CIR GROUP 1H RESULTS

1. 1
Marzo 2014
1H 2015 Results
July 2015

2. 2
Operating structure
Note: The percentages of control are updated as of 30 June and are calculated net of treasury shares
€644 m €1.35 Bio €392 m
All Media sectors from
dailies and periodicals
to radio, Internet, and
advertising
Global automotive
components supplier
(filters, engine air and
cooling systems and
suspensions)
Nursing homes,
rehabilitation and
hospital management
 Private equity
 Education
Revenues
2014
Businesses
Competitive
position
 Leader in circulation of
Italian dailies
 N.1 news magazine
 N.1 Italian information
website
 Third Italian radio network
Leader in its core
businesses (filters and
suspensions) in
Europe and South
America
--
Leader in Italian long
term care (nursing
homes and
rehabilitation)
Non-core investments
56.1% 57.6% 51.3%
Total € 2.4 Bio

3. 3
• Founded in 1976 by Carlo De Benedetti; controlled (45.8%) by COFIDE-Gruppo
De Benedetti
• Long term investment strategy, with focus on controlling stakes
• Balanced portfolio of businesses, with leading positions in their respective
businesses
• Active role in governance and in strategic decision making of portfolio
companies
• No leverage and significant liquidity available at holding company level
• Commitment to low cost structure
CIR Group profile

4. 4
• The debt restructuring process of Sorgenia debt followed the “182 bis” court
procedure was concluded on February 25, 2015, when the Court of Milan
approved the debt restructuring plan
• On March 27, 2015 the lending banks subscribed to a capital increase in
Sorgenia of approximately € 400 million and a convertible loan of about € 200
million through the conversion of receivables. CIR simultaneously sold its
stake in Sorgenia and no longer owns any shares in the energy company
Exit from Sorgenia

5. 5
• Consolidated net income: € 36.4 million (vs. € 5.3 million in 1H 2014).
Contribution of industrial businesses (Espresso, Sogefi and KOS) is + € 21.9
million, vs. €0.9 million in 1H 2014
• Consolidated net financial position of the CIR Group at June 30, 2015:
- €209.5 million (vs. - €112.8 million at December 31, 2014), including:
- A net financial surplus at holding level of €370.8 million (stable vs.
December 31, 2014 despite share buyback expenses)
- A net debt of consolidated subsidiaries of - €580.3 million (increasing vs.
- €492.3 at December 31, 2014 due mainly to new investments and
KOS acquisitions)
1H 2015 consolidated financial highlights

6. 6
Consolidated income statement
Group net result 5.3 36.4
€ m
Income taxes (17.8) (16.6)
(27.7)Financial expense/income 4.3
57.3
1H 2014 1H 2015
EBIT
EBITDA 105.1 120.5
69.2
Revenues 1,203.2 1,290.7
Loss on assets held for sale (2.1) (0.1)
(1) Restated following the application of IFRS5
(2)
(2) Net of third party interests (equal to €20.4 million in 1H 2015)
(1)

7. 7
Consolidated income statement by business sector
€ m
(2) Including Treasury and non core investments
1H 2014 1H 2015
CIR holding level 4.4 14.5
Net result 5.3 36.4
(2)
3.0KOS Group 3.9
(4.2)Sogefi Group
Espresso Group 2.1 12.4
5.6
0.9Total industrial companies 21.9(1)
(1) Pro-rata share of subsidiaries’ net income

8. 8
Consolidated balance sheet – main group assets
€ m
Group equity in consolidated balance sheet 31 Dec. 2014 30 June 2015
129.5KOS 130.5
95.1Sogefi
Espresso 347.9 362.8
109.0
(1) Including Cir Ventures, Education and other minor investments
Fixed assets 18.1 17.9
572.5Total industrial companies 602.3
NPLs 49.3 45.4
Private equity 67.7 66.8
Other investments 33.9 33.8
Other assets/liabilities
Net cash
(16.5)
379.5
(13.7)
370.8
(1)
1,104.5 1,123.3Consolidated shareholders’equity
532.0Total CIR and non industrial companies 521.0
(2) Non Performing Loans portfolios
(2)

9. 9
Consolidated net financial position
€ m
31 Dec. 2014 30 June 2015
(157.0)KOS Group (231.0)
(304.3)
CIR holding level 379.5 370.8
Sogefi Group
Espresso Group (34.2) (5.0)
(348.0)
(492.3)Total subsidiaries (580.3)
Consolidated net financial indebtedness (112.8) (209.5)
3.2Other subsidiaries 3.7
Total shareholders’ equity 1,573.2 1,611.8
Consolidated net invested capital 1,686.0 1,821.3
(1) Including third party interests
(1)

10. 10
• Decrease of net cash at holding system level is mainly due to purchases of
treasury shares
Net financial position at “holding system” level
Evolution of net financial position as at 30 June 2015
(1)
(1) Fair value of securities + securities income, trading
(2) Operating costs, extraordinary costs, taxes, etc.
(2)

11. 11
Composition of liquid assets and gross financial debt
Liquid assets at 30 June 2015
€ m
Hedge funds
Other (stocks, equity funds)
382.1
96.0
95.1
30.1
371.3
51.9
26.3
31 Dec.
2014
30 June
2015
Cash and time deposits
Corporate bonds
Government bonds
57.9
5.7
59.5
91.8
5.6
99.3
Total liquid assets
31 Dec.
2014
30 June
2015
2.6 0.5Gross financial debt
Other debt 2.6 0.5
Fixed income funds 94.0 136.2

12. 12
1H 2015 Subsidiaries’ financial and operational highlights
Key strategic objectives1H 2015 Highlights
 Expansion of digital platforms, leveraging on
leadership in traditional media
 Further efficiency improvement
 Selective growth in emerging industry sectors, with
international focus
 Further consolidation in Italian nursing and
rehabilitation
 Geographical expansion (India)
 Completion of global footprint, through growth in
non-European countries
 Further efficiency improvement and restructuring of
manufacturing footprint
 Product innovation
 Decrease of press circulation (-4,8%) and total advertising revenues
(-3.7%), although at lower rates than the market; internet and radio
advertising showed signs of recovery.
 In such challenging market, Espresso reported positive net results and
stable EBITDA, thanks to continuing focus on efficiency improvement,
and decreasing net debt (€5.0 m vs. €34.2m at 4Q2014), thanks to
operating cash flow and divestiture of TV assets.
 La Repubblica and Repubblica.it confirm their leadership respectively in
daily newspaper newsstand sales/readership and news sites unique
users rankings
Espresso
Sogefi
KOS
Non-core
investments
 Positive performance of Education business
 Continuing growth of revenues (+12.6%) and EBITDA (+21.8%) thanks
to ongoing organic and external growth
 Revenues growth of 11.8% (+7.9% at constant exchange rates):
- Positive performance in Europe (+10.4%); double digit growth in North
America (+17.3%) and Asia (+35.7%);
- Slight increase in Latin America (+1.3%) despite market slowdown
 Improving EBITDA (+20%) and +9,7M net income (vs. -7,3M loss in
1H2014), thanks to higher volumes, lower restructuring costs and lower
financial expenses (mainly non recurring)

13. 13
Espresso - overview
1H 2015 Revenues breakdown
NATIONAL
PRESS
DIGITAL ADVERTISING
National daily
newspaper
18 Regional
newspapers
throughout Italy
Group
websites
Three national
radio stations
LOCAL
NEWSPAPERS
RADIO
Collection of
advertising
€ m
1H 2014 1H 2015
Revenues 322.7 305.7
Net income 3.8 22.1
EBITDA 31.0 31.0
Key financialsOperating structure
1H 2015 Performance and outlook
• Circulation revenues at € 109.3 million, decreasing by 4.8%, in a
market down 9.9%. Total advertising revenues were down 3.7%:
radio and the internet grew respectively by 3.5% and 2.8% while
printed press was in line with the negative trend of the market
• EBITDA was in line with last year as a result of continuing action
on costs, which were reduced by 6.6%, to an extent substantially
equal to revenues decrease
• Increase in net income was mainly due to lower financial
expenses (by € 2.1 million) and to the capital gain of € 9.3 million
related to the sale of Deejay TV to Discovery Italy
• As for the FY 2015 outlook, notwithstanding a still uncertain trend
in the advertising market, net result (excluding non recurring
items) is expected to be in line with that of the previous year

14. 14
Sogefi - overview
Revenues 683.0 763.7
Net result (7.3) 9.7
EBITDA 51.7 62.4
Key financials
ENGINE SYSTEMS
DIVISION
SUSPENSION
COMPONENTS DIVISION
PRECISION
SPRINGSTRUCKSCARS
€ m
1H 2014 1H 2015
• 11.8% revenues growth is due to higher volumes in all
geographical areas and partly (ca. 4%) to exchange rates
impact. Revenues grew by 10.4% in Europe, by 17.3% in
North America, by 35.7% in Asia; slight increase also in
South America (+1.3%)
• Net income benefited from higher revenues, lower costs
and decrease of non recurring financial expenses
• On June 5 Laurent Hebenstreit was appointed as CEO
and Yann Albrand as CFO. One of the priorities of
management is to formulate a new business plan
• In 2015 Sogefi expects to continue on positive trends in
North America and Europe; further growth is expected in
China and India, while in South America the current
weakness phase is expected continue
1H 2015 Performance and outlook
FORD
RENAULT/NISSAN
FCA/CNH Industrial
PSA
DAIMLER
GM
VOLKSWAGEN/AUDI
BMW
TOYOTA
VOLVO
DAF/Paccar
Revenues breakdown (1H 2015)
MAN
CATERPILLAR
HONDA
OTHERS
13.1%
12.6%
11.6%
12.1%
7.3%
7.1%
3.5%
2.7%
2.0%
1.6%
1.6%
1.0%
0.7%
0.4%
22.7%
65.3%
15.8%
Europe
NAFTA
Mercosur 11.8%
6.6%
0.5%
Weight of non-
European
markets is stable
34.7%
CountriesCustomers
Asia
others

15. 15
KOS - overview
€ m
2011 2012
Revenues 193.0 217.3
Net income 6.0 7.6
EBITDA 28.0 34.1
Key financials
SHAREHOLDERS
HOSPITAL
MANAGEMENT
NURSING HOMES REHABILITATION
 CIR (51.3%)
 ARDIAN (46.7%)
 Management and others (2.0%)
Operating structure
1H 2014 1H 2015
5.2
2.3
5.7
10.2
36.6
114.3 7.6
23.5
45.4
107.1
18.8
Revenues breakdown by region (2014)
4.5
• Increase in revenues (+12.6%), thanks to relevant acquisitions
in the nursing home/rehabilitation area and to organic growth
across all businesses lines.
• Contributions to EBITDA increase were:
- €1.4 million from revenue growth and efficiency
improvement, at constant 2013 perimeter
- €4.7 million from acquisitions and greenfields of 2014 and
2015
• The company now has 75 nursing homes in the centre and
north of Italy with more than 7,100 beds, plus ca. 200 under
construction
• Main objectives are to pursue market consolidation in core
businesses and to selectively expand internationally, with a
primary focus on India
1H 2015 Performance and outlook

16. 16
• Education
- CIR has an interest of 17.4% in SEG (Swiss Education Group), a world
leader in education for hospitality management (hotels, restaurants, etc.).
The book value of the investment at 30 June, 2015 was €22.5 million
• Private equity
- Diversified portfolio of private equity funds and direct minority private equity
investments, with a fair value of € 66.8 million at 30 June, 2015. The portfolio
is reaching its maturity phase as limited investments were added in the
recent past
• NPL
- At the end of June 2015 the net value of CIR investment in the non-
performing loan portfolios amounted to €45.4 million.
- CIR no longer owns operating companies in this industry and is currently in
the process of collecting the existing receivables, with no further investments
Non-core investments

17. 17
• This document has been prepared by CIR for information purposes only and for use
in presentations of the Group’s results and strategies.
• For further details on CIR and its Group, reference should be made to publicly
available information, including the Annual Report, the Semi-Annual and Quarterly
Reports
• Statements contained in this document, particularly the ones regarding any CIR
Group possible or assumed future performance, are or may be forward looking
statements and in this respect they involve some risks and uncertainties
• Any reference to past performance of CIR Group shall not be taken as an indication
of future performance
• This document does not constitute an offer or invitation to purchase or subscribe for
any shares and no part of it shall form the basis of or be relied upon in connection
with any contract or commitment whatsoever
Disclaimer

18. 18
www.cirgroup.com