Dovalue — Earnings Release 2018

May 11, 2018

Financial Results to 31 March 2018

May 11th 2018

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

Financial results Q1 18 vs Q1 17	Gross Collections: €374m vs €394m in Q1 2017: -5% despite -9% stock GBV1, ex new on-boarding   Gross Revenues: €46m vs €45m in Q1 2017 (+2%)  Net Revenues: €43m vs €41m in Q1 2017 (+4%), outsourcing fees -12%  EBITDA: €11m vs €10m in Q1 2017 (+12%), EBITDA margin up from 22% to 24%  Net Income: €7m vs €5m in Q1 2017 (+23%)  Cash flow generation: Net cash position €48m (+€10m vs YE 2017), 96% operating cash flow conversion (EBITDA-Capex)
Main events in Q1 18 and YTD 18	On-boarding of €12.1bn new mandates in Special Servicing, of which, among others:  Berenice and REV: process completed in February   MPS: process started in March, full impact on collections beginning from Q2 2018 and progressing in line with recovery curves, as expected  New Greek branch operational, passporting of banking licence successfully completed, actively pursuing servicing opportunities with banks and investor clients
What's next	 Market outlook: Italian NPL servicing market showing significant growth opportunities; recent market trends towards mid-size GACS structures doBank participating in several award processes  Continued focus on cost control and operating leverage. Exploit net cash position for M&A opportunities Dividend payment of €31.5m on 23 May (€0.394/per share) with dividend yield above peers  2018-2020 Business Plan presentation on June 19th  in London
1.	Excluding €12.1bn GBV progressively onboarded during Q1 2018 with limited impact on Q1 2018 collections, in line with expectations 3

Q1 2018 Financial results

• New servicing mandates (ca. €12.1bn GBV), on-boarded progressively during the quarter, to be fully reflected in collections from Q2 onwards
• Gross Revenues growth due to higher base fees, improving average performance fees, higher ancillaries & other revenues and indemnity fees
• Double-digit growth in both Ebitda and Net Income, sustained by cost control

	FY 2017	Q1 2017	Q1 2018	Δ (%)
Gross Collections	€1.8bn	€0.39bn	€0.37bn	-5%
Gross Revenues	€213.0m	€45.2m	€46.3m	+2%
Operating Costs	€124.8m	€31.2m	€31.6m	+1%
EBITDA	€70.1m	€9.9m	€11.0m	+12%
EBITDA Margin	32.9%	21.8%	23.8%	+2 p.p.
Net income	€45.0m	€5.3m	€6.6m	+23%

On-boarding of recent contract wins on track with expectations

• Massive, automatized on-boarding process in line with budget and involving >100k loan files in Q1 18
• Timing phase-out of different portfolios:
• REV and Berenice: on-boarding started in mid-February, loan management in March
• MPS: on-boarding started in March, loan management in April

On-boarding process and status update of new special servicing mandates

Italian NPL servicing market growth opportunities

• Growing portfolio sales to investors helped drive Italian banks' NPL volumes down from the 2015 peak and sustained the third-party servicing market, expected at €240bn in 2018 from approximately €170bn in 2017
• Italian banks' strategies continue to recognize the importance of a partnership with a specialized NPL servicer and need of outsourcing, creating opportunities for market leaders offering best-in-class recovery rates
• Current market environment characterized by several mid-size servicing opportunities, with banks trying to take advantage of GACS schemes before the September 2018 deadline
• doBank, the clear leader in the Italian Special & Master Servicing markets, actively pursuing GACS, investors portfolio acquisitions and tier-2 banking groups outsourcing deals

• The NPE volumes at the end of 2017 still show a large amount of UTP (€94bn of GBV) in the books of the Italian banks reaching the levels of bad loans in terms of NBV (€66bn vs €64bn respectively). doBank already manages €1.8bn for bank clients

• Source: Third party consultant retimates

Greek market opportunity

• doBank set-up its first foreign branch in Q1 18 through passporting of banking license
• Branch operational since April with 15+ FTEs by June 2018 and specialized in both NPE liquidation and restructuring
• Several servicing opportunities with banks and investors clients in the pipeline due to SSM targets that require current stock of NPEs to decrease by c.€40bn in 2 years

Strategic pillars of IPO plan for 2017

1) Add more servicing

1

2

3

• 2) Increase collections and efficiency
• 3) Grow ancillary services business

Key financial highlights

			Q1 2017	Q1 2018	∆ (%)
e s u r n e e v v ri e d R	Largest servicing portfolio in the Italian market	GBV EoP	€82.5bn	€87.5bn	+6.1%	~€12.1bn new servicing mandates on  boarded between Feb. and March  €0.3bn inflows from existing clients
	Best-in-class collections	Gross collections	€0.39bn	€0.37bn	-4.9%	 Collections in line with expectations  New mandates on-boarded progressively during the quarter, not yet fully reflected in collections
L	Visible revenue base	Gross revenues	€45.3m	€46.2m	+2.3%	 Revenues from base fees, indemnity fees, ancillary and other revenues more than compensated lower collection fees  Improving average performance fee
& e r P u e ct pl u r m st	Operating leverage	Operating costs	€31.2m	€31.6m	+1.3%	 Fixed HR costs equal to 89% of total HR costs  IT & SG&A efficiencies nearly offset higher HR expenses
Si	Proven profitability	EBITDA	€9.9m	€11.0m	+11.6%	Operating leverage driving a 2-digit  growth in EBITDA  EBITDA margin up from 21.8% to 23.8%
n o h ti a s	Limited capex	Cash conversion1	€9.1m	€10.6m	+15.6%	 Most of IT and other investments expensed at income statement  96% conversion rate1
r a e C n e g	Benefits from tax assets	Tax Assets	€131m	€93m	(29%)	Tax assets fully off-settable against  direct and indirect taxes

Evolution of gross book value under management

• Significant growth in GBV to €87.5bn (+€10.8bn or +14% vs YE 2017) driven by new servicing mandates
• REV, Berenice and MPS portfolios progressively on-boarded during the quarter as well as other minor ones
• Inflows from existing clients and portfolio sales by clients in line with expectations

Portfolio diversification

SP 8% 32% REV FINO Other 4% Banks Fortress 3% 20% Other Investors 3% UniCredit 20% Italian Recovery Fund 11%

Q1 2018

# of Claims	693k
Loan Size	€124k
% "Large" Loans (> €500k GBV)	53%
% Corporate	71%
% Northern/Central Italy	68%

Loan Profile Q1 2018

• Higher diversification vs IPO time:
• Banks at 31% of GBV (60% at IPO)
• Investors at 69% of GBV (40% at IPO)
• Much higher client diversification
• All new GBV from IPO provided by new clients
• Intrum/Intesa transaction is expected to impact only a minor position of the Intesa portfolio managed. Closing in 4Q18
• Portfolio profile in line with market
• Vintage improved due to new portfolios ~80% on-boarding and flow agreements

48% Soft Secured

covered by collateral or guarantees

Seasonality of collections across quarters

1. Collections for 2015 based on Italfondiario only. Italfondiario collections for 2015-16 are accounted for as net cash flow consistent with their historical reporting 3. 2017 and 2018collections are accounted for as gross collections

2. Stock GBV excludes new servicing mandates on-boarded progressively in Q1 2018, not yet fully reflected in collections of the period

Ancillary and other revenues

• Contract with FINO started with full effect on IBIS, doReal Estate and Judicial Management
• Contract with UCI on legal services now fully operational
• New contracts related to new on-boarded clients (eg. REV, MPS, etc.)
• Data governance product offer enriching IBIS yielding results post Q1 18 and already closing new contracts
• Ongoing due diligence activity on new GACS

From gross to net revenues

Focus on operating expenses

NWC and net financial position

Regulatory capital

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

Notes: Regulatory capital ratios T.U.B. include dividend distribution approved in April 2018 and the impact of the Italian Recovery Fund investment of €30m (of which €15m already paid)

Condensed consolidated income statement Q1 2018

(€/000)

consolidated income Condensed statement	First	Quarter	Change
	2018	2017	Amount	%
Serv icing rev enues	41,947	41,721	226	1%
o/w Banks	27,053	38,454	(11,401)	(30)%
o/w Investors	14,894	3,267	11,627	n.s.
Co-inv estment rev enues	236	-	236	n.s.
Ancillary and other rev enues	4,069	3,486	583	17%
Gross Revenues	46,252	45,207	1,045	2%
Outsourcing fees	(3,684)	(4,191)	507	(12)%
Net revenues	42,568	41,016	1,552	4%
Staff expenses	(22,496)	(19,436)	(3,060)	16%
Administrativ e expenses	(9,071)	(11,719)	2,648	(23)%
o/w IT	(3,343)	(6,905)	3,562	(52)%
o/w Real Estate	(1,925)	(1,967)	42	(2)%
o/w SG&A	(3,803)	(2,847)	(956)	34%
Operating expenses	(31,567)	(31,155)	(412)	1%
EBITDA	11,001	9,861	1,140	12%
EBITDA Margin	24%	22%	2%	9%
Impairment/Write-backs on property, plant, equipment and intangible assets	(559)	(506)	(53)	10%
isions for risks Net Prov and charges	(211)	(135)	(76)	56%
Net Write-downs of loans	8	70	(62)	(89)%
Net income (losses) from inv estments	340	-	340	n.s.
EBIT	10,579	9,290	1,289	14%
Net financial interest and commissions	(46)	(46)	-	n.s.
EBT	10,533	9,244	1,289	14%
for period Income tax the	(3,960)	(3,572)	(388)	11%
Profit (loss) from group of assets sold and held for sale net of tax	-	(341)	341	(100)%
Net Profit (Loss) for the period	6,573	5,331	1,242	23%

Consolidated balance sheet Q1 2018

(€/000)

Main consolidated balance sheet items	3/31/2018	12/31/2017
Financial assets	83,965	76,303
fair profit at v alue through or loss	22,853	22,998
at fair v alue through comprehensiv e income	1,002	1,003
at amortised cost - loans and receiv ables with banks	55,645	49,449
at amortised cost - loans and receiv ables with customers	4,465	2,853
Tax assets	92,791	94,187
Other assets	124,631	127,010
Total assets	301,387	297,500
Financial liabilities	8,531	12,106
at amortised cost - due to customers	8,531	12,106
E.T.B. and prov ision for risks and charges	38,221	36,939
liabilities Other	70,740	41,758
Shareholders' equity	183,895	206,697
Total liabilities and shareholders' equity	301,387	297,500

Consolidated cash flow Q1 2018

(€/000)
Cash Flow	31/03/2018	31/03/2017
EBITDA	11,001	9,861
Net Capex	(439)	(722)
EBITDA-Capex	10,562	9,139
as % of EBITDA	96%	93%
Adjustment for accrual on share-based incentiv e system payments	1,607	-
Changes in NWC	(4,162)	(13,786)
Changes in other assets/liabilities	1,842	3,466
Operating Cash Flow	9,849	(1,181)
Financial interests paid/collected	(46)	(46)
Cash Flow Free	9,803	(1,227)
(Inv estments)/div in financial estments assets	(73)	(751)
Net Cash Flow of the period	9,730	(1,978)
financial Position - Beginning of period Net	38,605	29,459
Net financial Position - End of period	48,335	27,481
Change in Net Financial Position	9,730	(1,978)

Key Performance Indicators Q1 2018

(€/000)

performance indicators Key	3/31/2018	3/31/2017	12/31/2017
Gross Book Value (Eop) - in millions of Euro -	87,523	82,496	76,703
Collections for the period - in millions of Euro -	374	394	1,836
Collections for the Last Twelv e Months (LTM) - in millions of Euro -	1,817	1,899	1,836
Collections/GBV (EoP) LTM	.1% 2	3% 2	4% 2
Collections Stock/GBV Stock (EoP) LTM	2 4%	2 4%	2 4%
Staff FTE/Total FTE	37%	33%	37%
Collections/Servicing FTE LTM	2,523	2,414	2,510
Cost/Income ratio	74%	76%	64%
EBITDA	11,001	9,861	70,102
EBT	10,533	9,244	68,134
Margin EBITDA	24%	22%	33%
Margin EBT	23%	20%	32%
EBITDA – Capex	10,562	9,139	64,436
Working Capital Net	82,427	93,106	78,265
Net Financial Position of cash/(debt)	48,335	27,481	38,605

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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