2017 Q3 Results PresentationNovember 2017

1

Legal Disclaimer

This presentation and the information contained herein (unless otherwise indicated), has been provided by Almaviva S.p.A. (together with its subsidiaries, referred to as “AlmavivA”) solely for informational purposes. By attending this presentation or otherwise viewing this presentation, or having access to the corresponding information, you are agreeing to be bound by the following conditions.

This presentation and its contents are strictly confidential and may not be distributed or passed on to any other person or published or reproduced, in whole or in part, by any medium or in any form for any purpose.

This presentation contains forward-looking statements. Forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding AlmavivA’s results of operations, strategy, plans, objectives, goals and targets. The forward-looking statements in this document can be identified, in some instances, by the use of words such as “expects,” “anticipates,” “intends,” “believes,” and similar language or the negative thereof or similar expressions that are predictions of or indicate future events or future trends. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause AlmavivA’s actual results, performance or achievements to be materially different from those expressed in, or implied by, such forward-looking statements. All forward-looking statements apply only as of the date hereof and AlmavivA undertakes no obligation to update this information.

The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice. The information contained in this document may be updated, completed, revised and amended and such information may change materially in the future. AlmavivA is under no obligation to update or keep current the information contained in this presentation. The information contained in this presentation has not been independently verified. 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 herein. AlmavivA nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arisingfrom any use of this presentation or its contents or otherwise arising in connection with the presentation. Any proposed terms in this presentation are indicative only and remain subject to contract.

Certain financial data included in this presentation consists of “non-IFRS financial measures.” These non-IFRS financial measures, as defined by AlmavivA, may not be comparable to similarly-titled measures as presented by other companies, nor should they be considered as an alternative to the historical financial results or other indicators of the performance based on IFRS.

AlmavivA obtained certain industry and market data used in this presentation from publications and studies conducted by third parties and estimates prepared by AlmavivAbased on certain assumptions. While AlmavivA believes that the industry and market data from external sources is accurate and correct, neither AlmavivA nor the Initial Purchaser has independently verified such data or sought to verify that the information remains accurate as of the date of this presentation and Almaviva makes norepresentation as to the accuracy of such information. Similarly, AlmavivA believes that its internal estimates are reliable, but these estimates have not been verified by any independent sources.

This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of AlmavivA in the United States or in any other jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

2

Overview of AlmavivA

Source: Company Information and financials1 As of 30-Sep-2017; excludes €18m of intragroup eliminations.

Business Area

Brand

LTM1 Sales (% of Total)

Countries

Positioning

AlmavivA

IT Services CRM New Technology

CRM Europe CRM International

Only company in Italy focused on managing national critical assets

Leading provider of IT solutions for the transportation and Public Administration sectors

N. 2 in Italy N. 3 in Brazil

A B C

€ 359 m € 130 m € 14 m€ 263 m48%35%

16 %1 %

3

IT Services

Around €50m of new contracts signed in 3Q 2017 in the IT division

Up to November already signed 8 contracts with PA on the back of the SPC L3 framework agreement and 2 contracts in signing phase related to the SPC L4

Finance division acquired contracts with 2 new clients

CRM

CRM Europe: operative costs stabilization in Italy and recent acquisition already completed

CRM International:— Significant improvement in operations on some clients throughout hiring of new managers and

optimization of new processes— Spare capacity already settled, in order to support expected increase in volumes— Volumes forecast received by clients in continuous growth for the next months — Recent tenders won for around 500 workstations in sectors different from telco (finance,

pharmaceuticals, retail credit management)

Almawave

Launch of new products (i.e. new Conversational Platform, enabling natural language processing and dialogue management for voice and text)

New contracts signed with a large telco operator in Italy to manage multichannel analytics (voice, text, surveys) and with new customers for subtitling, dictation and transcribing technologies. Released the platform for a relevant Government Institution for multimedia and multi-language broadcasting intelligence

Increased deployment of customer engagement innovative solutions for telco & media companies in Brazil

Key Operating Performance Highlights9M 2017

4

Key Financial Highlights

Key Highlights

9M 2017

Source: Company Information as of Sep-2017

Key Financials (€m)

Revenues

LTM Sep-2017 Revenue Breakdown and Current Backlog

IT Services Backlog as of 30-Sep-2017 (€m)

709.2 730.2 716.5 747.6

2015A 2016A LTM Sep-2016A LTM Sep-2017A

By Division

ITServices

48 % CRMInternational

35 %

CRM Europe16 %

Almawave 1%

Adj. EBITDA and Adj. EBITDA Margin

56.3 61.6 65.1

7.9% 8.4% 8.7%

2015A 2016A LTM Sep-2017A

359

1338

Backlog asat 30-Sep-2017

IT Services RevenuesLTM-2017A¹

SPCFrameworkAgreementBacklog

3,7x

9M Results

Group revenues at €544m, increased by €17.5m (+3.3%) compared to 9M 2016

Group EBITDA at €46m, increased by €10m (+27.9%) compared to 9M 2016

— EBITDA margin increased by 160 bps from 6.8% to 8.4%

— Adjusted EBITDA margin higher than the two previous years (+80 bps vs 2015and + 30 bps vs 2016)

Group EBIT at €24m, increased by €9m (+62.2%) compared to 9M 2016

Capex at €15.3m, decreased by €2.2m compared to 9M 2016

Key Statistics

IT backlog covers around 4 times the LTM IT Services revenues

LTM YoY growth better than 2016-2015 growth

Net Debt as of 30-Sep-2017 equal to €180m or 2.8x LTM adjusted EBITDA

5

Summary P&L€m

Key Comments

Revenue increased by 3.3% compared to 9M 2016

Incidence of operating costs slightly increasing due to the shift from capex to opex in the CRM International

D&A mainly relate to fixed assets in the IT Division and Brazil, in line with 9M 2016

Interest Expenses does not consider the new debt structure

Taxes: values include current income taxes, deferred and prepaid income taxes, according to applicable tax rates and regulations. The Italian companies exercised the option of participating in the tax consolidation, thus benefiting from the recovery of fiscal losses carried forward, thus the trend in taxes reflects the same trend in taxable income.

€ million 2014A 2015A 2016A9M

2016A9M

2017ALTM

Sep-17A

Revenues 695.4 709.2 730.2 526.8 544.3 747.6% Growth 2.0% 3.0% 3.3%

Total of Revenues and Other Income 721.4 725.7 739.2 532.4 555.5 762.3% Growth 0.6% 1.9% 4.3%Operating Costs (660.0) (669.4) (677.6) (496.5) (509.6) (697.3)% Revenues 94.9% 94.4% 92.8% 94.2% 93.6% 93.3%Adjusted EBITDA 61.4 56.3 61.6 N/A N/A 65.1 % Margin 8.8% 7.9% 8.4% N/A N/A 8.7%Non-Recurring Items - - (25.8) N/A N/A (19.3)% Revenues - - 3.5% N/A N/A 2.6%EBITDA 61.4 56.3 35.8 35.9 45.9 45.7% Margin 8.8% 7.9% 4.9% 6.8% 8.4% 6.1%D&A (27.1) (27.1) (29.3) (21.1) (21.9) (30.1)% Revenues 3.9% 3.8% 4.0% 4.0% 4.0% 4.0%EBIT 34.3 29.2 6.4 14.8 24.0 15.6% Margin 4.9% 4.1% 0.9% 2.8% 4.4% 2.1%

Interest Expense (26.7) (29.7) (25.6) (19.9) (25.7) (31.4)% Revenues 3.8% 4.2% 3.5% 3.8% 4.7% 4.2%EBT 7.6 (0.5) (19.2) (5.1) (1.7) (15.8)% Margin 1.1% (0.1)% (2.6)% (1.0)% (0.3)% 2.1%

Taxes (8.7) (0.8) 3.1 (5.2) (0.1) 8.2Group Net Income (1.1) (1.3) (16.1) (10.3) (1.8) (7.6)

6

Summary Cash Flows€m

1 Includes equity investments, proceeds from non-controlling interests, change in assets held for sale and disinvestments.

Key Comments

Capex decreased by €2.2m compared to 2016 due to reduced investments on the Brazilian sites and gradual shift from capex to opex

Change in working capital driven by DRO reduction and DPO management

Strong improvement in trade receivable due to an efficient credit management

Operating cash flow increased by growth in productivity and cost optimization process

Tax benefit from the recovery of fiscal losses carried forward at consolidated level

Other items includes proceeds from disposals (of which €15.5m in 2016A in relation to the deferred payment received on the sale of SIN S.p.A.)

€ million 2014A 2015A 2016A LTM Sep-17A

Adjusted EBITDA 61.4 56.3 61.6 65.1

Capex (49.0) (35.2) (27.4) (25.2)

(Increase) / Decrease in Normalised Working Capital 26.2 (1.2) 10.5 18.3

Adjusted Operating Cash Flow 38.6 19.9 44.6 58.2

% Adjusted EBITDA 62.9% 35.4% 72.5% 89.5%

Non-Recurring Items - - (25.8) (19.3)

Taxes (10.0) (4.0) (1.2) (2.4)

Dividend Payments - (0.1) (0.3) (5.4)

Other Items¹ 0.6 2.0 15.8 9.1

Adjusted Free Cash Flow for Debt Service 29.2 17.8 33.1 40.2

7

35.9 45.9

9M 2016A 9M 2017A

10.0 526.8 544.3

9M 2016A 9M 2017A

17.5

1.4 2.0

9M 2016A 9M 2017A

0.6 8.7 9.4

9M 2016A 9M 2017A

0.7

24.8 20.7

9M 2016A 9M 2017A

(4.1)

(16.7)

(5.2)

9M 2016A 9M 2017A

11,5

104.7 97.7

9M 2016A 9M 2017A

(7.0)

249.3 252.1

9M 2016A 9M 2017A

2.8

Current Trading By Division€m

Key CommentsSep-2017 Year To Date Performance

RevenuesIT Services CRM Europe

EBITDA Revenues EBITDA

RevenuesCRM International Almawave

EBITDA Revenues EBITDA

Revenues EBITDAGroup

Growth y-o-y in 9M 2017 at both Revenues and EBITDA level except for CRM International

Positive contribution at EBITDA level mainly from IT Services, CRM Europe and Almawave

CRM International decrease in EBITDA due to

– A switch from capex to opex

– Increase of hiring and personnel costs in order to strength the operation and commercial divisions

– Start-up activities in Colombia

Improvement in EBITDA margin (8.4% vs 6.8% in 2016) mainly as a result of IT Services, CRM Europe and Almawave

26.0 28.0

9M 2016A 9M 2017A

2.0

176.3 198.1

9M 2016A 9M 2017A

21.8

8

(4.4)(9.4)

(32.6)

(21,0)

(6.8)(1.7)

2014A 2015A 2016A LTM-2017A¹

Reported EBITDA Adjusted EBITDA

(7.4)

(15.9)

(2.8)(0.8)

(1.5)

Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017

CRM EuropeKey Financials

1 As of 30-Sep-2017.

Negative 2016 CRM

Europe EBITDA

9M 2017 Update - Operating Costs (€m)

Quarterly Reported EBITDA Evolution (€m)

Revenues (€m)

EBITDA (€m)

169.3 152.9

136.8 129.8

2014A 2015A 2016A LTM-2017A¹

-14.5 % reduction

9M 2016A 9M 2017A

122.0

104.2

Includes €(8.5)m of extraordinary costs

9

45.7

10.6

8.5 0.2

ReportedEBITDA

LTM Sep-2017

AnnualisedSavings

on Personnel inCRM Europe

ExtraordinaryItems

LTM Sep-2017

ExtraordinaryItems

3Q 2017

AdjustedEBITDA

LTM Sep-2017¹

Overview of LTM Adjusted EBITDA€m

Savings on Personnel: €10.6m (pro rata)

— Cost savings of €6.0m due to the closing of the Rome site occurred in Dec-2016

— Cost savings of €1.3m due to the application of the so-called “social clauses” in Palermo completed in Dec-2016

— Cost savings of €0.4m due to new labour agreements in Naples became effective in Mar-2017

— Cost savings of €2.9m due to new labour agreements in Palermo became effective in Jun-2017

LTM Sep2017 Extraordinary items: €8.5m

— This relates to the cost severance packages and extra costs related to the closing of the Rome site as reported in the annual report

3Q 2017 Extraordinary items: €0.2m

— This relates to the extraordinary costs to manage the reorganization of the sites in Palermo

Overview of EBITDA Adjustments Key Comments

+19.3

1 2 3

65.1

Source: Company information1 After accounted savings (€10.6m) and extraordinary items (€8.7m).

1

2

3

10

13.9 13.9 14.4 10.53.2 1.9 1.3

0.5

29.016.8 9.1

2.3

2.9

2.6 2.6

2.1

49.0

35.227.4

15.3

2014A 2015A 2016A 9M 2017AIT CRM Europe CRM International Almawave

7.0% 5.0% 3.8% 2.8%

Capex Overview€m

Cap

ex b

y D

ivis

ion

Cap

ex b

y Ty

pe

% RevenuesInvestment in 2 new

sites in Brazil

From 2015 Management

gradually reduced Capex, with a shift

to Opex, for the creation of new

facilities

14.2 15.7 13.6 11.2

34.9 19.5

13.8 4.2

49.0

35.2 27.4

15.3

2014A 2015A 2016A 9M 2017AInvestment in Intangible Assets Investment in Tangible Assets

11

Capitalisation Structure as of 30-Sep-2017

1 Cash and Equivalents as of September 2017, as adjusted to give effect to the offering of the Notes and the use of the proceeds.2 Includes financial credits.3 Other financial liabilities include SIMEST participation, Government subsidized financings (€4m) and leasing.

Pro Forma Capitalisation

Key Credit Stats (LTM Sep-17)

Net Total Leverage: 2.8x

Interest Coverage Ratio: 3.3x

€m AmountxLTM Sep-17Adj. EBITDA Pricing Maturity

Cash and cash equivalents1 (80.4)

Total current and non-current financial assets2 (13.4)

Senior Secured Notes 250 7.25% Oct-2022

Other financial liabilities3 22.5

Total Gross Debt 272.5 4.2x

Total Net Debt 180.0 2.8x

LTM Sep-17 Adjusted EBITDA 65.1

Super Senior RCF (Undrawn) 40.0 E+450bps Feb-2022

Appendix

13

Summary Cash Flows9M 2017 vs. 9M 2016 | €m

1 Includes equity investments, proceeds from non-controlling interests, change in assets held for sale and disinvestments.

€ million 2014A 2015A 2016A 9M 2016A 9M 2017A

EBITDA 61.4 56.3 35.7 35.9 45.9

Capex (49.0) (35.2) (27.4) (17.5) (15.3)

(Increase) / Decrease in Normalised Working Capital 26.2 (1.2) 10.5 (5.4) 2.0

Operating Cash Flow 38.6 19.9 18.8 13.0 32.5

% EBITDA 62.9% 35.4% 72.5% 36.2% 70.8%

Taxes (10.0) (4.0) (1.2) (1.3) (2.0)

Dividend Payments - (0.1) (0.3) (0.3) (5.4)

Other Items¹ 0.6 2.0 15.8 7.7 0.8

Free Cash Flow for Debt Service 29.2 17.8 33.1 19.1 25.9

Reversal of Change in Overdue VAT (13.8) 32.6 2.0 (3.1) (56.2)

Total Free Cash Flow 15.4 50.4 35.1 16.0 (30.3)