DeA Capital_res_int_di_ges_al_30_9_2012_eng

Interim Management Report
to 30 September 2012 1
INTERIM MANAGEMENT
REPORT
TO 30 SEPTEMBER 2012
______________________
Third quarter 2012
First nine months of 2012
Board of Directors of DeA Capital S.p.A.
Milan, 12 November 2012

DeA Capital S.p.A.
(the company or the parent company)
Corporate information DeA Capital S.p.A. is subject to the management and
co-ordination of De Agostini S.p.A.
Registered office: Via Borgonuovo, 24, 20121 Milan,
Italy
Share capital: EUR 306,612,100 (fully paid up),
represented by shares with a nominal unit value of EUR
1, each, totalling 306,612,100 shares (30,478,368 of
which own shares at 30 September 2012)
Tax code, VAT code and recorded in the Milan Register
of Companies under no. 07918170015
Board of Directors (*)
Chairman Lorenzo Pellicioli
Chief Executive Officer Paolo Ceretti
Directors Lino Benassi (1)
Rosario Bifulco (1/4/5)
Marco Boroli
Daniel Buaron
Claudio Costamagna (3/5)
Marco Drago
Roberto Drago
Severino Salvemini (2/3/5) (#)
Board of Statutory Auditors (*)
Chairman Angelo Gaviani
Regular Auditors Gian Piero Balducci
Cesare Andrea Grifoni
Alternate Auditors Andrea Bonafè
Maurizio Ferrero
Giulio Gasloli
Secretariat of the Board of Directors Diana Allegretti
Manager responsible for preparing Manolo Santilli
the company’s accounting statements
Independent auditors KPMG S.p.A.
auditors
(*) In office until the approval of the financial statements to 31 December 2012
(#) Co-opted by the Board of Directors of DeA Capital S.p.A. on 14 May 2012
Member of the Control and Risk Committee
(2) Member and Chairman of the Control and Risk Committee
(3)
Member of the Remuneration Committee
(4)
Member and Co-ordinator of the Remuneration Committee
(5)
Independent director

Contents
Interim Report on Operations
1. Profile of DeA Capital S.p.A.
2. Information for shareholders
3. The DeA Capital Group’s key Statement of Financial Position and Income Statement
figures
4. Significant events in the third quarter of 2012
5. Results of the DeA Capital Group
6. Other information
Consolidated Financial Statements and Notes to the
Accounts for the period 1 January – 30 September 2012
Statement of Responsibilities for the Interim Management
Report to 30 September 2012

Interim Report on Operations

1. Profile of DeA Capital S.p.A.
With an investment portfolio of around EUR 840 million and assets under management
of over EUR 11,000 million, DeA Capital S.p.A. is one of Italy’s largest alternative
investment operators.
The company, which operates in both the private equity investment and alternative
asset management businesses, is listed on the FTSE Italia STAR segment of the Milan
stock exchange, and heads the De Agostini Group in the area of financial investments.
DeA Capital has "permanent" capital, and therefore has the advantage – compared with
traditional private equity funds, which are normally restricted to a pre-set duration – of
greater flexibility in optimising the timing of entry to and exit from investments. In
terms of investment policy, this flexibility allows it to adopt an approach based on value
creation over the medium to long term.
PRIVATE EQUITY
INVESTMENT
ALTERNATIVE ASSET
MANAGEMENT
 Direct investments
In the services sector, in Europe and
Emerging Europe
 Indirect investments
In private equity funds of funds, co-
investment funds and theme funds
 IDeA Capital Funds SGR, which
manages private equity funds (funds
of funds, co-investment funds and
theme funds)
Assets under management: EUR 1.2 billion
 IDeA FIMIT SGR, which manages
real estate funds
Assets under management: EUR 9.8 billion
 Soprarno SGR, which manages total
return funds and other services
companies (IDeA SIM, IDeA Servizi
Immobiliari and IDeA Agency)

At the end of the third quarter of 2012, the corporate structure of the group headed by DeA
Capital S.p.A. (DeA Capital Group, or the Group) was as follows:
DeA Capital
S.p.A.
Shareholdings and
VC Funds
100%
DeA Capital
Investments S.A.
(Luxembourg)
Quota
IDeA
OF I
Quota
IDeA I
Fund of Funds
Shareholding
Kenan
Investments
Shareholding
Santé
Shareholding
Sigla
Luxembourg
Shareholding
Migros
Shareholding
Stepstone
IDeA Servizi
Immobiliari
IDeA Agency
100%
IDeA
Capital Funds
SGR
100%
100%
Soprarno
SGR
65%
Quota
ICF II
100%
65%
Shareholding
Sigla
Shareholding
GDS
Private Equity Investment
Alternative Asset Management
Holding Companies
IDeA
SIM
Quota
EESS
IFIM
100%
20,98%
40,32%
IDeA FIMIT
SGR
Quota
AVA
Direct Private Equity Investment Indirect Private Equity Investment
DeA Capital
Real Estate
Alternative
Asset Management
With regard to the corporate structure shown above, on 1 January 2012, the merger by
incorporation of the wholly-owned subsidiary IDeA Alternative Investments into DeA
Capital S.p.A., which was decided by the Boards of Directors of these companies on 26 July
2011, became effective. The purpose of the merger, which entailed the reorganisation of the
DeA Capital Group’s corporate structure, was to centralise within the parent company the cash
flows from the Alternative Asset Management business, and to determine the strategic
guidelines for this business.
Subsequently, on 28 March 2012, an agreement was signed with Deb Holding, a company
controlled by the director Daniel Buaron that holds 30% of the share capital of FARE Holding.
The purpose of the agreement was to bring forward, with effect from 24 April 2012, the
exercise of the option to sell the stake in FARE Holding held by Deb Holding to DeA Capital
S.p.A. Under the agreements stipulated, on 24 April 2012 DeA Capital S.p.A. took full control
of FARE Holding, and changed the company name of FARE Holding and its subsidiaries FARE
and FAI, to DeA Capital Real Estate, IDeA Servizi Immobiliari and IDeA Agency
respectively.
Lastly, on 11 April 2012, an agreement was signed with Massimo Caputi and the company he
controls, Feidos S.p.A., which together own a stake of 41.69% in I.F.IM. (IFIM), which in turn
holds a stake of 20.98% in IDeA FIMIT SGR. The purpose of the agreement was to bring
forward, to this date, the exercise of the option to sell the stakes in IFIM held by Massimo
Caputi and Feidos to DeA Capital S.p.A. Following the transaction, DeA Capital S.p.A. acquired
full control of IFIM.

At 30 September 2012, the DeA Capital Group reported group shareholders’ equity of EUR
709.6 million, corresponding to a net asset value (NAV) of EUR 2.57 per share, with an
investment portfolio of EUR 843.0 million.
More specifically, the investment portfolio, which consists of private equity investments of EUR
441.5 million, private equity investment funds of EUR 171.9 million and net assets relating to
the Alternative Asset Management business of EUR 229.6 million breaks down as follows.
Investment portfolio
n. EUR/mln
Equity investments 8 441.5
Funds 12 171.9
Private Equity Investment 20 613.4
Alternative Asset Management (*) 6 229.6
Investment portfolio 26 843.0
(*) Equity investments in subsidiaries relating to Alternative Asset Management are
valued using the equity method in this table.
30.09.2012
 PRIVATE EQUITY INVESTMENT
o Main investments
 strategic shareholding in Générale de Santé (GDS), France's leading
private healthcare provider, whose shares are listed on the Eurolist market in
Paris (with a free float of less than 5% and low trading volumes). The
investment is held through the Luxembourg-registered company Santé S.A.,
an associate of the DeA Capital Group (with a stake of 42.89%)
 minority shareholding in Migros, Turkey's biggest food retail chain, whose
shares are listed on the Istanbul Stock Exchange. The investment is held
through the Luxembourg-registered company Kenan Investments S.A., an
investment recorded in the AFS portfolio of the DeA Capital Group (with a
stake of 17.03%)
 strategic shareholding in Sigla, which provides finance to all customer
segments (salary-backed loans and personal loans) and services non-
performing loans in Italy. The investment is held through the Luxembourg-
registered company Sigla Luxembourg S.A., an associate of the DeA Capital
Group (with a stake of 41.39%)

o Funds
 units in four funds managed by the subsidiary IDeA Capital Funds SGR i.e. in
the funds of funds IDeA I Fund of Funds (IDeA I FoF) and ICF II, in the
co-investment fund IDeA Opportunity Fund I (IDeA OF I, formerly IDeA
CoIF I) and in the theme fund IDeA Energy Efficiency and Sustainable
Growth (IDeA EESS)
 a unit in the real estate fund Atlantic Value Added (AVA) managed by
IDeA FIMIT SGR
 units in seven venture capital funds
 ALTERNATIVE ASSET MANAGEMENT
 controlling interest in IDeA Capital Funds SGR (100%), which manages
private equity funds (funds of funds, co-investment funds and theme funds)
with about EUR 1.2 billion in assets under management and four managed
funds;
 controlling interest in IDeA FIMIT SGR (61.30%), Italy's largest real
estate asset management company with about EUR 9.8 billion in assets
under management and 31 managed funds (including five listed funds)
 controlling interest in Soprarno SGR (65%), which manages total return
funds, in IDeA Servizi Immobiliari/IDeA Agency (100%), which
operates in project, property and facility management and real estate
brokerage, and in IDeA SIM (65%), which operates in the sector of
property brokerage companies

2. Information for shareholders
 Shareholder structure - DeA Capital S.p.A. (#)
De Agostini
SpA
58.3%
Treasury
stock
9.9%
Mediobanca
4.8%
DEB
Holding*
3.8%
Free float
23.2%
(#) Figures to 30 September 2012
(*) Company controlled by director Daniel Buaron

 Share performance (°)
Period from 11 January 2007, when DeA Capital S.p.A. began operations, to 30 September
2012
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
DeA Capital LPX 50 FTSE Star FTSE All
Period from 1 January 2012 to 30 September 2012
1.10
1.20
1.30
1.40
1.50
1.60
DeA Capital FTSE All FTSE Star LPX 50
(°) Source: Bloomberg

 Investor relations
DeA Capital S.p.A. maintains stable and structured relationships with institutional and
individual investors. In 2012, the company continued its communications campaign,
participating in the Milan Star Conference in March 2012 and the STAR Conference in London
in October 2012, and holding meetings and conference calls with institutional investors,
portfolio managers and financial analysts from Italy and abroad.
Coverage of the DeA Capital stock is currently carried out by Equita SIM and Intermonte SIM,
the two main intermediaries on the Italian market, with Intermonte SIM acting as a specialist.
The research prepared by these intermediaries is available in the Investor Relations section of
the website www.deacapital.it.
In December 2008, the DeA Capital share joined the LPX50® and LPX Europe® indices. The
LPX® indices measure the performance of the major listed companies operating in private
equity (“Listed Private Equity” or LPE). Due to its high degree of diversification by region and
type of LPE investment, the LPX50® index has become one of the most popular benchmarks
for the LPE asset class. The method used to constitute the index is published in the LPX Equity
Index Guide. For further information please visit the website www.lpx.ch. DeA Capital also
belongs to the GLPE Global Listed Private Equity Index, the index created by Red Rocks
Capital, a US asset management company specialising in listed private equity companies. The
index was created to monitor the performance of listed private equity companies around the
world and is composed of 40 to 75 stocks. For further information: www.redrockscapital.com
(GLPE Index).
The website is the primary mode of contact for individual investors, who may choose to
subscribe to a mailing list and send questions or requests for information and documents to
the company's Investor Relations department, which is committed to answering queries
promptly, as stated in the Investor Relations Policy published on the site. A quarterly
newsletter is also published for individual investors with the aim of keeping them updated on
key events, as well as providing clear and simple analysis of quarterly results and share
performance. DeA Capital also launched a mobile site, www.deacapital.mobi in July 2012. This
gives stakeholders a further tool, as they can access key information about DeA Capital via
their mobile phone or smartphone.
Performance of the DeA Capital share at 30 September 2012
The company’s share declined by 55.2% between 11 January 2007, when DeA Capital S.p.A.
began operations, and 30 September 2012. In the same period of time, the FTSE All-Share®,
FTSE Star® and LPX50® reported performances of -62.2%, -39.2% and -46.3% respectively.
The DeA Capital share lost 4.5% in the first nine months of 2012, while the FTSE All-Share®,
the Italian market’s index, gained 0.9%, the FTSE Star® gained 11.8% and the LPX50®
gained 20.7%. The share’s liquidity was lower than in 2011, with average daily trading
volumes of around 100,000 shares. The share prices in the first nine months of 2012 are
shown below:
(in Euro)
1 Jan – 30 Sept
2012
Maximum price 1.49
Minimum price 1.17
Average price 1.32
Price at 30 September 2012 (EUR per share) 1.27
Market capitalisation
At 30 September 2012 (EUR million) 351

3. The DeA Capital Group’s key Statement of Financial Position and
Income Statement figures
Key consolidated income statement and statement of financial position figures
to 30 September 2012 compared with the corresponding figures to 30
September 2011 and 31 December 2011 are shown below.
NAV/share (EUR) 2.57 2.38 2.60
Group NAV 709.6 669.0 738.1
Group net profit/(loss) (18.7) (43.6) 3.0
Comprehensive income (Group share) 46.0 (70.2) (8.8)
(Statement of Performance – IAS 1)
Investment portfolio 843.0 775.9 754.8
Net financial position – Holding Companies (124.6) (113.5) (16.9)
Net financial position consolidated (110.6) (102.5) 10.2
(EUR million)
September
30, 2012
September
30, 2011
December
31,2011
The table below shows the composition of NAV during the first nine months of 2012.
Group NAV at 31.12.11 669.0 280.7 2.38
Purchase of own shares (6.0) (4.6) 1.32
Other comprehensive income - Statement of Performance – IAS 1 46.0
Other movements of NAV 0.6
Group NAV at 30.09.12 709.6 276.1 2.57
(*) Average price of purchases in 2012
Change in Group NAV
Total value (EUR
m)
No. Shares
(millions)
Value per share
(€)
(*)

4. Significant events in the third quarter of 2012
The significant events that occurred in the third quarter of 2012 are summarised below. For
events that took place during the first half of the year, please refer to the Half-Year Report to
30 June 2012, which was approved by the Board of Directors on 29 August 2012.
 IDeA FIMIT – Acquisition of the business division Duemme SGR
On 1 July 2012, the deed of transfer signed by IDeA FIMIT SGR and Duemme SGR for the
business division comprising joint real estate investment funds managed by Duemme SGR (a
subsidiary of the Banca Esperia Group specialising in asset management services) became
effective.
With the transfer of the business division, IDeA FIMIT SGR has taken over the management of
eight funds with a total value of around EUR 520 million.
This transaction confirms IDeA FIMIT SGR’s position as Italian leader with 31 real estate funds
managed, and puts it among the major real estate asset management companies in Europe,
thanks also to the expansion of its circle of institutional investors.
 Private equity funds/real estate
On 3 July 2012, 6 September 2012 and 14 September 2012, the DeA Capital Group increased
its investment in the IDeA I FoF, ICF II, IDeA OF I, IDeA EESS and AVA funds, with total
payments of EUR 8.9 million (EUR 3.9 million, EUR 1.6 million, EUR 3.2 million, EUR 0.1 million
and EUR 0.1 million respectively).
On 3 July 2012, the DeA Capital Group received capital reimbursements totalling EUR 2.2
million from the IDeA I FoF fund, to be used in full to reduce the value of the units.
On 4 September 2012, the IDeA EESS fund completed the third closing, taking overall
commitments to around EUR 59.5 million. Following the entry of the new shareholders, DeA
Capital Investments held a 21.45% stake.
 Loan agreement with Mediobanca – partial use of the revolving line
On 25 September 2012 and following the end of the third quarter, the DeA Capital Group made
full use of the EUR 40 million revolving credit line with Mediobanca – Banca di Credito
Finanziario S.p.A. The use of this loan brings the Group's total loans from Mediobanca to EUR
120 million, including the previously existing bullet line of EUR 80 million.
Note that the above-mentioned lines are due to be repaid via a single payment on 16
December 2015, although DeA Capital S.p.A. has the option to make full or partial early
repayments during the term of the loan.

5. The DeA Capital Group’s results
Consolidated results for the period relate to the operations of the DeA Capital Group in the
following businesses:
 Private Equity Investment, which includes the reporting units involved in private equity
investment, broken down into equity investments (Direct Investments) and investments
in funds (Indirect Investments)
 Alternative Asset Management, which includes reporting units involved in asset
management activities and related services, with a current focus on the management of
private equity and real estate funds
 The DeA Capital Group’s investment portfolio
Changes in the DeA Capital Group's investment portfolio in the Private Equity Investment and
Alternative Asset Management business areas, as defined above, are summarised in the table
below.
Investment portfolio
n. EUR/mln
Equity investments 8 441.5
Funds 12 171.9
Private Equity Investment 20 613.4
Alternative Asset Management (*) 6 229.6
Investment portfolio 26 843.0
(*) Equity investments in subsidiaries relating to Alternative Asset Management are
valued using the equity method in this table.
30.09.2012
Details of portfolio asset movements in the first nine months of 2012 are provided in the
sections on the Private Equity Investment and Alternative Asset Management businesses
below.

 Private Equity Investment
In terms of equity investments, at 30 September 2012, the DeA Capital Group was a
shareholder of:
 Santé, indirect parent company of Générale de Santé (valued at EUR 229.7 million)
 Kenan Investments, indirect parent company of Migros (valued at EUR 198.2 million)
 Sigla Luxembourg, the direct parent company of Sigla (valued at EUR 12.6 million)
The DeA Capital Group is also a shareholder in five companies (Elixir Pharmaceuticals Inc.,
Kovio Inc., Stepstone, Harvip Investimenti and Alkimis SGR – whose total value at 30
September 2012 was EUR 1.1 million).
With regard to funds, at 30 September 2012, the DeA Capital Group held units in:
 IDeA I FoF (valued at EUR 102.6 million)
 IDeA OF I (valued at EUR 42.0 million)
 ICF II (valued at EUR 13.5 million)
 AVA (valued at EUR 2.5 million)
 IDeA EESS and seven other venture capital funds (with a total value of approximately
EUR 11.3 million)
Valuations of equity investments and funds in the portfolio reflect estimates made using the
information available on the date this document was prepared. Please see the notes to the
financial statements below for further details on valuations and related estimates.

Investments in associates
- Santé (parent company of GDS)
Headquarters: France
Sector: Healthcare
Website: www.generale-de-sante.fr
Investment details:
On 3 July 2007, DeA Capital S.p.A. finalised the purchase, through its wholly-owned
subsidiary DeA Capital Investments S.A., of a 43.01% stake in Santé S.A., the parent
company of Générale de Santé S.A. both directly and through Santé Dévéloppement Europe
S.A.S. At 30 September 2012, the DeA Capital Group's stake was 42.89% (i.e. 42.99% in
economic terms).
Brief description:
Founded in 1987 and listed on the Eurolist market in Paris since 2001, Générale de Santé is a
leading player in the private healthcare sector in France with revenues of about EUR 2 billion
at end-2011.
France is the second largest country in Europe in terms of annual healthcare expenditure after
Germany. Its healthcare system is one of the most advanced in the world, is still heavily
fragmented and is marked by the presence of numerous independent hospitals.
The company has approximately 19,400 employees and 106 clinics in total. In addition, it is
the main independent association of doctors in France (over 5,000 doctors).
Its activities include medicine, surgery, obstetrics, oncology and radiotherapy, mental health,
subacute pathologies and rehabilitation.
The company operates under the following names: Générale de Santé Cliniques (acute care),
Médipsy (psychiatry), Dynamis (rehabilitation) and Généridis (radiotherapy).
The investment in Santé, which is reported under “Investments in associates”, is valued at
approximately EUR 229.7 million in the consolidated financial statements to 30 September
2012 (EUR 235.2 million at 31 December 2011). The decrease compared with 31 December
2011 is due to the combined effect of the loss for the period of EUR 6.5 million and the
increase in the fair value of the interest rate swaps taken out to hedge interest rate risk on
debt exposure (EUR 1.0 million).

Générale de Santé (EUR million) First 9 months 2012 First 9 months 2011 % chg.
Revenues 1,441 1,461 -1.3%
EBITDA 175 186 -5.9%
EBIT 105 57 83.2%
Group net profit 43 4 n.a.
Net financial debt (835) (906) -7.8%
With regard to GDS’s operating performance, revenues in the first nine months of 2012 were
slightly down on the previous year, but up by 2.3% on a same-structure basis (stripping out
the impact on the 2011 figures of the clinics sold during that year). This was achieved as the
new clinics that were opened during the period (two in the rehabilitation segment, two in
psychiatry and one in medicine, surgery and obstetrics) gradually became fully operational and
as a result of growth in the volume of activities.
Note however that this growth in revenues occurred against a backdrop of mounting pressure
to grow the top line, influenced by (i) trends in demand (a gradual shift in the mix of services
offered towards outpatients provision, which have a lower unit cost/lower margins compared
with full hospitalisation, and the postponement by patients of non-urgent treatment due to the
economic crisis); and (ii) the regulatory framework and the definition of the provision of
hospital services (increasing competitive pressure from public operators, that benefit from
heavy government investment through discretionary components in the health budget, which
offset the unfavourable trend in prices).
In light of this trend in revenues, combined with the partial rigidity of the cost structure, it
became clear that, in order to maintain expected profit levels, the reorganisation into “hubs”
(chains of clinics that optimise provision of the service by tailoring it to the requirements of the
relevant geographical area) could no longer be postponed.
With specific reference to the final figures to 30 September 2012, a comparison of the EBIT
and net result with last year’s figures shows that these were affected by one-off costs relating
to the Plan Social completed in 2011 (with an effect on the net result of around EUR -19
million) and to the capital gains made on the clinics that were sold in 2012 (EUR 29 million).
Net debt of EUR 835 million represents an improvement on the figure of EUR 854 million at 30
September 2012, thanks partly to the receipts from the clinics that were sold.

- Sigla Luxembourg (parent company of Sigla)
Headquarters: Italy
Sector: Consumer credit
Website: www.siglacredit.it
Investment details:
On 5 October 2007, DeA Capital Investments finalised the acquisition of a stake (currently
41.39%) in Sigla Luxembourg, the holding company that controls Sigla, which operates in
Italy and provides finance to all customer segments.
Brief description:
Sigla, which is recorded in the special list pursuant to art. 107 of the T.U.B. (Italian
consolidated banking law) with effect from 31 March 2011, specialises in personal loans and
"salary-backed loans". It is a benchmark operator in the provision of financial services to
households, and operates throughout Italy, chiefly through a network of agents.
The company’s product range of salary-backed loans and personal loans was expanded in
2010 to include the servicing of portfolios of unsecured non-performing loans (personal loans
and credit cards).
The investment in Sigla Luxembourg, which is reported under “Equity investments in
associates”, is valued at approximately EUR 12.6 million in the consolidated financial
statements to 30 September 2012 (EUR 22.0 million at 31 December 2011). The decrease
compared with 31 December 2011 relates to the EUR 0.4 million loss for the period and an
impairment charge of EUR 9.0 million to align the carrying value with the company’s pro-rata
share of the net asset value at the same date.
Sigla (EUR million) First 9 months 2012 First 9 months 2011 % chg.
Loans to customers* 82.2 85.3 -3.6%
Revenues from loans to customers 2.9 3.8 -23.0%
CQS granted 60.3 102.4 -41.2%
Revenues from CQS 3.1 5.1 -39.0%
Group net profit (1.0) 0.0 n.a.
* Net receivables exclude salary-backed loans (CQS)
Sigla’s operating performance in the first nine months of 2012 recorded a decline at all levels
of the income statement compared with the previous year, due mainly to the contraction in the
number of salary-backed loans granted (a typically less capital-intensive product, on which the
Group has gradually repositioned itself). At 30 September 2012, they recorded a fall of 41.2%
compared with the same period in the previous year, which given the substantial rigidity in the
cost structure, led to a loss of around EUR 1 million.
Although the Group considers that Sigla is in a good position as regards the restructuring of
the salary-backed loans business being undertaken following the entry into force of the new
legislation required by the Regulator (increased pricing transparency and a reduction in the
number of intermediate levels in the existing value chain between the organisation that grants
the loan and the consumer, with the resulting sector concentration), the general
macroeconomic scenario has forced us to make the above-mentioned impairment on the

goodwill implicit in the carrying value. Specifically, the ongoing effects of the economic crisis,
together with the consequences arising from the deleveraging requirements of banks that
grant salary-backed loans, have led to much longer times for top-line growth than were
originally reflected in the asset valuation.

Investments in other companies
- Kenan Investments (indirect parent company of Migros)
Headquarters: Turkey
Sector: Food retail
Website: www.migros.com.tr
Investment details:
In 2008, the DeA Capital Group acquired about 17% of the capital of Kenan Investments, the
company heading the structure to acquire the controlling interest in Migros.
Brief description:
Migros was established in 1954, and is the leading company in the food retail sector in Turkey
with a share of about 34% in the organised retail market.
Growth in the food retail sector in Turkey is a relatively recent phenomenon, brought about
by the transition from traditional systems such as bakkals (small stores typically run by
families) to an increasingly widespread organised distribution model driven by expansion and
the modernisation process under way in Turkey.
The company has a total of 839 outlets (at 30 June 2012) with a total net sales area of
approximately 840,000 square metres.
Migros is present in all seven regions of Turkey, and has a marginal presence in Kazakhstan
and Macedonia.
The company operates under the following names: Migros, Tansas and Macrocenter
(supermarkets), 5M (hypermarkets), Ramstore (supermarkets abroad) and Kangurum (online
store).
One of the main extraordinary transactions completed by Migros was the sale of discount arm
Şok on 24 August 2011 to Yildiz Holding Group, a leading Turkish food producer, for around
TRY 600 million. The business sold consisted of some 1,200 supermarkets, with revenues in
2010 of TRY 1.2 billion (or around 19% of Migros’ consolidated revenues).
The equity investment in Kenan Investments is recorded in the consolidated financial
statements to 30 September 2012 at EUR 198.2 million (compared with EUR 127.1 million at
31 December 2011). The increase of EUR 71.1 million was due to the rise in the value of
Migros shares (TRY 18.7 per share at 30 September 2012, compared with approximately TRY
12.6 per share at 31 December 2011), and the strengthening of the Turkish lira against the
euro (2.31 TRY/EUR at 30 September 2012 versus 2.44 TRY/EUR at 31 December 2011). The
effect on the DeA Capital Group’s NAV of this change in fair value was partially offset by the
provisioning of estimated carried interest of around EUR 10.30 million, to be paid to the lead
investor, BC Partners, based on the total capital gain. This was partly recognised in the income
statement (EUR 3.0 million) and partly recognised in the fair value reserve (EUR 7.3 million).

Migros (mln YTL) First Half 2012 First Half 2011 % chg.
Revenues 3,007 2,640 13.9%
EBITDA 196 178 9.9%
EBIT 104 98 6.1%
Group net profit 134 (327) n.s.
Net financial debt (1,475) (1,833) 20%
* Awaiting publication of the data of the first 9 months - the data for half year are provided
In macroeconomic terms, the Turkish economy experienced GDP growth in the first half of
2012 of 3% y/y. The food retail sector in Turkey remained buoyant in the first half of 2012,
with sustained growth in commercial space (11.5% in 12 months) and the supermarket
segment (10.2% yoy), which maintained its dominant position.
In terms of Migros’ operating performance, revenues grew by 13.9% in the first half of 2012,
compared with the first half of 2011 (the scope of activities for which does not include the
discount division sold in August 2011), driven by the expansion of the network of sales outlets
(135 new supermarkets were opened in 12 months), accompanied by more modest growth in
EBITDA, and broadly stable operating profit. The net result increased, due to the revaluation of
the debt component in Euro following the rise of the Turkish lira.
As Migros announced previously, the company plans to expand the network by opening about
100 new points of sale per year in 2012 and the medium term. The new openings will mainly
be in the form of small supermarkets of between 150 and 2,500 square metres. Specifically,
the 150-350 square metre size will be used in high-traffic residential areas with a special
emphasis on fresh products and a much broader assortment than in discount stores.

- Other investments
Other investments totalled approximately EUR 1.1 million in the consolidated financial
statements to 30 September 2012.
Company
Registered
office
Business sector % holding
Alkimis SGR Italy Asset Management Company 10.00
Elixir Pharmaceuticals Inc. USA Biotech 1.30
Harvip Investimenti S.p.A. Italy Distressed Asset Real Estate and Other Investments 25.00
Kovio Inc. USA Printed Circuitry 0.42
Stepstone Acquisition Sàrl Luxembourg Special Opportunities 36.72
Funds
At 30 September 2012, the DeA Capital Group’s private equity investment business included
investments (other than the investment in the IDeA OF I fund and in the AVA real estate
fund, which are classified under “Investments in associates”, based on the units held) in two
funds of funds (IDeA I FoF and ICF II), one theme fund (IDeA EESS) and another seven
venture capital funds for a total of approximately EUR 171.9 million (corresponding to the
estimated fair value calculated using the information available on the date this document was
prepared).
Residual commitments associated with all the funds in the portfolio were approximately EUR
145.5 million (in their respective original currencies of denomination: EUR 141.9 million and
GBP 2.8 million).

- IDeA OF I
IDeA Opportunity Fund I
Headquarters: Italy
Sector: Private equity
Website: www.ideasgr.it
Investment details:
IDeA OF I is a closed-end fund under Italian law for qualified investors, which began activity
on 9 May 2008 and is managed by IDeA Capital Funds SGR.
At its meeting on 20 July 2011, the Board of Directors of IDeA Capital Funds SGR approved
a number of regulatory changes. These included changing the name of the IDeA Co-
Investment Fund I to IDeA Opportunity Fund I (IDeA OF I) and extending investment
opportunities to qualified minority interests, independently or via syndicates.
The DeA Capital Group has a total commitment of up to EUR 101.8 million in the fund.
Brief description:
IDeA OF I has total assets of approximately EUR 217 million. Its objective is to invest via
syndicates with a lead investor, independently, or by purchasing qualified minority interests.
At 30 September 2012, IDeA OF I had called up approximately 55.9% of the total
commitment after making six investments:
- on 8 October 2008, it acquired a 5% stake in Giochi Preziosi S.p.A., a company active
in the production, marketing and sale of children’s games with a product line
covering childhood to early adolescence
- on 22 December 2008, it acquired a 4% stake in Manutencoop Facility Management
S.p.A. by subscribing to a reserved capital increase This company is Italy’s leading
integrated facility management company, providing and managing a wide range of
property management services and other services for individuals and government
agencies
- on 31 March 2009, it acquired a 17.43% stake in Grandi Navi Veloci S.p.A., an Italian
shipping company that transports passengers and goods on various routes around
the Mediterranean Sea. On 2 May 2011, with the finalisation of Marinvest's entry into
the shareholder structure of Grandi Navi Veloci S.p.A. by subscribing to a reserved
capital increase, the stake held by IDeA OF I was diluted to 9.21% On 2 August
2012, IDeA OF I’s decision not to subscribe, on a pro-rata basis, to a further capital
increase led to a dilution in its holding of 3.68%;
- on 10 February 2011, it invested in a bond that is convertible into shares of Euticals
S.p.A., the Italian leader in the production of active ingredients for pharmaceutical
companies that operate in the generics sector, for EUR 10 million. As part of the
extraordinary transaction that led to the transfer of the controlling share in Euticals
S.p.A., on 3 April 2012 these bonds were transferred into the acquisition vehicle,
Lauro 57, which now owns 100% of Euticals S.p.A.; in exchange, a stake of 7.77%

was acquired in the same acquisition vehicle (recording a capital gain of EUR 6.9
million);
- on 25 February 2011, it purchased a 9.29% stake in Telit Communications PLC, the
third-largest producer of machine-to-machine communications systems in the world;
the stake held by OF I was subsequently diluted to 9.13% due to the exercise of
stock options by the company's management
- On 11 September 2012, an investment agreement was signed with Filocapital S.r.l.,
the main shareholder in Iacobucci HF Electronics S.p.A. (“Iacobucci”), a company
that manufactures trolleys for aeroplanes and trains, and specialises in the design,
production and marketing of components for aircraft fittings and furnishings. A
maximum of EUR 12 million will be invested, in several phases: (i) subscription to a
bond that is convertible into Iacobucci shares, totalling EUR 6 million on the closing
date; (ii) subscription to a capital increase, in divisible form, totalling EUR 6 million,
to be paid in two equal tranches – following approval of the half-yearly figures to 30
June 2013 and the financial statements to 31 December 2013 – based on the
achievement of certain EBITDA and net debt figures. If the above-mentioned
convertible bond were converted and the events for a capital increase materialised,
IDeA OF I would acquire an overall stake of 34.9% in Iacobucci.
On 9 October 2012, after the closing date for the period, IDeA OF I invested EUR 15 million
to acquire an indirect stake of 4.6% in Patentes Talgo S.A. (“Talgo”), a Spanish company
that designs and produces solutions for the rail sector, chiefly sold on the international
market (high-speed trains, and maintenance vehicles and systems).
The units held in IDeA OF I were reported in the consolidated financial statements to 30
September 2012 at EUR 42.0 million. The change in value compared with the figure at 31
December 2011 is attributable to capital calls of EUR 3.8 million, an increase of EUR 1.0 million
in the fair value and pro-rata net profit for the period of EUR 0.4 million.
The table below shows the key figures for IDeA OF I at 30 September 2012.
IDeA OF I
Registered
office
Year of
commit
ment
Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
IDeA Opportunity Fund I Italy 2008 216,550,000 101,750,000 46.99
Residual Commitments
Total residual commitment in: Euro 44,913,171

- IDeA I FoF
IDeA I Fund of Funds
Headquarters: Italy
Investment details:
IDeA I FoF is a closed-end fund under Italian law for qualified investors, which began activity on 30
January 2007 and is managed by IDeA Capital Funds SGR.
Brief description:
IDeA I FoF, which has total assets of approximately EUR 681 million, invests its assets in units of
unlisted closed-end funds that are mainly active in the local private equity sector of various
countries. It optimises the risk-return profile through careful diversification of assets among
managers with a proven track record of returns and solidity, different investment approaches,
geographical areas and maturities.
At the date of the latest report available, the IDeA ICF II portfolio was invested in 42 funds with
different investment strategies; these funds in turn hold around 446 positions in companies with
various degrees of maturity that are active in geographical regions with different growth rates.
The funds are diversified in the buy-out (control) and expansion (minorities) categories, with
overweighting towards medium- and small-scale transactions and special situations (distressed
debt/equity and turnaround).
At 30 September 2012, IDeA I FoF had called up 73.3% of its total commitment and had made
distributions totalling approximately 20.8% of that commitment.

Other important information:
Below is an analysis of the portfolio, updated to the date of the latest report available, broken
down by year of investment, geographical area, type and sector.
Notes:
1. % of the FMV of the investment at 30 September 2012
2. % of fund size based on paid-in exposure (capital invested + residual commitments) at 30 September 2012
The IDeA FoF units are valued at approximately EUR 102.6 million in the consolidated financial
statements to 30 September 2012, with a change during the period that includes an increase
in net investment of EUR 4.6 million and in fair value of approximately EUR 1.8 million.
The table below shows the key figures for IDeA I FoF at 30 September 2012.
IDeA I FoF
Registered
office
Year of
commit
ment
Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
IDeA I Fund of Funds Italy 2007 681,050,000 173,500,000 25.48
Breakdown by sector (1)Breakdown by type (2)
Breakdown by vintage (1) Breakdown by geography (2)
21%
Not committed
1%Global
RoW 14%
US
20%
Europe45%
9%
6%
Non Impegnato
1%Special Situations
18%
Expansion
VC
5%
Asset Based PE
Small Buyout
14%
Mid Buyout
31%
Large Buyout
15%
11%
5%
13%
Pharmaceutical1%
Healthcare6%
Cons. Staples
7%
Cons. Discretionary
13%
Distressed Portfolio
9%
Materials
Energiy 14%
Transport
Industrial
7%
RE
3%
Luxury
4% IT
Media
3%
Financial
4%
25%
2005
3%
2000-2004
3%
2012
4%
2011
11%
2010
2009
17%
2008
16%
2007
14%
2006
6%

- ICF II
ICF II
Headquarters: Italy
Investment details:
ICF II is a closed-end fund for qualified investors under Italian law, which began activity on 24
February 2009 and is managed by IDeA Capital Funds SGR.
The DeA Capital Group has a total commitment of up to EUR 51 million in the fund.
Brief description:
ICF II, which had total assets of EUR 281 million, invests its assets in units of unlisted closed-end
funds that are mainly active in the local private equity sector of various countries. It optimises the
risk-return profile through careful diversification of assets among managers with proven historical
returns and solidity, different investment approaches, geographical areas and maturities.
The fund started building its portfolio by focusing on funds in the area of mid-market buy-outs,
distressed and special situations, loans, turnarounds and funds with a specific sector slant,
targeting in particular opportunities offered in the secondary market.
At the date of the latest report available, the ICF II portfolio was invested in 25 funds with different
investment strategies; these funds in turn hold positions in around 154 companies with various
degrees of maturity that are active in geographical regions with different growth rates.
At 30 September 2012, IDeA I FoF had called up 28.0% of its total commitment and had made
distributions totalling approximately 2.6% of that commitment.
Other important information:
Below is an analysis of the portfolio, updated to the date of the latest report available, broken
down by year of investment, geographical area, type and sector.

Notes:
1. % of the FMV of the capital invested at 30 September 2012
2. % of commitment based on paid-in exposure (capital invested + residual commitments) at 30 September 2012
The ICF II units are valued at approximately EUR 13.5 million in the consolidated financial
statements to 30 September 2012, with a change during the period that includes an increase
in net investment of EUR 4.8 million and a decrease in fair value of approximately EUR 0.5
million.
The table below shows the key figures for ICF II at 30 September 2012.
ICF II
Registered
office
Year of
commit
ment
Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
ICF II Italy 2009 281,000,000 51,000,000 18.15
Breakdown by sector (1)Breakdown by type (2)
Breakdown by geography (2)
16%
Global
RoW
28%
US
27%
Europe
29%
16%
Special Situations
25%
Expansion
VC
6%
Small/Mid Buyout
36%
Large Buyout
16%
17%
2004-2006
1%
2012
2011
28%
2010
26%
2009
24%
2008
1%
2007
3%
20%
3%
8%
Distressed Portfolio
2%
Energy
Materials
10%
Industrial 0%
RE
4%
Luxury
IT
18%
Media
3%
Financial
Healthcare
4%
Cons. Staples12%
Cons. Discretionary
16%
Breakdown by vintage (1)

- IDeA EESS
IDeA Efficienza Energetica e Sviluppo Sostenibile (Energy Efficiency and Sustainable
Development)
Headquarters: Italy
Investment details:
IDeA EESS is a closed-end fund under Italian law for qualified investors, which began
operating on 1 August 2011 and is managed by IDeA Capital Funds SGR.
Brief description:
IDeA EESS is a closed-end mutual fund under Italian law for qualified investors, which seeks
to acquire minority and controlling interests in unlisted companies in Italy and abroad
(particularly Germany, Switzerland and Israel), by investing jointly with local partners.
The fund is dedicated to investing in small and medium-sized manufacturing and service
companies operating in the field of energy savings and the efficient use of natural resources.
It focuses on the development of faster and cheaper solutions in the use of renewable
energy sources while continuing to reduce CO2 emissions effectively, against a backdrop of
sustained growth in global energy demand.
On 4 September 2012, the fund undertook a third closing, which brought the total
commitment to EUR 59.5 million.
At 30 September 2012 IDeA OF I had called up approximately 8.4% of the total
commitment, after making an investment. Specifically, on 18 April 2012, the fund signed an
investment agreement to acquire 48% of Domotecnica Italiana S.r.l. (independent Italian
franchising of thermo-hydraulic installers) for approximately EUR 2.6 million, as well as a
commitment to subscribe, within the next 18 months, to a capital increase totalling EUR 2.0
million (IDeA EESS pro-rata share: EUR 1.0 million).
The IDeA EESS units have a value of approximately EUR 0.6 thousand in the consolidated
financial statements to 30 September 2012, with a change in the period that includes
contributions paid in the form of capital calls of EUR 0.8 thousand. The table below shows the
key figures for IDeA EESS at 30 September 2012.
IDeA EESS
Registered
office
Year of
commit
ment
Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
IDeA Efficienza Energetica e Sviluppo Sostenibile Italy 2011 59,450,000 12,800,000 21.53

- AVA
Atlantic Value Added
Headquarters: Italy
Sector: Private Equity – Real Estate
Website: www.ideafimit.it
Investment details:
The "Atlantic Value Added Closed-End Speculative Real Estate Mutual Fund" is a mixed-
contribution fund for qualified investors that began operations on 23 December 2011.
DeA Capital Investments subscribed to a total commitment in the fund of up to EUR 5
million (corresponding to 9.1% of the overall commitment), including payments of EUR 2.6
million already made (five class A units).
Brief description:
The Atlantic Value Added fund began its operations with a primary focus on real estate
investments in the office and residential markets with a potential for growth in value. The
duration of the fund is eight years.
The fund, which is managed by the subsidiary IDeA FIMIT SGR, completed the first closing
with a commitment of around EUR 55 million.
On 29 December 2011, the fund made its first investment totalling EUR 41.5 million through
the purchase/subscription of 83 units in the Venere Fund, a closed-end speculative reserved
real estate fund managed by IDeA FIMIT SGR. The Venere Fund's real estate portfolio
consists of 15 properties primarily for residential purposes located in northern Italy.
The units in AVA are valued at around EUR 2.5 million in the consolidated financial statements
to 30 September 2012, with a change in the period that includes the pro-rata portion of the
net loss for the period (EUR 0.1 million) and contributions paid in the form of capital calls (0.1
million).
The table below shows the key figures for AVA at 30 September 2012.
AVA
Registered
office
Year of
commit
ment
Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
Atlantic Value Added Italy 2011 55,000,000 5,000,000 9.08

- Units in venture capital funds
Units in venture capital funds are all concentrated in the parent company DeA Capital S.p.A.,
and are valued at approximately EUR 10.7 million in the consolidated financial statements to
30 September 2012.
The table below shows the key figures for venture capital funds in the portfolio at 30
September 2012.
Venture Capital Funds
Registered
office
Year of
commit
ment
Fund Size
Subscribed
commitme
nt
% DeA Capital in
fund
Dollars (USD)
Doughty Hanson & Co Technology UK EU 2004 271,534,000 1,925,000 0.71
GIZA GE Venture Fund III Delaware U.S.A. 2003 211,680,000 10,000,000 4.72
Israel Seed IV Cayman Islands 2003 200,000,000 5,000,000 2.50
Pitango Venture Capital II Delaware U.S.A. 2003 125,000,000 5,000,000 4.00
Pitango Venture Capital III Delaware U.S.A. 2003 417,172,000 5,000,000 1.20
Total Dollars 26,925,000
Euro (€)
Nexit Infocom 2000 Guernsey 2000 66,325,790 3,819,167 5.76
Sterlings (GBP)
Amadeus Capital II UK EU 2000 235,000,000 13,500,000 5.74

 Alternative Asset Management
At 30 September 2012, DeA Capital S.p.A. was the owner of:
 100% of IDeA Capital Funds SGR
 61.30% of IDeA FIMIT SGR (including 40.32% held through DeA Capital Real Estate,
and 20.98% through IFIM)
 100% of IDeA Servizi Immobiliari/IDeA Agency (which operates in project,
property and facility management and real estate brokerage), 65% of Soprarno SGR
(which operates in asset management through the management of total return funds)
and 65% of IDeA SIM (which operates in investment consultancy with no temporary or
permanent holdings of liquid assets or clients’ financial instruments, and with no
assumption of risk)
- IDeA Capital Funds SGR
Headquarters: Italy
Sector: Alternative Asset Management - Private Equity
Investment details:
IDeA Capital Funds SGR is one of the leading independent Italian asset management companies
operating in the management of direct funds, and funds of private equity funds. The asset
management company manages four closed-end private equity funds, including two funds of
funds (IDeA I FoF and ICF II), a "direct" co-investment fund (IDeA OF I) and a sector fund
dedicated to energy efficiency (IDeA EESS).
The investment programmes of IDeA Capital Funds SGR, which are regulated by the Bank of Italy
and Consob, leverage the management team's wealth of experience in the sector.
The investment strategies of funds of funds focus on building a diversified portfolio in private
equity funds in the top quartile or that are next-generation leaders with balanced asset allocation
through diversification by:
 Industrial sector
 Investment strategy and stages (buy-outs, venture capital, special situations, etc.)
 Geographical region (Europe, US and the Rest of the World)
 Year (commitments with diluted investment periods over time)
The investment strategies of the "direct" co-investment fund focus on minority interests in
medium to large-sized LBOs together with leading qualified investors with businesses that
primarily focus on Europe, and diversification as a function of the appeal of individual sectors by
limiting investments during the early stage and excluding purely real estate investments.
The investment philosophy of the EESS sector fund is focused on growth capital and buyout
private equity to support the growth of small and medium-sized enterprises with excellent
products or services in the energy efficiency and sustainable growth arena. Investments in
infrastructure for the generation of energy from renewable sources or early stage investments can
be made in compliance with regulatory restrictions. The main geographical focus of these funds is
Italy.

The table below summarises the value of assets under management and management fees for
IDeA Capital Funds SGR at 30 September 2012.
(EUR million)
Asset Under
Management
at 30.09.2012
Management
fees
at 30.09.2012
IDeA Capital Funds SGR
ICF II 281 2.1
IDeA EESS 59 1.0
IDeA I FoF 681 4.2
IDeA OF I 217 1.7
Total IDeA Capital Funds SGR 1,238 9.0
With regard to operating performance, the company reported an increase in overall
management fees received in the first nine months of 2012 compared with the same period in
the previous year. Assets under management increased by EUR 59 million.
IDeA Capital Funds SGR (EUR
million)
First Nine
Months of
2012
First Nine
Months of
2011
AUM 1,238 1,230
Management fees 10.6 9.5
EBT 6.6 6.2
Net profit 4.3 4.1

- IDeA FIMIT SGR
Headquarters: Italy
Sector: Alternative Asset Management - Real Estate
Website: www.firstatlantic.it
Investment details:
IDeA FIMIT SGR is the most important independent real estate asset management company
in Italy, with around EUR 9.8 billion in assets under management and 31 managed funds
(including five listed funds). This puts it among the major partners of Italian and international
investors in promoting, creating and managing closed-end mutual investment funds in real
estate.
IDeA FIMIT SGR has three main lines of business:
 the development of real estate mutual investment funds dedicated to institutional
clients and private investors
 the promotion of innovative real estate financial instruments to satisfy investors’
increasing demands
 the professional management (technical, administrative and financial) of real estate
funds with the assistance of in-house experts as well as the best independent
technical, legal and tax advisors on the market
The company has concentrated its investments in transactions with low risk, stable returns,
low volatility, simple financial structures and, most importantly, an emphasis on real estate
value. In particular, the asset management company specialises in "core" and "core plus"
properties, but its major investments also include important "value added" transactions.
Due in part to successful transactions concluded in recent years, the asset management
company is able to rely on a panel of prominent unit-holders consisting of Italian and
international investors with a high standing such as pension funds, bank and insurance
groups, capital companies and sovereign funds.
On 1 July 2012, the deed of transfer signed by IDeA FIMIT SGR and Duemme SGR for the
business division comprising joint real estate investment funds managed by Duemme SGR (a
subsidiary of the Banca Esperia Group specialising in asset management services) became
effective. The transfer of the business division has enabled IDeA FIMIT SGR to take on the
management of eight real estate funds with assets that include around 60 buildings, worth a
total of approximately EUR 520 million.

The table below summarises the value of assets under management and management fees for
IDeA FIMIT SGR.
(EUR million)
Asset Under
Management
at 30.09.2012
Management
fees
at 30.09.2012
Breakdown of funds
Atlantic 1 669 4.2
Atlantic 2 Berenice 534 1.8
Alpha 477 3.2
Beta 214 1.9
Delta 360 2.0
Listed funds 2,254 13.1
Reserved funds 7,559 35.9
Total 9,813 49.0
Some of the key financials of the listed funds (Atlantic 1, Atlantic 2, Alpha, Beta and Delta –
figures in Euro) in the asset management portfolio are also provided below, with an analysis of
the real estate portfolio at the date of the latest report available, broken down by geographical
area and by intended use.
Atlantic 1 30/09/2012
Market value of real estate 642,930,000
Historical cost and capitalised charges 619,809,181
Loan 358,098,945
Net Asset Value ("NAV") 288,536,260
NAV / Share (Euro) 553.3
Market price/share (Euro) 218.0
Dividend Yield* 5.38%
* Ratio of income per share to average nominal value of the share
Atlantic 1: Diversification by geographical area Atlantic 1: Diversification by intended use
Lombardia
66%
Lazio
15%
Campania
13%
Piemonte
6%
Offices
82%
Commerc.
18%

Atlantic 2 - Berenice 30/09/2012
Loan 281,797,742
Atlantic 2: Diversification by geographical area Atlantic 2: Diversification by intended use
Alpha 30/09/2012
Loan 73,518,806
NAV / Share (Euro) 3,777.0
Market price/share (Euro) 1,092.0
Alpha: Diversification by geographical area Alpha: Diversification by intended use
Lombardia
44%
Lazio
40%
Piemonte
14%
Altri
2%
Offices
69%
Industrial
31%
Lombardia
12%
Lazio
83%
Emilia 5% Offices
60%
Other
40%

Beta 30/09/2012
Loan 32,284,469
Beta: Diversification by geographical area Beta: Diversification by intended use
Delta 30/09/2012
Loan 141,164,486
Dividend Yield* n.a.
Delta: Diversification by geographical area Delta: Diversification by intended use
Umbria
26%
Sardegna
39%
Lazio 35%
Offices
41%
Hotels
39%
Specific Use
19%
Commercial
1%
Hotels
62%
Other
34%
Offices
4%
Lombardia
4% Sardegna
41%
Veneto 14%
Calabria
11%
Emilia 10%
Abruzzo
10%
Campania
4%
Piemonte 3%
Toscana
3%

With regard to IDeA FIMIT SGR’s operating performance, the comparison between the income
statement for the first nine months of 2012 and for the same period in the previous year (see
the table below) is of limited significance, in view of the changes in business structure that
took place on 3 October 2011 (integration of FARE SGR and FIMIT SGR, with the creation of
IDeA FIMIT SGR).
IDeA FIMIT SGR (EUR million)
First Nine
Months of
2012
First Nine
Months of
2011 (*)
AUM 9,813 3,436
Management fees 49.0 15.4
EBT 13.3 9.3
EBT - before PPA 21.8 9.3
Net profit 14.3 6.0
(*)Data are referred to FARE SGR

 Comprehensive income - Income statement
The group made a loss in the first nine months of 2012 of about EUR 18.7 million, compared
with a profit of around EUR 3.0 million in the same period of 2011.
When comparing the results of the first nine months of 2012 with those of the same period in
2011, note the significant change in the scope of consolidation of the alternative asset
management business, which includes FIMIT SGR’s contribution from 3 October 2011 (when its
integration with FARE became effective).
Revenues and other income break down as follows:
- alternative asset management fees totalling EUR 62.2 million
- a contribution from investments valued at equity of EUR -7.0 million (EUR -19.9 million
in the same period in 2011), due to the investment in Santé (around EUR -6.5 million)
and the investment in Sigla (around EUR -0.5 million)
- other investment income, net of liabilities, totalling EUR -7.5 million (EUR +27.5 million
in the same period of 2011, which included the capital gain made on the sale of a
portion of the Migros shares held by Kenan Investments)
- other revenues and income totalling EUR 7.0 million due largely to the alternative asset
management business (EUR 7.7 million in the same period of 2011)
Operating costs totalled EUR 60.7 million (EUR 31.3 million in the same period of 2011), of
which EUR 48.3 million was attributable to Alternative Asset Management, EUR 8.1 million to
the Private Equity Investment business and holding company activities. Note that Alternative
Asset Management costs include the effects of the amortisation of intangible assets, totalling
EUR 10.4 million, recorded when a portion of the purchase price of the investments was
allocated.
Financial income and charges, which totalled EUR -6.3 million at 30 September 2012 (EUR -2.0
million in the same period of 2011), mainly related to the cost of exercising the put option on
subsidiaries’ minority holdings, income generated from cash and cash equivalents, financial
charges and income/charges on derivative contracts.
The total tax impact for the first nine months of 2012 (EUR -0.4 million, compared with EUR -
5.4 million in the same period of 2011) is the combined result of taxes of EUR 1.8 million due
in respect of Alternative Asset Management activities, and tax credits of EUR 0.4 million
relating to the Private Equity Investment business and of EUR 1.0 million for holding activities.
Of the total consolidated net loss of EUR 18.7 million, about EUR -19.8 million was attributable
to the Private Equity Investment business, around EUR +12.8 million to Alternative Asset
Management and approximately EUR -11.7 million to holding company operations/eliminations.

Summary Group Income Statement
(Euro thousands)
3°Quarter
2012
First Nine
Months of
2012
3°Quarter
2011
First Nine
Months of
2011
Alternative Asset Management fees 22,202 62,150 10,122 28,108
Income (loss) from equity investments (10,225) (7,032) (8,733) (19,907)
Other investment income/expense (8,140) (7,468) 63 27,496
Income from services 2,120 6,765 2,607 7,503
Other income 67 282 50 222
Other expenses (19,469) (60,716) (8,312) (31,341)
Financial income and expenses (1,290) (6,250) (1,020) (1,964)
PROFIT/(LOSS) BEFORE TAXES (14,735) (12,269) (5,223) 10,117
Income tax (4,249) (369) (162) (5,420)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS (18,984) (12,638) (5,385) 4,697
Profit (Loss) from discontinued operations/held-for-sale assets 0 0 0 0
PROFIT/(LOSS) FOR THE PERIOD (18,984) (12,638) (5,385) 4,697
- Group share (20,000) (18,710) (6,311) 3,020
- Non controlling interests 1,016 6,072 926 1,677
Earnings per share, basic (€) (0.067) 0.010
Earnings per share, diluted (€) (0.067) 0.010
Summary Group Income Statement - performance by business
in the first nine months of 2012
(Euro thousands)
Private Equity
Investment
Alternative
Asset
Management
Holdings/
Eliminations Consolidated
Alternative Asset Management fees 0 62,150 0 62,150
Income (loss) from equity investments (6,653) (199) (180) (7,032)
Other investment income/expense (9,014) 693 853 (7,468)
Income from services 29 6,868 150 7,047
Other expenses (4,302) (48,306) (8,108) (60,716)
Financial income and expenses (193) (245) (5,812) (6,250)
PROFIT/(LOSS) BEFORE TAXES (20,133) 20,961 (13,097) (12,269)
Income tax 357 (1,792) 1,066 (369)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS (19,776) 19,169 (12,031) (12,638)
PROFIT/(LOSS) FOR THE PERIOD (19,776) 19,169 (12,031) (12,638)
- Group share (19,776) 12,754 (11,688) (18,710)
- Non controlling interests 0 6,415 (343) 6,072
Summary Group Income Statement - performance by business
in the first nine months of 2011
(Euro thousands)
Private Equity
Investment
Alternative
Asset
Management
Holdings/
Eliminations Consolidated
Alternative Asset Management fees 0 28,108 0 28,108
Income (loss) from equity investments (19,907) 0 0 (19,907)
Other investment income/expense 27,577 (81) 0 27,496
Income from services 0 7,432 71 7,503
Other income 31 52 139 222
Other expenses (3,460) (22,415) (5,466) (31,341)
Financial income and expenses (201) 279 (2,042) (1,964)
PROFIT/(LOSS) BEFORE TAXES 4,040 13,375 (7,297) 10,117
Income tax 45 (5,560) 95 (5,420)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 4,084 7,815 (7,202) 4,697
PROFIT/(LOSS) FOR THE PERIOD 4,084 7,815 (7,202) 4,697
- Group share 4,084 6,138 (7,202) 3,020
- Non controlling interests 0 1,677 0 1,677

 Comprehensive income - Statement of Performance - IAS 1
Comprehensive income or the Statement of Performance (IAS 1), in which performance for the
period attributable to the Group is reported including results posted directly to shareholders'
equity, reflects a net profit of approximately EUR 46.0 million compared with a net loss of
around EUR 8.8 million in the same period of 2011.
Results posted directly to shareholders' equity for the first nine months of 2012 mainly relate
to the increase in fair value of Kenan Investments/Migros; this was attributable to the
adjustment of the valuation on the basis of the market value of Migros shares at 30 September
2012 of TRY 18.7 per share (compared with a figure of around TRY 12.6 per share implied in
the valuation at 31 December 2011), and the updated TRY/EUR exchange rate.
(Euro thousands)
First Nine
Months of
2012
First Nine
Months of
2011
Profit/(loss) for the period (A) (12,638) 4,697
Gains/(Losses) on fair value of available-for-sale
financial assets 61,731 (13,593)
Share of other comprehensive income of associates 1,950 1,774
Other comprehensive income, net of tax (B) 63,681 (11,819)
Total comprehensive income for the period
(A)+(B) 51,043 (7,122)
Total comprehensive income attributable to:
- Group Share 46,023 (8,800)
- Non Controlling Interests 5,020 1,678

 Comprehensive income – Statement of Financial Position
The summary statement of financial position for the group at 30 September 2012 compared
with 31 December 2011 is shown below.
(Euro thousand)
September
30,2012
December
31,2011
ASSETS
Non-current assets
Intangible and tangible assets
Goodwill 210,113 210,134
Intangible assets 110,329 119,648
Property, plant and equipment 1,136 1,269
Total intangible and tangible assets 321,578 331,051
Investments
Investments valued at equity 292,637 302,141
Other available-for-sale companies 198,487 127,380
Available-for-sale funds 164,604 159,673
Other avalaible-for-sale financial assets 325 936
Total Investments 656,053 590,130
Other non-current assets
Deferred tax assets 4,637 4,077
Loans and receivables 1,855 1,632
Other non-current assets 25,727 25,729
Total other non-current assets 32,219 31,438
Total non-current assets 1,009,850 952,619
Current assets
Trade receivables 7,654 6,070
Available-for-sale financial assets 7,832 13,075
Financial receivables - 1
Tax receivables from Parent companies 3,044 5,929
Other tax receivables 2,377 2,677
Other receivables 5,655 6,128
Cash and cash equivalents 46,007 46,764
Total current assets 72,569 80,644
Assets relating to joint ventures - -
Held-for-sale assets - -
TOTAL ASSETS 1,082,419 1,033,263
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Net equity Group 709,607 669,045
Minority interests 134,293 134,324
Shareholders' equity 843,900 803,369
LIABILITIES
Non-current liabilities
Deferred tax liabilities 26,979 40,506
Provisions for employee termination benefits 2,732 2,127
Long term financial loans 162,458 160,020
Total non-current liabilities 192,169 202,653
Current liabilities
Trade payables 18,702 10,322
Payables to staff and social security organisations 8,696 7,497
Current tax 9,834 903
Other tax payables 2,894 3,585
Other payables 2,370 1,023
Short term financial loans 3,854 3,911
Total current liabilities 46,350 27,241
Liabilities relating to joint ventures - -
Held-for-sale liabilities - -
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 1,082,419 1,033,263

At 30 September 2012, group shareholders’ equity was approximately EUR 709.6 million,
compared with EUR 669.0 million at 31 December 2011. The increase of around EUR 40.6
million in this item in the first nine months of 2012 was due mainly to the events described in
the Statement of Performance – IAS 1 (totalling EUR 46.0 million) and to the effects of the
share buyback plan (expenses of EUR 6.0 million).
 Comprehensive income – Net debt
At 30 September 2012, consolidated net debt was approximately EUR -110.6 million, as shown
in the table below, which provides a breakdown of assets and liabilities and a comparison with
the same figures at 31 December 2011:
Net debt at 30 September
Net financial position Change
(EUR million)
Cash and cash equivalents 46.0 46.8 (0.8)
Available-for-sale financial assets 7.8 13.0 (5.2)
Financial receivables 1.9 1.6 0.3
Non-current financial liabilities (162.5) (160.0) (2.5)
Current financial liabilities (3.8) (3.9) 0.1
TOTAL (110.6) (102.5) (8.1)
September
30,2012
December
31,2011
The change in consolidated net debt in the first nine months of 2012 was due to the combined
effect of the factors below:
 cash outlay of EUR 6.0 million for the share buy-back plan
 payment of dividends to third parties of EUR 6.3 million
 operating cash flow (mainly comprising fees/revenues for services, net of current
expenses and investment costs, as well as the result of financial and tax management),
totalling EUR 4.2 million.
The company believes that the cash and cash equivalents and the other financial resources
available are sufficient to meet the requirement relating to payment commitments already
subscribed in funds, also taking into account the amounts expected to be called up/distributed
by these funds.
With regard to these residual commitments, the company believes that the funds and credit
lines currently available, as well as those that will be generated by its operational and
financing activities, will enable the DeA Capital Group to meet the financing required for its
investment activity and to manage working capital and repay debts when they become due.
The following points relate to the individual items that make up the consolidated net cash
position:
 "Cash and cash equivalents" refer to cash and bank deposits, including interest accrued
during the period, held in the name of group companies
 "Available-for-sale financial assets" include investments to be regarded as a temporary
use of cash
 "Non-current financial liabilities" mainly include:
- EUR 100.0 million for the use of the credit line of the same amount provided by
Mediobanca
- EUR 45.5 million, as part of the full acquisition of the FARE Group, in relation to the
payment of the deferred purchase price, and the earn-out that DeA Capital
anticipates paying
- EUR 12.8 million for the use of the credit line signed by the subsidiary IDeA FIMIT
SGR with Banca Intermobiliare di Investimenti e Gestioni S.p.A.

- EUR 1.6 million related to the fair value estimate of payables for put options on
minority interests in subsidiaries.
6. Other information
 Transactions with parent companies, subsidiaries and related parties
Transactions with related parties, including intercompany transactions, were typical, usual
transactions that are part of the normal business activities of Group companies. Such
transactions are concluded at standard market terms for the nature of the goods and/or
services offered.
 Other information
At 30 September 2012, the Group had 177 employees (167 at the end of 2011), including 32
senior managers, 54 middle managers and 91 clerical staff. 160 of these worked in Alternative
Asset Management and 17 in Private Equity Investment/the holding company. These staff
levels do not include personnel on secondment from the parent company De Agostini S.p.A.
The company signed a service agreement with the controlling shareholder, De Agostini S.p.A.,
for the latter to provide operating services in the administration, finance, control, legal,
corporate and tax areas.
This agreement, which is renewable annually, is priced at market rates, and is intended to
allow the company to maintain a streamlined organisational structure in keeping with its
development policy, and at the same time to obtain adequate operational support.
DeA Capital S.p.A. and IDeA Capital Funds SGR have adopted the national tax consolidation
scheme of the B&D Group (the Group headed by B&D Holding di Marco Drago e C. S.a.p.a.).
This option was exercised jointly by each of the two companies and B&D Holding di Marco
Drago e C. S.a.p.a. by signing the "Regulation for participation in the national tax consolidation
scheme for companies in the De Agostini Group" and notifying the tax authorities of this option
pursuant to the procedures and terms and conditions set out by law.
The option for DeA Capital S.p.A., which was renewed during 2011, is irrevocable for the
three-year period of 2011-2013 unless the requirements for applying the scheme are not met,
while in the case of IDeA Capital Funds SGR, the option was signed during this period and
relates to the three-year period of 2012-2014.
With regard to the regulatory requirements set out in art. 36 of the Market Regulation on
conditions for the listing of parent companies of companies formed or regulated by laws of
non-EU countries and of significant importance in the consolidated financial statements, it is
hereby noted that no Group company falls within the scope of the above-mentioned provision.
Furthermore, conditions prohibiting listing pursuant to art. 37 of the Market Regulation relating
to companies subject to the management and coordination of other parties do not apply.

Consolidated Financial Statements and Notes to the
Accounts for the period 1 January – 30 September 2012

1. Consolidated Statement of Financial Position
(Euro thousand)
September
30,2012
December
31,2011
ASSETS
Non-current assets
Goodwill 210,113 210,134
Intangible assets 110,329 119,648
Property, plant and equipment 1,136 1,269
Total intangible and tangible assets 321,578 331,051
Investments
Investments valued at equity 292,637 302,141
Other available-for-sale companies 198,487 127,380
Available-for-sale funds 164,604 159,673
Other avalaible-for-sale financial assets 325 936
Total Investments 656,053 590,130
Deferred tax assets 4,637 4,077
Loans and receivables 1,855 1,632
Other non-current assets 25,727 25,729
Total other non-current assets 32,219 31,438
Total non-current assets 1,009,850 952,619
Current assets
Trade receivables 7,654 6,070
Available-for-sale financial assets 7,832 13,075
Financial receivables - 1
Tax receivables from Parent companies 3,044 5,929
Other tax receivables 2,377 2,677
Other receivables 5,655 6,128
Cash and cash equivalents 46,007 46,764
Assets relating to joint ventures - -
Held-for-sale assets - -
TOTAL ASSETS 1,082,419 1,033,263
SHAREHOLDERS' EQUITY AND LIABILITIES
Net equity Group 709,607 669,045
Minority interests 134,293 134,324
Shareholders' equity 843,900 803,369
LIABILITIES
Non-current liabilities
Deferred tax liabilities 26,979 40,506
Provisions for employee termination benefits 2,732 2,127
Long term financial loans 162,458 160,020
Total non-current liabilities 192,169 202,653
Current liabilities
Trade payables 18,702 10,322
Payables to staff and social security organisations 8,696 7,497
Current tax 9,834 903
Other tax payables 2,894 3,585
Other payables 2,370 1,023
Short term financial loans 3,854 3,911
Total current liabilities 46,350 27,241
Liabilities relating to joint ventures - -
Held-for-sale liabilities - -
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 1,082,419 1,033,263

2. Consolidated Income Statement
(Euro thousands)
3°Quarter
2012
First Nine
Months of
2012
3°Quarter
2011
First Nine
Months of
2011
Alternative Asset Management fees 22,202 62,150 10,122 28,108
Profit/(loss) from equity investments valued at equity (10,225) (7,032) (8,733) (19,907)
Other investment income/expenses (8,140) (7,468) 63 27,496
Service revenue 2,120 6,765 2,607 7,503
Other revenues and income 67 282 50 222
Personnel costs (8,049) (24,266) (4,257) (13,959)
Service costs (6,925) (20,977) (3,290) (13,510)
Depreciation, amortization and impairment (3,956) (11,696) (922) (3,059)
Other charges (539) (3,777) 157 (813)
Financial income 239 764 1,286 2,715
Financial expenses (1,529) (7,014) (2,306) (4,679)
PROFIT/(LOSS) BEFORE TAXES (14,735) (12,269) (5,223) 10,117
Income tax (4,249) (369) (162) (5,420)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS (18,984) (12,638) (5,385) 4,697
PROFIT/(LOSS) FOR THE PERIOD (18,984) (12,638) (5,385) 4,697
- Group share (20,000) (18,710) (6,311) 3,020
- Non controlling interests 1,016 6,072 926 1,677
Earnings per share, basic (€) (0.067) 0.010
Earnings per share, diluted (€) (0.067) 0.010

3. Statement of Consolidated Comprehensive Income (Statement of
Performance - IAS 1)
Comprehensive income or the Statement of Performance (IAS 1), in which performance for the
period attributable to the Group is reported including results posted directly to shareholders'
equity, reflects a net profit of approximately EUR 46.0 million compared with a net loss of
around EUR 8.8 million in the same period of 2011.
Results posted directly to shareholders' equity for the first nine months of 2012 mainly relate
to the increase in fair value of Kenan Investments/Migros; this was attributable to the
adjustment of the valuation on the basis of the market value of Migros shares at 30 September
2012 of TRY 18.7 per share (compared with a figure of around TRY 12.6 per share implied in
the valuation at 31 December 2011), and the updated TRY/EUR exchange rate.
(Euro thousands)
First Nine
Months of
2012
First Nine
Months of
2011
Profit/(loss) for the period (A) (12,638) 4,697
Gains/(Losses) on fair value of available-for-sale
financial assets 61,731 (13,593)
Share of other comprehensive income of associates 1,950 1,774
Other comprehensive income, net of tax (B) 63,681 (11,819)
Total comprehensive income for the period
(A)+(B) 51,043 (7,122)
Total comprehensive income attributable to:
- Group Share 46,023 (8,800)
- Non Controlling Interests 5,020 1,678

4. Consolidated Cash Flow Statement (direct method)
(Euro thousands)
First Nine
Months of
2012
First Nine
Months of
2011
CASH FLOW from operating activities
Investments in companies and funds (47,687) (31,893)
Acquistions of subsidiaries net of cash acquired 0 0
Capital reimbursements from funds 13,702 19,467
Proceeds from the sale of investments 0 2,350
Interest received 572 960
Interest paid (2,441) (2,126)
Cash distribution from investments 5,043 54,220
Realised gains (losses) on exchange rate derivatives (597) (666)
Taxes paid (1,778) (2,395)
Taxes refunded 0 0
Dividends received 0 0
Management and performance fees received 60,143 26,250
Revenues for services 8,502 10,162
Operating expenses (47,088) (25,125)
Net cash flow from operating activities (11,629) 51,204
CASH FLOW from investment activities
Acquisition of property, plant and equipment (357) (237)
Sale of property, plant and equipment 32 0
Purchase of licenses (189) (23)
Net cash flow from investing activities (514) (260)
CASH FLOW from investing activities
Acquisition of financial assets (1,855) (13,714)
Sale of financial assets 6,238 6,288
Share capital issued 0 0
Share capital issued:stock option plan 0 0
Own shares acquired (6,036) (21,602)
Own shares sold 0 0
Interest from financial activities 0 0
Dividends paid (6,290) (2,700)
Warrant 0 0
Managers Loan 0 1,683
Bank loan 19,329 0
Net cash flow from financing activities 11,386 (30,045)
CHANGE IN CASH AND CASH EQUIVALENTS (757) 20,899
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 46,764 86,517
Cash and cash equivalents relating to held-for-sale assets 0 0
Cash and cash equivalents at beginning of period 46,764 86,517
0 6,809
CASH AND CASH EQUIVALENTS AT END OF PERIOD 46,007 114,225
Held-for-sale assets and minority interests 0 0
CASH AND CASH EQUIVALENTS AT END OF PERIOD 46,007 114,225
EFFECT OF CHANGE IN BASIS OF CONSOLIDATION: CASH AND CASH
EQUIVALENTS

5. Statement of Changes in Consolidated Shareholders’ Equity
(EUR thousand)
Share
Capital
Treasury share
reserve,capital
reserve,
retained
earnings
Fair Value
reserve
Profit
(loss) for
the Group
Total
Group
Non
controlling
interests
Consolidated
net equity
Total at 31.12.10 294,013 466,567 29,723 (26,348) 763,955 552 764,507
Allocation of 2010 net profit 0 (26,348) 0 26,348 0 0 0
Cost of stock options 0 474 0 0 474 0 474
Shares transferred for IDeA acquisition 4,807 1,036 0 0 5,843 0 5,843
Purchase of own shares (14,742) (6,860) (21,602) 0 (21,602)
Pro-rata bonus shares of Santè 0 387 0 0 387 0 387
Effect of diluting Santè in GDS 0 (2,210) 0 0 (2,210) 0 (2,210)
Other changes 0 79 0 0 79 321 400
Put option on 30% of FARE Holding 0 0 0 0 0 (1,775) (1,775)
Total comprehensive profit/(loss) 0 0 (11,820) 3,020 (8,800) 1,677 (7,123)
Total at 30.09.11 284,078 433,125 17,903 3,020 738,126 775 738,901
(EUR thousand)
Share
Capital
Treasury share
reserve,capital
reserve,
retained
earnings
Fair Value
reserve
Profit
(loss) for
the Group
Total
Group
Non
controlling
interests
Consolidated
net equity
Total at 31.12.11 280,697 428,793 3,132 (43,577) 669,045 134,324 803,369
Allocation of 2011 net profit 0 (43,577) 0 43,577 0 0 0
Cost of stock options 0 770 0 0 770 0 770
Purchase of own shares (4,563) (1,473) (6,036) 0 (6,036)
Other changes 0 (195) 0 0 (195) (5,051) (5,246)
Total comprehensive profit/(loss) 0 0 64,733 (18,710) 46,023 5,020 51,043
Total at 30.09.12 276,134 384,318 67,865 (18,710) 709,607 134,293 843,900

6. Notes to the Accounts
 Structure and contents of the Interim Management Report to 30 September
2012
The Interim Management Report to 30 September 2012 (the Report) constitutes the document
set out by art. 154-ter of the Testo Unico della Finanza law (TUF). Information regarding the
company’s operating performance and financial position is prepared in accordance with the
valuation and measurement criteria set out by the International Financial Reporting Standards
(IFRS), issued by the International Accounting Standards Board (IASB) and adopted by the
European Commission pursuant to the procedures contained in Regulation (EC) 1606/2002 of
the European Parliament and Council of 19 July 2002. The accounting standards used in the
Report do not differ significantly from those used at 31 December 2011 and in the Half-Year
Report to 30 June 2012.
The Report comprises the following consolidated financial statements – the statement of
financial position, the income statement, the cash flow statement, the statement of changes in
shareholders' equity and the statement of comprehensive income (IAS 1) – and these notes to
the accounts; it is also accompanied by the Interim Report on Operations and the Statement of
Responsibilities for the Interim Management Report.
The consolidated financial statements in the Report have not been audited by the independent
auditors.
Information relating to the income statement is discussed with reference to the first nine
months of 2012 and the first nine months of 2011; information relating to the statement of
financial position refers to 30 September 2012 and 31 December 2011. The consolidated
financial statements are in the same form as those presented in the accounts to 31 December
2011.
As allowed by IAS/IFRS, the preparation of the Report required the use of significant estimates
by the company's management, especially with regard to the valuations of the investment
portfolio (equity investments and funds). These valuations were determined by directors based
on their best judgement and estimation using the knowledge and evidence available at the
time the Report was prepared. However, due to objective difficulties in making assessments
and the absence of a liquid market, the values assigned to such assets could differ, perhaps
significantly, from those that could be obtained by selling the assets.
In accordance with the provisions of IAS/IFRS and current laws, the company authorised the
publication of the Report by the legal deadline.
Basis of consolidation
The basis of consolidation had changed at 30 September 2012 compared to 31 December
2011, as a result of:
 the merger by incorporation of IDeA Alternative Investments into DeA Capital S.p.A.,
completed on 1 January 2012
 the acquisition of full control of IFIM on 11 April 2012
 the acquisition of full control of FARE Holding on 24 April 2012, at which time FARE
Holding changed its name to DeA Capital Real Estate, and its subsidiaries FARE and FAI
changed their names to IDeA Servizi Immobiliari and IDeA Agency.

As a result, at 30 September 2012, the following companies formed part of the DeA Capital
Group's basis of consolidation:
Company Registered office Currency Share capital % holding Consolidation method
DeA Capital S.p.A. Milan, Italy Euro 306,612,100 Holding
DeA Capital Investments S.A. Luxembourg Euro 515,992,516 100% Full consolidation (IAS 27)
Santè S.A. Luxembourg Euro 99,922,400 42.89% Equity accounted (IAS 28)
Sigla Luxembourg S.A. Luxembourg Euro 482,684 41.39% Equity accounted (IAS 28)
IDeA Capital Funds SGR S.p.A. Milan, Italy Euro 1,200,000 100.00% Full consolidation (IAS 27)
Soprarno SGR S.p.A. Florence, Italy Euro 2,000,000 65.00% Full consolidation (IAS 27)
IDeA SIM S.p.A. Milan, Italy Euro 120,000 65.00% Full consolidation (IAS 27)
IDeA OF I Milan, Italy Euro - 46.99% Equity accounted (IAS 28)
Atlantic Value Added Rome, Italy Euro - 27.27% Equity accounted (IAS 28)
DeA Capital Real Estate S.p.A. Milan, Italy Euro 600,000 100.00% Full consolidation (IAS 27)
IDeA Servizi Immobiliari S.p.A. Milan, Italy Euro 500,000 100.00% Full consolidation (IAS 27)
IDeA Agency S.r.l. Milan, Italy Euro 105,000 100.00% Full consolidation (IAS 27)
I.F.IM. S.r.l. Milan, Italy Euro 10,000 100.00% Full consolidation (IAS 27)
IDeA FIMIT SGR S.p.A. Rome, Italy Euro 16,757,574 61.30% Full consolidation (IAS 27)
Harvip Investimenti S.p.A. Milan, Italy Euro 3,150,000 25.00% Equity accounted (IAS 28)
The shares held in Santé are subject to a lien in favour of the entities providing credit lines
available for companies forming part of the control structure of Générale de Santé (i.e. Santé
and Santé Développement Europe).
The above list meets the requirements of Consob Resolution 11971 of 14 May 1999 and
subsequent amendments (art. 126 of the Regulation).

Notes to the Consolidated Statement of Financial Position
NON-CURRENT ASSETS
At 30 September 2012, non-current assets totalled EUR 1,009.9 million,
compared to EUR 952.6 million at 31 December 2011.
This item includes goodwill (EUR 210.1 million), other intangible assets (EUR 110.3 million)
and tangible assets (EUR 1.1 million).
Goodwill, which amounted to EUR 210.1 million at 30 September 2012 (unchanged from 31
December 2011), relates to the acquisition of FARE Holding (now called DeA Capital Real
Estate), IDeA Capital Funds SGR, IFIM and FIMIT SGR.
Intangible assets mainly relate to customer contracts, which arise from the allocation of the
merger costs for the acquisition of FARE Holding (now DeA Capital Real Estate), IDeA Capital
Funds SGR and FIMIT SGR.
Investments in associates
This item, which totalled EUR 292.6 million at 30 September 2012 (EUR 302.1 million at 31
December 2011), relates to the assets below:
- the investment in Santé, which was reported at end-2011 at EUR 235.2 million, was
recorded at approximately EUR 229.7 million in the consolidated financial statements to
30 September 2012. The decrease compared with 31 December 2011 is due to the
combined effect of the loss for the period of EUR 6.5 million and the increase in the fair
value of the interest rate swaps taken out to hedge interest rate risk on debt exposure
(EUR 1.0 million).
- the investment in Sigla Luxembourg is valued at approximately EUR 12.6 million in the
consolidated financial statements to 30 September 2012 (EUR 22.0 million at 31
December 2011). the decrease compared with 31 December 2011 relates to the EUR
0.4 million loss for the period and an impairment charge of EUR 9.0 million
- the units held in IDeA Opportunity Fund I were reported in the consolidated financial
statements to 30 September 2012 at EUR 42.0 million. The change in value compared
with the figure at 31 December 2011 is attributable to capital calls of EUR 3.8 million,
an increase of EUR 1.0 million in the fair value and pro-rata net profit for the period of
EUR 0.4 million
- the units in the AVA fund had a value of approximately EUR 7.5 million in the
consolidated financial statements to 30 September 2012 (in line with the figure
recorded at end-2011)
- the units in Harvip Investimenti had a value of approximately EUR 0.8 million in the
consolidated financial statements to 30 September 2012 (in line with the figure
recorded at end-2011)

The table below provides details of investments in associates at 30 September 2012 by area of
activity.
(Euro million)
Private Equity
Investment
Alternative Asset
Management
Total
Santè 229.7 0.0 229.7
Sigla 12.6 0.0 12.6
IDeA OF I 42.0 0.0 42.0
Fondo AVA 2.5 5.0 7.5
Harvip Investimenti S.p.A. 0.8 0.0 0.8
Total 287.6 5.0 292.6
Investments in other companies
At 30 September 2012, the DeA Capital Group had a minority shareholding in
Kenan Investments (the indirect parent company of Migros), Stepstone, Alkimis SGR, two US
companies operating in the biotech and printed electronics sectors, TLcom Capital LLP
(management company under English law) and TLcom II Founder Partner SLP (limited
partnership under English law).
The total amount reported for these equity investments in the consolidated financial
statements to 30 June 2012 was approximately EUR 198.5 million, compared with EUR 127.4
million at 31 December 2011.
The equity investment in Kenan Investments is recorded in the consolidated financial
statements to 30 September 2012 at EUR 198.2 million (compared with EUR 127.1 million at
31 December 2011). The increase of EUR 71.1 million was due to the rise in the value of
Migros shares (TRY 18.7 per share at 30 September 2012, compared with approximately TRY
12.6 per share at 31 December 2011), and the strengthening of the Turkish lira against the
euro (2.31 TRY/EUR at 30 September 2012 versus 2.44 TRY/EUR at 31 December 2011). The
effect on the DeA Capital Group’s NAV of this change in fair value was partially offset by the
provisioning of estimated carried interest of around EUR 10.30 million, to be paid to the lead
investor, BC Partners, based on the total capital gain. This was partly recognised in the income
statement (EUR 3.0 million) and partly recognised in the fair value reserve (EUR 7.3 million).
The table below provides details of the investments held in other companies at
30 September 2012 by sector of activity:
(Euro million)
Private Equity
Investment
Alternative Asset
Management
Total
Kenan Investments 198.2 0.0 198.2
Other investments 0.3 0.0 0.3
Total 198.5 0.0 198.5
Funds
At 30 September 2012, the DeA Capital Group had investments in units of two funds of funds
(IDeA I FoF and ICF II), one theme fund (IDeA EESS), 11 real estate funds and seven venture
capital funds; these are reported at a total value of approximately EUR 164.6 million in the
consolidated financial statements, corresponding to the estimated fair value at 30 September
2012.

The table below provides details of the funds in the portfolio at 30 September 2012.
(EUR thousand)
Balance at
1.1.2012
Increase
(Capital call)
Decrease
(Capital
Distribution)
Impairment
Fair Value
Adjustment
Translation
effect
Balanca at
30.09.2012
Venture Capital Funds 12,234 0 (791) (364) (698) 337 10,718
IDeA I FoF 96,234 14,175 (9,629) 0 1,803 0 102,583
ICF II 9,322 6,147 (1,433) 0 (537) 0 13,499
IDeA EESS 19 923 (77) 0 (242) 0 623
IDeA FIMIT SGR Funds 41,864 1,000 (814) (1,103) (3,766) 0 37,181
Total Funds 159,673 22,245 (12,744) (1,467) (3,440) 337 164,604
The table below provides details of the funds in the portfolio at 30 September 2012 by sector
of activity:
(Euro million)
Private Equity
Investment
Alternative Asset
Management
Total
Venture Capital Funds 10.7 0.0 10.7
IDeA I FoF 102.6 0.0 102.6
ICF II 13.5 0 13.5
IDeA EESS 0.6 0.0 0.6
IDeA FIMIT SGR Funds 0.0 37.2 37.2
Total 127.4 37.2 164.6
Deferred tax assets
The balance on the item “deferred tax assets” comprises the value of deferred tax assets
minus deferred tax liabilities, where they may be offset.
At 30 September 2012, deferred tax assets totalled EUR 4.6 million, compared with EUR 4.1
million at 31 December 2011.
Loans and receivables
This item totalled EUR 1.9 million at 30 September 2012 (compared with EUR 1.6 million at 31
December 2011) and relates to loans to the senior management of GDS for the capital
increase at Santé, which was completed in 2009, subscribed partly by the original shareholders
and partly by the senior management of GDS.
This item, valued at EUR 25.7 million at 30 September 2012, is in line with the value at end-
2011, and mainly relates to the receivable from the Beta Immobiliare Fund in respect of the
final variable commission. The calculation was made pursuant to the provisions of the
operating regulations of the Beta Immobiliare fund, taking account of the NAV. This receivable
corresponds to the portion of the overperformance commission accrued since the beginning of
the fund’s operations that the asset management fund expects to receive.

CURRENT ASSETS
At 30 September 2011, current assets totalled EUR 72.6 million, versus EUR 80.6 million at 31
December 2011. The item mainly comprised:
- EUR 46.0 million relating to cash and cash equivalents (EUR 46.8 million at 31
December 2011)
- EUR 7.8 million relating to investments to be considered as a temporary use of cash.
At 30 September 2012, group shareholders’ equity was approximately EUR 709.6 million,
compared with EUR 669.0 million at 31 December 2011.
The increase (of approximately EUR 40.6 million) in group shareholders' equity in the first nine
months of 2012 was chiefly due to the reasons already discussed in the Statement of
Performance - IAS 1 (EUR 46.0 million in total) and to costs of EUR 6.0 million associated with
the share buy-back plan.

NON-CURRENT LIABILITIES
At 30 September 2012, non-current liabilities totalled EUR 192.2 million compared with
EUR 202.7 million at 31 December 2011.
Deferred tax liabilities
This item totalled EUR 27.0 million at 30 September 2012, compared with EUR 40.5 million at
31 December 2011. This mainly includes deferred tax liabilities relating to intangible assets,
which arose after a portion of the cost of acquiring IDeA Capital Funds SGR was allocated to
intangible assets (customer contracts), and the tax impact (EUR 22.7 million) of recording
variable commissions relating to the allocation of a portion of the acquisition cost of FIMIT SGR
as intangible assets.
End-of-service payment fund
At 30 September 2012, this item totalled EUR 2.7 million, compared with EUR 2.1 million at 31
December 2011, and includes end-of-service payments that are part of defined benefit plans,
which are therefore valued using actuarial assessments.
Non-current financial liabilities
At 30 September 2012 this item totalled EUR 162.5 million, compared with EUR 160.0 million
at 31 December 2011, and mainly relates to:
- EUR 100.0 million for the use of the credit line of the same amount provided by
Mediobanca
- EUR 45.5 million, as part of the full acquisition of the FARE Group, in relation to the
payment of the deferred purchase price, and the earn-out that DeA Capital anticipates
paying
- EUR 12.8 million for the use of the credit line signed by the subsidiary IDeA FIMIT SGR
with Banca Intermobiliare di Investimenti e Gestioni S.p.A.
- EUR 1.6 million related to the fair value estimate of payables for put options on
minority interests in subsidiaries
CURRENT LIABILITIES
At 30 September 2012, current liabilities totalled EUR 46.4 million (EUR 27.2 million at 31
December 2011) and consisted of trade payables (EUR 18.7 million), payables to staff and
social security institutions (EUR 8.7 million), payables for current taxes and other tax payables
(EUR 12.7 million), other payables (EUR 2.4 million) and short-term financial payables (EUR
3.9 million). This last item mainly reflects the short-term debt relating to the acquisition of
FARE Holding.

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