The CIR group reported consolidated net losses of €33.1 million in 2012. Revenues totaled €5.1 billion across the group's major businesses, which include energy generation, media, automotive components, and healthcare. However, losses were reported at Sorgenia due to write-downs from declining electricity demand and high gas costs. Positive financial results at the holding level partially offset losses from subsidiaries. The group maintained a strong financial position with over €1.3 billion in shareholders' equity and over €33 million in net cash.

1. 2012 Results
March 2012

2. 2012 Results
Corporate structure
52.9% 55.8% 58.3% 51.3%
Non-core
investments
Revenues €2.6Bio €812.7m €1.3Bio €355.4 m -- Total € 5.1 Bio
2012
Generation, All Media sectors Global automotive Nursing homes,  Education
marketing and from dailies and components supplier rehabilitation and  Venture capital
supply to residential periodicals to radio, (filters, engine air hospital
and business clients Internet, television, and cooling systems management  Private equity
Businesses
in both electricity and advertising and suspensions)  NPL
and natural gas
sectors
Fourth power  Leader in circulation Leader in its core Leader in Italian long
generator in Italy; of Italian dailies businesses (filters term care (nursing n.a.
Competitive
second supplier to  N.1 news magazine and suspensions) in homes and
position
Italian businesses  N.1 Italian Europe and South rehabilitation)
after incumbent information website America
 Top private radio
group
2

3. 2012 Results
CIR group profile
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
Focus on growth through startups/build ups (eg. energy and healthcare)
No leverage and significant liquidity available at holding company level
Commitment to low cost structure
3

4. 2012 Results
2012 Consolidated financial highlights
Consolidated net result (€-33.1 m) driven mainly by:
Sorgenia loss (-€70.3m) (1) affected by write-downs and by decline in
demand for electricity
Positive financial management result at holding level (€45.2m income from
financial assets vs. €31.5m financial expense and €9.6m gains on private
equity investments)
Consolidated net debt (€2,504.4 vs. €2,335.1 at December 2011) driven by:
Increase of net financial surplus at holding level, due to positive
performance of financial assets
Increase of net debt in the operating companies, mainly due to investments
at Sogefi and Sorgenia and increase of working capital at Sorgenia
(1) differs from pro-quota share of stand-alone Sorgenia’s net loss, as impairment tests are performed on different
perimeters (cash generating units) at CIR consolidated level vs Sorgenia level
4

5. 2012 Results
2012 Subsidiaries’ financial and operational highlights
2012 Highlights Key strategic objectives
 Net result strongly affected by the impairment of assets (renewables, E&P,  Growth in residential gas and electricity markets
thermoelectric and tax credits) by the decline in demand for electricity and  Deleveraging
by high cost of gas for power plants
Sorgenia  Generation assets optimisation
 Recovery signs in the fourth quarter of the year
 la Repubblica is still the top daily newspaper in terms of newstand sales  Expansion of digital platforms, leveraging on
and readership
leadership in traditional media
 Digital products: over 66,000 subscribers
Espresso  Further efficiency improvement
 Decrease in advertising revenues (-10.9%), although less than the total
market (-14.3%)
 Decreasing but still positive financial results
 Double digit growth in revenues (+13.9%) and earnings (+22%) thanks to  Global footprint, market consolidation
expansion in non-European markets, especially in North America and Asia,
Sogefi and to the contribution of the businesses of newly acquired Systèmes  Product innovation
Moteurs  Further efficiency improvement
 Further consolidation in Italian nursing and
 Growth of revenues (+1.6%) and EBITDA (+2.3%) thanks to ongoing
KOS consolidation and organic growth in the Italian market rehabilitation
 Geographical expansion (India)
Non-core  Positive performance of Education business and private equity portfolio  Growth in emerging industry sectors, with
investements international focus (eg. Education)
5

6. 2012 Results
Consolidated balance sheet - main group assets
€m
Group equity in consolidated balance sheet 31 Dec. 2011 31 Dec. 2012
Sorgenia 557.8
577.5 582.9
502.5
Espresso 312.7 310.5
Sogefi 113.3 114.0
KOS 111.2 119.6
Venture capital 20.8 10.4
Education 28.7 27.1
Fixed assets 126.8 (1) 126.2
Private equity and minority investments 91.5 97.0
NPLs (2) 64.2 63.8
Other assets/liabilities (19.8) (31,3)
Net cash 10.8 33.2
Consolidated shareholders’ equity 1,437.7 1,373.0
(1) of which Espresso goodwill € 102,8m, real estate € 17,2m
(2) including Junior Notes Zeus, Jupiter
6

7. 2012 Results
Consolidated income statement
€m
2011 2012
Sorgenia Group 8.1 (70.3)
Espresso Group 266.9
32.5 8.9
Sogefi Group 14.0 17.1
KOS Group 4.8 6.2
Total major subsidiaries 59.4 (38.1)
Other subsidiaries (1) (17.4) (3.0)
Total contribution from subsidiaries 42.0 (41.1)
Cir & financial holdings (32.3) 8.0
Net income 9.7 (33.1)
(1) NPL, Cir Ventures
7

8. 2012 Results
Consolidated net financial position
€m
31 Dec. 2011 31 Dec. 2012
Sorgenia Group (1) (1,730.5) (1,954.0)
Espresso Group 96.0
(110.2) (108.1)
Sogefi Group (299.8) (295.8)
KOS Group (165.1) (163.4)
Other subsidiaries (40.3) (16.3)
Total subsidiaries (2, 345.9) (2,537.6)
Cir & financial holdings 10.8 33.2
Consolidated net financial indebtedness (2,335.1) (2,504.4)
Total shareholders’ equity 2,479.0 2,332.0
Consolidated net invested capital 4,814.1 4,836.4
(1) Including derivatives contracts fair value
8

9. 2012 Results
Net financial position at “holding system” level
Increase of net cash at holding system level is mainly due to financial income
related to the portfolio of liquid assets
Net financial position at 31 December 2012 Evolution of net financial position
(1) (4)
(2) (3)
(1) € 25.2m Dividends received, €18.6m dividends paid
(2) Including +€ 9.6m of divestments
(3) Fair value of securities + securities income, trading
(4) Operating costs, extraordinary costs, taxes, etc.
9

10. 2012 Results
Composition of liquid assets and gross financial debt
€m
31 Dec. 31 Dec. 31 Dec. 31 Dec.
2011 2012 2011 2012
Government bonds 5.9 6.7 CIR S.p.A. 2004/2024 268.3 268.5
Corporate bonds 406.7 282.9
Lodo Mondadori provision 564.2 564.2
Liquidity 96.0
331.3 467.7
Hedge funds 79.0 84.2 Other debt 5.0 1.2
Other (stocks, equity funds) 25.4 25.6
Total liquid assets (1) 848.3 867.1 Gross financial debt (1) 837.5 833.9
Liquid assets at 31 December 2012
(1) Including € 564.2m referring to the “Lodo Mondadori” cash receipt
10

11. 2012 Results
Sorgenia – overview
Operating structure
65.0% SORGENIA 35.0%
HOLDING
€m
Key financials
81.3%
0.3% 17.2% 2011 2012
MANAGEMENT
1.2%
RENEWABLES E&P OTHERS Revenues 2,120.3 2,572.3
ENERGY SUPPLY
Marketing & Sales Sorgenia Green E&P LNG Terminal
Sorgenia SpA (Parent Wind France Wind Italy 50% EBITDA (before write-downs) 192.2 101.4
Company) 50% 100% Sorgenia E&P Fin Gas (70%
Sorgenia Vento 100% LNG Med Gas
Trading France S. Gregorio EBITDA (after write-downs) 192.3 57.1
Terminal)
100% Production Magno
Sorgenia Trading Wind Romania Castelnuovo di
Conza Venture Capital in Net result 15.6 (196.8)
Thermoelectric 100%
Sorgenia S. Martino in Clean Technologies
generation Pensilis
Romania 100%
100% Sorgenia 75%
Power Minervino Sorgenia USA LLC
100% Sorgenia Puglia (69,47%
Solar Noventi Ventures
Biomass II LP)
Energy Saving 100% 100%
Sorgenia Solar Sorgenia
70% Sorgenia
Menowatt Solar Bioenergy
100%
78% Energia Italiana
(50% Tirreno Power)
Sorgenia 2012 Performance and outlook
Next
Sorgenia’s EBITDA (before write-downs) decline in 2012 is mainly due to:
Production capacity The contraction of thermoelectric generation margins, competition of
Plants Total renewables at peak times, the high price of gas for power plants
Sorgenia Power (Termoli CCGT) 770 The decreasing contribution of Tirreno Power for the same reasons as
Sorgenia Puglia (Modugno CCGT) 800 those listed above
Sorgenia Power (Lodi CCGT) 800 The lower contribution of the renewable business due to changes in the
Sorgenia Power (Aprilia CCGT) 800 consolidation perimeter
Tirreno Power (pro-rata 50%) 1,675 The high cost of gas coming from the Lybian contract
Sorgenia France (50%) 82.7 Net result includes €134.3m of write-downs of renewables (€64m) E&P
Wind Italy 112 (€16m) thermoelectric (€36.7m), tax credits (€9.4m) and other assets (€8.2m)
Hydroelectric (Tirreno Power 50%) 33 Turnaround actions launched in recent months are continuing: divestments of
Sorgenia Solar (photovoltaic) 10
non-core assets, cost reduction, gas supply contract renegotiation
Sorgenia Bioenergy (biomass) 1
Total capacity (MW) 5,084
11

12. 2012 Results
Espresso – overview
Operating structure
€m Key financials
2011 2012
NATIONAL LOCAL
DIGITAL RADIO AND TV ADVERTISING
Revenues 890.1 812.7
PRESS NEWSPAPERS
National daily 18 Regional Group network Three national Collection of EBITDA 159.8 102.4
newspaper newspapers websites radio stations advertising
throughout Italy Deejay TV
Net income 60.6 21.8
2012 Performance and outlook
2012 Revenues breakdown Market update:
In 2012 the overall advertising market has recorded a 14.3% downturn
Market circulation has declined both for dailies and magazines (estimated
– 8.7% for dailies)
Espresso circulation revenues for 2012 were € 261.5m, down 3.7% vs. 2011
(€271.4)
Advertising revenues were €476.3m, showing a 10.9% decline. The
performance of on-line advertising (+14%) confirmed the continuing positive
trend, outperforming the market (+5.3%)
Total costs show a 2.4% reduction
Espresso is planning a set of further cost reduction actions and is further
developing its digital platforms
12

13. 2012 Results
Sogefi - overview
€m Key financials
ENGINE SYSTEMS SUSPENSION 2011 2012
DIVISION COMPONENTS DIVISION
Revenues 1,158.4 1,319.2
PRECISION EBITDA 111.9 126.0
CARS TRUCKS SPRINGS
Net income 24.0 29.3
2012 Revenues breakdown
Customers Countries 2012 Performance and outlook
PSA 12.9% Europe 66.5% 2012 significant drop in car sales in Europe (-7.8%) was offset by the rise in
FORD 11.9% Mercosur 17.5% production in other markets in which Sogefi is present: North America (+17.4%,
RENAULT/NISSAN 11.3% NAFTA 11.4% China (+5.8%), India (+5.3%) and Brazil (+0.8%)
GM 9.5% Asia 3.5% 2012 double digit growth in revenues and earnings compared to 2011 thanks to
DAIMLER 7.3% RoW 1.1% expansion in non-European markets (North America and Asia) and to the
FIAT/IVECO/CHRYSLER 6.5% contribution of Systèmes Moteurs and despite the car market crisis in Europe
VOLKSWAGEN/AUDI 4.9% During 2012 reorganization continued to cut structure costs as well as working
BMW 3.2% Decreasing capital
VOLVO 2.3% weight of
DAF/PACCAR In 2013 Sogefi’s main targets will be to continue to grow in non-European
2.2% Europe
TOYOTA markets, especially North America and Asia, and to further push efficiency
2.0% increase and product innovation (eg. composite springs)
MAN 1.6%
CATERPILLAR 0.7%
HONDA 0.5%
OTHERS 23.2%
13

14. 2012 Results
KOS – overview
Operating structure Key financials
€m
SHAREHOLDERS
2011 2012
 CIR (51.3%)
 AXA Private Equity (46.7%)
 Management and others (2.0%) Revenues 349.6 355.4
EBITDA 52.2 53.4
HOSPITAL
RSA REHABILITATION
MANAGEMENT
Net income 8.9 12.1
2012 Revenues breakdown by region
2012 Performance and outlook
7.5
96.8 21.4
64 facilities in North and Central Italy
5,950 beds under management and about 900 under construction
Increased revenues, EBITDA and net income due to higher efficiency
37.1 44.5 and the full contribution of the acquisitions made in the previous year
Through the Indian subsidiary ClearMedi, start of new outsourcing
2.3 contracts of diagnostic and medical equipment in India
18.7 102.2
Main objectives are to pursue consolidation of existing activities and to
selectively internationalize its business
0.2
8.7 2.9
4.6
6.2
14

15. 2012 Results
Non-core investments
Education
SEG (Swiss Education Group), a world leader in education for hospitality management
(hotels, restaurants, etc.) in which CIR has an interest of 20%, reported in 2012 a
strong increase of enrolments and revenues with much of the demand coming from
Asian countries. In 2012 two new facilities devoted to the teaching of culinary arts
started operating in Bouveret and Lucerna
Venture capital
CIR Ventures is the venture capital fund of the group with investments in companies
operating in the sector of information and communications technology. The total fair
value of these investments at December 31 2012 was 13.4 million dollars
Private equity
Diversified portfolio of private equity funds and direct minority private equity
participations. The fair value at December 31 2012 was approximately € 97 million.
The portfolio produced a double digit return over its life
NPL
At the end of 2011 the NPL servicing business was sold, while CIR retained the
ownership and collection of NPL portfolios acquired in the past. At December 31 2012
the net value of CIR investment in the non-performing loan business amounted to
€63.8 million
15

16. 2012 Results
Lodo Mondadori
On July 9 2011 the Milan Court of Appeal sentenced Fininvest to pay
compensation for damages in relation to the “Lodo Mondadori” case
On July 26 2011 CIR received from Fininvest € 564.2 million, inclusive of
legal costs and interests
This income, in accordance with international accounting standards (IAS 37),
has been neutralized until the third and final court ruling
As of December 31 2012 financial income of Lodo Mondadori related assets
has been substantially in line with legal interest costs being provisioned for
On May 14 2012 the Cassazione High Court rejected a petition filed by
Fininvest, who claimed that the judges of the Court of Appeal had wrongly
applied laws in their sentence
16

17. Disclaimer
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.