Press release

IFI - IFI's Board approves third-quarter 2005 resultsNovember 11, 2005

The Board of Directors of IFI – Istituto Finanziario Industriale S.p.A., which met today in
Turin under the chairmanship of Gianluigi Gabetti, examined the consolidated results for
the third quarter of 2005 and the first nine months of the year.
The third-quarter of 2005 ended with a consolidated profit of €192.4 million for the IFI
Group: compared to the corresponding period of 2004 (in which a consolidated loss of
€78.3 million was reported), this is an improvement of €270.7 million, basically due to
the increase in the result of the IFIL Group. For that same reason, the cumulative profit
for the first nine months of the year also grew and shows a consolidated profit of
€580 million. The improvement compared to the corresponding period of 2004 (which
ended with a consolidated loss of €131.2 million) amounts to €711.2 million.
The net financial position of IFI S.p.A. at September 30, 2005 shows a debt position of
€280.1 million. This is an increase of €14.4 million compared to the end of 2004 (a debt
position of €265.7 million) due to investments in IFIL stock made in March and April
Consolidated equity of the Group at September 30, 2005 amounts to €3,049.7 million and
grew from €2,166.2 million at the end of 2004. The increase of €883.5 million is due to
the consolidated profit of the Group for the period and other positive net changes.
Business outlook
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 strong
increase over 2004, which closed with a profit of €117 million.
As for IFI S.p.A., the result is expected to be along the lines of that of 2004

(€37.7 million). 

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