2012 Annual Report

Letter to shareholders

Elkann

Dear Shareholders,

EXOR’s Net Asset Value, or NAV, grew by 20.6% in 2012 outperforming the MSCI World Index denominated in euros – the benchmark against which we measure our performance – by 9.2%.

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NAV
€ millions 12/31/2011 12/31/2012 Change
%
Investments 6,473 7,533 1,060 +16,4%
Financial Investments 108 462 354 +327,8%
Cash and Cash Equivalents 816 862 46 +5,6%
Treasury shares 275 321 46 +16,7%
Gross Asset Value 7,672 9,178 1,506 +19,6%
Gross Debt (1.142) (1.388) (246) +21,5%
Ordinary holding costs capitalized over 10 years (210) (170) 40 -19,0%
Net Asset Value 6,320 7,620 1,300 +20,6%
Commercial Register No.64236277 Legal notes | Credits