Dovalue

Investor Presentation • May 10, 2019

Financial Results to 31 March 2019

May 10, 2019

Today's key messages

Continued execution –

1

2

3

Guidance confirmed

• On-boarding of €2,3bn mandates (Iccrea and Carige)
• +8% Collections growth, +17% Revenue growth
• +39% EBITDA ex NRI¹, margin up +5p.p. to 30% (EBITDA reported +31%)
• +28% Net Income ex NRI¹(+19% Net Income reported)
• Net Cash Position: €62m vs €68m in YE 2018, in line with expected seasonality

Contract wins in core markets

• Italy NPL: close to signing ca. €1.5bn new mandates, out of €5bn 2019 target
• Due Diligence in Italy and Greece on-going with multiple investors for ca. €5bn
• Monitoring M&A markets with cautious approach

Transformational acquisition near closing

Notes:

• March EGM approved amendments in company by-laws leading to de-banking and name change, pending regulatory approval by 1H 2019
• Altamira acquisition: antitrust approval received, all doBank steps completed
• doBank to become Europe's #1 independent pure servicer, improving product, geography and client diversification

1. Excluding Non Recurring Items (costs linked to Group reorganization process and part of the costs of the acquisition of Altamira Asset Management)

Uniquely positioned to benefit from growth in Southern Europe

doBank leading the servicing industry in the most attractive markets, offering global investors a single gateway to a >€650bn opportunity

Source: Oliver Wyman (NPA in Spain), doBank analysis on press reports. Spain servicing pipeline refers to opportunities up to Q3 2019 only

Italy update: progress toward 2019 GBV wins target

Market update

• After slow start of the year, pending GACS renewal, market activity continues with the expected mix of several deals of mid/low average size
• Competition level as expected, no significant threat from new entrants
• Pricing trends more rational, following pockets of increased competition in the first half of 2018
• GBV from flow agreements shows mild signs of trend reversal, as a result of prolonged macro slowdown in Italy
• UTP: confirmed interest by Italian banks to support doBank's servicing proposition

Selected NPL deals planned and in pipeline¹

Seller	GBV (€bn)	Seller	GBV (€bn)
	4.2 various portfolios	REV	1.5
	3.0 "Sandokan II"		1.5
	2.3	Popolari Banks	1.0 GACS
	2.0		1.0 GACS
	1.9 various portfolios		0.5 Agri portfolio
	1.5	Others	>3

Greece update: execution on Solar platform and positive outlook

Market update

• €1.8bn Solar Project start-up completed and fully operational, discussions around fee structure currently being finalized
  • Local team of 35 offering NPL servicing, portfolio due diligence and real estate valuation services
  • Workout progress update: ca. €270m GBV with recovery plans agreed with debtors, mix of liquidation and restructuring
  • First workout priority: large debtors with average ticket size ca. 2x Solar portfolio average
• Cautious approach when analyzing structured deals and M&A opportunities

Greek banks' deleverage plans

Updated and improved targets post Q418 results imply a €55bn NPE reduction opportunity (+€5bn)

Selected NPL deals planned and in pipeline

• 2018: ca. €15bn NPE reduction, mostly unsecured
• 2019: €26bn pipeline with pipeline mix shift towards SME secured, plus structured deals (stock, flow and platform):
  • Eurobank: 4 projects on-going, ranging from mortgages to REO portfolios and platform sale
  • NBG: 1 secured SME project on-going, one additional portfolio expected by YE
  • Piraeus: 2 projects ongoing, one additional portfolio expected by YE and platform sale
  • Alpha bank: 3 projects expected by YE

2. Financial Review

Key financial highlights

			1Q181	1Q19	∆ (%)
e s u r n e e v v ri e d R	Largest servicing portfolio in the Italian market	Italy GBV EoP	€87.5bn	€81.4bn	-7.0%	 €2.3bn new servicing mandates on boarded progressively in the quarter  €0.4bn inflows from existing clients
	Best-in-class collections	Gross collections	€374m	€403m	+7.8%	 Positive organic momentum continues, with solid collection rates
L & e r P u e ct pl u r m st Si	Visible revenue base	Gross revenues	€46.4m	€54.4m	+17.2%	 Significant volume growth and resilient average fees  Indemnity fee growth as expected
	Operating leverage	Operating costs	€29.9m	€35.0m	+17.1%	HR growth in start-up activities and  expected higher IT spend  Fixed HR costs at 87% of total HR costs
	Proven profitability	EBITDA ex NRI1	€11.6m	€16.1m	+39.3%	 Continued expansion of profitability on the back of quality top-line growth
		EBITDA1 margin	24.9%	29.6%	+4.7 p.p.	 Reported EBITDA at €15.1m (28% EBITDA margin)
		Net income ex NRI2	€6.5m	€8.3m	+27.7%	 Tax rate yet to benefit from on-going Group Reorganization and de-banking  No cash taxes paid in the quarter
n o h ti a s r a e C n e g	Limited capex	Cash conversion3	€10.6m	€14.4m	+19.0%	 95% cash conversion rate3
	Benefits from tax assets	Tax Assets	€92.8m	€78.7m	(15%)	 Significant tax assets fully off-settable against direct and indirect taxes

Notes:

1: Restated for comparability with 1Q2019 results following the application of IFRS 16 accounting principles; 2: Excluding Non Recurring Items (costs linked to Group reorganization process and part of the costs of the acquisition of Altamira Asset Management); 3: EBITDA-Capex

Evolution of gross book value under management

• On-boarding of Italian mandates awarded in late 2018 (ICCREA and Carige)
• Initial signs of trend reversal in flows from existing clients following stagnating Italian macro
• Impact of Intesa SanPaolo portfolio sale now fully included in GBV and indemnities received
• Higher write-offs in the quarter, in line with expected trend reversal following lower write-offs in H2 2018

Portfolio composition: large, diversified, secured, corporate

Seasonality of collections across quarters

1. Italfondiario collections for 2016 are accounted for as net cash flow consistent with their historical reporting 2. Stock GBV excludes new servicing mandates not yet fully reflected in collections of the period

Ancillary and other revenues

• Ancillary revenues growing at high-single-digit levels, in line with expectations
  • Data remediation: contracts completed on non-captive portfolios and on new GACS
  • Real estate primarily focused on captive business pre Altamira Asset Management acquisition closing
  • Strong growth in Judicial Management services
• Other revenues include Greek branch €1.2m, which represents cost cover by clients. Finalization of fee structure in progress

From gross to net revenues

• Continued collection fee growth on the back of growth in volumes and collection rates
• Lower outsourcing fees with external network more focused on smaller-ticket loans
• Resilient fee structure supported by doBank's selective commercial policies

Focus on operating expenses

NWC and net financial position

1Q 2019 Cash flow trend

• Seasonally low cash generative quarter, in line with timing of Italian courts concentrating settlements around year-end
• Low capex needs and limited no cash taxes for a Free Cash Flow generation of €8m
• Short-term financial NPL investment of opportunistic nature executed in the quarter

Condensed consolidated income statement 1Q 2019

(€/000)

Condensed consolidated income statement	First Quarter		First Quarter		Change
	2019		2018 RESTATED ⁽¹⁾	Amount	%
Serv icing rev enues		48,457	41,947	6,510	16%
Co-inv estment rev enues		167	236	(69)	(29)%
Ancillary and other rev enues		5,731	4,202	1,529	36%
Gross Revenues		54,355	46,385	7,970	17%
Outsourcing fees		(4,195)	(4,942)	747	(15)%
Net revenues		50,160	41,443	8,717	21%
Staff expenses		(25,898)	(22,498)	(3,400)	15%
Administrativ e expenses		(9,089)	(7,387)	(1,702)	23%
o/w IT		(3,349)	(2,765)	(584)	21%
o/w Real Estate		(1,416)	(1,399)	(17)	1%
o/w SG&A		(4,324)	(3,223)	(1,101)	34%
Operating expenses		(34,987)	(29,885)	(5,102)	17%
EBITDA		15,173	11,558	3,615	31%
EBITDA Margin		28%	25%	3%	12%
Non-recurring items included in EBITDA ⁽²⁾	(931)		-	(931)	n.s.
EBITDA excluding non-recurring items	16,104		11,558	4,546	39%
EBITDA Margin excluding non-recurring items	30%		25%	5%	19%
Impairment/Write-backs on property, plant, equipment and intangible assets		(1,646)	(1,194)	(452)	38%
Net Prov isions for risks and charges		(266)	(212)	(54)	25%
Net Write-downs of loans		84		8 76	n.s.
Net income (losses) from inv estments		-	340	(340)	(100)%
EBIT		13,345	10,500	2,845	27%
Net financial interest and commissions		(115)	(96)	(19)	20%
EBT		13,230	10,404	2,826	27%
Income tax for the year		(5,518)	(3,917)	(1,601)	41%
Net Profit (Loss) attributable to the Group		7,712	6,487	1,225	19%
Non-recurring items included in Net Profit (Loss) attributable to the Group	(574)		-	(574)	n.s.
Net Profit (Loss) attributable to the Group excluding non-recurring items	8,286		6,487	1,800	28%
Earnings per share (Euro)		0.10	0.08	0.02	19%
Earnings per share excluding non-recurring items (Euro)	0.11		0.08	0.02	27%

⁽¹⁾ In order to improve comparability with 2019 data, 2018 results include the impact of the application of new accounting standard IFRS 16 Leases applied since January 1st 2019

⁽²⁾ Non recurring items includes costs of the Group reorganization process and costs linked to the announced acquisition of Altamira Asset Management S.A.

Condensed consolidated income 1Q 2018 – IFRS 16 impact

Condensed consolidated income statement	First Quarter		First Quarter
	2018	IFRS 16 Impact	2018 RESTATED
Serv icing rev enues	41,947	-	41,947
Co-inv estment rev enues	236	-	236
Ancillary and other rev enues	4,202	-	4,202
Gross Revenues	46,385	-	46,385
Outsourcing fees	(4,942)	-	(4,942)
Net revenues	41,443	-	41,443
Staff expenses	(22,498)	-	(22,498)
Administrativ e expenses	(7,944)	557	(7,387)
o/w IT	(2,765)	-	(2,765)
o/w Real Estate	(1,927)	528	(1,399)
o/w SG&A	(3,252)	29	(3,223)
Operating expenses	(30,442)	557	(29,885)
EBITDA	11,001	557	11,558
EBITDA Margin	24%		25%
Impairment/Write-backs equipment intangible on property, plant, and	(559) assets	(635)	(1,194)
isions for risks and charges Net Prov	(211)	(1)	(212)
Net Write-downs of loans	8	-	8
Net income (losses) from inv estments	340	-	340
EBIT	10,579	(79)	10,500
Net financial interest and commissions	(46)	(50)	(96)
EBT	10,533	(129)	10,404
tax for the Income year	(3,960)	43	(3,917)
Net Profit (Loss) attributable to the Group	6,573	(86)	6,487

Condensed consolidated income FY 2018 – IFRS 16 impact

consolidated income Condensed statement	F Y		F Y
	2018	IFRS 16 impact	2018 RESTATED
Serv icing rev enues	205,538		205,538
o/w Banks	131,805		131,805
o/w Investors	73,733		73,733
Co-inv estment rev enues	911		911
Ancillary and other rev enues	27,056		27,056
Gross Revenues	233,505		233,505
Outsourcing fees	(23,909)		(23,909)
Net revenues	209,596		209,596
Staff expenses	(94,054)		(94,054)
Administrativ e expenses	(34,247)	2,229	(32,018)
o/w IT	(13,529)		(13,529)
o/w Real Estate	(8,459)	2,229	(6,231)
o/w SG&A	(12,258)		(12,258)
Operating expenses	(128,301)	2,229	(126,072)
EBITDA	81,295	2,229	83,524
EBITDA Margin	0%	0%	0%
Impairment/Write-backs on property, plant, equipment and intangible assets	(2,750)	(2,542)	(5,292)
Net Prov isions for risks and charges	(319)	(3)	(321)
Write-downs of Net loans	861		861
income (losses) from inv Net estments	917		917
EBIT	80,005	(316)	79,689
financial interest commissions Net and	197	(200)	(3)
EBT	80,202	(516)	79,686
Income tax for the year	(29,362)	177	(29,185)
Profit (Loss) attributable Net to the Group	50,840	(339)	50,501

Condensed consolidated balance sheet 1Q 2019

Condensed balance sheet			Change
	3/31/2019	12/31/2018	€	%
Cash and liquid securities	62,125	74,443	(12,318)	(17)%
Financial assets	49,998	36,312	13,686	38%
Tangible assets	13,755	2,810	10,945	n.s.
Intangible assets	8,338	8,327	11	0%
Tax assets	84,098	87,355	(3,257)	(4)%
Trade receiv ables	104,356	99,224	5,132	5%
on disposal Assets	10	710	(700)	(99)%
Other assets	10,242	7,855	2,387	30%
Total assets	332,922	317,036	15,886	5%
Trade payables	20,674	21,848	(1,174)	(5)%
Liabilities Tax	13,006	10,174	2,832	28%
Employee Termination Benefits	9,403	9,577	(174)	(2)%
ision for risks and charges Prov	23,003	20,754	2,249	11%
Liabilities on disposal	-	6,532	(6,532)	(100)%
Other liabilities	62,297	15,362	46,935	n.s.
Total Liabilities	128,383	84,247	44,136	52%
Share capital	41,280	41,280	-	n.s.
Reserv es	155,793	140,915	14,878	11%
Treasury shares	(246)	(246)	-	n.s.
Result for the period	7,712	50,840	(43,128)	(85)%
Total shareholders' equity	204,539	232,789	(28,250)	(12)%
liabilities equity Total and shareholders'	332,922	317,036	15,886	5%

Consolidated cash flow 1Q 2019

Cash Flow	3/31/2019	3/31/2018
EBITDA	15,173	11,001
Capex	(805)	(439)
EBITDA-Capex	14,368	10,562
as % of EBITDA	95%	96%
Adjustment for accrual on share-based incentiv e system payments	1,308	1,607
Changes in NWC	(6,306)	(4,162)
Changes in other assets/liabilities	(1,118)	1,842
Operating Cash Flow	8,252	9,849
Tax paid (IRES/IRAP)	-	(46)
Free Cash Flow	8,252	9,803
(Inv estments)/div estments in financial assets	(14,038)	(73)
Equity (inv estments)/div estments	-	-
Div idend paid	-	-
Net Cash Flow of the period	(5,786)	9,730
Net financial Position - Beginning of period	67,911	38,605
Net financial Position - End of period	62,125	48,335
Change in Net Financial Position	(5,786)	9,730

Key Performance Indicators 1Q 2019

(€/000)

Key performance indicators	3/31/2019	3/31/2018 ⁽¹⁾ RESTATED	12/31/2018
Gross Book Value Italy (Eop) - in millions of Euro -	81,404	87,523	82,179
Gross Book Value Greece (Eop) - in millions of Euro -	1,800	-	-
Collections for the period - in millions of Euro -	403	374	1,961
Collections for the Last Twelv e Months (LTM) - in millions of Euro -	1,990	1,817	1,964
Collections/GBV (EoP) LTM	2.4%	2.1%	2.4%
Collections Stock/GBV Stock (EoP) LTM	2.5%	2.4%	2.5%
Staff FTE/Total FTE	38%	37%	39%
LTM Collections/Serv icing FTE	2,766	2,523	2,668
ratio Cost/Income	70%	72%	61%
EBITDA	15,173	11,558	81,293
Non-recurring items	(931)	-	(2,712)
EBITDA excluding non-recurring items	16,104	11,558	84,005
EBT	13,230	10,404	80,202
Margin EBITDA	28%	25%	35%
Margin excluding non-recurring items EBITDA	30%	25%	36%
Margin EBT	24%	22%	34%
Earning per share (Euro)	0.10	8%	0.65
Earning per share excluding non-recurring items (Euro)	0.11	8%	0.67
– Capex EBITDA	14,368	11,119	75,885
Net Working Capital	83,682	82,427	77,376
Net Financial Position of cash/(debt)	62,125	48,335	67,911

⁽¹⁾ In order to enhance the comparability of the figures for 2019 with the figures in the income statement, the effects of the application of the new IFRS 16 Leases as from January 1, 2019 have been included.

Regulatory capital

Excess capital to support business growth through M&A and investments as well as to remunerate investors

Tax assets

This presentation and any materials distributed in connection herewith (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. 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 doBank 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.

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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 press release is consistent with the data in the accounting documentation, books and other accounting records.