Dovalue — Earnings Release 2017

Aug 3, 2017

Financial results to 30 June 2017

August 3rd 2017

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doBank team presenting today

Andrea Mangoni Group CEO

Fabio Balbinot Chief Financial Officer

Manuela Franchi Head 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

Strong 1H17 performance

• The benefits of the company's 2016 initiatives on 1H17 are evident
• Collections are up 37% from 1H16 and the positive trend is continuing in Q3
• Gross revenues are up 15%, with more to come for ancillary services from Q3

Fino project

doBank maintained the management of the NPLs at the same economic conditions as UniCredit MSA¹, increased GBV under management and secured the ancillary services increasing revenue per GBV managed

✓ doBank, not only the largest Special Servicer in Italy, but now also the largest NPL Master Servicer in the country

1. MSA: Master Servicing Agreement signed on 31/10/2015 with UniCredit. 1H2016 aggregated doBank+Italfondiario 2. In 2016.

Market update

Veneto Banks	▪ From June 26, the good assets of the 2 Veneto banks to be transferred to Intesa while the bad assets will be managed by commissioners nominated by the Bank of Italy, which will remain in the banks in liquidation ▪ State-guarantee for UTP transferred to Intesa and eventually to the bad bank Estimated NPLs pool to be in excess to what previously announced in their ▪ respective Business Plan for a total estimated amount of over €18.8bn ▪ SGA role going forward
MPS	▪ Recapitalization by the State closed ▪ Quaestio subscribed equity and mezzanine tranche of €26bn secutization ▪ Juliet servicing platform's sale in exclusivity with Quaestio
Casse di Cesena, Rimini e San Miniato	▪ Acquisition by Credit Agricole and investment by Atlante in the NPL portfolio
Carige	▪ Announced sale of €1.4bn portfolio and sale of Servicing platform to manage all NPL current and future

Key financial highlights

€ m		1H 20161	1H 2017	∆ (%)
e s u r n e e v v ri e d R	Huge serviced portfolio	GBV EoP	83bn	80bn	-4.5%	Collections, write-offs and sale of ▪ portfolios by clients re-balanced by inflows from new and existing clients
	Best-in-class collections	Collections	0.6bn	0.9bn	+37%	Improving performance in 2016 (+20% ▪ yoy) and 1H17 (+37% vs 1H 16 or +28% adjusted for classification differences)
L	Visible revenue base	Gross revenues	91	105	+15%	~85% of servicing revenue related to ▪ long term servicing agreements ▪ Ancillary services and co-investments offering substantial room for growth
& e r P u e ct pl u r m st Si	Operating leverage	Operating costs	56	65	+16%	Fixed HR costs equal to 88% of total HR ▪ costs2 ▪ IT & SG&A cost efficiencies to come from 2H17
	Proven profitability	EBITDA	27	30	+13%	▪ Extraordinary costs from IT in 1H17 ▪ Seasonality of collections reflected on EBITDA
n o h ti a s r a e C n e g	Limited capex	Cash conversion	24	28	+19%	▪ Significant portion of IT and other investments expensed at income statement ▪ 1H17 affected by one-off investments
	Benefits from tax assets	Tax Assets	2016FY 143	109	-25%	▪ Tax assets fully off-settable against direct and indirect taxes

Portfolio diversification post Fino

Focus on GBV evolution

▪ GBV decreasing from €80.9bn to €79.5bn in 1H17, mainly driven by significant trend of collections and net write-off as well as portfolios sales by Clients

Notes: 1. Including terminated mandates and default interests accruals. In 1H17 the data includes also a portion of the portfolio transferred to Pimco as part of the Fino Project

Seasonality of collections across quarters

1. Collections for 2014 and 2015 based on Italfondiario only.

2. Italfondiario collections for 2014-15-16 are accounted for net cash flow consistent with their historical reporting

Ancillary and other services (inc. co-investment)

Business area	Key Facts	Financial Results
	▪ Closed contract with FINO starting from 2H17 ▪ Finalizing agreements on €3bn loan portfolios already under management by doBank	Revenues in €m 9.0 6.7
	▪ Closed contract with FINO starting from 2H 2017 ▪ Significantly higher real estate auctions in the market (+31% 2017E vs 2015A3) which sustained auction facilitation revenues	1H20162 1H2017 1H2016 1H2017
Judicial Support1	▪ Start-up in 1H17 Closed contract with FINO in July 2017 and ▪ finalizing agreement with large Italian bank in 3Q17	5.5 3.1
Other	▪ Securitization activities from due diligence and business planning ▪ Increased revenues from partnership with a major current Italian Bank client ▪ Co-investment revenue related to €6.3m investment	2 2Q20162 2Q2017 2Q2016 2Q2017

1. Ex Judicial Management 2. 1H2016 and 2Q2016 aggregated doBank+Italfondiario 3. Source: Nomisma, "Immobili e credito"

From gross to net revenues

Focus on operating expenses

Notes: 1. 2016 RE related services costs included in SG&A as part of the broader UBIS contract while they are allocated to RE expenses in 1H17 and for consistency in 1H16 2. Based on total opex gross of expense recoveries. 3. 1H2016 aggregated doBank+Italfondiario

Cost savings and EBITDA margin evolution

• Investments in 2016 and 1H17 will result in substantial cost savings: €8.7m already locked-in and more to come
• Strategic initiatives expected to continue in 2017 with investments for the year totaling €8m (excluding capex), of which a significant portion resulting in additional cost savings (IT and SG&A)
• Significant improvement of EBITDA margin going forward as a result of costs initiatives

NWC and net financial position

Regulatory capital

Excess capital to support business growth and remunerate investors

Strategic pillars

Our action plan

Maintaining leadership position in Servicing	▪ Continue performance improvement through standardization and simplification and leveraging on the recent favorable legislative framework Full value extraction from long-term contracts currently in place and Fortress ▪ relationship ▪ Strong business development leveraging also on the co – investment opportunity to gain servicing mandates
Development of Ancillary services offering	▪ Services development for captive clients increasing penetration rate ▪ Commercial effort for non-captive customers in banking and other sectors
Improvement of operational efficiency	IT expenses allowing further improvement of Group efficiency ▪ Exploit operative leverage from higher volumes brought into the platform ▪ doSolutions to create short and medium term cost synergies ▪

Consolidated Income statement 1H2016 – 1H2017

Income Statement¹

€m	1H 2017	1H 20161	Δ (%)
Servicing revenues	95.8	84.3	14%
o/w Banks	89.2	77.5	15%
o/w Investors	6.6	6.7	-3%
Co-investment revenues	0.2	0.0	n.s.
Ancillary and other revenues	8.8	6.7	32%
Gross Revenues	104.8	91.0	15%
Outsourcing fees	(9.2)	(8.1)	14%
Net revenues	95.6	82.9	15%
Staff expenses	(40.7)	(37.3)	9%
Administrative expenses	(24.6)	(18.7)	31%
o/w IT	(12.4)	(5.8)	114%
o/w Real Estate	(4.0)	(4.6)	-12%
o/w SG&A	(8.2)	(8.4)	-2%
Operating expenses	(65.3)	(56.0)	16%
EBITDA	30.3	26.8	13%
EBITDA Margin	29%	29%	-2%
Adj. Of Fixed and Int. Assets	(0.8)	(0.8)	1%
Other	0.5	(1.1)	n.s.
EBIT	30.0	24.9	20%
Net financial interest and commission	(0.1)	(0.1)	3%
EBT	30.0	24.8	21%
Income tax for the period	(9.9)	(10.2)	-3%
Profit (loss) from group of assets sold and held for sale net of tax	(0.4)	-	n.s.
Net Income	19.7	14.6	34%

Consolidated Balance Sheet 2016PF – 1H2017

Balance Sheet¹

€m Assets	1H 2017	2016PF	Δ	(%)
Cash and cash equivalents	0.0	0.0	0.0	11%
Available-for-sale financial assets	7.4	1.0	6.4	608%
Loans and receivables with banks	14.9	52.6	(37.7)	-72%
Loans and receivables with customers	2.9	10.8	(7.9)	-73%
Equity investments	1.6	1.6	-	0 %
plant and Property, equipment	1.5	0.6	0.9	137%
Intangible assets	2.6	2.1	0.5	25%
o/w goodwill	-	-	-
Tax assets	108.6	143.0	(34.5)	-24%
a) Current tax assets	8.9	37.7	(28.8)	-76%
b) Deferred tax assets	99.6	105.3	(5.7)	-5%
o/w 214/2011 pursuant to Law	55.4	55.4	-	0 %
Non-Current assets held for sale and discontinued operations	0.0	2.5	(2.5)	-100%
Other assets	146.6	114.1	32.5	28%
Total assets	286.1	328.4	(42.4)	-13%
Liabilities and shareholders' equity
Deposits from banks	13.1	13.1	0.0	0 %

Liabilities and shareholders' equity

Deposits from customers	10.9	11.1	(0.1)	-1%
Tax liabilities	0.2	0.2	(0.0)	-20%
a) Current tax liabilities	0.2	0.2	(0.0)	-21%
b) Deferred tax liabilities	0.0	0.0	(0.0)	-5%
Liabilities associates with non-current assets held for sale and discontinued operations	-	1.7	(1.7)	-100%
Other liabilities	50.1	56.0	(5.9)	-11%
Employee termination indemnities	10.2	10.2	0.0	0 %
Provision for risks and charges	23.6	25.4	(1.8)	-7%
Valuation reserves	0.2	0.3	-	0 %
Reserves	117.2	117.2	-	0 %
Share capital	41.3	41.3	-	0 %
Treasury shares (-)	(0.3)	(0.3)	-	0 %
Net profit (loss) (+/-)	19.7	52.3	(32.7)	-62%
Total liabilities and shareholders' equity	286.1	328.4	(42.4)	-13%

24 Notes: 1. Consolidated reclassified data.

Tax assets