Letter to shareholders

Letter to shareholders

Elkann

Dear Shareholders,

EXOR’s Net Asset Value, or NAV, grew by 14.8% in 2014. This was against a backdrop of growth in global equity markets slowing, with the MSCI World index increasing 2.93% in US dollar terms and 17.2% in euro terms (our benchmark), driven by the rallying dollar. As a consequence of the steep depreciation of the euro vis-à-vis the dollar, we underperformed the MSCI World Index denominated in Euros by 2.4% in the course of the year.

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Commercial Register No.64236277 Legal notes | Credits