Dovalue

Investor Presentation • Jan 26, 2022

Capital Markets Day

January 26th, 2022

1 Capital Markets Day

Leading the evolution of the credit servicing industry

Team

Agenda

10.00 - 10.30	1	Key Highlights
10.30 - 10.45	2	Focus on Italy
10.45 - 11.00	3	Focus on the Hellenic Region
11.00 - 11.15	4	Focus on Iberia
11.15 - 11.35	5	Transformation Plan
11.35 - 11.50	6	Financial Targets
11.50 - 12.00	7	Closing Remarks
12.00 - 13.00	8	Q&A

Key Highlights

Andrea Mangoni

A highly attractive business model

Independent & capital light servicing platform, fee-based business model, limited balance sheet deployment, focus on high value-added activities

A track record of profitable growth

Substantial growth across all key metrics since IPO

A track record of diversification

Achieved substantial diversification in terms of geographies and clients, ability to operate across the entire credit spectrum

Notes:

1) Calculated as doValue GBV divided by aggregate GBV of servicers operating in Southern Europe

2) Historical clients refer to UniCredit, Fortress and Intesa Sanpaolo

7 Capital Markets Day

Dec - 16 Dec – 21 (PF)

Post-IPO diversification

A track record of successful acquisitions and integration

Proven track record of Core Acquisitions and of investments in Digital Platforms

A track record of cash flow generation and operational resilience

Strong and consistent cash flow generation, deleveraging post M&A and operational resilience, only marginally impacted by COVID

Notes:

1) Free Cash Flow for LTM Sep-21 calculated based on 9M 2020 restated figures. Net Debt / EBITDA PF for Dec-20 calculated based on restated EBITDA

Strategic pillars of previous business plan executed¹

Despite COVID disruption in 2020, fully integrated Altamira and FPS acquisitions, laying strong foundations for the next stage of growth

Notes:

1) Business Plan 2019-2022 presented in November 2019 and updated in December 2019 to take into account the acquisition of FPS

2) GBV as of September 30th, 2021, Gross Revenues on a last twelve months basis up to September 30th, 2021

Structural market tailwinds

Several factors to support doValue reference market both in the short, medium and long term

Substantial formation of new NPEs expected

Approx. €200bn of new NPEs expected in Southern Europe in 2022-2024. Longer term, new NPEs at €50bn+ p.a. (1.0%+ default rate)

Sources: Estimates based on PwC analysis and multiple sources (including local central banks), doValue simulation based on EBA Q3 2021 data

Tangible pipeline of deals expected for 2022

A number of sizeable deals are already in the market for 2022. Pipeline to be further strengthened by formation of new NPEs

Overview			Transaction	Country	Gross Book Value	Comment
			Sareb	Spain	≈ €55bn	Assignment of 2022-2025 servicing contract (current contract expiring in June 2022)
€17bn	Italy Iberia 18% 6%		Ariadne	Greece	≈ €5bn	Disposal by PQH (Greek Bad Bank) of NPL portfolio
Current NPL transaction pipeline in Southern Europe	Hellenic Region 76%	€17bn pipeline (ex Sareb)	Starlight	Cyprus	≈ €2bn	Disposal by Hellenic Bank of servicing platform with GBV (incl. securitisation) and forward flows
(excluding Sareb process)			Sky	Cyprus	≈ €2bn	Disposal by Alpha Bank of NPL portfolio in Cyprus
			SLBO	Greece	≈ €2bn	Sale and lease back of non-performing real estate portfolio sponsored by Ministry of Finance
			Frontier II	Greece	≈ €1.5bn	Second HAPS securitisation by NBG
			UniCredit UTP	Italy	≈ €1bn	Partnership for management of UTP portfolio
			Italy GACS 1	Italy	≈ €1bn	GACS securitisation of non-performing loans Italian bank
			Italy GACS 2	Italy	≈ €1bn	GACS securitisation of non-performing loans Italian bank
			Confidential	Portugal	≈ €1bn	Potential carve out of servicing platform with GBV and forward flows
			Greek Investor Portfolio	Greece	≈ €500m	Reassignment by investor of servicing mandate from existing servicer
			Total		≈ €72bn
			Total (ex Sareb)		≈ €17bn

Widening the reference market

Innovation and extension of long term relationship with clients will enable a substantial increase of doValue reference market

14 Capital Markets Day Sources: Market estimates based on PwC and doValue analysis leveraging on multiple sources (including local central banks and EBA Q3 2021 data) Note: 1) Market share of 0.8% calculated taking into account portion of the €160bn GBV managed by doValue on behalf of banks

doValue strategic evolution

Achieving diversification and scale

Pursuing integration and cross fertilisation between geographies

Leading the evolution of the credit servicing industry through investments in Technology

Strengthening strategic and long term partnership with banks and investors in a broadened reference market

2017-2020 2020-2021 2022-2024 … and beyond

Grow 1

Transform 3

Centralisation of Group Governance

Empower Regional Concept

Establish Back-office Hubs

Centralise IT Group Services

Optimise Cost Base

Improve Client Service

Enhance Recovery Capabilities

Reinforce Sale Capabilities

Enhance Technological Platform

Boost Data Analytics

Improve Track Record

Win More Business

Strategic actions

≈ €55m total investment for Global and Local Transformation (2022-2024)

Run rate €25-30m in savings per annum after 2024 (incl. Ops)

Sustainability targets

Areas	Selected targets for 2022 and 2023	Sustainable Development Goals (United Nations)
Operate responsibly	ISO 37001 certification by 2022 • • Training on Ethical Code and Privacy (75% participation by 2023) • Training on Cyber Security (100% participation by 2022) Client Satisfaction (Net Promoter Score) by 2022 • • Evaluation of 100% of suppliers according to sustainability criteria by 2023
Attention to people	Soft and hard skills training (ongoing) • • Corporate values included in employees' performance evaluation by 2022 • Diversity & Inclusion strategy and programs by 2022 Succession plans by 2022 • • People Engagement Survey participation above 70% Physical and Mental wellbeing program and work life balance program by 2022 • • Support local communities with a Corporate Social Responsibility framework by 2022
Care for the environment	• 100% renewable electricity and energy by 2023 • Increase energy efficiency of offices (ongoing) • 100% sustainable paper (FSC, PEFC or EcoLabel) by 2022 Dec - 16

Guidance for 2021 and financial targets to 2024

	Guidance for 2021		Financial Targets1 to 2024
Gross Book Value	≈ €144bn		≈ €160bn	Expected inflows to more than compensate increased collections, write-offs and • disposals. Strong origination, collections (+200 bps), more favourable GBV mix
Collection Rate	≈ 4.0% 2021E		5.5-6.0%	• Enhanced productivity and GBV rotation (leading to younger average vintage of assets under management) to improve collection rates together with improved macro environment
Gross Revenues	€565-575m 2021E		3-4% CAGR	• Increased collection rates, more cross selling and cross fertilisation between countries
EBITDA ex NRIs	€190-195m 2021E (c. 34% margin)		6-7% CAGR (37% margin target)	• Improved efficiencies leading to material increase in EBITDA margin
Attributable Net Income ex NRIs	€45-50m 2021E		≈ 15% CAGR	• Double digit Net Income CAGR expected based on EBITDA growth and declining D&A
Financial Leverage	2.0-2.2x 2021E		Between 2.0x and 3.0x	• Conservative leverage profile to allow for attractive dividend distributions and flexibility to pursue M&A
Shareholders' Distributions	Indication of €0.50 dividend per share for 20212		Dividend Per Share CAGR (2021-2024) of at least 20% (cumulated 2021-2024 dividends > €200m) Potential to increase distributions through additional dividends and / or share buy back in case of limited M&A activity

Notes:

1) CAGR calculated from mid point of 2021 guidance

2) Subject to doValue Board of Directors approval in the context of the approval of the FY 2021 results and subject to approval in the context of Annual General Meeting of shareholders

Consolidation opportunities

Focus on Italy

Andrea Mangoni

Key achievements in Italy since IPO

Maintained # 1 position, diversifying client and product offering, mitigating profitability pressure due to shift from banks to investors

1	Clients	• Broad client diversification achieved Added more than 20 clients in Italy through active origination effort • 75% of third party GACS awarded to doValue in 2020 and 2021 •	✓
2	GBV	• Maintained GBV stable at c. €80bn • Proactively managed UniCredit deleveraging process retaining and winning business from investors - > €25bn of new GBV secured in 2017-2021, compensating planned attrition of original GBV - New GBV secured without capital deployment	✓
3	Products	• Successful organic development of Efesto UTPs Fund and platform - Deployed underwriting capabilities Set-up of REOs proposition • Access Early Arrears business from new bank clients through new platform in place •	✓
4	Fees	• Protected premium fees by expanding client base from UniCredit to additional investor clients	✓
5	Financial Results	Barriers Mitigated pressure on EBITDA margins • - Overall reduction in FTEs in Italy by 18% (mainly support functions) from c. 1,200 to c. 990 - Remarkable result given absorption of Group functions and rigidity of Italian labour market	✓

Servicers market in Italy

Most servicers in Italy either active as investors (with limited third party client growth) or dependant on few key clients

Pure Servicer (non captive) *

Sources: PwC report "The Italian NPE market", public data and doValue elaboration

Stable

Stable

Expected uptick in formation of new NPEs in Italy

Expectation of approximately €90bn of new NPEs in Italy in 2022-2024

Sources: Estimates based on PwC analysis and multiple sources (among others Bank of Italy, main banks' annual reports and business plans), doValue simulation based on EBA Q3 2021 data

Revenue buckets in Italy

Business plan targets driven by further expansion of product offering and enhanced profitability

Product offering	Revenues (LTM Sep-21)	Current development status	Ambition for 2024	Comment
NPLs	€139m	✓✓✓ (new unified and enhanced platform)	✓✓✓	• Maintain leadership, in particular on GACS - > 75% share in 2020-2021 • Enhance productivity to defend / grow profitability - Lower FTEs through enhanced NPL platform (doVAMs) deployed in 2021
REOs	–	✓ (platform in place)	✓✓	• Altamira-like real estate portal and asset master now operational but value not fully exploited yet • New REOCO and auction facilitation platforms
UTPs	€2m	✓ (platform in place)	✓✓	Further expand Efesto UTP Fund, add more loans and banks • (currently 12) Successfully participate to outsourcing selection processes by • Italian banks
Early Arrears	–	✓ (platform in place)	✓✓	Expand on Early Arrears business leveraging on doValue Greece • experience - First pilot with top bank from Jan-21 • Banks (not yet structured) will demand services post moratoria
Services	€23m	✓✓	✓✓	• Continue to leverage on current offering - doData, legal services, underwriting & due diligence services

Efesto UTP Fund successful case study

An innovative "open platform" approach to the management of UTPs

Reducing costs and optimising operations

Significant milestones have been achieved and additional projects are underway

• Merger of NPL platforms completed
  • Improved systems and higher efficiency
• Outsourcing agreement with IBM
  • Sale of doSolutions as going concern to IBM
• Reduced physical office presence
  • From 14 offices to 9 offices in Italy
• Voluntary exit schemes
  • Reduced personnel by c. 110 FTEs
• Transfer to IBM
  • Reduced personnel by c. 140 FTEs
• Italy FTEs reduced from c. 1,220 to c. 990 (Dec-21)

Total savings of c. €8m per annum

Projects in 2019-2021 Operating costs in Italy Projects in 2022-2024

• Process standardisation & triage model
• Lower personnel requirements
• Text mining
  • Advanced analytics to automate extraction of information from written documents
  • Better data consistency and reduction of time allocated by asset managers
• Data platform
  • Unique repository for all data from all systems with use of digital technology
• Leverage the existing IT outsourcing to achieve additional cost base optimisation
• Consolidation of two offices into one in Rome
  • Closed office hosting 300 FTEs previously
  • Formal remote working routine introduced
• Voluntary scheme to facilitate further exits
  • Scheme referring to 5% of FTEs

Total savings of c. €4m per annum

Historical performance and targets

Italian business now stabilised after structural shift in client mix. Profitability to be enhanced by doTransformation program

Focus on the Hellenic Region

Theodore Kalantonis

Key achievements in the Hellenic Region

Confirmed # 1 position as independent servicer in the Hellenic market through Project Frontier and Project Mexico

Servicers market in the Hellenic Region

Relatively concentrated market structure with top 4 players representing 80% of the market

Base fee

Collection fee

* Pure Servicer (non captive)

Sources: PwC, public data and doValue elaboration (pro-forma for Project Frontier)

Note: 1) Excluding Eurobank which has a scale down fee mechanism embedded in initial contract

Expected uptick in formation of new NPEs in the Hellenic Region

Expectation of approximately €14bn of new NPEs in the Hellenic Region in 2022-2024 (on top of current excess NPEs of €10bn+)

Sources: Estimates based on PwC analysis and multiple sources (Bank of Greece, Bank of Cyprus, banks' annual reports and business plans), doValue simulation based on EBA Q3 2021 data

Revenue buckets in the Hellenic Region

Further boost leadership position through acquisition of key mandates, both primary and secondary

Product offering	Revenues (LTM Sep-21)	Current development status	Ambition for 2024	Comment
NPLs	€100m	✓✓✓	✓✓✓	• Maintain market leadership (in particular HAPS) and enhance productivity Consolidate smaller servicing platforms •
REOs	€14m	✓✓	✓✓✓	• Altamira-like real estate portal and asset master now operational in Greece • REO activity particularly strong in Cyprus - To be further enhanced by collaboration with BidX1
UTPs	€37m	✓✓✓	✓✓✓	• Active restructuring capabilities • Major area of strength of Greek servicers (historical regulation) • Ad-hoc / in-house systems for client segmentation and strategy
Early Arrears	€25m	✓✓✓	✓✓✓	• Further expand on Early Arrears business to other banks State-of-the-art IT platform covering the overall servicing cycle •
Services	€3m	✓✓✓	✓✓✓	• Already deployed due diligence and underwriting capabilities - Project Frontier and Project Mexico as key examples

Reducing costs and optimising operations

Journey to higher efficiency levels to reduce cost base in the medium term and protect margins

Change Enhance post carve-out operating model by focusing on increasing efficiency	Grow	Onboard new portfolios, while establishing a blueprint process
Retail initiatives	Corporate initiatives	Operations initiatives
Streamline credit processes Redesign RM service model Optimize Call Centre operations Separate from Eurobank network by 2023	Redesign RM service model Streamline serving operational model via a holistic CRM system Redefine portfolio allocation criteria	Re-engineer legal actions & litigation operations Redesign and centralize Loan Administration & Back office activities Redesign customer (not client) service and complaint management
End-to-end lean journey optimisation
Set-up of digital channels functionalities
Establishment of a holistic data platform
Re-organisation and smart working
Annual cost savings by 2024 of €12-13m (c. 20% of 2022 operating cost base)

Historical performance and targets

Attractive fee levels driving above average profitability, increased productivity to support profitability going forward

Focus on Iberia

Francesc Noguera

Key achievements in Iberia since Altamira acquisition

Maintained # 1 position, mitigated profitability pressure and acted as REOs best practices provider to the rest of doValue Group

1	Clients	• Ongoing diversification of client base lowering reliance on Santander and Sareb - Portfolio of clients currently including also institutional investors • New market opportunities to arise post-COVID	✓
2	GBV	Maintained GBV above €40bn • Current focus is managing competitive process with Sareb • - Contract in place expires in June 2022 - Process requires Altamira to adopt new operating model • Potential GBV increase from Sareb and consolidation opportunities	✓
3	Products	• Potential to further develop NPLs business - Import securitisation schemes and further develop SME value proposition - Deploy legal services • Further enhance real estate development proposition through formal separation of activities	✓
4	Fees	In process of migrating to new generation contracts (investors) without upfront fee •	✓
5	Financial Results	Barriers • Alleviated pressure on EBITDA margins - Overall reduction in FTEs by c. 20% since 2019 Transformation plan to improve productivity •	✓

Servicers market in Iberia

Relatively fragmented market structure in Iberia could lead to a consolidation wave post Sareb

Base fee

Collection fee

* Pure Servicer (non captive) Sources: PwC, public data and doValue elaboration * Currently Servicer of Sareb

Expected uptick in formation of new NPEs in Iberia

Expectation of approximately €90bn of new NPEs in Iberia in 2022-2024

Sources: Estimates based on PwC analysis and multiple sources (among others Bank of Spain, Bank of Portugal, banks' annual reports and business plans), doValue simulation based on EBA Q3 2021 data

Revenue buckets in Iberia

Key objective for 2024 is to transform the operating model and develop new revenue streams

Product offering	Revenues (LTM Sep-21)	Current development status	Ambition for 2024	Comment
NPLs	€100m	✓✓	✓✓✓	Further develop model into more granular and unsecured NPEs • • Increase collections by growing productivity per FTEs Leverage on securitisations capabilities developed in Italy / Greece •
REOs	€56m	✓✓✓	✓✓✓	• Maintain market leadership • Fine tune model to further increase productivity • Add BidX1 as new digital REO commercialization channel
Real Estate Development	€11m	✓✓	✓✓✓	• Further focusing real estate development business (Adsolum) Corporate independence to increase strategic focus •
UTPs & Early Arrears	–		✓	• Currently UTP and Early Arrears still managed in-house by banks - Leverage on experience in Italy and Greece to develop business - Platform to be rolled out already in 2022
Services	€8m	✓	✓✓	Legal services proposition to be enhanced •

Sareb possible scenarios

Strategic value of Sareb in the Spanish servicing market, doValue is focussed on obtaining the renewal of contract and preserving market share

Transformation to increase productivity and improve performance

4 pillars for this transformation program under one single agenda – Lego & doTransformation

1 Process

• Process E2E: NPL, Property & Asset Transformation, Real Estate Development and Real Estate
• Automate business and support processes
• Deploy new valuation centre to support NPL and REO
• New on-boarding procedures
• Centralise and enhance contact centre to serve E2E factories

2 Organization

• Customer Centric Organization
• New organization & governance
• New work dynamics
• Divide front office activities from back office
• Review and rationalise suppliers

3 Data

4 Technology

• Golden source for data
• Deploy new asset master
• Business critical dashboards to support teams/clients
• Segmentation process and next best action
• Centralised data repository → align with doTransformation Program

• Integrate a new platform for NPL → SIREC

• Integrate a new platform for Property and Assert Transformation → WhiteVega
• Integrate digital process for RE: ature and BidX1
• Automate REO admission process
• Rationalise and upgrade IT systems → one roadmap with doTransformation Program

Increase 31% in NPL Recovery/FTE and 66% in REO sales p.a. by 2024 and onwards

Historical performance and targets

Key focus in improving profitability with new generation contracts

Gross Revenues and EBITDA (€m) Key drivers of business plan performance

• New generation contracts with no upfront fee implying nominal pressure on EBITDA
• GBV no longer the main revenue driver (limited management fees going forward) - Increasing collections and REO sales to drive revenues
• Transformation as enabler to increase productivity by FTE in a more granular GBV portfolio
• Decreasing Santander weight in total portfolio
• Fee reduction through contractual provisions known at acquisition
• Sareb new operating model likely to result in a marginal contribution to EBITDA over 2022-2024

Transformation Plan

Manuela Franchi Georgios Kalogeropoulos

Why doTransformation

A history of acquisitions coupled with an evolving industry in need of innovation require a transformation plan

Achievements from previous business plan and next steps

Excellent client service and collection performance will lead to winning more business and retaining market leadership

Grow Revenues

Enhanced origination and business development effort to boost revenue growth

What	How	Targets
Enhance products and client breadth	• Common business development team ("Group product experts") - Support all regions and provide tailor made solutions to clients - Anticipate market trends and clients needs • Local commercial effort close to clients ("relationship managers") Objectives • - Grow clients satisfaction and increase success rate in new bids - Increase GBV and maintain premium fees	All products to all countries
Offer existing clients more services	• Key products now deployed to all countries • Every client can pay for additional services to enhance recoveries and time to collect Expansion of ancillary products • - Securitisation structuring, master legal, data quality - Real estate auctions through BidX1 - NPL sales through doLook	Revenues / GBV from c. 38 bps in 2021 to c. 40 bps in 2024
Achieve more collections per unit of GBV under management	• Boost data to enhance accuracy of recovery curves • Advanced analytics and superior IT platforms to magnify recovery capabilities Improve client experience and facilitate transactions • - Reduce time to execute real estate sales, liquidations, restructurings	Collections / GBV from c. 4% in 2021 to close to c. 6% in 2024

Optimise Costs

Commitment to continue optimising every cost line to support EBITDA margin also leveraging on new Group structure

Note:

1) Does not include c. 12% of Outsourcing Costs as % of Gross Revenues (stable between LTM Sep-21 and 2024)

2) Includes Finance, HR, IT, Ops, Risk, Transformation, Organisation and Procurement functions. Group functions also include Business Development, Legal and Audit

People aligned to Group targets and ambitions

Increasing efficiency and productivity to optimise FTEs allocation and Revenue generation

Streamlining operations

Eliminated 2 Back Offices (consolidating into Italy, Greece and Spain) and 10 Data Centres (preserving geographical diversification)

Creating Back Office Hubs

Transforming back-office activities to achieve operational excellence and further exploit outsourcing

Technology as enabler of cost rationalisation and growth

IT investments facilitate superior applications performance, higher security, data enhancement, simplification and reduction of Opex

Note: 1) Includes IT OpEx, Capex and HR IT Costs

IT

Our digital journey has already begun, wish to join?

It started from Greece…now being rolled out to other countries too

Efficiencies on procurement and office footprint

Centralised procurement function has already yielded savings for c. 3% of current operating cost base

(office footprint reduction) Global Procurement strategy

Defined procurement strategy for all countries

Set-up policies and procedures

Coordinating E2E procurement

• Group level
• Cross countries projects
• Global categories management
• Top vendors management

Provided guidelines

• Monitoring
• Measuring
• Controls systems
• Procurement best practices

Coordinating

• Cost saving initiatives

Expected saving of 3-5% of key spending items under management (from a base of c. €90m)

Real Estate Costs

Rationalisation of 50% of footprint (2018-2024), with additional reduction of space planned for remaining offices

2018 2019 2020 2021 2022 2023 2024

RE & SG&A

Key milestones of doTransformation

2022 will be the core year of doTransformation, setting the base for improved operations and better margins going forward

Financial Targets

Manuela Franchi

Gross Book Value stability, rotation towards better vintages

Strong origination activity to more than offset collections resulting in a stable GBV

Revenue growth supported by increased collection rates

Revenues growth reflects stable GBV, growth in collection rates and more favourable GBV mix

Cost base streamlined through doTransformation

The doTransformation program will enable to grow EBITDA margin maximising operational leverage (c. 85-90% of OpEx are fixed costs)

Note:

1) Does not include c. 12% of Outsourcing Costs as % of Gross Revenues (stable between LTM Sep-21 and 2024)

EBITDA growth driven by performance in the Hellenic Region

Strong growth in EBITDA contribution by the Hellenic Region, combined with a stable Italian business and transformation of Iberia

Directional business plan profile by region

Better GBV vintage, improved collections and increased efficiencies to support growth of Gross Revenues and EBITDA at Group level

Net Income expected evolution

Substantial increase in recurring Net Income from 2021 to 2024 mainly related to EBITDA growth and declining D&A

Capex plan and net working capital

A €43m Capex plan in 2022 (in addition to €30m spent in 2021) will contribute to doValue operational excellence and leadership in the sector

Note:

1) Maintenance Capex go through P&L as IT OpEx. Capex shown above refer entirely to upgrading / innovating / replacing IT systems

Free Cash Flow generation to accelerate in 2023-2024

Total expected Free Cash Flow generation > €300m in 2022-2024, with 2022 being a transition year due to Capex plan and other factors

Note: Free Cash Flow calculated as Reported EBITDA, minus Capex, minus Delta Net Working Capital, minus Delta Other Assets and Liabilities, minus Taxes and minus other Financial Charges

M&A aimed at consolidation and broadening reference market

A two legged M&A strategy focussed on in-market consolidation and broadening the reference market

Guidance for 2021 and financial targets to 2024

	Guidance for 2021	Financial Targets1 to 2024
Gross Book Value	≈ €144bn	≈ €160bn	• Expected inflows to more than compensate increased collections, write-offs and disposals. Strong origination, collections (+200 bps), more favourable GBV mix
Collection Rate	≈ 4.0% 2021E	5.5-6.0%	• Enhanced productivity and GBV rotation (leading to younger average vintage of assets under management) to improve collection rates together with improved macro environment
Gross Revenues	€565-575m 2021E	3-4% CAGR	• Increased collection rates, more cross selling and cross fertilisation between countries
EBITDA ex NRIs	€190-195m 2021E (c. 34% margin)	6-7% CAGR (37% margin target)	Improved efficiencies leading to material increase in EBITDA margin •
Attributable Net Income ex NRIs	€45-50m 2021E	≈ 15% CAGR	• Double digit Net Income CAGR expected based on EBITDA growth and declining D&A
Financial Leverage	2.0-2.2x 2021E	Between 2.0x and 3.0x	• Conservative leverage profile to allow for attractive dividend distributions and flexibility to pursue M&A
Shareholders' Distributions	Indication of €0.50 dividend per share for 20212	Dividend Per Share CAGR (2021-2024) of at least 20% (cumulated 2021-2024 dividends > €200m) Potential to increase distributions through additional dividends and / or share buy back in case of limited M&A activity

Notes:

1) CAGR calculated from mid point of 2021 guidance

2) Subject to doValue Board of Directors approval in the context of the approval of the FY 2021 results and subject to approval in the context of Annual General Meeting of shareholders

An attractive shareholder remuneration plan

Dividends and Net Income Growth to deliver a > 24% total return for shareholders in the next three years

Notes:

1) Calculated based on current share price and based on DPS CAGR of 20%

2) Calculated as the average Dividend Yield for 2021-2022-2023-2024 (c. 9%) and Net Income CAGR 2021-2024 (15%)

Closing Remarks

Andrea Mangoni

doValue strategic evolution

Achieving diversification and scale

Pursuing integration and cross fertilisation between geographies

Leading the evolution of the credit servicing industry through investments in Technology

Strengthening strategic and long term partnership with banks and investors in a broadened reference market

2017-2020 2020-2021 2022-2024 … and beyond

Appendix

Glossary

BPO	Business Process Outsourcing, i.e. the outsourcing of non-strategic support activities by banks
Early Arrears	Loans that are up to 90 days past due
Forward Flows	Agreement with commercial bank related to the management of all future NPL generation by the bank for number of years, customary feature of credit servicing platforms spun off by commercial banks
FTE	Full Time Equivalent, i.e. a unit that indicates the workload of an employed person in a way that makes workloads comparable across various contexts
GACS	Garanzia Cartolarizzazione Sofferenze, i.e. the State Guarantee scheme put together by the Italian Government in 2016 which favoured the creation of a more liquid NPL market in Italy and allowed banks to more easily deconsolidate NPL portfolios through securitisations
GBV	Gross Book Value, i.e. nominal value of assets under management by doValue, represents the maximum / nominal claim by banks / investors to borrowers on their portfolios
HAPS	Hercules Asset Protection Scheme, i.e. the State Guarantee scheme put together by the Greek Government in 2019 with the aim of favouring the creation of a more liquid NPL market in Greece and to allow banks to more easily deconsolidate NPL portfolios through securitisations
NPE	Non-Performing Exposure, i.e. the aggregate od NPL, UTP and Early Arrears
NPL	Non-Performing Loan, i.e. loans which are more than 180 days past due and have been denounced
NRI	Non-Recurring Items, i.e. costs or revenues which are non-recurring by nature (typically encountered in M&A or refinancing transactions)
Performing Loans	Loans which do not present problematic features in terms of principal / interest repayment by borrowers
REO	Real Estate Owned, i.e. real estate assets owned by a bank / investor as part of a repossession act
UTP	Unlikely to Pay, i.e. loans that are between 90-180 days past due and denounced or more than 180 past due and not denounced

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You are cautioned against using this information as the basis for making a decision to purchase any security or to otherwise engage in an investment advisory relationship with doValue S.p.A. and its affiliates ("doValue"). The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction.

This Presentation has been prepared based on the information currently available to us and is based on certain key underlying assumptions. The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. None of doValue its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this document or its contents or otherwise arising in connection with this Presentation. The information contained in this Presentation is provided as at the date of this Presentation and is subject to change without notice.

Statements made in this Presentation may include forward-looking statements. These statements may be identified by the fact that they use words such as "anticipate", "estimate", "should", "expect", "guidance", "project", "intend", "plan", "believe", and/or other words and terms of similar meaning in connection with, among other things, any discussion of results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. Such statements, including specifically any guidance or projection, are based on management's current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties, including factors that could delay, divert or change any of them.

Forward-looking statements contained in this Presentation and, in particular, in any relevant guidance, regarding trends or current activities should not be taken as a representation that such trends or activities will continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements and guidance contained herein. Such differences may adversely affect the outcome and financial effects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and other factors affecting the business and operations of the company. Estimated and assumptions are inherently uncertain and are subject to risks that are outside of the company's control. Any guidance and statement refers to events and depend upon circumstances that may or may not verify in the future and refer only as of the date hereof. Neither doValue S.p.A. nor any of its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or amend any forward-looking statements, whether as a result of new information, future events or otherwise.

You should not place undue reliance on any such forward-looking statements and or guidance, which speak only as of the date of this Presentation. The inclusion of the projections herein should not be regarded as an indication that the doValue considers the latter to be a reliable prediction of future events and the projections should not be relied upon as such. Use of different methods for preparing, calculating or presenting information may lead to different results and such differences may be material. It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full-year results.

By reviewing the Presentation, you acknowledge that you are knowledgeable and experienced with respect to its financial and business aspects and that you will conduct your own independent investigations with respect to the accuracy, completeness and suitability of the matters referred to in the Presentation should you choose to use or rely on it, at your own risk, for any purpose.

Certification pursuant article 154 BIS, paragraph 2 of Italian Legislative Decree no. 58 of 24 February 1998 (the Consolidated Financial Law)

Pursuant to Article 154 bis, paragraph 2, of the "Consolidated Law on Finance", Mrs Elena Gottardo, in her capacity as the Financial Reporting Officer with preparing the financial reports of doValue S.p.A, certifies that the accounting information contained in this document, is consistent with the data in the supporting documents and the Group's books of accounts and other accounting records.

Investor Relations Contacts

Name: Alberto Goretti (Head of Investor Relations) Tel: +39 02 83460127 E-mail: investorrelations@dovalue.it