At September 30, 2014 EXOR’s Net Asset Value (NAV) is €8,891 million and increased by €39 million (+0.4%) from €8,852 million at December 31, 2013.

The composition and change in NAV are the following:

€ millions 3/1/2009 (a) 12/31/2013 09/30/2014 Change compared to 12/31/2013
2,921   6,445 6,421 (24) -0.4%
Financial investments 274   663 625 (38) -5.7%
Cash and cash equivalents 1,121   2,572 2,612 40 +1.6%
Treasury stock 19   633 690 57 +9.0%
Gross Asset Value 4,335   10,313 10,348 35 +0.3%
Gross Debt (1,157)   (1,291) (1,287) 4 -0.3%
Ordinary holding costs over ten years (210)   (170) (170) - -
Net Asset Value (NAV) 2,968   8,852 8,891 39 +0.4%
(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 September 30, 2014 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 (most recent update at December 31, 2013) 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.

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 September 30, 2014 (€10,348 million).
“Other investments” include the investments in Almacantar, Juventus Football Club, Banca Leonardo, The Economist Group, Banijay Holding, 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 September 30, 2014 respectively of 1.2583 and 0.7773.



Change in NAV compared to the MSCI World Index in Euro



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