Disclaimer: This document is a free translation and an extract of the original French Financial Annual Report 2012 and of the French consolidated financial statements

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(1)WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. Disclaimer: This document is a free translation and an extract of the original French Financial Annual Report 2012 and of the French consolidated financial statements. Only the French version is legally binding. A copy of the whole Annual Report 2012 (in French) or of the consolidated financial statements (in French) may be obtained inter alia either on the ADLPartner’s website (www.adlpartner.com), or on demand calling +33(0)1 41 58 72 03, or by email relations.investisseurs@adlpartner.fr..

(2) MESSAGE FROM THE CHAIRMAN Dear Shareholders, ADLPartner is developing in line with its long-term strategy focused on generating value through its marketing know-how and its application for the various distribution channels. In 2012, faced with a difficult economic environment, marked by the volatility of commercial returns, ADLPartner optimized its prospecting campaigns across its various product lines, while preparing for the deployment of new activities. In this context, ADLPartner’s sales volume contracted 4.2% to €276 million, underpinned by the highly stable revenues from the active open-ended subscription portfolio, which is up to almost 3.2 million units. Alongside this, ADLPartner has significantly ramped up its investments in new media, with the launch of new online platforms, such as HubWin and Hellodeal. These innovative deployments have also been combined with external growth operations, including the acquisition of a stake in the innovative digital marketing agency Activis at the end of the year. While the year's results were affected by the new activities starting up and the investments made, operating income shows a good level of resilience, with an operating margin of 8.5% for 2012, versus 10.2% in 2011. Our financial structure is still very sound, 1 with €24.9 million in cash at 31 December 2012 and our net asset value (group share) up 2.5% to €113.2 million. In view of these elements, the Management Board has decided to submit a dividend of €1 per share for approval by shareholders at the General Meeting on 14 June 2013. Our sound financial position means that we will be able to continue moving forward with our value creation strategy with confidence. We are setting ourselves demanding objectives in order to make our business model more effective, consolidating our potential for growth and profitability over the medium and long term.. Jean-Marie Vigneron Chairman of the Management Board. media. This is enabling us to further strengthen the development of our longstanding activities, capitalizing on the effective fit between the various marketing approaches. It is also helping drive the diversification of our activities, with the deployment of new business models in synergy with ADLPartner’s know-how and assets.. I would like to thank all our partners and our shareholders for their confidence, trust and loyalty.. Jean-Marie Vigneron Chairman of the Management Board. 1. Calculated based on shareholders' equity and the updated value of the active open-ended subscription portfolio. ADLPartner | 2012 annual report. 1. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. With this in mind, we are rolling out a strategy to expand and add value to our know-how on new.

(3) 2012 KEY FIGURES (€’000,000). Gross sales volume 288.2. 284.2. 2010. Sales. 276.0. 2011. 120.2. 2012. 2010. Net income. Operating income 12.5. 122.2. 2011. 113.8. 10.8. 2012. 2010. Portfolio value 88.9. 8.0. 94.9. 2011. 2012. Net Asset Value. (Group share) 9.4. 9.7. 98.3. 102.0. (Group share) 113.2 110.5. 5.7. 2010. 2011. 2010. 2012. 2011. 2012. 2010. 2011. 2012. by product type Open-ended subscription Fixed-term subscription. 27.7. by geographic region. 3.9. 8.5. 44.3. France Spain. Books - MerchandiseAudio-Video. 200.1. Other. 267.5. GROSS SALES VOLUME AND NET SALES The gross sales volume represents the value of subscriptions and other products sold, while sales (which are determined on the basis of the relevant professional status for subscription sales) only include the amounts of revenue paid by magazine publishers. For subscription sales, sales thus actually correspond to a gross margin, since the cost of magazines sold is deducted from the amount of sales recorded. 2. 2012 annual report | ADLPartner. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. Gross sales volume breakdown.

(4) STRONG VALUE-ADDED MARKETING EXPERTISE AS A SPECIALIST IN RELATIONAL MARKETING, ADLPARTNER DESIGNS, MARKETS AND IMPLEMENTS CUSTOMER RECRUITMENT, MANAGEMENT AND LOYALTY SERVICES ON ITS OWN BEHALF OR FOR ITS MAJOR PARTNERS. For 40 years now, ADLPartner has been developing a wide range of marketing offers. On its own behalf or sporting the colors of its partners, the Group develops high value-added services across all offline and online channels (mail, inserts, direct sales, telemarketing, internet, social networks, etc.) Capitalizing on its wide range of offers, ADLPartner has established itself as the European number one for loyalty marketing with press subscriptions.. Coordinating and building loyalty among retail customers ADLPartner draws on its outstanding marketing engineering expertise to devise and develop innovative recruitment, management and loyalty-building operations.. ADLPartner's capabilities create added value by enabling partners to capitalize on their image, while gaining more indepth knowledge and a finer-grained qualification of their customers through the marketing and CRM data generated, compiled and analyzed by ADLPartner.. Recruiting magazine press subscribers ADLPartner builds its business around close ties with the leading publishers for press and cultural products. Thanks to its expertise in various promotional techniques, ADLPartner handles the recruitment of new subscribers for magazine press publishers and develops new solutions to support their distribution.. Wide range of offers The company's business can be broken down into three categories of offers:. Fixed-term subscriptions The Group's historical business, with fixed-term subscriptions distributed under the France Abonnements, France Abonnements Entreprises and OFUP brands, offers a wide range of magazines and newspapers at significantly discounted prices, for a fixed period, generally 12 months.. ADLPartner | 2012 annual report. 3. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. Its bespoke and integrated customer relations solutions contribute towards enhancing the offers of its commercial partners, which have extensive customer bases, while strengthening their communication through operations delivering high returns..

(5) Open-ended subscriptions Based primarily on partnerships, recruitments for open-ended subscriptions are supported by a framework for direct debits on set schedules, with each subscription tacitly renewed each month. ADLPartner draws on its outstanding direct marketing expertise, geared to all distribution channels, to manage and build loyalty among its partners' customer lists. This range makes it possible to benefit from major promotional offers for subscriptions, as well as opportunities to take part in exclusive prize draws. It is seeing positive trends, with the encouraging development of sales on new channels (telemarketing and online sales).. Books, merchandise, audio and video This is based on a distance selling service for cultural products (books, audio, video) and practical items focused on health, wellbeing and leisure.. Integrated expertise across the marketing value chain ADLPartner has expertise across the entire marketing value chain, from the creation of materials on all channels through to the management of customer contacts and orders. ADLPartner’s teams of experts oversee and manage full programs, from building loyalty to distance selling, e-commerce, subscriptions, customer recruitment and coordination, combining first-class industrial and technological capabilities with a demanding management model, rigorous cost management, a quality culture and a strong level of responsiveness, in order to ensure the total efficiency and effectiveness of marketing techniques. ADLPartner deploys its technologies across all offline and online channels (mail, inserts, direct sales, telemarketing, internet, etc.). While further strengthening the appeal of the offers, this multichannel presence contributes towards improving the Group's commercial performances and expanding the range of partnerships.. 4. 2012 annual report | ADLPartner. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. Trust-based relationship with well-known partner brands.

(6) GENERATING VALUE THROUGH KNOW-HOW ADLPARTNER IS IMPLEMENTING A STRATEGY TO EXPAND ITS KNOW-HOW IN ORDER TO EFFECTIVELY GENERATE VALUE THROUGH ITS MARKETING ENGINEERING CAPABILITIES. BACKED BY A STRONG BUSINESS MODEL, ABLE TO BE DEPLOYED ON A LARGE SCALE, ADLPARTNER'S AMBITION IS TO IMPROVE ITS POTENTIAL FOR GROWTH AND PROFITABILITY OVER THE LONG TERM. Direct marketing businesses are constantly changing. To rise to the new challenges faced and maintain its leading-edge capabilities, ADLPartner is constantly strengthening and enhancing its expertise in order to deliver relevant and effective solutions for businesses looking to optimize their customer relations, and in this way meet the challenges associated with conquering, retaining and building value through customer files.. Core-business growth ADLPartner harnesses its marketing know-how to offer strong value-added solutions, benefiting from the effective fit between its distribution channels.. The quality of the services offered is recognized for their commercial efficiency and effectiveness.. It is supporting the drive to further strengthen and develop partnerships. This commitment to quality is supported by work to make the offers even more appealing, while extending them to include new media. As part of its investments, ADLPartner is therefore maintaining a major focus on enhancing its sales techniques and adapting them to new technologies. With this in mind, ADLPartner is diversifying its services, by increasingly developing innovative services for its partners factoring in the growing use of internet media. Against a backdrop of changes on the press market, ADLPartner also aims to offer publishers more solutions to support their distributions.. Sound fundamentals Leading player for relational marketing Quality profile and customer bases •. Segmented “print” bases. •. Growing bases for “opt-in” profiles. Close ties with leading publishers •. Agreements with 120 press publishers, with over 350 titles listed. •. Relations established with major publishers for cultural products. Recurrent subscription portfolio Sound financial foundations. In addition to commercial actions based on mailings and inserts, ADLPartner has been working for several years to step up prospecting on new media, and is developing a new marketing mix, combined with new customer and prospect canvassing techniques. Working in this way to fine-tune its marketing techniques helps make it possible to achieve lasting optimizations for multichannel campaigns thanks to the effective management of extended and combined distribution channels. ADLPartner is developing its offers and services while looking into and testing out opportunities to capitalize on its expertise with new channels, new customers and new products. ADLPartner is promoting online sales on the various partners' ad hoc sites which are managed by the Group, as well as on its own platforms. This is reflected in the ramping up of new platforms, such as hellodeal.fr, a “game shopping” space specialized in competitions, prize ADLPartner | 2012 annual report. 5. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. Rolling out know-how on new media.

(7) draws and fun offers. ADLPartner’s creativity can also be seen in the development of new solutions for reading magazines on computers or tablets, such as Digikiosque. It is building a strong position for itself in the areas for bespoke editorial content creation and online community management on social networks, as with hubWinmamans.com, the mutual help network for mums living in the same areas. To further strengthen the foundations for its future development, ADLPartner is consolidating its email address recruitment methodologies and building up more in-depth qualification for its proprietary databases.. Development of digital marketing expertise Moving forward with its strategy to generate value through its know-how and support its online development, ADLPartner continued rolling out its external growth strategy in 2012, especially with the acquisition of a capital stake in Activis, an innovative digital marketing agency, specialized in the promotion and creation of strong value-added Internet solutions. ACTIVIS has been selected by OSEO Excellence as one of the 2,000 most promising companies in France. It will consolidate the development of ADLPartner's know-how on new media, particularly through technical expertise for designing online platforms and optimizing interactive marketing strategies. The combination of ACTIVIS with ADLPartner's marketing engineering capabilities will open up significant synergies that will contribute towards enhancing and diversifying the Group's offers. Helping drive further improvements in the marketing mix, their complementary features will contribute towards increasing the Group's long-term potential for growth. To further strengthen its dynamic growth, the Group remains open to new opportunities for development, both transversely and horizontally, with a view to acquiring and developing new offers on new channels, provided that they help deliver improvements in profitability. The quality of ADLPartner’s financial position makes this ambition possible.. 6. 2012 annual report | ADLPartner. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. Proprietary brands developing.

(8) STOCK MARKET AND SHAREHOLDING BREAKDOWN OF CAPITAL. CHANGE IN THE SHARE PRICE 16 15 14 13 12 11 10 9 8 7 6. closing price (€). 19.2%. 9.7%. Jan-11. Apr-11. Jul-11. Oct-11. Jan-12. Apr-12. Jul-12. Oct-12. Jan-13. 71.1% 40 000. volume. 30 000 20 000 10 000. Vigneron family Group. 0. Treasury stock. Listing market ISIN Number of shares Parent company net income Proposed payout After deducting treasury stock Payout rate Proposed dividend per share Yield Based on average share price for 2012 Share price: 2012 average share price 2012 high 2012 low End of period Market capitalization (at 31 Dec 2012). Euronext Paris (France) FR0000062978 – ALP 4,361,344 7,231 k€ 3,942 k€ 54.5% 1.00 € 7.9%. 12.68 € 14.49 € 10.50 € 12.05 € 52,554,195 €. Public. THEORETICAL BREAKDOWN OF VOTING RIGHTS. 12.1% 5.6%. 82.3%. Legal structure at 31 December 2012 (% of capital). ADLPartner | 2012 annual report. 7. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. SHAREHOLDER DASHBOARD.

(9) Consolidated balance sheet. 9. Consolidated statement of income. 11. Statement of consolidated net cash flows. 12. Change in consolidated shareholder’s equity. 13. Key performance indicators. 14. 8. 2012 annual report | ADLPartner. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. 2012 CONSOLIDATED FINANCIAL STATEMENTS.

(10) Consolidated financial statements. Consolidated balance sheet. CONSOLIDATED BALANCE SHEET ASSETS (€ thousands). 12/31/2012. 12/31/2011. NON-CURRENT ASSETS Goodwill. 35. 238. Intangible assets. 1,841. 1,982. Tangible assets. 4,418. 4,819. Investments in associates. 3,418. 30. 0. 37. 310. 291. 1. 0. 10,022. 7,397. 2,505. 2,458. 27,768. 27,583. 3,403. 4,545. Cash and cash equivalents. 24,116. 29,064. Total Current assets. 57,792. 63,650. Assets held for sale Other financial assets Deferred tax assets Total Non-current assets CURRENT ASSETS. Trade and other receivables Other current assets. Assets held for disposal TOTAL ASSETS. 808 68,622. 71,047. ADLPartner | 2012 annual report. 9. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. Inventory.

(11) Consolidated financial statements. Consolidated balance sheet. EQUITY AND LIABILITIES (€ thousands). 12/31/2012. 12/31/2011. Share capital. 6,785. 6,785. Consolidated reserves. 2,802. 1,452. Consolidated net income. 5,619. 7,727. 15,205. 15,965. 14,879. 15,549. 326. 416. 907. 840. 1,767. 0. 962. 682. 3,637. 1,522. 550. 303. Tax, personnel and fringe benefits. 10,143. 13,280. Trade and other payables. 38,503. 39,676. 5. 0. 373. 301. 49,575. 53,560. Shareholders' equity Of which: Group share Minority interests NON-CURRENT LIABILITIES Long-term provisions Financial debt Deferred taxes liabilities Total Non-current liabilities. Short-term provisions. Financial debt Other liabilities Total Current liabilities Liabilities held for disposal TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES. 10. 2012 annual report | ADLPartner. 206 68,622. 71,047. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. CURRENT LIABILITIES.

(12) Consolidated financial statements. Consolidated statement of income. CONSOLIDATED STATEMENT OF INCOME. 2012. 2011. Net sales (excluding VAT). 113,847. 122,241. Purchases. (20,964). (23,496). Personnel costs. (22,970). (23,013). External charges. (53,608). (56,352). Taxes and duties. (2,038). (1,649). Depreciation and amortization. (1,036). (784). Other operating income (expenses). (3,562). (4,487). 9,669. 12,461. Operating income Income from cash and cash equivalents. 616. 474. Gross cost of financial debt. (79). (80). Net financial income. 537. 395. Other financial income (expense). (39). (5). (4,145). (4,563). Income tax charge Share of Associates' net income NET INCOME BEFORE INCOME FROM DISCONTINUED OPERATIONS OR HELD FOR DISPOSAL Net income (loss) on discontinued operations or held for disposal. 5,992. 8,288. (374). (561). NET INCOME. 5,619. 7,727. Group share. 5,709. 7,992. Minority interests. (91). (265). Basic net income (Group share) per share (€). 1,42. 1,95. Diluted net income (Group share) per share (€). 1,38. 1,90. Statement of comprehensive income Net income. (30). 2012. 2011 5,619. 7,727. Income and expenses directly taken to equity: Translation adjustment relating to the conversion of foreign currency-denominated operations. (3). Comprehensive income. 5,619. 7,725. Group share. 5,709. 7,989. (91). (265). Minority interests. ADLPartner | 2012 annual report. 11. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. (€ thousands).

(13) Consolidated financial statements. Statement of consolidated net cash flows. STATEMENT OF CONSOLIDATED NET CASH FLOWS CONSOLIDATED NET INCOME (INCLUDING MINORITY INTERESTS) +/- Net depreciation, amortization and provisions (excluding items linked to current assets) -/+ Unrealized capital gains (losses) relating to fair value movements +/- Calculated (expenses) income linked to stock options and related items -/+ Other calculated (expenses) income -/+ Capital gains losses on disposal of assets -/+ Dilution gains (losses) +/- Share of Associates' net income - Dividends (unconsolidated securities) Cash flow after cost of net financial debt and tax - Net financial income +/- Income tax charge (including deferred taxes) Cash flow before net financial income and income tax (A) - Income tax paid (B) +/- Change in WCR linked to operations (including debt linked to employee benefits) (C) = NET CASH FLOW FROM OPERATIONS (D) = (A + B + C) - Funds paid for acquisition of tangible and intangible assets + Funds received from the sale of tangible and intangible assets - Funds paid for acquisition of long-term investments (unconsolidated securities) + Funds received from the sale of long-term investments (unconsolidated securities) +/- Impact of changes in group structure + Dividends received (equity accounted companies, unconsolidated securities) +/- Movements in loans and advances granted + Investments grants received +/- Other cash flows from (used in) investing operations = NET CASH FLOW FROM (USED IN) INVESTING ACTIVITIES (E) + Proceeds from share capital increases . Paid by parent company shareholders . Paid by minority interests in consolidated companies + Sums received upon exercise of stock options -/+ Purchase and sale of treasury shares - Dividends paid over the fiscal year . Dividends paid to parent company shareholders . Paid to minority interests in consolidated companies + Proceeds from new borrowings - Repayment of loans (including lease finance agreements) -/+ Net financial interest (including lease finance agreements) +/- Other cash flows used in financing operations = NET CASH FLOW FROM (USED IN) FINANCING ACTIVITIES (F) +/- Impact of fluctuations in currency exchange rates (G) = CHANGE IN NET CASH (D + E + F + G) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year. 12. 2012 annual report | ADLPartner. 2012. 2011. 5,619. 7,727. 1,988. 1,438. 71. 109. 2 30 7,710 (537) 4,145 11,318 (7,502). 9,274 (395) 4,563 13,442 (1,984). 856. (91). 4,672 (1,183). 11,367 (526) (37). (1,702). (122) (3,006). (4) (567). 193 (2,172). (662). (4,458). (4,971). (4) 618 (5,823). 475 (478) (5,636). (4,157) 29,063. 5,164 23,900. 24,907. 29,063. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. (€ thousands).

(14) Consolidated financial statements. Change in consolidated shareholders' equity. CHANGE IN CONSOLIDATED SHAREHOLDERS’ EQUITY. Group share. SHAREHOLDERS' EQUITY AS AT 12/31/10. Parent Share company capital surplus (1) 6,785. 4,358. Consolidate d reserves (2). (7,424). Net income for the year. TOTAL. Minority Total interest consolidated s entity. 9 378. 13,097. 1,159. 14,256. 7,992. 7,992. (265). 7,727. Net income for the year Translation adjustment relating to the conversion of foreign currencydenominated. (3). operations Comprehensive income for the year. (3). 7,992. 7,989. 261. (9,378). 0. 0. (4,971). (4,971). (675). (675). (675). 109. 109. 109. Net income allocation. 9,117. ADLPartner dividends. (4,971). Impact of treasury shares Impact of stock options Refund Capital Reserve Abo Service International SHAREHOLDERS' EQUITY AS AT 12/31/11. 6,785. 8,504. (7,732). Net income for the year Translation adjustment relating to the conversion of foreign currencydenominated. (3). (265). 7,724. 0. (478). (478). 7,992. 15,549. 416. 15,965. 5,709. 5,709. (90). 5,619. 0. operations Comprehensive income for the year Net income allocation. 8,245. ADLPartner dividends. (4,458). Impact of treasury shares Impact of stock options SHAREHOLDERS' EQUITY AS AT 12/31/12. (3). 6,785. 12,291. 0. 0. 5,709. 5,709. (253). (7,992). 0. 0. (4,458). (4,458). (1 991). (1 991). (1 991). 70. 70. 70. (9,906). 5,709. 14,879. (90). 5,619. 326. 15,205. (1) Additional Paid-in capital + legal reserve + other reserves + retained earnings in the financial statements of ADLPartner (2) Group reserves + translation adjustment. ADLPartner | 2012 annual report. 13. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. (€ thousands).

(15) Consolidated financial statements. Key performance indicators. KEY PERFORMANCE INDICATORS GROSS SALES VOLUME Gross sales volume represents the value of subscriptions and other products sold. Net sales are represented: . As regards subscription sales, by the amounts paid by magazine publishers, with sales being generated by the company in its capacity as a press agent. Sales thus actually correspond to a gross margin, since the cost of magazines sold is deducted from the amount of sales recorded,. . As regards other products sold, by sales revenue.. Gross sales volume is reported before any discount or cancellation. Therefore it represents the most stable and standard indicator of the Group's performances. Gross sales volume from continuing operations decreased by 4.2% to € 275,953 thousand in 2012 compared with € 288 151 thousand in 2011. Gross sales volume can be broken down as follows. By geographic region (€ thousands). 2012. 2011. ADLPartner France. 267,500. 280,497. ADLPartner Hispania. 8,454. 7,654. TOTAL. 275,953. 288,151. 14. (€ thousands). 2012. 2011. Open-ended subscriptions. 200,065. 200,130. Fixed-term subscriptions. 44,285. 48,085. Books-merchandises-audio-video. 27,728. 35,447. Others. 3,874. 4,489. TOTAL. 275,953. 288,151. 2012 annual report | ADLPartner. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. By product offering.

(16) Consolidated financial statements. Key performance indicators. NET ASSET VALUE The portfolio of open-ended subscriptions managed by the Company and its subsidiaries amounted to 3,284,901 units as of December 31, 2011. It totaled 3,184,116 subscriptions as of December 31, 2012. It should be noted that all Group companies hold the financial rights related to each open-ended subscription. The value of the portfolio of open-ended subscriptions, net of taxes (Group share), rose from € 94.9 million as of December 31, 2011, to € 98.3 million as of December 31, 2012. This increase in real asset value is not reflected in the consolidated financial statements. The value of the portfolio of open-ended subscriptions may be calculated by determining the current value of the future net revenues these subscriptions will generate throughout their useful life. These revenues may be determined in a precise manner by using the statistical information accumulated by the Company over several years concerning the behavior of such subscriptions in France and in its subsidiaries. The life curve of subscriptions recruited by a promotional campaign makes it possible to determine, at any time, the residual life expectancy of the subscriptions with great accuracy. The net contribution still to be received can be computed by applying to the number of remaining subscriptions the average revenues observed and the margin on direct costs (with discounts deducted). The present value of this contribution, calculated by applying a rate based on the money market rate, gives the value of this number of subscriptions. These portfolio values are then corrected for any underlying tax. The value of the portfolio of open-ended subscriptions, net of taxes (Group share), can be broken down as follows:. at 12/31/2012. at 12/31/2011. ADLPartner France. 94,294. 91,239. ADLPartner Hispania. 4,051. 3,679. Total. 98,345. 94,918. The value of the portfolio (Group share), plus consolidated shareholders’ equity (Group share), represented net asset value (Group share) that increased by 2.5% from € 110.5 million at December 31, 2011, to € 113.2 million at December 31, 2012.. ADLPartner | 2012 annual report. 15. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. (€ thousands). Value of ADL’S portfolio (exclusive of tax) (Group share).

(17) Consolidated financial statements. Key performance indicators Net asset value can be analyzed as follows: (€ thousands). 12/31/2012. 12/31/2011. Total. Group share. Minority Interests. Total. Group share. Minority Interests. Consolidated shareholders' equity. 15,205. 14,879. 326. 15,965. 15,549. 416. Value of ADL's portfolio (net of taxes). 98,345. 98,345. 0. 94,918. 94,918. 0. NET ASSET VALUE. 113,550. 113,224. 326. 110,883. 110,467. 416. 16. 2012 annual report | ADLPartner. WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. Net asset value (Group share) represents €28.7 per share (excluding treasury stock)..

(18) WorldReginfo - ebf09bd4-83e4-4896-9b99-57c29b9988d5. 3, rue Henri Rol-Tanguy 93100 Montreuil - France Tel: +33 (0)1 41 58 72 03 Fax: +33 (0)1 41 58 70 53 www.adlpartner.com.

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