Investor Relations Policy

Goal

The goal of the IR department is to help the investment community understand the strategy, business model, competitive position and financials of DeA Capital. The IR department accomplishes this by a consistent and transparent communication to the investment community.

Policy Statement

DeA Capital is committed to fair, non-discriminatory disclosure of the Company information and seeks to provide current and potential shareholders with appropriate information necessary to make reasoned and informed decisions about investments in DeA Capital.

Communication of Results and non-periodical information

• Full year and Quarterly results
  DeA Capital releases Full year and Quarterly results soon after the accounts are reviewed by the Board of Directors at date to be announced publicly, the releases are distributed to the market and posted immediately on the Company website, following the regulation and procedures required by Borsa Italiana (the Milan Stock Exchange), the press releases are also sent to the Investors’ mailing lists.
• Information regarding the Portfolio
  Information regarding participations in DeA Capital’s portfolio is updated and regularly published in the quarterly reports. Considering that most participations are private companies and disclosure is not as complete as for public companies, the Company will do its best to give out as much information as possible, depending on availability

• Non-periodical information
  Non-periodical information mainly occurs in the event of acquisitions or disposals, information is promptly released at the signing of the contract. No information will be released prior to the signing, i.e. during the valuation stage of such operations, (unless regulations or the Market Regulator’s intervention should specifically require a public statement).
  All communication of results and non-periodical information is simultaneously published on the website both in Italian and English version.

Share price trend and Financial Calendar

• Share price trend
  The share price trend is published on the homepage of DeA Capital’s corporate website and there are stock details and charts in the Investor Relations section. All data is delayed by 20 minutes and the source is Borsa Italiana (Milan Stock Exchange)
• Financial Calendar
  A yearly Financial Calendar is released to the public and published on the corporate website by the end of January of each year. Dates regarding meetings of the Board of Directors to approve annual, semi-annual and quarterly results, General Meetings, roadshows and other relevant corporate events are included in the calendar.

Institutional Investors and Analysts

• Contact with investment community
  Meetings and telephone calls with Institutional Investors and Analysts are arranged through the Investor Relations Department. They can contact IR through instructions on the Company website:
  » Main Contacts
  An Analyst Kit has also been created on the website in order to give direct access to the most relevant information regarding both the Company and its portfolio.
• Communication Channels/Access to meetings with Management
  The Chairman, CEO or CFO along with the Investor Relations department will be the primary contacts who may communicate on behalf of the Company to analysts, securities market professionals, institutional investors, and major shareholders of the Company. Requests by analysts or professional investors for meetings with senior management will be met as schedules permit. As resources are limited and the primary responsibility of senior management is to manage the business, it should not be expected that every request for direct access to senior officials will be fulfilled. In such meetings, senior officials will be accompanied by a person from the Investor Relations department in order to avoid or detect the disclosure of inside information. The level of access will be managed by the Investor Relations department depending on the management schedules and prioritized mainly on the basis of objective criteria such as company knowledge, years of management’s experience, size of investment held.
  DeA Capital will not discriminate against, deny access, or threaten to deny access to any individual or firm based on that individual or firm’s opinion, recommendation, earnings estimate, valuation or conclusion about the company or its investment potential.

• Roadshows and Events
  Events mainly consist of Roadshows organized either by Borsa Italiana or by the Company itself with the support of a broker.

Retail Investors

Retail Investors can contact the Investor Relations department through e-mail, fax or letter following instructions on our website. Investors, who have access to internet, are strongly recommended to use e-mail, this procedure will allow them to receive a detailed reply. All specific requests will receive a reply as shortly as possible (normally within 3 days, depending on the department’s schedule).
Investors may subscribe to DeA Capital’s e-mail alert service to receive press releases, company presentations, quarterly, semi-annual and yearly reports. Investors may also require hard copies of presentations or reports through subscribing to the Company’s database through the website or requesting material over the phone.

Analyst Earnings Models and Analyst Briefing

DeA Capital, upon the analyst’s request, may review a report or earnings valuation model in order to check for factual accuracy and completeness of information that is within the public domain. The Company will not pressure an analyst to change his or her conclusions, recommendations or valuations. DeA Capital will post names and companies of analysts on the investor relations section of its website.

Earnings Guidance and Forward-looking Information

From time to time DeA Capital might provide earnings guidance on the Company and on its portfolio companies, as well as forward-looking information to enable the investment community to better assess the Company and its performance prospects. When disclosing such forward-looking statements in writing, DeA Capital commits to making use of explicit cautionary language, whereby shareholders or potential investors are warned that statements, although made on a fair and creditworthy basis, involve many assumptions and sources of risk and, therefore, actual results in future may differ materially from the projected situation.

Closed Period

DeA Capital expects to observe a “closed period” (aka Black out Period) at time of finalizing quarterly/annual results. The duration of this period is 30 days.

Market Rumours

As long as it is clear that DeA Capital itself is not the source of a market rumour, it may restrict its comments or avoid providing any comments whatsoever (unless regulations or the Market Regulator’s intervention should require a public statement

Information Storage

All disclosed material information is published on the company website. A multi-year record of all public disclosures of material information is also stored on the web (approximately: 6 years).
In preparing these policy statements, DeA Capital made reference to the existing regulations and to CFA Institute/NIRI “Best practice guidelines governing Analyst/Corporate Issuer Relations” (» Link)