Interim Management Report to 30 September 2016

Interim Ma
to 30 Sept
anagement
tember 201
t Report
16
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2016
11

Interim Management Report
to 30 September 2016 2
DeA Capital S.p.A.
Corporate information DeA Capital S.p.A. is subject to the management and
coordination of De Agostini S.p.A.
Registered office: Via Brera 21, Milan 20121, Italy
Share capital: EUR 306,612,100 (fully paid up),
comprising 306,612,100 shares with a nominal value of
EUR 1 each (including 45,001,156 treasury shares at 30
September 2016)
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
Marco Boroli
Donatella Busso (1/5)
Marco Drago
Carlo Enrico Ferrari Ardicini
Francesca Golfetto (3/5)
Severino Salvemini (2/3/5)
Daniela Toscani (1/5)
Elena Vasco (4/5)
Board of Statutory
Auditors (*)
Chairman Cesare Andrea Grifoni
Permanent Auditors Annalisa Raffaella Donesana
Fabio Facchini
Deputy auditors Andrea Augusto Bonafè
Michele Maranò
Marco Sguazzini Viscontini
Manager responsible for
preparing the Company’s
accounts
Manolo Santilli
Independent Auditors PricewaterhouseCoopers S.p.A.
(*) In office until the approval of the Financial Statements for the Year Ending 31 December 2018
(1)
Member of the Control and Risks Committee
(2)
Member and Chairman of the Control and Risks Committee
(3)
Member of the Remuneration and Appointments Committee
(4)
Member and Chairman of the Remuneration and Appointments 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 2016
5. Results of the DeA Capital Group
6. Other information
Consolidated Financial Statements and Notes to the
Accounts
for the period 1 January to 30 September 2016
Statement of Responsibilities for the Interim Management
Report
to 30 September 2016

Interim Report on Operations

1. Profile of DeA Capital S.p.A.
With assets under management of around EUR 10,800 million and an investment
portfolio of approximately EUR 450 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 section of the Milan
stock exchange and heads the De Agostini Group in the area of financial investments.
In the Private Equity Investment business, DeA Capital S.p.A. has “permanent” capital,
and therefore has the advantage – compared with traditional private equity funds, which
are normally restricted to a pre-determined 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, including over the
medium to long term.
With regard to Alternative Asset Management activities, DeA Capital S.p.A. – through its
subsidiaries IDeA FIMIT SGR and IDeA Capital Funds SGR – is Italy’s leading operator in
real estate fund management and private equity funds of funds programmes,
respectively. The two asset management companies are active in the promotion,
management and value enhancement of investment funds, using approaches based on
sector experience and the ability to identify opportunities for achieving the best returns.
Alternative Asset Management has been the Company's main focus for strategic
development in recent years. In view of this, DeA Capital S.p.A. is expected to continue
to concentrate its asset allocation in this business, partly through investments in funds
managed by the above-mentioned private equity/real estate platform, with the aim of
generating financial returns.
PRIVATE EQUITY
INVESTMENT
ALTERNATIVE ASSET
MANAGEMENT
 Direct investment in companies
mainly operating in Europe and
Emerging Europe.
 Indirect Investment in private
equity and real estate funds.
 IDeA Capital Funds SGR, which
manages private equity funds (funds
of funds, co-investment funds and
theme funds).
Assets under management: EUR 1.9 billion
 IDeA FIMIT SGR, which manages
real estate funds.
 SPC, a company that specialises in
secured and unsecured debt recovery,
with a focus on the banking, leasing,
consumer and commercial sectors in
Italy.
 IRE/IRE Advisory, which operates in
project, property and facility
management, as well as real estate
brokerage.

At 30 September 2016, DeA Capital S.p.A. reported Group shareholders’ equity of EUR 530.8
million, corresponding to a net asset value (NAV) of EUR 2.03 per share, with an
investment portfolio of EUR 447.4 million.
More specifically, the investment portfolio consists of Private Equity Investment shareholdings
of EUR 87.0 million, Private Equity Investment funds of EUR 192.4 million and net assets
relating to the Alternative Asset Management business of EUR 168.0 million.
At 30 September 2016, the corporate structure of the Group headed by DeA Capital S.p.A.
(the DeA Capital Group, or the Group) was as summarised below:
DeA Capital
S.p.A.
Shareholding
Kenan
Investments
Shareholding
Sigla
Luxembourg
Shareholding
Migros
Shareholding
Sigla
Private Equity Investment
Alternative Asset Management
Holding companies
Shareholdings
and funds
Private Equity
Investment “Direct”
“Indirect”
Alternative
Asset Management
Quota
ICF II
Quota
IDeA I
FoF
Quota
ICF III
Quota
IDeA
OF I
Quota
EESS
Quota
AVA
Quota
ToI
Quota
IDeA
CCR I
IRE /
IRE Advisory
100%
IDeA
Capital Funds
SGR
45%
61,30%
IDeA FIMIT
SGR
DeA Capital
Real Estate
3,00%
IDeA RE
100%
Mato
SPC
100%
66,32%
100%

 PRIVATE EQUITY INVESTMENT
o Main investments
 minority shareholding in Migros, Turkey's leading food retail chain
operator, 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 17.11%);
 strategic shareholding in Sigla, which provides consumer credit for non-
specific purposes (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 seven funds managed by the subsidiary IDeA Capital Funds SGR, i.e.
in the three funds of funds IDeA I Fund of Funds (IDeA I FoF), ICF II
and ICF III, in the co-investment fund IDeA Opportunity Fund I (IDeA
OF I) and in the theme funds IDeA Efficienza Energetica e Sviluppo
Sostenibile (Energy Efficiency and Sustainable Development - IDeA
EESS) and IDeA Taste of Italy (IDeA ToI) and in the credit fund IDeA
Corporate Credit Recovery I (IDeA CCR I);
 units in the real estate fund Atlantic Value Added (AVA), managed by
IDeA FIMIT SGR;
 units in six venture capital funds.
 ALTERNATIVE ASSET MANAGEMENT
 total control of IDeA Capital Funds SGR (100%), which manages private
equity funds (funds of funds, co-investment funds and theme funds) with
approximately EUR 1.9 billion in assets under management and nine
managed funds;
 controlling interest in IDeA FIMIT SGR (64.30%), Italy's largest
independent real estate asset management company, with approximately
EUR 8.0 billion in assets under management and 38 managed funds
(including five listed funds);
 controlling interest in SPC (66.32%), a company that specialises in
secured and unsecured debt recovery, with a focus on the banking, leasing,
consumer and commercial sectors in Italy, with assets under management of
around EUR 0.9 billion. The stake is held via Mato, a wholly-owned
subsidiary;
 strategically important stake in IRE/IRE Advisory (45%), which
operate in project, property and facility management, as well as real estate
brokerage.

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 Share performance (°)
- Period from 11 January 2007, when DeA Capital S.p.A. began operations, to 30 September
2016
- From 1 January 2016 to 30 September 2016
(°) Source: Bloomberg
0,3
0,8
1,3
1,8
2,3
2,8
3,3
DeA Capital LPX 50 FTSE All
0,9
1,0
1,1
1,2
1,3
DeA Capital FTSE All LPX 50

The performance of the DeA Capital share
The Company's share price fell by 51.8% between 11 January 2007, when DeA Capital S.p.A.
began operations, and 30 September 2016. In the same period, the FTSE All-Share® and
LPX50® fell by 57.4% and 14.8% respectively.
The DeA Capital share fell by 18.5% in the first nine months of 2016, while the Italian market
index FTSE All-Share® fell by 22.4%, and the LPX50® gained 0.1%. The share’s liquidity was
lower than in 2015, with average daily trading volumes of around 170,000 shares.
The prices recorded during the first nine months of 2016, adjusted for the amount (EUR 0.12
per share) paid to shareholders in May 2016, are shown below:
(in EUR per share) 1 Jan – 30 Sept 2016
Maximum price 1.29
Minimum price 1.00
Average price 1.12
Price at 30 September 2016 1.05
Market capitalisation at 30 September 2016 (EUR
million) 322
NB: Capitalisation net of treasury shares: EUR 275 million

 Investor Relations
DeA Capital S.p.A. maintains stable and structured relationships with institutional and
individual investors. In the first nine months of 2016, as in previous years, the Company
continued with its communication activities, including attendance at the STAR Conference
held in Milan in March and in the STAR Conference held in London in October 2016. Since the
start of 2016, the Company has also held 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 via research by the two main
intermediaries on the Italian market, Equita SIM and Intermonte SIM, with the latter acting as
a specialist, and by Edison Investment Research, an independent equities research specialist
based in London.
The research prepared by these intermediaries is available in the Investor Relations/Analyst
Coverage 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 investment, the LPX50® index has become one of the most popular benchmarks for
the LPE asset class. The method used to construct the index is published in the LPX Equity
Index Guide. For further information please visit the website: www.lpx.ch. The DeA Capital
share is also listed on the GLPE Global Listed Private Equity 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 DeA Capital S.p.A. website is available in Italian and English at www.deacapital.it. The
site is a source of information, financial data, tools, documents, videos and news about the
DeA Capital Group's activities, strategy and investment portfolio. The social networks where
DeA Capital S.p.A. has a presence can also be accessed from the homepage; while articles,
communications and interesting sections can also be shared on social media. DeA Capital
S.p.A. has strengthened its presence on Wikipedia and the social networks Slideshare and
LinkedIn, adding its most recent documents for institutional investors such as reports and
presentations.
Since April 2014, DeA Capital S.p.A. has published an interactive report containing the
annual results; the versions for 2013, 2014 and 2015 are available from the "Financial
Statements and Reports" section of the website.
The website has always been the primary mode of contact for investors. They can subscribe to
various mailing lists and receive any news on the DeA Capital Group that interests them, in a
timely manner, as well as send questions or requests for information and documents to the
Company's Investor Relations area, which is committed to answering queries promptly, as
stated in the Investor Relations Policy published on the site.
In this way, DeA Capital S.p.A. is continuing its efforts to strengthen its presence on the web
and to make information for stakeholders available through many channels.

3. The DeA Capital Group’s key Statement of Financial Position and
Income Statement figures
The DeA Capital Group’s key Statement of Financial Position and Income Statement figures to
30 September 2016 are shown below, compared with the corresponding figures to 31
December 2015/30 September 2015.
The table below shows the composition of the Group’s NAV during the first nine months of
2016.
(EUR million)
NAV/share (EUR) 2.03 1.95 2.07
Group NAV 530.8 515.4 547.0
Investment portfolio 447.4 454.8 454.8
Net financial position - Holding companies 83.7 58.4 90.0
Consolidated net financial position 116.3 102.2 133.8
(*) The "adjusted" results at 31.12.2015 take into account the extraordinary dividend distribution of
0,12 € / share, for a total 31,6 million Euro, which was completed in May 2015
(EUR million)
Group net profit/(loss) 9.8 72.8
Comprehensive income (Group share) 18.0 13.8
(Statement of Performance – IAS 1)
31.12.2015 "as
reported"
First nine
months of
2016
First nine
months of
2015
30.9.2016
31.12.2015
"adjusted" (*)
Group NAV "as reported" at 31.12.2015 547.0 263.9 2.07
Extraordinary dividend distributed (31.6) (0.12)
"Adjusted" Group NAV at 31.12.2015 515.4 1.95
Purchase of own shares (3.3) (2.8) (1.20)
Treasury shares delivered to the incentive plans 0.6 0.5 1.32
Comprehensive income - Statement of Performance – IAS 1 18.0
Other changes in NAV 0.1
Group NAV at 30.9.2016 530.8 261.6 2.03
(*) Average price of purchases in 2016
(#) Market price at the date of delivery of shares
No. shares
(millions)
Value per share
(EUR)
Change in Group NAV
Total value
(EUR m)
(*)
(#)

The table below provides details of the Group’s statement of financial position at 30 September
2016.
M€ €/Sh. M€ €/Sh.
- Kenan Inv. / Migros 75.3 0.29 76.3 0.29
- Funds - Private Equity / Real Estate 192.4 0.74 194.1 0.74
- Other (Sigla, ..) 11.7 0.04 11.7 0.05
Total PEI (A) 279.4 1.07 282.1 1.08
Alternative Asset Management
- IDeA FIMIT SGR 123.4 0.47 121.7 0.46
- IDeA Capital Funds SGR 38.7 0.15 39.7 0.15
- IRE / SPC 5.9 0.02 11.3 0.04
Total AAM (B) 168.0 0.64 172.7 0.65
Investment Portfolio (A+B) 447.4 1.71 454.8 1.73
Other net assets (liabilities) (0.3) 0.00 2.2 0.00
Net Financial Position Holdings 83.7 0.32 58.4 0.22
NAV 530.8 2.03 515.4 1.95
(*) The "adjusted" results at December 31, 2015 take into account the extraordinary dividend distribution of
0,12 € / share, for a total 31,6 million Euro, which was completed in May 2016
September 30, 2016
December 31, 2015
"adjusted" (*)

4. Significant events in the third quarter of 2016
The significant events that occurred in the third quarter of 2016 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 2016, which was approved by the Board of Directors on 8 September 2016.
 Private equity funds – paid calls/distributions
In the third quarter of 2016, the DeA Capital Group increased its respective investments with
payments totalling EUR 1.3 million. Investments in the first nine months of 2016 totalled EUR
6.8 million, and relate to the IDeA I FoF, ICF II, ICF III, IDeA EESS, IDeA ToI and IDeA CCR I
funds.
At the same time, the DeA Capital Group received capital reimbursements totalling EUR 6.6
million during the third quarter. The cumulative total of reimbursements received in the first
nine months of 2016 amounted to EUR 17.8 million, and relate to the IDeA I FoF, ICF II, IDeA
OF I and IDeA EESS funds.
Thus, in the third quarter of 2016, the private equity funds in which DeA Capital S.p.A.
invested produced a net positive cash balance totalling EUR 5.3 million for the portion relating
to the Group (EUR 11.0 million in the first nine months of 2016).
 Acquisition of an indirect stake in SPC
In July 2016, the DeA Capital Group acquired, via its subsidiary DeA Capital Real Estate, an
indirect stake of 66.3% in SPC, a company that specialises in secured and unsecured debt
recovery, with a focus on the leasing, banking, consumer and commercial sectors in Italy.
The transaction was carried out via the acquisition of the vehicle, Mato, holder of a majority
stake in SPC, and the subsequent capital increase by SPC, with a total investment, to date, of
EUR 1 million for the DeA Capital Group.
Under the agreements signed with the minority shareholders (SPC management, industrial
partners), regulated by a shareholders' agreement, further capital increases will be carried out
by the company by the end of 2017, for a planned further investment of EUR 0.6 million for
DeA Capital (representing a stake of 68.7% at the conclusion of these capital increases).
 Third closing of IDeA Taste of Italy private equity fund
On 6 September 2016, the IDeA Taste of Italy fund completed a third closing for a total of EUR
48.5 million, bringing the fund's total commitment to EUR 188.5 million. The fund's final
target, which is expected to be achieved by the end of the current financial year, is EUR 200
million.

5. Results of the DeA Capital Group
The consolidated results 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 shareholdings (direct investments) and investments in
funds (indirect investments);
 Alternative Asset Management, which includes reporting units dedicated to asset
management activities and related services, with a focus on the management of private
equity and real estate funds.
 Private Equity Investment
In terms of shareholdings, at 30 September 2016, the DeA Capital Group was a shareholder
of:
 Kenan Investments, the indirect parent company of Migros (valued at EUR 75.3
million);
 Sigla Luxembourg, the parent company of Sigla (valued at EUR 11.5 million);
 Harvip, which manages funds and investment vehicles used to purchase distressed real
estate and other investments (valued at EUR 0.2 million).
The DeA Capital Group is also a shareholder in other smaller companies which are not included
in the investment portfolio as they are either dormant or in liquidation and have zero carrying
value.
At 30 September 2016, the DeA Capital Group was subscribed to units in the following funds
(net carrying value from the funds' consolidated financial statements shown in brackets):
 IDeA I FoF (valued at EUR 73.3 million);
 ICF II (valued at EUR 44.8 million);
 ICF III (valued at EUR 6.3 million);
 IDeA OF I (valued at EUR 45.6 million);
 IDeA EESS (valued at EUR 7.1 million);
 IDeA ToI (valued at EUR 1.9 million);
 AVA (valued at EUR 3.7 million);
 IDeA CCR I (valued at EUR 0.2 million);
 six venture capital funds (with a total value of approximately EUR 9.5 million);
Valuations of shareholdings and funds in the portfolio reflect estimates made using the
information available on the date this document was prepared.

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reserve due to the combined effect of the rise in the share price (TRY 18.28 per share at 30
September 2016 compared with TRY 17.45 per share at 31 December 2015) and the
depreciation of the Turkish lira against the euro (3.37 TRY/EUR at 30 September 2016 versus
3.17 TRY/EUR at 31 December 2015).
Funds
At 30 September 2016, the DeA Capital Group’s Private Equity Investment business included
investments – other than the investment in the IDeA OF I fund (fully consolidated in
accordance with IFRS 10) and the AVA real estate fund (classified under “Investments in
associates”, based on the units held) – in three funds of funds (IDeA I FoF, ICF II and ICF III),
three theme funds (IDeA EESS, IDeA ToI and IDeA CCR I) and six venture capital funds, for a
total net carrying amount in the Consolidated Financial Statements to 30 September 2016 of
EUR 192.4 million (corresponding to the estimated fair value calculated using the information
available on the date this document was prepared).
Residual commitments for all the funds in the portfolio were approximately EUR 100.4 million.
Migros (mln YTL) First Half 2016 First Half 2015 Change
Revenues 5,079 4,369 16.2%
EBITDA 308 267 15.3%
Group net profit (53) (114) n.a.
Net financial debt (1,712) (1,748) +36 mln YTL
* Awaiting publication of the data of the first 9 months - the data for half year are provided

Interim Ma
to 30 Sept
- IDe
IDeA Opp
Registere
Sector: Pr
Website:
Investme
IDeA OF
operations
The DeA C
Brief desc
IDeA OF I
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ent details
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s on 9 May
Capital Grou
cription:
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t Report
16
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ty
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- On 10 February 2011, it invested in bonds convertible into shares of Euticals, the
Italian leader in the production of active ingredients for pharmaceutical companies
that operate in the generics sector. As part of the extraordinary operation 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 thus now owns 100%
of Euticals S.p.A.; in exchange, a stake of 7.77% was acquired in the same
acquisition vehicle. On 2 April 2015, a share capital increase totalling EUR 12.5
million (of which EUR 1.2 million was for IDeA OF I) was completed; this brought the
stake held in the company to 8.0%. On 11 July 2016, the acquisition vehicle
completed the sale of the entire stake held in Euticals to AMRI (a NASDAQ-listed
group that provides manufacturing services to the pharmaceutical and biotechnology
industries) for an equity value of EUR 243.5 million, i.e. EUR 19.4 million for the OF I
stake. The price was settled partly in AMRI shares (for an indirect stake of 1.31% in
the company for the OF I stake) and partly via the issue of a vendor note (EUR 4.4
million for the OF I stake, repayable in three tranches after the third, fourth and fifth
year following the sale) with the remaining portion paid in cash (EUR 7.3 million,
gross of transaction costs and the escrow account), with a total return on investment
of 1.65 times;
- On 11 September 2012, an agreement was signed with the main shareholder,
Filocapital S.r.l., for an investment 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. At the date of this document, the investment in Iacobucci consists of
a stake of 34.85%, following two reserved capital increases on 7 August 2013 (EUR 3
million) and 19 May 2014 (EUR 3 million), and the conversion of a bond into shares
of Iacobucci, for EUR 6 million, which took place on 10 October 2014;
- On 9 October 2012, an indirect stake of 4.6% was acquired 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, rolling stock and
maintenance systems). On 7 May 2015, a 45% partial stake in the subsidiary was
sold as part of its listing on the Madrid stock exchange with net proceeds for the fund
of EUR 24.3 million, a return on investment of 3.6 times. After this sale, IDeA OF I
holds an indirect stake of approximately 2.5% in Talgo;
- On 12 December 2012, it acquired a stake of 29.34% in 2IL Orthopaedics, a
Luxembourg-registered vehicle which, through a public takeover bid and subsequent
delisting of previously listed shares, obtained full control (on 15 February 2013) of
the British company Corin Group PLC (Corin). Corin is active in the production and
marketing of orthopaedic devices, especially for hips and knees;
- On 27 February 2013, it acquired a 10% stake in Elemaster S.p.A. Elemaster), the
leading operator in ODM (original design manufacturing) and EMS (electronic
manufacturing services), i.e. the design and construction of electronic equipment. At
the same time, the IDeA Energy Efficiency and Sustainable Development Fund, also
managed by IDeA Capital Funds SGR, invested an equal amount.
Investment disposals
- On 31 March 2009, a 17.43% stake was acquired in Grandi Navi Veloci S.p.A.
(GNV), 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 GNV through the subscription of a
reserved capital increase, the stake held by IDeA OF I was diluted to 9.21%.

Subsequently, IDeA OF I’s decision not to subscribe, on a pro-rata basis, to two
further capital increases (August 2012, January 2014) led to a further dilution in its
shareholding to 3.12%. On 25 February 2016, the sale of the entire stake held in
GNV to a company in the Marinvest Group, GNV's main shareholder, was completed
for a purchase price of EUR 3.4 million;
- On 25 February 2011, it purchased a 9.29% stake in Telit Communications PLC
(Telit), the largest operator in machine-to-machine communications systems in the
world. The stake held by IDeA OF I was subsequently diluted to 8.53% due to the
exercise of stock options by the company's management. In 2016, the sale of the
Telit shares still held by IDeA OF I, which was launched in 2014, was completed for a
total price of EUR 30.9 million, with a total return on investment of 3.45 times.
The units held in IDeA OF I were reported in the consolidated financial statements to 30
September 2016 at a net value of EUR 45.6 million, versus EUR 48.5 million at 31 December
2015. The change is attributable to capital calls of EUR +1.6 million, capital reimbursements of
EUR -4.3 million, a pro-rata net profit for the period of EUR +0.8 million and a EUR 1.0 million
decrease in fair value.
The table below shows a breakdown of the fund’s NAV at 30 September 2016.
The table below shows the key figures for IDeA OF I at 30 September 2016.
(EUR million) 100% DeA Capital
Investments in Portfolio
Giochi Preziosi 5.2 2.4
Manutencoop Facility Management 18.8 8.8
Lauro Cinquantasette (Euticals) 13.6 6.4
Iacobucci HF Electronics 6.0 2.8
Pegaso Transportation Investments (Talgo) 14.3 6.7
2IL Orthopaedics LTD (Corin) 11.6 5.5
Elemaster 8.5 4.0
Total Investments in Portfolio 78.0 36.6
Other long term receivables 9.7 4.6
Other aseets (liabilities) (0.5) (0.3)
Cash and cash equivalents 9.9 4.7
Net equity 97.1 45.6
IDeA OF I Registered office Year of commitment Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Eur (€)
IDeA Opportunity Fund I Italy 2008 216,550,000 101,750,000 46.99
Residual Commitments
Total residual commitment in: Eur 17,531,525

Interim Ma
to 30 Sept
- IDe
IDeA I Fu
Registere
Sector: Pr
Website:
Investme
IDeA I FoF
on 30 Janu
The DeA C
Brief desc
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cription:
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ptember 20
ns totalling
t Report
16
nds
Italy
ty
sgr.com
s:
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Other imp
Below is a
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IDeA I FoF
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IDeA I Fund of F
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16
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Interim Ma
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ICF II
Registere
Sector: Pr
Website:
Investme
ICF II is a
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The DeA C
Brief desc
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www.ideas
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closed-end
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Capital Grou
cription:
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tive in the
rough caref
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tember 20
ns totalling
t Report
16
Italy
ty
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16, ICF II
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Other important information:
Below is an analysis of the portfolio, at the date of the latest report available, broken down
by year of investment, geographical area, sector and type of underlying fund.
Notes:
1. % of the FMV of the investment at 30 September 2016;
2. % of fund size based on paid-in exposure (capital invested + residual commitments) at 30 September
2016.
The units in ICF II had a value of EUR 44.8 million at 30 September 2016 (EUR 41.7 million at
31 December 2015). The increase was due to capital calls of EUR +1.4 million, capital
reimbursements of EUR -1.1 million and a fair value increase of EUR +2.8 million.
The table below shows the key figures for ICF II at 30 September 2016:
Global
16%
RoW
26%
US
29%
Europe
29%
Small/Mid Buyout
38%
Large Buyout
17%
Special Situations
25%
Expansion
15%
VC
5%
0%8%
Distressed Portfolio
8%Energy
Other
Materials 7%
Industrial
16%
RE
Leisure
3%
IT
15% Media
7% Financials
4%
Healthcare10%
Cons. Staples
5%
Cons. Discretionary
18%
Breakdown by vintage(1) Breakdown by geography(2)
Breakdown by type(2)Breakdown by industry(1)
19%
2013
2014
2015
14%
27%
2012
5%
18%
2011
10%
2010
4%
2009
2%
2004-2008
1%
2016
ICF II Registered office Year of commitment Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Eur (€)
ICF II Italy 2009 281,000,000 51,000,000 18.15

Interim Ma
to 30 Sept
- ICF
ICF III
Registere
Sector: Pr
Website:
Investme
ICF III is a
April 2014
The DeA C
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Eur (€)
ICF III
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Segment Core
Segment Credit
Segment Emerg
Residual Comm
Total residual
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tember 201
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ent details
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Capital Grou
cription:
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t & Distressed
ging Markets
mitments
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16
Italy
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Fund Size
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34,600,000
17,300,000
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Interim Ma
to 30 Sept
- IDe
IDeA Effic
Sustainab
Registere
Sector: Pr
Website:
Investme
IDeA EES
operating
At 30 Sep
in the fun
units held
million.
Brief desc
IDeA EESS
Italian law
in unlisted
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tember 201
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cienza Ene
ble Develo
ed office: I
rivate equit
www.ideas
ent details
S is a clos
on 1 Augus
tember 20
d. Followin
by M&C S.
cription:
S, which h
w, for qualif
d companies
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ptember 20
d 34.8% of
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8 May 20
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terioration
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23 April 2
MRE, which
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t Report
16
ergetica e
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Italy
ty
sgr.com
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st 2011 and
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ad gone int
ts and finan
he fund inv
operator in
ng services
e time, the
equal amo
fund inves
s in the de
d also has
n integrated
Sostenibi
Italian law
ed by IDeA
Group had
rd quarter
ing its tota
R 100 mill
seeks to a
by investin
mall and m
y savings an
tions that
omising effe
d called up
fter making
ed 48% of
hermo-hydr
wn in full at
to liquidati
ncial positio
vested EUR
n ODM (or
s), i.e. the
e IDeA OF
unt;
ted EUR 3
esign and c
s know-how
d electric tr
ile (IDeA E
w, for qual
A Capital Fu
a total com
2016, DeA
l commitme
ion, is a c
cquire min
ng jointly w
edium-size
nd the effic
are faster
ectiveness
p 67.2% o
g seven inv
f Domotec
raulic insta
t 31 Decem
ion in 201
on, was dec
8.5 million
riginal desi
e design a
I fund, al
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construction
w in elect
ransmission
Energy Eff
ified inves
unds SGR.
mmitment o
A Capital S
ent in IDeA
losed-end
ority and c
with local pa
d manufac
cient use of
and chea
in reducing
f the total
vestments
cnica Italia
allers) for a
mber 2014.
5 as a res
clared bank
n to acquire
gn manufa
nd constru
so manage
to acquire
n of indust
rical drives
n. The acqu
ficiency an
stors, whic
of EUR 15.3
.p.A., acqu
A EESS to E
mutual fun
controlling
artners.
cturing and
f natural re
aper in the
g CO2 emiss
l commitm
(of which
ana, (inde
approximat
On 21 Ap
sult of the
krupt;
e a stake of
acturing) a
uction of e
ed by IDeA
a 29.9%
rial system
s with par
uisition was
27
nd
h began
3 million
uired the
EUR 30.4
nd under
interests
d service
esources.
e use of
sions.
ment and
six were
ependent
tely EUR
ril 2016,
gradual
f 10% in
and EMS
lectronic
A Capital
stake in
ms to cut
rticularly
s carried
7

out via subscription to a reserved capital increase in SMRE. On 20 April 2016, the
process of listing the company's shares on AIM (the section of the Italian stock
exchange relating to SMEs) was completed, raising funds of EUR 5.3 million; the
resulting dilution reduced the stake held by IDeA EESS in SMRE from 29.9% to
26.6%;
- On 27 December 2013, the fund invested EUR 3.9 million in the special purpose
acquisition company (SPAC) GreenItaly 1, as part of the latter's IPO. This investment
breaks down as follows: EUR 3.5 million in ordinary shares, which entitle it to 10% of
the company, and EUR 0.4 million, in its capacity as promoter of the vehicle, in
special shares without voting rights. In December 2015, the fund increased its
investment by EUR 3.1 million (of which EUR 0.1 million was for the above-
mentioned special shares), bringing it to a total of EUR 7.0 million, for a stake of
18.57% in the SPAC. On 31 December 2015, in line with the SPAC's objectives,
GreenItaly 1 completed the merger with Zephyro S.p.A.. (formerly Prima Vera
S.p.A.), an Italian leader in the energy efficiency sector and the supply of energy
services via complex structures. After the merger, GreenItaly 1 held a stake of 8.1%
in the company;
- During the first half of 2014, the fund invested in several further tranches in Meta
System totalling EUR 12.5 million, representing a stake of 16.0% in the company;
this subsequently increased to 21.5% through the reinvestment of its pro-rata
proceeds of the sale of a subsidiary of Meta System. Meta System is active in the
production of transmission equipment, electronic antennas and alarm systems for the
automotive sector, as well as home telematics systems and battery chargers for
electric vehicles. On 4 August 2015, an agreement was signed for the full disposal of
the company in two tranches. The first tranche has been completed (60% of Meta
System) for EUR 12.2 million, i.e. 1.6 times the initial investment, and the second
tranche will take place via put/call mechanisms exercisable between October 2017
and February 2018;
- On 5 February 2015, the fund acquired a shareholding in Baglioni via a first capital
increase of EUR 8.0 million for a 35.9% stake in the company. This was later
increased to 41.2% through a further capital increase of EUR 2 million. Baglioni is a
company involved in the design and manufacture of compressed air tanks for
applications across a broad spectrum of industrial sectors;
- Following the end of the third quarter of 2016, IDeA EESS completed the acquisition
of a 96.77% stake in Tecnomeccanica, an Italian company operating in the
production of aluminium components for the automotive lighting sector, for a price of
EUR 4.6 million.
Investment disposals
- On 30 July 2015, the fund acquired a 26.81% stake in Italchimici S.r.l. for EUR
11.3 million. Italchimici is a pharmaceutical company specialising in the sale of
respiratory and alimentary tract products; it has established itself as a leader in Italy
in the paediatrics segment. On 31 May 2016, as part of the acquisition of 100% of
Italchimici's share capital by pharmaceutical company Recordati, IDeA EESS
completed the sale of the full stake held in said company for a price of EUR 25.3
million, with a return on investment of about 2.5 times.
The units in IDeA EESS had a value of approximately EUR 7.1 million at 30 September 2016
(EUR 7.3 million at 31 December 2015). The decrease was due to capital calls of EUR +0.2

million, capital reimbursements of EUR -3.7 million and a fair value increase of EUR +3.3
million.
The table below shows the key figures for IDeA EESS at 30 September 2016.
IDeA EESS Registered office Year of commitment Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
IDeA Efficienza Energetica e Sviluppo Sostenibile Italy 2011 100,000,000 15,300,000 15.30

Interim Ma
to 30 Sept
- IDe
IDeA Tas
Registere
Sector: Pr
Website:
Investme
IDeA ToI i
on 30 Dec
The DeA C
Brief desc
IDeA ToI,
mutual fu
controlling
independe
agricultura
foodstuffs
At 30 Se
subscriber
- On
inv
IDe
cha
tow
- On
Ind
ma
The units
(EUR 1.1
capital cal
The table
IDeA ToI
Eur (€)
IDeA Taste of It
Residual Comm
Total residual
anagement
tember 201
eA ToI
te of Italy
ed office: I
rivate equit
www.ideas
ent details
s a closed-
cember 201
Capital Grou
cription:
which had
nd under I
g interests
ently or wit
al foods se
and in sec
ptember 2
rs, after ma
15 May 2
estors, a to
eA ToI's pro
ain of shop
wns and citi
22 June 2
dian S.r.l.,
ainly to larg
in IDeA To
million at
ls of EUR +
below show
taly
mitments
commitment in
t Report
16
y (ToI)
Italy
ty
sgr.com
s:
-end fund u
14 and is m
up has a to
total asset
Italian law,
s in main
th other co
ector, espe
ondary (pro
2016, IDeA
aking two in
2015, IDeA
otal stake
o-rata stak
ps selling p
ies across n
2016, the fu
, a leading
ge retail cha
oI were va
31 Decemb
+1.0 million
ws the key
n:
under Italia
anaged by
tal commit
ts of EUR 1
, for qualif
nly small
o-investors
ecially area
ocessed) p
A ToI had
nvestments
A ToI made
of 70% in
ke was EUR
piadine (tra
northern an
und investe
manufactu
ains in Italy
alued at ap
ber 2015).
n and a EUR
figures for
Registered
Italy
an law for q
IDeA Capit
tment of EU
188.5 millio
fied investo
and med
s. The fund
as involved
roducts or
called up
s:
e its first i
a vehicle t
R 10.6 milli
aditional fla
nd central I
ed EUR 14
rer of priva
y.
pproximatel
The chang
R 0.2 millio
IDeA ToI a
office Year o
qualified inv
tal Funds S
UR 14.3 mil
on at 30 Se
ors, which
ium-sized
d invests i
d in the p
related ser
p 18.0% o
investment
that wholly
on. Gruppo
atbread san
Italy;
.9 million i
ate label m
ly EUR 1.9
ges during
n decrease
at 30 Septe
of commitment
2014
Eur
vestors, wh
SGR.
lion in the
eptember 2
seeks to a
enterprise
n compani
production
rvices.
of its total
t, acquiring
owns Gru
o La Piadine
ndwich wra
n an indire
ulti-pack ic
million at
the period
e in fair valu
ember 2016
Fund Size
140,000,000188,500,000
hich began
fund.
016, is a c
acquire min
es in Ital
ies operati
and distri
l commitm
g, together
ppo La Pia
eria is Italy
aps), with
ect 68.6%
ce cream, d
t 30 Septem
d were mai
ue.
6.
Subscribed
commitment
14,250,0
11,679,6
30
operating
losed-end
nority and
y, either
ng in the
ibution of
ment from
r with co-
adineria;
y's largest
outlets in
holding in
distributed
mber 2016
inly due to
% DeA
Capital in
fund
000 7.56
658
0
6
o

Interim Ma
to 30 Sept
- IDe
IDeA Cor
Registere
Sector: Pr
Website:
Investme
IDeA CCR
operations
The DeA C
Brief desc
IDeA CCR
Italian law
companies
Companies
- proact
- potent
which
debt;
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The fund i
 Loa
rela
con
in t
 Ne
of
com
At 30 Sept
from subsc
The units
financial st
The table
anagement
tember 201
eA CCR I
porate Cre
ed office: I
rivate equit
www.ideas
ent details
R I is a clo
s on 23 Jun
Capital Grou
cription:
I, which h
w, for qua
s that are f
s), sharing
tive manag
tial investm
means th
ty-style” inv
s divided in
ans segm
ating to fin
nsideration
the fund's l
w finance
up to arou
mpanies wit
tember 201
cribers.
in IDeA C
tatements
below show
t Report
16
edit Recov
Italy
ty
sgr.com
s:
osed-end f
ne 2016 and
up has a to
has total as
alified inve
facing finan
the profits
gement of lo
ments to b
hat the new
volvement
nto two seg
ment, which
nancing op
of approxi
oans segm
e segment
und EUR 8
th similar c
16, the new
CCR I are
to 30 Septe
ws the key
very I (ID
fund under
d is manag
tal commit
ssets of EU
estors, wh
ncial difficu
s between c
oans to the
e carried o
w investme
in the man
gments:
h has acqu
perations f
mately EUR
ent;
, which has
5 million,
characterist
w finance se
valued at
ember 201
figures for
EA CCR I)
r Italian la
ed by IDeA
tment of EU
UR 262.8 m
hich aims
ulties but h
creditors an
e Target Co
out via deb
ents have
nagement o
uired eight
for the Tar
R 177 millio
s obtained
which coul
tics.
egment had
approxima
6, due to n
the IDeA C
Fund
aw, for qua
A Capital Fu
UR 15.2 mil
million, is a
to help re
ave solid b
nd new inve
mpanies;
btor-in-pos
greater se
of debtor co
t loans and
rget Comp
on, in exch
commitme
ld be used
d called up
ately EUR
net capital c
CCR I fund
alified inve
unds SGR.
lion in the
closed-end
elaunch m
business fun
estors, by
session fin
eniority tha
ompanies.
d financial
anies from
ange for th
ents for new
for the T
0.9% of th
0.2 million
calls of EUR
at 30 Septe
estors, whi
fund.
d mutual fu
medium-size
ndamentals
ancing tra
an existing
equity ins
m eight ba
he allocatio
w financial
Target Com
he total com
n in the co
R 0.2 millio
ember 201
31
ich began
und under
ed Italian
s (Target
nsactions,
g financial
struments
nks for a
on of units
resources
mpanies or
mmitment
onsolidated
n.
6.
1
d

IDeA CCR I Registered office Year of commitment Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
IDeA CCR I Italy 2016 262,809,252 15,150,000 5.76
of which:
Segment New Financing 85,250,000 15,075,000 17.68
Segment Credit 177,559,252 75,000 0.04

Interim Ma
to 30 Sept
- AV
Atlantic Va
Registere
Sector: Pr
Website:
Investme
The “Atlan
contributio
DeA Capit
9.1% of t
made at 3
Brief desc
The fund,
around EU
in the off
December
purchase/s
fund of EU
fund man
properties
The units
Financial S
changes d
-0.1 millio
The table
AVA
Eur (€)
Atlantic Value A
Residual Comm
Total residual
anagement
tember 201
VA
alue Added
ed office: I
rivate Equit
www.ideaf
ent details
ntic Value
on fund for
tal S.p.A. h
the total co
0 Septemb
cription:
which is m
UR 55 millio
fice and re
r 2011 onw
subscribe f
UR 21.0 m
aged by I
primarily f
in the AVA
Statements
uring the p
n).
below show
Added
mitments
commitment in
t Report
16
d
Italy
ty – Real E
fimit.it
s:
Added Clo
qualified in
has a comm
ommitmen
ber 2016.
managed b
on, began i
esidential m
wards, the
for units of
illion. The
IDeA FIMIT
for resident
A fund wer
s to 30 Se
period were
ws the key
n:
Estate
osed-End S
nvestors th
mitment in
t), with pa
by the subs
its operatio
markets. T
fund succ
f the Vener
Venere fun
T SGR. Th
tial use loca
e valued a
eptember 2
e due to the
figures for
Registered
Italy
Speculative
at began o
the fund o
ayments of
sidiary IDe
ons with a
The duratio
cessively i
re fund, re
nd is a clo
he Venere
ated in nor
at approxim
2016 (EUR
e pro-rata
the AVA fu
office Year o
e Real Esta
operations o
of up to EU
f approxim
eA FIMIT S
primary foc
on of the f
nvested a
eceiving cap
sed-end sp
fund's rea
thern Italy
mately EUR
3.8 millio
portion of
und at 30 S
of commitment
2011
Eur
ate Mutual
on 23 Dece
UR 5 millio
ately EUR
GR and ha
cus on real
fund is eig
total of E
pital reimb
peculative r
al estate p
.
3.7 million
n at 31 D
the net los
eptember 2
Fund Size
55,000,000
Fund” is
mber 2011
on (corresp
4.8 millio
as a comm
l estate inv
ght years.
EUR 73.8 m
ursements
reserved re
portfolio co
n in the Co
December 2
ss for the p
2016.
Subscribed
commitment
5,000,0
150,0
33
a mixed-
1.
onding to
n already
mitment of
vestments
From 29
million to
from the
eal estate
onsists of
onsolidated
2015). The
period (EUR
% DeA
Capital in
fund
000 9.09
000
3
d
e
R

- Venture capital funds
The units in venture capital funds had a total value of approximately EUR 9.5 million in the
financial statements to 30 September 2016 (EUR 9.7 million at 31 December 2015). The
decrease was due to a EUR 0.2 million fall in fair value.
The table below shows the key figures for venture capital funds in the portfolio at 30
September 2016.

Venture Capital Funds Registered office
Year of
commitment
Fund Size
Subscribed
commitment
% 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 III Delaware U.S.A. 2003 417,172,000 5,000,000 1.20
Totale Dollars 21,925,000
Eur (€)
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

Interim Ma
to 30 Sept
 Alt
At 30 Sept
 100
 64.
 66
 45%
ma
- IDe
Registere
Sector: Al
Website:
Investme
IDeA Capi
investmen
managed
ICF III an
(IDeA OF
agricultura
and, since
The invest
and Conso
The invest
equity fun
through di




The inves
businesses
individual
The invest
private eq
of excellen
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the agricu
outs.
The IDeA
financial d
anagement
tember 201
ternative A
tember 201
0% of IDeA
30% of ID
6.32% of SP
% of IRE
anagement
eA Capital
ed office: I
lternative A
www.ideas
ent details
tal Funds S
nt funds an
nine closed
d IDeA Cre
I), three th
al foods se
April 2015
tment prog
ob, capitalis
tment strat
ds in the t
iversificatio
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investmen
geographi
maturity (
stment stra
s that prim
sectors, wh
tment philo
uity to sup
nce in energ
tment targ
ultural food
CCR I fu
ifficulties b
t Report
16
Asset Man
16, DeA Ca
A Capital F
DeA FIMIT
PC (which o
E/IRE Ad
and real es
l Funds SG
Italy
Asset Mana
sgr.com
s:
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nd theme f
d-end priva
escita Globa
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ector, and
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rammes of
se on the m
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op quartile
on by:
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nt strategy
cal area (E
commitme
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marily conce
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osophy of t
port the gr
gy efficienc
et of the I
s industry,
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agement
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Funds SGR
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operates in
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s (IDeA EES
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ri Associati
f IDeA Capi
managemen
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or that are
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nts with inv
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funds, inclu
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I, Italy's
IV (in liqu
ital Funds S
nt teams' w
f funds foc
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vestment p
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mall and me
tainable dev
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s fundamen
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uity
nt of privat
mber 2016,
uding four
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operates in
leading de
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ted over tim
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dium-sized
pment capit
zed Italian
property a
unds (funds
t managem
unds (IDeA
rect” co-inv
ficiency, ID
ssession fi
ated by the
ified portfo
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ial situation
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on minority
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ment comp
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nancing fu
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The table below summarises the value of assets under management and management fees for
IDeA Capital Funds SGR at 30 September 2016.
With regard to operating performance, the company posted a year-on-year increase of EUR
287 million in assets under management in the first nine months of 2016. This increase is due
to the third closing of the IDeA ToI fund (EUR 49 million), the closing of the IDeA CCR I fund
(EUR 263 million) and the final closing of the ICF III fund (approximately EUR 10 million).
(EUR million)
Asset Under
Management at
30 september
2016
Management
fees at
30 september
2016
IDeA Capital Funds SGR
IDeA I FoF 681 2.6
IDeA OF I 217 1.4
ICF II 281 1.5
IDeA EESS 100 1.4
Idea Crescita Globale 55 1.0
ICF III 67 0.6
Taste of Italy 189 4.2
Investitori Associati IV 86 0.6
IDeA CCR I 263 1.8
Total IDeA Capital Funds SGR 1,939 15.1
IDeA Capital Funds SGR (EUR million)
First Nine Months of
2016
2015
AUM 1,939 1,652
Management fees 15.1 12.8
Net profit 3.8 4.1

Interim Ma
to 30 Sept
- IDe
Registere
Sector: Al
Website:
Investme
IDeA FIMI
with aroun
five listed
institutiona
investmen
IDeA FIMIT
 the
clie
 the
inc
 the
fun
adv
The compa
volatility,
In particul
although it
Due in pa
company
internation
groups, co
The table
IDeA FIMIT
(EUR millio
Breakdown
Atlantic 1
Atlantic 2
Alpha
Beta
Delta
Listed fun
Reserved
Total IDe
anagement
tember 201
eA FIMIT S
ed office: I
lternative A
www.ideaf
ent details
IT SGR is t
nd EUR 8.0
d funds).
al investor
nt funds.
T SGR und
e developm
ents and pr
e promotio
reasing dem
e profession
nds with the
visors.
any has co
simple fina
ar, the ass
ts major in
art to succ
is able to
nal investo
ompanies a
below sum
T SGR at 3
on)
n of funds
Berenice
nds
d funds
eA FIMIT SG
t Report
16
SGR
Italy
Asset Mana
fimit.it
s:
he largest
0 billion in
This make
rs, in the
ertakes thr
ment of mu
ivate inves
n of innov
mands;
nal manag
e assistanc
oncentrated
ancial struc
set manage
vestments
cessful tran
rely on a
ors of high
nd sovereig
marises th
30 Septemb
GR
agement - R
independe
assets und
es it a be
promotion,
ree main lin
utual real
tors;
vative real
ement (tec
e of in-hou
d investmen
ctures and,
ement comp
also includ
nsactions c
a panel of
h standing
gn funds.
e value of
ber 2016:
Ass
Mana
30 s
Real Estate
nt real esta
der manag
enchmark
, creation
nes of busin
estate inve
estate fin
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use experts
nts in trans
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Some of the key financials of the listed funds in the asset management portfolio are 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, i.e. Atlantic 1, Atlantic 2, Alpha, Beta
and Delta (in EUR).
Atlantic 1 30/06/2016
Market value of properties 561,100,000
Historical cost and capitalised
charges 612,564,276
Financing 302,859,991
Net Asset Value (NAV) 259,411,185
NAV/unit (EUR) 497.4
Market price/unit (EUR) 247.0
Dividend yield from investment* 5.45%
* Ratio of income per unit to annual average nominal value per unit
Atlantic 1: Diversification by geographical area Atlantic 1: Diversification by intended use
Atlantic 2 - Berenice 30/06/2016
charges 182,632,301
Atlantic 2: Diversification by geographical area Atlantic 2: Diversification by intended use
Lombardia
68%
Lazio 15%
Campania
12%
Piemonte /
Emilia R.
5%
Offices 83%
Commercial
17%
Lombardia
45%
Lazio 38%
Piemonte
11%
Altri 6%
Offices 85%
Other 15%

Alpha 30/06/2016
Historical cost and capitalised charges 303,351,292
NAV/unit (EUR) 3,304.5
Market price/unit (EUR) 1,101.0
Alpha: Diversification by geographical area Alpha: Diversification by intended use
Beta 30/06/2016
charges 71,892,107
Beta: Diversification by geographical area Beta: Diversification by intended use
Lazio 83%
Lombardia
12%
Emilia
Romagna 5%
Offices 60%Other 40%
Lazio 38%
Umbria 62%
Offices 53%
Special Use
45%
Commercial
2%

Delta 30/06/2016
Historical cost and capitalised charges 256,435,137
NAV/unit (EUR) 93.6
Dividend yield from investment* n.a.
* No distribution from investment
Delta: Diversification by geographical area Delta: Diversification by intended use
* * *
Turning to the management performance of IDeA FIMIT SGR, the company recorded lower
management fees (EUR -6.8 million) in the first nine months of 2016 than in the year-earlier
period; this was mainly due to sales by the funds managed by the asset management
company, and partly due to a review of the fees agreed with some of the managed funds.
Note, however, that part of the difference is due to the extraordinary impact on the 2015
figure of revenues relating to variable fees (approx. EUR 2 million) received by the Omicron
Plus fund on the sale of a large building (Palazzo Broggi in Milan).
At the same time, during the first nine months of 2016, the company provided a fresh impetus
to the development of its managed assets, notably by (i) launching the "Trophy Value Added"
fund and the IDeA NPL fund, for the purposes of investing in notes issued by securitisation
vehicles relating to secured non-performing loans (ii) taking over the management of the Aries
fund and (iii) increasing the assets under management of the Ippocrate fund, with the full
impact on revenues expected from 2017.
Hotels
62%
Other
34%
Offices
4%
Sardegna
14%
Veneto 21%
Calabria 16%Abruzzo 15%
Emilia
Romagna
14%
Lombardia
7%
Campania 6%
Piemonte
3%
Toscana
3%
IDeA FIMIT SGR (EUR million)
2016
2015
AUM 8,000 8,599
Management fees 30.3 37.1
Net profit 3.9 6.5
-of which:
- Shareolders 4.2 6.5
- Owner of financial equity instruments (0.3) 0.0

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to 30 Sept
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 Consolidated income statement
In the first nine months of 2016, a net profit of around EUR 12.0 million was recorded (of
which EUR 9.8 million related to the Group), compared with a profit of around EUR 90.1 million
(of which EUR 72.8 million related to the Group) in the same period in 2015, which included
large capital gains from the partial sales of Migros and stakes held by the IDeA OF I fund.
Revenues and other income break down as follows:
- Alternative Asset Management fees of EUR 43.9 million (EUR 48.2 million in the same
period of 2015);
- other investment income, net of liabilities, totalling EUR 6.1 million (net investment
income of EUR 73.6 million in the same period of 2015);
- service revenues of EUR 8.3 million (compared with EUR 13.4 million recorded in the
same period of 2015).
Costs totalled EUR 44.3 million (EUR 51.2 million in the same period of 2015), of which EUR
39.1 million was attributable to Alternative Asset Management, EUR 1.5 million to Private
Equity Investment and EUR 3.6 million to holding company activities. Alternative Asset
Management costs include the effects of the amortisation of intangible assets, totalling EUR 3.5
million in the first nine months of 2016, recorded when a portion of the purchase price of the
investments was allocated.
Net financial expenses, which amounted to EUR -1.6 million at 30 September 2016, mainly
relate to exchange rate losses on foreign investments and to other financial income.
The total tax impact for the first nine months of 2016 (EUR -1.1 million compared with EUR --
1.2 million in the same period of 2015) is the combined result of taxes of EUR -5.0 million due
in respect of Alternative Asset Management activities and tax credits of EUR +3.9 million
relating to holding activities.
Of the net profit of EUR 12.0 million, about EUR 1.6 million was attributable to Private Equity
Investment, EUR 11.2 million to Alternative Asset Management and a loss of EUR 0.8 million to
holding company operations/eliminations.
Of the Group’s net profit of EUR 9.8 million, EUR +0.7 million was attributable to Private Equity
Investment, EUR +10.0 million to Alternative Asset Management and EUR -0.8 million to
holding company operations/eliminations.

Summary Consolidated Income Statement
Performance by business in the first nine months of 2016
Performance by business in the first nine months of 2015
(EUR thousand)
Third
Quarter
2016
First nine
months of
2016
Third
Quarter
2015
First nine
months of
2015
Alternative Asset Management fees 15,477 43,938 17,009 48,222
Income (loss) from equity investments 547 444 0 (227)
Other investment income/expense 8,077 6,148 38,211 73,588
Income from services 810 8,302 4,796 13,441
Other income 53 120 3,040 3,162
Other expenses (11,973) (44,281) (16,009) (51,239)
Financial income and expenses (329) (1,592) 1,220 4,073
PROFIT/(LOSS) BEFORE TAX 12,662 13,079 48,267 91,020
Income tax (222) (1,111) (2,218) (1,235)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 12,440 11,968 46,049 89,785
Profit (Loss) from discontinued operations/held-for-sale assets 0 0 116 286
PROFIT/(LOSS) FOR THE PERIOD 12,440 11,968 46,165 90,071
- Group share 7,945 9,849 49,141 72,785
- Non controlling interests 4,495 2,119 (2,976) 17,286
Earnings per share, basic (€) 0.038 0.275
Earnings per share, diluted (€) 0.038 0.275
(EUR thousand)
Private Equity
Investment
Alternative
Asset
Management
Holdings/
Eliminations Consolidated
Alternative Asset Management fees 0 45,369 (1,431) 43,938
Income (loss) from equity investments (56) 500 0 444
Other investment income/expense 4,891 1,257 0 6,148
Income from services 0 8,100 322 8,422
Other expenses (1,541) (39,109) (3,631) (44,281)
Financial income and expenses (1,664) 47 25 (1,592)
PROFIT/(LOSS) BEFORE TAXES 1,630 16,164 (4,715) 13,079
Income tax 0 (5,012) 3,901 (1,111)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 1,630 11,152 (814) 11,968
PROFIT/(LOSS) FOR THE PERIOD 1,630 11,152 (814) 11,968
- Group share 671 9,992 (814) 9,849
- Non controlling interests 959 1,160 0 2,119
(EUR thousand)
Private Equity
Investment
Alternative
Asset
Management
Holdings/
Eliminations Consolidated
Alternative Asset Management fees 0 49,968 (1,746) 48,222
Income (loss) from equity investments (101) (126) 0 (227)
Other investment income/expense 72,141 1,447 0 73,588
Income from services 3,010 13,321 272 16,603
Other expenses (1,906) (45,536) (3,797) (51,239)
Financial income and expenses 4,772 26 (725) 4,073
PROFIT/(LOSS) BEFORE TAXES 77,916 19,100 (5,996) 91,020
Income tax 0 (6,724) 5,489 (1,235)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 77,916 12,376 (507) 89,785
PROFIT/(LOSS) FOR THE PERIOD 78,202 12,376 (507) 90,071
- Group share 63,537 9,755 (507) 72,785
- Non controlling interests 14,665 2,621 0 17,286

 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, shows a net positive balance of approximately EUR 18.0 million compared with a net
positive balance of approximately EUR 13.8 million in the same period of 2015. This
comprised:
 net profit of EUR 9.8 million recorded on the income statement;
 profits posted directly to shareholders' equity totalling EUR +8.2 million (due mainly to
the change in the fair value of IDeA I and IDeA EESS).
(EUR thousand)
First nine
months of
2016
First nine
months of
2015
Profit/(loss) for the period (A) 11,968 90,071
Comprehensive income/expense which might be
subsequently reclassified within the profit (loss) for
the period 9,809 (64,166)
Comprehensive income/expense which will not be
the period 111 24
Other comprehensive income, net of tax (B) 9,920 (64,142)
Total comprehensive income for the period
(A)+(B) 21,888 25,929
Total comprehensive income attributable to:
- Group Share 18,015 13,812
- Non Controlling Interests 3,873 12,117

 Consolidated statement of financial position
Below is the Group’s statement of financial position at 30 September 2016, compared with 31
December 2015.
At 30 September 2016, Group shareholders’ equity was EUR 530.8 million, compared with EUR
547.0 million at 31 December 2015. The decrease of approximately EUR 16.2 million in Group
shareholders' equity in the first nine months of 2016 was due to the extraordinary dividend
(EUR thousand) September 30, 2016 December 31, 2015
ASSETS
Non-current assets
Intangible and tangible assets
Goodwill 128,408 129,595
Intangible assets 33,755 37,539
Property, plant and equipment 2,314 3,119
Total intangible and tangible assets 164,477 170,253
Investments - -
Investments valued at equity 16,517 11,467
Investments held by Funds 78,023 90,675
- available for sale investments 46,154 52,536
- invest. in associates and JV valued at FV through P&L 31,869 38,138
Other available-for-sale companies 75,477 76,464
Available-for-sale funds 187,758 173,730
Other avalaible-for-sale financial assets 22 26
Total Investments 357,797 352,362
Other non-current assets - -
Deferred tax assets 2,544 3,676
Tax receivables from Parent companies 1,698 0
Other non-current assets 31,675 31,795
Total other non-current assets 36,495 35,471
Total non-current assets 558,769 558,086
- -
Current assets - -
Trade receivables 9,272 17,818
Available-for-sale financial assets 4,241 7,532
Financial receivables 5,791 3,467
Tax receivables from Parent companies 0 2,667
Other tax receivables 1,692 4,567
Other receivables 3,327 2,876
Cash and cash equivalents 106,065 123,468
Total current assets 130,388 162,395
Held-for-sale assets 11,487 11,487
TOTAL ASSETS 700,644 731,968
- -
SHAREHOLDERS' EQUITY AND LIABILITIES - -
SHAREHOLDERS' EQUITY - -
Net equity Group 530,842 546,988
Minority interests 136,073 138,172
Shareholders' equity 666,915 685,160
LIABILITIES - -
Non-current liabilities - -
Deferred tax liabilities 11,618 10,801
Provisions for employee termination benefits 3,837 4,713
Long term financial loans 48 0
Payables to staff 0 0
Total non-current liabilities 15,503 15,514
Current liabilities - -
Trade payables 6,551 15,598
Payables to staff and social security organisations 4,148 7,341
Current tax 3,001 3,384
Other tax payables 954 1,571
Other payables 3,205 2,749
Short term financial loans 367 651
Total current liabilities 18,226 31,294
Held-for-sale liabilities 0 0
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 700,644 731,968

paid (EUR -31.6 million) and to the reasons already discussed relating to the Statement of
Performance - IAS 1 (EUR +18.0 million).
 Consolidated net financial position
At 30 September 2016, the consolidated net financial position was EUR 116.3 million, as
shown in the table below, which provides a comparison with 31 December 2015:
The change in the consolidated net financial position in the first nine months of 2016 was
broadly due to the distribution of the extraordinary dividend by DeA Capital S.p.A. (EUR -31.6
million) and net liquidity generated by investments in private equity funds in the portfolio of
EUR +11.0 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
resources currently available, as well as those that will be generated by its operating and
financing activities, will enable the DeA Capital Group to meet the financing required for its
investment activity and to manage working capital.
Net financial position
(EUR million)
Cash and cash equivalents 106.1 123.5 (17.4)
Available-for-sale financial assets 4.2 7.5 (3.3)
Financial receivables 6.4 3.5 2.9
Non-current financial liabilities 0.0 0.0 0.0
Current financial liabilities (0.4) (0.7) 0.3
TOTAL 116.3 133.8 (17.5)
of which: 0.0 0.0 0.0
- Alternative Asset Management 22.7 40.4 (17.7)
- Private Equity Investment 9.9 3.4 6.5
- Holdings 83.7 90.0 (6.3)
30.9.2016 31.12.2015 Change

6. Other information
 Transactions with parent companies, subsidiaries and related parties
Transactions with related parties, including intercompany transactions, are 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 2016, the Group had 193 employees, including 35 senior managers, 57
middle managers and 101 clerical staff. Of these, 178 worked in Alternative Asset Management
and 15 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.
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 major importance in the consolidated accounts, 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 2016

 Consolidated Statement of Financial Position
(EUR thousand) September 30, 2016 December 31, 2015
ASSETS
Non-current assets
Intangible and tangible assets
Goodwill 128,408 129,595
Intangible assets 33,755 37,539
Property, plant and equipment 2,314 3,119
Total intangible and tangible assets 164,477 170,253
Investments - -
Investments valued at equity 16,517 11,467
Investments held by Funds 78,023 90,675
- available for sale investments 46,154 52,536
- invest. in associates and JV valued at FV through P&L 31,869 38,138
Other available-for-sale companies 75,477 76,464
Available-for-sale funds 187,758 173,730
Other avalaible-for-sale financial assets 22 26
Total Investments 357,797 352,362
Other non-current assets - -
Deferred tax assets 2,544 3,676
Tax receivables from Parent companies 1,698 0
Other non-current assets 31,675 31,795
Total other non-current assets 36,495 35,471
Total non-current assets 558,769 558,086
- -
Current assets - -
Trade receivables 9,272 17,818
Available-for-sale financial assets 4,241 7,532
Financial receivables 5,791 3,467
Tax receivables from Parent companies 0 2,667
Other tax receivables 1,692 4,567
Other receivables 3,327 2,876
Cash and cash equivalents 106,065 123,468
Held-for-sale assets 11,487 11,487
TOTAL ASSETS 700,644 731,968
- -
SHAREHOLDERS' EQUITY AND LIABILITIES - -
SHAREHOLDERS' EQUITY - -
Net equity Group 530,842 546,988
Minority interests 136,073 138,172
Shareholders' equity 666,915 685,160
LIABILITIES - -
Non-current liabilities - -
Deferred tax liabilities 11,618 10,801
Provisions for employee termination benefits 3,837 4,713
Long term financial loans 48 0
Payables to staff 0 0
Total non-current liabilities 15,503 15,514
Current liabilities - -
Trade payables 6,551 15,598
Payables to staff and social security organisations 4,148 7,341
Current tax 3,001 3,384
Other tax payables 954 1,571
Other payables 3,205 2,749
Short term financial loans 367 651
Total current liabilities 18,226 31,294
Held-for-sale liabilities 0 0
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 700,644 731,968

 Consolidated Income Statement
(EUR thousand)
Third
Quarter
2016
First nine
months of
2016
Third
Quarter
2015
First nine
months of
2015
Alternative Asset Management fees 15,477 43,938 17,009 48,222
Income from equity investments 547 444 0 (227)
Other investment income/expense 8,077 6,148 38,211 73,588
Income from services 810 8,302 4,796 13,441
Other income 53 120 3,040 3,162
Personnel costs (5,586) (21,870) (7,342) (23,834)
Service costs (4,182) (15,479) (5,069) (17,023)
Depreciation, amortization and impairment (1,514) (4,607) (1,670) (5,055)
Other expenses (691) (2,325) (1,928) (5,327)
Financial income 152 674 1,634 5,115
Financial expenses (481) (2,266) (414) (1,042)
PROFIT/(LOSS) BEFORE TAX 12,662 13,079 48,267 91,020
Income tax (222) (1,111) (2,218) (1,235)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 12,440 11,968 46,049 89,785
PROFIT/(LOSS) FOR THE PERIOD 12,440 11,968 46,165 90,071
- Group share 7,945 9,849 49,141 72,785
- Non controlling interests 4,495 2,119 (2,976) 17,286
Earnings per share, basic (€) 0.038 0.275
Earnings per share, diluted (€) 0.038 0.275

 Consolidated Statement of Comprehensive Income (Statement of Performance –
IAS 1)
(Euro thousands)
First nine
months of
2016
First nine
months of
2015
Profit/(loss) for the period (A) 11,968 90,071
Comprehensive income/expense which might be
the period 9,809 (64,166)
Gains/(Losses) on fair value of available-for-sale
financial assets 9,809 (54,655)
Share of other comprehensive income of
associates 0 (9,511)
Comprehensive income/expense which will not be
the period 111 24
Gains/(losses) on remeasurement of defined
benefit plans 111 24
Other comprehensive income, net of tax (B) 9,920 (64,142)
Total comprehensive income for the period
(A)+(B) 21,888 25,929
Total comprehensive income attributable to:
- Group Share 18,015 13,812
- Non Controlling Interests 3,873 12,117

 Consolidated Statement of Changes in 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 December 2014 271,626 323,073 116,415 (57,601) 653,513 173,109 826,622
Allocation of previous year's net result 0 (57,601) 0 57,601 0 0 0
Cost of stock options 0 (274) 0 0 (274) 0 (274)
Purchase of own shares (5,446) (4,424) 0 0 (9,870) 0 (9,870)
Dividends distributed 0 (79,854) 0 0 (79,854) 0 (79,854)
Other changes 0 12 0 0 12 (10,850) (10,838)
Total comprehensive profit/(loss) 0 0 (6,673) 23,644 16,971 17,339 34,310
Total at 30 September 2015 266,180 180,932 109,742 23,644 580,498 179,598 760,096
(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 December 2015 263,923 179,815 62,178 41,072 546,988 138,172 685,160
Allocation of previous year's net result 0 41,072 0 (41,072) 0 0 0
Cost of stock options 0 51 0 0 51 0 51
Purchase of own shares (2,775) (552) 0 0 (3,327) 0 (3,327)
Treasury shares delivered to the incentive plans 463 148 0 0 611 0 611
Dividends distributed 0 (31,557) 0 0 (31,557) 0 (31,557)
Other changes 0 61 0 0 61 (5,972) (5,911)
Total comprehensive income 0 0 8,166 9,849 18,015 3,873 21,888
Total at 30 September 2016 261,611 189,038 70,344 9,849 530,842 136,073 666,915

 Consolidated Cash Flow Statement - Direct Method
(EUR thousand)
First nine
months of
2016
First nine
months of
2015
CASH FLOW from operating activities
Investments in funds and shareholdings (17,071) (22,536)
Capital reimbursements from funds 11,496 30,326
Proceeds from the sale of investments 16,752 152,363
Interest received 229 205
Interest paid (26) (746)
Cash distribution from investments 49 2,686
Realized gains (losses) on exchange rate derivatives (1) 15
Taxes paid (161) 768
Dividends received 1,500 0
Management and performance fees received 41,280 49,278
Revenues for services 12,123 17,824
Operating expenses (43,901) (54,551)
Net cash flow from operating activities 22,269 175,632
CASH FLOW from investment activities
Acquisition of property, plant and equipment (46) (125)
Sale of property, plant and equipment 70 354
Purchase of licenses (228) (70)
Net cash flow from investing activities (204) 159
CASH FLOW from investing activities
Acquisition of financial assets (1,939) 0
Sale of financial assets 4,503 982
Share capital issued 2,369 1,745
Own shares acquired (3,327) (11,634)
Dividends paid (33,492) (99,652)
Loan 1,404 (3,187)
Quasi-equity loan 0 0
Bank loan paid back (466) (4,000)
Net cash flow from financing activities (30,948) (115,746)
CHANGE IN CASH AND CASH EQUIVALENTS (8,883) 60,045
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 123,468 55,583
Cash and cash equivalents relating to held-for-sale assets 0 0
Cash and cash equivalents at beginning of period 123,468 55,583
Effect of change in basis of consolidation: cash and cash equivalents (8,520) (97)
CASH AND CASH EQUIVALENTS AT END OF PERIOD 106,065 115,531
Held-for-sale assets and minority interests 0 0
CASH AND CASH EQUIVALENTS AT END OF PERIOD 106,065 115,531

Structure and content of the Interim Management Report to 30 September 2016
The Interim Management Report to 30 September 2016 (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 set out at art. 6 of Regulation (EC) no.
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 in the Financial Statements to 31
December 2015 and in the Half-Year Report to 30 June 2016.
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.
Financial information is discussed with reference to the first nine months of 2016 and the same
period in 2015; information on the Statement of Financial Position relates to 30 September
2016 and 31 December 2015. The Consolidated Financial Statements are provided in the same
format as those relating to 31 December 2015.
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 calculated 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,
the values attributed to such assets could differ, in some cases significantly, from those that
could be obtained when the assets are sold.
In accordance with the provisions of IAS/IFRS and current laws, the Company authorised the
publication of the Report by the legal deadline.
Scope of consolidation
The basis of consolidation had changed at 30 September 2016 compared to 31 December
2015, as a result of:
 the sale of a 55% stake in Innovation Real;
 the acquisition of a 66.3% indirect stake in SPC, via the acquisition of the Mato vehicle.
Therefore, at 30 September 2016, the following companies formed part of the DeA Capital
Group's scope of consolidation:

Company Registered office Currency Share capital % holding Consolidation method
DeA Capital S.p.A. Milan, Italy Euro 306,612,100 Holding
IDeA Capital Funds SGR S.p.A. Milan, Italy Euro 1,200,000 100.00% Full consolidation
IDeA OF I Milan, Italy Euro - 46.99% Full consolidation
DeA Capital Real Estate S.p.A. Milan, Italy Euro 600,000 100.00% Full consolidation
IDeA FIMIT SGR S.p.A. Rome, Italy Euro 16,757,574 64.30% Full consolidation
Idea Real Estate S.p.A. Milan, Italy Euro 50,000 100.00% Full consolidation
Mato S.r.l. Milan, Italy Euro 10,000 100.00% Full consolidation
SPC S.p.A. Milan, Italy Euro 70,032 66.32% Full consolidation
Innovation Real Estate S.p.A. Milan, Italy Euro 597,725 45.00% Equity accounted
Innovation Real Estate Advisory S.r.l. Milan, Italy Euro 105,000 45.00% Equity accounted
Atlantic Value Added Rome, Italy Euro - 27.27% Equity accounted

Notes to the Consolidated Statement of Financial Position
NON-CURRENT ASSETS
Non-current assets totalled EUR 558.8 million at 30 September 2016, compared with EUR
558.1 million at 31 December 2015.
Intangible assets and property, plant and equipment
This item includes goodwill (EUR 128.4 million), other intangible assets (EUR 33.8 million) and
property, plant and equipment (EUR 2.3 million).
This item, which was EUR 128.4 million at 30 September 2016 (compared with EUR 129.6
million at 31 December 2015), chiefly relates to the goodwill accounted for in relation to IDeA
Capital Funds SGR (EUR 31.3 million) and IDeA FIMIT SGR (EUR 96.6 million).
Intangible assets mainly relate to customer contracts, which arise from the allocation of the
merger costs for the acquisition of IDeA Capital Funds SGR and FIMIT SGR.
Investments in associates
This item, which totalled EUR 16.5 million at 30 September 2016 (EUR 11.5 million at 31
December 2015), relates to the assets below:
- the investment in IRE, which was valued at EUR 5.2 million;
- the units held in the AVA fund, which were valued at EUR 11.3 million.
The table below provides details of investments in associates at 30 September 2016 by area of
activity.
Shareholdings held by funds
At 30 September 2016, the DeA Capital Group was a minority shareholder, through the IDeA
OF I fund, in Giochi Preziosi, Manutencoop, Euticals, Elemaster, Talgo, Corin and Iacobucci.
This item, which totalled EUR 78.0 million at 30 September 2016 (EUR 90.7 million at 31
December 2015), relates to the assets below:
(EUR million)
Private Equity
Investment
Alternative
Asset
Management
Total
AVA fund 3.7 7.6 11.3
IRE 0.0 5.2 5.2
Total 3.7 12.8 16.5

Interim Management Report to 30 September 2016

Interim Management Report to 30 September 2016

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Interim Management Report to 30 September 2016