DeA Capital bilancio 2010 eng

Financial Statements
for the Year Ending 31 December 2010 1
FINANCIAL STATEMENTS
FOR THE YEAR ENDING 31 DECEMBER 2010
______________________
2010
Board of Directors of DeA Capital S.p.A.
Milan, 14 March 2011

DeA Capital S.p.A.
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)
comprising 306,612,100 shares with a nominal value of
EUR 1 each (including 12,598,698 held in the portfolio
at 31 December 2010).
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)
Alberto Dessy
(2/5)
Marco Drago
Roberto Drago
Andrea Guerra
(3/5)
Board of Statutory Auditors (*)
Chairman Angelo Gaviani
Permanent Auditors Gian Piero Balducci
Cesare Andrea Grifoni
Deputy Auditors Andrea Bonafè
Maurizio Ferrero
Giulio Gasloli
Secretariat of the Board of Directors
Manager responsible for preparing
the company’s accounts
Independent auditors
Diana Allegretti
Manolo Santilli
KPMG S.p.A.
(*) In office until the approval of the financial statements to 31 December 2012.
(1)
Member of the Internal Audit Committee.
(2)
Member and chairman of the Internal Audit Committee - Lead Independent Director.
(3)
Member of the Remuneration Committee.
(4)
Member and co-ordinator of the Remuneration Committee.
(5)
Independent director.

Contents
Report on Operations
1. Profile of DeA Capital
2. Information for shareholders
3. The group’s key Balance Sheet and Income Statement figures
4. Significant events during the year
5. Analysis of consolidated results
6. Analysis of results of the parent company DeA Capital S.p.A.
7. Other information
8. Proposal to approve the financial statements of DeA Capital S.p.A. for the
year ending 31 December 2010 and related and resulting resolutions
Consolidated Financial Statements for the Year
Ending 31 December 2010
Statement of responsibilities for consolidated
accounts pursuant to art. 154-bis of Legislative
Decree 58/98
Information pursuant to Art. 149-duodecies
of the Consob Issuer Regulations - consolidated
financial statements
Annual Financial Statements for the Year Ending 31
December 2010
Statement of responsibilities for accounts
pursuant to art. 154-bis of Legislative Decree
58/98
Information pursuant to Art. 149-duodecies
of the Consob Issuer Regulations - annual financial
statements
Summary of subsidiaries’ financial statements
Independent Auditors’ Report
Report of the Board of Statutory Auditors

Report on Operations

1. Profile of DeA Capital
With an investment portfolio of over EUR 800 million and assets under management of
around EUR 4,400 million, DeA Capital S.p.A. is currently 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 to
traditional private equity funds, which are normally restricted to a pre-set duration – of
greater flexibility in optimising the timing of entry and withdrawal 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
Mainly in unlisted companies (or, if
listed, with plans to delist) in Europe
and Emerging Europe in the services
sector.
• Indirect investments
In private equity and real estate
funds of funds and co-investments.
• IDeA Alternative Investments, a
holding company of equity
investments in asset management
companies, active in the management
of private equity, total return and
special situation funds.
Assets under management: EUR 1.4 billion
• First Atlantic Real Estate Holding,
one of the leading players in the
Italian real estate sector with an
integrated model for the management
of funds and other services.
Assets under management: EUR 2.9 billion

At the end of 2010, the corporate structure of the group headed by DeA Capital S.p.A. (DeA
Capital Group, or the Group), was broadly unchanged from that at 31 December 2009, and is
summarised below:
(*)
In addition to usufruct rights on 51% of the shares (without voting rights).
In relation to the corporate structure shown above, note that on 17 January 2011, the
procedure for the partial non-proportional demerger of IDeA Alternative Investments (IDeA AI)
was completed, with the result that Investitori Associati SGR and Wise SGR were removed
from the group’s scope of consolidation.
Moreover, on 1 February 2011, IDeA AI completed the sale of its stake in IDeA AI Sarl.
Further information on both operations is given in the next section of this Report on
Operations.
DeA Capital
S.p.A.
44,4%
Shareholdings
and VC funds
100%49% (*) 29% (*)
100%
DeA Capital
Investments S.A.
(Luxembourg)
IDeA
COIF I
quotas
IDeA I
Fund of Funds
quotas
Shareholding
Kenan
Investments
Shareholding
Santé
Shareholding
Sigla
Luxembourg
Migros
Shareholding
Stepstone
FARE Holding
FARE SGR FARE FARE DE
FAI
70%
100%
IDeA
Alternative
Investments
IDeA
Capital Funds
SGR
Investitori
Associati
SGR
Wise
SGR
100%
IDeA AI Sarl
LUX
100%
Soprarno
SGR
65%
ICF II
quotas
FARE NPL
65% 100% 100%
Other minority
stakes
IDeA
SIM
65%
Blue SkyeSiglaGDS
DeA Capital
S.p.A.
44,4%
Shareholdings
and VC funds
100%49% (*) 29% (*)
100%
DeA Capital
Investments S.A.
(Luxembourg)
IDeA
COIF I
quotas
IDeA I
Fund of Funds
quotas
Shareholding
Kenan
Investments
Shareholding
Santé
Shareholding
Sigla
Luxembourg
Migros
Shareholding
Stepstone
FARE Holding
FARE SGR FARE FARE DE
FAI
70%
100%
IDeA
Alternative
Investments
IDeA
Capital Funds
SGR
Investitori
Associati
SGR
Wise
SGR
100%
IDeA AI Sarl
LUX
100%
Soprarno
SGR
65%
ICF II
quotas
FARE NPL
65% 100% 100%
Other minority
stakes
IDeA
SIM
65%
Blue SkyeSiglaGDS
Private Equity Investment
Alternative Asset Management
Holding Companies

At 31 December 2010, the DeA Capital Group reported group shareholders’ equity of
approximately EUR 764.0 million, corresponding to a net asset value (NAV) of EUR 2.60
per share, with an investment portfolio of EUR 800.3 million.
More specifically, the investment portfolio, which consists of equity investments of EUR 516.5
million, funds of EUR 132.7 million and net assets relating to the Alternative Asset
Management business (the stake in IDeA Alternative Investments and the stake in FARE
Holding) of EUR 151.1 million, is detailed below.
PRIVATE EQUITY INVESTMENT
o Shareholdings
⇒ strategic shareholding in Générale de Santé (GDS), France's leading
private healthcare provider, whose shares are listed on the Eurolist market in
Paris (with less than 5% in outstanding shares and low trading volumes) The
investment is held through the Luxembourg-registered company Santé S.A.,
an associate of the DeA Capital Group
⇒ 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
⇒ minority interest in Migros, Turkey's biggest food retail chain, whose
shares are listed on the Istanbul Stock Exchange (with less than 2% in
outstanding shares and low trading volumes). 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
⇒ minority investment in Blue Skye, which is a special opportunities
investment company active in the distressed assets and credit sector,
particularly loans to the Public Administration (mainly healthcare), non-
performing loans, mid-market real estate and corporate lending. The
investment is held through the Luxembourg-registered company Stepstone
Acquisition S.à.r.l., an investment recorded in the AFS portfolio of the DeA
Capital Group
⇒ minority interest held in three companies based in the US and operating
in the biotech (Elixir Pharmaceuticals Inc.), printed electronics (Kovio Inc.)
and information and communication technology (MobileAccess Networks Inc.)
sectors
o Funds
⇒⇒⇒⇒ units in one co-investment fund, IDeA Co-Investment Fund I (IDeA
CoIF I)
⇒⇒⇒⇒ units in two funds of funds, IDeA I Fund of Funds (IDeA I FoF) and
ICF II
⇒⇒⇒⇒ units in seven venture capital funds

ALTERNATIVE ASSET MANAGEMENT
⇒ joint controlling interest – 44.36% (100% from 2011) – in IDeA
Alternative Investments, a holding company of equity investments in
asset management companies that manage private equity, total return and
special situation funds.
⇒ controlling interest – 70% – in First Atlantic Real Estate Holding, one
of the leading players in the Italian real estate sector with an integrated
model for the management of funds and other services; it controls a group of
companies operating:
- in asset management (First Atlantic Real Estate SGR)
- in project, property and facility management and agency activities
(First Atlantic Real Estate)
- in the administration, management and value enhancement of non-
performing loans for the real estate sector (First Atlantic Real Estate
NPL)

2. Information for shareholders
Shareholder structure - DeA Capital S.p.A. (#)
Mediobanca
4.8%
De Agostini
SpA
58.3%
Treasury
stock
4.1%
DEB Holding*
3.8%
Free float
29.0%
(#) Figures to 31 December 2010.
(*) Company linked to director Daniel Buaron.
Share performance (°)

0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
Jan-10
M
ar-10
M
ay-10
Jun-10
Aug-10
O
ct-10
D
ec-10
DeA Capital FTSE All-Share FTSE-Star LPX 50
(°) Source: Bloomberg – 1 January to 31 December 2010

Investor relations
DeA Capital S.p.A. maintains stable and structured relationships with institutional and
individual investors.
In 2010, the company continued its communications campaign, participating in meetings and
holding conference calls with portfolio managers and financial analysts from Italy and abroad.
In addition, DeA Capital S.p.A. attended a conference on listed private equity in Zurich and has
initiated a formal relationship with the European association of listed private equity operators
(LPEQ).
Coverage of the DeA Capital stock is 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 written 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® index.
The LPX50® is a global index that measures the performance of the fifty largest and most
liquid LPE (listed private equity) companies. Due to its high degree of diversification by region
and type of LPE investment, the 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: www.lpx.ch.
The website www.deacapital.it underwent a comprehensive restructuring of the graphics and
content, such that it now provides even more information and is more user-friendly. The
website is continually updated with content, documents and new tools in order to provide
straightforward and complete information.
The website is the primary mode of contact with 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 area, which is committed to answering queries promptly, as
indicated in the Investor Relations Policy published on the site. A quarterly newsletter is also
published for individual investors with the aim of keeping the latter updated on key news, as
well as providing clear and simple analysis of quarterly results and share performance.
Performance of the DeA Capital share in 2010
In 2010, the DeA Capital share was down 9.8%, but performed better than the FTSE Italia All-
Share® index, the general index of the Italian market (-11.5%). The FTSE Star® index,
however, rose by 2.9%, while the LPX50® advanced by approximately 37%, benefiting from
the recovery of shares that had been heavily penalised in previous years.
The ongoing lack of liquidity in the equity market particularly hurt small-/mid-cap shares, and
also affected the DeA Capital share. In 2010, the value of shares traded was less than half that
in 2007 and, as a proportion of outstanding shares, the figure for DeA Capital settled at just
above the midpoint of the Star market.

Share prices for 2010 are shown below:
EUR
Maximum price 1.37
Minimum price 1.12
Average price 1.22
Reference price as at 31 December 2010 (EUR/share) 1.14
Market capitalisation as at 31 December 2010
(EUR million)
349

3. The group’s key Balance Sheet and Income Statement figures
Key income statement and balance sheet figures to 31 December 2010 compared with the
corresponding figures to 31 December 2009 are shown below.
Nav / Share (€) 2.60 2.65
Group NAV 764.0 780.2
Parent Company Net Profit (Loss) 16.0 (1.8)
Group Net Profit (Loss) (26.3) (29.4)
Group Share of Comprehensive Income (15.6) 23.7
(Statement of Performance – IAS 1)
Investments 800.3 828.4
Net Financial Position - Holdings (*)
(40.7) (53.7)
Net Financial Position - Consolidated (20.4) (34.9)
(*) “Holdings” refer to holding companies as previously defined
(€ million) 2010 2009
Investment Portfolio
no. € million no. € million
Shareholdings 7 516.5 7 550.9
Funds 10 132.7 11 118.2
Private Equity Investments 17 649.2 18 669.1
Alternative Asset Management (*) 2 151.1 2 159.3
Investment Portfolio 19 800.3 20 828.4
(*) Shareholdings in subsidiaries and joint ventures relating to Alternative Asset
Management are valued at equity in this table.
December 31, 2010 December 31, 2009

4. Significant events during the year
Significant events that occurred in 2010 are described below.
IDeA I FoF - Paid calls and reimbursements
On 11 January 2010, 1 April 2010, 4 August 2010 and 1 October 2010, the DeA Capital Group
increased its investment in the IDeA I FoF fund with payments totalling EUR 12.8 million.
At the same time, on 1 March 2010, 18 June 2010 and 6 November 2010, the DeA Capital
Group received capital reimbursements from the fund of EUR 6.8 million, which were used in
full to reduce the carrying value of the units.
In relation to the portion attributable to the DeA Capital Group, at 31 December 2010,
payments totalled EUR 93.5 million with a residual commitment of EUR 76.5 million. The
carrying value of the fund in the consolidated accounts is EUR 79.9 million.
IDeA CoIF I - Paid calls
increased its investment in the IDeA CoIF I fund with payments totalling EUR 3.3 million.
ICF II - Paid calls
increased its investment in the IDeA ICF II fund with payments totalling EUR 1.8 million.
On 15 September 2010, the ICF II fund completed the fourth closing, taking overall
commitments to around EUR 281 million. At the same time, the DeA Capital Group received
capital reimbursements from the fund of EUR 1.7 million, which were used to reduce the
carrying value of the units, net of interest (totalling around EUR 0.1 million). These
repayments increased the value of the residual commitment.
Capital increase by Kenan Investments (indirect parent company of Migros)
On 21 January 2010, Kenan Investments, the parent company of Migros, resolved to carry out
a reserved capital increase to implement an incentive scheme for the senior managers of
Migros. The operation, which did not involve any outlay for the DeA Capital Group, resulted in
the dilution of its shareholding from 17.11% to 17.03%.

Dividends - FARE Holding
On 31 March 2010, the shareholders' meeting of FARE Holding approved the company's
financial statements to 31 December 2009 and approved the distribution of dividends worth
EUR 9.6 million, including EUR 6.7 million to the parent company DeA Capital S.p.A. (paid out
on 31 March 2010).
Memorandum of Understanding relating to the merger of FARE SGR and FIMIT
SGR
On 4 August 2010, a non-binding memorandum of understanding (MoU) was signed by FARE
Holding, FARE SGR, FIMIT SGR, IFIM S.r.l., Feidos S.p.A. and DeA Capital S.p.A., which set out
the terms of a possible merger of FARE SGR and FIMIT SGR. The MoU was signed following a
series of negotiations between the parties based, inter alia, on the due diligence work carried
out.
The merger of the two companies would create the largest independent real estate asset
management company in Italy, with over EUR 8 billion in assets under management and 19
managed funds (including five listed funds). This would put it among the major partners of
Italian and international institutional investors in promoting, creating and managing Italian
closed-end mutual investment funds in real estate.
After the end of the financial year, FARE SGR and its parent company FARE Holding, as one
party, and FIMIT SGR and the shareholders IFIM, Inpdap, Enpals and Enasarco (jointly the
Fimit shareholders), as the other, approved the plan for the merger by incorporation of FARE
SGR into FIMIT SGR according to the terms set out in the section "Significant events after the
end of 2010" in this report.
Share buy-back and disposal plan
On 26 April 2010, the shareholders' meeting of DeA Capital S.p.A. approved, following the
proposal made by the company's Board of Directors, the implementation of a new plan to
purchase and dispose of own shares (the Plan), which authorises the Board of Directors to
purchase and dispose of a maximum number of shares representing a stake of up to 20% of
share capital in accordance with the law, on one or more occasions, on a rotating basis.
At the same time, this resolution revoked the authorisation issued by the shareholders'
meeting on 29 April 2009 for the previous plan to purchase own shares.
Among other things, the authorisation specifies that purchases may be carried out in
accordance with all procedures allowed by current regulations, with the sole exception of a
public purchase or exchange offer, and that the unit price for the purchase must not be more
than 20% above or below the share's reference price on the trading day prior to the purchase.
The objective of the Plan is to allow the company to take action, in accordance with current
regulations, to limit any unusual price movements and to normalise trading and pricing
fluctuations resulting from distortions related to excess volatility or poor trading liquidity, as
well as to purchase own shares to be used, as necessary, for share incentive schemes.
These transactions will also allow the company to purchase own shares to be used, in
accordance with its strategy, for capital-related transactions or other transactions in relation to
which it may be appropriate to exchange or sell parcels of shares by means of an exchange,
transfer or other method of disposal. The authorisation to carry out such purchases has a

maximum duration of 18 months from the date the authorisation is granted by the
shareholders’ meeting (until October 2011). The Board of Directors is also authorised to
dispose of own shares purchased without time limitations in accordance with procedures it
deems appropriate, at a price to be determined, from time to time, but which may not be
(other than in certain specific exceptions) more than 20% below the share's reference price on
the trading day prior to each disposal.
The Board of Directors, which met immediately following the shareholders' meeting, passed
the resolutions necessary to execute the plan, and granted the chairman and chief executive
officer all the necessary powers.
Stock option plan
On 26 April 2010, the shareholders' meeting approved the DeA Capital stock option plan for
2010 - 2015, under which a maximum of 3,000,000 options may be allocated. To implement
the resolution of the shareholders' meeting, the DeA Capital S.p.A. Board of Directors allocated
a total of 2,235,000 options to certain employees of the company and its subsidiaries, and
employees of the parent company De Agostini S.p.A. who carry out important roles.
In line with the criteria specified in the regulations governing the DeA Capital stock option plan
for 2010 – 2015, the Board of Directors also set the exercise price for the options allocated at
EUR 1.318, which is the arithmetic mean of the official price of ordinary DeA Capital shares on
the Mercato Telematico Azionario, the Italian screen-based trading system organised and
managed by Borsa Italiana S.p.A., on the trading days between 25 March 2010 and 25 April
2010.
The options can be allocated to the beneficiaries, in one or more tranches, up to 30 June 2011
and exercised by the latter, in one or more tranches, but in any case for an amount per
tranche of not less than 25% of the options assigned to each, with effect from the fifth
calendar day following the date that the adjusted NAV figure at 31 December 2012 is
announced, until 31 December 2015. The adjusted NAV means the value of the assets, net of
liabilities, calculated on the basis of the company’s operating performance at 31 December
2012 and restated, where necessary, to take account of the measurement at fair value of all
investments, as assessed by an independent third party.
IDeA Alternative Investments – Dividend distribution
On 26 April 2010, the shareholders' meeting of IDeA Alternative Investments approved the
company's financial statements to 31 December 2009 and approved the distribution of
dividends worth EUR 6.0 million, including EUR 2.7 million to DeA Capital S.p.A. (paid out on 4
June 2010).
Restructuring of the DeA Capital Group
On 25 June 2010, the merger of DeA Capital Investments and its wholly-owned subsidiary DeA
Capital Investments 2 took place, with the aim of centralising within a single entity the
financial and organisational resources relating to Private Equity Investment operations in
Luxembourg.
The restructuring, which affected DeA Capital Investments and one of its wholly-owned
subsidiaries, had no impact on the consolidated financial statements, as the same carrying
values were used, pursuant to IAS/IFRS.

Reorganisation of IDeA Alternative Investments S.p.A. (IDeA AI)
On 27 August 2010, the IDeA AI Board of Directors approved a plan for a partial, non-
proportional demerger, under which the stakes owned by IDeA AI in Investitori Associati SGR
and Wise SGR will again become wholly owned by the management of Investitori Associati SGR
and Wise SGR respectively, in return for the cancellation of the stakes held by those
companies in IDeA AI. On 15 September 2010, the demerger operation was approved by the
Shareholders’ Meeting of IDeA AI.
After the end of the financial year, following receipt of the approval by the Bank of Italy and
the Italian Competition Authority, the deed for the demerger of IDeA AI, effective from 17
January 2011, was completed in accordance with the terms set out in the section "Significant
events after the end of 2010".
Distribution of cash by Kenan Investments (indirect parent company of
Migros)
On 20 September 2010, Kenan Investments approved the distribution to shareholders of its
available cash, arising in particular from dividends paid by Migros in the first half of 2010. The
distribution was made via the reimbursement at fair value of instruments forming part of the
company’s share capital.
DeA Capital, which holds a stake of approximately 17% in the vehicle, received an amount of
around EUR 20.8 million, of which EUR 2.3 million was recorded as income in the income
statement.
Transfer of the second tranche of DeA Capital shares to Daniel Buaron as
payment for the purchase of FARE Holding
On 13 December 2010, DeA Capital S.p.A. transferred 5,752,695 own shares to Deb Holding
S.r.l., which is owned by Daniel Buaron, as part payment for the acquisition of 70% of FARE
Holding, as stipulated by the contract agreed on 12 December 2008.
These shares represent the second and final tranche of the share-based payment, the first
tranche having been transferred in December 2008. The contract for the acquisition of FARE
Holding specified that one portion of the purchase price would be paid in cash at the closing of
the deal (12 December 2008), with a second cash payment being deferred for five years, and a
portion in DeA Capital shares (around 11.5 million) to be transferred in two equal tranches at
the closing of the deal and after 24 months.
In February 2010, DeA Capital also transferred 184,162 shares to Daniel Buaron as part
payment of the qualified purchase price.
As a result of the above-mentioned transaction, Deb Holding now holds 11,689,552 DeA
Capital shares, representing 3.81% of share capital. The transferred shares are subject to a
lock-up agreement.

Mediobanca loan agreement (extension of the expiry date for credit lines until
the end of 2015)
In 2010, DeA Capital S.p.A. negotiated an extension to the deadline for drawing down the
portion of the Mediobanca credit line still available (EUR 50 million) to 31 December 2010.
On 16 December 2010, DeA Capital S.p.A signed a financing agreement with Mediobanca –
Banca di Credito Finanziario S.p.A. expiring in December 2015, for a maximum amount of EUR
120 million, while at the same time paying off the existing EUR 150 million unsecured bullet
loan expiring in July 2013, of which EUR 100 million has been drawn down.
The decision to reduce the size of the facility compared with the first loan stems from the lower
capital requirements, net of expected distributions, of the private equity funds in which the
DeA Capital Group has invested.
The agreement concerns the granting of a EUR 80 million unsecured bullet credit facility and a
revolving credit facility for a further EUR 40 million. The agreed interest rate is variable and
linked to the 3- or 6-month Euribor.
The bullet repayment is due to be made 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.
The terms and conditions of the new loan also set out an improved covenant structure.
This financing facility offers some significant advantages, including extending the term by over
two years and greater flexibility in using the facility over time, given the existence of a
revolving tranche.

5. Analysis of consolidated 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 the reporting units involved in asset
management activities and related services, with a current focus on the management of
private equity, real estate, total return and special situation funds
Reference market
The reference markets for DeA Capital are those involving investment in private equity and
alternative asset management, with a specific focus on the management of private equity and
real estate funds.
Private equity
The global private equity market has posted strong growth in recent years, rising from a total
of USD 1,000 billion in assets under management in 2003 to USD 2,500 billion at end-2009
with significant growth in buy-out funds (acquisitions of majority stakes or wholly-owned
positions).
The financial and economic problems that arose in the period 2008-2009 had clear
repercussions on the general situation in 2010. Tax and monetary interventions by
governments to kick-start the economies of individual countries mainly took the form of much
higher public spending than had been seen in the past. In the fiscal arena, financial difficulties
affected first Greece and then Ireland, raising a question mark over the growth prospects and
future of the European Union. On the monetary side, we saw the first signs of inflationary
pressure and currency fluctuations, some of which were quite marked.
Against this backdrop, private equity continues to be an evolving sector. Although there were
no trend reversals in funds raised, which were still declining from USD 297 billion in 2009 to
USD 237 billion in 2010 (versus USD 670 billion in 2008), some signs of recovery began to
appear in investment and conversions in 2010.
The investment policies of funds focused on the operational improvement of portfolio
companies to offset the lower recourse to debt as a means for increasing returns. Following a
period of financial rationalisation and debt restructuring of the companies in the portfolio, the
focus of the funds has returned to new investment driven by a greater propensity to sell and
the re-opening of the debt market.

Investment activity has more than doubled compared with 2009, with the volume of private
equity investment reaching USD 261 billion, versus around USD 103 billion in 2009
1
. The
recovery in the equity markets was favoured disposals. The volumes of IPOs by companies
financed by private equity funds, totalling USD 16 billion1
(USD 9 billion in 2009), have almost
returned to 2007 levels.
The first three months of 2010 generated distributions of USD 34 billion, or double that of the
corresponding period in 20091
. This enabled the funds to consolidate their track records prior
to raising new funds.
Private equity in Europe
The European market represents about 30% of the total. Fund raising declined very markedly
in 2009 and continued this negative trend in 2010; the buy-out segment, however, bucked the
trend, with funds raised increasing from an estimated EUR 10 billion in 2009 to around EUR 16
billion in 2010. New investment in continental Europe rose slightly.
Note that with regard to the main sectors in which DeA Capital invested, transactions in 2010
took place at multiples in line with, or above the carrying value of the multiples of Générale de
Santé in DeA Capital.
In the food retail sector, acquisitions were primarily made by groups operating in the sector
with the aim of expanding into emerging countries, at higher multiples than the carrying
values of the multiples of Migros.
European fundraising (€ bn)
0
20
40
60
80
100
120
2000 2001 2002 2003 2004 2005 2006 2007 2008 20092010E
European fundraising (€ bn)
0
10
20
30
40
50
60
70
80
2000 2001 2002 2003 2004 2005 2006 2007 2008 20092010E
Source: EVCA, internal charts
Private equity in Italy
The statistics prepared by AIFI (the Italian Private Equity and Venture Capital Association) and
currently updated to the first half of 2010, show a significant recovery (63%) in fund raising
compared with the same period of 2009. Funds raised were, however, still 52% less than those
recorded in the first half of 2008, which were already showing a sharp decline.
1 Source: Thomson Venture Economics

There was a similar reduction in investment operations, which are still focused on small
transactions – traditionally a feature of the Italian market – and which proved to be more
stable than large transactions requiring significant financial leverage.
The number of new investments fell from 155 to 129, with a total value of EUR 552 million
(down by 48% compared with the same period of 2009).
Despite the difficult environment, there are positive signs from the expansion segment,
relating to minority investments intended to support the growth programmes of existing
businesses. In the first half of 2010, this segment saw the amount invested increase by 10%
from EUR 132 million to EUR 145 million, spread across 50 transactions. The early stage
segment (investment in seeds and start-ups) also posted good results, with 51 transactions
and a commitment of around EUR 41 million, or 11% higher than the same period of last year.
Outlook for private equity in 2011
It is reasonable to expect there will also be a significant recovery in investment activity in
private equity over the next few years, assisted by the ample resources available to the funds
and the re-opening of the credit market. Specifically, investments will be more focused on the
following sectors:
- expansion/growth – a discipline that does not use debt, but invests in minority
interests of companies to finance their growth
- buy-outs – the mid-market segment is an area that is showing initial signs of
recovery thanks to the availability of bank loans, especially for those operators
that have direct relationships with local credit institutions. A recovery is also
likely in investment activity in large buy-outs (transactions of over EUR/USD 2-3
billion in value), which until last year were not feasible in the absence of
sufficient leverage (on account of their size and the economic conditions)
Assuming that the development of the economic cycle will follow the traditional pattern (from
the current recovery phase until the full growth phase), strategies for investing in the
corporate debt of distressed companies will prove less rewarding.
Lastly, a rise in conversions linked to expectations of an increase in the value of portfolios is
also likely.

Real estate funds in Italy
In the first half of 2010, according to Assogestioni data, assets managed by real estate funds
rose by 8.2% compared with the same period in the previous year, despite the unfavourable
economic environment. At 30 June 2010, the 163 existing funds had assets under
management of around EUR 22 billion, 87.4% of which was allocated to real estate.
AUM of the eight largest real estate funds (€ bn)
0
1
2
3
4
5
6
7
8
9
IDeAFimit*
Pirelli&C.
Investire
Immobiliare
BNPParibas
REIM
Generali
Immobiliare
Fabrica
Immobiliare
Sorgente
Banca
Esperia
*Pro-forma obtained from the sum of the assets managed by Fimit-Fondi Immobiliari Italiani and First Atlantic Real
Estate
Source: Assogestioni.
There was a net inflow of funds (EUR 0.3 billion), albeit lower than the EUR 0.5 billion in the
first half of 2009. The Italian market continues to be dominated by "reserved" funds, i.e. funds
for qualified investors only, compared with retail funds, which represent around 25% of the
total by value. Around 52% of investment is concentrated in the office market and 18% in the
commercial market, the sector with the highest number of transactions in 2010. The trend
towards a more uniform division of real estate investment still has some way to go, however,
before the average distribution approaches that seen at the overall European level.
Over the last eighteen months, listed real estate funds have seen a lot of volatility in the size
of trades and the discount to NAV. In June 2009, the value of trades was just under EUR 300
million and the difference from NAV was 41% compared to EUR 500 million and 34%
respectively in November 2010. Looking at the last twelve months, in August 2010 the size of
trades reached a record low (EUR 300 million), and the discount to NAV was at an all-time high
(36%).

Real estate funds: shareholders’ equity
(€ bn)
0
5
10
15
20
25
2008 2009 Jun-10
Reserved funds
Retail funds
Real estate funds: assets (€ bn)
0
5
10
15
20
25
30
35
40
45
2008 2009 Jun-10
Reserved funds
Retail funds
Italian real estate funds saw substantial stability in the sales price of real estate, while the
volume of purchase and transfer transactions declined further. Over the last six months of
2010, property to the value of EUR 998 million was purchased and transferred, a decrease of
over EUR 2.3 billion compared with the end of 2009. Sales slowed from EUR 1,335 million in
the second half of 2009 to EUR 1,172 million in the first six months of 2010.
Purchases and sales (€ bn)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2008 2009 Jun-10
Purchases Sales
Allocation of assets
Property
87.4%
Equity inv.
2.3%
Liquid
assets 7.6%
Other 2.7%
Prices continue to be more stable than in other countries, especially with respect to high-end
commercial real estate in large cities, for which there is a considerable imbalance between
demand (continually growing) and supply (largely stable since 2005).
Lower recourse to financial leverage in Italy than in other countries is also considered a factor
of relative stability. The use of leverage is equivalent to 61% of the value of the investments
for retail funds and 70% for reserved funds.
Yields on real estate investment and therefore lease payments experienced a continuous and
general decline across all sectors from 2008-2010, although the commercial segment was
more resilient.

The DeA Capital Group’s investment portfolio
Changes in the DeA Capital Group's investment portfolio in the above-mentioned Private Equity
Investment and Alternative Asset Management business areas are summarised in the table
below.
Investment Portfolio
no. € million no. € million
Shareholdings 7 516.5 7 550.9
Funds 10 132.7 11 118.2
Private Equity Investments 17 649.2 18 669.1
Alternative Asset Management (*) 2 151.1 2 159.3
Investment Portfolio 19 800.3 20 828.4
(*) Shareholdings in subsidiaries and joint ventures relating to Alternative Asset
Management are valued at equity in this table.
December 31, 2010 December 31, 2009
Details of portfolio asset movements in 2010 are provided in the sections on private equity
investment and alternative asset management below.

In terms of equity investments, at 31 December 2010, DeA Capital S.p.A. was a shareholder
of:
• Santé, the parent company of GDS (valued at approximately EUR 282.9 million)
• Sigla Luxembourg, the parent company of Sigla (valued at approximately EUR 22.1
million)
• Kenan Investments, indirect parent company of Migros (valued at EUR 195.0 million)
• Stepstone, the parent company of Blue Skye (valued at approximately EUR 15.1
million)
It was also a shareholder, with minority interests, in three companies operating in the biotech,
information & communication technology and printed electronics sectors (with a total value of
EUR 1.4 million).
With regard to funds, at 31 December 2010, DeA Capital S.p.A. held units in:
• IDeA I FoF (valued at approximately EUR 79.9 million)
• IDeA CoIF I (valued at approximately EUR 34.1 million)
• ICF II (valued at approximately EUR 5.8 million)
• seven venture capital funds (with a total value of approximately EUR 13.0 million)
In 2010, overall operations in the private equity investment business had a negative impact on
NAV of approximately EUR 10.0 million, due to the combined effect of the group's portion of
the net loss for the period of EUR 22.3 million, the increase in fair value of EUR 11.3 million
and other positive movements of EUR 1.0 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 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 indirectly through Santé Dévéloppement
Europe S.A.S.
In 2009, the DeA Capital Group’s interest was reduced to 42.87%, following the purchase of
shares in Santé by certain GDS managers under an investment plan provided for
management.
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-2009.
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 several independent hospital organisations.
The company has around 21,500 employees and a total of about 110 clinics. In addition, it is
the main independent association of doctors in France (5,500 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 282.9 million in the consolidated financial statements to 31 December 2010
(EUR 289.1 million at 31 December 2009). The change compared to the figure reported at 31
December 2009 is attributable to the negative impact of the net loss of EUR 8.8 million for the
period, the increase in the fair value of the interest rate swaps taken out to hedge interest rate
risk on debt exposure of EUR 1.6 million, and other increases amounting to EUR 1.0 million
(resulting mainly from the dilution of Santé's stake in its subsidiary GDS following the
implementation of the plan to allocate shares free of charge to GDS employees).

Générale de Santé (€ million) 2010 2009 Change %
Revenue 1,926 2,046 -5.9%
EBITDA 229 237 -3.3%
EBIT 104 131 -20.9%
Group Net Profit/(Loss) 35 42 -17.5%
Net borrowing (871) (886) -2%
In terms of operating performance, GDS’s revenues fell by 5.9% compared to the previous
year, due to the change in the basis of consolidation (sale of the Home Care and Labs
businesses completed at the end of 2009/early 2010), but rose by 3.2% if the figures are
compared on a like-for-like basis. As regards operating profit, the substantial maintenance of
profitability (the EBITDA margin was 11.9% compared with 11.6% in 2009), obtained despite
challenging price trends, was due mainly to the company’s ability to optimise the mix of
services offered and the significant improvement in operating efficiency.
The widening of the gap in absolute terms between EBIT and net profit is chiefly due to the
positive impact of the capital gains obtained from disposals on the relevant figures for 2009.

- Sigla Luxembourg (parent company of Sigla)
Headquarters: Italy
Sector: Consumer credit
Website: www.siglafinanziamenti.it
Investment details:
On 5 October 2007, DeA Capital Investments finalised the acquisition of a stake (currently
around 41%) in Sigla Luxembourg, the holding company that controls Sigla, which operates
in Italy and provides finance to all customer segments.
Brief description:
Sigla specialises in the consumer credit sector in Italy by providing personal loans and
"salary-backed loans" (so called CQS). 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 recently
expanded 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 "Investments in associates", is
valued at approximately EUR 22.1 million in the consolidated financial statements to 31
December 2010 (EUR 21.8 million at 31 December 2009), due mainly to the increase in the
fair value of interest rate hedging instruments and the pro-rata share of the net profit for the
period of approximately EUR 0.3 million.
Sigla (€ million) 2010 2009 Change %
Client loans* 93.5 116.7 -19.9%
Revenue generated from Client
Loans 8.3 16.0 -48.0%
CQS Loan 128.8 97.2 32.6%
CQS Revenues 7.8 5.1 53.6%
Group Net Profit/(Loss) 0.1 0.9 -83.5%
* Net receivables exclude "Salary backed loans"
In terms of operating performance, in 2010 Sigla reported a 53.6% increase in revenues from
salary-backed loans on the back of a 32.6% increase in the number of loans granted. This was
obtained in a market that contracted by around 14% in 2010 and is proof that the company is
gradually repositioning itself in the salary-backed loans business, which is typically less capital-
intensive. As regards profitability, the company minimised the impact on net profit of the
reduction in revenues from personal loans, thanks to the effects of measures to improve
operational efficiency.

Investments in other companies
- Kenan Investments (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 distribution model driven by expansion and the
modernisation process under way in Turkey.
The company has a total of 1,881 outlets (at 30 September 2010) with a total net sales area
of approximately 933,000 square metres. 295 new stores were opened in the first nine
months of 2010.
Migros is present in all seven regions of Turkey, and has a marginal presence abroad in
Azerbaijan, Kazakhstan, Kyrgyzstan and Macedonia.
The company operates under the following names: Migros, Tansas and Macrocenter
(supermarkets), 5M (hypermarkets), Sok (discount stores), Ramstores (supermarkets
abroad) and Kangurum (online store).
The investment in Kenan Investments is reported in the consolidated financial statements to
31 December 2010 at a value of EUR 195.0 million (compared with EUR 208.0 million at 31
December 2009), taking into account the effect of the distribution of cash to shareholders, as
noted in the "Significant events during the year" section, and the effect of the increase in fair
value (EUR 5.5 million) recorded in 2010.

Migros (mln YTL) First 9 Months 2010*
First 9 Months
2009** Change %
Revenue 4,762 4,251 12.0%
EBITDA 256 301 -15.1%
EBIT 159 202 -21.2%
Group Net Profit/(Loss) 103 96 7.6%
Net borrowing (1,531) (1,366) -12%
* Awaiting publication of the data to December 31, 2010 - the data for the first 9 months 2010 is provided
** As Restated
In terms of operating performance, Migros reported a decrease in EBITDA in the first nine
months of 2010, despite a 12% rise in revenues. This phenomenon is due to the impact on
margins of the strong growth in the network of sales outlets (455 in 12 months), which has an
immediate effect on the cost structure but a delayed effect on sales figures, as well as to the
strong competition seen in the discount sector and the impact of external factors on trends in
some operating costs (e.g. staff, electricity and transport). The unfavourable change at
EBITDA level, however, converts to an increase in net profit due to the impact of TRY/EUR
exchange rate movements on the portion of debt exposure expressed in euro.

- Other equity investments
Other equity investments totalled approximately EUR 16.5 million in the consolidated financial
statements to 31 December 2010, representing a decrease of EUR 15.5 million compared with
31 December 2009, mainly connected with the stake in Stepstone.
The table below shows the headquarters and the stake held in each of the four companies.
Company
Registered
Office
Sector - Business
activity
% Owned
(Fully
Diluted)
Elixir Pharmaceuticals Inc. USA Biotech 1.30
Kovio Inc. USA Printed circuitry 0.42
MobileAccess Networks Inc. USA ICT 1.20
Stepstone Acquisition Sàrl Luxembourg Special Opportunities 36.72
- Elixir Pharmaceuticals Inc.
Established in 1999 and based in Cambridge, Massachusetts, USA, Elixir Pharmaceuticals Inc.
is a biotech company focusing on the development and marketing of medicines for the
treatment and prevention of metabolic disorders (obesity and diabetes) and age-related
diseases and infirmities.
- Kovio Inc.
Kovio Inc., which is headquartered in Silicon Valley, USA, is developing a new category of
semiconductors through "printed electronics". This new category combines low costs and high
printing productivity and makes it possible to manufacture semiconductors on a large scale.
- MobileAccess Networks Inc.
With headquarters in Virginia, USA, MobileAccess Networks Inc. develops, manufactures and
markets solutions that allow wireless coverage (cellular, PCS, WiFi and other systems) to be
extended to remote areas where coverage is difficult.
- Stepstone Acquisition S.à.r.l.
Stepstone Acquisition S.à.r.l. holds a stake in the Blue Skye (BS) fund.
BS is an investment fund that focuses on distressed assets and special opportunities, and
currently invests in the following businesses:
- non-performing loans (through the company "Alfa Skye")
- loans to the Public Administration (mainly healthcare, through the company "Beta
Skye")
- mid-market real estate (through the fund "Gamma Skye")
- corporate lending

Funds
At 31 December 2010, the DeA Capital Group had investments (other than the investment in
the IDeA CoIF I fund, which is classified under "Investments in associates", based on the units
held) in two funds of funds (IDeA I FoF and ICF II) and seven venture capital funds worth a
total of approximately EUR 132.7 million (corresponding to the estimated fair value calculated
using the information available on the date this document was prepared) in the consolidated
financial statements to 31 December 2010.
The residual commitments associated with these funds were approximately EUR 180.7 million
(in their respective original currencies of denomination: EUR 179.8 million and GBP 0.8
million).

- IDeA CoIF I
IDeA Co-Investment Fund I
Headquarters: Italy
Sector: Private equity
Website: www.ideasgr.it
Investment details:
IDeA CoIF I is a closed-end fund for qualified investors, which began activity on 9 May 2008
and is managed by IDeA Capital Funds SGR.
IDeA Capital Funds SGR is the leading Italian company managing private equity funds of
funds and direct investments in private equity through co-investment funds with domestic
and international exposure. The investment programmes of IDeA Capital Funds SGR, which
are regulated by the Bank of Italy and Consob, leverage the management team's and
sponsors' wealth of experience in the sector.
The DeA Capital Group has subscribed for a total commitment of up to EUR 100 million in
the fund.
Brief description:
IDeA CoIF I has total assets of approximately EUR 217 million. Its objective is to make co-
investments by purchasing minority interests, as part of medium-sized and large
transactions, together with other professional investors.
At 31 December 2010, IDeA CoIF I had called up approximately 41.4% of subscribers' total
commitments after making three 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. through the subscription to a reserved capital increase. Manutencoop 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, a 17.43% stake was acquired in Grandi Navi Veloci S.p.A., an
Italian shipping company that transports passengers and goods on various routes
around the Mediterranean Sea. At 31 December 2010, the company owned a stake of
18.42%
After the end of the 2010 financial year, IDeA CoIF I made two additional investments,
namely:
- subscription to a bond that is convertible into shares of Euticals S.p.A., Italian leader
in the production of active ingredients for pharmaceutical companies that operate in
the generics sector

- purchase of a 9.39% stake in Telit Communications PLC, the third-largest producer of
machine-to-machine communications systems in the world
The units in IDeA CoIF I are valued at approximately EUR 34.1 million in the consolidated
financial statements to 31 December 2010 (EUR 34.4 million at end-2009) due to contributions
made in the form of capital calls of EUR 3.3 million, the pro-rata share of the net loss for the
period of EUR 6.8 million, largely attributable to the partial impairment of the investment in
Grandi Navi Veloci, and increases in fair value amounting to EUR 3.2 million, reported in
shareholders' equity in line with the valuation criteria adopted by the DeA Capital Group.
The table below shows the key figures for IDeA CoIF I at 31 December 2010:
Co-Investment Funds HQ
Year of
Commit
ment
Fund Size
Subscribed
Commitment
% DeA
Capital in
Fund
Euro (€)
IDeA Co-Investment Fund I Italy 2008 216,550,000 100,000,000 46.18
Residual Commitments
Total residual commitment in: Euro 58,630,000

- IDeA I FoF
IDeA I Fund of Funds
Headquarters: Italy
Investment details:
IDeA I FoF is a closed-end fund for qualified investors, which began activity on 30 January 2007
The DeA Capital Group has subscribed for a total commitment of up to EUR 170 million in the fund.
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 362 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 an
overweighting in medium-sized and small transactions and special situations (distressed debt and
equities and turnarounds).
At 31 December 2010, IDeA I FoF had called up approximately 55% of its total commitment and
had made distributions totalling 7.8% 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, geographic area, type and sector.

Breakdown by Industry(3)Breakdown by style(2)
Breakdown by vintage (1) Breakdown by geographical area(2)
Not committed
5%
Global
20%
RoW
13%
US
18%
Europe44%
6%
Not committed
5%
Special Situations
17%
Expansion 9%
VC
5%
Asset Based PE
Small Buyout
14%
Mid Buyout
30%
Large Buyout
15%
10
%
Not invested
34%
2010
2009
8% 2008
17%
200713%
20067%
2005
4%
2000-2004
7%
7%
6%
12
%
Distressed assets
18%
Other
3%
Commodities
Energy
10%
Transport
Manufacturing
7%
RE
3%
Luxury
3% IT
Media
3%
Financials4%
Pharma2%
Healthcare
6%
Consumer staples
5%
Consumer discretionary
11%
Notes
1. % of adjusted capital invested. Based on the adjusted capital invested (capital calls + secondary purchase price) at
31 December 2010
2. % of fund size. Based on paid-in exposure (capital invested + residual commitments) at 31 December 2010
3. Based on the FMVs of the companies in the portfolio at 30 September 2010
The units in IDeA I FoF were shown at approximately EUR 79.9 million in the consolidated
financial statements to 31 December 2010 (EUR 65.3 million at end-2009); the change in the
carrying value compared to the end-2009 figure was due to contributions made for capital calls
totalling EUR 12.8 million, capital distributions of about EUR 6.8 million and an increase in fair
value of around EUR 8.6 million.
The table below shows the key figures for IDeA I FoF at 31 December 2010.
Fund of Funds HQ
Year of
Commit
ment
Fund Size
Subscribed
Commitment
% DeA
Capital in
Fund
Euro (€)
IDeA I Fund of Funds Italy 2007 681,050,000 170,000,000 24.96

- ICF II
IDeA ICF II
Headquarters: Italy
Investment details:
ICF II is a closed-end fund for qualified investors, which began activity on 24 February 2009
The DeA Capital Group has subscribed for a total commitment of up to EUR 50 million in the
fund.
Brief description:
IDeA ICF II, which had total assets of approximately EUR 281 million at 31 December 2010
(after the fourth and final closing, which was completed on 15 September 2010), proposes to
invest its assets in units of unlisted closed-end funds which are mainly active in the local private
equity sector of various countries. It optimises the risk-return profile through the 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 potential opportunities offered in the secondary market.
At the date of the latest report available, the IDeA ICF II portfolio was invested in 15 funds with
different investment strategies; these funds in turn hold around 52 positions in companies with
various degrees of maturity that are active in geographical regions with different growth rates.
At 31 December 2010, ICF II had called on about 10.7% of the total 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, geographic area, type and sector.

Breakdown by industry(3)Breakdown by style(2)
Breakdown by vintage(1) Breakdown by geographical area(2)
Global
20%
RoW
10%
US
29%
Europe
41%
Special Situations
29%
Expansion
10%
VC
4%
Small/Mid Buyout
35%
Large Buyout
22%
13
%
2010
41%
2009
41%
2008
2%
2007
2004-2006
2%
5%
Distressed assets
40%
Energy
3%
Commodities
3%
Manufacturing
4%
Luxury
4% IT
17%
Media4%
Financials
Healthcare
3%
Consumer staples
9%
Consumer discretionary
9%
Notes
1. % of adjusted capital invested. Based on the adjusted capital invested (capital calls + secondary purchase
price) at 31 December 2010
2. % of the commitment. Based on paid-in exposure (capital invested + residual commitments) at 31 December
2010
3. Based on the FMVs of the companies in the portfolio at 30 September 2010
The units in ICF II are valued at approximately EUR 5.8 million in the consolidated financial
statements to 31 December 2010 (EUR 4.9 million at end-2009), due to contributions made in
the form of capital calls and the increase in fair value.
The table below shows the key figures for IDeA ICF II at 31 December 2010.
ICF II Fund HQ
Year of
Commit
ment
Fund Size
Subscribed
Commitment
% DeA
Capital in
Fund
Euro (€)
IDeA ICF II Italy 2009 281,000,000 50,000,000 17.79

- 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 13.0 million in the financial statements to 31 December
2010 (EUR 13.5 million at end-2009).
The change in carrying value compared with 31 December 2009 was due to decreases in fair
value, capital calls totalling EUR 0.7 million, and capital distributions of around EUR 0.3 million.
The table below shows the key figures for venture capital funds in the portfolio at 31 December
2010.
Venture Capital Funds HQ
Year of
Commitm
ent
Fund Size
Subscribed
Commitment
% DeA Capital in
Fund
Dollar (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 387,172,000 5,000,000 1.29
Total Dollars 26,925,000
Euro (€)
Nexit Infocom 2000 Guernsey 2000 66,325,790 3,819,167 5.76
Pound Sterling (GBP)
Amadeus Capital II UK EU 2000 235,000,000 13,500,000 5.74
Total residual commitment expressed in : Euro 949,615

At 31 December 2010, DeA Capital S.p.A. held a joint controlling interest (44.36%) in IDeA
Alternative Investments (IDeA AI) and a controlling interest (70%) in FARE Holding.
In relation to the corporate structure, note that on 17 January 2011, the procedure for the
partial non-proportional demerger of IDeA Alternative Investments (IDeA AI) was completed
with the result that Investitori Associati SGR and Wise SGR were removed from the Group’s
scope of consolidation. In addition, on 1 February 2011, IDeA AI completed the sale of its
stake in IDeA AI Sarl.
In 2010, alternative asset management activities had a positive impact on NAV of
approximately EUR 4.2 million (including decreases in fair value of EUR 0.6 million).
The consolidated net profit generated during the period by the business concerned was
EUR 5.7 million, including the impact of allocating a portion of the purchase price for the
investments in IDeA AI and FARE Holding in the amount of EUR 5.1 million; had this been
stripped out, the consolidated net profit for the period would have been EUR 10.8 million.

- IDeA Alternative Investments
Headquarters: Italy
Sector: Alternative Asset Management - Private Equity
Website: www.ideasim.it, www.soprarno.it, www.ideasgr.it
Investment details:
On 1 April 2008, DeA Capital S.p.A. finalised the acquisition of a 44.36% stake in IDeA Alternative
Investments (IDeA AI). The acquisition was made following the resolution by DeA Capital’s Board
of Directors on 14 February 2008 approving the purchase by De Agostini Invest (a De Agostini
Group company).
On 27 August 2010, the IDeA AI Board of Directors approved a plan for a partial, non-proportional
demerger, under which the stakes owned by IDeA AI in Investitori Associati SGR and Wise SGR
will again become wholly owned by the management of Investitori Associati SGR and Wise SGR
respectively, in return for the cancellation of the stakes held by those companies in IDeA AI. On
15 September 2010, the demerger operation was approved by the Shareholders’ Meeting of IDeA
AI.
After the end of the financial year, following receipt of the approval by the Bank of Italy and the
Italian Competition Authority, the deed for the demerger of IDeA AI, effective from 17 January
2011, was completed in accordance with the terms set out in the section "Significant events after
the end of 2010".
DeA Capital, which previously held 44.36% of the company’s capital, has therefore acquired
control of 90.11% of IDeA AI and the assets it owns. These primarily include 100% of IDeA
Capital Funds SGR, 65% of Soprarno SGR, 65% of IDeA SIM and 10% of Alkimis SGR.
Moreover, on 20 January 2011, in order to gain control of the entire share capital of IDeA AI, DeA
Capital S.p.A. acquired the remaining 9.89% of the company’s stock that was held privately,
including by directors Lorenzo Pellicioli and Paolo Ceretti, in exchange for 4,806,921 DeA Capital
shares, using existing own shares in the portfolio, equal to 1.57% of capital.
Brief description:
IDeA AI is a holding company of independent asset management companies that manage private
equity funds and other alternative asset management products. Among other things, IDeA AI
owns 100% of IDeA Capital Funds, the asset management company that manages funds in which
the DeA Capital Group invests.
In December 2008, IDeA AI purchased a minority interest in Alkimis SGR, an Italian asset
management company, which, after obtaining authorisation from the Bank of Italy, focused on
absolute-return products.
At the end of June 2009, IDeA AI completed the acquisition of 65% of Soprarno SGR, an asset
management company that operates in Italy, which manages total return funds that use a
quantitative investment approach.
On 13 October 2009, IDeA AI established IDeA SIM, taking a 65% stake in the company. The

purpose of this transaction was for IDeA AI to gain a foothold in the segment of property
brokerage companies, without holding, even temporarily, clients’ cash and financial instruments
and without the assumption of risks by the company.
Other important information
IDeA AI organisational chart
In relation to the corporate structure shown above, note that on 17 January 2011, the
procedure for the partial non-proportional demerger of IDeA AI was completed, with the result
that Investitori Associati SGR and Wise SGR were removed from the Group’s scope of
consolidation.
Moreover, on 1 February 2011, IDeA AI completed the sale of its stake in IDeA AI Sarl.
In 2010, IDeA AI operations had a positive impact on the group’s NAV of approximately
EUR 1.2 million, which was largely attributable to net profit for the period.
Note that net profit for the period takes into account the impact of allocating a portion of the
purchase price for the stake in IDeA AI totalling EUR 0.3 million; stripping out this impact, the
contribution to NAV made by IDeA AI would have been EUR 1.5 million.
Before
Demerger
SGR
demerged
After
Demerger
AUM 2,416 969 1,447
Management fees 19.0 0.0 19.0
Other revenues 0.4 0.3 0.1
Consolidated Net Profit/(Loss) - Before PPA 4.6 0.6 4.0
Consolidated Net Profit/(Loss) 3.9 0.6 3.3
IDeA Alternative Investments (mln €)
2010
(*) Note that the two asset management companies that were demerged are accounted for using the equity method.
Small-mid
sized
Stepstone
Acquisition
65%100%
49%/100%29%/80%
* Voting/Economic rights
44,4
%
0,12
Mid-large
sized
PE funds of funds,
thematic funds
VC funds
Absolute return
funds
Distressed assets
Special
10%
100%
65%
Fee-only

- First Atlantic Real Estate Holding
Headquarters: Italy
Sector: Alternative Asset Management - Real Estate
Website: www.firstatlantic.it
Investment details:
On 12 December 2008, DeA Capital S.p.A. completed the acquisition of a 70% stake in First
Atlantic Real Estate Holding.
On 4 August 2010, a non-binding memorandum of understanding (MoU) was signed by FARE
Holding, FARE SGR, FIMIT SGR, IFIM S.r.l., Feidos S.p.A. and DeA Capital S.p.A., which set
out the terms of a possible merger of FARE SGR and FIMIT SGR. The MoU was signed
following a series of negotiations between the parties based, inter alia, on the due diligence
work carried out.
The merger of the two companies would create the largest independent real estate asset
management company in Italy, with over EUR 8 billion in assets under management and 19
managed funds (including five listed funds). This would put it among the major partners of
Italian and international institutional investors in promoting, creating and managing Italian
closed-end mutual investment funds in real estate.
After the end of the financial year, FARE SGR and its parent company FARE Holding, as one
party, and FIMIT SGR and the shareholders IFIM, Inpdap, Enpals and Enasarco (jointly the
Fimit shareholders), as the other, approved the plan for the merger by incorporation of FARE
SGR into FIMIT SGR according to the terms set out in the section "Significant events after the
end of 2010" in this report.
Brief description:
Established in 1998 by Daniel Buaron, the First Atlantic Real Estate Holding Group is one of
Italy’s leading players by assets under management in the property sector, where it operates
as an asset manager, fund manager and advisor, providing an integrated range of fund
management and other services.
The group comprises the following main companies:
• First Atlantic Real Estate SGR, authorised by the Bank of Italy in 2005, which
manages six real estate funds, two of which – Atlantic 1 and Atlantic 2-Berenice –
are listed and four of which are reserved
• First Atlantic Real Estate, a company specialising in the provision of asset
management, property management, project management and agency services
• First Atlantic Real Estate NPL, operating in the administration, management and
value enhancement of non-performing loans for the real estate sector
The group and its founder have an excellent track record in managing real estate assets, and

have participated in some of the major transactions recently carried out in Italy, handling the
management, redevelopment, income generation and sale of the properties acquired.
In addition, since 1988 the group has been the operating partner of a leading international
investment bank for the Italian market, and is the advisor and asset manager for the first
Italian real estate fund with an "ethical" emphasis promoted by Banca Popolare di Milano.
In 2010, the operations of FARE Holding had a positive impact on NAV of approximately
EUR 3.0 million, taking into account the impact of the allocation of a portion of the purchase
price for the investment in FARE Holding amounting to EUR 3.4 million. Excluding this impact,
the contribution to NAV made by FARE Holding would have been EUR 6.4 million.
FARE Holding (mln €) 2010 2009 Var. %
AUM 2,946 2,981 -1%
Management fees 19.4 18.2 7%
Other revenues 9.8 8.1 22%
Consolidated Net Profit/(Loss) - Before PPA 8.8 8.7 1%
Consolidated Net Profit/(Loss) 4.0 1.7 n.a.
The table below summarises the value of assets under management for the FARE Holding
Group at 31 December 2010.
(€ million) Asset Under
Management at
December 31,
2010
Detail of funds
Atlantic 1 722
Atlantic 2 - Berenice 579
Atlantic 6 58
Atlantic 8 33
Atlantic 12 19
Ippocrate 1,535
Total 2,946
Certain key financials relating to the listed funds (Atlantic 1 and Atlantic 2) in the asset
management portfolio are also reported together 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 (mln €) 31/12/2010 *
Market value of real estate 670.4
Historical cost and capitalised
charges 607.5
Loan 372.4
Net Asset Value ("NAV") 333.5
NAV / Share (Euro) 639.4
Market price/share (Euro) 417.8
Dividend Yield ** 5.9%
* Data for the last Report is provided
** Ratio of income per share to average nominal value of the share

Atlantic 1: Diversification by intended use Atlantic 1: Diversification by geographical area
Offices
81%
Commercial
18%
Other
1%
Lombardy
65%
Lazio
15%
Campania
13%
Piedmont
6%
Other
1%
Atlantic 2 - Berenice (mln €) 31/12/2010 *
Market value of real estate 548.6
Historical cost and capitalised
charges 493.0
Loan 293.4
Net Asset Value ("NAV") 275.2
NAV / Share (Euro) 458.7
Market price/share (Euro) 332.6
Dividend Yield ** 12.3%
* Ratio of income per share to average nominal value of the share
Atlantic 2: Diversification by intended use Atlantic 2: Diversification by geographical area
Offices
67%
TLC exchanges
29%
Manufacturing
4%
Lombardy
42%
Lazio
40%
Piedmont
14%
Other
4%

Financial Review - Income Statement
The group had a net loss of approximately EUR 26.3 million in 2010 compared with a loss of
EUR 29.4 million in 2009.
Revenues and other income at 31 December 2010 break down as follows:
- alternative asset management fees totalling EUR 27.8 million
- a contribution from investments valued at equity of EUR 15.5 million (EUR 27.9 million
in 2009), mainly due to the investment in Santé of around EUR 8.8 million and the
investment in IDeA CoIF I of EUR 6.8 million
- other investment income/expenses totalling EUR -3.4 million compared with EUR -1.8
million in 2009 (largely attributable to impairment reported for equity investments and
funds)
- other revenues and income totalling EUR 10.5 million due largely to the Alternative
Asset Management business (EUR 10.1 million)
Operating costs totalled EUR 36.8 million (EUR 34.3 million in 2009), of which EUR 28.9 million
was attributable to Alternative Asset Management, EUR 1.7 million to the Private Equity
Investment business and EUR 6.3 million to holding company activities.
Financial income and charges, which totalled EUR -4.6 million at 31 December 2010 (EUR -3.6
million in 2009), mainly related to income generated from cash assets, financial charges and
income/charges on derivative contracts used to hedge the exchange rate risk connected with
investments denominated in currencies other than the euro and the interest rate risk
connected with variable-rate lines of credit utilised and the reorganisation of the Mediobanca
credit facility.
The tax impact of EUR -3.4 million in 2010 (EUR +3.1 million in 2009) is the result of taxes
relating to Alternative Asset Management and Private Equity Investment activities, which were
partly offset by income from the tax consolidation of DeA Capital S.p.A.
Of the total consolidated net loss of EUR 25.4 million, about EUR -22.3 million was attributable
to the Private Equity Investment business, around EUR 5.7 million to Alternative Asset
Management and approximately EUR -8.8 million to holding company operations/eliminations.
The consolidated net profit of EUR 5.7 million generated during the period by the
Alternative Asset Management business includes the impact of the allocation of a
portion of the purchase price of the investments in IDeA AI and FARE Holding
totalling EUR 5.1 million; excluding this impact, the net profit of the Alternative Asset
Management business would have been EUR 10.8 million, and the consolidated net
loss would have been EUR 20.3 million (versus the actual figure of EUR 25.4 million).
For details concerning individual items, please see the comments in the notes to the
consolidated financial statements for the year ending 31 December 2010 indicated below.

Summary Group Income Statement
(Euro thousand) Year 2010 Year 2009
Alternative Asset Management fees 27,844 25,250
Income (loss) from equity investments (15,507) (27,865)
Other investment income/expense (3,405) (1,803)
Income from services 10,112 8,322
Other income 412 1,851
Other expenses (36,800) (34,346)
Financial income and expenses (4,641) (3,555)
PROFIT/(LOSS) BEFORE TAX (21,985) (32,146)
Income tax (3,424) 3,095
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS (25,409) (29,051)
Profit (Loss) from discontinued operations/held-for-sale assets 0 0
PROFIT/(LOSS) FOR THE PERIOD (25,409) (29,051)
- Group share (26,348) (29,377)
- Non controlling interests 939 326
Earnings per share, basic (€) (0.091) (0.101)
Earnings per share, diluted (€) (0.091) (0.101)
Summary group income statement - performance by business in 2010
(€ thousand)
Private Equity
Investment
Alternative Asset
Management
DeA Capital SpA (*)
and eliminations Consolidated
Alternative Asset Management fees 0 27,844 0 27,844
Income (loss) from equity investments (15,637) 130 0 (15,507)
Other investment income/expense (3,490) 85 0 (3,405)
Other income 39 10,053 432 10,524
Other expenses (1,665) (28,869) (6,266) (36,800)
Financial income and expenses 196 106 (4,943) (4,641)
PROFIT/(LOSS) BEFORE TAX (20,557) 9,349 (10,777) (21,985)
Income tax (1,793) (3,627) 1,996 (3,424)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS (22,350) 5,722 (8,781) (25,409)
Profit (Loss) from discontinued operations/held-for-sale assets 0 0 0 0
PROFIT/(LOSS) FOR THE PERIOD (22,350) 5,722 (8,781) (25,409)
- Group share (22,350) 4,783 (8,781) (26,348)
- Minority interests 0 939 0 939
Summary group income statement - performance by business in 2009
(€ thousand)
Private Equity
Investment
Alternative Asset
Management
DeA Capital SpA (*)
and eliminations Consolidated
Alternative Asset Management fees 0 25,250 0 25,250
Income (loss) from equity investments (29,015) 1,150 0 (27,865)
Other investment income/expense (1,875) 72 0 (1,803)
Other income 54 9,733 386 10,173
Other expenses (897) (26,578) (6,871) (34,346)
Financial income and expenses 953 155 (4,663) (3,555)
PROFIT/(LOSS) BEFORE TAX (30,780) 9,782 (11,148) (32,146)
Income tax 4,551 (3,010) 1,554 3,095
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS (26,229) 6,772 (9,594) (29,051)
Profit (Loss) from discontinued operations/held-for-sale assets 0 0 0 0
PROFIT/(LOSS) FOR THE PERIOD (26,229) 6,772 (9,594) (29,051)
- Group share (26,229) 6,446 (9,594) (29,377)
- Minority interests 0 326 0 326

Financial Review - Statement of Performance - IAS 1
Comprehensive income or the Statement of Performance (IAS 1), in which performance for the
year attributable to the Group is reported including results posted directly to shareholders'
equity, reflects a net negative balance of approximately EUR 15.6 million compared with a net
positive balance of around EUR 23.7 million in 2009.
Results posted directly to shareholders' equity were mainly due to the changes in fair value of
Kenan/Migros totalling EUR 5.5 million.
Please see the notes to the financial statements for additional details on the valuation process
described.
(Euro thousand) Year 2010 Year 2009
Profit/(loss) for the period (A) (25,409) (29,051)
Gains/(Losses) on fair value of available-for-sale
financial assets 5,785 54,018
Share of other comprehensive income of associates 4,961 (892)
Other comprehensive income, net of tax (B) 10,746 53,126
Total comprehensive income for the period
(A)+(B) (14,663) 24,075
Total comprehensive income attributable to:
- Group share (15,602) 23,749
- Non Controlling Interests 939 326

Financial Review - Balance Sheet
The Summary Balance Sheet for the group at 31 December 2010 compared with 31 December
2009 is shown below.
(Euro thousand) 31.12.2010 31.12.2009
ASSETS
Non-current assets
Intangible and tangible assets
Goodwill 71,756 74,360
Intangible assets 2,120 9,102
Property, plant and equipment 382 478
Total intangible and tangible assets 74,258 83,940
Investments
Investments valued at equity 339,022 345,372
Other available-for-sale companies 211,511 239,917
Available-for-sale funds 98,622 83,776
Other avalaible-for-sale financial assets 304 304
Total Investments 649,459 669,369
Other non-current assets
Deferred tax assets 243 279
Financial loan and receivables 996 2,662
Other non-current assets - -
Total other non-current assets 1,239 2,941
Total non-current assets 724,956 756,250
Current assets
Trade receivables 2,658 2,045
Available-for-sale financial assets 15,038 15,779
Financial receivables 1,682 338
Tax receivables from Parent companies 4,065 3,199
Other tax receivables 1,832 2,211
Other receivables 557 403
Cash and cash equivalents 86,517 98,874
Total current assets 112,349 122,849
Total current assets 112,349 122,849
Assets relating to joint ventures 63,842 66,019
Held-for-sale assets - -
TOTAL ASSETS 901,147 945,118
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Net equity Group 763,955 780,195
Shareholders' equity 764,507 780,887
LIABILITIES
Non-current liabilities
Deferred tax liabilities 649 2,845
Provisions for risks and charges - -
Provisions for employee termination benefits 858 634
Long term financial loans 119,839 146,712
Total non-current liabilities 121,346 150,191
Current liabilities
Trade payables 3,165 2,289
Payables to staff and social security organisations 2,027 1,084
Current tax 575 135
Other tax payables 2,113 1,414
Other payables 256 476
Short term financial loans 4,821 5,497
Total current liabilities 12,957 10,895
Liabilities relating to joint ventures 2,337 3,145
Held-for-sale liabilities - -
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 901,147 945,118

At 31 December 2010, group shareholders’ equity was approximately EUR 764.0 million,
compared with EUR 780.2 million at 31 December 2009.
The decrease in the Group’s shareholders’ equity in 2010 (around EUR 16.2 million) was due to
the reasons set out in the Statement of Performance – IAS 1.
For details concerning individual items, please see the comments in the notes to the
consolidated financial statements for the year ending 31 December 2010 indicated below.
Financial Review - Net debt
At 31 December 2010, consolidated net debt was approximately EUR 20.4 million, as shown in
the table below, which provides a breakdown of assets and a comparison with the same figures
at 31 December 2009:
Net debt at 30 September
Net Financial Position
(€ million)
Cash and Bank deposits 86.5 98.9 (12.4)
Available-for-sale financial assets 15.0 15.8 (0.8)
Financial receivables 2.7 2.6 0.1
Non-current financial payables (119.8) (146.7) 26.9
Current financial payables (4.8) (5.5) 0.7
TOTAL (20.4) (34.9) 14.5
Dec. 31, 2010 Dec. 31, 2009 Change
The change in consolidated net debt in 2010 was due to the combined effect of the following
factors:
net investments in funds of EUR -9.7 million, chiefly accounted for by:
- EUR 16.9 million in investments in funds (EUR 12.8 million in IDeA I FoF,
EUR 3.3 million in IDeA CoIF I, EUR 0.1 million in ICF II and EUR 0.7 million in
venture capital funds)
- EUR 7.2 million in distributions from funds in the portfolio, primarily from IDeA I
FoF
cash outlay of EUR 1.1 million for the share buy-back plan
dividends of EUR 2.7 million from IDeA AI and a cash distribution of EUR 20.8 million
from Kenan Investments
operating cash flow (mainly in the form of fees and revenues for services net of current
expenses and financial income and charges, including fair value changes in interest rate
swaps) and other movements totalling EUR 1.8 million
Please see the notes to the accounts and the consolidated cash flow statement for a detailed
breakdown of changes in these items.
Consolidated net debt does not include the cash position of the IDeA AI Group since it is a joint
venture: for the purposes of disclosure, this group reported a net cash position of
approximately EUR 6.3 million (the DeA Capital portion) at 31 December 2010; it does,
however, include the fair value estimate of the strike price of the option on the remaining 30%
stake in FARE Holding (EUR 27.0 million at 31 December 2010), which is largely determined
based on the acquisition cost of the 70% stake, adjusted for dividends received and other
changes in shareholders’ equity since the date of acquisition.

The company believes that the cash and cash equivalents and the other financial resources
available are sufficient to cover 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, totalling EUR 180.7 million, 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.

6. Analysis of results of the parent company DeA Capital S.p.A.
The parent company DeA Capital S.p.A. operates as a holding company that carries out
activities of coordination, development and strategic management of its subsidiaries, and also
acts as an entity that makes financial investments directly.
A summary of the income statement and balance sheet of DeA Capital S.p.A. for the financial
year ending 31 December 2010 is shown below.
Analysis of the results of the parent company – income statement
(Euro) Year 2010 Year 2009
Other investment income/expense 24,694,430 7,598,652
Income from services 516,647 315,255
Realized gains 0 0
Other income 121,913 181,544
Personnel costs (3,268,826) (3,370,972)
Service costs (3,038,525) (3,412,505)
Depreciation, amortization and impairment (154,436) (183,343)
Other expenses (10,244) (15,772)
Financial income 1,384,249 1,623,126
Financial expenses (6,251,938) (6,088,044)
PROFIT/(LOSS) BEFORE TAX 13,993,270 (3,352,059)
Income tax 1,759,281 1,008,402
Income tax-Joint Venture 236,607 545,337
PROFIT/(LOSS) FOR THE YEAR FROM CONTINUING OPERATIONS 15,989,158 (1,798,320)
Profit (Loss) from discontinued operations/held-for-sale assets 0 0
PROFIT/(LOSS) FOR THE YEAR 15,989,158 (1,798,320)
The parent company reported net profit of approximately EUR 16.0 million in 2010, an
improvement over the loss of EUR 1.8 million registered in 2009.
For details concerning operating performance items, please see the comments in the notes
below.

Analysis of the results of the parent company - balance sheet
The summary balance sheet for the parent company at 31 December 2010 compared to 31
December 2009 is shown below.
(Euro thousand) 31.12.2010 31.12.2009
ASSETS
Non-current assets
Intangible and tangible assets
Intangible assets 5,629 40,005
Tangible assets 158,969 209,390
Total intangible and tangible assets 164,598 249,395
Investments
Subsidiaries and joint ventures 765,199,369 800,512,702
Available-for-sale investments 1,431,230 566,631
Available-for-sale funds 12,977,513 13,541,968
Receivables - -
Total Investments 779,608,112 814,621,301
Other non-current assets
Deferred tax assets - -
Other non-current assets - -
Total other non-current assets - -
Total non-current assets 779,772,710 814,870,696
Current assets
Trade receivables 150,541 203,104
Available-for-sale financial assets 15,037,722 15,017,469
Financial receivables 634,750 1,263,664
4,064,725 3,199,437
Other tax receivables 1,759,463 1,824,440
Other receivables 116,109 36,407
Cash and cash equivalents 54,234,322 58,559,529
Total current assets 75,997,632 80,104,050
Totale Attivo corrente 75,997,632 80,104,050
Held-for-sale assets - -
TOTAL ASSETS 855,770,342 894,974,746
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 294,013,402 289,020,888
Share premium reserve 395,613,265 395,880,420
Legal reserve 61,322,420 61,322,420
Fair Value reserve (8,594,317) 20,555,910
Other reserves 726,307 8,927,714
Retained earnings (losses) - -
Profit/(loss) for the year 15,989,158 (1,798,320)
Shareholders' equity 759,070,235 773,909,032
LIABILITIES
Non-current liabilities
Deferred tax liabilities - -
Provisions for risks and charges - -
Provisions for employee termination benefits 193,076 131,915
Long term financial loans 90,621,354 114,876,893
Total non-current liabilities 90,814,430 115,008,808
Current liabilities
Trade payables 986,394 982,703
Payables to staff and social security organisations 1,007,040 195,936
Current tax payables 4,911 -
Other tax payables 175,930 177,328
Other payables 31,547 65,059
Short term financial loans 3,679,855 4,635,880
Total current liabilities 5,885,677 6,056,906
Held-for-sale liabilities - -
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 855,770,342 894,974,746
Tax receivables from Parent companies

At 31 December 2010, the parent company's shareholders' equity totalled about EUR 759.1
million compared with EUR 773.9 million at 31 December 2009, a decrease of about EUR 14.8
million (due largely to the reduction in the fair value of the stake in DeA Capital Investments).
For details concerning individual items, please see the comments in the notes to the annual
financial statements at 31 December 2010 indicated below.
Pursuant to the Consob Communication of 28 July 2006, the reconciliation between the profit
and shareholders' equity reported at 31 December 2010 by the parent company DeA Capital
S.p.A. is shown below together with the corresponding consolidated figures.
(€ thousand)
Net Equity at
Dec. 31, 2010
Net
Profit/(Loss)
2010
Net Equity at
Dec. 31, 2009
Net
Profit/(Loss)
2009
EQUITY and net profit/(loss) for the year, as reported in the Parent Company
financial statements
759,070 15,989 773,909 (1,798)
Elimination of book values from consolidated shareholdings:
- Surplus of net equity amounts reported in financial statements compared to book values
of shareholdings in consolidated companies 4,925 0 6,286 0
- Pro-rata results achieved by shareholdings 0 (1,377) 0 10,776
- Pro-rata results achieved by associated companies, valued as Shareholders’ Equity 0 (15,637) 0 (29,015)
- Elimination of impairment of investments in DeA Capital S.p.A. 0 4,006 0 0
- Elimination of dividends received by shareholdings 0 (29,329) 0 (9,340)
EQUITY and Group share of net profit/(loss) 763,995 (26,348) 780,195 (29,377)
EQUITY and minority interests share of net profit/(loss) 552 939 692 326
EQUITY and net profit for the year, as reported in the consolidated financial
statements
764,547 (25,409) 780,887 (29,051)

7. Other information
Own shares and parent company shares
On 26 April 2010, the shareholders' meeting of DeA Capital S.p.A. approved, following the
proposal made by the company's Board of Directors, the implementation of a new plan to
purchase and dispose of own shares (the Plan), which authorises the Board of Directors to
purchase and dispose of a maximum number of shares representing a stake of up to 20% of
share capital in accordance with the law, on one or more occasions, on a rotating basis.
At the same time, this resolution revoked the authorisation issued by the shareholders'
meeting on 29 April 2009 for the previous plan to purchase own shares.
Among other things, the authorisation specifies that purchases may be carried out in
accordance with all procedures allowed by current regulations, with the sole exception of a
public purchase or exchange offer, and that the unit price for the purchase must not be more
than 20% above or below the share's reference price on the trading day prior to the purchase.
The objective of the Plan is to allow the company to take action, in accordance with current
regulations, to limit any unusual price movements and to normalise trading and pricing
fluctuations resulting from distortions related to excess volatility or poor trading liquidity, as
well as to purchase own shares to be used, as necessary, for share incentive schemes.
These transactions will also allow the company to purchase own shares to be used, in
accordance with its strategy, for capital-related transactions or other transactions in relation to
which it may be appropriate to exchange or sell parcels of shares by means of an exchange,
transfer or other method of disposal. The authorisation to carry out such purchases has a
maximum duration of 18 months from the date the authorisation is granted by the
shareholders’ meeting (until October 2011). The Board of Directors is also authorised to
dispose of own shares purchased without time limitations in accordance with procedures it
deems appropriate, at a price to be determined, from time to time, but which may not be
(other than in certain specific exceptions) more than 20% below the share's reference price on
the trading day prior to each disposal.
The Board of Directors, which met immediately following the shareholders' meeting, passed
the resolutions necessary to execute the plan, and granted the chairman and chief executive
officer all the necessary powers.
At 31 December 2010, the company held 12,598,698 own shares, resulting from the
acquisition in 2010 of 944,343 shares, and the delivery of 5,963,857 shares relating to the
acquisition of FARE Holding.
As of the date of this document, based on purchases made after the end of 2010, totalling
3,968,629 shares, and the delivery of 4,806,920 shares as part of the reorganisation of IDeA
AI (see "Significant events after the end of 2010"), the company had a total of 11,760,407
own shares, corresponding to about 3.8% of the share capital.
During 2010, the company did not hold, purchase or sell, on its own account or through a trust
company, any shares in parent company De Agostini S.p.A.

Stock option plans
As regards company incentive plans (stock option plans), pursuant to the provisions of the
2004 and 2005 stock option plans, as at 31 December 2010, another 63,200 stock options
became exercisable.
On 26 April 2010, the shareholders' meeting approved the DeA Capital stock option plan for
2010 - 2015, under which a maximum of 3,000,000 options may be allocated. To implement
the resolution of the shareholders' meeting, the DeA Capital S.p.A. Board of Directors allocated
a total of 2,235,000 options to certain employees of the company and its subsidiaries, and
employees of the parent company De Agostini S.p.A. who carry out important roles.
In line with the criteria specified in the regulations governing the DeA Capital stock option plan
for 2010 – 2015, the Board of Directors also set the exercise price for the options allocated at
EUR 1.318, which is the arithmetic mean of the official price of ordinary DeA Capital shares on
the Mercato Telematico Azionario, the Italian screen-based trading system organised and
managed by Borsa Italiana S.p.A., on the trading days between 25 March 2010 and 25 April
2010.
The options can be allocated to the beneficiaries, in one or more tranches, up to 30 June 2011
and exercised by the latter, in one or more tranches, but in any case for an amount per
tranche of not less than 25% of the options assigned to each, with effect from the fifth
calendar day following the date that the adjusted NAV figure at 31 December 2012 is
announced, until 31 December 2015. The adjusted NAV means the value of the assets, net of
liabilities, calculated on the basis of the company’s operating performance at 31 December
2012 and restated, where necessary, to take account of the measurement at fair value of all
investments, as assessed by an independent third party.
With reference to the options assigned pursuant to the 2007-2013 stock option plans, as the
conditions for exercising these options did not occur, they must be considered annulled and
the right to subscribe to shares in DeA Capital S.p.A. incorporated therein must consequently
be deemed to have lapsed.
Finally, the authority granted to the Board of Directors by the above-mentioned shareholders'
meeting of 7 September 2007 to increase share capital, pursuant to art. 2443, para. 2 of the
Italian civil code for transactions to purchase equity investments (including through mergers or
spin-offs), companies or business divisions with no annual limit, remains effective.
DeA Capital 2009-2012 warrants
On 3 March 2009, the shareholders' meeting of DeA Capital S.p.A. approved an investment
plan entailing the offer of warrants for subscription by the management.
Under the plan regulations, the DeA Capital 2009-2012 warrants allow holders to purchase
(under certain conditions) one new DeA Capital share with a nominal value of EUR 1 for each
warrant held, at an exercise price of EUR 1.92. The warrants may be exercised between 1 April
2012 and 30 September 2012.
In order to implement the plan, the extraordinary shareholders' meeting of DeA Capital S.p.A.
also voted to issue up to 1,500,000 DeA Capital 2009-2012 warrants and to increase the share
capital, pursuant to the combined provisions of art. 2441, para. 8 of the Italian civil code and
art. 134, para. 2 of Legislative Decree 58 of 24 February 1998 by a nominal amount of up to
EUR 1,500,000 in separate issues pursuant to art. 2439, para. 2 of the Italian civil code, to be

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