A C

APITAL

- A

NNUAL

EPORT

31 D

ECEMBER

2016

At 31 December 2016, DeA Capital S.p.A. reported Group

shareholders’ equity of EUR 529.2 million, corresponding to

net asset value (NAV) of EUR 2.03 per share

, with an

investment portfolio of EUR 448.8 million.

More specifically, the investment portfolio consists of Private

Equity Investment shareholdings of EUR 78.6 million, Private

Equity Investment funds of EUR 202.9 million and net assets

relating to the Alternative Asset Management business of EUR

167.3 million.

Private equity investment

• Main shareholdings

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 17.1%).

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 41.4%).

• Funds

- units in seven funds managed by the subsidiary IDeA Capital

Funds SGR, i.e. in the three funds of funds

IDeA I Fund

of Funds (IDeA I FoF)

ICF II

and

ICF III

, in the co-

investment fund

IDeA Opportunity Fund I (IDeA OF

and in the theme funds

IDeA Efficienza Energetica e

Sviluppo Sostenibile (Energy Efficiency and Sustainable

Development - IDeA EESS)

and

IDeA Taste of Italy (IDeA

ToI)

and in the credit fund

IDeA Corporate Credit Recovery

I (IDeA CCR I)

;

- units in two funds managed by the subsidiary IDeA FIMIT SGR

i.e. in the real estate funds

Atlantic Value Added (AVA)

and

Santa Palomba

;

- units in six venture capital funds.

Alternative asset management

100% control of IDeA Capital Funds SGR

, which manages

private equity funds (funds of funds, co-investment funds

and theme funds) with about EUR 1.9 billion in assets under

management and nine managed funds;

controlling interest in IDeA FIMIT SGR (64.3%)

, Italy's

largest independent real estate asset management company,

with about EUR 8.7 billion in assets under management and 41

managed funds (including five listed funds);

controlling interest in SPC (71.5%)

, a company that

specialises in secured and unsecured debt recovery, with a

focus on the banking, leasing, consumer and commercial

sectors in Italy, with assets under management of around EUR

0.7 billion;

strategic shareholding in IRE/IRE Advisory (45.0%)

which operate in project, property and facility management, as

well as in real estate brokerage.