H1 2022 results

August 4th, 2022

•Business Highlights Andrea Mangoni, CEO

A very strong H1 2022

Very strong financial
performance in H1 2022

Gross Revenues of €271m (+6.7% YoY)
EBITDA ex NRI of €84m (+14.9% YoY)
EBITDA ex NRI margin of 30.9% (vs 28.7% in H1 2021)
Net Income ex NRI of €23m (+71.9% YoY)

Resilient collections despite macro slowdown

Collections of €2.8bn above H1 2021 (+3.7% YoY)
Collection Rate of 4.2% as of Jun-22 (LTM), broadly in line with FY 2021 level

Spain turnaround accelerating

Spain H1 2022 EBITDA well ahead of budget
May and June saw the highest monthly performance in terms of REO sales since 2018
Legal Services and SME business units set up and in proactive origination mode
Won servicing mandate on €300m portfolio from specialised investor
Successful sale of asset with BidX1 (achieved 30% success rate for portfolios with limited traction in the past)

Significant progress on other key activities

doTransformation plan progressing well in terms of both investments and savings
Fitch improved credit rating outlook to "Positive" (confirmed BB rating)
Admitted to STAR segment of Euronext Milan, Mediobanca initiated research coverage
Sustainalytics improved ESG rating to "Low Risk"

✓

Very strong financial performance in H1 2022

•Notes:

•1) Excluding from H1 2021 the €4m capital gain realised from the sale of Relais notes

•2) EBITDA ex NRIs margin for H1 2021 and excluding €4m capital gain realised from the sale of Relais notes stands at 27.5%

4 H1 2022 results

Resilient collection performance despite macro headwinds

5 H1 2022 results

Collections resilience through cycles

Spain turnaround accelerating

1	Financial performance	Spain H1 2022 EBITDA well ahead of budget • • On track to achieve EBITDA target for FY 2022
2	Collections	• Strong REO sales in H1 2022 May and June saw the highest monthly performance in terms of REO sales since 2018 • NPL collections mostly impacted by Sareb off-boarding •
3	Sareb	NPL portfolio offboarded on July 1st, 2022. REO portfolio to be offboarded in Oct-22 • • Reorganisation costs likely to be lower than €15m
4	Clients diversification	Won servicing mandate on €300m portfolio from new investor in Spain •
5	New initiatives	• Legal Services and SME business units set up and in proactive origination mode • SME business running first pilot with new banking client • Looking to sign the first sizeable mandate with key client in for Legal Services • Actively pitching UTP / Early Arrears capabilities to banks
6	BidX1	Successful sale of real estate assets in Spain through BidX1 (on portfolios with limited previous traction) •

✓

Continuing our virtuous growth path, covering all fronts

Fitch improved outlook to "Positive"
Long-Term IDR affirmed at "BB"
"Positive" outlook reflects the expectation of
Continuing growth of doValue's franchise
Further diversification by customer and geography
Sustainalytics upgrade
From Medium Risk to Low Risk (Jul-22)
Steady improvement in rating since 2020
Upgrade driven by improvements on
ESG Governance
Diversity & Inclusion
Privacy
Cybersecurity
Attention to people and to the environment

Credit Rating ESG Rating STAR Segment

Admitted to Euronext Milan STAR segment
Mediobanca (Specialist) Initiation of Coverage

• STAR segment promotes visibility of SMEs

More than 70 companies
Approx. €50 billion market cap
Commitment to strict criteria in transparency and governance

Strong intake of new GBV

•Note:

•1) Of the €1.1bn UniCredit GACS, approx. €500m represents new GBV for doValue (the reminder was already part of doValue's GBV)

Sustained pipeline

Pipeline evolution (€bn) Comments

Current pipeline of approx. €21bn
REV portfolio in Italy (€8bn) awarded to other bidder in Jun-22, expectation of low profitability of contract
Ariadne portfolio in Greece (€5bn) temporarily put on hold, might come back next few quarters with a different perimeter (split in different portfolios)
doValue evaluating all pipeline projects
Pipeline expected to intensify in H2 2022

•Financial Results Manuela Franchi, General Manager and CFO

Financial highlights

Item	H1 2021	H1 2022	Delta	Comments
GBV	€160bn	€150bn	-6.0%	• Decrease in GBV mainly driven by disposals in Italy and Spain (indemnity fee received)
Collections	€2.7bn	€2.8bn	+3.7%	• Sareb portfolio (c. €21bn) to be deducted from GBV in Q3 and Q4 2022 Increase in Collection and Collection Rate driven by post •
Collection Rate	3.7%	4.2%	+0.5 p.p.	COVID normalisation, GBV mix and early signs of productivity gains (doTransformation)
Gross Revenues	€254.2m	€271.2m	+6.7%	• Increase in Gross Revenues mainly driven by strong NPL collection performance, more favourable GBV mix and higher
Net Revenues	€222.1m	€237.9m	+7.1%	revenues from ancillary activities • Excluding €4m Relais capital gain in H1 2021, Gross Revenues increase is +8.4% and EBITDA ex NRIs increase is +21.5%
EBITDA ex NRIs	€72.9m	€83.7m	+14.9%	• Increase in EBITDA mainly driven by higher growth in Gross Revenues and cost discipline on HR side
EBITDA ex NRIs margin	28.7%	30.9%	+2.2 p.p.	• Limited NRIs at c. €1.3m at EBITDA level • Increase in Net Income ex NRIs driven by increase in EBITDA,
Attributable Net Income ex NRIs	€13.5m	€23.3m	+71.9%	lower D&A, lower provisions partially compensated by higher taxes and minorities
Net Debt	€387.8m	€461.2m	+18.9%	Increase in Net Debt in LTM driven by BidX1 acquisition • (€10m), share buy-back (€5m), Tax Claim payment (€33m), Capex plan and 2022 dividend payment
Financial Leverage	2.4x	2.2x	+0.2x	Leverage increase in Q2 2022 mainly driven by dividend • payment and NWC, partially already normalised in Jul-22

Gross Book Value

Gross Book Value (€bn)

Inflows from existing clients: €1.0bn
New mandates (onboarded in H1 2022): €7.5bn (mainly related to Project Frontier in Greece and two GACS in Italy)
Collections / Sales: €2.8bn with Collection Rate of 4.2% (broadly in line with FY 2021 Collection Rate but above H1 2021)
Net write-offs: €1.9bn (split c. 60% collection / c. 40% write-off)
Disposals: €3.4bn (mainly related to Italian and Spanish portfolios, indemnity fee received)
Mandates secured and not yet onboarded as of Mar-22: €4.6bn
€650m Marina in Cyprus, c. €1.5bn of portfolios in Greece, €2.2bn portfolio in Cyprus, €300m portfolio in Spain
Sareb NPL €10bn portfolio already off-boarded as of July 1st, 2022. Sareb REO €11bn portfolio to be off-boarded in Oct-22

Gross Revenues

Operating Expenses

Operating Expenses ex NRIs (€m) Comments

% of Gross Revenues	149	% of tot	% of tot	154	% of Gross Revenues
10% 1% 6%	24 3 15	16% 2% 10%	17% 2% 11%	27 3 17	10% 1% 6%
42%	107	72%	69%	107	39%
	H1 2021	HR IT	RE SG&A	H1 2022

Reduction in OpEx as % of Gross Revenues (from 59% to 57%)
Increase in EBITDA margin (from 28.7% from 30.9%)
Growth in OpEx in absolute terms by +3%
Mainly driven by increase in IT and SG&A costs due to doTransformation and Iberia re-organization

• Lower HR costs as a % of Gross Revenues (from 42% to 39%)

Flat HR costs in absolute terms
Strong effort in containing HR costs despite post-COVID normalisation
Higher IT and SG&A costs as % of Gross Revenues (from 15% to 16%)
Mainly related to the transformation projects
Stable Real Estate costs as % of Gross Revenues (at 1%)

•Notes:

•1) Excluding from H1 2021 the €4m capital gain realised from the sale of Relais notes, the ratio of Operating Expenses ex NRIs to Gross Revenues stands at 60%

doTransformation plan well on track

EBITDA

• EBITDA ex NRIs increase by +15%

Excluding €4m Relais capital gain in H1 2021 growth of +22%

• Italy EBITDA ex NRIs growth at +81%

Excluding €4m Relais capital gain in H1 2021 growth of +143%
Revenue Growth amplified by continued reduction in OpEx

• Hellenic Region EBITDA ex NRIs growth at +20%

Revenues growth partially offset by OpEx increase (Frontier FTE integration)

• Iberia EBITDA ex NRIs decrease by -66%

Reduction in Gross Revenues of -9% compounded by 6% increase in OpEx
Increased in OpEx mainly related to doTransformation project, partially offset by reduction in HR costs

Regional Performance (H1 2022)

	doValue Group	Italy	Hellenic Region	Iberia
Collections	€2.8bn	€0.8bn (31% of tot)	€0.8bn (27% of tot)	€1.2bn (42% of tot)
Collection Rate	4.2%	2.5%	5.0%	7.1%
Gross Revenues	€271m	€96m (35% of tot)	€101m (37% of tot)	€75m (28% of tot)
EBITDA ex NRIs	€84m	€29m (35% of tot)	€50m (59% of tot)	€5m (6% of tot)
EBITDA margin ex NRIs	31%	30%	49%	7%

•Notes:

•1) Collections exclude curing

•2) Collection Rate calculated on the basis of GBV in stock for the LTM Jun-22

18 H1 2022 results

Net Income

Net Income growth of 161% Year-on-Year
Higher EBITDA (+€9.5m)
Lower D&A (-€7.3m)
Lower Provisions for Risk and Charges (-€4.4m)
Partially offset by higher taxes (+€5.6m) and higher minorities (+€1.3m)

• Approx. €1.0m of NRIs (post taxes and minorities)

Approx. €1.3m negative item above EBITDA (mainly consultancy costs)
Approx. €0.5m negative item (pre taxes and minorities) below EBITDA, as negative items related to redundancy plans and litigations were partly offset by an insurance claim repayment

Cash Flow in H1 2022 (€m)

	H1 2022	H1 2021
EBITDA	€82.4m	€72.9m
Capex	€(9.7)m	€(7.0)m
Adj. for accrual on share based payments	€3.4m	€0.6m
Delta NWC	€(37.5)m	€(7.9)m
Delta other assets and liabilities	€(44.6)m	€(21.8)m
Taxes	€(6.0)m	€(2.4)m
Financial charges	€(12.7)m	€(13.0)m
Financial assets investments / (divestments)	€1.9m	€(20.3)m
Dividends paid to shareholders	€(36.6)m	€(18.9)m
Net Cash Flow	€(59.4)m	€22.8m

• Cash absorption of €59m in H1 2022

Increase in Capex (vs H1 2021) related to doTransformation plan
Cash absorption due to NWC of €38m vs Dec-21 mainly due to timing of payment of part of Q2 2022 fees (portion of Q2 2022 fees in Italy and in Greece paid during the month of Jul-22). NWC already released >€15m of cash in Jul-22
Cash absorption due to change in other asset & liabilities of €45m mainly driven by portion of Eurobank H1 2022 fees already paid in 2021 as well as leasing payments (below EBITDA), VAT payments and redundancies (below EBITDA)
Dividend payment to shareholders of €36.6m (€0.50 dividend per share translates into €39.5m total dividend and €2.9m dividend yet to be claimed by shareholders)
Cash flow generation (in particular NWC and delta other assets and liabilities) to partially normalise in H2 2022
Expected total net cash flow generation for H2 2022 of > €30m

Financial Structure

•Final Remarks Andrea Mangoni, CEO

An attractive investment proposition in current markets

1	Attractive dividend policy	• •	Committed to DPS growth of 20% per annum in 2021-2024 (starting from DPS of €0.50 for 2021) More than 35% of current market cap returned in the next 3 years as dividends	✓
2	No direct exposure to Russia / Ukraine	• •	Managed loans are mostly secured to domestic real estate located in Southern Europe Less than €20m of GBV related to Russian / Ukrainian borrowers (in Greece / Cyprus)	✓
3	No short term exposure to interest rates in financing structure	• •	Current debt made of fixed coupon bonds (€265m / 2025 @ 5% coupon, and €300m / 2026 @ 3.375% coupon) No refinancing needs before 2025	✓
4	Limited exposure to inflation in the cost structure	• •	Pure servicing business, HR makes 69% of cost base (IT 11%, real estate 2% and SG&A 17%) Mild link of cost base to inflation	✓
5	Gross Book Value mostly secured to real estate assets	• •	Approx. 73% of GBV is secured (vs 23% being unsecured) and mostly backed by real estate assets Real estate is good medium term inflation hedge, supporting collection performance	✓
6	Potential increase in NPEs	•	In addition to post-COVID flows (already expected to materialise in 2022), the current dramatic situation in Ukraine and the sanctions affecting Russia, coupled with macro slowdown, inflation and rising interest rates, will most likely add more pressure to certain corporate sectors and households in Southern Europe leading to increased NPE formation	✓

Guidance for 2022 in line with CMD targets

Item	Actual Results 2021	Guidance 2022	Comments
Gross Revenues	€572m	€555-565m	• Growth of c. 4% excluding Sareb and gains on Relais / Mexico
EBITDA ex NRIs	€201m (35% margin)	€190-195m (34% margin)	Growth of c. 13% excluding Sareb and gains on Relais / Mexico •
Attributable Net Income ex NRIs	€51m	€45-50m	• Reflecting marginal reduction in EBITDA vs 2021
Financial Leverage	2.0x at the end of 2021	~ 2.2x at the end of 2022	• Cash flow generation in 2022 to be absorbed by doTransformation capex, change in NWC and other assets & liabilities, Sareb NRIs and Dividend paid in May-22
Dividend per Share1	€0.50 per share (paid in May-22)	€0.60 per share1	In line with Business Plan 2022-2024 target of at least 20% • CAGR in Dividend per Share in 2021-2024

Confident to achieve top end of the 2022 guidance ranges

•Note:

•1) Dividend per Share for 2022 subject to Board of Directors approval as well as to Shareholders approval

24 H1 2022 results

•Appendix

Management income statement

Servicing Revenues: 246,399 232,396 14,003 6% o/w: NPE revenues 207,051 193,427 13,624 7% o/w: REO revenues 39,348 38,969 379 1% Co-investment revenues 754 4,134 (3,380) (82)% Ancillary and other revenues 24,029 17,666 6,363 36% Gross revenues 271,182 254,196 16,986 7% NPE Outsourcing fees (11,841) (15,336) 3,495 (23)% REO Outsourcing fees (14,657) (11,308) (3,349) 30% Ancillary Outsourcing fees (6,800) (5,439) (1,361) 25% Net revenues 237,884 222,113 15,771 7% Staff expenses (107,046) (106,780) (266) 0% Administrative expenses (48,431) (42,446) (5,985) 14% Total "o.w. IT" (17,405) (14,901) (2,504) 17% Total "o.w. Real Estate" (3,100) (3,282) 182 (6)% Total "o.w. SG&A" (27,926) (24,263) (3,663) 15% Operating expenses (155,477) (149,226) (6,251) 4% EBITDA 82,407 72,887 9,520 13%

















EBITDA margin 30% 29% 2% 6%
Non-recurring items included in EBITDA¹⁾ (1,312) (3) (1,309) n.s.
EBITDA excluding non-recurring items 83,719 72,890 10,829 15%
EBITDA margin excluding non-recurring items 31% 29% 2% 8%
Net write-downs on property, plant, equipment and intangibles (30,986) (38,316) 7,330 (19)%
Net provisions for risks and charges (2,302) (6,746) 4,444 (66)%
Net write-downs of loans 241 386 (145) (38)%
Profit (loss) from equity investments - - - n.s.
EBIT 49,360 28,211 21,149 75%
Net income (loss) on financial assets and liabilities measured at fair value (500) (543) 43 (8)%
Net financial interest and commissions (14,057) (13,553) (504) 4%
EBT 34,803 14,115 20,688 147%
Non-recurring items included in EBT²⁾ (1,839) (6,275) 4,436 (71)%
EBT excluding non-recurring items 36,642 20,390 16,252 80%
Income tax for the period (8,173) (2,561) (5,612) n.s.
Profit (Loss) for the period 26,630 11,554 15,076 130%
Profit (loss) for the period attributable to Non-controlling interests (4,339) (3,007) (1,332) 44%
Profit (Loss) for the period attributable to the Shareholders of the Parent Company 22,291 8,547 13,744 n.s.

Non-recurring items included in Profit (loss) for the period (567) (5,350) 4,783 (89)%
O.w. Non-recurring items included in Profit (loss) for the period attributable to Non-controlling interest 418 (357) 775 n.s.
Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring items 23,276 13,540 9,736 72%
Profit (loss) for the period attributable to Non-controlling interests excluding non-recurring items
3,921 3,364 557 17%
Earnings per share (in Euro) 0.28 0.11 0.17 n.s.
Earnings per share excluding non-recurring items (Euro) 0.29 0.17 0.12 73%

¹⁾ Non-recurring items in Operating expenses include the costs of consultancies related to business developement projects

²⁾ Non-recurring items included below EBITDA refer mainly to (i) termination incentive plans, to (ii) charges for an ongoing arbitration, (iii) insurance reimbursements, with (iv) related tax effects

Management balance sheet

Condensed Balance Sheet	6/30/2022	12/31/2021	Change €	Change %
Cash and liquid securities	121,080	166,668	(45,588)	(27)%
Financial assets	59,786	61,961	(2,175)	(4)%
Property, plant and equipment	35,468	34,204	1,264	4%
Intangible assets	536,030	545,225	(9,195)	(2)%
Tax assets	158,273	152,996	5,277	3%
Trade receivables	228,110	206,326	21,784	11%
Assets held for sale	10	30	(20)	(67)%
Other assets	14,098	17,226	(3,128)	(18)%
Total Assets	1,152,855	1,184,636	(31,781)	(3)%
Financial liabilities: due to banks/bondholders	582,244	568,459	13,785	2%
Other financial liabilities	74,905	76,017	(1,112)	(1)%
Trade payables	57,966	73,710	(15,744)	(21)%
Tax liabilities	112,915	113,060	(145)	(0)%
Employee termination benefits	8,710	10,264	(1,554)	(15)%
Provisions for risks and charges	39,490	44,235	(4,745)	(11)%
Other liabilities	97,437	104,888	(7,451)	(7)%
Total Liabilities	973,667	990,633	(16,966)	(2)%
Share capital	41,280	41,280	-	n.s.
Reserves	84,868	96,299	(11,431)	(12)%
Treasury shares	(4,340)	(4,678)	338	(7)%
Profit (loss) for the period attributable to the Shareholders of the Parent Company	22,291	23,744	(1,453)	(6)%
Net Equity attributable to the Shareholders of the Parent Company	144,099	156,645	(12,546)	(8)%
Total Liabilities and Net Equity attributable to the Shareholders of the Parent Company	1,117,766	1,147,278	(29,512)	(3)%
Net Equity attributable to Non-Controlling Interests	35,089	37,358	(2,269)	(6)%
Total Liabilities and Net Equity	1,152,855	1,184,636	(31,781)	(3)%

Management cash flow

Condensed Cash flow	6/30/2022	6/30/2021	12/31/2021
EBITDA	82,407	72,887	199,347
Capex	(9,659)	(7,040)	(29,640)
EBITDA-Capex	72,748	65,847	169,707
as % of EBITDA	88%	90%	85%
Adjustment for accrual on share-based incentive system payments	3,392	605	1,027
Changes in NWC (Net Working Capital)	(37,528)	(7,861)	(9,285)
Changes in other assets/liabilities	(44,605)	(21,772)	(21,340)
Operating Cash Flow	(5,993)	36,819	140,109
Corporate Income Tax paid	(5,971)	(2,409)	(12,827)
Financial charges	(12,716)	(13,021)	(31,220)
Free Cash Flow	(24,680)	21,389	96,062
(Investments)/divestments in financial assets	1,868	20,281	(26,489)
Equity (investments)/divestments	-	-	-
Tax claim payment	-	-	(32,981)
Treasury shares buy-back	-	-	(4,603)
Dividends paid to minority shareholders	-	-	(2,502)
Dividends paid to Group shareholders	(36,561)	(18,908)	(20,722)
Net Cash Flow of the period	(59,373)	22,762	8,765
Net financial Position - Beginning of period	(401,791)	(410,556)	(410,556)
Net financial Position - End of period	(461,164)	(387,794)	(401,791)
Change in Net Financial Position	(59,373)	22,762	8,765

Gross Book Value and Gross Revenues (1 of 2)

29 H1 2022 results

Gross Book Value and Gross Revenues (2 of 2)

30 H1 2022 results

Glossary

BPO	Business Process Outsourcing, i.e. the outsourcing of non-strategic support activities by banks
Early Arrears	Loans that are up to 90 days past due
Forward Flows	Agreement with commercial bank related to the management of all future NPL generation by the bank for number of years, customary feature of credit servicing platforms spun off by commercial banks
FTE	Full Time Equivalent, i.e. a unit that indicates the workload of an employed person in a way that makes workloads comparable across various contexts
GACS	Garanzia Cartolarizzazione Sofferenze, i.e. the State Guarantee scheme put together by the Italian Government in 2016 which favoured the creation of a more liquid NPL market in Italy and allowed banks to more easily deconsolidate NPL portfolios through securitisations
GBV	Gross Book Value, i.e. nominal value of assets under management by doValue, represents the maximum / nominal claim by banks / investors to borrowers on their portfolios
HAPS	Hercules Asset Protection Scheme, i.e. the State Guarantee scheme put together by the Greek Government in 2019 with the aim of favouring the creation of a more liquid NPL market in Greece and to allow banks to more easily deconsolidate NPL portfolios through securitisations
NPE	Non-Performing Exposure, i.e. the aggregate od NPL, UTP and Early Arrears
NPL	Non-Performing Loan, i.e. loans which are more than 180 days past due and have been denounced
NRI	Non-Recurring Items, i.e. costs or revenues which are non-recurring by nature (typically encountered in M&A or refinancing transactions)
Performing Loans	Loans which do not present problematic features in terms of principal / interest repayment by borrowers
REO	Real Estate Owned, i.e. real estate assets owned by a bank / investor as part of a repossession act
UTP	Unlikely to Pay, i.e. loans that are between 90-180 days past due and denounced or more than 180 past due and not denounced

Disclaimer

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

This presentation and any materials distributed in connection herewith, taken together with any such verbal or written comments, including 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 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 doValue S.p.A. and its affiliates ("doValue"). 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 its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss however 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.

Forward-looking 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 and refer 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 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 pursuant article 154 BIS, paragraph 2 of Italian Legislative Decree no. 58 of 24 February 1998 (the Consolidated Financial Law)

Pursuant to Article 154 bis, paragraph 2, of the "Consolidated Law on Finance", Mr Davide Soffietti, in his capacity as the Financial Reporting Officer with preparing the financial reports of doValue S.p.A, certifies that the accounting information contained in this document, is consistent with the data in the supporting documents and the Group's books of accounts and other accounting records.

Investor Relations Contacts

Name: Alberto Goretti (Head of Investor Relations) Tel: +39 02 83460127 E-mail: [email protected]