Dovalue — Investor Presentation 2024

Aug 8, 2024

AUGUST 8TH, 2024

H1 2024 Financial Results

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Titolo breaker slide Business Highlights

Manuela Franchi Group CEO

• EBITDA for H1 at €67m above expectations
• Strong new business with target of annual €8bn likely to be reached leading to GBV increase
• Positive quarterly cash flow dynamic thanks to working capital actions
• Stable corporate rating (BB/Stable Outlook) despite wave of downgrades among peers
• Gardant deal progressing towards closing in Q4, subject to regulatory approvals
• Completion of perimeter optimization with Portugal disposal and closing of AdSolum

On track to deliver Business Plan targets and capitalize on the upcoming Gardant acquisition

H1 Business Highlights

EBITDA ex NRIs €67m

Net Cash Flow Q2 €37.6m

Gardant acquisition On track

Perimeter optimization Executed

New Business 1 €7.5bn

Note: (1) including secondary deals on existing portfolios and forward flows from existing clients

50

100

150

200

250

300

350

Sources: EBA Risk Dashboard, EBA Risk Assessment

European NPL stock rising – 1/2

EU/EEA NPL cumulative net flows through 2022 and Q1 2024 by classes (€bn)

EU/EEA NPL stock evolution from Q4 2022 to Q1 2024 by classes (€bn) Comments

• Early signs of worsening asset quality for banks began to appear in 2023 and continuing in H1 2024: weak economic growth, rising living costs and higher rates limiting borrowers' debt repayment ability, 2.9% despite still sound unemployment rates 2.7%
• Yearly increase in NPL stock in 2023-2024 TD, as well as quarterly, 2.5% after constant decrease since 2016 2.3%
2.1% • NPL stock rising in Q1: • +1.4% CAGR between Q4 2022 and Q1 2024 1.9% • +2.6% QoQ, +7.5% YoY as of Q1 2024
• 2.9% NPL ratio as of Q4 2023 (+8 bps QoQ, +20 bps YoY)
• Positive NPL net flow in 2023 and Q1 2024 LTM, inverting an almost decade long negative net flow trend
• Household NPLs to rise in 2024 (+3%) and next years, with NFC NPLs to rise more significantly in 2024 (+6%), based on EBA forecasts
• Biggest yearly increase in NPL ratio reported for loans collateralized by CREs (4.3% in Q4 2023, +0.4 p.p. YoY)
• Southern European banks continue to use non-organic means to derisk (securitizations, disposals) but NPL stock increased QoQ in almost all of Group countries

European NPL stock rising – 2/2

Sources: EBA Risk Dashboard, EBA Risk Assessment

• Inversion of NPL trend with a +1.5% (+€0.6bn) in Q1 2024
• NPL secondary market EU directive under implementation: expected increase in liquidity of portfolios traded in secondary markets

• Inversion of NPL trend with a +14.1% growth (+€0.9bn) in Q1 2024, despite high number of disposals
• Higher loss absorption capacity from banks driven by higher net income will lead to more disposals
• Relaunch of the Hercules Scheme
• Since 2023, early signs of distress in the rate of loans migration (Stage 1, to 2 and 3)
• Slight decline of NPL stock (-€0.3bn) and NPL ratio (-0.6 p.p.) from Q4 2022 while keeping +0.6 p.p. above EU/EEA average
• ~30% NPLs are held by Less Significant Institutions
• Continuing deterioration in banks' asset quality showing increase in NPLs in construction and mortgage lending in 2023
• Lack of developed NPL servicing ecosystem led to still high and rising bad loans in absolute terms
• Increase of stage 2 in Q4 2023

GBV intake

Beyond Non-performing

33% of revenues from business other than NPL (UTP, REO, Performing, Ancillaries)

Acquisition process status

• EGM called for the 11 September, 2024
• Timing of rights issue dependant on M&A closing and regulatory approvals
• Regulatory filing ongoing
• Effective date 31/12/203: benefit of Gardant cash flow to doValue

• Regulatory filing will include, among others, Bank of Italy, Consob, other National Central Banks, FDI
• EGM called to resolve on : reverse stock split; new by-laws, increased number of BoD members, reserved capital increase for purchase of Gardant, rights issue
• Reverse stock-split: 1 new share each 5 shares (new ISIN)
• Reserved capital increase: ca. before closing, the sellers will receive through a cashless transaction zero-coupon convertibles notes which will automatically convert into newly issued doValue shares corresponding to 20% of the company
• Rights issue: subject to closing of the Gardant Acquisition, €150m rights issue to be unconditionally backed by anchor shareholders (Fortress, Bain, Elliott) for ca. €82.5m and by a pre-underwriting agreement of banks until the close of the acquisition of Gardant and thereafter, upon fulfillment of the conditions set in the pre-underwriting agreement, by an underwriting agreement with such banks, in each case for ca. €67.5m and subject to customary conditions

COMMENTS

Titolo breaker slide Financial Results Davide Soffietti

Group CFO

Notes: (*) Excluding Portugal, which is considered as NRI due to its disposal still ongoing as of H1 2024

Financials at a glance

H1 2024	H1 2023	Δ% YoY	COMMENTS • Reduction in gross revenues due to lower REO
€214m €226m		-5.7%	revenues in Spain and postponement of ongoing disposal to 2H in Greece • Trend partly offset by in ancillary revenues primarily in Greece
€192m	€206m	-6.9%	• Net revenue reduction higher than gross revenue change, primarily due to higher outsourcing more than offset by reduction in operating costs (higher ancillaries)
€67m	€82m	-17.5%	• EBITDA exceeded management expectations for the period • Improved cost containment more than compensated lower direct margin
31.5%	36.0%	-4.5 p.p	• EBITDA margin improved in Q2 vs Q1 due to more favorable seasonality • The trend aligns with expected development, within the EBITDA margin guidance
€7m	€18m	-61.7%	• Net income reduction primarily due to lower EBITDA effect, with a partial positive offset from reduced provisions
			• Improved net income thanks to positive effect on Taxes due to Tax Claim in Spain (+€20.1m)

GBV dynamics

Gross Revenues (€m) COMMENTS

Gross Revenues

• Group

• Gross revenues slightly decreasing YoY driven by lower disposals, partially offset by higher ancillaries in Italy and Greece

• Hellenic Region

• Overall drop in revenues by -2.7% YoY, due lo lower disposals in Greece partly compensated by higher revenues in Cyprus
• Lower NPL revenues by -3.8% YoY due to lower disposals
• Lower UTP revenues by -26.6% YoY (-€4.5m) related to lower curing fees in Greece with trend improving on the Q2
• Positive impact from ancillaries (+€4.2m YoY vs. prev. €2.8m)

• Italy

• Overall revenues slightly lower -2.5% YoY
• Lower NPL revenues by -4.1% YoY
• Lower UTP revenues by -31.4% YoY due disposals in H1 2023
• Ancillaries continues to overperform counterbalancing soft servicing revenues (+9.3% YoY)

• Spain

• Revenues reducing by -23.6% YoY due to slow ramp-up of new contracts
• Positively repriced selected contracts with impact in H2 2024
• REO revenue trend more pronounced due to lower stock of REO GBV and challenging real-estate market

Operating Expenses

EBITDA ex NRIs (€m) COMMENTS

EBITDA ex NRIs

• Group

• Results above expectations
• EBITDA at €67.4m in H1 2024 (-17.5% YoY)
• Decline mainly driven by corresponding lower direct revenues and comparison and one-off positive effect from release of previous CEO's variable compensation
• NRI components around €2.3m linked to Portugal's EBITDA (disposed) and one-off consultancies for M&A and special projects

• Hellenic Region

• Hellenic EBITDA was impacted by lower Net Revenues (-€3.2m YoY), and higher costs in Cyprus stemming from Sky Portfolio
• Marginality will likely return to around 50% with a pick-up in disposals in the next half of they year, in line with past
• Disposals executed in Greece determined €6m in revenues in H1 2024 vs €12m in H1 2023

• Italy

• Taking aside the CEO resignation one-off positive effect in 2023, Italy experienced broadly stable EBITDA growth and EBITDA margin growth thanks to HR savings offset by lower servicing revenues

• Spain

• EBITDA close to break-even (-€0.7m) despite -€6m YoY drop in Net Revenues, showing resiliency and flexibility of cost structure
• Lower margin mostly due to postponement to H2 2024 in variable fee recognition and underperformance in REO partially offset by Santander NPL

Notes: EBITDA for Italy including Group costs worth €6.8m

From EBITDA to Attributable Net Income

• Lower write-downs on PP&E and intangibles in line with collection curves
• Lower net provisions thanks to lower layoffs than expected in Italy only partially offset by higher redundancies in Spain
• Financial interest and commission broadly stable despite increasing interest rates thanks to capital structure mostly priced at fixed rates
• Income tax for the period positively impacted by the non-recurring outcome related to the Spanish Tax Claim

						EBITDA to Net Income	bridge (€m)
Ex NRI	67.4 31.5%				37.1 17.4%			22.5 10.5%			6.9 3.2%
	EBITDA	Net write downs on PP&E and intangibles	Net provisions for risks & charges	Net write-down of loans & income from investments	EBIT	Net financial interests and commissions	Net result of financial assets at FV	EBT	Income tax for the period	Minorities	Attributable Net Income
Margin %	30.0%				10.6%			5.0%			7.2%
H1 '23	79.8	(32.6)	(12.9)	0.9	35.2	(15.4)	(1.4)	18.5	(11.4)	(2.8)	4.3

-23.3%

-78.0%

<100.0%

+42.9%

COMMENTS

€m	Q2 2023	Q2 2024	H1 2023	H1 2024
EBITDA	49.7	40.1	79.8	65.0
Capex	(4.0)	(4.8)	(5.4)	(6.6)
Change in NWC	7.5	-	6.3	(10.2)
Change in other assets & liabilities	(51.9)	(19.6)	(57.2)	(28.6)
Cash Flow from Operations	1.4	15.7	23.4	19.6
Taxes	(0.9)	-	(14.2)	(9.1)
Financial charges	(0.05)	(0.8)	(11.7)	(12.3)
Financial assets divestments/(investments)	0.3	0.01	0.8	1.4
Free Cash Flow to Equity	0.6	14.9	(1.7)	(0.3)
Dividends paid	(47.0)	-	(47.5)	-
Equity divestments/(investments)	-	22.7	-	(3.4)
Net cash Flow	(46.3)	37.6	(49.1)	(3.7)

Cash Flow

• Cash flow from operations, equal to €19.6m, in H1, -€3.8m lower than LY (€23.4m) counterbalanced by -€14.8m lower EBITDA, resulting in an improved cash conversion (30.2%) mainly due to:
  • Normalization of Change in other assets & liabilities items
  • Slight increase in Capex (+€1.2m YoY)
  • NWC absorption linked to portfolio sales booked in P&L following signing of binding agreement that are pending onboarding
• Change in other asset and liabilities absorption is mainly composed by:
  • Redundancies: €8.4 (vs. €30m expected in FY)
  • IFRS 16: €9.9m (vs. €15m expected in FY: payments for certain lease contracts are traditionally front loaded in H1 of the year)
  • Release of provisions with no monetary effect: €3.1m
• (Investments)/divestments in financial assets, equal to +€1.4m, mainly referred to collections on co-investment assets
• Equity Investment equal to €0.4m referred to the acquisition of Team4 in Spain and including net effect of payment for Earn-out in Spain offset by cash-in from arbitration award
• Share buy-back equal to (€3.4m) as last part of the program launched in Q4 2023 included in the Equity divestments/(investments) item

Financial Structure

• Significant increase in cash position in Q2 (+€44m QoQ)
• Net leverage under control and stable at 2.9x despite lower LTM EBITDA
• Significant cash-in in April related to Arbitration with Altamira Asset Management Holding (€22.7m) and success on Greek disposals recorded as revenue in Q4 2023
• Liquidity buffer of €196.5m including undrawn RCF lines
• Refinancing of current maturities will be addressed in the context of the upcoming M&A transaction with committed lines in excess of €500m
• Including existing lines, the Group will have post deal RCF lines of up to €125m

Regional Performance

Notes: (1) Excluding Portugal, which is considered as NRI due to its disposal still ongoing as of H1 2024 | (2) EBITDA for Italy excluding Group costs worth €6.8m

Titolo breaker slide Guidance update Davide Soffietti

Group CFO

Guidance for 2024 and impact of Gardant of transaction

	2024 UPDATED GUIDANCE1	2024 GARDANT	COMMENTS
Gross revenues	€460-480m	€135m	• Revenues adjusted for potential shift in closing of secondary sales and soft collection environment
Gross Book Value	~€115bn	~€22bn	• GBV exceeding expectations for H1 and leading to confirmation of guidance • Strong pipeline for H2
EBITDA ex NRIs	€155-165m	€50m	• EBITDA exceeding expectations for H1 • Updated guidance due to revenues adjustment compensated by cost actions
Financial leverage	2.8-3.0x	Impact of Gardant acquisition on reported 2024 financial statements • Pro rata impact on P&L depending on closing date (expected Q4 '24) • Full impact on Balance Sheet at date of closing • Locked-box mechanism allows doValue to retain cash generated by Gardant from 31/12/2023 until closing
New Mandates & Future Flows	~€8bn p.a. on average

Targets post Gardant

Titolo breaker slide Appendix

Condensed Income Statement

(€/000)	6/30/2024	6/30/2023	Change €	Change %
Servicing Revenues:	184,328	202,961	(18,633)	(9.2)%
o/w: NPE revenues	160,525	175,294	(14,769)	(8.4)%
o/w: REO revenues	23,803	27,667	(3,864)	(14.0)%
Co -investment revenues	775	748	27	3.6%
Ancillary and other revenues	31,448	25,504	5,944	23.3%
Gross revenues	216,551	229,213	(12,662)	(5.5)%
NPE Outsourcing fees	(5,781)	(7,359)	1,578	(21.4)%
REO Outsourcing fees	(4,944)	(5,511)	567	(10.3)%
Ancillary Outsourcing fees	(11,858)	(8,371)	(3,487)	41.7%
Net revenues	193,968	207,972	(14,004)	(6.7)%
Staff expenses	(94,380)	(94,621)	241	(0.3)%
Administrative expenses	(34,545)	(33,517)	(1,028)	3.1%
o.w. IT	(13,347)	(14,809)	1,462	(9.9)%
o.w. Real Estate	(2,293)	(2,623)	330	(12.6)%
o.w. SG&A	(18,905)	(16,085)	(2,820)	17.5%
Operating expenses	(128,925)	(128,138)	(787)	0.6%
EBITDA	65,043	79,834	(14,791)	(18.5)%
EBITDA margin	30.0%	34.8%	(4.8)%	(13.8)%
Non -recurring items included in EBITDA	(2,317)	(53)	(2,264)	n.s.
EBITDA excluding non -recurring items	67,360	79,887	(12,527)	(15.7)%
EBITDA margin excluding non -recurring items	31.5%	34.9%	(3.4)%	(9.6)%
Net write -downs on property, plant, equipment and
intangibles	(29,835)	(32,637)	2,802	(8.6)%
Net provisions for risks and charges	(12,267)	(12,856)	589	(4.6)%
Net write -downs of loans	17	897	(880)	(98.1)%
EBIT	22,958	35,238	(12,280)	(34.8)%
Net income (loss) on financial assets and liabilities
measured at fair value	(296)	(1,350)	1,054	(78.1)%
Net financial interest and commissions	(11,806)	(15,386)	3,580	(23.3)%
EBT	10,856	18,502	(7,646)	(41.3)%
Non -recurring items included in EBT	(11,639)	(12,726)	1,087	(8.5)%
EBT excluding non -recurring items	22,495	31,228	(8,733)	(28.0)%
Income tax for the period	8,649	(11,415)	20,064	n.s.
Profit (Loss) for the period	19,505	7,087	12,418	n.s.
Profit (loss) for the period attributable to Non -controlling
interests	(4,011)	(2,806)	(1,205)	42.9%
Profit (Loss) for the period attributable to the Shareholders
of the Parent Company	15,494	4,281	11,213	n.s.
Non -recurring items included in Profit (loss) for the period	8,480	(13,713)	22,193	n.s.
O.w. Non -recurring items included in Profit (loss) for the
period attributable to Non -controlling interest	(82)	(1,132)	1,050	(92.8)%
Profit (loss) for the period attributable to the Shareholders	6,932	16,862	(9,930)	(58.9)%
of the Parent Company excluding non -recurring items
Profit (loss) for the period attributable to Non -controlling	4,093	3,938	155	3.9%
interests excluding non -recurring items
Earnings per share (in Euro)	0.20	0.05	0.15	n.s.
Earnings per share excluding non -recurring items (Euro)	0.09	0.21	(0.12)	(57.9)%

Condensed Balance Sheet

(€/000)	6/30/2024	12/31/2023	Change €	Change %
Cash and liquid securities	110,397	112,376	(1,979)	(1.8)%
Financial assets	43,599	46,167	(2,568)	(5.6)%
Property, plant and equipment	45,094	48,678	(3,584)	(7.4)%
Intangible assets	459,584	473,784	(14,200)	(3.0)%
Tax assets	86,965	99,483	(12,518)	(12.6)%
Trade receivables	191,030	199,844	(8,814)	(4.4)%
Assets held for sale	1,938	16	1,922	n.s.
Other assets	60,401	51,216	9,185	17.9%
Total Assets	999,008	1,031,564	(32,556)	(3.2)%
Financial liabilities: due to banks/bondholders	589,782	588,030	1,752	0.3%
Other financial liabilities	69,889	96,540	(26,651)	(27.6)%
Trade payables	66,357	85,383	(19,026)	(22.3)%
Tax liabilities	63,421	65,096	(1,675)	(2.6)%
Employee termination benefits	8,367	8,412	(45)	(0.5)%
Provisions for risks and charges	27,014	26,356	658	2.5%
Liabilities held for sale	2,239	-	2,239	n.s.
Other liabilities	53,567	57,056	(3,489)	(6.1)%
Total Liabilities	880,636	926,873	(46,237)	(5.0)%
Share capital	41,280	41,280	-	n.s.
Reserves	15,274	35,676	(20,402)	(57.2)%
Treasury shares	(9,348)	(6,095)	(3,253)	53.4%
Profit (loss) for the period attributable to the Shareholders of the Parent Company	15,494	(17,830)	33,324	n.s.
Net Equity attributable to the Shareholders of the Parent Company	62,700	53,031	9,669	18.2%
Total Liabilities and Net Equity attributable to the Shareholders of the Parent Company	943,336	979,904	(36,568)	(3.7)%
Net Equity attributable to Non -Controlling Interests	55,672	51,660	4,012	7.8%
Total Liabilities and Net Equity	999,008	1,031,564	(32,556)	(3.2)%

Liabilities held for sale	2,239
Share capital	41,280	41,280
Profit (loss) for the period attributable to the
Net Equity attributable to the Shareholders of
Total Liabilities and Net Equity attributable to
Net Equity attributable to Non -Controlling

Condensed Cash Flow

	(€/000)

(€/000)	6/30/2024	6/30/2023	12/31/2023
EBITDA	65,043	79,834	175,345
Capex	(6,647)	(5,444)	(21,361)
EBITDA-Capex	58,396	74,390	153,984
as % of EBITDA	90%	93%	88%
Adjustment for accrual on share -based incentive system payments	(518)	(5,267)	(5,853)
Changes in Net Working Capital (NWC)	(10,212)	6,261	(10,673)
Changes in other assets/liabilities	(28,038)	(51,967)	(58,301)
Operating Cash Flow	19,628	23,417	79,157
Corporate Income Tax paid	(9,060)	(14,160)	(27,595)
Financial charges	(12,350)	(11,734)	(23,329)
Free Cash Flow	(1,782)	(2,477)	28,233
(Investments)/divestments in financial assets	1,445	792	2,599
Equity (investments)/divestments	(373)	-	(21,520)
Tax claim payment	400	-	-
Treasury shares buy -back	(3,421)	-	(2,115)
Dividends paid to minority shareholders	-	-	(5,000)
Dividends paid to Group shareholders	-	(47,455)	(47,992)
Net Cash Flow of the period	(3,731)	(49,140)	(45,795)
Net financial Position - Beginning of period	(475,654)	(429,859)	(429,859)
Net financial Position - End of period	(479,385)	(478,999)	(475,654)
Change in Net Financial Position	(3,731)	(49,140)	(45,795)

Adjustment for accrual on share -based incentive
Equity (investments)/divestments	(373)
Tax claim payment	400
Treasury shares buy -back	(3,421)
Dividends paid to minority shareholders	-
Dividends paid to Group shareholders
Net financial Position
Net financial Position

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Glossary

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

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

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

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

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	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	and allowed banks to more easily deconsolidate NPL portfolios through securitisations
GBV
HAPS	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
Stage 2 Loans	Subperforming loans – albeit not NP - that have seen a significant increase in credit risk, resulting in "investment grade" credit quality
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

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

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This disclaimer applies to all documents and information provided herein and to any verbal or written comments of person presenting them by doValue S.pA. and its affiliates (collectively, the "Company") or any person on behalf of the Company, and any question and answer session that follows the oral Presentation (collectively, the "Information"). in accessing the Information, you agree to be bound by the following terms and conditions. The Information may not be reproduces redistributed, published or passed on to any other person, directly or indirectly, in whole or In part, for any purpose.

This presentation and any materials distributed in connection herewith, taken together with any such verbal or written comments, including the contents thereof and the Information (together, the "Presentation") is not intended for potential investors and 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 are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that may may/will occur in the future therefore 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. Therefore the Company's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. 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.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein.

The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company's expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates of the Company and have not been independently verified.

Davide Soffietti, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and accounting information disclosures herewith set forth correspond to the company's evidence and accounting books and entries.

Disclaimer

Investor Relations Contacts

Daniele Della Deta Head of Group M&A, Strategic Finance and Investor Relations investorrelations@dovalue.it