Earnings presentation DTP Group Q3 2015

Disclaimer This presentation has been prepared by DTP S.A. ("Company") as a document of an informative nature for its stakeholders. This document does not constitute an offer or solicitation to sell or purchase securities or any other assets, companies or businesses described herein, and cannot be made the basis for any agreement. This presentation contains selected information concerning the Company and its subsidiaries, which the Company deems essential and disclosable to stakeholders in light of the applicable law. No representations or guarantees are made, expressly or impliedly, with regard to the accuracy or completeness of the information contained in this presentation; furthermore, the Company, members of its Management Board and the management personnel of the Company or any of its subsidiaries shall have no liability in connection with the above, and no statement made in this document shall now or in the future be made the basis for considering it as a promise or declaration, regardless of whether this shall concern a past or future event. Stakeholders should perform their own independent analysis of the relevant Company matters - particularly when making decisions regarding the sale or purchase of shares in the Company. Certain information in this presentation may constitute forward-looking statements. These statements may concern, among others, planned investments, as well as any other information that does not constitute archive data. Although the Company's representatives consider the assumptions used as the basis for preparing forward-looking statements to be true, potential results suggested in this material involve a certain level of risk and uncertainty, and no guarantee is given as to whether the actual results will be in line with the presented information, particularly due to the fact that this data concerns future events, conditions and factors, which involve a certain level of risk and uncertainty. The Company does not make any commitment to publish corrections or updates for any statements made in this presentation in order to reflect changes in the Company's expectations, changes in the circumstances that are the basis for such statements or events that took place after the date on which this presentation was prepared.

2

Agenda DTP Group - key information Market environment Financial results for Q3 2015 Operating results DTP's position on the debt market in Poland and market perspectives Attachments

3

Q3 2015 summary* 21% growth in operating profit

62% growth in cash EBITDA 30% growth in net profit 55% growth in portfolio debt recovery rate 13% growth in nominal value of purchased portfolios 46% net profitability * year-on-year 4

Key events in Q3 2015 At the end of the third quarter of 2015, the total value of assets under management, including those commissioned to and purchased by DTP Group, increased by 200 million and reached PLN 3,25 billion.

As of 30 Sep[tember 2015, the value of purchased debt portfolios under management was PLN 2.74 billion (CAGR 31,5%). Only in Q3 2015, PLN 117,3 million worth of debt portfolios was purchased on own account

3rd quarter of 2015 brought increased cooperation with Altus TFI on the managing non-standardized securitization closed-end investment fund, which resulted in an increase in revenue from this title to PLN 1.2 million

Constantly increasing the total amount spent on debt portfolios during the third quarter of 2015 reached exceeded PLN 10 milion and reached PLN 11,7 million, and and PLN 163 million in the present and previous reporting periods cumulatively.

During the third quarter. DTP SA shared its profits with shareholders, paid dividend dividend from the profit for the previous years and advance payment on account of dividend for 2015. The dividend and advance will amount to an aggregate PLN 6.43 million, or PLN 0.18 per share. In the last quarter of the DTP also made the purchase with its own funds bonds with a total value of 1.25 million.

With the development of the DTP Group steadily increased the number of employees at the end of the third quarter. 2015., at DTP Group employed more than 200 people.

During the third quarter. 2015. In DTP we implemented our own modern receivable management system dedicated to comprehensive service portfolios.

5

Agenda Market environment

6

Growing and full of prospects market The size of the debt market in Poland (PLN bn) 56,6 35,3

47,6

43,1

39,3

61,6

• Poland is one of the fastest growing markets in Europe debt

• Bank debt continues to represent an overwhelming 2012-12-31

2013-06-30

2013-12-31

2014-06-30

2014-12-31

2015-06-30

Wartość wierzytelności w obsłudze przez firmy z branży windykacyjnej (mld zł)

majority of supply which is measured by the value of portfolios

Source : Konferencja Przedsiębiorstw Finansowych in Poland

The amount of overdue payments recorded in the Register of Debtors BIK (PLN bn)

42,9

40,9 39,8

36,1

40,9

• Debt market has the potential for further dynamic growth, primarily stimulate economic growth in

39,8

Poland, the banks' credit activity and changes in the

37,0

banking sector, also the development of non-bank lending segment

06.2012

12.2012

Source : InfoDług report ,

06.2013

12.2013

06.2014

12.2014

2015 P

P – DTP's forecast

7

Market growth to be driven by changes in banking sector 952 996

1 000 000

100 000

900 000

CAGR 2009-2015

6,23%

CAGR 2009-2015

10,94%

800 000 700 000

75 370 80 000

600 000 60 000 500 000

40 341

CAGR 2009-2015 13,26%

400 000

40 000

300 000 200 000

20 000

100 000

Kredyty ogółem (lewa oś)

Kredyty zagrożone (prawa oś)

Detaliczne kredyty zagrożone (prawa oś)

wrz-15

lip-15

maj-15

mar-15

sty-15

lis-14

wrz-14

lip-14

maj-14

mar-14

sty-14

lis-13

wrz-13

lip-13

maj-13

mar-13

sty-13

lis-12

wrz-12

lip-12

maj-12

mar-12

sty-12

lis-11

wrz-11

lip-11

maj-11

mar-11

sty-11

lis-10

wrz-10

lip-10

maj-10

mar-10

sty-10

lis-09

wrz-09

lip-09

maj-09

0 mar-09

0

Data in PLNm Source: National Bank of Poland

Changes in the banking sector may become an additional impulse for an increase in the debt market in Poland Key growth drivers:

• •

New burden for the banking sector (tax on assets, initiatives related to foreign currency loans), accelerating the processes of ordering banks' balance sheets, Market consolidation (organize the acquired portfolios of banks). 8

Agenda Financial results for Q3 2015

9

Next quarter ended with a record result Przychody (mln PLN)

18

17,4 16,5

17

•

16

was the next in succession, historically the best period

15

13,7

14

in terms of result from core operations adjusted for

13 13

The third quarter of 2015 in performed by DTP Group

12,5

one-off events.

40%

12 11 10 Q3 2014

Q4 2014

Q1 2015

Q2 2015

8

•

Revenue growth in the second quarter of 2015 stemmed from high repayments of own receivables

Zysk netto (mln zł)

8,5

Q3 2015

8,2

confirmed that the investments were made rightly and

7,6

the accuracy of valuation methodology.

7,5 7

6,5

6,3

6,1

6,2

6

•

5,5

30%

Record recurring profit was generated thanks to efficient operating model and also the effectiveness

5

4,5

and involvement of qualified staff.

4 Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

10

Dynamic earnings growth Value of purchased debt portfolios (in PLNm)

Q3 2015

Recovery of purchased portfolios (in PLNm)

Q3 2015

514

2 741

15,79

54,8%

32,9%

Q3 2014

Q3 2014

2 430

Portfele nabyte przez DTP

10,20

Wpływ współpracy z Altus TFI

In PLNm

Q3'14

Q3'15

change %

Q1-Q3'14

Q1-Q3'15

change %

Revenue

12,47

17,43

40%

36,61

47,64

30%

EBIT

7,25

8,78

21%

19,70

23,77

21%

EBITDA

7,32

8,88

21%

19,83

24,03

21%

Cash EBITDA*

5,37

8,68

62%

11,67

19,68

69%

Net profit

6,30

8,17

30%

18,49

22,00

19%

* Cash EBITDA = EBITDA + proceeds from debts – revenue from debts

11

Repayment of debt as the main source of revenue Revenue in Q3 2014 (PLNm)

Revenue in Q3 2015 (PLNm)

1,7

0,2

0,2

12,5

Aktualizacja portfela

Inkaso

Pozostałe

Przychody

16,0

0

Spłaty skorygowane o amortyzację ceny nabycia

Aktualizacja portfela

1,3

0,1

17,4

Inkaso

Pozostałe

Przychody

10,4

Spłaty skorygowane o amortyzację ceny nabycia

• •

Record recovery from own portfolios was key to revenue record growth in Q3 2015, confirm the accuracy of investment decisions In Q3 2015, DTP group did not recognise any revenue from portfolio re-measurement. Throughout 2015, revenues from portfolio re-measurement is 1.26 million zł

•

Thanks to cooperation with Altus TFI, DTP Group is systematically growing revenue from collection operations*

* collection operations and management of third-party funds

12

DTP Group is the most profitable debt collector listed on the Warsaw Stock Exchange 600

50,00% 46%

556 45,00%

511 500

40% 40,00%

37%

35,00%

31%

400

30,00% 26% 300

25,00% 20% 20,00%

200 159

15,00%

150 105

10,00%

100

76 39

61

42

28

15

1% 4

3% 36

5,00%

27 1

10

0

0,00%

Kruk

BEST

Kredyt Inkaso

EGB Investments Przychody

Zysk netto

DTP

Pragma Inkaso

P.R.E.S.C.O.

Fast Finance

Rentowność netto

PLNm

For DTP - 12-month period ended 30 September 2015, for others - 12-month period ended 30 June 2015

13

Attractive cash flows from operating activities Cash Flow (mln zł) 40

1,861

-29,327

21,996

35

30

25

20

15

12,287 1,143

-0,514

1,836

10

-2,120 -0,858

6,304

5

0

Cash 1 January 2015

Net profit

Finance income recognised in profit or loss

Change in debt portfolio investment

Change in other investments

Other cash flows from operating activities

Cash flows from investing activities

Interest on bonds, credit and loans

Other cash flows from financing activities

Cash at 30 September 2015 (closing balance)

14

Debt Debt

Net debt / cash EBITDA 40 35

1,56

33,77

31,04

29,38

30 25

1,43

1,44

0,5 0,4

24,62

22,23

0,3

0,26

0,25

20 15

36,53

33,62

0,19

0,18

0,24

0,23

0,21

0,2

10

0,1

5 0

0,0 Q1

2013

2014

Q2

Q3

Q4

Q1

Q2

2014

Q3 2015

Q3

2015

Zadłużenie netto

Dług netto / kapitały własne

DTP with the least debt among WSE-listed debt collectors - comparison*

•

GPM Vindexus

DTP

P.R.E.S.C.O.

BEST

Fast Finance

EGB

KRUK

Kredyt Inkaso

Pragma Inkaso

Consolidated equity

121 260

150 942

113 076

237 628

56 627

65 698

679 662

238 285

55 994

Net interest debt**

17 000

33 153

43 057

201 884

44 931

73 108

760 482

292 676

96 556

0,14

0,22

0,38

0,85

0,79

1,11

1,12

1,23

1,72

The Group's debt remains at a low level in relation to equity and cash EBITDA.

•

The Group has strong potential to leverage its business if appropriate

opportunities

materialise , inter alia, open credit line.

Net interest debt** / equity

*for DTP - 12-month period ended 30 September 2015, for others - 12-month period ended 30 June 2015 ** Net interest debt = financial liabilities - found

15

Growing debt portfolio Value of purchased debt portfolios (PLNm)

Value of debt portfolios as at 30 September 2015 (PLNk)

3 000

Non - retail 1 561 163 57%

2 741 2 541

2 456

2 500

1 978

2 000

Teleco m 218 711 8%

1 320

1 500

1 090

CAGR 21,4%

1 000

Utilities 85 921 3%

Bank 2 435 897 89%

500

Retail 1 179 367 43%

0 2010

2011

2012

2013

2014

3 kwartały 2015

Expenditure on portfolios, and average price (PLNm)

Number of debt portfolios as at 30 September 2015

45,0 40,0

8,60% 8,35%

35,0 23,7

8,40% 8,20%

8,09%

30,0 25,0

38,3 7,91% 25,0

28,2

25,2

20,0

8,00% 7,80% 7,60%

7,48%

15,0

7,40% 7,24%

7,00%

5,0

6,80%

0,0

6,60% 2012

2013

2014

Utilities 72 931 30%

Bank 82 922 34%

7,20%

10,0

2011

Non - retail 42 781 17%

3 kwartały 2015

Wydatki na portfele

Telecom 89 704 37% Retail 202 776 83%

Średnia cena dla portfeli kupionych od początku 2010 roku

16

Conservative valuation of own portfolios Comparison of forecasts DTP and actually made recovery

The cost recovery (as a percentage of the profits) The increase in the cost of recovery due to the increase incurred legal fees, fees for a lawsuit and a greater number of cases referred for bailiff

63 893

PLNk

\

55,3%

44,3%

40 249

40 202

38 020 30 815

30 261

40,7%

30,8%

23,7%

22 822 17 110

10 633 4 563

2011

2012

2013

2014

9M 2015

2011

2012

2013

2014

9M 2015

Prognozowany odzysk na portfelach własnych (część kapitałowa i odsetkowa) Zrealizowany odzysk (część kapitałowa i odsetkowa)

17

Recovery of purchased portfolios By year of recovery (PLNk)

By year of purchase (PLNk)

70 000

45 000

80 000

40 000

70 000

45 000

38 296 60 000 35 000

68 495

38 296

40 000

35 000 60 000

50 000 50 000

25 850

25 161

40 000

23 735

25 161

24 980

24 980

23 735

25 000

25 000 40 000

30 000

30 000

28 206

30 000

28 206

18 780

18 780

32 472

31 783

20 000

20 000 30 000

19 889

15 000

15 000 20 000

40 202

38 020 63 893

16 095

20 000

9 989

10 000

10 000

27 430 10 000

22 822

10 000

5 000

5 000

10 633 0

2 391 0

0 2010

2011

2012

2013

Odzysk (lewa oś)

2014

3 kwartały 3 kwartały 2014 2015

Wydatki (prawa oś)

Wpływ z jednej wierzytelności

0 2010

2011

2012

2013

2014

odzysk 2010

odzysk 2011

odzysk 2012

odzysk 2013

odzysk 2014

odzysk 2015

2015

Wydatki na portfele (prawa oś)

18

Thank you for your attention We welcome your questions

19

Agenda Attachments

20

Financial results Consolidated balance sheet and statement of profit and loss PLNm Non-current assets Current assets: Debt portfolios Cash Equity Non-current liabilities: Financial liabilities Current liabilities

Q3 2015

Q3 2014

22,495

22,295

0,90%

171,285

155,761

9,97%

162,289

135,202

20,04%

% change

6,304

15,006

-57,99%

150,942

129,276

16,76%

27,494

30,159

-8,84%

27,110

29,574

-8,33%

15,344

18,621

-17,60%

1,887

1,416

12,347

The Group's main source of revenue and net margin is management of own debt portfolios. Since the beginning of the DTP steadily increasing this income due to the rapidly expanding recovery of debts. DTP Group maintains a low interest debt, financing the purchase of portfolios in the vast majority from own resources.

Q3 2015

Q3 2014

Sales margin

49,90%

52,50%

33,26%

ROE**

22,00%

20,00%

16,428

-24,84%

ROA**

17,10%

15,10%

17,431

12,468

39,81%

C/I

53,50%

52,60%

EBIT

8,776

7,247

21,10%

EBITDA*

8,876

7,322

21,22%

EBITDA (PLNk)

8 876

7 322

Net profit

8,172

6,297

29,78%

EV/EBITDA**

6,31

10,21

Trade payables Financial liabilities Revenue from sales

* EBITDA = gross profit + depreciation and amortisation + interest

** annualised ratios

21

Financial results Selected data from the consolidated statement of profit and loss

2014

PLNm QI Total revenue from sales

Q2

2015 Q3

Q4.

Q1

Q2

Q3

10,13

14,01

12,47

12,98

13,73

16,48

17,43

9,73

13,71

12,15

12,01

12,86

15,71

15,98

5,06

4,50

1,79

1,40

1,26

0,00

0,00

Revenue from collection operations

0,03

0,03

0,09

0,37

0,83

1,12

1,27

Other revenue

0,37

0,28

0,23

0,60

0,04

-0,34

0,18

EBIT

5,05

7,40

7,25

6,69

6,79

8,20

8,78

EBITDA

5,08

7,43

7,32

6,93

6,86

8,29

8,88

Net profit

5,44

6,74

6,30

6,10

6,21

7,62

8,17

Value of collections

8,14

9,09

10,05

10,74

9,67

14,74

15,79

Expenditure on own portfolios

4,02

12,54

9,29

2,35

4,64

8,61

11,73

Cash EBITDA

3,49

2,81

5,37

5,66

3,68

7,33

8,68

Revenue from debt portfolios Revenue from portfolio re-measurement

22

Financial results Selected balance sheet data

2014

PLNm Q1 Non-current assets

Q2

2015 Q3

Q4

Q1

Q2

Q3

21,42

21,48

22,30

22,63

22,57

22,34

22,50

124,12

134,94

155,76

149,65

155,65

167,22

171,29

107,31

124,27

135,20

132,96

140,79

150,37

162,29

7,07

2,40

15,01

12,29

7,26

10,31

6,30

116,24

122,98

129,28

135,37

141,58

145,63

150,94

29,30

33,44

48,78

36,91

36,63

43,93

42,84

0,43

0,40

0,36

3,34

3,29

7,42

13,09

25,83

26,00

45,64

30,66

30,76

29,81

26,36

22,23

31,04

33,77

24,62

29,38

33,62

36,53

Debt to equity

0,19

0,25

0,26

0,18

0,21

0,30

0,28

Net debt / cash EBITDA 12M

1,52

2,25

2,13

1,43

1,69

1,55

1,44

Current assets Debt portfolios Cash

Equity Total liabilities Credit, loans and leasing Bonds

Net debt

23

DTP Group - business model DTP Group's business is focused in three key areas: •

Purchase and management of debt portfolios on own account,

•

Servicing of debt portfolios at the direction of outside entities,

•

Purchase and management of debt portfolios for financial investors.

From 2015, the Group's operational model is supplemented by e-collections online tools and services for debt recovery.

24

Experienced management team Michał Handzlik President of DTP's Management Board Michał Handzlik has know-how and experience in finance and banking, particularly in the areas of investor relations, strategy development, planning and coordinating, as well as managing operational processes. His past roles include Head of the Planning and Controlling Department at PKO BP S.A., Managing Director at the Management and Controlling Department of Bank BPH S.A., Vice-President and subsequently President of the Management Board at Getin Bank S.A. He obtained an Executive MBA at the Warsaw University of Technology in 2007.

Paweł Czechowski Member of the Management Board Paweł Czechowski has been in charge of the investments and sales area, as well as a management board member at Debt Trading Partners Sp. z o.o., since 2011. He has completed post-graduate studies in management at the Warsaw School of Economics. He has spent many years in the debt recovery industry - first as sales director in the international firm Intrum Justitia Sp. z o.o., and later as sales director at Ultimo Sp. z o.o. He is also a member of the Supervisory Board of DTLEX Kancelaria Radców Prawnych Rosiński i Wspólnicy S.K.A.

Jacek Pytliński Member of the Management Board Jacek Pytliński is a graduate of the University of Silesia with a masters in IT, focus on IT in experimental science. In 2005, he began working as designer with Asseco Poland S.A., where he was responsible for developing bank transaction systems and, subsequently, external interfaces for bank systems to facilitate working with commercial banks' online banking systems. Since 2007, running his own business, Jacek Pytliński had been developing software for transaction systems dealing with insurance policies and bank systems for credit processing. From 2012, he has been Head of the IT and Analysis Department at Debt Trading Partners Sp. z o.o. S.K.A., which is a subsidiary of the Issuer.

25

Shareholding structure As at 6 November2015

No. of shares

Paged Capital Sp. z o.o.

JAMICO Sp. z o.o. Spółka Komandytowo-Akcyjna

16 988 566

% stake

47,57% 27,01%

5 740 000

16,07% 47,57%

Pioneer Pekao Investment Management SA

3 340 320

Other

9 645 114

27,01%

35 714 000

100,00%

Total

9,35% 9,35%

16,07%

26

Debt portfolios – repayment curve 51%

54% 50%

50%

42%

40%

45%

36% 28%

39%

36%

24%

30%

33% 30%

31% 23% 20%

27% 27%

21%

26%

25%

21%

19%

22%

17% 16%

8Y - DTP - krzywa dla porteli nabytych w latach 2009-2015 (IRR 39%, ∑ 270%)

8Y - Konkurent 2 - krzywa dla portfeli nabytych w latach 2005-2014 (∑ 254%)

8Y - Konkurent 1 - krzywa dla portfeli nabytych w latach 2005-2014 (∑ 270%) 92%

50% 37%

53%

51% 48% 42%

35%

31%

31%

29%

31%

29% 25%

24% 21%

23% 19%

DTP - krzywa dla portfeli bankowych nabytych w latach 2009-2015 (IRR 37%, ∑ 273%)

22% 20% 16%

19% 18% 13%

DTP - krzywa dla portfeli telekom nabytych w latach 2009-2015 (IRR 59%, 33% ∑ 241%)

52% ∑ 265%) DTP - krzywa dla portfeli utilities nabytych w latach 2009-2015 (IRR 58%,

27

DTP - accounting practices Example calculation of repayments and revenue for a purchased debt portfolio •

Acquired debt portfolios are recognised as current investments because the portfolios being purchased contain almost exclusively debts that are overdue and are initially recognised at purchase price increased by PCC, which corresponds to fair value.

•

The value of purchased debt portfolios is measured at least once at the end of each calendar quarter. Valuation is determined using reasonable estimates of fair value, calculated using an estimation model based on estimates of discounted expected cash flows.

•

Estimated proceeds from debt portfolios include the principal and interest, calculated using a discount rate. Principal received is recognised as a decrease in the value of a portfolio, while interest received is recognised as current-period revenue. Differences between actual and forecast payments adjust interest income for the given period.

•

Current-period profit may also include (if applicable) remeasurement of purchased debt portfolios, which is defined as a change in fair value resulting from changes in estimates relating to expected future cash flows for the given portfolio and changes in discount rates.

•

Proceeds from financial assets measured at fair value through profit or loss are presented in operating revenue as revenue from collection operations relating to purchased debt portfolios.

PERIOD 0 purchase price

1

2

3

4

5

total

50

50

50

50

50

250%

100

planned proceeds

-100

IRR

41%

% of proceeds vs purchase price

discount rate

ACCOUNTING measurement at the beginning of period

proceeds interest income depreciation measurement at the end of period

100

50 41 9 91

91

50 37 13 78

78

50 32 18 61

61

50 25 25 35

35

50 15 35 0

250

total proceeds

150

assets at the beginning of period * IRR

100

difference between proceeds and revenue assets at the beginning of period, less depreciation and amortisation

28