Lettera Y2016 HP eng

Letter to shareholders

Dear Shareholders,

The German artist Hans Hoffmann once said “The ability to simplify means to eliminate the unnecessary so the necessary may speak.” At EXOR we have spent 2016 following his advice – although getting there has not been simple.

We ended the year with a single company – EXOR NV – sitting between our investments and you, our shareholders, rather than the ten that existed when we first started this process a decade ago.