Q1 2017 Results – May 4th, 2017 SAFE HARBOUR STATEMENT

This document, and in particular the section entitled “2017 Outlook”, contains forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to preserve and enhance the value of the brand; the success of Ferrari’s Formula 1 racing team and the expenses the Group incurs for Formula 1 activities; the Group’s ability to keep up with advances in high performance car technology and to make appealing designs for its new models; the Group’s integration of hybrid technology more broadly into its car portfolio over time may present challenges and costs; the Group’s ability to preserve its relationship with the automobile collector and enthusiast community; the Group’s low volume strategy; the ability of Maserati, the Group’s engine customer, to sell its planned volume of cars; changes in client preferences and automotive trends; changes in the general economic environment and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile; the impact of increasingly stringent fuel economy, emission and safety standards, including the cost of compliance, and any required changes to its products; the Group’s ability to successfully carry out its growth strategy and, particularly, the Group’s ability to grow its presence in emerging market countries; the Group’s ability to service and refinance its debt; competition in the luxury performance automobile industry; reliance upon a number of key members of executive management, employees and the ability of its current management team to operate and manage effectively; the performance of the Group’s dealer network on which the Group depend for sales and services; increases in costs, disruptions of supply or shortages of components and raw materials; disruptions at the Group’s manufacturing facilities in Maranello and Modena; the Group’s ability to provide or arrange for adequate access to financing for its dealers and clients, and associated risks; the performance of the Group’s licensees for Ferrari-branded products; the Group’s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; product recalls, liability claims and product warranties; continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; exchange rate fluctuations, interest rate changes, credit risk and other market risks; changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates; ability to ensure that its employees, agents and representatives comply with applicable law and regulations; the adequacy of its insurance coverage to protect the Group against potential losses; potential conflicts of interest due to director and officer overlaps with the Group’s largest shareholders; ability to maintain the functional and efficient operation of its information technology systems and other factors discussed elsewhere in this document. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB. Q1 2017 Results May 4th, 2017 22 A RECORD QUARTER: Shipments at 2,003 units, up by 121 units Recent events vs. previous year (+6.4%) – 812 Superfast unveiled at the Geneva Motor show – Strong contribution of V12 models with the GTC4Lusso, – achieved five podiums with Sebastian LaFerrari Aperta and the F12tdf Vettel winning two races so far – The 488 family posted a sound performance – 70th anniversary celebration events kicked-off – The F12berlinetta, at its 6th year of commercialization, – Opening of the Ferrari Land in PortAventura phasing-out – Ferrari and Ray-Ban multi-year agreement on licensing – California T at its 4th year of commercialization and sponsorship

Financial results 2017 Outlook(3) confirmed – Net revenues at €821 million, up 21.5% – Shipments: ~ 8,400 including supercars – Adjusted EBITDA(1) of €242 million, margin at 29.5% – Net revenues: > €3.3 billion (30.1% without FX hedges(2)) – Adjusted EBITDA: > €950 million – Adjusted EBIT(1) of €177 million, 360 bps margin increase – Net industrial debt(4): ~ €500 million to 21.6% (22.3% without FX hedges(2)) – Adjusted net profit(1) up 60.1% to €124 million – Net industrial debt(1) reduced to €578 million

ON THE WAY TO A GREAT YEAR

Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix (2) Margins without FX hedges have been calculated excluding FX hedges impact from net revenues, adjusted EBIT and adjusted EBITDA (3) Assuming FX consistent with current market conditions th Q1 2017 Results (4) Including a cash distribution to the holders of common shares and excluding potential share repurchases May 4 , 2017 3 Q1 2017 HIGHLIGHTS

Q1 '17 2,003 Q1 '17 821 Shipments +6.4% Net revenues +21.5% (units) Q1 '16 1,882 (€M) Q1 '16 675

Total shipments up 121 units (+6.4% vs. PY) supported by a 50.1% increase in V12 models Net revenues up +21.5% (+20.4% at constant currencies) with sound performance of Cars and spare partially offset by a 3.3% decrease in V8 parts as well as Engines. In detail, Cars and spare parts growth was driven by higher volumes, strong mix, personalization, pricing increases and FX: The 488 family posted a sound performance The F12berlinetta, at its 6th year of Americas: €157 million (+16.1%) due to mix, China, Hong Kong and Taiwan, on a The GTC4Lusso, LaFerrari Aperta and F12tdf commercialization, phasing-out higher volumes along with personalization combined basis: €74 million (+24.8%) due to positively contributing California T at its 4th year of and FX mix, LaFerrari Aperta and higher volumes The GTC4Lusso T just arrived on the market commercialization EMEA: €275 million (+22.0%) due to LaFerrari Rest of APAC: €75 million (+23.2%) due to Aperta, strong volumes and personalization mix, LaFerrari Aperta and volumes as well as partially offset by FX FX

(1) Adjusted EBITDA(1) Q1 '17 242 29.5% Adjusted EBIT Q1 '17 177 21.6% (€M and (€M and margin %) Q1 '16 178 26.3% +36.1% margin %) Q1 '16 121 18.0% +46.1%

Adjusted EBITDA(1) grew by 36.1%, primarily driven by higher volumes, mix thanks to V12, Adjusted EBIT(1) margin increased by 360 bps driven by strong adjusted EBITDA(1) and higher positive FX and Engines to Maserati partially offset by F1 activities D&A mainly due to the GTC4Lusso family and LaFerrari Aperta

Industrial free Q1 '17 76 Net industrial Mar. 31, 2017 (578) cash flow(1) +171.4% debt(1) -11.3% (€M) Q1 '16 28 (€M) Dec. 31, 2016 (653) Industrial free cash flow(1) driven by strong adjusted EBITDA(1) of €242 million partially offset by Net industrial debt(1) reduced to €578 million primarily due to the industrial free cash flow(1) capex of €72 million and €53 million of net change in working capital due to inventory increase generation. Cash distribution and 2017 tax advance payments will impact future quarters. driven by the projected volume growth in line with our 2017 outlook and lower capex payables vs. Q4 2016. Other included approx. €17 million due to 2016 employees’ extra-bonus payments and lack of contribution from advances of LaFerrari Aperta. 2017 tax advance payments will impact future quarters.

Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix. Q1 2017 Results Certain totals in the tables included in this document may not add due to rounding. May 4th, 2017 4 Q1 2017 – SHIPMENTS BY REGION(5)

Americas EMEA (27% vs. 28% PY of total shipments) (52% vs. 51% PY of total shipments) Americas’ shipments increased by 4.2% EMEA’s shipments expanded by 8.8% USA – in Ferrari’s single largest market shipments increased by • UK – deliveries up 16% with robust performance of the 488 family, the approx. 3% due to strong performance of the 488 family, the F12tdf GTC4Lusso, just arrived on the market, and F12berlinetta. LaFerrari, and the GTC4Lusso which more than offset the California T at its 4th that completed its lifecycle in 2016, partially offset by LaFerrari Aperta. year of commercialization and the FF phase-out. • Germany (+23%) and Italy (+16%) continued to record double-digit F12berlinetta performed better than expected and LaFerrari Aperta growth together with France (+18%) mainly due to the 488 family, the just arrived on the market. GTC4Lusso and LaFerrari Aperta. Other European countries, Africa and Middle East recorded a few units decrease. First deliveries of the GTC4Lusso T.

China, Hong Kong and Taiwan, on a combined basis Rest of APAC (8% vs. 8% PY of total shipments) (13% vs. 13% PY of total shipments) China, Hong Kong and Taiwan’s shipments combined grew by 3.2% Rest of APAC’s shipments up 4.0% China – shipments in line with prior year which posted a 67% Japan – deliveries in line with previous year. LaFerrari Aperta more increase. LaFerrari Aperta more than offset LaFerrari, that completed than offset LaFerrari. its lifecycle in 2016. Australia – few units decrease due to tough comparison with last HK – in line with prior year mainly due to Ferrari’s decision to year. The GTC4Lusso yet to arrive on the market. terminate the distributor in Hong Kong in Q4 2016 Other APAC – 27% increase due to the 488 family, F12tdf and the Taiwan – double-digit growth thanks to the 488 family, the GTC4Lusso, just arrived on the market. GTC4Lusso and LaFerrari Aperta

All regions contributing positively

Q1 2017 Results Note: (5) Refer to notes to the presentation in the Appendix May 4th, 2017 5 NET REVENUES BRIDGE Q1 2016-2017

(€M) +20.8% +81.3% +3.8% -32.4% 821 675 47 5 +21.5%, +€146 million 100 13 (+20.4% at constant currencies) (6) 123 19 118 104 57

581 481

Q1 2016 Cars and spare parts(6) Engines(7) Sponsorship, Other(9) Q1 2017 commercial and brand(8)

Cars and spare parts Engines Sponsorship, commercial and brand Other

• €100 million increase in Cars and spare parts due to higher volumes and positive mix led by the 488 family, the GTC4Lusso, the F12tdf and LaFerrari Aperta along with a greater contribution from personalization programs, pricing increases and FX. This is partially offset by the end of LaFerrari lifecycle in 2016 as well as the non-registered racing car FXX K and the strictly limited edition F60 America, completing their limited series run in 2016. • €47 million increase in Engines mainly attributable to strong sales to Maserati more than offsetting the termination of the rental agreement with a Formula 1 racing team • €5 million increase in Sponsorship, commercial and brand mainly due to higher sponsorship revenues partially offset by lower 2016 championship ranking compared to 2015 • €6 million decrease in Other mostly due to the deconsolidation of the European Financial Services business since November 2016

Q1 2017 Results Note: Refer to notes to the presentation in the Appendix May 4th, 2017 6 EBIT BRIDGE Q1 2016 - 2017

(€M) 34 7 3 185 177 17 31 152 (15) (13) (8) 121 Margin Margin Margin Margin 22.3%(2) 21.6% 18.0% 21.5%(2)

EBIT Q1 2016 FX hedges EBIT Q1 2016 Vol. Mix Ind. Costs / SG&A FX Other EBIT Q1 2017 FX hedges EBIT Q1 2017 Q1 2016 w/o FX R&D w/o FX Q1 2017 Top high end hedges hedges luxury peers(10) EBITDA EBITDA EBITDA w/o FX hedges (2) w/o FX hedges (2) EBITDA EBITDA(10) 178 209 250 242 Margin 26.3% 29.6% 30.1% 29.5% 33% - 37% • Volume increase of approx. 125 cars (excluding LaFerrari and LaFerrari Aperta) thanks to the 488 family, the GTC4Lusso, and the F12tdf together with positive contribution from personalization partially offset by the F12berlinetta phasing-out and the California T at its 4th year of commercialization • Positive mix impacted by LaFerrari Aperta, strong V12 performance as well as pricing increases, partially offset by LaFerrari that completed its lifecycle in 2016 as well as the non-registered racing car FXX K and the strictly limited edition F60 America, completing their limited series run in 2016 • Increased Industrial costs / R&D due to higher D&A and R&D expenses to support product range and components innovation mainly for hybrid technology as well as F1 developments • Higher SG&A primarily driven by recently approved Long-Term Incentive plan, higher costs related to new directly operated stores and costs related to the 70th anniversary, partially offset by the deconsolidation of the European Financial Services business since November 2016 • FX, excluding hedges, impacted positively mostly due to USD and JPY, partially offset by GBP • Other, positive contribution from Engines to Maserati, as well as other supporting activities partially offset by lower 2016 championship ranking compared to 2015, the termination of the rental agreement with a Formula 1 racing team and the deconsolidation of the European Financial Services business since November 2016

Note: (2) Margins without FX hedges have been calculated excluding FX hedges impact from net revenues, adjusted EBIT and adjusted EBITDA th Q1 2017 Results (10) Ferrari’s elaboration on FY 2016 or FY 2015 publicly available data on a panel of high end luxury peers May 4 , 2017 7 NET INDUSTRIAL DEBT BRIDGE(1) DEC 31, 2016 – MAR 31, 2017

(€M) Industrial FCF €76m

242

(653) (1) (578) (33) (8) (72) (53)

December 31, 2016 EBITDA Net ∆ working Tax paid Capex Other FX and other March 31, 2017 Net Industrial Debt capital Net Industrial Debt

• Industrial free cash flow(1) driven by strong adjusted EBITDA(1) of €242 million partially offset by capex of €72 million and €53 million of net change in working capital due to inventory increase driven by the projected volume growth in line with our 2017 outlook and lower capex payables vs. Q4 2016. Other included approx. €17 million due to 2016 employees’ extra-bonus payments and lack of contribution from advances of LaFerrari Aperta. 2017 tax advance payments will impact future quarters.

• Net industrial debt(1) reduced to €578 million primarily due to the industrial free cash flow(1) generation. Cash distribution and 2017 tax advance payments will impact future quarters.

Q1 2017 Results Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix May 4th, 2017 8 The most powerful and fastest range An uncompromising sports car that Powered by a new 6.5-litre V12 engine model Ferrari in the marque’s history. will deliver exhilarating driving both on that unleashes 800 cv, achieving road and track yet also be comfortable maximum power output at 8,500 rpm, enough to allow its owners to enjoy it which translates to a specific power as an all-round experience output of 123 cv/l FORMULA 1 ACTIVITIES

1st place in the Australia and Bahrain GP Constructor’s Championship

5 podiums so far 1. Mercedes 136 2. Ferrari 135 S. Vettel 1st in Driver’s Championship @ 86 points 3. Red Bull Racing Tag Heuer 57 4. Force India Mercedes 31 Driver’s Championship 5. Williams Mercedes 18

1. Sebastian Vettel - Ferrari 86 2. Lewis Hamilton - Mercedes 73 3. Valtteri Bottas - Mercedes 63 4. Kimi Räikkönen - Ferrari 49 5. Max Verstappen – Red Bull 35

Q1 2017 Results May 4th, 2017 10 Q1 2017 – “ATTIVITA’ SPORTIVE GT”

Competizioni GT XX programs / F1 Clienti Paul Ricard- Round 1 488 GT3 Le Castellet (FRA), March 7-8 488 GTE XX: 29 (19 FXX K) F1: 10

Q1 2017 Results May 4th, 2017 11 Q1 2017 – FERRARI BRAND AND STORE PRESENCE

Licensing • Multi-year licensing agreement with Luxottica for Scuderia Ferrari eyewear collection by Ray-Ban

• New Ferrari high-end products: • Launch of Ferrari Hublot Techframe 70th anniversary edition watch at Baselworld • Agreement for the launch of Ferrari executive chairs with Poltrona Frau

Retail • At the end of March 2017 managing 16 directly operated stores and 30 franchised locations (including 8 Ferrari Store Junior)

Theme parks • Opening of the 70.000 sqm. Ferrari Land theme park in PortAventura on April 7th • New attraction opening at Ferrari World Abu Dhabi

Museums • New exhibition: “Driving with the stars” at Museo Modena

Q1 2017 Results May 4th, 2017 12 2017 OUTLOOK CONFIRMED

2017 Outlook(3) 2017 Drivers

Shipments (11) Strong contribution from range models (including ~ 8,400 special liveries) and LaFerrari Aperta

Top line growth driven by Cars and spare parts as well as Engines, partially offset by different F1 Net Revenues > €3.3 billion ranking and deconsolidation of the European Financial Services business

Positive contribution from both Volume and Mix, Adj. EBITDA(1) > €950 million partially offset by R&D and SG&A (F1, new stores and 70th anniversary)

Strong adj. EBITDA, partially offset by capex to support continuous product range renewal and Net Industrial Debt(1) ~ €500 million(4) R&D for hybridization, taxes, lack of advances on limited edition supercars and cash distributions to holders of common shares

Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix (3) Assuming FX consistent with current market conditions (4) Including a cash distribution to the holders of common shares and excluding potential share repurchases Q1 2017 Results (11) Including supercars May 4th, 2017 13 Q&A Appendix NOTES TO THE PRESENTATION

1. Reconciliations to non-gaap financial measures are provided in 7. Includes the net revenues generated from the sale of engines to the appendix Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 racing teams 2. Margins without FX hedges have been calculated excluding FX hedges impact from net revenues, adjusted EBIT and adjusted 8. Includes the net revenues earned by our Formula 1 racing team EBITDA through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues and net revenues 3. Assuming FX consistent with current market conditions generated through the Ferrari brand, including merchandising, 4. Including a cash distribution to the holders of common shares licensing and royalty income and excluding potential share repurchases 9. Primarily includes interest income generated by the our financial 5. Shipments geographical breakdown services activities and net revenues from the management of the EMEA includes: Italy, UK, Germany, Switzerland, France, Middle Mugello racetrack East (includes the United Arab Emirates, Saudi Arabia, Bahrain, 10.Ferrari’s elaboration on FY 2016 and FY 2015 publicly available Lebanon, Qatar, Oman and Kuwait) and Rest of EMEA (includes data on a panel of high end luxury peers Africa and the other European markets not separately identified); Americas includes: United States of America, Canada, Mexico, 11.Including supercars the Caribbean and Central and South America; China, Hong Kong and Taiwan includes, on a combined basis: China, Hong Kong and Taiwan; Rest of APAC includes: Japan, Australia, Singapore, Indonesia and South Korea 6. Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on these cars and sales of spare parts

Q1 2017 Results May 4th, 2017 16 STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Product Line-Up (at least a new model launched every year)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 F430 F430 Spider F430 Scuderia California Scuderia Spider 16M 458 Italia

458 Spider V8 California 30 458 Speciale California T 458 Speciale A 488 GTB 488 Spider GTC4Lusso T 612 Scaglietti Superamerica 599 GTB Fiorano 599 GTO SA APERTA FF

F12berlinetta V12 F12tdf GTC4Lusso 812 Superfast Supercars LaFerrari LaFerrari Aperta th Q1 2017 Results Special series and one-offs not included May 4 , 2017 17 LIMITED SERIES In and out from our portfolio

2015 2016 2017 2018

F12tdf

LaFerrari

LaFerrari Aperta

FXX K(12)

F60 America(12)

J50(14)

th Q1 2017 Results Note: (12) Models not included in the total shipments’ figure provided May 4 , 2017 18 GROUP SHIPMENTS(5)

~8,400 8,014 ~1,150 +6.4% 2,003 1,098 1,882 ~650 263 619 253 161 156 ~2,800 2,687 545 523

3,610 ~3,800 950 1,034

Q1 2016 Q1 2017 FY 2016 FY 2017E

EMEA Americas China, Hong Kong and Taiwan, Rest of APAC on a combined basis

Note: (5) Refer to notes to the presentation in the Appendix Q1 2017 Results May 4th, 2017 19 Graphs not to scale. Shipments including supercars LaFerrari and LaFerrari Aperta KEY PERFORMANCE METRICS

€M, unless otherwise stated Q1 '17 Q1 '16

Worldwide shipments (units) 2,003 1,882

Net revenues 821 675

EBITDA(1) 242 178

Adjustments - -

Adjusted EBITDA(1) 242 178

Amortization and depreciation 65 57

EBIT 177 121

Adjusted EBIT(1) 177 121

Net financial expenses 4 9

Profit before taxes 173 112

Income tax expense 49 34

Effective tax rate 28.5% 30.9%

Net profit 124 78

Adjusted net profit (1) 124 78

Basic and diluted EPS (€) 0.65 0.41

Adjusted EPS(1) (€) 0.65 0.41

Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix. Q1 2017 Results May 4th, 2017 20 Certain totals in the tables included in this document may not add due to rounding. DEBT AND LIQUIDITY POSITION

Gross Debt Maturity Profile (€M) Cash and Marketable Securities (€M) Cash Maturities Mar. 31 Adj. (€M) 2017 FY 2016 FY 2015(13) FY 2015 FY 2014 462 500 390 4 297 Euro 394 318 137 22 10 57 258 221 132 4 US Dollar 59 16 21 1 14 93 19 2 500 Chinese Yuan 66 58 106 106 74 200 200 200 200 Japanese Yen 19 37 41 41 27 2017 2018 2019 2020 2023 Other Currencies 31 29 17 13 9 Term Loan Bond US Securitizations Other Financial Liabilities Total (€ equivalent) 569 458 322 183 134

Net Cash/Net Industrial Debt (€M) Net Industrial Debt (€M)

At Mar. 31 At Dec. 31 (€M) 2017 2016 2015 2014 (578) Gross Debt (1,870) (1,848) (2,260) (510) Cash & Cash Equivalents 569 458 183 134 (1,301) Deposits in FCA Cash Management Pools - - 139 942 723 o/w 70% (Net Debt)/Net Cash (1,301) (1,390) (1,938) 566 securitized(14) Funded Self-Liquidating Financial 723 737 1,141 1,061 Receivables Portfolio (Net Industrial Debt)/Net Industrial Cash (578) (653) (797) 1,627 Undrawn Committed Credit Lines 500 500 500 Funded Self-liquidating Mar. 31, 2017 Mar. 31, 2017 Financial Net Debt Net Industrial Debt Total Available Liquidity 1,069 958 822 1,076 Receivables Portfolio

Note: (13) After settlement of deposits on FCA Group cash management pools and financial liabilities with FCA Q1 2017 Results (14) Portion of the Self-liquidating Financial Receivables Portfolio funded through securitizations May 4th, 2017 21 NON-GAAP FINANCIAL MEASURES

Non-GAAP financial measures

Operations are monitored through the use of EBITDA is defined as net profit before income tax expense, net financial various Non-GAAP financial measures that expenses/(income) and depreciation and amortization. Adjusted EBITDA is defined as may not be comparable to other similarly EBITDA as adjusted for income and costs, which are significant in nature, but expected titled measures of other companies to occur infrequently. Accordingly, investors and analysts should Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) represents EBIT as exercise appropriate caution in comparing adjusted for income and costs, which are significant in nature, but expected to occur these supplemental financial measures to infrequently similarly titled financial measures reported by Adjusted net profit represents net profit as adjusted for income and costs, which are other companies significant in nature, but expected to occur infrequently We believe that these supplemental financial Adjusted earning per share represents earning per share as adjusted for income and measures provide comparable measures of costs, which are significant in nature, but expected to occur infrequently its financial performance which then facilitate management’s ability to identify operational Net Industrial Debt defined as Net Debt excluding the funded portion of the self- trends, as well as make decisions regarding liquidating financial receivables portfolio, is the primary measure to analyze our financial future spending, resource allocations and leverage and capital structure, and is one of the key indicators used to measure our other operational decisions financial position Free Cash Flow and Free Cash Flow from Industrial Activities are two of management’s primary key performance indicators to measure the Group’s performance. Free Cash flow is defined as net cash generated from operations less cash flows used in investing activities. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted for the change in the self-liquidating financial receivables portfolio.

Q1 2017 Results May 4th, 2017 22 RECONCILIATION OF NON-GAAP MEASURES: ADJUSTED EBIT

€M Q1 '17 Q1 '16

EBIT 177 121

Adjustments - -

Adjusted EBIT 177 121

Q1 2017 Results May 4th, 2017 23 RECONCILIATION OF NON-GAAP MEASURES: EBITDA

€M Q1 '17 Q1 '16

Net profit 124 78

Income tax expenses 49 34

Net financial expenses 4 9

Amortization and depreciation 65 57

EBITDA 242 178

Q1 2017 Results May 4th, 2017 24 RECONCILIATION OF NON-GAAP MEASURES: ADJUSTED EBITDA

€M Q1 '17 Q1 '16

EBITDA 242 178

Adjustments - -

Adjusted EBITDA 242 178

Q1 2017 Results May 4th, 2017 25 RECONCILIATION OF NON-GAAP MEASURES: ADJUSTED NET PROFIT

€M Q1 '17 Q1 '16

Net profit 124 78

Adjustments - -

Adjusted net profit 124 78

Q1 2017 Results May 4th, 2017 26 BASIC AND DILUTED EPS

€M (unless otherwise stated) Q1 '17 Q1 '16

Net profit 124 78

Weighted average number of common shares 188,948 188,923 (thousand)

Basic EPS (€) 0.65 0.41

Weighted average number of common shares for diluted earnings per common share 189,758 188,923 (thousand)

Diluted EPS (€) 0.65 0.41

Q1 2017 Results May 4th, 2017 27 RECONCILIATION OF NON-GAAP MEASURES: ADJUSTED EPS

€ per common share Q1 '17 Q1 '16

EPS 0.65 0.41

Adjustments - -

Adjusted EPS 0.65 0.41

Q1 2017 Results May 4th, 2017 28 RECONCILIATION OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES

€M Q1 '17 Q1 '16

Cash flow from operating activities 150 112

Cash flows used in investing (72) (67) activities(15)

Free Cash Flow 78 45

Change in the self-liquidating (2) (17) financial receivables portfolio

Free Cash Flow from Industrial 76 28 Activities

Note: (15) Cash flow used in investing activities for the three months ended March 31, 2017 excludes proceeds from exercising the Delta Topco option of Euro 8 million th Q1 2017 Results May 4 , 2017 29 RECONCILIATION OF NON-GAAP MEASURES: NET INDUSTRIAL DEBT

€M March 31, 2017 December 31, 2016

Net Industrial Debt (578) (653)

Funded portion of the self-liquidating 723 737 financial receivables portfolio

Net Debt (1,301) (1,390)

Cash and cash equivalents 569 458

Gross Debt (1,870) (1,848)

Q1 2017 Results May 4th, 2017 30