This document provides an overview of CIR S.p.A. and its subsidiaries' performance in the first quarter of 2014. It summarizes the financial highlights of CIR and its main business units, including a consolidated net loss of €2.6 million compared to a net income of €6.4 million in Q1 2013. It also outlines the key strategies and Q1 2014 results of CIR's main subsidiaries like Sorgenia, Espresso Group, Sogefi, and KOS.

1. 1
Marzo 2014
1Q 2014 Results
July 2014

2. 2
Corporate structure
Non-core
investments
53.1% 56.0% 57.5% 51.3%
Revenues
2013
€2.3Bio €712m €1.3Bio €373 m
Businesses
Generation,
marketing and
supply to final
customers in both
electricity and
natural gas sectors
All Media sectors
from dailies and
periodicals to radio,
Internet, television,
and advertising
Global automotive
components
supplier (filters,
engine air and
cooling systems
and suspensions)
Nursing homes,
rehabilitation and
hospital
management
 Education
 Private equity
 NPL
Competitive
position
A leading energy
player in the
corporate segment
 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)
Total € 4.8 Bio
(1) The percentage is calculated net of treasury shares
(1) (1)
At 31 March 2014

3. 3
• Founded in 1976 by Carlo De Benedetti; controlled (45.9%) 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
• Consolidated net loss: €2.6 million vs. a net income of € 6.4 million of
1Q 2013.
The result was mainly due to the lower result of the parent company
and to the loss posted by Sogefi as a result of extraordinary
restructuring charges
• The net financial position of the CIR Group was €1,943.1 vs. €
1.845,3 at 31 December 2013. It includes :
- Net financial surplus at holding level for €506.6 million
- Net debt of consolidated subsidiaries for €2,449.7 million vs.
€2,383.3 at 31 December 2013. The increase was caused by the
growth of the debt of Sorgenia and Sogefi
1Q 2014 consolidated financial highlights

5. 5
Consolidated income statement
€ m
CIR holding level 4.5 (1.4)
Net result 6,4 (2,6)
(1) Including NPL, Cir Ventures, Education and other minor investments
(1)
1.3KOS Group 1.3
4.1
1Q 2013 1Q 2014
Sogefi Group
Espresso Group 1.1 1.1
(3.6)
1.9Total operating companies (1.2)
Sorgenia Group (4.6) --

6. 6
Consolidated balance sheet – main group assets
124.1KOS 125.4
€ m
Fixed assets
99.7
18.8 18.6
Group equity in consolidated balance sheet 31 Dec. 2013 31 Mar. 2014
Sogefi
Espresso
Sorgenia
344.5
557.8
346.5
94.4
582.9Sorgenia 0.1 0.1
568.4Total operating companies 566.4
NPLs 76.9 74.6
Private equity 63.9 66.7
Other investments 39.1 40.1
Other assets/liabilities
Net cash
(174.1)
538.0
(141.2)
506.6
(2)
(3) Including provisions for legal expenses and taxes concerning Lodo Mondadori cash in
Consolidated shareholders’ equity 1,131.0 1,131.8
(2) Non Performing Loans portfolios acquired
(1) Including Cir Ventures, Education and other minor investments
(1)
(3)

7. 7
Consolidated net financial position
(155.7)KOS Group (154.9)
€ m
(304.6)
CIR holding level 538.0 506.6
31 Dec. 2013 31 Mar. 2014
Sogefi Group
Espresso Group (73.5) (58.2)
(322.5)
(2,383.3)Total subsidiaries (2,449.7)
Consolidated net financial indebtedness (1,845.3) (1,943.1)
Note: All subsidiaries NFP includes derivatives contracts fair value
5.6Other subsidiaries 2.9
Sorgenia Group (1,855.1) (1,917.0)
Total shareholders’ equity 1,602.3 1,604.6
Consolidated net invested capital 3,447.6 3,547.7

8. 8
• Increase of net cash at holding system level is mainly due to Lodo Mondadori
cash in and to financial income related to the portfolio of liquid assets
Net financial position at “holding system” level
Net financial position at 31 March 2014 Evolution of net financial position
(1)
(1) Fair value of securities + securities income, trading
(2) Operating costs, extraordinary costs, taxes, legal costs
related to Lodo Mondadori, etc.
(2)

9. 9
Composition of liquid assets and gross financial debt
€ m
Hedge funds
Other (stocks, equity funds)
797.1
96.0
87.6
27.8
769.9
84.8
25.9
31 Dec.
2013
31 Mar.
2014
Liquidity
Corporate bonds
Government bonds
83.8
15.3
68.3
575.3
15.6
582.6
Total liquid assets
31 Dec.
2013
31 Mar.
2014
CIR S.p.A. 2004/2024 257.7 261.4
259.1 263.3Gross financial debt
Other debt 1.4 1.9
Liquid assets at 31 March 2014
Government
Bonds 2%

10. 10
2013 Subsidiaries’ financial and operational highlights
Key strategic objectives1Q 2014 Highlights
 Debt restructuring
 Exit of non core businesses
 Cost Reduction
 Expansion of digital platforms, leveraging on
leadership in traditional media
 Further efficiency improvement
 Selective growth in emerging industry sectors, with
international focus (eg. Education)
 Further consolidation in Italian nursing and
rehabilitation
 Geographical expansion (India)
 Global footprint, growth in Emerging Markets
 Product innovation
 Further efficiency improvement and restructuring of
manufacturing footprint
Sorgenia
 Decreasing but still positive net results in a challenging market
 La Repubblica still the top daily newspaper for newsstand sales and
readership
 Decrease of press advertising revenues (-14.6%) vs. the total market
(-15.7%)
 Radio network advertising (+6,3%)
 Net debt €58.2 m vs. €73.5m of 4Q 2013
Espresso
Sogefi
KOS
Non-core
investments
 Positive performance of Education business
 Continuing growth of revenues (+3.7%) and EBITDA (+3.2%) thanks to
ongoing organic and external growth, as well as efficiency improvement
 Double digit growth of revenues in non-European markets, especially in
North America (+11.5%) and Asia (+27.7%); slightly up at consolidated
level (+9.1% at constant exchange rates)
 Negative effect of exchange rates and restructuring charges
 Ongoing weakness of top line and margins in core businesses
 Net loss of €14.6m vs. a loss of € 8.7m in 1Q2013

11. 11
Sorgenia - overview
Production capacity
€ m
Key financials
1Q 2014 Performance and outlook
• 1Q 2014 revenues decreased by 25% mainly because
of the contraction of electricity production and strong
decrease of electricity demand
• 1Q 2013 EBITDA was characterized by the significant
but non-recurring contribution of certain dispatch
services which were not replicated in 1Q 2014
• The performance of 1Q 2104 EBITDA was nonetheless
substantially in line with forecasts in the budget and in
the business plan
1Q 2013
Revenues 637.4
Net result (8.7)
EBITDA 48.5
1Q 2014
475.5
(14.6)
23.9
Operating structure
MANAGEMENT
0.3%
35.0%65.0% SORGENIA
HOLDING
81.3%
17.2%
1.2%
Gas and Supply
Sorgenia SpA
(Parent Company)
Sorgenia Power
100%
Sorgenia E&P
100%
Sorgenia Puglia
100%
Sorgenia Green
100%
Tirreno Power
39%
Fin Gas
50%
(70% LNG Med
Gas Terminal)
Sales and
Marketing
Generation
Sorgenia Menowatt
70%
Combined-cycle natural gas
Combined-cycle natural gas
(pro-rata Tirreno Power) *
Conventional thermal power plant
(pro-rata Tirreno Power) *
Wind power – Italy
Wind power – France*
Hydroelectric energy
(pro-rata Tirreno Power) *
Photovoltaic energy
Biomass
3,170
1,200
490
112
81
37.5
8
1
Plants MW
Installed capacity 5,099

12. 12
Espresso - overview
1Q 2014 Revenues breakdown
NATIONAL
PRESS
DIGITAL ADVERTISING
National daily
newspaper
18 Regional
newspapers
throughout Italy
Group network
websites
Three national
radio stations
Deejay TV
LOCAL
NEWSPAPERS
RADIO AND TV
Collection of
advertising
€ m
1Q 2013 1Q 2014
Revenues 182.1 157.8
Net income 2.0 2.1
EBITDA 16.7 16.6
Key financials
Operating structure
1Q 2014 Performance and outlook
• Despite the continuing crisis in the publishing sector, 1Q results
were positive and in line with the previous year
• Circulation revenues at €57.9m (-7.1% vs 1Q2013) decreased
less than the market (-12 %); advertising revenues decreased
14.6% , less than the market (-15.7% February YTD), with a
return to growth for radio (+6.3%)
• On April 2 2014 a €100m five year convertible bond was issued,
with a coupon of 2.625% and conversion price of €2.1523
• On April 9 2014 a contract was signed between Espresso and
Telecom Italia for the integration of TV network activities. This
transaction gives rise to the largest independent TV network
operator in Italy with 5 digital multiplexes (3 from TIMB and 2
from Rete A/Espresso)

13. 13
Sogefi - overview
Revenues 329.2 338.7
Net income 7.0 (6.3)
EBITDA 32.1 20.9
Key financials
ENGINE SYSTEMS
DIVISION
SUSPENSION
COMPONENTS DIVISION
PRECISION
SPRINGSTRUCKSCARS
€ m
1Q 2013 1Q 2014
• Sogefi’s 1Q results were affected by the negative effect of
exchange rates and the costs related to the acceleration of the
restructuring plan in Europe
• Consolidated revenues increased by 2.9% vs 2013, thanks to
the positive performance of the North American and Asian
markets, and despite the negative impact of exchange rates
• Consolidated EBITDA, net of restructuring costs (charges of
€11.3m in 1Q 2014 vs. €0.4m in 2013), was €31.8 m, in line
with 1Q 2013
• In order to refinance part of the existing bank debt, in May 2014
Sogefi issued a €100 m, 7-year convertible bond, with a
coupon of 2% and a conversion price of €5.3844 per share
1Q 2014 Performance and outlook
FORD
PSA
RENAULT/NISSAN
FIAT/IVECO/CHRYSLER
GM
DAIMLER
VOLKSWAGEN/AUDI
BMW
DAF/PACCAR
VOLVO
TOYOTA
Revenues breakdown (2013)
MAN
HONDA
CATERPILLAR
OTHERS
12.4%
12.4%
9.1%
10.7%
9.0%
7.6%
4.2%
2.6%
2.3%
2.2%
2.0%
1.7%
0.5%
0.4%
22.9%
64.4%
16.8%
Europe
Mercosur
NAFTA 14.0%
4.4%
0.4%
Increasing weight
of non-European
markets
CountriesCustomers
Asia
others

14. 14
KOS - overview
€ m
2011 2012
Revenues 92.1 95.5
Net income 2.6 2.5
EBITDA 12.6 13.0
Key financials
SHAREHOLDERS
HOSPITAL
MANAGEMENT
RSA REHABILITATION
 CIR (51.3%)
 ARDIAN (46.7%)
 Management and others (2.0%)
Operating structure
1Q 2013 1Q 2014
3.6
3.4
6.3
9.8
35.0
102.2 7.9
21.8
46.5
102.9
19.1
Revenues breakdown by region (2013)
4.6
• 1Q 2014 revenues were up 3.7% from € 92.1 million in 2013,
thanks to business development in the three business units
• Increase in EBITDA was mainly due to new activities undertaken
in 2013. Net income is stable vs. 1Q 2013
• On May 30, 2014 Kos acquired 100% of Villa Azzurra, a private
neuropsychiatry hospital with 100 beds in Riolo Terme
(Ravenna).
• The company now has 70 care homes in the centre and north of
Italy with a total of 6,200 beds (+ about 500 under construction)
• Main objectives are to pursue market consolidation in core
businesses and to selectively internationalize its business
footprint, with a primary focus on India
1Q 2014 Performance and outlook

15. 15
• Education
- SEG (Swiss Education Group), a world leader in education for hospitality
management (hotels, restaurants, etc.) with over 5,000 students coming from
80 different countries. CIR has an interest in SEG of 19.5%. The book value of
the investment as at March 31, 2014 was €21.1 million
• Private equity
- Diversified portfolio of private equity funds and direct minority private equity
participations, that produced a double digit return over its life. The fair value at
March 31 2014 was € 66.7 million
• NPL
- At the end of March 2014 the net value of CIR investment in the non-
performing loan portfolios amounted to €74.6 million; no new investments in the
recent past
Non-core investments

16. 16
• 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

17. 17
www.cirgroup.com