security), HDS (health data protection) and PCI-DSS (credit card data protection), combining a very high level of certification in terms of quality of service to the major guarantees of data protection.
• On June 22, 2021, Global Payment SpA signed an investment agreement, with a 5% minority stake, in the share capital of Flywallet Srl, the innovative startup that created a digital platform for enabling payments and services via devices wearables with biometric authentication.

Other events subsequent to the end of the semester

From the end of the semester, it should be noted in particular that:

• On July 22, 2021, the subsidiary TAS International entered into a credit agreement with Credit Suisse for a total of € 5 million. This credit can be used by the subsidiary as a current account overdraft, as cash advances to be requested within the first 12 months of stipulation or as a guarantee line (of which up to 4 million euros within the first 12 months).

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