EXOR : Board of Directors approves 2016 results April 05, 2017

Amsterdam, April 5, 2017

US $(*) million

€ million

(*) Beginning January 1, 2016 NAV and NAV per share performance are reported in US dollars.

(a) Basis of preparation indicated in attached statements.

The EXOR board of directors' meeting, chaired by John Elkann, met today in Amsterdam and approved the 2016 Annual Report which will be submitted for adoption to the shareholders' meeting set for the date of May 30, 2017.

At December 31, 2016 EXOR's NAV (Net Asset Value) was $14,642 million, an increase of

$1,287 million (+9.6%) over $13,355 million at December 31, 2015. The change in NAV per share compared to the MSCI World Index in Dollars is presented below.

115

110

105

+9.6%

+5.3%

100

95

90

85

80

75

EXOR'S NAV per share in US$ MSCI World Index in US$

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The EXOR Group closed the year 2016 with a consolidated profit of €588.6 million; the year 2015 ended with a consolidated profit of €744.5 million. The negative change of

€155.9 million can be ascribed to lower gains on the disposal of investments (€566.7 million in 2015, of which €521.3 million relates to the disposal of C&W Group), an increase in income taxes and other taxes and duties of €164.7 million, an increase in net financial expenses and non-recurring expenses of €65.6 million and of €42.4 million respectively, other net negative changes of €5.8 million - partially offset by the increase in the share of the profit (loss) of investments of €681 million- and an increase of dividends from investments (€ 8.3 million).

At December 31, 2016 the consolidated equity attributable to owners of the parent amounts to €10,981.8 million and represents a net increase of €635.6 million compared to

€10,346.2 million at year-end 2015. The increase derives from the consolidated profit (+€588.6 million), exchange differences on translating foreign operations (+€435 million), partially offset by other reserves (-€150.3 million), the share buyback by The Economist Group (-€100.2 million), the payment of dividends (-€82 million) and net negative changes (-€55.5 million).

The consolidated net financial position of the Holdings System at December 31, 2016 is a negative €3,424.3 million and reflects a negative change of €4,761.1 million compared to the positive balance of €1,336.8 million at year-end 2015. The negative change is primarily due to investments performed for a total amount of €5,519.4 million (of which €5,415.5 million related to the acquisition of PartnerRe), partially offset by sales and redemptions (+€ 794.8 million, of which €474.7 related to Almacantar Group).

In the company's financial statements EXOR closed the year 2016 with a profit of

€22 million. This result is not comparable with the 2015 result given that, in accordance with IFRS, the 2016 result refers - for the period starting January 1, 2016 until December 11, 2016 - to the sole company EXOR Holding N.V. (now EXOR N.V.) while for the remaining period until the end of the financial year refers to the company resulting from the merger between EXOR S.p.A. with and into EXOR Holding N.V.

In accordance with IFRS, EXOR S.p.A. profit for the period January 1,2016 until December, 11 2016 is recognized directly in shareholder's equity of EXOR Holding N.V.

The board of directors put forward a proposal to present to the Annual General Meeting of the shareholders the 2016 Annual Report for adoption, as well as to approve the payment of dividends per share of €0.35 for a total of €82.1 million to the 234,530,563 ordinary shares outstanding on the same date. In 2016 EXOR paid dividends per share of

€0.35 for a total of €82.0 million.

The proposed dividends will become payable on June 21, 2017 (ex-dividend date June 19) and will be paid to the shares of record as of June 20, 2017 (record date).

At present all the listed subsidiaries have published their accounting data relating to 2016. EXOR's 2016 Annual Report, which will be available at the head office of the company and on the website www.exor.com in the time frame established by law, includes comments on the performance of all the principal subsidiaries and associates.

The separation of the Ferrari business from the FCA Group was completed on January 3, 2016. At the closing of the transaction, EXOR holds directly 22.91% of issued capital and 32.75% of voting rights on issued capital.

Ferrari common shares are traded on the New York Stock Exchange (NYSE) and starting January 4, 2016 also traded on the Mercato Telematico Azionario managed by Borsa Italiana (MTA).

On February 10, 2016, EXOR acquired for an amount equal to €103.3 million a 14.01% stake in Welltec, a global leader in the field of robotics technology for the oil and gas industry, from 7-Industries Lux S.à.r.l. (a company indirectly controlled by Ruth Wertheimer, independent director of EXOR). Since this is a related party transaction prior approval was sought from the Related Parties Committee which expressed a favorable opinion on justified grounds. After the acquisition EXOR and the 7-Industries Lux group each hold 14.01% of Welltec issued capital.

On February 23, 2016 EXOR S.A. finalized the sale of its entire investment in Banijay (17.1% of capital) within the context of a merger with Zodiak Media, a De Agostini Group TV production company. EXOR received proceeds on the sale of €60.1 million and realized a net gain of €24.8 million.

The acquisition of PartnerRe was completed on March 18, 2016. The total payment made by EXOR at the closing was $6,108 million (€5,415 million) of which $6,065 million (€5,377 million) was paid to common shareholders and $43 million (€38 million) to preferred shareholders, as immediate economic value in lieu of the higher dividend rate. The treasury stock held by PartnerRe and the common shares held by EXOR S.p.A. and EXOR S.A. were cancelled without consideration, while those held by third parties received the consideration agreed in the merger agreement. As of the closing date EXOR indirectly became, through EXOR Nederland N.V. (previously EXOR N.V.), owner of 100% of the common shares of PartnerRe.

The common shares were delisted from the New York Stock Exchange (NYSE) as of the same date. The acquisition did not include the preferred shares issued by PartnerRe, which continue to be traded on the New York Stock Exchange.

On March 24, 2016 EXOR S.A. reached an agreement to sell its investment in Almacantar (approximately 36% of share capital) to Partner Reinsurance Company Ltd., a 100%- owned subsidiary of PartnerRe. The transaction was completed on April 8, 2016 with the receipt of £382.7 million in cash (€474.7 million). In April 2016 EXOR S.A. also sold a number of its financial investments to the PartnerRe Group, mainly third party funds, for approximately $195 million (€171 million).

The transactions were concluded at market prices and aimed at increasing the diversification of investments held by PartnerRe by introducing real estate as a new asset class, without changing the overall risk profile of its portfolio. EXOR used the entire proceeds from these transactions to reduce its debt.

On May 10, 2016 EXOR reopened the €250 million non-convertible bonds issued on December 22, 2015, increasing the amount by €200 million. The new bonds carry an annual fixed coupon of 2.875% and are due in December 2025, the same as the notes originally issued on December. The new bonds issued through a private placement to institutional investors yield 2.51% and are listed on the Luxembourg Stock Exchange.

On May 20, 2016 EXOR issued its first U.S. dollar non-convertible bonds for $170 million (issue price of 100% of the nominal value, €161.3 million at December 31, 2016) due May 20, 2026, for the purpose of refinancing its short-term debt. The new bonds were issued through a private placement to institutional investors and pay interest semi-annually at an annual rate of 4.398%. The notes, rated BBB+ by Standard & Poor's, are listed on the Luxembourg Stock Exchange.

With reference to the plan announced on March 2, 2016 by FCA for the creation of a major player in the publishing business and the desire to distribute its interests in the sector to its shareholders, EXOR on the same date communicated its intention to contribute actively and over the long-term to the development of the new publishing company that will result from the merger of ITEDI with Gruppo Editoriale l'Espresso. The objective of the transaction is to create the leading Italian daily and periodical news and media company that will also be one of the principal publishing groups in Europe.

On December 15, 2016 Fiat Chrysler Automobiles N.V. issued 238,846,375 common shares upon the mandatory conversion of its 7.875% mandatory convertible securities.

EXOR with its €886 million nominal value investment in of Mandatory Convertible Securities, received 73,606,222 FCA common shares. Consequently, at December 31, 2016 EXOR directly holds a 29.41% stake and a 42.60% of the voting rights issued by FCA.