Dovalue

Investor Presentation • Nov 5, 2021

9M 2021 results

9M 2021 results 1

November 5th, 2021

Business Update Andrea Mangoni, CEO

Business highlights

1	Inflows in 2021 YTD demonstrate strong progress vs FY 2021 targets ✓ Approx. €2.7bn of forward flows (vs €2.0bn target) ✓ Approx. €5.6bn of new mandates (vs €7.0-9.0bn target), reaching €11.3bn with Project Frontier	€14.0 billion GBV secured in 2021 YTD
2	Project Frontier landmark mandate in Greece ✓ €5.7bn additional Gross Book Value, doValue in consortium with Bain Capital and Fortress ✓ doValue becomes undisputed leading independent servicer in Greece and best positioned for future HAPS securitisations	€5.7 billion Project Frontier mandate in Greece
3	Solid operational performance showing normalising market conditions Collections at €4.0bn for 9M 2021, +43% Year on Year (Collection rate at 4.0% on LTM basis) ✓ Gross Revenues at €386m (+37% Year on Year), EBITDA ex NRIs at €116m (+49% Year on Year) ✓	€116 million EBITDA for 9M 2021 +49% Year on Year
4	Project Mexico demonstrates ability to manage complex transactions ✓ Approx. €3.2bn portfolio (already part of GBV) being securitised by Eurobank, doValue bridged sale of notes ✓ Binding agreement with institutional investor for sale of 90% of the notes, completion envisaged before year end	€3.2 billion Retention of GBV and capital gain
5	Acquisition of minority stake in BidX1 accelerates M&A strategy in adjacent areas ✓ Leading prop-tech company specialised in online real estate auctions ✓ Transaction consistent with M&A strategy aimed at investing in businesses adding value to doValue core activities	€10 million Investment in BidX1 for a ≈ 15% minority stake

Inflows

Approx. €14.0bn of inflows secured in 2021 YTD (including Project Frontier)

Inflows		Existing clients	New Clients	Total
Inflows secured in 2020 (onboarded in 9M 2021)	A	-	€2.8bn (100% Greece)	€2.8bn
Inflows secured in 2020 (to be onboarded)	B	-	€0.6bn (100% Cyprus)	€0.6bn
Inflows secured in 9M 2021 (onboarded in 9M 2021)	C	€2.7bn (>50% Greece & Cyprus)	€1.9bn (60% Spain, 40% Italy)	€4.6bn
Inflows secured in 2021 YTD (to be onboarded)	D	-	€9.3bn (61% Greece, 36% Italy)	€9.3bn
GBV onboarded in 9M 2021	A + C	€2.7bn	€4.7bn	€7.4bn
Inflows secured in 2021 YTD	C + D	€2.7bn	€11.3bn	€14.0bn

Inflows details Inflows from existing clients (€bn)

Inflows from new clients (€bn)

Including €5.7bn Project Frontier

Project Frontier

A landmark c. €5.7bn securitisation by NBG, doValue in consortium with Bain Capital and Fortress

€32 billion² doValue GBV in Greece #1 servicer in the Country

• Landmark securitisation by National Bank of Greece
  • First securitisation (under HAPS) by NBG, awarded through a competitive process
    • * NBG to retain 100% of senior notes and 5% of mezzanine and junior notes
    • * Bain Capital and Fortress to purchase 95% of the mezzanine and junior notes
    • * doValue Greece to undertake the servicing of the portfolio
    • * doValue to retain certain upside on the mezzanine and junior notes
• Strategic importance for doValue
  • Potentially the first of a series of securitisation by NBG
  • NBG only major bank in Greece that has not sold its credit servicing operations
  • doValue to incorporate certain number of FTEs from NBG as part of transaction
• Accretive financial impact for doValue¹
• Price paid by doValue for servicing contract is approx. €35m
• Approx. €5m of EBITDA per annum on average for the first 10 years of servicing
• After 10th year (and until run-off) estimated total EBITDA of approx. €30m

•Note:

•1) Onboarding of the portfolio will be completed in early 2022, limited EBITDA impact for 2022 considering onboarding timing and related costs

•2) GBV in Greece as of September 30th, 2021, pro-forma for Project Frontier

Project Mexico

Project Mexico demonstrates ability to manage complex transactions and to offer structured solutions to strategic clients

• •Note:
  -

•1) doValue to retain 5% of the mezzanine and junior tranches post closing of transaction •2) Eurobank to retain 5% of the mezzanine and junior tranches post closing of transaction

Following the investment in QueroQuitar, BidX1 is an additional step in doValue diversification and growth strategy

Company overview

• Leading Pan European prop-tech company
  • Online auctions
  • Performing + non-performing real estate assets
• Founded in Ireland in 2011 (traditional auction house)
• Transition to digital & international expansion in 2017
• HQ in Dublin
  • Active in Ireland, UK, Spain, Cyprus and South Africa
  • Coherent geographical footprint with doValue
• Main advantages of BidX1 platform
  • Transparent and efficient real estate sale process
  • Reduced sales transaction time
  • Increased pool of potential buyers internationally
  • Data analytics on buyers behaviours and liquidity
  • Additional support services to sellers and buyers

Transaction structure

• Acquisition of a ≈ 15% stake
• Subscription of €10m capital increase
• Reserved matters and minority protection
• Typical drag/tag along rights
• Possibility to increase stake over time
• doValue to sign a strategic partnership with BidX1
• Develop BidX1 within doValue ecosystem
• Support BidX1 growth as independent platform

140,000 registered users 65 different countries

• > 10,000 properties sold (for €2.5bn)
• > 30% annual growth (last 3 years)

Strategic importance to doValue

• Add new real estate segments to doValue business
  • Support NPL and REO activities
  • Adding data-driven platform to REOs operations
  • Increasing reference market
• BidX1 client base complementary to doValue
• Top tier real estate investors
• REO and NPL servicers
• Real estate agencies
• Banks

Unlike traditional real estate marketplaces, BidX1 takes care of the entire sale process of the property including the provision of contractual documentation, visits to the property and the finalization of the real estate purchase following the auction

Regulatory environment

Full normalisation of the regulatory environment in most jurisdictions

•Notes:

• •1) Moratoria impact formation of new NPLs
• •2) Foreclosures impact collection activity
• •3) Limitations regarding foreclosures of primary residencies
• •4) Some limited restrictions still apply for exceptional cases ("vulnerable debtors")
• •5) Process for potential extension of foreclosures limitation still pending
• •6) Court activity measured as awarded court auctions ("aste aggiudicate") for doValue portfolios in Italy (cumulated for 9M 2021 and 9M 2020 respectively)

Collections

Spain collections already ahead of pre-COVID levels, Italy collections close to reaching pre-COVID levels (Q3 2021 higher vs Q3 2019)

€1.2bn of collections in 9M 2021 +27% (9M 2021 vs 9M 2020) // +36% (Q3 2021 vs Q3 2020) -5% (9M 2021 vs 9M 2019) //+21% (Q3 2021 vs Q3 2019)

Spain² cumulated collections to September (€bn)

€1.8bn of collections in 9M 2021

+65% (9M 2021 vs 9M 2020) // +45% (Q3 2021 vs Q3 2020) +10% (9M 2021 vs 9M 2019) //+15% (Q3 2021 vs Q3 2019)

•Notes:

•1) Collections for Italy include NPLs and UTPs

•2) Collections for Spain include NPLs and REOs

MSCI ESG Ratings

doValue upgraded to AA (from A) by MSCI ESG Ratings in October 2021

• MSCI ESG Ratings recently upgraded doValue from A to AA
• MSCI ESG Ratings measures a company's resilience to long-term ESG risks
• MSCI ESG Ratings upgrade key drivers
  • Improvements in doValue workforce management practices
• Enhancements to doValue data protection (mitigating cybersecurity risk)
• doValue ESG strengths vs peers according to MSCI ESG Ratings
  • Workforce management practices
  • Independent majority board with one-third female directors
• doValue adopting best practices in the interest of its stakeholders

doValue amongst best ESG performers in global diversified financials companies benchmark according to MSCI ESG Ratings

Overview MSCI ESG Ratings history on doValue

•Note: doValue is also rated by Sustainalytics (with a "medium risk" assessment) and by Vigeo Eiris (with a "limited risk" assessment)

Financial Review Manuela Franchi, CFO

E-MARKET SDIR
CERTIFIED

Metrics	9M 2020	9M 2021	Delta	Comments
GBV (EoP)	€159.1bn	€150.3bn	-6%	▪ New mandates partially compensating collections, write offs and disposals Trend in collections confirm post-COVID normalisation ▪
Collections	€2.8bn	€4.0bn	+43%	▪ Growing collections across all regions in Q3 2021 ▪ Strong performance in Greece
Gross Revenues	€282.4m	€385.9m	+37%	Normalisation of collection activity supporting revenue growth ▪
Net Revenues	€248.6m	€338.8m	+36%	▪ Gross Revenues in 9M 2021 impacted by €4m capital gain (booked in Q1 2021) Outsourcing fees relatively stable at 12% of Gross Revenues ▪
EBITDA ex NRIs	€77.8m	€116.1m	+49%	▪ Marginality increase mainly due to full contribution of doValue Greece in 2021
EBITDA ex NRIs margin	27.6%	30.1%	+2.5 p.p.	Limited impact of NRIs at EBITDA level ▪ ▪ HR costs in 9M 2021 affected by post COVID normalisation - Bonuses accrued in 9M 2021 vs almost none in 9M 2020
EBITDA Reported	€69.6m	€115.9m	+66%	- "cassa integrazione" scheme in Italy ended in 2020
Net Income ex NRIs	€(4.8)m	€22.7m	n.m.	Net Income (impacted by non-cash D&A) significantly improved vs 9M 2020 ▪
Net Income Reported	€(16.3)m	€12.8m	n.m.	▪ Approx. €8m NRIs due redundancy costs in 9M 2021 ▪ Approx. €5m NRIs due to reimbursement of bank debt (non-cash) in 9M 2021
Net Debt	€411m	€432m	+5%	▪ Temporary increase in leverage in Q3 2021 (vs 2.4x as of Jun-21)
Financial Leverage	2.4x	2.6x	+0.2x	▪ Mainly due to Tax Claim (€33m) and Share Buy-Back (€5m) Leverage as of 15-Oct-21 already down to 2.4x ▪

Gross book value

GBV growth of 1.6% considering mandates won and yet to be onboarded

• Inflows from existing clients at €2.7bn - Above yearly target of €2.0bn ▪ Mandates from new clients onboarded in 9M 2021 of €4.7bn - Including onboarding of Project Icon in Greece (won in 2020) ▪ Collections / Sales at €4.0bn - Overall collection rate of 4.0% (on LTM basis) improved by 30 bps from Jun-21 ▪ Net write-offs (€7.2bn) - Including €3.5bn Saturn NPL Portfolio in Cyprus * Announced to be sold by Alpha Bank in Q1 2022 * Transformed in advisory contract in preparation for the sale - Net write-offs in line with average of historical Net write-offs / Collections ratio ▪ Mandates secured and yet to be onboarded at €10.0bn
• Including €5.7bn Project Frontier in Greece

Gross book value

A highly diversified business across countries, security type, clients and business

▪ Significant country diversification

• Focus on most attractive markets in Europe

▪ High quality Gross Book Value

• Mostly large and secured loans
• Meaningful component of first lien / residential loans

▪ Diversified client mix

▪ Broad product mix

• NPLs representing core historical product offering
• REOs gained through Altamira acquisition
  • * Total of €20bn of mandates managed in Spain
  • * Total of €1bn of mandates managed outside Spain
• UTPs developed internally at doValue at €8bn
  • * Of which €0.7bn in Italy
• Early Buckets added through FPS acquisition
  • * Total of €2bn of GBV
  • * Platform now fully deployed also in Italy
• Non-NPLs 21% GBV (30% servicing revenues)

Gross revenues

Gross revenues growth at +37%, driven by improved collection rates and full contribution of doValue Greece in 9M 2021

Operating expenses

Growth in operating expenses lower than growth in Gross Revenues driving margin expansion

▪ Growth in operating expenses by +25%

• Larger consolidation perimeter in 9M 2021 vs 9M 2020
  • * Full contribution of doValue Greece in 9M 2021 (only 4 months of 9M 2020)
  • * Pro-forma increase of 13%

▪ Lower HR costs as a proportion of Gross Revenues (from 43% to 41%)

• Strong effort in containing HR costs despite post-COVID normalisation
  • * End of Italian Government COVID-related support measures
  • * Higher bonuses accrued in 2021 vs 2020

▪ Increase in Administrative Costs by €6m (+11%) in 9M 2021 vs 9M 2020

• Lower than proportional increase vs Gross Revenues (from 20% to 16%)
• Pro-forma increase of 8%

Performance by region

Strong performance in the Hellenic Region continues while Italy and Iberia in line with expectations

		ITALY	IBERIA	HELLENIC REGION
Collections	€4.0bn	€1.2bn (29% of total)	€1.9bn (47% of total)	€1.0bn (24% of total)
Collections LTM / GBV	4.0%	2.2%	5.8%	11.6%
Gross Revenues	€386m	€128m (33% of total)	€123m (32% of total)	€134m (35% of total)
EBITDA ex NRIs	€116m	€28m (24% of total)	€25m (22% of total)	€63m (55% of total)
EBITDA ex NRIs margin	30%	22%	20%	47%

Collection rates

Improving collection rates across all regions towards pre-COVID levels

Collections LTM / Gross book value (%)

Cash flow

Increase in Financial Leverage in Q3 2021 mainly driven by one-off items

Comments

• Cash flow for 9M 2021 (and Q3 2021 in particular) affected by certain one-off items
• Payment of €33m Tax Claim in Q3 2021
• Performance of €5m Share Buy-back in Q3 2021
• Arrangement with Eurobank for early payment of upfront fees (payment for 2021 fees made in 2020), reflected in delta other assets and liabilities
• Financial Leverage as 30-Sep-21 at 2.6x, but as of 15-Oct-21 already down to 2.4x
• Net Working Capital stable at less than 30% of last twelve months Gross Revenues

89% EBITDA minus Capex Cash Flow conversion

82% EBITDA minus delta NWC conversion

Net debt

All bond debt structure achieved in Q3 2021 with material improvement in cash flow generation going forward (entirely bullet profile)

Net debt breakdown (€m) Comments (132) (138) 284 15 259 257 297 ⁴¹¹⁴³² Dec-20 Sep-21 Cash Bank Debt €265m Bond 2025 (5.0% coupon) €300m Bond 2026 (3.375% coupon) 2.6x Net debt / EBITDA LTM pro-forma 2.6x Net debt / EBITDA LTM

Financial Guidance Andrea Mangoni, CEO

Guidance¹ for FY 2021

Expected EBITDA in line with sell side consensus, reduction in Financial Leverage towards 2.0x, attractive dividend

	FY 2021	Comments
Gross Revenues	€565-575m	Acceleration in collections due to customary seasonality (compounded by post-COVID recovery) and recognition of indemnity fees
EBITDA ex NRIs	€190-195m (33-34% margin)	Improvement in margin vs 9M 2021
Financial Leverage	2.0-2.2x at the end of 2021	Leverage to decrease from Sep-21 due to acceleration of cash flow generation
Dividend	Min €0.50 dividend per share2	Attractive dividend
Capital Markets Day	-	Medium term financial targets to be presented in second-half of January 2022 in a dedicated Capital Markets Day

•Note:

•1) Please review disclaimer (last page of the presentation) in conjunction with guidance provided

•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

Income statement

Condensed Income Statement	9/30/2021	9/30/2020 RESTATED	Change €	Change %
Servicing Revenues:	355,806	256,791	99,015	39%
o/w: NPE revenues	296,968	211,410	85,558	40%
o/w: REO revenues	58,838	45,381	13,457	30%
Co-investment revenues	4,186	372	3,814	n.s.
Ancillary and other revenues	25,887	25,269	618	2%
Gross revenues	385,879	282,432	103,447	37%
NPEOutsourcing fees	(22,401)	(15,028)	(7,373)	49%
REO Outsourcing fees	(16,898)	(11,004)	(5,894)	54%
Ancillary Outsourcing fees	(7,748)	(7,804)	56	(1)%
Net revenues	338,832	248,596	90,236	36%
Staff expenses	(159,365)	(121,809)	(37,556)	31%
Administrative expenses	(63,566)	(57,152)	(6,414)	11%
Total "o.w. IT"	(21,429)	(18,800)	(2,629)	14%
Total "o.w. Real Estate"	(4,966)	(3,851)	(1,115)	29%
Total "o.w. SG&A"	(37,171)	(34,501)	(2,670)	8%
Operating expenses	(222,931)	(178,961)	(43,970)	25%
EBITDA	115,901	69,635	46,266	66%
EBITDA margin	30%	25%	5%	22%
Non-recurring items included in EBITDA¹⁾	(236)	(8,184)	7,948	(97)%
EBITDA excluding non-recurring items	116,137	77,819	38,318	49%
EBITDA margin excluding non-recurring items	30%	28%	3%	9%
Net write-downs on property, plant, equipment and intangibles	(57,978)	(64,984)	7,006	(11)%
Net provisions for risks and charges	(8,894)	(7,106)	(1,788)	25%
Net write-downs of loans	429	57	372	n.s.
Profit (loss) from equity investments	83	(2)	85	n.s.
EBIT	49,541	(2,400)	51,941	n.s.
Net income (loss) on financial assets and liabilities measured at fair value	615	435	180	41%
Financial interest and commissions	(25,676)	(12,360)	(13,316)	108%
EBT	24,480	(14,325)	38,805	n.s.
Non-recurring items included in EBT²⁾	(12,727)	(14,104)	1,377	(10)%
EBT excluding non-recurring items	37,207	(221)	37,428	n.s.
Income tax for the period	(7,034)	(4,628)	(2,406)	52%
Profit (Loss) for the period	17,446	(18,953)	36,399	n.s.
Profit (loss) for the period attributable to Non-controlling interests	(4,609)	2,678	(7,287)	n.s.
Profit (Loss) for the period attributable to the Shareholders of the Parent Company	12,837	(16,275)	29,112	n.s.
Non-recurring items included in Profit (loss) for the period	(10,284)	(11,938)	1,654	(14)%
O.w. Non-recurring items included in Profit (loss) for the period attributable to Non-controlling interest	(438)	(500)	62	(12)%
Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring items	22,683	(4,837)	27,520	n.s.
Profit (loss) for the period attributable to Non-controlling interests excluding non-recurring items	5,047	(2,178)	7,225	n.s.
Earnings per share (in Euro)	0.16	(0.21)	0.37	n.s.
Earnings per share excluding non-recurring items (Euro)	0.29	(0.06)	0.35	n.s.

¹⁾ Non-recurring items in Operating expenses include the costs connected with the merger between doValue Greece and doValue Hellas, the insurance reimbursement linked to the Altamira tax dispute and other consultancy related to M&A projects

²⁾ Non-recurring items included below EBITDA refer mainly to (i) termination incentive plans that have therefore been reclassified from personnel expenses, (ii) one-off effect of the residual transaction costs released to the P&L and linked to the closure of the Senior Facility Loan for the acquisition of Altamira (iii) relative income taxes

•The RESTATED data at September 30, 2020 were restated basing on the final results related to the PPA of doValue Greece.

Balance sheet

Condensed Balance Sheet	9/30/2021	12/31/2020 RESTATED	Change €	Change %
Cash and liquid securities	138,070	132,486	5,584	4%
Financial assets	49,344	70,859	(21,515)	(30)%
Property, plant and equipment	28,050	36,176	(8,126)	(22)%
Intangible assets	528,012	564,136	(36,124)	(6)%
Tax assets	136,545	126,157	10,388	8%
Trade receivables	199,054	175,155	23,899	14%
Assets held for sale	30	30	-	n.s.
Other assets	13,113	16,485	(3,372)	(20)%
Total Assets	1,092,218	1,121,484	(29,266)	(3)%
Financial liabilities: due to banks/bondholders	570,028	543,042	26,986	5%
Other financial liabilities	74,724	76,075	(1,351)	(2)%
Trade payables	54,721	51,824	2,897	6%
Tax Liabilities	98,549	91,814	6,735	7%
Employee Termination Benefits	12,984	16,465	(3,481)	(21)%
Provisions for risks and charges	52,385	87,346	(34,961)	(40)%
Other liabilities	55,777	71,164	(15,387)	(22)%
Total Liabilities	919,168	937,730	(18,562)	(2)%
Share capital	41,280	41,280	-	n.s.
Reserves	92,475	145,241	(52,766)	(36)%
Treasury shares	(4,678)	(103)	(4,575)	n.s.
Profit (loss) for the period attributable to the Shareholders of the Parent Company	12,837	(30,407)	43,244	(142)%
Net Equity attributable to the Shareholders of the Parent Company	141,914	156,011	(14,097)	(9)%
Total Liabilities and Net Equity attributable to the Shareholders of the Parent Company	1,061,082	1,093,741	(32,659)	(3)%
Net Equity attributable to Non-Ccontrolling Interests	31,136	27,743	3,393	12%
Total Liabilities and Net Equity	1,092,218	1,121,484	(29,266)	(3)%

•The RESTATED data at December 31, 2020 were restated basing on the final results related to the PPA of doValue Greece.

Cash flow

Cash flow	9/30/2021	9/30/2020 RESTATED
EBITDA	115,901	69,635
Capex	(12,648)	(13,653)
EBITDA-Capex	103,253	55,982
as % of EBITDA	89%	80%
Adjustment for accrual on share-based incentive system payments	1,547	1,847
Changes in NWC (Net Working Capital)	(21,002)	29,093
Changes in other assets/liabilities	(35,562)	(22,743)
Operating Cash Flow	48,236	64,179
Tax paid (IRES/IRAP)	(6,149)	(9,156)
Financial charges	(24,406)	(11,147)
Free Cash Flow	17,681	43,876
(Investments)/divestments in financial assets	21,096	(5,305)
Tax claim payment	(32,981)	-
Treasury shares buy-back	(4,603)	-
Equity (investments)/divestments	-	(211,357)
Dividends paid to minority shareholders	(2,502)	(1,875)
Dividends paid to Group shareholders	(20,093)	-
Net Cash Flow of the period	(21,402)	(174,661)
Net financial Position - Beginning of period	(410,556)	(236,465)
Net financial Position - End of period	(431,958)	(411,126)
Change in Net Financial Position	(21,402)	(174,661)

•The RESTATED data at September 30, 2020 were restated basing on the final results related to the PPA of doValue Greece.

KPIs	9/30/2021	9/30/2020 RESTATED	12/31/2020 RESTATED
Gross Book Value (EoP) - Group¹⁾	150,287,410	159,142,312	157,686,703
Gross Book Value (EoP) - Italy	75,392,249	76,087,611	78,435,631
Collections of the period - Italy	1,176,497	924,991	1,386,817
LTM Collections - Italy	1,638,323	1,582,769	1,386,817
LTM Collections - Italy - Stock	1,577,846	1,536,035	1,349,089
LTM Collections / GBV EoP - Italy - Overall	2.2%	2.1%	1.8%
LTM Collections / GBV EoP - Italy - Stock	2.2%	2.1%	1.9%
Staff FTE / Total FTE Group	41%	39%	43%
LTM Collections / Servicing FTE - Italy	2.47	2.32	2.02
EBITDA	115,901	69,635	116,649
Non-recurring items (NRIs) included in EBITDA	(236)	(8,184)	(10,869)
EBITDA excluding non-recurring items	116,137	77,819	127,518
EBITDA Margin	30%	25%	28%
EBITDA Margin excluding non-recurring items	30%	28%	30%
Profit (loss) for the period attributable to the shareholders of the Parent Company	12,837	(16,275)	(30,406)
Non-recurring items included in Profit (loss) for the period attributable to the Shareholders of the Parent Company	(9,846)	(11,438)	(47,550)
Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring items	22,683	(4,837)	12,033
Earnings per share (Euro)	0.16	(0.21)	(0.38)
Earnings per share excluding non-recurring items (Euro)	0.29	(0.06)	0.15
Capex	12,648	13,653	19,735
EBITDA - Capex	103,253	55,982	96,914
Net Working Capital	144,333	103,881	123,331
Net Financial Position	(431,958)	(411,126)	(410,556)
Leverage (Net Debt / EBITDA LTM PF)	2.6x	2.4x	2.6x

¹⁾ In order to enhance the comparability of Gross Book Value (GBV) as of 9/30/2020 the values for doValue Greece have been included at the reference date

•The RESTATED data at September 30, 2020 and December 31, 2020 were restated basing on the final results related to the PPA of doValue Greece.

Disclaimer

This disclaimer applies to all documents and information provided herein and the verbal or written comments of any person presenting them.

This presentation and any materials distributed in connection herewith taken together with any such verbal or written comments and the contents thereof (together, the "Presentation"). do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. Any such offer would only be made by means of formal offering documents, the terms of which shall govern in all respects. 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 the company. 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 S.p.A., its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever 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. Forwardlooking 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. Any future projection and or guidance may be considered valid 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 S.p.A. 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 of the financial reporting officer

Elena Gottardo, in her capacity as the officer responsible for preparing corporate accounting documents, certifies – pursuant to Article 154-bis, paragraph 2, of Legislative Decree 58/1998 (the Consolidated Financial Intermediation Act) – that the accounting information in this presentation is consistent with the data in the accounting documentation, books and other accounting records.

Investor relations contacts

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