Company presentation

1. 1
Marzo 2014
9M 2016 Results
October 2016

2. 2
Operating structure
Note: Participation stakes updated as of 30 September 2016 and calculated net of treasury shares of subsidiaries
€605 m €1.5 Bio €439 m
All Media sectors from
dailies and periodicals
to radio, Internet, and
advertising
Global automotive
components supplier
(filters, air &cooling and
suspensions)
Nursing homes,
rehabilitation and
hospital management
 Private equity
Revenues
2015
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
56.5% 57.1% 59.5%
Total € 2.5 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 assets, 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
• Consolidated net income in 9M 2016: € 37.4 M (vs. € 39.6 M in 9M 2015).
Contribution of industrial businesses (Espresso, Sogefi and KOS) is € 27.2
M (vs. € 25.0 M in 9M 2015, which benefited from positive non-recurring
items at Espresso and Sogefi)
• Consolidated net financial position of the CIR Group at September 30,
2016: - €165.3 M (vs. - €121.7 M at December 31, 2015), including:
 A net financial surplus at holding level of €338.8 M, decreasing vs.
€417.9 M at December 31, 2015 due mainly to the KOS transaction,
shares buyback and dividend distribution
 A net debt of consolidated subsidiaries of €504.1 M, decreasing vs.
€ 539.6 M at December 31, 2015 mainly thanks to the strong
improvement of Espresso (+€47.9 M)
9M 2016 consolidated financial highlights

5. 5
Consolidated income statement
Group net result 39.6 37.4
€ M
Taxes (25.9) (35.4)
(16.2)Financial expense (11.8)
96.7
9M 2015 9M 2016
EBIT
EBITDA 174.4 190.5
108.0
Revenues 1,897.4 1,946.7
Assets held for sale 9.4 1.0
(1) Net of third party interests (equal to € 24.4 M in 9M 2016 and €24.4 in 9M 2015)
(1)

6. 6
Consolidated income statement by business sector
€ M
9M 2015 9M 2016
CIR holding level 14.6 10.2
Net result 39.6 37.4
(2)
6.8KOS Group 10.3
4.3Sogefi Group
Espresso Group 13.9 7.9
9.0
25.0Total industrial companies 27.2(1)
(2) Including treasury and non core investments
(1) Pro-rata share of subsidiaries’ net income

7. 7
Consolidated balance sheet – main group assets
€ M
Group equity in consolidated balance sheet 31 Dec. 2015 30 Sept. 2016
137.2KOS 158.6
100.4Sogefi
Espresso 332.2 340.6
101.2
Fixed assets 16.9 16.5
569.8Total industrial companies 600.4
Non performing Loans 43.0 40.1
Private equity 59.2 52.6
Other investments 11.5 15.0
(1)
(1) Book value decreasing due to cash reimbursements to CIR
(2) The decrease of CIR shareholders’ equity was mainly due to the distribution of dividends, the buyback of treasury shares and to the accounting
treatment of the KOS acquisition according to IFRS 3 (the value of the additional KOS stake was entered at its equity book value, as opposed to
its acquisition cost)
(3) Treasury shares as of 30 September 2016: n.127.5m, equal to 16.05% of share capital
(1)
Shareholder’s equity per share (net of treasury shares)
Net cash 417.9
1.57
338.8
1,103.0 1,044.8Total CIR Group shareholders’ equity
533.2Total CIR holding level 444.4
Shareholder’s equity per share 1.32
(3)
1.61
1.38
(2)

8. 8
Consolidated net financial position
€ M
31 Dec. 2015 30 Sept. 2016
(210.0)KOS Group (230.4)
(322.3)
CIR Holding level 417.9 338.8
Sogefi Group
Espresso Group (10.7) 37.2
(314.1)
(539.6)Total subsidiaries (504.1)
Consolidated net financial indebtedness (121.7) (165.3)
3.4Other subsidiaries 3.2
Total shareholders’ equity 1,590.3 1,514.1
Consolidated net invested capital 1,712.0 1,679.4
(1) Including third party interests
(1)

9. 9
• Decrease of net cash at CIR financial holdings is mainly due to investments,
dividends and the buyback of treasury shares
Net financial position at CIR Holding level
Evolution of net financial position as at 30 September 2016
(1) Of which € 64.3 M in KOS
(2) Private equity and NPL reimbursements, sale of non-core participations
(3)
(2)
(3) Fair value of securities + securities income, trading
(4) Operating costs, extraordinary costs, taxes, etc.
(1)
(4)

10. 10
Composition of liquid assets and gross financial debt
Liquid assets at 30 September 2016
€ m
Hedge funds
Other (stocks, equity funds)
418.6
96.0
46.0
7.0
339.2
40.9
31 Dec.
2015
30 Sept.
2016
Cash and time deposits
Corporate bonds
Government bonds
58.7
4.2
25.9
42.2
2.5
50.0
Total liquid assets
(0.7) (0.4)Gross financial debt
Fixed income funds 252.7 225.2
2.5
417.9 338.8Net financial position

11. 11
9M 2016 Subsidiaries’ financial and operational highlights
Key strategic objectives9M 2016 Highlights
 Expansion of digital platforms, leveraging on
leadership in traditional media
 Further efficiency improvement
 Further consolidation in Italian nursing homes and
rehabilitation markets
 Geographical expansion (current focus on India)
 Completion of global footprint, through growth
focused on Asia and North America
 Further efficiency improvement
 Product innovation
 Decrease of press circulation revenues (-5.2%) and total advertising
revenues (-2.1%): press and internet advertising followed the declining
market trend, while radio advertising was in line with 9M 2015
 Despite such top line decline, Espresso reported positive net results and
stable EBITDA, thanks to the continuing focus on efficiency
 Net financial surplus of €37.2M, vs. a net debt of €-10.7M at 4Q2015,
thanks to a strong cash flow in the period
 La Repubblica confirms its leadership in daily newspaper newsstand
sales and readership, while Repubblica.it is the leading news site in
terms of daily unique users
Espresso
Sogefi
KOS
 Realisation of existing assets
 Selective approach on new investments
Non-core
investments
 Sale of a non-strategic investment in China (capital gain of €6.5M)
 Continuing growth of revenues (+4.4%) and EBITDA (+12.1%) thanks to
ongoing organic growth and acquisitions
 Revenues growth of 4.9% (+10.2% at constant exchange rates):
- Slight increase in Europe (+1.6%); double digit growth in North
America (+20.7%) and Asia (+27.3%);
- In Latin America, now accounting for less than 10% of total revenues,
the decrease was -13.2% in euro (stable in local currency)
 Increasing EBITDA (+25.4%) and net result (€15.8M vs. €7.4M in 2015),
thanks to growth and improved margins

12. 12
Espresso - overview
9M 2016 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
9M 2015 9M 2016
Revenues 439.6 424.3
Net income
(excluding discontinued operations)
15.2 13.1
EBITDA 40.9 37.0
Key financialsOperating structure
9M 2016 Performance and outlook
• Circulation revenues at € 184.5 M, decreasing by 5.2%, in a
market down 7.8%.
• Total advertising revenues were down 2.1%: radio was flat
while print and the internet were affected by critical market
trends
• EBITDA was slightly decreasing vs. the previous year
• Net income difference is due to the extraordinary gains of €
9.4 M in 9M 2015 (and €1M in 9M 2016) related to the sale of
Deejay TV to Discovery in January 2015
• As for the 2016 outlook, despite an uncertain evolution of the
advertising market in the second half, Espresso should be
able to achieve a net result, excluding non-recurring items, in
line with that of the previous year
Net income 24.6 14.0

13. 13
• On 2 March 2016 CIR and Gruppo Editoriale L'Espresso (GELE) signed a
memorandum of understanding with ITEDI (publisher of daily newspapers La
Stampa and Il Secolo XIX) and its shareholders (FCA and the Perrone family),
aimed at the merger by incorporation of ITEDI into Espresso
• This transaction would create the first Italian, and one of the main European
publishing groups in daily newspapers as well as digital news
• On 1 August 2016 the framework agreement was signed, according to which:
 CIR will hold 43.4% in GELE, FCA 14.63% and Ital Press (Perrone family)
4.37%
 FCA will then distribute its entire stake to its shareholders and as a result
EXOR (Agnelli family holding company) will receive 4.3% of GELE
 CIR will have the right to appoint the Chairman and the CEO of the joint
group, while the other key shareholders will have representation rights on
GELE’s board
• The completion of the merger, which is subject to the authorization by the
competent authorities and by the shareholder’s meetings of Gruppo Editoriale
L'Espresso and ITEDI, is expected in the first quarter of 2017
• In order to reach post-merger compliance with Italian regulatory limits on total
circulation, Espresso signed agreements to sell 2 local dailies (“Il Centro and “La
Citta di Salerno”), 71% of Seta (publisher of “Alto Adige” and “Il Trentino”) and 1
printing centre
Espresso – Memorandum of Understanding with ITEDI

14. 14
Sogefi - overview
Revenues 1,126.6 1,181.5
Net result 7.4 15.8
EBITDA 91.3 114.5
Key financials€ M
9M 2015 9M 2016
• 4.9% revenues growth (+10.2% at constant exchange rates),
due to higher volumes in all geographical areas, with the
exception of Latin America. Revenues grew by 1.6% in
Europe, by 20.7%% in North America, by 27.3% in Asia; -
13.2% in South America (now less than 10% of total sales),
due to the depreciation of local currencies and persisting
market crisis
• EBITDA increased in all regions with the exception of South
America, thanks to revenue growth and the improvement of
margins
• Free Cash Flow was + € 12.3 M, vs. - € 44.3 M in 2015, thanks
to € 26.6 M lower non-ordinary disbursements (product
guarantees, restructuring and fiscal disputes), and to € 33 M
better operating cash flow
• For the rest of 2016 Sogefi expects revenue growth in line with
that of the first nine months. Gross margin and EBITDA are
expected to improve in line with those of 9M
9M 2016 Performance and outlook
FORD
RENAULT/NISSAN
PSA
FCA/CNH Industrial
GM
DAIMLER
VOLKSWAGEN/AUDI
BMW
TOYOTA
9M 2016 Revenues breakdown
OTHERS (including
Aftermarket)
12.8%
12.1%
11.4%
11.6%
8.8%
7.9%
3.1%
2.9%
2.6%
26.8%
Europe
North America
South America
61.7%
19.6%
9.9%
8.4%
Weight of non-
European markets
38.3%
Asia
SUSPENSIONS FILTRATION AIR & COOLING
RegionsCustomers(1)
(1) First Half 2016
Business units
Suspensions
Filtration
Air & Cooling
36%
34%
30%

15. 15
KOS - overview
€ M
2011 2012
Revenues 326.3 340.8
Net income 13.3 17.4
EBITDA 53.4 59.9
Key financials
DIAGNOSTICS
& CANCER CARE
NURSING HOMES REHABILITATION
SHAREHOLDERS
 CIR (59.53%)
 F2i (40.47%)
Operating structure
9M 2015 9M 2016
5.1
3.2
3.6
11.7
39.2
141.0 8.2
24.0
58.4
107.7
18.5
Revenues breakdown by region (2015)
4.1
• Increase in revenues (+4.4%), thanks mainly to green
fields development and organic growth in the nursing
home area
• In 2016 KOS acquired a psychiatric rehabilitation facility
in the Marche region and opened its first rehabilitation
facility in India
• The company now has 77 facilities, located mainly in
the centre and north of Italy, with more than 7,300 beds
• Main objectives are to pursue market consolidation in
core businesses and to selectively expand
internationally, with a primary focus on India
9M 2016 Performance and outlook

16. 16
• On 17 May 2016 CIR and F2i (Italian Infrastructure Fund) completed a
transaction with Ardian to buy 46.7%(1) of KOS for an amount of € 292 M.
• F2i and a minority shareholder bought a 37.3%(2) stake, investing € 240 M
through a common vehicle (F2i Healthcare)
• CIR bought the remaining part, plus shares held by minority investors and
those deriving from the exercise of management stock options, investing
€85 M and raising its stake to 62.7%(2)
• The implied valuation for 100% of KOS equity was € 643 M(2)
• On 1 August 2016 Bahrain Mumtalakat Holding Company, the sovereign fund of
Bahrain, further invested in KOS through the F2i Healthcare vehicle. As part of
this deal:
 CIR sold to F2i Healthcare 3.2% of KOS for an amount of approximately €
20 million, and now holds 59.53% of KOS
 F2i Healthcare raised its stake to 40.47%
 The valuation of KOS in this transaction was the same as that of the May
17 deal, apart from technical adjustments
 Minority investors will be represented by F2i, who will exercise co-control
rights along with CIR
KOS – F2i and CIR purchased 46.7% of KOS from Ardian
(1) Pre-dilution of management stock options
(2) Post-dilution of management stock options

17. 17
• Private equity
 Diversified portfolio of private equity funds and direct minority private
equity investments, with a fair value of € 52.6 M at 30 September 2016.
The portfolio has reached its maturity/reimbursement phase, as limited
investments were added in the recent past
 As for other non strategic investments, their value of €15.0 M at 30
September 2016 is net of the sale of a minority investment in China,
which generated a capital gain of €6.5 M in 2016
• NPL
 At the end of September 2016 the net value of CIR investment in the
non-performing loan portfolios amounted to €40.1 M
 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

18. 18
• 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

19. 19
www.cirgroup.com