Letter to Shareholders

Dear Shareholders,

2020 was an extraordinarily difficult year for the entire world with 1.8 million lives lost to COVID-19 – a toll that has since sadly grown to nearly 2.8 million. However, with the roll-out of vaccines we, at last, have hope that our families and communities can be protected and we can lay the foundations for economic recovery.

Last year was also extremely challenging for Exor. However, difficult times are character-revealing, and reflecting back on last year, I believe we acted effectively and responsibly and that our companies responded by showing the very best of who they are. Throughout this period, we remained true to our values, which I shared with you in last year’s letter. We express these as a set of dualities: humility & ambition, curiosity & focus, patience & drive and courage & responsibility. While relevant at all times, we found them to be even more critical during this period.

Our priority throughout the pandemic has been to protect the health and safety of our people,which we did while managing a very high level of financial and operational complexity.The second quarter was one of the toughest periods we have had to face in our history but one that has also made us stronger. I would like to thank all my colleagues at Exor and our companies for the fortitude they are demonstrating throughout this difficult period and for their generosity in supporting, in a variety of ways, those impacted by the pandemic.

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