Exor Shareholders Letter 2018

| About: Exor NV (EXXRF)

Summary

Includes detailed analysis of Exor's positions in FCAU, RWEOY, OCDGF, JVTSF.

2017 has been our best performing year apart from 2009, the year EXOR was established. EXOR’s NAV per share grew by 56.9% in 2017, which outperformed by 36.8pp our benchmark of the MSCI World Index denominated in dollars.

We focus on our NAV per share which we control rather than our share priceand we believe that if, over time, we outperform our benchmark, this will be reflected in our market value.

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