NAV

At December 31, 2013 EXOR’s Net Asset Value (NAV) is €8,852 million. This is a €1,232 million increase (+16%) over €7,620 million at December 31, 2012.

The composition and change in NAV are the following:

    Change vs  12/31/2012
€ million 03/01/2009(a) 12/31/2012 12/31/2013 Amount%
Investments  2,921 7,533 6,445 (1,088)-14%
Financial investments 274 462 663 201+44%
Cash and cash equivalents 1,121 862 2,572 1,710+198%
Treasury shares 19 321 633 312+97%
Gross Asset Value 4,335 9,178 10,313 1,135+12%
Gross Debt (1,157) (1,388) (1.291) 97-7%
Ordinary holding costs capitalized over 10 years (210) (170) (170) --
Net Asset Value (NAV) 2,968 7,620 8,852 1,232+16%
(a) Effective date of the merger of IFIL in IFI and the name change of the latter to EXOR.

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The gross asset value at December 31, 2013 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. EXOR treasury stock is measured at share trading prices, except ordinary shares used to service Stock Option Plans, which are measured at the option exercise price if lower than the share trading price and the shares granted to recipients of the stock grant component of the new Incentive Plan approved on May 29, 2012 by the shareholders’ meeting. The latter are deducted from the total number of treasury shares.

The decrease in “Investments” from December 31, 2012 is due to the sale of the investment in SGS which is compensated in part by the increase in Fiat market value. The sale led to an increase in “Cash and cash equivalents”.

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

The following pie chart shows the composition of gross asset value at December 31, 2013 (€10,313 million).

“Other investments” include the investments in Almacantar, Juventus Football Club, Gruppo Banca Leonardo, Banijay Holding, The Economist Group, in addition to minor sundry investments.

Investments denominated in U.S. dollars and Pounds sterling are translated to Euro at the official exchange rates at December 31, 2013 of 1.3791 and 0.8337, respectively.

Investments

Change in NAV compared to the MSCI World Index in Euro

Change in NAV compared to the MSCI World Index in Euro

Stock Market Data

Stock Market Data 1/1/2014
2/28/2014
1/1/2013
12/31/2013
Ordinary share price (Euro):

period-end 29.44 28.91
maximum 30.73 29.97
minimum 28.05 19.39
Preferred share price (Euro) (b):

period-end n.a. 24.57
maximum n.a. 24.96
minimum n.a. 16.92
Savings share price (Euro) (b):

period-end n.a. 24.59
maximum n.a. 25.07
minimum n.a. 17.11
Average daily share volume traded during period:

period-end 352,083 426,848
preferred (b) n.a. 70,779
savings (b) n.a. 24,720
Euro average daily value of exchanges during period (in Euro): (a)

period-end 10,451,509 10,557,255
preferred (b) n.a. 1,550,554
savings (b) n.a. 527,687
(a) Average daily value (daily trading price by daily volume) handled by Borsa Italiana during the period of reference. (b) Data available up to the last day of trading before conversion into ordinary shares (which took place on June 24, 2013).
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