At June 30, 2016 EXOR’s Net Asset Value (NAV) is $11,501 million and a decrease of $1,854 million
(-13.9%) compared to $13,355 million at December 31, 2015.

Following the investment in PartnerRe, which was completed in March 2016, the total exposure of the assets held by EXOR denominated in U.S. dollars increased, thus starting from January 1, 2016 NAV and its performance are reported in U.S. dollars. The benchmark has also been changed and is now the MSCI Index in U.S. dollars. Finally, EXOR, from January 1, 2016, expresses its NAV performance per share in U.S. dollars, which is equal to $47.72 at June 30, 2016.

The composition and change in NAV are the following:

US$ millions 06/30/2016 12/ 31/2015 Change vs 12/31/2015
      Amount %
Investments 14,901 11,037 3,864 +35.0%
Financial investments 409 631 (222) -35.2%
Cash and cash
equivalents
170 4,393 (4,223) -96.1%
Treasury stock 194 231 (37) -16.0%
Gross Asset Value 15,674 16,292 (618) -3.8%
Gross Debt (4,173) (2,937) (1,236) +42.1%
Net Asset Value
(NAV)
11,501 13,355 (1,854) -13.9%

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The gross asset value at June 30, 2016 has been calculated by valuing listed investments and other equity shares at trading prices, other private equity investments at fair value determined annually by independent experts and other private investment holdings (funds and similar instruments) at the most recently available fair value. Bonds held to maturity are measured at amortized cost. Treasury stock used to service stock option plans is measured at the option exercise price, if below the share trading price, net of those awarded to recipients of the stock grant plan which are deducted from the total number of treasury shares.

NAV is presented with the aim of aiding financial analysts and investors in forming their own assessments.

The following pie chart shows the composition of gross asset value at June 30, 2016 ($15,674 million).

“Other investments” include the investments in Juventus Football Club, Welltec and Banca Leonardo, in addition to other minor investments.

Investments denominated in Euro and Pound sterling are translated to U.S. dollars at the official exchange rates at June 30, 2016.

NAV

 

(1) Including the mandatory convertible securities issued by FCA on December 15, 2014.

Change in NAV per share compared to the MSCI World Index in U.S. dollars

NAV per share compared to the MSCI World Index

Commercial Register No.64236277 Legal notes | Credits