Disclaimer: This document is a free translation and an extract of the original French Financial Annual Report 2011 and of the French consolidated financial statements

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(1)WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. 2011 annual report. Disclaimer: This document is a free translation and an extract of the original French Financial Annual Report 2011 and of the French consolidated financial statements. Only the French version is legally binding. A copy of the whole Annual Report 2011 (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, Our results for 2011 confirm the strength of our development. With its operational performances progressing, ADLPartner has highlighted the qualities of its business model, built around generating value through its know-how and developing synergies between its various marketing approaches. In a difficult environment, the Group has sought to develop opportunities enabling it to enhance its expertise and roll out new capabilities on the internet. These developments are positive, helping drive growth in both business and profitability. The active open-ended subscription portfolio is up 2.5% to 3.3 million units, while the consolidated business volume climbed from €284.2 million in 2010 to €288.2 million, with €122.2 million in consolidated net sales, versus €120.2 million one year earlier. Operating income shows an increase of 15.5%, representing 10.2% of net sales, compared with 9.0% one year earlier. As expected, the overall figure for consolidated income reflects a higher tax expense, with the consolidated net profit (Group share) coming in at €8.0 million, compared with €9.4 million in 2010. Our balance sheet is strong, with €29.1 million in cash, some €5.2 million higher than 2010. The quality of our financial position is also reflected in our good level of net asset value, calculated based on shareholders' equity and the updated value of the active open-ended portfolio, up 8.3% to €110.5 million (Group share).. The Group aims to step up the pace of growth in its business. To achieve this, ADLPartner is ramping up its investments, capitalizing on its marketing know-how and its application on the various distribution channels. At the end of 2011, this dynamic Jean-Marie Vigneron development continued with the acquisition of a stake in Splurgy, a Californian startChairman of the Management up specialized in marketing on social media, followed at the start of 2012 by the Board acquisition of marcelgreen.com, the leading website for green consumers. These operations are paving the way for the business to become even more diversified, while helping accelerate the development of new marketing techniques for online channels. Our ambition is to increase the Group's long-term potential for growth by enabling the systematic deployment of know-how, creating new opportunities. We are continuing to focus on development by setting ourselves demanding long-term objectives in order to make our business model even more effective. 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. ADLPartner | 2011 annual financial report. 1. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. In view of these performances, the Management Board has decided to propose a dividend of €1.10 per share for approval by shareholders at the General Meeting on 15 June 2012..

(3) 2011 KEY FIGURES (€’000,000). Gross sales volume 288.2. 284.2. 278.8. 2009. Sales. 2010. 2011. 119.8. 120.2. 122.2. 2009. 2010. 2011. Net income. 12,5. Portfolio value. (Group share). 9.4. Operating income. 83.0. 8.0. 88.9. 10,8. 10,8. 2009. 2010. 2011. Net Asset Value (Group share). 94.9 101.9. 102.0. 2009. 2010. 110.5. 4.4. 2009. 2010. 2009. 2011. 2010. 2011. 2011. by product type Open-ended subscription Fixed-term subscription Books - MerchandiseAudio-Video Others. 35.4. by geographic region. 4.5. 7.7 France. 48.1. Spain. 200.1 280.5. 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. 2011 annual financial report | ADLPartner. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. Gross sales volume breakdown.

(4) STRONG VALUE-ADDED MARKETING EXPERTISE 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 around two key areas of expertise: experience of the magazine press world and expertise in marketing techniques for communication and promotion. On its own behalf or sporting the colors of its partners, the Group has built up specific know-how with a wide range of applications. Capitalizing on its wide range of offers, designed for managing, reactivating or ensuring the loyalty of its customers, ADLPartner has established itself as the European number one for loyalty marketing with press subscriptions.. . 40 years of experience. . 245 staff. . Over 130 million contacts initiated each year. . 2.9 million orders in 2011. . 3.3 million active subscriptions in 2011. Coordinating and building loyalty among retail customers With extensive customer bases, ADLPartner's commercial partners are harnessing the Group's expertise to develop and implement innovative management and loyalty-building operations.. 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 brand, offers a wide range of magazines and newspapers at significantly discounted prices, for a fixed period, generally 12 months.. ADLPartner | 2011 annual financial report. 3. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. The bespoke and integrated customer relations solutions developed by ADLPartner make it possible to enhance the company's offer and strengthen its communication through operations delivering high returns. They create added value by enabling partners to capitalize on their image, while gaining more in-depth knowledge and a finer-grained qualification of their customers through the marketing and CRM data generated, compiled and analyzed by ADLPartner..

(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 consists in 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 stands out through its integrated expertise across the 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. 2011 annual financial report | ADLPartner. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. Trust-based relationship with well-known brands and customers.

(6) GENERATING VALUE THROUGH KNOW-HOW ADLPARTNER IS ROLLING OUT A STRATEGY TO EXPAND AND GENERATE VALUE THROUGH ITS MARKETING KNOW-HOW IN ORDER TO EFFECTIVELY CAPITALIZE ON ITS MARKETING ENGINEERING CAPABILITIES AND ASSETS. BACKED BY ITS STRONG BUSINESS MODEL, ADLPARTNER'S AMBITION IS TO IMPROVE ITS POTENTIAL FOR GROWTH AND PROFITABILITY OVER THE MEDIUM AND LONG TERM. Direct marketing businesses are constantly changing. To rise to the new challenges faced and maintain its leading-edge capabilities, ADLPartner is constantly enhancing and developing the value of 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.. Further strengthening the core business ADLPartner’s primary objective is to improve its profile for profitability on a lasting basis. This commitment is based on an established business model, focused on optimizing the portfolio through strengthening partnerships.. Unique assets. The Group's strategy is founded on enhancing the appeal of its offers and the commitment to ramping up its activities through their deployment across a wider range of distribution channels. It is being accompanied by the recruitment of opt-in profiles and greater use of its own bases.. Quality profile and customer bases. Against a backdrop of changes on the press market, ADLPartner aims in particular to offer publishers more solutions to support their distributions, with developments launched to adapt its sales techniques in line with new technologies.. relational marketing. •. Segmented "print" bases. •. Strong growth in 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. Highly recurrent subscription portfolio. Rolling out know-how on new media 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. To further strengthen the foundations for its future development, the Group is consolidating its email address ADLPartner | 2011 annual financial report. 5. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. The Group is continuing to move forward with its major R&D programs, focused in particular on marketing innovations, 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.. Major scale and pivotal player for.

(7) recruitment methodologies and building up more in-depth qualification for its proprietary databases. Alongside this, ADLPartner is encouraging the deployment of online sales on the various partners' ad hoc sites which are managed by the Group, as well as on its own sites.. Developing digital marketing expertise to support and accelerate its online development Moving forward with its strategy to generate value through its know-how and support its online development, ADLPartner has sealed business combinations with two companies from the new digital marketing generation: i/ at the end of 2011, acquiring a minority interest in the Californian start-up Splurgy, based in Francisco and specialized in marketing on social media, ii/ at the beginning of 2012, acquiring Les Choses Vertes, the company which publishes the www.marcelgreen.com website, a leading online magazine for green consumers that takes a fresh look at sustainable consumption, with a concept store focused exclusively on ecodesign. These business combinations, further enhancing ADLPartner's expertise, are expected to pave the way for additional opportunities to be created on new media. They will enable the business to become even more diversified, while helping accelerate the development of new marketing techniques for online channels. These operations will also open up new areas for bespoke editorial content creation and the management of online communities and social networks. Helping drive further improvements in the marketing mix, they will contribute towards increasing the Group's long-term potential for growth by enabling the systematic deployment of know-how and creating new opportunities. 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. 2011 annual financial report | ADLPartner. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. Own brands.

(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 (€). 22.5%. 6.4%. Jan-11. Mar-11. May-11. Jul-11. Sep-11. Nov-11. Jan-12. Mar-12. 71.1% 40 000. volume. 30 000 20 000 10 000. Vigneron family Group 0. Treasury stock. SHAREHOLDER DASHBOARD: 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 2011 Share price: 2011 average share price 2011 high 2011 low End of period Market capitalization (at 31 Dec 2011). Public. Euronext Paris (France) FR0000062978 – ALP 4,361,344 €8,245,000 €4,494,000. THEORETICAL BREAKDOWN OF VOTING RIGHTS. 54.5% 1.10 € 8.7%. 19.3% 5.2%. €12,62 €15,80 €8,20 €11,80 €51,463,859. Vigneron family Group + Sogespa. at 31 December 2011 (% of capital). Public. 71.1%. 22.5 % (of which Quaeroq = 5.2%). ADLPartner (Treasury stock = 6.4%) 52,2 % ABO Service International. 100 % SCI de la Rue de Chartres. 100 % LeGrand Grand Le Tirage Tirage. 100 % ADLPartner Marketing. 100 % Suscripciones España. 34 % ADL Servicos de Fidelização. 100 % ADLPartner Hispania. ADLPartner | 2011 annual financial report. 7. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. Legal structure. 75.5%.

(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. 2011 annual financial report | ADLPartner. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. 2011 CONSOLIDATED FINANCIAL STATEMENTS.

(10) Consolidated financial statements. Consolidated balance sheet. CONSOLIDATED BALANCE SHEET ASSETS (€ thousands). 12/31/2011. 12/31/2010. 238. 266. Intangible assets. 1,982. 1,971. Tangible assets. 4,819. 5,214. Investments in associates. 30. 32. Assets held for sale. 37. 0. 291. 287. 0. 1. 7,397. 7,771. 2,458. 2,598. 27,583. 29,243. 4,545. 4,470. Cash and cash equivalents. 29,064. 23,901. Total Current assets. 63,650. 60,212. 71,047. 67,983. NON-CURRENT ASSETS Goodwill. Other financial assets Deferred tax assets Total Non-current assets CURRENT ASSETS Inventory Trade and other receivables Other current assets. TOTAL ASSETS. ADLPartner | 2011 annual financial report. 9. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. Assets held for disposal.

(11) Consolidated financial statements. Consolidated balance sheet. EQUITY AND LIABILITIES (€ thousands). 12/31/2011. 12/31/2010. Share capital. 6,785. 6,785. Consolidated reserves. 1,452. (2,084). Consolidated net income. 7,727. 9,555. 15,965. 14,256. 15,549. 13,097. 416. 1,159. 840. 680. 0. 0. 682. 624. 1,522. 1,304. 303. 175. Tax, personnel and fringe benefits. 13,280. 10,026. Trade and other payables. 39,676. 40,946. 0. 1. 301. 1,275. 53,560. 52,423. 71,047. 67,983. 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. 2011 annual financial report | ADLPartner. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. CURRENT LIABILITIES.

(12) Consolidated financial statements. Consolidated statement of income. CONSOLIDATED STATEMENT OF INCOME. 2011. 2010. Net sales (excluding VAT). 122,241. 120,168. Purchases. (23,496). (23,986). Personnel costs. (23,013). (22,034). External charges. (56,352). (56,613). Taxes and duties. (1,649). (1,480). Depreciation and amortization. (784). (923). Other operating income (expenses). (4,487). (4,341). Operating income. 12,461. 10,792. Income from cash and cash equivalents. 474. 193. Gross cost of financial debt. (80). (65). Net financial income. 395. 128. Other financial income (expense) Income tax charge. (5). (99). (4,563). (1,398). 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. 37 8,288. 9,460. (561). 95. NET INCOME. 7,727. 9,555. Group share. 7,992. 9,378. Minority interests. (265). 177. Basic net income (Group share) per share (€). 1,95. 2,22. Diluted net income (Group share) per share (€). 1,90. 2,21. Statement of comprehensive income. 2011. 2010. Net income. 7,727. 9,555. Income and expenses directly taken to equity: Translation adjustment relating to the conversion of foreign currency-denominated operations Comprehensive income. (3). 1. 7,725. 9,556. Group share. 7,989. 9,379. Minority interests. (265). 177. ADLPartner | 2011 annual financial report. 11. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. (€ thousands).

(13) Consolidated financial statements. Statement of consolidated net cash flows. STATEMENT OF CONSOLIDATED NET CASH FLOWS (€ thousands). 2011. 2010. 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). 7,727. 9,555. 1,438. 961. 109. 161 20 (37). 9,274 (395) 4,563 13,442 (1,984). 10,660 (128) 1,398 11,930 1,578. (91). 2,102. 11,367 (526). 15,610 (923). (37). (4) (567). 31 (893). (662). (254). (4,971). (15,052). (1,520) 173. 475 (478) (5,636). (16,653). 5,164. (1,936). Cash and cash equivalents at the beginning of the year. 23,900. 25,836. Cash and cash equivalents at the end of the year. 29,063. 23,900. 12. 2011 annual financial report | ADLPartner. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. (0).

(14) Consolidated financial statements. Change in consolidated shareholders' equity. CHANGE IN CONSOLIDATED SHAREHOLDERS’ EQUITY. Group share (€ thousands) Share capital SHAREHOLDERS' EQUITY AS AT 12/31/09. 7,001. Parent company surplus (1) 18,481. Consolidated Net income reserves (2) for the year. (10,938). Net income for the year. TOTAL. Minority interests. Total consolidated entity. 4 358. 18,902. 982. 19,884. 9,378. 9,378. 177. 9,555. Translation adjustment relating to the conversion of foreign currencydenominated. 0. 0. operations Comprehensive income for the year Net income allocation ADLPartner dividends Capital reduction by cancellation of treasury shares. 2,164. 9,378. 9,378. 2,194. (4,358). 0. 0. (15,052). (15,052). 1,451. 0. 0. (286). (286). (286). 161. 161. 161. (6). (6). (6). (15,052) (216). (1,235). Impact of treasury shares Impact of stock options Other SHAREHOLDERS' EQUITY AS AT 12/31/10. 0. 6,785. 4,358. (7,424). Net income for the year Translation adjustment relating to the conversion of foreign currencydenominated. 177. 9,555. 9,378. 13,097. 1,159. 14,256. 7,992. 7,992. (265). 7,727. (3). (3). (3). operations 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. (3). 7,992. 7,989. 261. (9,378). 0. 0. (4,971). (4,971). (675). (675). (675). 109. 109. 109. (7,732). 7,992. (265). 7,724. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. Comprehensive income for the year. 0. (478). (478). 15,549. 416. 15,965. (1) Additional Paid-in capital + legal reserve + other reserves + retained earnings (2) Group reserves + translation adjustment. ADLPartner | 2011 annual financial report. 13.

(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 increased by 1.4% to € 288 151 thousand in 2011, compared with € 284 172 thousand in 2010. Gross sales volume can be broken down as follows. By geographic region (€ thousands). 2011. 2010. ADLPartner France. 280,497. 277,204. ADLPartner Hispania. 7,654. 6,968. TOTAL. 288,151. 284,172. (€ thousands). 2011. 2010. Open-ended subscriptions. 200,130. 190,081. Fixed-term subscriptions. 48,085. 54,639. Books-merchandises-audio-video. 35,447. 35,827. Others. 4,489. 3,625. TOTAL. 288,151. 284,172. 14. 2011 annual financial report | ADLPartner. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. 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 3,203,722 units as of December 31, 2010. It totaled 3,284,901 subscriptions as of December 31, 2011. 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 € 88.9 million as of December 31, 2010, to € 94.9 million as of December 31, 2011. 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 behaviour 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: Value of ADL’S portfolio (exclusive of tax) (Group share) at 12/31/2011. At 12/31/2010. ADLPartner France. 91,239. 85,200. ADLPartner Hispania. 3,679. 3,669. Total. 94,918. 88,869. The value of the portfolio (Group share), plus consolidated shareholders' equity (Group share), represented net asset value (Group share) that increased by 8.3% from € 102.0 million at December 31, 2010, to € 110.5 million at December 31, 2011.. ADLPartner | 2011 annual financial report. 15. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. (€ thousands).

(17) Consolidated financial statements. Key performance indicators Net asset value can be analyzed as follows: (€ thousands). 12/31/2011. 12/31/2010. Total. Group share. Minority Interests. Total. Group share. Minority interests. Consolidated shareholders' equity. 15,965. 15,549. 416. 14,256. 13,097. 1,159. Value of ADL's portfolio (net of taxes). 94,918. 94,918. 0. 88,869. 88,869. 0. NET ASSET VALUE. 110,883. 110,467. 416. 103,125. 101,966. 1,159. 16. 2011 annual financial report | ADLPartner. WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. Net asset value (Group share) represents €27.1 per share (excluding treasury stock)..

(18) WorldReginfo - 24eae091-1c54-4f1e-8646-14b00ecf554c. 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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