9M 2011 Results

27 October 2011

2

Consolidated financial structure

9M 2011 Results

100.3 KOS 110.9

€ m

Total subsidiaries CIR & financial holdings Fixed assets 127.7 127.5

Private equity 80.6 89.9

Other assets, net

Net cash

Junior Notes Zeus (Jupiter)

(13.6)

123.6

55.4

(20.6)

38.7

63.3

Consolidated shareholders’ equity 1,487.0 1,467.1

Other investments

1,113.3

113.3

16.6

1,140.2

20.1

Shareholders’ equity - Group Dec. 31, 2010 Sept. 30, 2011

Sogefi

Espresso

Sorgenia

296.4

557.8

303.3

109.8

582.9 Sorgenia 586.7 596.1

Swiss Education -- 28.1

3

Liquid assets

9M 2011 Results

Liquid assets at September 30, 2011

€ m

Hedge funds

Other (stocks, investment funds)

553

96.0

84

44

885

77

74

Dec. 31, 2010 Sept. 30, 2011

Liquidity

Corporate bonds

Government bonds

157

10

360

365

9

258

Total liquid assets (1)

(1) It includes € 564.2m referring to the “Lodo Mondadori” ruling received on July 26 2011. This amount, in accordance

with international accounting standards (IAS 37), is defined as “contingent asset” and has had no effect, nor will, on the income statement of the group up to the highest level of justice. The same amount is also included in the line “other debt” in order to neutralize any effect in the exposure of the “net financial position”

4

Composition of gross financial debt

9M 2011 Results

€ m

(1) On January 10,2011 the maturing bond for a remaining amount, including interest, of €157.4 m was repaid. As of today the only bond still outstanding is the one issued by CIR SpA maturing on December 16, 2024 for a principal amount of €300m

96.0

Dec. 31, 2010 Sept. 30, 2011

Other debt

CIR S.p.A. 2004/2024

CIR International 2003/2011

268.1

157.2

279.8

566.7

--

3.7

429.0 846.5 Gross financial debt

(1)

(2)

(2) It includes € 564.2m referring to the “Lodo Mondadori” ruling received on July 26 2011. This amount, in accordance

with international accounting standards (IAS 37), is defined as “contingent asset” and has had no effect, nor will, on the income statement of the group up to the highest level of justice. The same amount is also included in the line “total liquid assets” in order to neutralize any effect in the exposure of the “net financial position”

5

Net financial surplus at Sept. 30, 2011 Evolution of net financial surplus

Net financial surplus at “holding system” level

9M 2011 Results

At the end of September 2011 net cash amounted to €38.7 m, down from € 123.6m at December 31, 2010

The net cash includes hedge funds investments (formerly Medinvest) which at September 30 2011 stood at € 76.7 m (performance YTD Sept. 2011: - 6.4%)

6

Consolidated net financial position

9M 2011 Results

(164.9) Sogefi Group (325.3)

€ m

Other subsidiaries

Consolidated net financial indebtedness

(62.8)

(2,166.8)

(54.5)

(2,346.8)

Consolidated net invested capital 4,689.7 4,827.0

96.0

(189.3) (155.3)

Dec. 31, 2010 Sept. 30, 2011

Espresso Group

Sorgenia Group

CIR & financial holdings

(1,738.4)

123.6

(1,699.3)

(112.4)

38.7

(135.0)

KOS Group

Total shareholders’ equity 2,522.9 2,518.9

7

Consolidated income statement

9M 2011 Results

KOS Group

€ m

Total operating subsidiaries

Other financial companies

Cir + Cir International result

Other subsidiaries

7.7

(1.0)

9M 2010 9M 2011

Sogefi Group

Sorgenia Group 29.5

Total contribution from subsidiaries

2.6

58.8

(1.7)

(3.4)

57.1

4.8

38.5

(0.2)

(23.3)

(7.0)

10.9

6.9

Espresso 266.9 Espresso Group 20.0 22.9

38.3

Net income 53.7 15.0

8

Corporate structure

Operating subsidiaries

Revenues 2010 € 925m

EBITDA € 87m

Revenues 2010 € 887m

EBITDA € 107 m

Revenues 2010 € 325m

EBITDA € 42m

Revenues 2010 € 2.7 Bio

EBITDA € 151 m

Financial

investments

AUTOMOTIVE COMPONENTS

Filters

Suspensions

MEDIA

Newspaper Publishing

Magazine Publishing

Radio

Television

Internet

HEALTHCARE

Hospitals

Rehabilitation

Residential nursing homes

UTILITIES

Renewables

Thermal

Gas

Energy saving

E&P

Venture capital funds

Private equity funds

Distressed debt purchasing

Start-ups

9M 2011 Results

9

Sorgenia – operating structure

MANAGEMENT 1.9%

35.0% 65.0% SORGENIA HOLDING

80.0% 16.9%

1.2%

9M 2011 Results

70% Sorgenia Menowatt

100% Sorgenia USA LLC (69,47%

Noventi Ventures II LP)

100% Sorgenia Power

100% Sorgenia Puglia

Sorgenia E&P

100% Sorgenia International BV

26.76% Saponis Investments

ZOO

50% Fin Gas (70% LNG Med

Gas Terminal)

E&P OTHERS RENEWABLES

78% Energia Italiana (50% Tirreno Power)

LNG Terminal E&P

Thermoelectric generation

Venture Capital in

Clean Technologies

Energy Saving

50% Sorgenia France

100% Sorgenia Vento

75% Sorgenia Minervino

100% Sorgenia Romania

Wind

100% Sorgenia Idro

Hydro

100% Sorgenia Bioenergy

Biomass

Solar

100% Sorgenia Solar

Sorgenia SpA

(Parent Company)

100% Sorgenia Next

Marketing & Sales

ENERGY SUPPLY

Sorgenia Green

10

Sorgenia – power generating plants in Italy and in France

9M 2011 Results

Wind

Solar

Hydro

Thermo

Biomass

In production/ commissioning Authorized/ under construction

Pontey

Pont St.Martin

Vado

Ligure Nucleo

di Genova

Torrevaldaliga Sud

Aprilia

San Gregorio Magno

Napoli Levante

Castelnuovo di Conza

Villacidro2

Villacidro1

Cagliari

Siracusa

Vibo Valentia

Minervino

Modugno

Termoli

Fossato di Vico

Turano - Bertonico

San Martino

in Pensilis

La Salle Voie Sacrée

Argonne/Epense

Cotes de Champagne

Widehem

Bernay

Saint Martin

Saint Crepin

Leffincourt

Plainchamp

Castiglione d’Orcia

Bouillancourt-en-Séry

11

Sorgenia – Installed capacity and capacity under construction

9M 2011 Results

Sorgenia Power (Termoli CCGT)

In operation and in

commissioning

Under

construction Total

770 770

Plants

Sorgenia Puglia (Modugno CCGT) 800 800

Sorgenia Power (Bertonico-Turano

Lodigiano CCGT)

Sorgenia Power (Aprilia CCGT) 800 800

800 800

Tirreno Power (pro-rata 39%) 1,280 1,280

Sorgenia France (Wind France) 76.5 76.5

Wind Italy 76 76

Sorgenia Idro/Tirreno Power (hydroelectric) 33 33

Sorgenia Solar (photovoltaic) 5 5

Sorgenia Bioenergy (biomass) 1 1

801 Total output (MW) 3,842 4,642

Figures refer to the pro-quota capacity of Sorgenia Group

12

EBITDA for the 9 months 2011 increased by 18.7%. The start of

commercial operations at the Turano-Bertonico power plant and

activities in renewable sources made it possible to compensate for

the unfavourable market situation, characterized in particular by a

reduction in generation margins

Sorgenia 9M 2011 results

Net Income (€ m)

EBITDA (€ m)

9M 2010 results

13

Net debt change was due to the sale of 19 MW of photovoltaic plants in Italy and of 50% of the holding in Sorgenia France, which is now an equal share joint-venture with the KKR fund. These factors, together with the cash flows from ordinary operations, more than compensated for the new investments in production capacity

Sorgenia decrease of net debt as at September 30 2011

Net Financial Indebtedness Total Shareholders’ Equity

9M 2010 results

14 Sorgenia Business Plan

28 February 2011

Further consolidating position as prime private operator in the Italian electricity market

through the following:

• Consolidation of current customer base and extension to the domestic market

• Maintaining a constant balance between energy produced and sold, with a gradual

reduction of imports

• Dual fuel offer of electricity and gas with products that are more and more integrated,

complete with solutions for improving energy efficiency

• Completion of combined cycle power plants under construction

• Further growth in the sector of renewables, with particular emphasis on building-integrated photovoltaic solutions

• Concentration of investments particularly in countries with a consolidated regulatory system in support of renewable sources

• Commitment to increase generation with respect for the environment

• Creation of a balanced portfolio of international investments, to diversify geological, political and technological risk

• Participation in projects aimed at potentially rebalancing the European energy scene, such as the search for non-conventional sources (such as shale gas in Poland)

Supply and Sale of

Electricity

Renewable Sources

Gas Sourcing and E&P

9M 2011 Results

14

Sorgenia Business Plan strategic guidelines

15 Sorgenia Business Plan

28 February 2011

423

746

EBITDA

NET DEBT

REVENUES

NET INVESTED CAPITAL

3,889 4,785

*EBITDA excluding fair value contribution

15

Sorgenia Business Plan – financial highlights

(€ m)

(€ m)

9M 2011 Results

16

Espresso – operating structure

9M 2011 Results

In 9m 2011 Espresso main activities have recorded a positive performance with an increase in revenues and financial performance Advertising revenues equal to €380.7 m have increased by 3.1% with respect to 2010, the opposite of a declining market The Group has been able to overcome the unfavourable trends of the sector by improving its traditional products, developing the digital offering, enhancing the concessionaire performance and going on with additional cost saving actions

LA

REPUBBLICA

LOCAL

NEWSPAPERS

MAGAZINES RADIO

TELEVISION

National daily newspaper

18 Regional newspapers

Espresso + 3 other publications

3 national radio stations

Deejay TV

DIGITAL

Kataweb,

la Repubblica.it

ADVERTISING

Manzoni

17

Espresso – increasing results

9M Results

9M 2011 Results

€ m

Net financial indebtedness (end of period)

96.0

(136.9) (112.4)

9M 2010 9M 2011

Net income

EBITDA

Revenues

104.0

639.5

112.0

41.4

653.7

36.3

18

Sogefi – operating structure

ENGINE SYSTEMS

DIVISION

SUSPENSION

COMPONENTS DIVISION

PRECISION SPRINGS TRUCKS AUTO

9M 2011 Results

In 9m 2011 the Sogefi group reported double digit increase of all its economic indicators thanks to the growth of business in its main markets and to the contribution of the Systèmes Moteurs businesses acquired in July

Set up of the new Engine Systems Division which includes the traditional activities in filtration and the new product lines of Systèmes Moteurs

During the period the group continued successfully to transfer higher commodity costs to selling prices

The positive results obtained by the group in the 9m 2011 should be confirmed for full year 2011

19

Sogefi – in 9m 2011 strong growth in margins

9M Results

9M 2011 Results

€ m

Net financial indebtedness (end of period)

96.0

(182.6) (325.3)

9M 2010 9M 2011

Net income

EBITDA

Revenues

64.5

687.0

76.5

18.8

829.8

13.5

20

KOS – operating structure

SHAREHOLDERS

CIR (53.6%) AXA Private Equity (44.2%) Management & others (2.2%)

HOSPITAL

MANAGEMENT NURSING HOMES REHABILITATION

Hospital management and high-tech services in 18 hospitals

13 rehabilitation units

9 sites of psychiatric rehabilitation

13 day hospitals

37 nursing homes operating

3,830 beds

60 facilities

13 outpatient centres

5,600 beds (plus 900 beds under construction)

9M 2011 Results

21

KOS: today

Established in 2002, KOS has become one of the main operators in private healthcare in Italy KOS is active in three business areas: nursing homes, rehabilitation centres and hospital management In 9m 2011 KOS achieved an improvement in its main economic indicators compared to the same period of 2010, thanks to the development of all the companies of the group and the extension of its portfolio of activities In June 2011 subscription of a share capital increase by the shareholder AXA Private Equity, in line with the agreement signed in December 2010

9M 2011 Results

22

KOS: evolution of consolidated revenues

KOS group closed 2010 with a 19% increase in revenues compared to 2009 thanks to the development of all areas of the business and to the new acquisitions made during the year

KOS now operates more than 5,600 beds (plus 900 under construction)

Nursing homes

Rehabilitation

Acute care

Revenues

15%

44%

41% 17 55

101

183

246 273

325

9M 2011 Results

23

KOS – strong results

9M 2011 Results

9M Results

€ m

Net financial indebtedness (end of period)

96.0

(159.8) (155.3)

9M 2010 9M 2011

Net result

EBITDA

Revenues

30.4

239.0

39.7

8.9

261.9

4.0

24

Financial investments

CIR Ventures is the venture capital fund of the group with investments in companies operating in the sector of information and communications technology and with high growth potential:

Ecrio -mobile software(USA) Minerva Networks- networks (USA) Neato Robotics- home convenience robots (USA) Celltick- mobile marketing (Israel)

Private equity funds form a diversified portfolio of funds and minority private equity holdings Jupiter Finance is a financial company specializing in the servicing activity of non-performing loans acquired through securitisation vehicles. As at September 30 2011 the value of CIR investment was €63 m

9M 2011 Results

25

New initiatives

During 3Q 2011 acquisition of 20% of SEG (Swiss Education Group), a world leader in hospitality management training (hotels, restaurants, etc.) for approximately € 27m The SEG Group:

5 hospitality management schools and 1 language school in Switzerland 4,600 students from over 70 countries worldwide Annual turnover of approximately €100 m

Food Concepts - the new start-up operating in the restaurant sector - opened 2 new restaurants under the brand name LaBaracca in Dusseldorf and Hamburg as additions to that opened in Munich in 2010

In 9m 2011 Food Concepts achieved revenues of €2.8 m and a negative net result of €2.6m discounting start-up costs

9M 2011 Results

26

Lodo Mondadori

On July 9 2011 the ruling of the Milan Court of Appeal sentences Fininvest to pay compensation for damages caused by the corruption of a judge in the “Lodo Mondadori” case On July 26 2011 CIR received from Fininvest a total of approximately € 564.2 million, inclusive of legal costs and interests This amount, in accordance with international accounting standards (IAS 37), has had no effect, nor will, on the income statement of the group up to the highest level of justice The higher available funding will not change the group’s financial management strategy, based on prudent and discerning criteria, in a particularly complex financial markets scenario

9M 2011 Results

This document has been prepared by CIR for information purposes only and for use in presentations of the Group’s results and strategies.

For further details on CIR and its Group, reference should be made to publicly available information, including the Annual Report, the Semi-Annual and Quarterly Reports.

Statements contained in this document, particularly the ones regarding any CIR Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties

Any reference to past performance of CIR Group shall not be taken as an indication of future performance

This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

Disclaimer