#1Exor EXOR INVESTOR DAY 30 NOVEMBER 2023#2Certain statements and information contained in this presentation that are not statements or information of historical fact constitute forward-looking statements, notwithstanding that such statements are not specifically identified. These forward-looking statements may include statements regarding our (or our portfolio companies') plans, objectives, goals, strategies, future events, future revenue or performance, financing needs, plans or intentions relating to acquisitions, investments or capital expenditures, business trends or other information that is not historical information. These statements may include terminology such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", "intend", or similar terminology. Forward-looking statements are related to future, not past, events and are not guarantees of future performance. These statements are based on current expectations, assumptions and projections about future events and, by their nature, address matters that are, to different degrees, uncertain and 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 among others: • changes in general economic, financial and market conditions and other changes in business conditions; changes in commodity prices, the level of demand and financial performance of the major industries our portfolio companies serve; and changes in regulations and institutional framework (in each case, in Italy or abroad); and many other factors, most of which are outside of the control of EXOR. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in EXOR's Annual Report 2022, including those set forth under the heading "Risk Factors". These risks and uncertainties, as well as other risks of which we are not aware or which we currently do not believe to be material, may cause our actual future results to be materially different than those expressed in our forward-looking statements. Investors and shareholders are cautioned not to place undue reliance on the forward-looking statements. Forward-looking statements speak only as of the date they are made. All forward looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. EXOR undertakes no obligation to update or revise its outlook or forward-looking statements, whether as a result of new developments or otherwise. EXOR expressly disclaims and does not assume any liability in connection with any inaccuracies in any of these forward-looking statements or in connection with any use by any party of such forward-looking statements. Names, organizations and company names referred to may be the trademarks of their respective owners. This presentation does not represent investment advice neither a solicitation, nor a recommendation nor an invitation, nor an offer for the purchase or sale of financial products and/or of any kind of financial services as contemplated by the laws in any country or state. Exor 2#3EXOR INVESTOR DAY AGENDA UPDATE 30 NOVEMBER 2023 COMPANIES INVESTMENTS FINANCIALS ESG WHAT'S NEXT? Exor 3#4IN 2023 WE CONTINUED TO EXECUTE ON OUR PRIORITIES COMPANIES INVESTMENTS ☐ Became a long-term investor in Philips, a global leader in health technology, and built a 15% stake Joined forces with Impala to develop Tag Energy, a fast-growing company in the renewal energy space Committed to participate in the Juventus capital increase Increased investment in Via Transportation Launched Lingotto as an independent alternative investment manager with $4.5bn AuM contributed by Covéa and Exor Continued our investments in Exor Ventures ☐ Announced a new €1bn share buyback program FINANCE ESG Managed our financial position efficiently, with rating upgraded to A- by S&P Published our first TCFD report Expanded our education initiatives Exor 4#5WE HAVE REDEPLOYED THE PARTNER RE SALE PROCEEDS in Euro billion CASH GENERATION1 2022-24 ~10.0 3.5 CASH USES CASH ALLOCATED 6 REMAINING CASH 1.7 1.3 0.6 0.7 ~1.7 ~0.5 Debt Companies² Investments³ Buyback Others 5 reduction 4 1) Including proceeds from the sale of Partner Re, cash and cash equivalents and listed securities at 2021 YE and Net FCF in 2022-24. 2) Including amount invested in Philips, Institut Merieux, Tag Energy, Juventus, Lifenet, Via, Casavo, ShangXia and NUO. 3) Including amount invested in Lingotto Funds and Ventures. 4) Corresponding to €0.6bn maturing bond in December 2022, redeemed in October 2022 pursuant to the pre-maturity call option. 5) Including other assets of which €0.4bn reinsurance vehicles expected to mature after 2024. 6) Including amount allocated to Institut Merieux (€0.55bn), Lingotto Funds (€0.35bn), Ventures (€0.42bn) and the remaining amount allocated to Buyback not yet funded (€0.25bn), among others. Note: Numbers may not add due to rounding. Exor 5 LO#6EXOR INVESTOR DAY AGENDA UPDATE 30 NOVEMBER 2023 COMPANIES INVESTMENTS FINANCIALS ESG WHAT'S NEXT? Exor 6#7OUR THREE LARGEST COMPANIES CONTINUE TO PROGRESS ON THEIR STRATEGIC PLANS PUSHING THE BOUNDARIES STELLANTIS DARE FORWARD CN- INDUSTRIAL BREAKING NEW GROUND Exor Net revenues of €4.4bn YTD (+19% vs LY)1 Net profit of €1.0bn YTD (+34% vs LY) >€0.9bn of Industrial FCF in 2023E 2023 guidance raised Net revenues of €143.5bn YTD (+10% vs LY) 1 Global BEV sales +37% (vs Q3 2022) Revenues of $17.9bn YTD (+8% vs LY)¹ Net profit of $1.8bn YTD (+22% vs LY) Strong Industrial FCF in 2023E 2023 guidance confirmed $1.0-$1.2bn of Industrial FCF in 2023E 2023 guidance lowered We will continue to support our Companies as they pursue their paths to greatness 1) YTD refers to the nine months ending on 30 September 2023; LY refers to the equivalent period for 2021. 2) Refers to consolidated revenues that include financial services. 7#8WE HAVE CONTINUED TO LOOK FOR NEW COMPANIES IN OUR THREE PRIORITY SECTORS ABILITY TO BE A GREAT COMPANY WITH GREAT PEOPLE Priorities HEALTHCARE LUXURY TECHNOLOGY Rationale A non-cyclical sector with structural tailwinds Large sector with significant inefficiencies where we can accelerate innovation Technology-enabled healthcare solutions can be highly scalable FOCUS OF NEXT SLIDES A growing and resilient sector with demographic tailwinds Can benefit from our long-term committed capital and experience of family ownership Technology is changing the customer connection and supply chain transparency Is under-represented in our portfolio and has substantial growth potential Our ownership of operating companies makes us attractive partners to related technology companies We bring an understanding of high growth companies from our Ventures investments We also remain open to new sectors and geographies where we can build great companies with great people 8 Exor I#9WE HAVE DEEPENED OUR KNOWLEDGE OF HEALTHCARE LONG-TERM SUPPORTING TRENDS Healthcare expenditure has nearly tripled in value since 2000 to +$9tn and represents ~10% of global GDP Pro capita healthcare expenditure doubled in the last 20 years and is expected to continue rising Growth in healthcare expenditure is expected to continue benefitting from the global ageing population Long-term shareholders are rewarded as all healthcare subsectors outperformed the MSCI World over a multi- decade timeframe VENTURES COMPANIES AREAS WE ARE EXPLORING: Healthcare Services Imaging & Instruments Diagnostics Life Sciences Tools Life Science Ingredients, e.g. genomics and proteomics 8 Precision Medicine Robotics & Automation H Biomanufacturing Pharma services Al-enabled Medicine 9 Exor#10OUR INVESTMENT IN PHILIPS IS OUR LARGEST HEALTHCARE INVESTMENT PHILIPS PHILIPS PHILIPS HI Exor STRONG ALIGNMENT WITH PHILIPS MANAGEMENT TEAM "Exor's investment in Philips, their long-term outlook and increased focus on healthcare and technology, fit well with our strategy and substantial value creation potential. With our market leadership positions and people- centric innovation capabilities, Philips is well positioned to deliver on our purpose to improve the health and well-being of people, creating value for all stakeholders."- Roy Jakobs (Philips CEO) €2.8bn investment 15% ownership Right to nominate 1 Director Closed on 14 August 2023 "We welcome Exor as a long-term investor in Philips. They have a successful track record and clear strategy to grow and develop in healthcare and technology. Exor's substantial investment underlines their confidence in Philips' transformation into a healthcare technology company and its growth and value potential." - Feike Sijbesma (Philips Chair) "The path of change taken by Philips in recent years has created a company that combines two areas - healthcare and technology - to which we are committed. Our discussions have confirmed the strong and positive alignment between our long-term, supportive approach to our companies and Philips' ambitious plans under the chairmanship of Feike Sijbesma and the executive team led by Roy Jakobs.” – John Elkann (Exor CEO) 10#11PHILIPS HAS SUCCESSFULLY REPOSITIONED ITSELF IN THE HEALTHCARE DOMAIN, AND IS CURRENTLY MANAGING A SET OF CHALLENGES Exor SHARE PRICE (€) SALES (BN) AND SHARE PRICE EVOLUTION (€) Healthcare (incl. Others) Lighting Entertainment Domestic Appliances Share Price 24.8bn 24.2bn 24.5bn Respironics recall and operational difficulties 23.3bn 70 10 8% 21.4bn 9% 10% 6% 9% 19.5bn 19.5bn 60 60 10% 17.8bn 18.1bn 6-7% GROWTH1 17.8bn 31% 29% 12% 11% 17.2bn 34% 36% 12% 13% 32% 40 40 61% 50 55% 57% 60% 30 52% 20 89% 88% 88% 87% Exor announces its investment 100% 100% 100% Roy Jakobs is appointed CEO 10 2012 > 2013 2014 2015 2016 > 2017 2018 2019 >>> 2020 >> 2021 2022 2023E HEALTHCARE EXPANSION ✓ VOLCANO ◇ Spectranetics BioTelemetry PRECISION GUIDED THERAPY Always Reaching Farther Sources: CIQ as of 29 November. Notes: 1) Comparable Sales Growth (CSG) guidance as provided by the company in their 3Q '23 Earnings Call presentation. 11#12PHILIPS IS WELL POSITIONED IN ATTRACTIVE SEGMENTS Market Leader SALES SPLIT¹ ADDRESSABLE MARKET (ЄBN) DIAGNOSIS & TREATMENT CONNECTED CARE PERSONAL HEALTH Exor Ultrasound 20% Enterprise Informatics 20% Mother & Child Care 10% €8.9BN Diagnostic imaging 40% €5.4BN Image Guided Therapy 40% Sleep & Respiratory Care 20% Monitoring 60% Oral Healthcare 35% €3.6BN Personal Care 55% CAGR 5% 79 66 2021 2025 CAGR 4% 69 58 CAGR 5% 27 33 2021 2025 2021 2025 MARKET POSITIONING¹ #1 Global in Image-Guided Therapy ■ #1 Global in Cardiac Ultrasound ■ Top 3 Global in Diagnostic Imaging #1 in Hospital monitoring ▪ #1 in Ambulatory monitoring Leader in Enterprise Informatics (#1 in Imaging, PACS & interoperability) ■ #2 Global in Sleep & Respiratory Care Notes: 1) LTM sales and market positioning as provided by Philips in their Investor Presentation of October 2023. #1 Global in Male Grooming ■ #2 Global in Oral Healthcare #2 Global in Infant Feeding 12#13OUR INVESTMENT ENABLES US TO EXPAND OUR PRESENCE IN HEALTHCARE Exor IN LINE WITH OUR ■ Largest shareholder in a large-scale public company exposed to both healthcare and technology STRATEGY OPERATES IN ATTRACTIVE MARKETS Leadership position in attractive niche markets as well as growing exposure to informatics ATTRACTIVE VALUATION ($) Long-term potential at an attractive price STRONG PLAN POTENTIAL TO BE GREAT 000 0+0>> Targets a return to healthy top-line growth and profitability Management team committed to overcoming current difficulties and building a great company 13#14PHILIPS BECOMES THE FOURTH LARGE COMPANY IN OUR PORTFOLIO Exor COMPANIES ~86% of GAV or ~€33.4bn STELLANTIS CNH INDUSTRIAL PHILIPS ~ 75% of GAV M Sabastec IVECO GROUP ◇ via JJ The Economist INSTITUT MERIEUX Gross Asset Value (GAV) Welltec® GEDI GRUPPO EDITORIALE ~€38.8bn tagenergy Lifenet Healthcare ~ 11% of GAV SHANGX-> CASAVO NUO INVESTMENTS ~7% of GAV or ~€2.8bn VENTURES PHASE♥ Lithic upway TEKION Qonto Brex (examples) MultiplyLabs CARS 24 OTHERS17% of GAV or ~€2.6bn Note: Figures based on market prices as of 23 November. 1) Including: Cash and equivalents (~€0.4bn), Listed securities (~€0.8bn), Reinsurance vehicles and other assets including treasury shares (~€1.4bn). Lingotto 14#15EXOR INVESTOR DAY AGENDA 30 NOVEMBER 2023 UPDATE COMPANIES INVESTMENTS FINANCIALS ESG WHAT'S NEXT? Exor 15#16WE HAVE INVESTED ~$0.6BN ACROSS A BALANCED VENTURES PORTFOLIO Exor STAGE EXPOSURE SECTOR EXPOSURE GEOGRAPHIC EXPOSURE Mobility Other 13% 23% PORTFOLIO COMPOSITION LatAm 1% APAC 7% EMEA Moonshots 20% 43% Healthcare 22% Core Positions (10) 41% Late 56% Early 44% Deeptech 11% Consumer 13% Fintech 18% Note: Based on fair market value. Stage exposure based on time of investment. Does not include Vento. U.S. Mid-size 49% Positions 39% 16#17WE HAVE LAUNCHED VENTO: THE ITALIAN CHAPTER OF EXOR VENTURES Exor EARLY-STAGE INVESTING VENTURE BUILDING VISION ✓ The most recognized program for early-stage (pre- seed & seed) Italian entrepreneurs GOAL ECONOMICS ✓ Invest in 50%+ of the best new companies over the next 10 years ✓ Close 100 deals/year (€15mn/year) ✓ Back the brightest minds to launch ventures ✓ At least five new Vento companies enter the portfolio each year ✓ €80k convertible note with €800k post-money cap ✓ Network: Strong network of mentors, entrepreneurs and top-tier investors ✓ €150k investment for mid single-digit ownership ✓ Speed: Efficient process ✓ Brand: High quality investor OUR VALUE ✓ PROPOSITION Community: Strong network of founders, top-tier investors, and corporates ✓ Grant: Support Founders to participate full time Global reach: Help founders think globally ✓ 2,158 applications since April 2022 RESULTS ✓ 55 companies backed ✓ 1,000+ applications received in the last 2 cohorts ✓ 20 new companies incorporated, 10 backed by Vento ✓ Potential investment: Opportunity to receive a pre- seed check 17#18Lingotto Lingotto Overview November 2023#19Introduction to Lingotto Who We Are Lingotto is an independent alternative investment manager, that was launched in May 2023, and is wholly owned by Exor Two Founding investors: Exor and Covéa ~$4.5bn¹ AUM 3 core strategies ~40 investment and business professionals Offices in London and New York Our Objective "We are committed to delivering attractive long-term returns to our limited partners, protecting their capital from permanent losses while accepting concentration, illiquidity and volatility". John Elkann (Founder) We think and act as principals rather than agents; investing alongside those who entrust their money to us 1. AUM as of 30th September 2023, including commitments. Includes strategies that are not currently open to external investors. LINGOTTO INVESTMENT MANAGEMENT LLP 19#20Our Differentiated Approach Capital Committed, long-term investors with alignment of interest and shared objectives Strategies Complementary and unique investment philosophies Lingotto %C People Experienced, entrepreneurial leaders with proven industry track record Risk Management Acceptance of concentration, illiquidity and volatility LINGOTTO INVESTMENT MANAGEMENT LLP 20#21Lingotto Values Courage & Responsibility Having conviction in our differentiated analysis whilst embracing concentration and maintaining full accountability Ambition & Humility Encouraging diversity of opinion and rigorous thinking, we aim to deliver uncorrelated results Curiosity & Focus Appreciating the unexplored and the unconventional, while avoiding short-termism Patience & Drive Accepting volatility as an opportunity and not a risk, firmly believing in the benefits of long- term investing Culture rooted in transparency, autonomy and cooperation LINGOTTO INVESTMENT MANAGEMENT LLP 21#22Strategies and Managing Partners/CIOS LONG/SHORT EQUITY Matteo Scolari • 20 years investment experience Former Eton Park Portfolio Manager Goldman Sachs and McKinsey Wharton MBA, Palmer Scholar NAV ~2,400m¹ Strategy: Public equity, on concentrated long only and long/short basis Investment approach: Fundamental bottom-up approach, long-term analysis, concentrated portfolio Geography: Predominantly developed markets 1. As of 30th September 2023, including commitments. ~$4.5bn¹ Assets Under Management Today OPPORTUNITY Nikhil Srinivasan ° 20 years investment experience Former CIO: Allianz, Generali, PartnerRe Twice supervised ~$500bn in assets NAV ~1,600m² Strategy: Investments across the full capital structure, mostly in private companies Investment approach: Special situation opportunities in idiosyncratic niches Geography: Global with a bias to Europe & Asia 2. As of 30th June 2023. Includes strategies that are not currently open to external investors. INNOVATION James Anderson 40 years investment experience Partner Baillie Gifford (1987 - 2022) Former co-manager Vanguard Intl Growth Fund & Scottish Mortgage Investment Trust. Chair of Kinnevik AB NAV ~500m¹ Strategy: Primarily public equity with some private equity, on a long-only basis Investment approach: Identifying rare structural winners, concentrated, long- term commitment Geography: Global LINGOTTO INVESTMENT MANAGEMENT LLP 22#23Strategic and Operational Progress STRATEGIES Progress in 2023... 'Opportunity' launched in Q1 2023 'Innovation' launched in Q2 2023 ...Future Priorities Launch new strategies selectively PEOPLE New joiners - Investment Teams Managing Partner and CIO, Partners and Analysts New joiners - Business COO, Investor Relations, Trading and Operations Board of Directors - George Osborne appointed as Chair Offices - New locations in London and New York Continue to recruit high quality talent Enhance the organization while minimising bureaucracy Expand global presence of our investment teams INVESTORS Engaged prospective investors Build long-term partnerships with selected investors LINGOTTO INVESTMENT MANAGEMENT LLP 23#24EXOR INVESTOR DAY AGENDA UPDATE 30 NOVEMBER 2023 COMPANIES INVESTMENTS FINANCIALS ESG WHAT'S NEXT? Exor 24#25WE HAVE CONTINUED TO DELIVER ON OUR TARGETS Our Targets 2023YTD1 NAV/Share growth % Outperform MSCI World Index -28% vs. MSCI: 13% OBJECTIVES TSR CAGR % 8% -32% Last 5 years 2 ~63% vs. MSCI: 51% ~8% FCF ³/ Dividend paid Above 1.0x -7.0x ~3.0x Exor EXOR KPIs Holding cost4 / GAV Below 10bps ~7bps ~6bps 1234 Loan To Value ratio % Below 20% ~10% ~8% As of 23 November. KPI figures related to FCF and holding cost are annualized. Last 5 years as presented in the November 2022 presentation. FCF defined as dividend inflow - net general expenses - net financial income (expenses). Cash based holding cost. 25 25#26WE ARE DISCIPLINED IN HOW WE ALLOCATE CAPITAL WHILE ENSURING A STRONG BALANCE SHEET AND A STABLE DIVIDEND Exor • Companies Investments Invest in existing companies Acquire new companies that have the potential to become great Consider company exits if we are no longer the best owner • Invest in Ventures, with exposure to early and late- stage opportunities Invest in Lingotto Funds, with exposure to public and private market strategies Assess allocation to Investments Buyback Invest in our own shares when terms are attractive We use a Portfolio Review Process to monitor and assess our portfolio and drive capital allocation decisions 26#27WE HAVE TAKEN ADVANTAGE OF OUR DISCOUNT TO NAV TO INVEST IN OUR PORTFOLIO ☐ New share buyback program of €1bn announced in September, bringing total share buyback to €1.5bn between 2022 and 2024 Tender offer for an amount of €750mn launched on 14 September " ■ Oversubscribed and priced at zero premium to reference price ■ Acquired shares represented 3.8% of share capital Share cancellation process of 5.6% of share capital¹ has started, with effective cancellation in H1 2024 ◉ Regular on-market buyback for the remaining €250mn to continue in 2024 Buybacks are an integral part of our capital allocation framework 1) Including 8.87mn shares acquired in the tender offer and other 4.1mn ordinary shares held in treasury. Exor 27#28WE FOCUS ON EFFICIENT DEBT MANAGEMENT, SUPPORTED BY A RATING UPGRADE TO A- Exor Private placements 45% BREAKDOWN Bank debt 7% Current Gross Debt 1,2 ~€3.7bn Public bonds 48% €265 WELL BALANCED MATURITY PROFILE 3 ¥10,000 €200 €550 €500 €500 €500 €500 €300 €200 $170 2024 2025 2026 2028 2030 2031 2034 2038 All figures are expressed in millions and in the original currency of issuance ☐ Solid capital structure, with Exor's rating recently upgraded by S&P Majority in Euro (~95%) and made up of bonds with average maturity ~6 years and average fixed cost ~2.5% Constant efforts to balance financing across different sources, maturity profiles and amounts 1) Including bond debt and bank debt, excluding other financial liabilities (€0.6bn). 2) Excluding accrued interest and amortized cost. 3) Exor put in place a cross-currency swap on the bond issue. 28#29EXOR INVESTOR DAY AGENDA UPDATE 30 NOVEMBER 2023 COMPANIES INVESTMENTS FINANCIALS ESG WHAT'S NEXT? Exor 29#30WE ARE CONTINUING TO MAKE SIGNIFICANT PROGRESS AROUND OUR ESG PASSIONS OUR PASSIONS ENVIRONMENT Emissions reduction SOCIAL Education: decreasing inequalities and promoting innovation GOVERNANCE Diversity and inclusion COMMITMENTS AT HOLDING LEVEL Achieve carbon neutrality by 2022 and net zero emissions by 2025. OUR PROGRESS ✓ Published our first TCFD Report ✓ Carbon neutral since FY2021 Exor ◉ Reduce the gender gap in STEM subjects Help high potential young entrepreneurs National launch of Matabì initiative with 130 classes involved across 6 regions in Italy - Focus OF NEXT SLIDE ✓ Working with Innovation 4 Change to support the entrepreneurs of the future Maintain 40/60 gender balance and consider diverse candidates for all new appointments ✓ 41/59 gender balance ✓ Carried out first unconscious bias training workshop for all employees We have continued to expand our networks of excellence and knowledge-sharing across our Companies 30#31IN 2023, WE SCALED UP OUR MATABÌ INITIATIVE THAT AIMS TO REDUCE THE GENDER GAP IN STEM SUBJECTS UNDERSTANDING MATABÌ matabi Exor imparare un mattoncino alla volta abi wakhook WHAT HAVE WE BEEN BUILDING IN 2023/24? NATIONAL ROLLOUT Aim: Reduce the gender gap in STEM subjects mat Audience: Primary school pupils & teachers Activities: Classroom activities using Lego-Duplo kits & teacher training ខ Publicly launched in Naples 130 classes from 25 schools in 6 Italian regions Special impact framework assessment Roadshow on the role of women in STEM Fondazione A Agnelli A Matabì is carried out by Fondazione Agnelli Other partners: Politecnico di Torino CRENOS The LEGO Foundation 1859 31#32EXOR INVESTOR AGENDA DAY UPDATE 30 NOVEMBER 2023 COMPANIES INVESTMENTS FINANCIALS ESG WHAT'S NEXT? Exor 32#33WE WILL CONTINUE TO FOCUS ON OUR PRIORITIES ✓ Remain a long-term and active shareholder, aligning ownership, governance and leadership ✓ Strengthen our investment capabilities through Exor Ventures and Lingotto ✓ Continue to explore new opportunities Maintain discipline in capital allocation, while ensuring a strong balance sheet Exor 33#34Mediocrity is not worth the trip. Sergio Marchionne Exor 34#35EXOR INVESTOR DAY 30 NOVEMBER 2023 Q&A SESSION Exor 35