1. BOARD OF DIRECTORS APPROVES FIGURES
FOR THE FIRST QUARTER 2010/2011
Highlights
• Revenues for the first quarter amounted to € 48.8 million, a decrease of €
16.1 million (equivalent to 24.8%) compared to € 64.9 million in the first
quarter of the previous financial year, due mainly to the lower revenues from
participation in European competitions (€ -7.5 million) as well as the coming
into force of the new regulations on the centralised sale of television rights
which has led, among other things, to the entering of television rights net of
the mutuality component due to visiting teams;
• Operating costs for the first quarter came to a total of € 57.3 million, an
increase of 18.4% compared to € 48.4 million in the first quarter of the
previous financial year, due mainly to the higher one-off departure incentives
paid to players leaving the club (€ +9.7 million);
• The Operating result for the first quarter was negative for € 17.6 million,
against the positive balance of € 7.7 million at 30 September 2009;
• The Net result at 30 September 2010 was negative for € 18.5 million,
against the positive balance of € 5.6 million in the same period of the
previous financial year;
* * *
• Shareholders’ Equity at 30 September 2010 amounted to € 71.7 million,
a decrease compared to € 90.3 million at 30 June 2010;
• the Net Financial Position at 30 September 2010 was negative for € 19.1
million, a decrease compared to the positive balance of € 6.4 million at 30
June 2010.
Turin, 11 November 2010 – The Board of Directors of Juventus Football Club S.p.A.
today approved the results for the first quarter of the 2010/2011 financial year (July-
September 2010).
The first quarter of the 2010/2011 financial year
For correct interpretation of the figures, it should be remembered that the result of the
first quarter of the 2010/2011 financial year was influenced, as usual, by the seasonal
nature of the business. In particular, note that the main revenue and cost items do not
show the same trend in time in the single quarters of the financial year and in the
corresponding periods of different financial years (for the sector’s specific technical
reasons, such as the calendar of sports events).
The Company’s trend in financial position also feels the impact of the seasonal nature of
the economic components; in addition, some revenue items have a different financial
pattern (receipts) with respect to the economic pertinence.

2. Furthermore, starting from the current financial year, following the coming into force of
the new regulations on the centralised sale of television rights, the media revenues for
the Championship, while continuing to be recorded amongst revenues, are lower than in
the past (with other conditions unchanged) in that the component for visiting teams is
not present and the rights are invoiced net of this component. In the same way the
mutuality component paid to visiting teams no longer appears in the item Other
expenses.
Revenues for first quarter of the 2010/2011 financial year amounted to € 48.8 million, a
decrease of € 16.1 million (equivalent to 24.8%) compared to € 64.9 million in first
quarter of the previous financial year, due mainly to the lower revenues from
participation in European competitions (€ -7.5 million) as well as the coming into force of
the new regulations on the centralised sale of television rights which has led, among
other things, to the entering of television rights net of the mutuality component due to
visiting teams, represented by:
€/000
1st Quarter
2010/2011
1st Quarter
2009/2010 Change
Ticket sales 2,625 5,166 (2,541)
revenues 19,341 31,439 (12,098)
Revenues from sponsorship and advertising 9,730 10,950 (1,220)
Revenues from players’ registration rights 13,806 13,538 268
Other revenues 3,297 3,813 (516)
Total 48,799 64,906 (16,107)
Operating costs in the first quarter of the 2010/2011 financial year came to a total of €
57.3 million, an increase of 18.4% compared to € 48.4 million in the corresponding
period of the previous financial year, due mainly to the higher one-off departure
incentives paid to players leaving the club (€ +9.7 million). These costs are made up of:
€/000
1st Quarter
2010/2011
1st Quarter
2009/2010 Change
Purchase of materials, supplies and other
consumables 758 607 151
External services 8,494 6,141 2,353
Players’ wages and technical staff costs 39,622 33,148 6,474
Other personnel 2,414 2,057 357
Expenses from players’ registration rights 5,173 2,131 3,042
Other expenses 868 4,357 (3,489)
Total 57,329 48,441 8,888
Amortisation and write-downs of players’ registration rights amounted to a total
of € 8.7 million, an increase compared to € 8.3 million in the first quarter of the
2009/2010 financial year, mainly due to the investments/disinvestments made in the
course of the first phase of the 2010/2011 Transfer Campaign.

3. Other amortisation/depreciation, write-downs and provisions amounted to € 0.4
million and refer mainly to the depreciation of the building and related tangible assets at
the Vinovo Training Centre and other tangible and intangible assets.
The Operating Result for the first quarter of the 2010/2011 financial year was negative
for € 17.6 million, against the positive balance of € 7.7 million in the same period of the
previous financial year.
The Net Result for the first quarter of the 2010/2011 financial year was negative for €
18.5 million, against the positive balance of € 5.6 million in the corresponding period of
the previous financial year.
Shareholders’ Equity and financial figures at 30 September 2010
Shareholders’ Equity at 30 September 2010 totalled € 71.7 million, a decrease
compared to € 90.3 million at 30 June 2010 due to the net result for the period (€ -18.5
million) and other variations (€ -0.1 million). The Debt/Equity ratio at 30 September
2010 was 0.27 (this ratio at 30 June 2010 was not significant as the Net Financial
Position was positive).
The Net Financial Position at 30 September 2010 was negative for € 19.1 million, a
decrease compared to the positive balance of € 6.4 million at 30 June 2010. The negative
balance for € 19.1 million is comprised of cash for € 19.1 million, current financial assets
for € 0.1 million and non-current financial assets for € 2 million, net of financial payables
for a total of € 39.5 million, relating to the financial lease operation to cover the
investment in the sports centre and the loan incurred with Istituto per il Credito Sportivo
to finance the new Stadium, and other financial liabilities for € 0.8 million.
As regards the effects of seasonality and early collection of the amounts set forth in the
contracts in force on the Net Financial Position, note that at 30 September 2010
contractual amounts had been collected upon future maturity for a total of € 71.5 million.
These items are entered in the items Other non current liabilities and Other current
liabilities, to which reference should be made for further details.
As regards the financial position, the table below, in the format suggested by CONSOB
(Recommendation DEM/2080535 of 9 December 2002), provides details:
€/000 30/09/2010 30/06/2010
NET FINANCIAL POSITION /(INDEBTEDNESS)
- positive/(negative) short-term portions 13,341 34,686
- positive/(negative) medium/long-term portions (32,474) (28,243)
TOTAL (19,133) 6,443
CHANGE IN CASH AND CASH EQUIVALENTS
- change in cash and banks (18,110) (4,809)
- change in short-term financial assets 89 (95)
DEBT/SHAREHOLDERS' EQUITY 0.27 n.a.*
* Considering that the Company had no debts at 30 June 2010, this index is not significant.
*.*.*

4. Significant events in the first quarter of the 2010/2011 financial year and after
30 September 2010
2010/2011 Transfer Campaign – first phase
In the 2010/2011 football season, the Transfer Campaign will be held, as usual, in two
phases: the first from 1 July to 31 August 2010, the second from 3 to 31 January 2011.
The operations completed entailed an increase in the capital invested of about € 23.9
million, following:
€/000
Acquisitions* 49,805
Disposals (net book value) (25,951)
Balance 23,854
* Including additional expenses for the acquisition of registration rights and the capitalisation of
development and preparation premiums and the amounts accrued and due to other clubs upon achieving
given sports results, for acquisitions made in the previous transfer campaigns
In the course of the first phase of the Transfer Campaign option rights were also
underwritten for the definitive acquisition of some football players (to be exercised by the
end of the 2010/2011 football season) which could, if exercised, entail an overall
investment of € 42.8 million in the 2011/2012 football season.
The economic impact of profits and losses from the transfer of players’ registration rights
was positive for € 12.5 million. The temporary acquisitions and disposals of players’
registration rights determine a negative net economic effect on an annual basis for € 8.1
million.
The overall financial effect, including the implicit financial expenses and revenues on
deferred receipts and payments, was negative for € 19.9 million of which:
• € -27.2 million settled through the Lega Nazionale Professionisti Serie A or directly
with amateur clubs;
• € +8.8 million settled directly with foreign football clubs;
• € -1.5 million (payment for consultancy services provided by FIFA sports agents)
settled directly with the counterparties.
The division over time of the overall financial effect is given below:
€/million Total 2010/2011 2011/2012 2012/2013
LNP and others (27.2) (15.3) (5.9) (6.0)
Foreign FC 8.8 16.7 (2.6) (5.3)
Agents (1.5) (0.9) (0.6) -
Total (19.9) 0.5 (9.1) (11.3)

5. Termination of players’ contracts
In August the contracts of Mauro German Camoranesi, David Trezeguet and Jonathan
Zebina due to expire on 30 June 2011 were terminated by mutual consent. These
operations entailed a positive effect in the 2010/2011 financial year for about € 5.3
million, in terms of lower wages, net of the incentives to leave.
2010/2011 Season Ticket Campaign
The Season Ticket Campaign for the 2010/2011 football season, held in two phases,
began on 7 July 2010 and finished on 4 September 2010. At the end of the campaign
15,005 season tickets had been sold for gross revenues of € 6 million and net income of
€ 5.2 million.
19,048 season tickets were sold during the Season ticket campaign for the 2009/2010
football season for gross revenues of € 8.2 million and net income of € 7.1 million.
The figures for receipts include additional services, not including advance sales fees.
Stadium
With reference to the financing of the new Stadium, on 4 August 2010 the Istituto per il
Credito Sportivo disbursed a second instalment of € 7.5 million on the first loan of € 50
million. The total sum thus disbursed so far is € 20 million.
At the same time, construction work on the new Stadium proceeded as planned in the
timeline. At 30 September 2010 the work already completed amounted to a value of € 39
million, equal to 50% of the total estimated cost of construction alone already contracted
out (the original contract plus subsequent additions for a total of € 78 million at 30
September 2010). These costs have been capitalised, together with other charges
relating to the project, under “Tangible assets in progress and advances”.
Concurrent with the construction works, presales of the "premium" seats of the new
Stadium continued, according to plan, at the Sales Center opened in November 2009 in
Galleria San Federico in Turin. As of 31 October 2010 about 1,400 “premium” seats had
been sold for the 2011/2012 football season, or about 45% of the total available for sale.
Given that a further 10% of the seats are reserved for Juventus sponsors and partners,
45% of seat are therefore still available for sale.
*.*.*
Business outlook
Economic trends in the 2010/2011 financial year were negatively influenced by the
failure to qualify for the UEFA Champions League, implying lower revenue from European
competitions and lower commercial revenue, as well as the effects stemming from the
regulations of the collective sale of television rights coming into force.
Accordingly, on the basis of the information currently available and in the absence of any
extraordinary events, the 2010/2011 financial year is expected to close with a significant
loss. Nonetheless, the Company is confident it has the resources to tackle the negative
trend of the current financial year.
*.*.*

6. Pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, I, Michele
Bergero, the manager responsible for preparing the Company’s financial reports, declare
that the accounting information contained in this press release corresponds to the
document results, books and accounting records.
PRESS OFFICE
Claudio ALBANESE
Tel. +39 011.6563448
claudio.albanese@juventus.com
INVESTOR RELATIONS
Marco RE
Tel. +39 011.6563456
investor.relations@juventus.com

7. STATEMENT OF FINANCIAL POSITION
€
ASSETS 30/09/2010 30/06/2010
NON-CURRENT ASSETS
Players' registration rights 108,218,495 93,024,823
Other intangible assets 14,290,359 14,349,642
Intangible assets in progress 1,036,876 5,436
Land and buildings 22,658,853 22,662,756
Other tangible assets 2,861,118 2,918,188
Tangible assets in progress 57,300,949 43,331,946
Other non current financial assets 2,000,000 2,195,391
Deferred tax assets 3,165,650 3,293,520
Receivables from specific sector companies related to transfer campaign 7,425,044 8,268,159
Other non-current assets 27,993,946 29,127,464
TOTAL NON-CURRENT ASSETS 246,951,290 219,177,325
CURRENT ASSETS
Trade receivables 16,922,937 10,678,867
Non financial receivables from related parties 667,679 205,498
Receivables from specific sector companies related to transfer campaign 19,846,276 21,101,833
Other current assets 15,434,869 2,874,940
Current financial assets 89,410 -
Cash and cash equivalents 19,144,197 37,253,757
TOTAL CURRENT ASSETS 72,105,368 72,114,895
TOTAL ASSETS 319,056,658 291,292,220
The Interim Management Statements at 30 September 2010 have not been audited.

8. STATEMENT OF FINANCIAL POSITION
€
EQUITY AND LIABILITIES 30/09/2010 30/06/2010
SHAREHOLDERS' EQUITY
Share Capital 20,155,333 20,155,333
Reserves 70,042,593 81,116,535
Income/(loss) for the period (18,546,949) (10,967,944)
SHAREHOLDERS' EQUITY 71,650,977 90,303,924
NON-CURRENT LIABILITIES
Provisions for risks and charges 1,580,000 1,580,000
Bonds and other financial liabilities 34,130,563 30,155,298
Non current financial liabilities 343,596 283,072
Payables due to specific sector companies related to transfer campaign 18,400,473 17,553,391
Deferred tax liabilities 3,777,985 4,187,927
Other non-current liabilities 36,513,203 41,283,764
TOTAL NON-CURRENT LIABILITIES 94,745,820 95,043,452
CURRENT LIABILITIES
Provisions for risks and charges 1,400,000 1,400,000
Bonds and other financial liabilities 5,366,681 2,138,645
Current financial liabilities 524,873 429,001
Trade payables 20,531,491 20,664,224
Non financial payables due to related parties 392,383 3,098,292
Payables due to specific sector companies related to transfer campaign 46,099,060 37,482,638
Other current liabilities 78,345,373 40,732,044
TOTAL CURRENT LIABILITIES 152,659,861 105,944,844
TOTAL EQUITY AND LIABILITIES 319,056,658 291,292,220
The Interim Management Statements at 30 September 2010 have not been audited.

9. INCOME STATEMENT
€
1st
Quarter
2010/2011
1st
Quarter
2009/2010
Ticket sales 2,624,975 5,166,060
Television and radio rights and media revenues 19,341,678 31,438,515
Revenues from sponsorship and advertising 9,730,114 10,950,221
Revenues from players' registration rights 13,805,743 13,538,234
Other revenues 3,296,750 3,813,211
TOTAL REVENUES 48,799,260 64,906,241
Purchase of materials, supplies and other consumables (758,040) (607,450)
External services (8,493,943) (6,140,584)
Players' wages and technical staff costs (39,622,200) (33,148,517)
Other personnel (2,413,900) (2,056,754)
Expenses from players' registration rights (5,173,394) (2,130,670)
Other costs (867,449) (4,357,132)
TOTAL OPERATING COSTS (57,328,926) (48,441,107)
Amortisation and write-downs of players' registration rights (8,660,850) (8,330,841)
Other amortisation, write-downs and provisions (447,422) (437,027)
OPERATING INCOME (17,637,938) 7,697,266
Financial income 419,194 895,451
Financial expenses (850,228) (942,154)
INCOME/(LOSS) BEFORE TAXES (18,068,972) 7,650,563
Current taxes (800,000) (1,500,000)
Deferred taxes 322,023 (508,528)
NET INCOME/(LOSS) (18,546,949) 5,642,035
Earnings per share (basic) (0.09) 0.03
Earnings per share (diluted) (0.09) 0.03
1st Quarter
2010/2011
1st Quarter
2009/2010
STATEMENT OF COMPREHENSIVE INCOME
Net income for the period (A) (18,546,949) 5,642,035
Other income/(loss) recorded in cash flow hedge reserve (66,049) -
Fiscal effect related to other income/(loss) - -
Total other income/(loss), net of fiscal effect (B) (66,049) -
COMPREHENSIVE NET INCOME (A+B) (18,612,998) 5,642,035
The Interim Management Statements at 30 September 2010 have not been audited.