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Dovalue

Investor Presentation • Feb 12, 2018

4145_ip_2018-02-12_8f255385-7675-4158-a79a-1783bfb99848.pdf

Investor Presentation

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Preliminary Financial Results Full Year 2017

February 12th 2018

doBank team presenting today

Andrea MangoniGroup CEO

Fabio Balbinot

Chief Financial Officer

Manuela FranchiHead of IR, Finance, M&A

  • General Manager of Fincantieri in 2015
  • From 2013 to 2015 Chairman and CEO of Sorgenia
  • CFO, General Manager of International Operations of Telecom Italia and Chairman of Telecom Italia Sparkle from 2009 to 2013
  • Previously CEO of ACEA
  • CEO of Italfondiario from 2011 to 2016 and General Manager since 2010
  • Senior Vice President Fortress Group from 2005 to 2017

  • Finance and Acquisition at Pirelli RE (Prelios) from 2001 to 2004

  • Joined doBank in August 2016

  • Investment Banking Italian Coverage team at Bank of America Merrill Lynch from 2007 to 2016, Managing Director 2012 - 2016
  • Investment Banking Telecommunication, Media & Technology team at Goldman Sachs from 2000 to 2007

Summary


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Full Year 2017 Preliminary Results

  • Collections up 8%/3%1 from FY 2016 despite declining GBV
  • Gross revenues up 3% on the back of higher performance fee revenues and ancillary & other revenues

  • Focus on cost control delivered strong margin expansion and 2-digit growth in net income

  • Growth rate of 8% assumes net collections of Italfondiario in FY2016, alternatively +3% if gross collections of Italfondiario in FY16 are included

Key recent awards unlocking value through operating leverage

#1 player in a rapidly growing servicing market

  • doBank is a clear leader in the Italian Special & Master Servicing markets, playing a key role in all main transactions
  • 2018 and 2019 are expected to be key years for the market with significant growth opportunities in terms both of sale of portfolios and servicing partnerships between banks and servicers/investors

  • Third party NPL servicing market expected to reach €200bn from approximately €155bn in 2017, also helped by greater NPL ownership by investors which tend to outsource servicing

  • Source PwC report (The Italian NPL market) – AuM as of 30 June 2017 on data provided by the Servicers on data provided by Servicers as of 1H2017

Servicing Pipeline

  • ~€64bn of sale transactions in the NPL market executed in 20171 and ~€70bn expected in 20181 alone
  • ECB NPL guidelines and Calendar Provisioning combined with IFRS9 introduction providing an incentive for banks to focus on a more proactive approach to NPEs
  • Small and medium banks are actively looking into GACS opportunity and several larger banks are rumored to be considering the sale of their internal work-out units
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Strategic pillars

3)

3

1

2

  • 1)Add more servicing
  • 2)Increase collections and efficiency
  • Grow ancillary services business

Key financial highlights

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  1. 2016 Pro Forma

  2. FY 2016 collections include net collections for Italfondiario; FY 2016 gross collections are equal to 1.8 billion euro if gross collections of ITF are considered;

Focus on GBV evolution

  • GBV decreasing from €80.9bn to €76.7bn in FY17, mainly driven by significant trend of collections and net write-off as well as portfolios sales by Clients while new portfolio wins onboarding shifted to 1Q18
  • Considering the new inflows already committed with Italian Recovery Funs (BMPS and Berenice portfolios) and REV, the pro-forma GBV would increase to €88.1bn

Portfolio diversification

  1. Considering as major clients UniCredit, Fortress, FINO and Intesa

guarantees & other

12

  1. Collections for 2014 and 2015 based on Italfondiario only 2. Italfondiario collections for 2014-15-16 are accounted for as net cash flow consistent with their historical reporting 3. 2017 collections are accounted for as gross collections

Ancillary and other services (inc. co-investment)

in
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From gross to net revenues

Focus on operating expenses

  1. 2016 pro-forma operating expenses reclassified in line with 2017 new criteria, which aligned all reporting systems post introduction of a uniform management control systems across Group entities. Post closing of UBIS contract, which was all-inclusive for several type of services, certain outsourced IT and Real Estate costs, before included in SG&A, have been re-allocated to the respective cost items

NWC and net financial position

Regulatory capital

Excess capital to support business growth and remunerate investors

Notes: Regulatory capital ratios include the impact of the investment commitment to Italian Recovery Fund investment of €30m

What's next?

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Condensed Consolidated Income statement 2017

(€/000)

Co
nd
d c
lid
ate
d i
tat
t
en
se
on
so
nc
om
e s
em
en		 Ye
ar		 Ch
an
ge		 Ye
ar		 Ch
an
ge
20
17		 20
16
PF		 Am
nt
ou		 % 20
16		 %
Se
ici
rv
ng
re
en
ue
s
v		 196
.55
4		 19
1.7
54		 4.8
00		 3% 160
.51
2		 22
%
Co
-in
est
nt
v
me
rev
en
ue
s		 66
5		 25 64
0		 n.s 25 n.s
An
cill
nd
ot
he
ary
a
r re
v
en
ue
s		 15
.79
6		 14
.40
2		 1.3
94		 10% 3.6
72		 n.s
Gr
s R
os
ev
en
ue
s		 21
3.0
15		 20
6.1
81		 6.8
34		 3% 164
.20
9		 30
%
Ou
tso
ing
fe
urc
es		 (
18
.08
7)		 (
17
.76
7)		 (
32
0)		 2% (
17
.27
6)		 5%
Ne
t re
ve
nu
es		 194
.92
8		 18
8.4
14		 6.5
14		 3% 14
6.9
33		 33
%
ff e
Sta
xp
en
ses		 (
1)
83
.39		 (
0)
81
.57		 (
)
1.8
21		 2% (
8)
58
.63		 %
42
mi
nis
tiv
Ad
tra
e e
xp
en
ses		 (
5)
41
.43		 (
7)
42
.53		 1.1
02		 (
3)
%		 (
9)
30
.27		 %
37
/w
IT
o		 (
78
4)
17.		 (
14.
25
3)		 (
3.5
31
)		 25
%		 (
12.
44
4)		 43
%
/w
al
Est
at
Re
o
e		 (
8.0
86
)		 (
9.1
14)		 1.0
28		 (
11)
%		 (
6.3
40
)		 28
%
/w
SG
&A
o		 (
15.
56
5)		 (
19.
170
)		 3.6
05		 (
19)
%		 (
11.
49
5)		 35
%
Op
tin
era
g e
xp
en
se
s		 (
124
.82
6)		 (
12
4.1
07
)		 (
71
9)		 1% (
88
.91
7)		 40
%
EB
ITD
A		 70
.10
2		 64
.30
7		 5.7
95		 9% 58
.01
6		 21
%
EB
ITD
A M
in
arg		 33
%		 31
%		 2% 6% 35
%		 (
7)
%
Im
irm
t/
Wr
ite
-b
ks
ert
lan
t, e
ipm
t a
nd
in
ta
ibl
ts
pa
en
ac
on
p
rop
y,
p
qu
en
ng
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sse		 (
2.2
84
)		 (
1.7
20
)		 (
56
4)		 33
%		 (
58
8)		 n.s
Ne
t P
isio
for
ris
ks
d c
ha
rov
ns
an
rge
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4.0
41
)		 1.5
38		 (
5.5
79
)		 n.s 5.5
49		 n.s
Ne
t W
rite
-d
of
loa
ow
ns
ns		 1.7
76		 114 1.6
62		 n.s 8.1
86		 (
78
)
%
t in
(
)
fro
inv
Ne
los
est
nts
co
me
ses
m
me		 2.7
65		 179 2.5
86		 n.s 7.6
25		 (
)
%
64
EB
IT		 68
.31
8		 64
.41
8		 3.9
00		 6% 78
.78
8		 (
13
)
%
t fi
ial
in
issi
Ne
ter
est
nd
na
nc
a
co
mm
on		 (
)
184		 (
)
196		 12 (
6)
%		 (
2)
50		 (
)
%
63
EB
T		 68
.13
4		 64
.22
2		 3.9
12		 6% 78
.28
6		 (
13
)
%
fo
r th
eri
od
Inc
e t
om
ax
e p		 (
22
0)
.75		 (
23
0)
.55		 80
0		 (
3)
%		 (
26
.76
3)		 (
15)
%
fit
(
los
s)
fro
of
set
ld
d h
eld
fo
le
t o
f ta
Pro
m
gro
up
as
s so
an
r sa
ne
x		 (
39
0)		 (
1.4
35
)		 1.0
45		 (
73
)
%		 (
35
0)		 11%
Ne
t P
rof
it (
Lo
ss)
fo
r th
eri
od
e p		 44
.99
4		 39
.23
7		 5.7
57		 15% 51
.17
3		 (
12
)
%
Mi
ritie
no
s		 - - - n.s - n.s
Ne
t P
rof
it (
Lo
ss)
at
trib
uta
ble
to
th
e G
be
for
e P
PA
rou
p		 44
.99
4		 39
.23
7		 5.7
57		 15% 51
.17
3		 (
12)
%
Ec
ic
eff
ts o
f "
Pu
rch
e P
ric
e A
lloc
at
ion
"
on
om
ec
as		 - 1.1
57		 (
1.1
57
)		 (
100
)
%		 1.1
57		 (
100
)
%
Go
od
wi
ll im
irm
t
pa
en		 - - - n.s - n.s
rof
it (
ss)
trib
Ne
t P
Lo
at
uta
ble
to
th
e G
rou
p		 44
.99
4		 40
.39
4		 4.6
00		 11% 52
.33
0		 (
)
%
14
rni
sh
Ea
ng
s p
er
are		 0,
58		 0,
52		 0,
06		 11% 0,
67		 (
14
)
%

Consolidated Balance Sheet 2017

(€/000)

set 12/
31/
201
7		 Ch
an
ge
As s 12/
31/
201
6		 Am
nt
ou		 %
10 Ca
sh
d c
ash
uiv
ale
nts
an
eq		 21 18 3 17%
40 aila
ble
-fo
le f
ina
ial
ets
Av
r-sa
nc
ass		 24.
00
1		 1.0
47		 22.
954		 219
2%
60 Loa
d r
eiv
ab
les
wit
h b
ks
ns
an
ec
an		 49.
449		 52.
575		 (
3.1
26)		 -6%
70 Loa
d r
eiv
ab
les
wit
h c
ust
ns
an
ec
om
ers		 2.8
53		 10.
820		 (
7.9
67)		 -74
%
100 uity
inv
Eq
est
nts
me		 2.8
79		 1.6
08		 1.2
71		 79%
120 Pro
rty
lan
t a
nd
uip
nt
pe
, p
eq
me		 1.8
19		 638 1.1
81		 185
%
130 ible
Int
set
an
g
as
s		 4.5
06		 2.0
79		 2.4
27		 %
117
of w
hic
h g
dw
ill
oo		 - - - n.s
140 Tax
set
as
s		 94.
187		 143
.03
0		 (
48.
843
)		 -34
%
)
Cu
nt
tax
set
a
rre
as
s		 165 37.
722		 (
37.
557
)		 -10
0%
)
fer
b
De
red
ta
ts
x a
sse		 94.
022		 105
.30
8		 (
)
11.
286		 %
-11
of w
hic
h p
nt
to
Law
21
4/2
01
1
urs
ua		 55.
406		 55.
406		 - 0%
150 No
t a
ts a
nd
di
sal
he
ld f
sal
n-c
urr
en
sse
po
gr
ou
ps
or
e		 10 2.5
16		 (
2.5
06)		 -10
0%
160 Ot
he
ts
r a
sse		 117
.77
5		 114
.10
3		 3.6
72		 3%
Tot
al
ets
ass		 297
.50
0		 328
.43
4		 (
30.
934
)		 -9%
Lia
bili
tie
nd
sh
ho
lde
rs'
uity
s a
are
eq		 12/
31/
201
7		 12/
31/
201
6		 Ch
an
ge
Am
nt
ou		 %
10 Du
e t
o b
ks
an		 - 13.
076		 (
13.
076
)		 ns
20 e t
ust
Du
o c
om
ers		 12.
106		 060
11.		 1.0
46		 9%
80 lia
bili
tie
Tax
s		 3.8
52		 219 3.6
33		 9%
165
a)
Cu
nt
tax
lia
bili
tie
rre
s		 3.4
05		 199 3.2
06		 161
1%
b)
De
fer
red
ta
x li
ab
ilitie
s		 447 20 427 213
5%
90 Lia
bili
tie
cia
ith
di
ld f
tes
t a
ts a
nd
sal
he
s a
sso
no
n-c
urr
en
sse
spo
gr
ou
ps
or
w		 - 38
1.7		 (
38)
1.7		 -10
0%
100 Ot
he
r lia
bili
tie
s		 37.
906		 55.
986		 (
18.
080
)		 -32
%
110 loy
te
ina
tio
n b
efit
Em
p
ee
rm
en
s		 10.
360		 10.
240		 120 1%
120 isio
for
risk
Pro
nd
ch
ns
s a
arg
es
v		 26.
579		 25.
37
1		 1.2
08		 5%
a)
Pe
nsio
d s
imi
lar
ob
liga
tio
ns
an
ns		 - - - n.s
b)
isio
Ot
he
r p
rov
ns		 26.
579		 25.
37
1		 1.2
08		 5%
140 Va
lua
tio
n re
ser
v
es		 1.3
50		 256
170 Re
ser
es
v		 119
.35
0		 117
.15
5		 2.1
95		 2%
190 Sh
ita
l
are
ca
p		 41.
280		 41.
280		 - 0%
200 ha
(-
)
Tre
asu
ry s
res		 (
277
)		 (
277
)		 - 0%
210 Mi
ritie
s (+
/-)
no		 - -
220 rof
it (
)
(+
/-)
Ne
t p
loss		 44.
994		 52.
330		 (
36)
7.3		 %
-14
Tot
al
lia
bili
tie
nd
sh
ho
lde
rs'
uity
s a
are
eq		 297
.50
0		 328
.43
4		 (
)
30.
934		 -9%

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.

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 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 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 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. Neither doBank 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, which speak only as of the date of this Presentation. 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.

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