Amsterdam, 4 September 2019

EXOR's Board of Directors approves H1 2019 consolidated results

US$ million

30/06/2019

31/12/2018

Change

NAV

EXOR's Net Asset Value

23,882

19,740

+4,142

€ million

EXOR GROUP - Consolidated data prepared in shortened

H1 2019

H1 2018

Change

form(a)

Profit attributable to owners of the parent EXOR

2,427

741

+1,686

30/06/2019

31/12/2018

Change

Equity attributable to owners of the parent EXOR

14,387

12,210

+2,177

Consolidated net financial position of the "Holdings

(2,521)

(3,255)

+734

System"

(a) Basis of preparation indicated in the attached statements.

The EXOR Board of Directors' meeting, chaired today by John Elkann, approved the consolidated results for the first half of 2019.

NAV At 30 June 2019 EXOR's NAV (Net Asset

Value) was

$23,882 million,

compared to

$19,740 million at 31 December 2018. NAV

per share

was $101.06 at

30 June 2019,

compared to $82.33 at 31 December 2018, an increase of $18.73/share (+22.8%). The

change in NAV per share compared to the MSCI World Index in US$ is presented below:

130

125

+22.8%

120

115

+15.6%

110

105

100

95

90

EXOR N.V.

EXOR'S NAV per share in US$

MSCI World Index in US$

Gustav Mahlerplein 25,

1082 MS Amsterdam,

Media

Investor Relations

The Netherlands

Tel. +31 (0)20 240 2 221

Tel. +31 (0)20 240 2 222

www.exor.com

media@exor.com

ir@exor.com

Summary of Results

Share

Buyback

Program

EXOR closed the first half of 2019 with a consolidated profit of €2,427 million; the first half of 2018 ended with a consolidated profit of €741 million. The increase of €1,686 million is mainly attributable to the improvements of the overall performances of the subsidiaries for €1,646 million and includes EXOR's share of the net gain realized on the disposal of Magneti Marelli for €1,092 million (total €3.8 billion).

At 30 June 2019 the consolidated equity attributable to owners of the parent amounts to €14,387 million with a net increase of €2,177 million, compared to €12,210 million at 31 December 2018. The increase is mainly attributable to the consolidated net profit of €2,427 million, partially offset by the buyback of EXOR shares (€196 million) and payment of dividends (€100 million).

The consolidated net financial position of the Holdings System at 30 June 2019 is a negative €2,521 million and reflects a positive change of €734 million compared to the negative financial position of €3,255 million at 31 December 2018. The positive change is mainly due to dividends received from the subsidiaries of €1,059 million, partially offset by the buyback of EXOR shares (€196 million) and payment of dividends (€100 million).

Under the share buyback program launched on 14 November 2018, in the first half of 2019 EXOR purchased on the Italian Stock Exchange 3,460,886 ordinary shares for a total invested amount of €196 million. As at 30 June 2019 EXOR held in total 9,234,279 ordinary shares in treasury (3.83% of total issued share capital).

As of 4 September 2019, EXOR has purchased 4,878,332 ordinary shares, considering those executed since the program was launched, for a total invested amount of €269 million and holds in total 9,420,215 ordinary shares in treasury (3.91% of total issued share capital).

Recent events

On 3 September 2019 EXOR announced its strong support to the new CNH "Transform 2 Win" plan establishing clearly defined and strongly positive profitable growth objectives and including the spin-off by early 2021 of CNH Industrial's 'On-Highway' assets (commercial vehicles and powertrain segments), to be listed alongside the Group's 'Off-Highway' assets (agriculture, construction and specialty segments), resulting in two distinct world leading businesses, each focused on creating value in their respective areas of activity. EXOR will continue to be the shareholder of reference in both entities following completion of the spin-off process.

Outlook for 2019

EXOR N.V. does not prepare budgets or business plans, nor does it publish forecast data or data based on which it is possible to calculate forecast data.

Certain EXOR operating subsidiaries (FCA, Ferrari and CNH Industrial) publish forecast data on their performance. Other operating subsidiaries (PartnerRe and Juventus Football Club) publish information on the foreseeable outlook. Additional information is provided under "Review of Performance of the Operating Subsidiaries" in the Half-year Report on Operations.

The forecast data and information of the aforementioned operating companies are drawn up autonomously and communicated by the respective companies and are not homogeneous. Quantitative forecast disclosures prepared by these operating companies and the type of information provided, as well as the underlying assumptions and calculation methods, vary according to the accounting principles applicable to each subsidiary and the conventional

application practices in the respective sector of reference. EXOR N.V., in fact, is a holding company without a specific business of reference, head of a diversified and non-integrated group that operates in different segments and does not exercise direction and coordination activities over its subsidiaries, which operate in a completely independent manner.

EXOR's 2019 Half-year Financial Report will be available at the head office of the company and on the corporate website www.exor.comin the time frame established by law.

BREAKDOWN of NET ASSET VALUE (NAV)

in US$ million

Ownership

Valuation methodology

30/06/2019

31/12/2018

Change vs 31/12/2018

%

Amount

%

Investments

26,568

23,276

3,292

+14.1%

PartnerRe

100.00%

Fair value by independent

7,650

7,650

0

+0.0%

experts

Ferrari

22.91%

Official market price

7,192

4,404

2,788

+63.3%

Fiat Chrysler Automobiles

28.67%

Official market price

6,247

6,538

(291)

-4.5%

CNH Industrial

26.89%

Official market price

3,761

3,296

465

+14.1%

Juventus Football Club

63.77%

Official market price

1,070

797

273

+34.3%

Listed: official market prices

Other investments

(a)

Unlisted: last available fair

648

591

57

+9.6%

value

Other Assets

1,084

497

587

+118.1%

Cash and cash equivalents and

901

306

595

+194.4%

Financial assets

Treasury stock

(b)

183

191

(8)

-4.2%

Gross Asset Value

27,652

23,773

3,879

+16.3%

Gross Debt

(3,770)

(4,033)

263

-6.5%

Net Asset Value (NAV)

23,882

19,740

4,142

+21.0%

NAV per Share in US$

(c)

101.06

82.33

18.73

+22.8%

  1. Other investments at 30 June 2019 include the stake in The Economist Group ($395 million), Welltec ($105 million), Exor Seeds ($28 million), Perella Weinberg (previously NocoA - $21 million), GEDI ($10 million) and financial investments ($3 million) among others. Other investments at 31 December 2018 included the stake in The Economist Group ($400 million), Welltec ($106 million), Exor Seeds ($25 million), Perella Weinberg ($24 million), GEDI ($12 million) and financial investments ($4 million) among others. Financial investments previously classified under Other Assets have been reclassified under Other investments for presentation purposes. Exor Seeds refers only to the quota held directly by Exor S.A.
  2. Treasury stock includes shares held in treasury before the Share Buyback Program launched on 14 November 2018.
  3. Based on 236,307,604 shares at 30 June 2019 (netting out the 4,692,396 shares bought back in 2018 and in the first half of 2019 in the context of the Share Buyback Program launched on 14 November 2018). Based on 239,768,490 shares at 31 December 2018 (netting out the 1,231,510 shares bought back in 2018 in the context of the Share Buyback Program launched on 14 November 2018).

in € million

Ownership

Valuation methodology

30/06/2019

31/12/2018

Change vs 31/12/2018

%

Amount

%

Investments

23,345

20,326

3,019

+14.9%

PartnerRe

100.00%

Fair value by independent

6,722

6,681

41

+0.6%

experts

Ferrari

22.91%

Official market price

6,320

3,846

2,474

+64.3%

Fiat Chrysler Automobiles

28.67%

Official market price

5,489

5,710

(221)

-3.9%

CNH Industrial

26.89%

Official market price

3,305

2,878

427

+14.8%

Juventus Football Club

63.77%

Official market price

940

696

244

+35.1%

Other investments(a)

Listed: official market prices

Unlisted: last available fair

569

515

54

+10.5%

value

Other Assets

953

434

519

+119.6%

Cash and cash equivalents and

792

267

525

+196.6%

Financial assets

Treasury stock(b)

161

167

(6)

-3.6%

Gross Asset Value

24,298

20,760

3,538

+17.0%

Gross Debt

(3,313)

(3,522)

209

-5.9%

Net Asset Value (NAV)

20,985

17,238

3,747

+21.7%

NAV per Share in Euro(c)

88.80

71.89

16.91

+23.5%

  1. Other investments at 30 June 2019 include the stake in The Economist Group (€347 million), Welltec (€92 million), Exor Seeds (€25 million), Perella Weinberg (previously NocoA - €18 million), GEDI (€9 million) and financial investments (€3 million) among others. Other investments at 31 December 2018 included the stake in The Economist Group (€348 million), Welltec (€92 million), Exor Seeds (€22 million), Perella Weinberg (€21 million), GEDI (€10 million) and financial investments (€3 million) among others. Financial investments previously classified under Other Assets have been reclassified under Other investments for presentation purposes. Exor Seeds refers only to the quota held directly by Exor S.A.
  2. Treasury stock includes shares held in treasury before the Share Buyback Program launched on 14 November 2018.
  3. Based on 236,307,604 shares at 30 June 2019 (netting out the 4,692,396 shares bought back in 2018 and in the first half of 2019 in the context of the Share Buyback Program launched on 14 November 2018). Based on 239,768,490 shares at 31 December 2018 (netting out the 1,231,510 shares bought back in 2018 in the context

of the Share Buyback Program launched on 14 November 2018).

COMPOSITION of GROSS ASSET VALUE (GAV)

GROSS

ASSETAt 30 VALUEJune 2019BREAKDOWN

27.7%

26.0%

Treasury stock, 0.6%

Cash and cash equivalents

and Financial assets, 3.3%

Other investments

1

, 0.9%

22.6%

1.4%

3.9%

13.6%

1 - Excluding The Economist

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EXOR NV published this content on 04 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 September 2019 18:21:02 UTC