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We maintain a buy rating on Exor N.V. stock due to Stellantis valuation upside, Ferrari's defensive luxury appeal, and its non-auto diversification strategy. Exor's valuation discount is higher than Porsche Automobil Holding SE (50% vs 35%), reinforcing our positive stance. With an ongoing buyback, a higher DPS, and a safe balance sheet, Exor is a clear buy.

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Amsterdam, 26 March 2025 EXOR DELIVERS 9% NAV PER SHARE GROWTH IN 2024 LAUNCH OF A €1 BILLION SHARE BUYBACK PROGRAM WITH TENDER OFFER AT UP TO 10% PREMIUM NAV reached €38.2 billion at 31 December 2024, with NAV per share increasing by 9% Strong cash flow generation with dividends received from companies and asset disposals amounting to €1.5 billion in 2024. Active and disciplined capital allocation with increased exposure to Healthcare Ordinary dividend to be distributed of approximately €100 million, subject to AGM approval Launch of a new €1 billion share buyback program in the form of a Tender Offer starting 27 March 2025 at a premium of up to 10% The company will hold its annual investor and analyst call on 27 March 2025 at 15hCET € million, unless otherwise indicated 31 December 2024 1 January 2024 Total Assets / Gross Asset Value (GAV)(a) 42,460 39,739 Equity / Net Asset Value (NAV)(a) 38,212 35,423 NAV per share - €(a) 178.78 164.02 Market Capitalization 19,568 21,

Exor announced the sale of a 4% stake in Ferrari to institutional investors, valued at €3 billion. This strategic move aims to diversify Exor's portfolio. Exor also plans a €1 billion buyback program to enhance shareholder returns and finance a significant new acquisition. NAV discount is at a record-level. Our buy is then confirmed.

Amsterdam, 27 February 2025 EXOR ANNOUNCES THE SUCCESSFUL PRICING OF THE ACCELERATED BOOKBUILD OFFERING FOR APPROXIMATELY 4% OF FERRARI'S OUTSTANDING SHARES Exor N.V. (“Exor”) announces the successful pricing of the previously announced accelerated bookbuild offering involving the sale of approximately 7 million common shares of Ferrari N.V.

Amsterdam, 27 February 2025 EXOR ANNOUNCES THE SUCCESSFUL PRICING OF THE ACCELERATED BOOKBUILD OFFERING FOR APPROXIMATELY 4% OF FERRARI'S OUTSTANDING SHARES Exor N.V. (“Exor”) announces the successful pricing of the previously announced accelerated bookbuild offering involving the sale of approximately 7 million common shares of Ferrari N.V.

Amsterdam, 26 February 2025 EXOR ANNOUNCES THE LAUNCH OF AN ACCELERATED BOOKBUILD OFFERING FOR APPROXIMATELY 4% OF FERRARI'S OUTSTANDING SHARES Exor remains fully committed to supporting Ferrari's strategy as well as remaining its largest shareholder for the long-term No changes in Ferrari's governance structure following the transaction The transaction will reduce concentration within Exor's portfolio. Sale proceeds of approximately €3 billion are intended to be used to pursue diversification through a sizeable new acquisition and to launch a new share buyback program for €1 billion Exor N.V.

Exor has not sold any shares in Italian soccer club Juventus to cryptocurrency firm Tether, a spokesman for the Agnelli family holding company said on Friday.

Amsterdam, 31 January 2025 EXOR N.V. PUBLISHES ITS 2025 CORPORATE CALENDAR EXOR N.V.

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