2016 Annual Report Report on Operations 1 Board of Directors, Committees and Independent Auditors 2 Key Data 3 EXOR Merger 4 Risk factors 10 EXOR Group profile 12 Significant Events in 2016 15 Review of the Consolidated Results of the EXOR Group 18 Alternative performance measures 22 Review of the Consolidated Results of the EXOR Group – Shortened 32 Review of Performance of the Operating Subsidiaries and Associates 47 Subsequent events and 2017 outlook 48 Major shareholders and ownership structure 54 Risk management, risks and control system 58 Corporate Governance 72 Environmental sustainability 74 Remuneration of Directors 83 Risk factors from subsidiaries 141 EXOR Group Consolidated Financial Statements at December 31, 2016 259 EXOR N.V. Company Financial Statements at December 31, 2016 283 Other Information 285 List of EXOR Group Companies at December 31, 2016 307 Independent Auditors' Annual Report The 2016 Annual Report is available on the corporate website at: www.exor.com Communications & Media Relations Tel. +31.(0) 20 240 2 221 Fax +31.(0) 20 240 2 738
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[email protected] Dear Shareholders, The German artist Hans Hoffmann once said “ The ability to simplify means to eliminate the unnecessary so the necessary may speak. ” At EXOR we have spent 2016 following his advice – although getting there has not been simple. We ended the year with a single company – EXOR NV – sitting between our investments and you, our shareholders, rather than the ten that existed when we first started this process a decade ago.