Press release

IFI - IFI Board of Directors approves the first quarter 2005 resultsJune 09, 2005

The Board of Directors of IFI – Istituto Finanziario Industriale S.p.A. met today in Turin

Taking into account the forecasts formulated by the holdings, IFIL and Exor Group, it is
believed that the consolidated result of the IFI Group for 2005 will show a profit.
Moreover, considering the motion for the payment of dividends formulated by the IFIL
Board of Directors and the dividends received from Exor Group from the results of the
2004 financial statements, it is believed that the 2005 result of IFI S.p.A. will also show a
Change in the corporate calendar of events
The meeting of the Board of Directors for the approval of the consolidated six month
report at June 30, 2005, prepared in accordance with IAS/IFRS, originally scheduled for
September 13, 2005, will be held on
Business outlookSeptember 29, 2005.

under the chairmanship of Gianluigi Gabetti to examine the consolidated results for the
first three months of 2005, prepared in accordance with IAS/IFRS international
accounting standards.
The first quarter of 2005 ended with a consolidated net income of the IFI Group of € 49.1
million. Compared to the corresponding period of 2004 (in which a loss was reported of
€ 54.4 million), the result shows an improvement of € 103.5 million, mainly owing to an
improvement in results posted by the IFIL Group, which benefits in turn from better
results recorded by the Fiat Group.
The net financial position of IFI S.p.A. at March 31, 2005 shows a net debt position of
€ 302.9 million, an increase of € 37.2 million compared to a net debt position at the end
of 2004 (-€ 265.7 million), mainly due to the purchases of IFIL shares in March 2005
(equal to € 34.2 million).
Consolidated stockholders’ equity of the Group at March 31, 2005 amounts to
€ 2,320 million, up from € 2,166.9 million at the end of 2004. The increase of € 153.1
million comes from the consolidated net income reported by the Group for the first

quarter and other net positive changes. 

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