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Interim Management Report at 31 March 2016

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DeA Capital S.p.A.

Corporate information DeA Capital S.p.A. is subject to the management and

coordination of De Agostini S.p.A. Registered office: Via Brera 21, Milan 20121, Italy Share capital: EUR 306,612,100 (fully paid up), comprising 306,612,100 shares with a nominal value of EUR 1 each (including 43,487,514 treasury shares at 31 March 2016) Tax code, VAT code and recorded in the Milan Register of Companies under no. 07918170015

Board of Directors (*) Chairman Lorenzo Pellicioli Chief Executive Officer Paolo Ceretti Directors Lino Benassi Marco Boroli Donatella Busso (1/5) Marco Drago Carlo Enrico Ferrari Ardicini Francesca Golfetto (3/5)

Severino Salvemini (2/3/5) Daniela Toscani (1/5) Elena Vasco (4/5) Board of Statutory Auditors (*)

Chairman Cesare Andrea Grifoni Permanent Auditors Annalisa Raffaella Donesana Fabio Facchini Deputy auditors Andrea Augusto Bonafè Michele Maranò Marco Sguazzini Viscontini Manager responsible for preparing the Company’s accounts

Manolo Santilli

Independent Auditors

PricewaterhouseCoopers S.p.A.

(*) In office until the approval of the Financial Statements for the Year Ending 31 December 2018 (1) Member of the Control and Risks Committee (2) Member and Chairman of the Control and Risks Committee (3) Member of the Remuneration and Appointments Committee (4) Member and Chairman of the Remuneration and Appointments Committee (5) Independent Director


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Contents

Interim Report on Operations

1. Profile of DeA Capital S.p.A. 2. Information for shareholders 3. The DeA Capital Group’s key Statement of Financial Position and Income

Statement figures

4. Significant events in the first quarter of 2016 5. Results of the DeA Capital Group 6. Other information

Consolidated Financial Statements and Notes to the Accounts for the period 1 January to 31 March 2016 Statement of Responsibilities for the Interim Management Report at 31 March 2016


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Interim Report on Operations


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1. Profile of DeA Capital S.p.A.

With an investment portfolio of around EUR 452 million and assets under management of EUR 9,500 million, DeA Capital S.p.A. is one of Italy's largest alternative investment operators. The Company, which operates in both the Private Equity Investment and Alternative Asset Management businesses, is listed on the FTSE Italia STAR section of the Milan stock exchange and heads the De Agostini Group in the area of financial investments. In the Private Equity Investment business, DeA Capital S.p.A. has “permanent” capital, and therefore has the advantage – compared with traditional private equity funds, which are normally restricted to a pre-determined duration – of greater flexibility in optimising the timing of entry to and exit from investments. In terms of investment policy, this flexibility allows it to adopt an approach based on value creation, including over the medium to long term. In the Alternative Asset Management business, DeA Capital S.p.A. – through its subsidiaries IDeA FIMIT SGR and IDeA Capital Funds SGR – is Italy’s leading operator in real estate fund management and private equity funds of funds programmes, respectively. The two companies are active in the promotion, management and value enhancement of investment funds, using approaches based on sector experience and the ability to identify opportunities for achieving the best returns. Alternative Asset Management has been the Company's main focus for strategic development in recent years. In view of this, DeA Capital S.p.A. is expected to continue to concentrate its asset allocation in this business, partly through investments in funds managed by the above-mentioned private equity/real estate platform, with the aim of generating financial returns. PRIVATE EQUITY INVESTMENT

ALTERNATIVE ASSET MANAGEMENT

Direct investment in companies mainly operating in Europe and Emerging Europe.

Indirect Investment in private equity and real estate funds.

IDeA Capital Funds SGR, which manages private equity funds (funds of funds, co-investment funds and theme funds). Assets under management: EUR 1.6 billion

IDeA FIMIT SGR, which manages

real estate funds. Assets under management: EUR 7.9 billion

IRE/IRE Advisory, which operates in project, property and facility management, as well as real estate brokerage.


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At 31 March 2016, DeA Capital S.p.A. reported Group consolidated shareholders’ equity of EUR 547.4 million (EUR 547.0 million at 31 December 2015), corresponding to a net asset value (NAV) of EUR 2.08 per share, with an investment portfolio of EUR 451.9 million (EUR 454.8 million at 31 December 2015). More specifically, the investment portfolio consists of Private Equity Investment shareholdings of EUR 88.6 million, Private Equity Investment funds of EUR 187.3 million and net assets relating to the Alternative Asset Management business of EUR 176.0 million.

At 31 March 2016, the corporate structure of the Group headed by DeA Capital S.p.A. (the DeA Capital Group, or the Group) was as summarised below:

Investment Portfolio

n. EUR/mln

Equity investments 3 88.6

Funds 13 187.3

Private Equity Investment 16 275.9

Alternative Asset Management (*) 4 176.0

Investment Portfolio 20 451.9

March 31, 2016

(*) Equity investments in subsidiaries relating to Alternative Asset Management are valued using the equity method in this table.

DeA CapitalS.p.A.

QuotaICF II

QuotaIDeA I

FoF

ShareholdingKenan

Investments

ShareholdingSigla

Luxembourg

ShareholdingMigros

IRE

IREAdvisory

100%

IDeACapital Funds

SGR

100%

100%

QuotaICF III

100%

ShareholdingSigla

QuotaIDeA OF I

61.30%

IDeA FIMITSGR

QuotaEESS

DeA CapitalReal Estate

3.00%

QuotaAVA

IDeA RE

100%

QuotaToI

Private Equity Investment

Alternative Asset Management

Holding companies

Shareholdingsand

funds

Private EquityInvestment “Direct”

Private Equity Investment“Indirect”

Alternative Asset Management


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PRIVATE EQUITY INVESTMENT

o Main investments

minority shareholding in Migros, Turkey's leading food retail chain operator, whose shares are listed on the Istanbul Stock Exchange. The investment is held through the Luxembourg-registered company Kenan Investments S.A., an investment recorded in the AFS portfolio of the DeA Capital Group (with a stake of 17.11%);

strategic shareholding in Sigla, which provides consumer credit for non-

specific purposes (salary-backed loans and personal loans) and services non-performing loans in Italy. The investment is held through the Luxembourg-registered company Sigla Luxembourg S.A., an associate of the DeA Capital Group (with a stake of 41.39%).

o Funds

units in six funds managed by the subsidiary IDeA Capital Funds SGR, i.e. in the three funds of funds IDeA I Fund of Funds (IDeA I FoF), ICF II and ICF III, in the co-investment fund IDeA Opportunity Fund I (IDeA OF I) and in the theme funds IDeA Efficienza Energetica e Sviluppo Sostenibile (Energy Efficiency and Sustainable Development - IDeA EESS) and IDeA Taste of Italy (IDeA ToI);

a unit in the real estate fund Atlantic Value Added (AVA), managed by

IDeA FIMIT SGR;

units in six venture capital funds.

ALTERNATIVE ASSET MANAGEMENT

controlling interest in IDeA Capital Funds SGR (100%), which manages private equity funds (funds of funds, co-investment funds and theme funds) with about EUR 1.6 billion in assets under management and eight managed funds;

controlling interest in IDeA FIMIT SGR (64.30%), Italy's largest

independent real estate asset management company, with about EUR 7.9 billion in assets under management and 37 managed funds (including five listed funds);

controlling interests in IRE/IRE Advisory (100%), which operate in

project, property and facility management, as well as real estate brokerage.


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Share performance (°)

- Period from 11 January 2007, when DeA Capital S.p.A. began operations, to 31 March 2016

- From 1 January 2016 to 31 March 2016

(°) Source: Bloomberg

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The performance of the DeA Capital share

The Company's share price declined by 47.1% between 11 January 2007, when DeA Capital S.p.A. began operations, and 31 March 2016. In the same period, the FTSE All-Share® and LPX50® fell by 53.2% and 19.0% respectively. The DeA Capital share fell by 10.7% in the first quarter of 2016, while the Italian market index FTSE All-Share® fell by 14.8% and the LPX50® by 4.8%. The share’s liquidity was lower than in 2015, with average daily trading volumes of around 170,000 shares. The share prices recorded in the first quarter of 2016 are shown below. (in EUR) 1 Jan – 31 Mar 2016 Maximum price 1.41 Minimum price 1.17 Average price 1.29 Price at 31 March 2016 (EUR per share) 1.26

Market capitalisation at 31 March 2016 (in EUR millions) 386 NB: Capitalisation net of treasury shares: EUR 331 million


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Investor Relations

DeA Capital S.p.A. maintains stable and structured relationships with institutional and individual investors. In the first quarter of 2016, as in previous years, the Company continued with its communication activities, including attendance at the STAR Conference held in Milan in March. Since the start of 2016, the Company has also held meetings and conference calls with institutional investors, portfolio managers and financial analysts from Italy and abroad.

Coverage of the DeA Capital stock is currently carried out via research by Equita SIM and Intermonte SIM, with the latter acting as a specialist, and by Edison Investment Research, an independent equities research specialist based in London. The research prepared by these intermediaries is available in the Investor Relations/Analyst Coverage section of the website www.deacapital.it. In December 2008, the DeA Capital share joined the LPX50® and LPX Europe® indices. The LPX® indices measure the performance of the major listed companies operating in private equity (Listed Private Equity or LPE). Due to its high degree of diversification by region and type of investment, the LPX50® index has become one of the most popular benchmarks for the LPE asset class. The method used to construct the index is published in the LPX Equity Index Guide. For further information please visit the website: www.lpx.ch. The DeA Capital share is also listed on the GLPE Global Listed Private Equity Index created by Red Rocks Capital, a US asset management company specialising in listed private equity companies. The index was created to monitor the performance of listed private equity companies around the world and is composed of 40 to 75 stocks. For further information: www.redrockscapital.com (GLPE Index). The DeA Capital S.p.A. website is available in Italian and English atwww.deacapital.it. The site is a source of information, financial data, tools, documents, videos and news about the DeA Capital Group's activities, strategy and investment portfolio. The social networks on which DeA Capital S.p.A. has a presence can also be accessed from the homepage, and articles, press releases and sections that users consider interesting can be shared on social media. DeA Capital S.p.A. has strengthened its presence on Wikipedia and the following social networks, adding its most recent documents for institutional investors such as reports and presentations: Slideshare and Linkedin. Since April 2014, DeA Capital has published an interactive report containing the annual results; the versions for 2013, 2014 and 2015 are available from the "Financial Statements and Reports" section of the website. The website has always been the primary mode of contact for investors. They can subscribe to various mailing lists and receive any news on the DeA Capital Group that interests them, in a timely manner, as well as send questions or requests for information and documents to the Company's Investor Relations area, which is committed to answering queries promptly, as stated in the Investor Relations Policy published on the site. A quarterly newsletter is also published for investors to keep them updated on the main items of news on the Group, and analyse the quarterly results and share performance. In this way, DeA Capital S.p.A. is continuing with its intention to strengthen its presence on the web and to make information for stakeholders available through many channels.


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3. The DeA Capital Group’s key Statement of Financial Position and Income Statement figures

The DeA Capital Group’s key Statement of Financial Position and Income Statement figures to 31 March 2016 are shown below, compared with the corresponding figures to 31 December 2015.

The table below shows the change in the Group's NAV during the first quarter of 2016:

(EUR million)31.3.2016 31.12.2015

NAV/share (EUR) 2.08 2.07Group NAV 547.4 547.0

Investment portfolio 451.9 454.8

Net financial position - Holding companies 93.3 90.0Consolidated net financial position 137.1 133.8

(EUR million)

First Quarter

2016

First Quarter

2015

Group net profit/(loss) 0.3 5.8

Comprehensive income (Group share) 1.3 8.2(Statement of Performance – IAS 1)

"Adjusted" Group NAV at 31.12.2015 547.0 263.9 2.07Purchase of own shares (1.0) (0.8) (1.29)Comprehensive income - Statement of Performance – IAS 1 1.3Other changes in NAV 0.1

Group NAV at 31.3.2016 547.4 263.1 2.08

(*) Average price of purchases in 2016

Total value (EUR m)

No. shares (millions)

Value per share (EUR)Change in Group NAV

(*)


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The table below provides details of the Group’s statement of financial position at 31 March 2016.

M€ % NIC €/Sh. M€ % NIC €/Sh.

Private Equity Investment- Kenan Inv. / Migros 76.9 17% 0.29 76.3 17% 0.29- Funds - Private Equity / Real Estate 187.3 41% 0.71 194.1 43% 0.74- Other (Sigla, ..) 11.7 3% 0.04 11.7 3% 0.05Total PEI (A) 275.9 61% 1.05 282.1 62% 1.08

Alternative Asset Management- IDeA FIMIT SGR 122.7 27% 0.47 121.7 27% 0.46- IDeA Capital Funds SGR 40.1 9% 0.15 39.7 9% 0.15- IRE / IRE Advisory 13.2 3% 0.05 11.3 3% 0.04Total AAM (B) 176.0 39% 0.67 172.7 38% 0.65

Investment Portfolio (A+B) 451.9 100% 1.72 454.8 100% 1.73

Otehr net assets (liabilities) 2.2 0% 0.01 2.2 0% 0.00

NET INVESTED CAPITAL ("NIC") 454.1 100% 1.73 457.0 100% 1.73

Net Financial Position Holdings 93.3 21% 0.35 90.0 20% 0.34

NAV 547.4 121% 2.08 547.0 120% 2.07

March 31, 2016 December 31, 2015


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4. Significant events in the first quarter of 2016 The significant events that occurred in the first quarter of 2016 are reported below. Private equity funds – paid calls/distributions

During the first quarter of 2016, the DeA Capital Group increased its investment in the following funds by a total of EUR 2.9 million: IDeA I FoF (EUR 0.6 million), ICF II (EUR 0.8 million), IDeA OF I (EUR 1.4 million) and IDeA EESS (EUR 0.1 million). At the same time, the DeA Capital Group received capital reimbursements totalling EUR 8.6 million from IDeA I FoF (EUR 4.5 million) and IDeA OF II (EUR 4.1 million), to be used in full to reduce the carrying value of the units. Thus, overall, the private equity funds in which DeA Capital S.p.A. has invested have produced a net positive cash balance totalling EUR 5.7 million for the portion relating to the Group.

Second closing of ICF III private equity fund On 19 January 2016, the second and final closing of the ICF III fund was completed for EUR 9.9 million; this brought the final commitment of the fund to EUR 67 million.

Acquisition of a shareholding in Innovation Real Estate On 10 March 2016, DeA Capital Real Estate completed the purchase of shares representing 3.0% of the share capital of Innovation Real Estate for a total consideration of EUR 0,7 million. This transaction brought DeA Capital's investment in Innovation Real Estate to 100%.


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5. Results of the DeA Capital Group The consolidated results relate to the operations of the DeA Capital Group in the following businesses:

Private Equity Investment, which includes the reporting units involved in private equity

investment, broken down into shareholdings (direct investments) and investments in funds (indirect investments);

Alternative Asset Management, which includes reporting units dedicated to asset

management activities and related services, with a focus on the management of private equity and real estate funds.

The DeA Capital Group’s investment portfolio The structure of the DeA Capital Group's investment portfolio in the Private Equity Investment and Alternative Asset Management businesses, as defined above, is summarised in the table below.

Details of portfolio asset movements in the first three months of 2016 are provided in the sections on the Private Equity Investment and Alternative Asset Management businesses below.

Private Equity Investment

In terms of shareholdings, at 31 March 2016, the DeA Capital Group was a shareholder of:

Kenan Investments, the indirect parent company of Migros (valued at EUR 76.9 million);

Sigla Luxembourg, the parent company of Sigla (valued at EUR 11.5 million); Harvip, which manages funds and investment vehicles used to purchase distressed real

estate and other investments (valued at EUR 0.2 million). The DeA Capital Group is also a shareholder in other smaller companies which are not included in the investment portfolio as they are either dormant or in liquidation and have zero carrying value.

Investment Portfolio

n. EUR/mln

Equity investments 3 88.6

Funds 13 187.3

Private Equity Investment 16 275.9

Alternative Asset Management (*) 4 176.0

Investment Portfolio 20 451.9

March 31, 2016

(*) Equity investments in subsidiaries relating to Alternative Asset Management are valued using the equity method in this table.


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With regard to funds, at 31 March 2016, the DeA Capital Group was subscribed to units in:

IDeA I FoF (valued at EUR 74.6 million); ICF II (valued at EUR 42.5 million); ICF III (valued at EUR 4.4 million); IDeA OF I (valued at EUR 44.0 million); IDeA EESS (valued at EUR 7.3 million); IDeA ToI (valued at EUR 1.1 million); AVA (valued at EUR 3.8 million); six venture capital funds (with a total value of approximately EUR 9.6 million).

Valuations of shareholdings and funds in the portfolio reflect estimates made using the information available on the date this document was prepared.


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19

The change in the value of the stake in Kenan Investments at 31 March 2016 compared with 31 December 2015 is attributable to an increase of EUR 0.6 million in the fair value reserve due to the combined effect of the rise in the share price (TRY 17.85 per share at 31 March 2016 compared with TRY 17.45 per share at 31 December 2015) and the depreciation of the Turkish lira against the euro (3.21 TRY/EUR at 31 March 2016 versus 3.17 TRY/EUR at 31 December 2015).

Funds At 31 March 2016, the DeA Capital Group’s Private Equity Investment business included investments – other than the investment in the IDeA OF I fund (fully consolidated in accordance with IFRS 10) and the AVA real estate fund (classified under “Investments in associates”, based on the units held) – in three funds of funds (IDeA I FoF, ICF II and ICF III), two theme funds (IDeA EESS and IDeA ToI) and another six venture capital funds, for a total carrying amount in the Consolidated Financial Statements to 31 March 2016 of EUR 187.3 million (corresponding to the estimated fair value calculated using the information available on the date this document was prepared). Residual commitments for all the funds in the portfolio were approximately EUR 89.6 million.

Migros (mln YTL) First Quarter 2016 First Quarter 2015 Change

Revenues 2,411 2,074 16.3%EBITDA 145 131 10.9%Group net profit (28) 5 n.a.

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21

the shareholder structure of GNV through the subscription of a reserved capital increase, the stake held by IDeA OF I was diluted to 9.21%. Subsequently, IDeA OF I’s decision not to subscribe, on a pro-rata basis, to two further capital increases (August 2012, January 2014) led to a further dilution in its shareholding to 3.12%; On 25 February 2016, the sale of the entire stake held in GNV to a company in the Marinvest Group, GNV's main shareholder, was completed for a purchase price of EUR 3.4 million;

- on 10 February 2011, it invested in bonds 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. As part of the extraordinary operation that led to the transfer of the controlling share in Euticals S.p.A., on 3 April 2012, these bonds were transferred into the acquisition vehicle, Lauro 57, which now owns 100% of Euticals S.p.A.; in exchange, a stake of 7.77% was acquired in the same acquisition vehicle. On 2 April 2015, a share capital increase totalling EUR 12.5 million (of which EUR 1.2 million was for IDeA OF I) was completed; this brought the stake held in the company to 8.0%;

- on 25 February 2011, it purchased a 9.29% stake in Telit Communications PLC (Telit), the largest operator in machine-to-machine communications systems in the world. The stake held by IDeA OF I was subsequently diluted to 8.53% due to the exercise of stock options by the company's management. The sale of a portion of Telit's shares held by IDeA OF I, which began in 2014, continued in 2015, bringing the total amount to EUR 27.4 million and generating a return of 3.5 times on the investment. Following the sale, IDeA OF I now owns approximately 1.1% of Telit;

- on 11 September 2012, an agreement was signed with the main shareholder, Filocapital S.r.l., for an investment in Iacobucci HF Electronics S.p.A. (Iacobucci), a company that manufactures trolleys for aeroplanes and trains, and specialises in the design, production and marketing of components for aircraft fittings and furnishings. At the date of this document, the investment in Iacobucci consists of a stake of 34.85%, following two reserved capital increases on 7 August 2013 (EUR 3 million) and 19 May 2014 (EUR 3 million), and the conversion of a bond into shares of Iacobucci, for EUR 6 million, which took place on 10 October 2014;

- on 9 October 2012, IDeA OF I acquired an indirect stake of 4.6% in Patentes Talgo

S.A. (Talgo), a Spanish company that designs and produces solutions for the rail sector, chiefly sold on the international market (high-speed trains, and maintenance vehicles and systems). On 7 May 2015, a 45% partial stake in the subsidiary was sold as part of its listing on the Madrid stock exchange for net proceeds of EUR 24.3 million, a return of 3.6 times the investment. After this sale, IDeA OF I holds an indirect stake in Talgo of approximately 2.5%;

- on 12 December 2012, it acquired a stake of 29.34% in 2IL Orthopaedics, a Luxembourg-registered vehicle which, through a public takeover bid and subsequent delisting of previously listed shares, obtained full control (on 15 February 2013) of English company Corin Group PLC (Corin). Corin is active in the production and marketing of orthopaedic devices, especially for hips and knees;

- on 27 February 2013, it acquired a 10% stake in Elemaster S.p.A. (Elemaster), the leading operator in ODM (original design manufacturing) and EMS (electronic manufacturing services), i.e. the design and construction of electronic equipment. At the same time, the IDeA Efficienza Energetica e Sviluppo Sostenibile Fund, also managed by IDeA Capital Funds SGR, invested an equal amount.


22

The units held in IDeA OF I were reported in the Consolidated Financial Statements to 31 March 2016 at EUR 44.0 million, versus EUR 48.5 million at 31 December 2015. The change is attributable to capital calls of EUR 1.4 million, capital reimbursements of EUR 4.1 million, a pro-rata net loss for the period of EUR 1.7 million and a EUR 0.1 million decrease in fair value. The table below shows a breakdown of the fund’s NAV at 31 March 2016:

The table below shows the key figures for IDeA OF I at 31 March 2016.

(EUR million) 100% DeA Capital

Investments in PortfolioGiochi Preziosi 5.2 2.4 Manutencoop Facility Management 18.9 8.9 Lauro Cinquantasette (Euticals) 13.0 6.1 Telit Communications 3.3 1.6 Iacobucci HF Electronics 6.0 2.8 Pegaso Transportation Investments (Talgo) 16.2 7.6 2IL Orthopaedics LTD (Corin) 12.6 5.9 Elemaster 8.5 4.0 Total Investments in Portfolio 83.7 39.3Other long term receivables 9.4 4.4Other aseets (liabilities) (0.1) 0.0Cash and cash equivalents 0.7 0.3Net equity 93.7 44.0

IDeA OF I Registered office Year of commitment Fund Size Subscribed commitment

% DeA Capital in

fund

Eur (€)IDeA Opportunity Fund I Italy 2008 216.550.000 101.750.000 46,99

Residual CommitmentsTotal residual commitment in: Eur 17.755.375


IDeA I Fo

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24

Other important information: Below is an analysis of the portfolio, updated to the date of the latest report available, broken down by year of investment, geographical area, sector and type.

Notes:

1. % of the FMV of the investment at 31 March 2016; 2. % of fund size based on paid-in exposure (capital invested + residual commitments) at 31 March 2016

The units in IDeA I FoF were valued at approximately EUR 74.6 million in the Consolidated Financial Statements to 31 March 2016 (EUR 77.2 million at 31 December 2015). The change was due to capital calls of EUR 0.6 million, capital reimbursements of EUR 4.5 million and an increase in fair value of EUR 1.3 million. The table below shows the key figures for IDeA I FOF at 31 March 2016.

Breakdown by industry(1) Breakdown by type(2)

Breakdown by vintage(1) Breakdown by geography(2)

Global

21%

RoW 14%

US

21%

Europe44%

Special Situations

19%

Expansion 10%

VC5%

Asset Based PE6%

Small Buyout

14%

Mid Buyout31%

Large Buyout

16%

Distressed Portfolio

3%Materials

8%Energy

12%

Transportation 5%

Industrials9%

RE1%

Leisure6%

IT17% Media

5% Financials5% Pharma2%

Healthcare6%

Cons. Staples7%

Cons. Discretionary15%

201211%

201116%

20132014

3%8%

20089%

200715%

2000-200611%

201017% 2009

9%

0%

2015

IDeA I FoF Registered office Year of commitment Fund Size Subscribed commitment

% DeA Capital in

fund

Eur (€)IDeA I Fund of Funds Italy 2007 681.050.000 173.500.000 25,48



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26

Other important information: Below is an analysis of the portfolio, updated to the date of the latest report available, broken down by year of investment, geographical area, sector and type.

Notes: 1. % of the FMV of the investment at 31 March 2016; 2. % of fund size based on paid-in exposure (capital invested + residual commitments) at 31 March 2016

The units in ICF II were valued at approximately EUR 42.5 million in the Consolidated Financial Statements to 31 March 2016 (EUR 41.7 million at 31 December 2015). The increase was due to capital calls of EUR 0.8 million. The table below shows the key figures for ICF II at 31 March 2016:

Global

16%

RoW 26%

US

29%

Europe29%

Small/Mid Buyout38%

Large Buyout

17%Special Situations

25%

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VC5%

5%

2015

201418%

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201230%

201111%

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3%

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0%7%

Distressed Portfolio

8%EnergyOther

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RE

0%

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7% Financials4%

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Cons. Staples4%

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Breakdown by vintage(1) Breakdown by geography(2)

Breakdown by type(2)Breakdown by industry(1)

ICF II Registered office Year of commitment Fund Size Subscribed commitment

% DeA Capital in

fund

Eur (€)ICF II Italy 2009 281.000.000 51.000.000 18,15



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8


29

in SMRE from 29.9% to 26.6%;

- on 27 December 2013, the fund invested EUR 3.9 million in the special purpose acquisition company (SPAC) GreenItaly 1, as part of the latter's IPO. This investment breaks down as follows: EUR 3.5 million was in ordinary shares, which entitle it to 10% of the company, and EUR 0.4 million, in its capacity as promoter of the vehicle, in special shares without voting rights. In December 2015, the fund increased its investment by EUR 3.1 million (of which EUR 0.1 million was for the above-mentioned special shares), bringing it to a total of EUR 7.0 million, for a holding of 18.57% in the SPAC. On 31 December 2015, in line with the SPAC's objectives, GreenItaly 1 completed the merger with Zephyro S.p.A. (formerly Prima Vera S.p.A.), an Italian leader in the energy efficiency sector and the supply of energy services via complex structures. After the merger, GreenItaly 1 held a stake of 8.1% in the company;

- During the first half of 2014, the fund invested in several further tranches in Meta

System totalling EUR 12.5 million, representing a stake of 16.0% in the company; this subsequently increased to 21.5% through the reinvestment of its pro-rata proceeds of the sale of a subsidiary of Meta System. Meta System is active in the production of transmission equipment, electronic antennas and alarm systems for the automotive sector, as well as home telematics systems and battery chargers for electric vehicles. On 4 August 2015, an agreement was signed for the full disposal of the company in two tranches. The first tranche has been completed (60% of Meta System) for EUR 12.2 million, i.e. 1.6 times the initial investment, and the second tranche will take place via put/call mechanisms exercisable between October 2017 and February 2018;

- on 5 February 2015, the fund made its sixth investment, acquiring a shareholding in Baglioni via a first capital increase of EUR 8.0 million for a 35.9% stake in the Company. This was later increased to 41.2% through a further capital increase of EUR 2 million. Baglioni is a company involved in the design and manufacture of compressed air tanks for applications across a broad spectrum of industrial sectors;

- on 30 July 2015, the fund acquired a 26.81% stake in Italchimici S.r.l. for EUR 11.3 million. Italchimici is a pharmaceutical company specialising in the sale of respiratory and alimentary tract products; it has established itself as a leader in Italy in the paediatrics segment.

The units in IDeA EESS were valued at approximately EUR 7.3 million in the Consolidated Financial Statements to 31 March 2016 (no change vs. 31 December 2015). The main changes since 31 December 2015 were capital calls of EUR 0.1 million and a EUR 0.1 million decrease in fair value. The table below shows the key figures for IDeA EESS at 31 March 2016.

IDeA EESS Registered office Year of commitment Fund Size Subscribed commitment

% DeA Capital in

fund

Euro (€)IDeA Efficienza Energetica e Sviluppo Sostenibile Italy 2011 100.000.000 15.300.000 15,30



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32

- Units in venture capital funds The units in venture capital funds were valued at a total of approximately EUR 9.6 million in the Financial Statements at 31 March 2016 (EUR 9.7 million at 31 December 2015). The reduction was due to a EUR 0.1 million impairment. The table below shows the key figures for venture capital funds in the portfolio at 31 March 2016.

Venture Capital Funds Registered office Year of commitment Fund Size Subscribed

commitment% DeA Capital

in fund

Dollars (USD)

Doughty Hanson & Co Technology UK EU 2004 271.534.000 1.925.000 0,71

GIZA GE Venture Fund III Delaware U.S.A. 2003 211.680.000 10.000.000 4,72

Israel Seed IV Cayman Islands 2003 200.000.000 5.000.000 2,50

Pitango Venture Capital III Delaware U.S.A. 2003 417.172.000 5.000.000 1,20

Totale Dollars 21.925.000

Eur (€)

Nexit Infocom 2000 Guernsey 2000 66.325.790 3.819.167 5,76

Sterlings (GBP)

Amadeus Capital II UK EU 2000 235.000.000 13.500.000 5,74

Residual Commitments

Total residual commitment in: Eur 4.705.941


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34

The table below summarises the value of assets under management and management fees for IDeA Capital Funds SGR at 31 March 2016.

With regard to operating performance, the company posted a year-on-year increase of approximately EUR 150 million in assets under management in the first quarter of 2016. This increase was due to the second closing of the IDeA ToI fund (EUR 54 million), the final closing of the ICF III fund (around EUR 10 million) and the takeover of the management of Investitori Associati IV, starting in April 2015.

(EUR million)Asset Under

Management at 31 March 2016

Management fees at 31

March 2016

IDeA Capital Funds SGRIDeA I FoF 681 0.9 IDeA OF I 217 0.5 ICF II 281 0.5 IDeA EESS 100 0.5 IDeA Crescita Globale 55 0.4 ICF III 67 0.3 Taste of Italy 140 0.7 Investitori Associati IV 86 0.4 Total IDeA Capital Funds SGR 1,627 4.2

IDeA Capital Funds SGR (EUR million) First Quarter 2016 First Quarter 2015

AUM 1,627 1,477

Management fees 4.2 3.6

EBITDA 1.1 1.6

Net profit 0.7 0.9


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36

The table below summarises the value of assets under management and management fees for IDeA FIMIT SGR at 31 March 2016:

Some of the key financials of the listed funds in the asset management portfolio are provided below, with an analysis of the real estate portfolio at the date of the latest report available, broken down by geographical area and by intended use, i.e. Atlantic 1, Atlantic 2, Alpha, Beta and Delta (in EUR).

Atlantic 1 31 December

2015

Market value of properties 563,540,000 Historical cost and capitalised charges 611,870,324 Financing 341,647,526 Net Asset Value (NAV) 249,104,767 NAV/unit (EUR) 477.7 Market price/unit (EUR) 325.1 Dividend yield from investment* 5.72%

* Ratio of income per unit to annual average nominal value per unit

Atlantic 1: Diversification by geographical area Atlantic 1: Diversification by intended use

(EUR million)Asset Under

Management at 31 March 2016

Management fees at 31

March 2016

Breakdown of fundsAtlantic 1 593 0.7 Atlantic 2 Berenice 167 0.2 Alpha 167 1.1 Beta 84 0.1 Delta 215 0.6 Listed funds 1,226 2.7 Reserved funds 6,646 7.8 Total IDeA FIMIT SGR 7,872 10.5

Lombardia67%

Lazio 15%

Campania 12%

Piemonte / Emilia R.

5% Offices 88%

Commercial 12%


37

Atlantic 2 - Berenice 31 December 2015

Market value of properties 148,688,000 Historical cost and capitalised charges 181,327,320 Financing 66,400,766 Net Asset Value (NAV) 94,287,707 NAV/unit (EUR) 157.1 Market price/unit (EUR) 115.8 Dividend yield from investment* 9.12%


Atlantic 2: Diversification by geographical area Atlantic 2: Diversification by intended use

Alpha 31 December 2015

Market value of properties 321,050,000 Historical cost and capitalised charges 302,855,224 Financing 21,113,036 Net Asset Value (NAV) 346,542,613 NAV/unit (EUR) 3,336.2 Market price/unit (EUR) 1,100.0 Dividend yield from investment* 5.10%


Alpha: Diversification by geographical area Alpha: Diversification by intended use

Lombardia47%

Lazio 39%

Piemonte 12% Altri 2%

Offices 77%

Other 8%

Lazio 83%Lombardia

12% Emilia

Romagna 5% Offices 60%Other 40%


38

Beta 31 December 2015

Market value of properties 55,938,000 Historical cost and capitalised charges 71,863,316 Net Asset Value (NAV) 59,528,329 NAV/unit (EUR) 221.7 Market price/unit (EUR) 137.5 Dividend yield from investment* 8.12%


Beta: Diversification by geographical area Beta: Diversification by intended use

Delta 31 December 2015

Market value of properties 200,000,000 Historical cost and capitalised charges 256,333,538 Financing 19,421,882 Net Asset Value (NAV) 193,051,034 NAV/unit (EUR) 91.7 Market price/unit (EUR) 43.3 Dividend yield from investment* n.a.

* No distribution from investment

Delta: Diversification by geographical area Delta: Diversification by intended use

Lazio 38%

Umbria 62%

Offices 53%

Special use 45%

Commercial 2%

Hotels62%

Other34%

Offices4%

Sardegna 14%

Veneto 21%

Calabria 16%Abruzzo 15%

Emilia Romagna

14%

Lombardia 7%

Campania 6% Piemonte

3% Toscana

3%


39

Turning to the management performance of IDeA FIMIT SGR, the company recorded lower management fees (EUR -2.3 million) in the first quarter of 2016 than in the year-earlier period; this was mainly due to the sale of properties belonging to the funds managed by the asset management company, and partly due to a review of the fees agreed with some of the managed funds. At the same time, during the first quarter 2016, the company pursued the business development by (i) supporting key international players (namely: Hines) in a value added real estate acquisition and by (ii) preparing the launch of the “Trophy Value Added” real estate fund, completed in April 2016, built in partnership with a key local real estate entrepreneur (Mr. Scarpellini).

IDeA FIMIT SGR (EUR million) First Quarter 2016 First Quarter 2015

AUM 7,872 9,015

Management fees 10.5 12.8

Net profit 1.8 2.5

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- Shareolders 1.6 2.5

- Owner of financial equity instruments 0.2 0.0


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41

Consolidated income statement The Group posted net profit of around EUR 0.3 million in the first quarter of 2016, compared with about EUR 5.8 million in the same period in 2015. Revenues and other income break down as follows:

- Alternative Asset Management fees of EUR 14.1 million (EUR 15.8 million in the same period of 2015);

- other investment liabilities, net of income, totalling EUR -2.6 million (investment income of EUR 3.0 million in the same period of 2015);

- service revenues of EUR 4.4 million (compared with EUR 4.1 million recorded in the same period of 2015).

Costs totalled EUR 15.7 million (EUR 18.1 million in the same period of 2015), of which EUR 13.8 million was attributable to Alternative Asset Management, EUR 0.5 million to Private Equity Investment and EUR 1.4 million to holding company activities. Alternative Asset Management costs include the effects of the amortisation of intangible assets, recorded when a portion of the purchase price of the investments was allocated (totalling EUR 1.2 million,in the first quarter of 2016 ). Net financial income, which amounted to EUR -0.8 million at 31 March 2016, mainly relates to exchange rate losses on foreign investments and to other financial income. The total tax impact for the first quarter of 2016 (EUR -0.5 million compared with EUR +2.3 million in the same period of 2015) is the result of taxes of EUR 1.8 million due in respect of Alternative Asset Management activities and tax credits of EUR 1.3 million relating to holding company activities. Of the Group’s net profit of EUR 0.3 million, EUR -1.9 million was attributable to Private Equity Investment, EUR 2.6 million to Alternative Asset Management and EUR -0.4 million to holding company activities/eliminations.


42

Summary Consolidated Income Statement

Performance by business in the first three months of 2016

Performance by business in the first three months of 2015

(EUR thousand)

First Quarter

2016

First Quarter

2015

Alternative Asset Management fees 14,132 15,775Income (loss) from equity investments 0 0Other investment income/expense (2,584) 2,964Income from services 4,446 4,123Other income 53 64Other expenses (15,713) (18,143)Financial income and expenses (811) 1,909PROFIT/(LOSS) BEFORE TAX (477) 6,692Income tax (529) 2,258PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS (1,006) 8,950 Profit (Loss) from discontinued operations/held-for-sale assets 0 (82)PROFIT/(LOSS) FOR THE PERIOD (1,006) 8,868 - Group share 260 5,837 - Non controlling interests (1,266) 3,031

Earnings per share, basic (€) 0.001 0.022

Earnings per share, diluted (€) 0.001 0.022

(EUR thousand)Private Equity

Investment

Alternative Asset

ManagementHoldings/

Eliminations Consolidated

Alternative Asset Management fees 0 14,629 (497) 14,132Income (loss) from equity investments 0 0 0 0Other investment income/expense (2,402) (182) 0 (2,584)Income from services 0 4,394 105 4,499Other expenses (556) (13,758) (1,399) (15,713)Financial income and expenses (863) 37 15 (811)PROFIT/(LOSS) BEFORE TAXES (3,821) 5,120 (1,776) (477)Income tax 0 (1,852) 1,323 (529)PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS (3,821) 3,268 (453) (1,006) Profit (Loss) from discontinued operations/held-for-sale assets 0 0 0 0PROFIT/(LOSS) FOR THE PERIOD (3,821) 3,268 (453) (1,006) - Group share (1,854) 2,567 (453) 260 - Non controlling interests (1,967) 701 0 (1,266)

(EUR thousand)Private Equity

Investment

Alternative Asset

ManagementHoldings/

Eliminations Consolidated

Alternative Asset Management fees 0 16,357 (582) 15,775Income (loss) from equity investments 0 0 0 0Other investment income/expense 2,713 251 0 2,964Income from services 2 4,092 93 4,187Other expenses (613) (15,548) (1,982) (18,143)Financial income and expenses 2,054 (12) (133) 1,909PROFIT/(LOSS) BEFORE TAXES 4,156 5,140 (2,604) 6,692Income tax 0 (1,949) 4,207 2,258PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 4,156 3,191 1,603 8,950 Profit (Loss) from discontinued operations/held-for-sale assets (82) 0 0 (82)PROFIT/(LOSS) FOR THE PERIOD 4,074 3,191 1,603 8,868 - Group share 1,929 2,305 1,603 5,837 - Non controlling interests 2,145 886 0 3,031


43

Comprehensive income - statement of performance (IAS 1) Comprehensive Income or the Statement of Performance (IAS 1), in which performance for the period attributable to the group is reported including results posted directly to shareholders' equity, shows a net positive balance of approximately EUR 1.3 million compared with a net positive balance of approximately EUR 8.2 million in the same period of 2015. This comprised:

net profit of EUR +0.3 million recorded on the income statement; profits posted directly to shareholders’ equity totalling EUR +1.0 million.

The largest component of these profits is the increase of about EUR 0.9 million in the fair value of IDeA I FOF.

(EUR thousand)

First Quarter 2016

First Quarter 2015

Profit/(loss) for the period (A) (1,006) 8,868

Comprehensive income/expense which might be subsequently reclassified within the profit (loss) for the period 940 244Comprehensive income/expense which will not be subsequently reclassified within the profit (loss) for the period (47) (159)Other comprehensive income, net of tax (B) 893 85Total comprehensive income for the period (A)+(B) (113) 8,953

Total comprehensive income attributable to: - Group Share 1,332 8,218 - Non Controlling Interests (1,445) 735


44

Consolidated statement of financial position Below is the Group’s statement of financial position at 31 March 2016, compared with 31 December 2015.

(EUR thousand) March 31,

2016 December 31,

2015ASSETS

Non-current assetsIntangible and tangible assets

Goodwill 129,595 129,595 Intangible assets 36,417 37,539 Property, plant and equipment 2,900 3,119

Total intangible and tangible assets 168,912 170,253 Investments

Investments valued at equity 11,467 11,467 Investments held by Funds 83,765 90,675 - available for sale investments 48,924 52,536 - invest. in associates and JV valued at FV through P&L 34,841 38,138 Other available-for-sale companies 77,110 76,464 Available-for-sale funds 170,856 173,730 Other avalaible-for-sale financial assets 2 26

Total Investments 343,200 352,362 Other non-current assets

Deferred tax assets 3,096 3,676 Tax receivables from Parent companies 1,020 0 Other non-current assets 31,932 31,795

Total other non-current assets 36,048 35,471 Total non-current assets 548,160 558,086

Current assetsTrade receivables 21,539 17,818 Available-for-sale financial assets 7,474 7,532 Financial receivables 3,341 3,467 Tax receivables from Parent companies 2,721 2,667 Other tax receivables 4,811 4,567 Other receivables 3,210 2,876 Cash and cash equivalents 126,441 123,468

Total current assets 169,537 162,395 Total current assets 169,537 162,395

Held-for-sale assets 11,487 11,487 TOTAL ASSETS 729,184 731,968

SHAREHOLDERS' EQUITY AND LIABILITIESSHAREHOLDERS' EQUITY

Net equity Group 547,409 546,988 Minority interests 133,620 138,172 Shareholders' equity 681,029 685,160

LIABILITIESNon-current liabilities

Deferred tax liabilities 10,532 10,801 Provisions for employee termination benefits 4,806 4,713 Long term financial loans 0 0 Payables to staff 0 0

Total non-current liabilities 15,338 15,514 Current liabilities

Trade payables 15,113 15,598 Payables to staff and social security organisations 7,535 7,341 Current tax 5,317 3,384 Other tax payables 1,216 1,571 Other payables 3,436 2,749 Short term financial loans 200 651

Total current liabilities 32,817 31,294 Held-for-sale liabilities - - TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 729,184 731,968


45

At 31 March 2016, Group shareholders’ equity was approximately EUR 547.4 million, compared with EUR 547.0 million at 31 December 2015. The increase of about EUR 0.4 million in Group shareholders' equity in 2015 was mainly due to the reasons already discussed in the Statement of Performance - IAS 1 (EUR +1.3 million) and to the effects of the share buy-back plan (EUR -1.0 million).

Consolidated net financial position

At 31 March 2016, the consolidated net financial position was approximately EUR 137.1 million, as shown in the table below, which provides a breakdown of assets and liabilities and a comparison with the same figures at 31 December 2015.

The change in the consolidated net financial position in the first quarter of 2016 was due to the purchase of treasury shares (EUR -1.0 million), net liquidity generated by investments in private equity funds in the portfolio of EUR 5.7 million and operational cash flows generated by the asset management platforms.

The Company believes that the cash and cash equivalents and the other financial resources available are sufficient to meet the requirement relating to payment commitments already subscribed in funds, also taking into account the amounts expected to be called up/distributed by these funds. With regard to these residual commitments, the Company believes that the resources currently available, as well as those that will be generated by its operating and financing activities, will enable the DeA Capital Group to meet the financing required for its investment activity and to manage working capital.

Net financial position (EUR million)Cash and cash equivalents 126.4 123.5 2.9Available-for-sale financial assets 7.5 7.5 0.0Financial receivables 3.4 3.5 (0.1)Non-current financial liabilities 0.0 0.0 0.0Current financial liabilities (0.2) (0.7) 0.5TOTAL 137.1 133.8 3.3of which:- Alternative Asset Management 43.1 40.4 2.7- Private Equity Investment 0.7 3.4 (2.7)- Holdings 93.3 90.0 3.3

Change31.12.201531.3.2016


46

6. Other information Transactions with parent companies, subsidiaries and related parties

Transactions with related parties, including intercompany transactions, are typical, usual transactions that are part of the normal business activities of Group companies. Such transactions are concluded at standard market terms for the nature of the goods and/or services offered.

Other information At 31 March 2016, the Group had 240 employees (231 at the end of 2015), including 37 senior managers, 67 middle managers and 136 clerical staff. Of these, 227 worked in Alternative Asset Management and 13 in Private Equity Investment/the Holding Company. These staff levels do not include personnel on secondment from the Parent Company De Agostini S.p.A. With regard to the regulatory requirements set out in art. 36 of the Market Regulation on conditions for the listing of parent companies of companies formed or regulated by laws of non-EU countries and of major importance in the consolidated accounts, it is hereby noted that no Group company falls within the scope of the above-mentioned provision. Furthermore, conditions prohibiting listing pursuant to art. 37 of the Market Regulation relating to companies subject to the management and coordination of other parties do not apply.


47

Consolidated Financial Statements and Notes to the Accounts for the period 1 January – 31 March 2016


48

Consolidated Statement of Financial Position

Pursuant to Consob Resolution 15519 of 27 July 2006, the impact of dealings with related parties on the Statement of Financial Position, Income Statement and Cash Flow Statement is explained in the Notes to the Financial Statements.

(EUR thousand) March 31,

2016 December 31,

2015ASSETS

Non-current assetsIntangible and tangible assets

Goodwill 129,595 129,595 Intangible assets 36,417 37,539 Property, plant and equipment 2,900 3,119

Total intangible and tangible assets 168,912 170,253 Investments

Investments valued at equity 11,467 11,467 Investments held by Funds 83,765 90,675 - available for sale investments 48,924 52,536 - invest. in associates and JV valued at FV through P&L 34,841 38,138 Other available-for-sale companies 77,110 76,464 Available-for-sale funds 170,856 173,730 Other avalaible-for-sale financial assets 2 26

Total Investments 343,200 352,362 Other non-current assets

Deferred tax assets 3,096 3,676 Tax receivables from Parent companies 1,020 0 Other non-current assets 31,932 31,795

Total other non-current assets 36,048 35,471 Total non-current assets 548,160 558,086

Current assetsTrade receivables 21,539 17,818 Available-for-sale financial assets 7,474 7,532 Financial receivables 3,341 3,467 Tax receivables from Parent companies 2,721 2,667 Other tax receivables 4,811 4,567 Other receivables 3,210 2,876 Cash and cash equivalents 126,441 123,468

Total current assets 169,537 162,395 Total current assets 169,537 162,395

Held-for-sale assets 11,487 11,487 TOTAL ASSETS 729,184 731,968

SHAREHOLDERS' EQUITY AND LIABILITIESSHAREHOLDERS' EQUITY

Net equity Group 547,409 546,988 Minority interests 133,620 138,172 Shareholders' equity 681,029 685,160

LIABILITIESNon-current liabilities

Deferred tax liabilities 10,532 10,801 Provisions for employee termination benefits 4,806 4,713 Long term financial loans 0 0 Payables to staff 0 0

Total non-current liabilities 15,338 15,514 Current liabilities

Trade payables 15,113 15,598 Payables to staff and social security organisations 7,535 7,341 Current tax 5,317 3,384 Other tax payables 1,216 1,571 Other payables 3,436 2,749 Short term financial loans 200 651

Total current liabilities 32,817 31,294 Held-for-sale liabilities - - TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 729,184 731,968


49

Consolidated Income Statement


(EUR thousand)

First Quarter

2016

First Quarter

2015

Alternative Asset Management fees 14,132 15,775Income from equity investments 0 0Other investment income/expense (2,584) 2,964Income from services 4,446 4,123Other income 53 64Personnel costs (7,702) (9,037)Service costs (5,815) (5,581)Depreciation, amortization and impairment (1,557) (1,690)Other expenses (639) (1,835)Financial income 242 2,159Financial expenses (1,053) (250)PROFIT/(LOSS) BEFORE TAX (477) 6,692Income tax (529) 2,258PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS (1,006) 8,950 Profit (Loss) from discontinued operations/held-for-sale assets 0 (82)PROFIT/(LOSS) FOR THE PERIOD (1,006) 8,868 - Group share 260 5,837 - Non controlling interests (1,266) 3,031

Earnings per share, basic (€) 0.001 0.022

Earnings per share, diluted (€) 0.001 0.022


50

Consolidated Statement of Comprehensive Income (Statement of Performance - IAS 1)

(Euro thousands)

First Quarter 2016

First Quarter 2015

Profit/(loss) for the period (A) (1,006) 8,868

Comprehensive income/expense which might be subsequently reclassified within the profit (loss) for the period 940 244

Gains/(Losses) on fair value of available-for-sale financial assets 940 244

Share of other comprehensive income of associates 0 0

Comprehensive income/expense which will not be subsequently reclassified within the profit (loss) for the period (47) (159)

Gains/(losses) on remeasurement of defined benefit plans (47) (159)

Other comprehensive income, net of tax (B) 893 85Total comprehensive income for the period (A)+(B) (113) 8,953

Total comprehensive income attributable to: - Group Share 1,332 8,218 - Non Controlling Interests (1,445) 735


51

Consolidated Cash Flow Statement - Direct Method


(EUR thousand)First Quarter

2016First Quarter

2015CASH FLOW from operating activities

Investments in funds and shareholdings (2,235) (10,446)Capital reimbursements from funds 4,722 16,125Proceeds from the sale of investments 3,438 6,152Interest received 130 98Interest paid (4) (36)Cash distribution from investments 49 214Realized gains (losses) on exchange rate derivatives (1) 3Taxes paid (25) (18)Dividends received 0 0Management and performance fees received 12,767 16,932Revenues for services 3,029 20,533Operating expenses (14,728) (31,619)

Net cash flow from operating activities 7,142 17,938

CASH FLOW from investment activities

Acquisition of property, plant and equipment (23) (71)Sale of property, plant and equipment 0 315Purchase of licenses (208) (46)

Net cash flow from investing activities (231) 198

CASH FLOW from investing activities

Acquisition of financial assets 0 0Sale of financial assets 1 499Share capital issued 1,550 367Own shares acquired (1,031) (6,311)Dividends paid (4,592) 0Loan 134 (1,680)Quasi-equity loan 0 0Bank loan paid back 0 0

Net cash flow from financing activities (3,938) (7,125)

CHANGE IN CASH AND CASH EQUIVALENTS 2,973 11,011

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 123,468 55,583Cash and cash equivalents relating to held-for-sale assets 0 0Cash and cash equivalents at beginning of period 123,468 55,583

Effect of change in basis of consolidation: cash and cash equivalents 0 (97)

CASH AND CASH EQUIVALENTS AT END OF PERIOD 126,441 66,497

Held-for-sale assets and minority interests 0 0

CASH AND CASH EQUIVALENTS AT END OF PERIOD 126,441 66,497


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Consolidated Statement of Changes in Shareholders’ Equity

(EUR thousand) Share Capital

Treasury share reserve, capital

reserve, retained earnings

Fair value Reserve Total Group

Non controlling interests

Consolidated net equity

Total at 31 December 2014 271,626 265,472 116,415 653,513 173,109 826,622Cost of stock options 0 219 0 219 0 219Purchase of own shares (3,584) (2,727) 0 (6,311) 0 (6,311)Other changes 0 8 0 8 (7,116) (7,108)Total comprehensive profit/(loss) 0 5,837 2,381 8,218 735 8,953

Total at 31 December 2015 268,042 268,809 118,796 655,647 166,728 822,375

(EUR thousand) Share Capital

Treasury share reserve, capital

reserve, retained earnings

Fair value Reserve Total Group

Non controlling interests

Consolidated net equity

Total at 31 December 2015 263,923 220,887 62,178 546,988 138,172 685,160Cost of stock options 0 104 0 104 0 104Purchase of own shares (799) (232) 0 (1,031) 0 (1,031)Other changes 0 16 0 16 (3,107) (3,091)Total comprehensive income 0 260 1,072 1,332 (1,445) (113)

Total at 31 March 2016 263,124 221,035 63,250 547,409 133,620 681,029


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Notes to the Financial Statements Structure and content of the Interim Management Report to 31 March 2016 The Interim Management Report to 31 March 2016 (the Report) constitutes the document set out by art. 154-ter of the Testo Unico della Finanza law (TUF). Information regarding the Company’s operating performance and financial position is prepared in accordance with the valuation and measurement criteria set out by the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and adopted by the European Commission pursuant to the procedures set out at art. 6 of Regulation (EC) no. 1606/2002 of the European Parliament and Council of 19 July 2002. The accounting standards used in the Report do not differ significantly from those used in the Financial Statements for the Year Ending 31 December 2015. The Report comprises the following Consolidated Financial Statements – the Statement of Financial Position, the Income Statement, the Cash Flow Statement, the Statement of Changes in Shareholders' Equity and the Statement of Comprehensive Income (IAS 1) – and these Notes to the Accounts; it is also accompanied by the Interim Report on Operations and the Statement of Responsibilities for the Interim Management Report. The Consolidated Financial Statements in the Report have not been audited by the Independent Auditors. Financial information is discussed with reference to the first quarter of 2016 and the same period of 2015; information on the Statement of Financial Position relates to 31 March 2016 and 31 December 2015. The Consolidated Financial Statements are provided in the same format as those relating to 31 December 2015. As allowed by IAS/IFRS, the preparation of the Report required the use of significant estimates by the Company's management, especially with regard to the valuations of the investment portfolio (equity investments and funds). These valuations were calculated by directors based on their best judgement and estimation using the knowledge and evidence available at the time the Report was prepared. However, due to objective difficulties in making assessments, the values attributed to such assets could differ, in some cases significantly, from those that could be obtained when the assets are sold. In accordance with the provisions of IAS/IFRS and current laws, the Company authorised the publication of the Report by the legal deadline.


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Scope of consolidation On 10 March 2016, DeA Capital Real Estate completed the purchase of shares representing 3.0% of the share capital of Innovation Real Estate. This transaction brought DeA Capital's investment in Innovation Real Estate to 100%. Therefore, at 31 March 2016, the following companies formed part of the DeA Capital Group's scope of consolidation:

The above list meets the requirements of Consob Resolution 11971 of 14 May 1999 and subsequent amendments (art. 126 of the Regulation).

Company Registered office Currency Share capital % holding Consolidation methodDeA Capital S.p.A. Milan, Italy Euro 306,612,100 HoldingIDeA Capital Funds SGR S.p.A. Milan, Italy Euro 1,200,000 100.00% Full consolidationIDeA OF I Milan, Italy Euro - 46.99% Full consolidationAtlantic Value Added Rome, Italy Euro - 27.27% Equity accounted DeA Capital Real Estate S.p.A. Milan, Italy Euro 600,000 100.00% Full consolidationInnovation Real Estate S.p.A. Milan, Italy Euro 597,725 100.00% Full consolidationInnovation Real Estate Advisory S.r.l. Milan, Italy Euro 105,000 100.00% Full consolidationIDeA FIMIT SGR S.p.A. Rome, Italy Euro 16,757,574 64.30% Full consolidationIdea Real Estate S.p.A. Milan, Italy Euro 50,000 100.00% Full consolidation


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Notes to the Consolidated Statement of Financial Position NON-CURRENT ASSETS Non-current assets totalled approximately EUR 548.2 million at 31 March 2016, compared with EUR 558.1 million at 31 December 2015. Intangible assets and property, plant and equipment This item includes goodwill (EUR 129.6 million), other intangible assets (EUR 36.4 million) and property, plant and equipment (EUR 2.9 million). Goodwill, which amounted to EUR 129.6 million at 31 March 2016 (unchanged from 31 December 2015), relates to the acquisitions of IDeA Capital Funds SGR and IFIM/FIMIT SGR. Intangible assets mainly relate to customer contracts, which arise from the allocation of the merger costs for the acquisition of IDeA Capital Funds SGR and FIMIT SGR. Investments in associates This item, which came to EUR 11.5 million at 31 March 2016 (unchanged from 31 December 2015), relates to units in the AVA fund. The table below provides a breakdown of the investment at 31 March 2016 by area of activity:

Shareholdings held by funds At 31 March 2016, the DeA Capital Group was a minority shareholder, through the IDeA OF I fund, in Giochi Preziosi, Manutencoop, Euticals, Telit, Elemaster, Talgo, Corin and Iacobucci. This item, which totalled EUR 83.7 million at 31 March 2016 (EUR 90.7 million at 31 December 2015), relates to the assets set out below:

(EUR million)Private Equity

Investment

Alternative Asset

ManagementTotal

AVA fund 3.8 7.7 11.5Total 3.8 7.7 11.5


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Available-for-sale investments in other companies At 31 March 2016, the DeA Capital Group was a minority shareholder of Kenan Investments (which holds an indirect stake in Migros), Stepstone, Harvip as well as TLcom Capital LLP (management company under English law) and TLcom II Founder Partner SLP (limited partnership under English law). The stake in Kenan Investments is recorded in the Consolidated Financial Statements to 31 March 2016 at EUR 76.9 million (compared with EUR 76.3 million at 31 December 2015). This amount (indirectly corresponding to approximately 6.9% of Migros' capital, i.e. 40.25% of the latter's capital via the Group's interest in Kenan Investments) reflects a price per share of Migros of:

- TRY 26.00 (plus interest of 7.5% p.a. from 30 April 2015) for the stake subject to put/call options on 9.75% of Migros, as agreed with Anadolu and exercisable from 30 April 2017;

- TRY 17.85, being the market price on 31 March 2016, for the remaining stake (30.5% of Migros capital).

The change in the value of the stake in Kenan Investments at 31 March 2016 compared with 31 December 2015 is attributable to an increase of EUR 0.6 million in the fair value reserve due to the combined effect of the rise in the share price (TRY 17.85 per share at 31 March 2016 compared with TRY 18.45 per share at 31 December 2015) and the depreciation of the Turkish lira against the euro (3.21 TRY/EUR at 31 March 2016 versus 3.17 TRY/EUR at 31 December 2015). The table below provides details of equity investments in other companies at 31 March 2016 by area of activity.

(EUR million) 31.3.2016

Investments in PortfolioGiochi Preziosi 5.2 Manutencoop Facility Management 18.9 Lauro Cinquantasette (Euticals) 13.0 Telit Communications 3.3 Elemaster 8.5 Investments available for sale 48.9 Iacobucci HF Electronics 6.0 Pegaso Transportation Investments (Talgo) 16.2 2IL Orthopaedics LTD (Corin) 12.6 Investments in associates and JV valued at FV through P&L 34.8 Total investments in Portfolio 83.7


Investment

Alternative Asset

ManagementTotal

Kenan Investments 76.9 0.0 76.9Minority interests 0.2 0.0 0.2Total 77.1 0.0 77.1


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Available-for-sale funds This item relates to investments in units of three funds of funds (IDeA I FoF, ICF II and ICF III), two theme funds (IDeA EESS, IDeA ToI), six venture capital funds and 11 real estate funds, totalling approximately EUR 170.9 million at 31 March 2016, compared with EUR 173.7 million at the end of 2015.

The table below provides a breakdown of the funds in the portfolio at 31 March 2016 by area of activity.

Deferred tax assets The balance on the item “deferred tax assets” comprises the value of deferred tax assets minus deferred tax liabilities, where they may be offset. At 31 March 2016, deferred tax assets totalled EUR 3.1 million, compared with EUR 3.7 million at 31 December 2015. Other non-current assets This item, valued at EUR 31.9 million at 31 March 2016, compared with EUR 31.8 million at 31 December 2015, relates mainly to the receivable from the IDeA OF I fund for the sale of 1% of Manutencoop and the receivable from the Beta Immobiliare fund corresponding to the portion of the overperformance fee that has accrued since the fund was launched and which IDeA FIMIT SGR expects to receive when the fund is liquidated.

(EUR thousand)Balance at

1.1.2016

Change in consolidation

area

Increases (Capital call)

Decreases (Capital

distribution)Impairment

Fair value adjustment

Translation effect

Balance at 31.3.2016

Venture capital funds 9,673 0 0 0 (110) 673 (664) 9,572IDeA I FoF 77,217 0 555 (4,511) 0 1,309 0 74,570ICF II 41,710 0 764 0 0 1 0 42,475ICF III Core 541 0 4 (119) 0 (38) 0 388ICF III Credit & Distressed 2,525 0 21 (79) 0 (134) 0 2,333ICF III Emerging Markets 1,751 0 44 (6) 0 (84) 0 1,705IDeA EESS 7,312 0 77 0 0 (53) 0 7,336Taste of Italy 1,074 0 71 0 0 (77) 0 1,068IDeA FIMIT SGR Funds 31,927 0 0 (7) (231) (280) 0 31,409Total funds 173,730 0 1,536 (4,722) (341) 1,317 (664) 170,856


Investment

Alternative Asset

ManagementTotal

Venture capital funds 9.6 0.0 9.6IDeA I FoF 74.6 0.0 74.6ICF II 42.5 0.0 42.5ICF III 4.4 0.0 4.4IDeA EESS 7.3 0.0 7.3IDeA ToI 1.1 0.0 1.1IDeA FIMIT SGR Funds 0.0 31.4 31.4Total funds 139.5 31.4 170.9


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CURRENT ASSETS At 31 March 2016, current assets totalled EUR 169.5 million, versus EUR 162.4 million at 31 December 2015. The item mainly comprised:

- EUR 126.4 million relating to cash and cash equivalents (EUR 123.5 million at 31

December 2015);

- EUR 21.5 million relating to commercial loans (EUR 17.8 million at 31 December 2015);

- EUR 7.5 million relating to investments to be considered as a temporary use of cash

(EUR 7.5 million at 31 December 2015);

- EUR 3.3 million relating to financial receivables in connection with the loan agreement for Sigla S.r.l. (EUR 3.5 million at 31 December 2015).

SHAREHOLDERS' EQUITY At 31 March 2016, Consolidated Shareholders' Equity totalled around EUR 681.0 million, including EUR 547.4 million pertaining to the Group, compared with EUR 685.2 million (EUR 547.0 million pertaining to the Group) at 31 December 2015. The increase of about EUR 0.4 million in Group shareholders' equity in the first quarter of 2016 was mainly due to the reasons already discussed in the Statement of Performance - IAS 1 (EUR +1.3 million) and to the effects of the share buy-back plan (EUR -1.0 million). NON-CURRENT LIABILITIES At 31 March 2016, non-current liabilities totalled EUR 15.3 million, compared with EUR 15.5 million at 31 December 2015. Deferred tax liabilities This item totalled EUR 10.5 million at 31 March 2016, compared with EUR 10.8 million at 31 December 2015. It mainly included deferred tax liabilities related to the tax effects of allocating part of the acquisition cost of the subsidiaries in the purchase price allocation (PPA) phase. End-of-service payment fund At 31 March 2016, this item totalled EUR 4.8 million (EUR 4.7 million at 31 December 2015), and includes end-of-service payments that are part of defined benefit plans, which were therefore valued using actuarial assessments. CURRENT LIABILITIES At 31 March 2016, current liabilities totalled EUR 32.8 million (EUR 31.3 million at 31 December 2015) and consisted of trade payables (EUR 15.1 million), payables to staff and social security institutions (EUR 7.5 million), current tax and other tax payables (EUR 6.5 million), other payables (EUR 3.4 million) and short-term financial payables (EUR 0.2 million).


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Notes to the Consolidated Income Statement Alternative Asset Management fees In the first quarter of 2016, Alternative Asset Management fees totalled EUR 14.1 million, compared with EUR 15.8 million in the same period of 2015; these related mainly to management fees paid to IDeA FIMIT SGR and to IDeA Capital Funds SGR for the funds they manage. Other investment income/expenses Other net expenses from investments in shareholdings and funds totalled EUR -2.6 million in the first quarter of 2016, compared with net income of EUR +3.0 million in the same period of 2015. Service revenues This item, which totalled EUR 4.4 million in the first quarter of 2016 (EUR 4.1 million in the same period of 2015), mainly relates to real estate consultancy and management services and the sale of buildings in the portfolios of the real estate funds. Personnel costs In the first quarter of 2016, personnel costs totalled EUR 7.7 million, compared with EUR 9.0 million in the same period of 2015. Service costs Service costs totalled EUR 5.8 million in the first quarter of 2016, compared with EUR 5.6 million in the same period of 2015. Amortisation/depreciation This item was EUR 1.6 million in the first quarter of 2016 (EUR 1.7 million in the same period of 2015) and mainly included amortisation relating to purchase price allocation. Financial income (charges) Financial income totalled EUR 0.2 million in the first quarter of 2016 (EUR 2.2 million in the same period of 2015), and financial charges were EUR 1.1 million (EUR 0.3 million in the same period of 2015). Income tax Service costs totalled EUR -0.5 million in the first quarter of 2016, compared with EUR +2.3 million in the same period of 2015.


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Significant events after the end of the period and outlook Significant events after the end of the period Private equity funds – paid calls/distributions

After the end of the first quarter of 2016, the DeA Capital Group increased its investments in the IDeA I FoF, ICF II, ICF III, IDeA, IDeA OF I, IDeA EESS and IDeA ToI funds with payments totalling EUR 2.0 million. At the same time, the DeA Capital Group received capital reimbursements from the IDeA I FoF, IDeA OF I and IDeA EESS funds totalling 2.8 million, to be used in full to reduce the carrying value of the units.

Dividends from Alternative Asset Management

On 12 April 2016, IDeA Capital Funds SGR approved dividends totalling EUR 3.7 million, attributable entirely to DeA Capital S.p.A. On 18 April 2016, Innovation Real Estate approved dividends totalling EUR 2.5 million, attributable entirely to DeA Capital S.p.A. On 20 April 2016, IDeA FIMIT SGR paid dividends totalling EUR 5.4 million, of which approximately EUR 3.5 million was attributable to the DeA Capital Group. In summary, dividends approved/paid during 2016 by the Alternative Asset Management business to the DeA Capital Group's holding companies totalled EUR 9.7 million (EUR 8.1 million in 2015).

Share buyback plan

On 21 April 2016, the Shareholders’ Meeting of DeA Capital S.p.A. authorised the Board of Directors to buy and sell, on one or more occasions and on a revolving basis, a maximum number of ordinary shares in the Company representing a stake of up to 20% of the share capital. The new plan replaces the previous plan approved by the shareholders’ meeting on 17 April 2015 (which was scheduled to expire with the approval of the 2015 Annual Financial Statements), and will pursue the same objectives as the previous plan, including purchasing treasury shares to be used for extraordinary transactions and share incentive schemes, offering shareholders a means of monetising their investment, stabilising the share price and regulating trading within the limits of current legislation. The authorisation specifies that purchases may be made until the date of the shareholders’ meeting to approve the Financial Statements for the Year Ending 31 December 2016, and in any case not beyond the maximum duration – 18 months – allowed by law, and that DeA Capital S.p.A. may also sell the shares purchased for the purposes of trading, without time limits. The unit price for the purchase of the shares will be set on a case-by-case basis by the Board of Directors, but must not be more than 20% above or below the share’s reference price on the trading day prior to each purchase.


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The authorisation to sell own shares already held in the Company’s portfolio and any shares bought in the future was granted for an unlimited period; sales may be carried out using the methods deemed most appropriate and at a price to be determined on a case-by-case basis by the Board of Directors, which must not, however, be more than 20% below the share’s reference price on the trading day prior to the sale (apart from certain exceptions specified in the plan), although this limit may not apply in certain cases. On the same date, the Board of Directors voted to implement the plan to buy and sell treasury shares authorised by the shareholders’ meeting, vesting the Chairman of the Board of Directors and the Chief Executive Officer with all the necessary powers, to be exercised severally and with full power of delegation, and set the maximum unit price above which purchases of treasury shares may not be made, at the NAV per share indicated in the most recent statement of financial position approved and disclosed to the market. At the same meeting, the Company's Board of Directors also voted to adopt market practice regarding the acquisition of treasury shares by setting up a "securities warehouse", as permitted by Consob Resolution 16839 of 19 March 2009.

New performance share plan

On 21 April 2016, the DeA Capital S.p.A. Shareholders' Meeting approved the DeA Capital Performance Share Plan 2016-2018, under which a maximum of 1,250,000 units may be allocated. On the same date, in implementation of the shareholders’ resolution, the Board of Directors of DeA Capital S.p.A. voted (i) to launch the DeA Capital Performance Share Plan 2016-2018 approved by the shareholders’ meeting, vesting the Chairman of the Board of Directors and the Chief Executive Officer with all the necessary powers, to be exercised severally and with full power of delegation; and (ii) to allocate a total of 1,000,000 units (representing the right to receive ordinary shares in the Company free of charge, under the terms and conditions of the plan) to certain employees and/or directors performing particular roles at the Company, its subsidiaries and the Parent Company De Agostini S.p.A. The shares allocated due to the vesting of units will be drawn from the treasury shares already held by the Company so that the allocation will not have a dilutive effect. In addition, the Plan enables DeA Capital to oblige beneficiaries to return, in full or in part, shares received pursuant to the Plan, should circumstances emerge that clearly show that incorrect data have been used to verify the achievement of the targets for the vesting of the units (known as "claw-back"). The shareholders’ meeting also approved the Company’s Remuneration Policy pursuant to art. 123-ter of the TUF.


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Outlook The outlook continues to focus on the strategic guidelines followed last year, with an emphasis on increasing the value of assets in the Private Equity Investment area and developing Alternative Asset Management platforms. With regard to the Private Equity Investment area, having completed the sale of the stake in Générale de Santé and half the stake in Migros, the Company will continue its efforts to increase the value of the investments in its portfolio, and evaluate new co-investment initiatives with the available financial resources. Turning to Alternative Asset Management, as referred to above, the Company will continue to develop platforms for both private equity (through IDeA Capital Funds SGR) and real estate (through IDeA FIMIT SGR), with a special focus on new products. In order to support the strategic guidelines above, the Company will continue to maintain a solid asset/financial base, optimised by returning profits to shareholders (including through buy-back operations), based on the available liquidity.


63

Statement of Responsibilities for the Interim Management Report at 31 March 2016


64

STATEMENT OF RESPONSIBILITIES FOR THE INTERIM MANAGEMENT REPORT TO 31 March 2016 (PURSUANT TO ART. 154-BIS OF LEGISLATIVE DECREE 58/98)

Manolo Santili, Chief Financial Officer of DeA Capital S.p.A., the manager responsible for preparing the company’s accounting statements, hereby declares, pursuant to art. 154-bis, para. 2 of the Testo Unico della Finanza law, that the information contained in this document accurately represents the figures in the company’s accounting records. Milan, 12 May 2016 Manolo Santilli Manager responsible for preparing the Company’s accounting statements