Ladies and gentlemen, good afternoon. Welcome. Thank you for joining the Exor Investor and Analyst call. Please note that the presentation is available to download on Exor website www.exor.com under the Investors and Media Events and Presentation section. Any forward-looking statements Exor management makes are covered by the safe harbor statement included in the presentation material. Please note that this conference is being recorded. As a reminder, all participants are in listen-only mode. Later, there will be a brief question and answer session. To ask a question during the session, you need to press star 11 on your telephone. You will then hear an automatic message advising your hand is raised. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link at any time during the conference. At this time, I would like to turn the conference over to your host, CEO John Elkann. Please go ahead. Thank you very much. I would like to apologize to all of you for being delayed and for the difficulty in hearing us. We are in Amsterdam with our COO, Suzanne Heywood, with our CFO, Enrico Vellano, for another day, our CFO from tomorrow, Guido, and Noam, who runs our venture activity. We really hope you can hear us clearly from Amsterdam. What we would like to talk to you about is what we have been doing at Exor and more importantly, what we want to do in the future. Starting by what we have been doing. 2022 has been a very active year, and we are on track in meeting the objectives that we have described to all of you in terms of priority over this decade, when we met for our first decade of life in 2019. First of all, we have been evolving as an organization. Our governance has adapted to the one our companies have, splitting the role between the chair and CEO. We are very honored of having Ajay Banga as our chairman, who has been a director of Exor and has had a relationship with Exor over many years. We really value his contribution and not only his professionalism, but also his wisdom for the years ahead. We have also changed our organization and evolved it, and I'll touch upon that later on. On the companies front, we have sold PartnerRe, and PartnerRe now belongs to Covéa, who has paid us in July $9.3 billion or EUR 8.6 billion then. CNHI and Iveco Group have separated with a very successful spin of Iveco Group. Now both are independent companies, one operating in the agriculture and construction equipment space, the other one in the commercial vehicle space. We have started investing in healthcare, which is a sector we want to do more in, with EUR 1 billion of investments and commitment in Institut Mérieux and Lifenet. On the investment front, we have continued to invest in early and later stage and have evolved our seeds activity into Ventures with a broader mandate. Have reorganized our investment activity, which we carried forward for PartnerRe in a company called Lingotto. We have worked on reducing our debt, and now we have a debt under EUR 4 billion at EUR 3.7 billion. We have been buying back our shares, and we have committed to half a billion euros of buybacks, and we are continuing to buy Exor shares. We have completed a migration to the Netherlands and over the summer have transferred our listing from the Milan Stock Exchange to the Amsterdam Stock Exchange in order to be aligned with our listing and where our company sits and where it's governed. We have made a lot of progress on ESG since we spoke. Offsetting our emissions at holding level GHG and working on a important project linked to education, which is really where ourselves as Exor, but also our companies want to contribute to our societies. Our organization has evolved. We have Suzanne, who has been promoted as Chief Operating Officer, taking a more active role with our companies and our future companies. We have Guido, who joined this month and is preparing himself to succeed Enrico, who will become CEO of our new company called Lingotto. Benoit joined early this year to help us in new sector, particularly driving the healthcare sector, and has really been the architect in our investment in Institut Mérieux. Noam, whom you know, who has taken a broader responsibility from seeds to ventures. We wanted here to give you a visual illustration of how the EUR 9 billion, which we had discussed, are composed of, and the investments that we have been carrying forward since our last meeting together last year, and how today we currently have EUR 6.5 billion of firepower or available cash. What is Exor today? Exor today, if you look at our gross asset value, is primarily a company which owns companies, and our companies represent 75% of our gross asset value, of which three companies, Ferrari, Stellantis, CNHI, 65%. Our investments are divided in 2 buckets, the venture bucket and our other investments that will be held by Lingotto, who will carry forward those investments through funds, 1 in the public market and 1 in the private market. Twenty percent of our GAV is available resources, which are the proceeds net of the investments we've done in companies and in investments that are to be deployed. In 2021, we shared with you our area of interest, where we wanted to spend more time and where we wanted to be deliberate in looking at incremental capital deployment in 3 sectors, healthcare, luxury, and technology. Healthcare and luxury are sectors that have structural tailwind but are also sectors in which the capital Exor has, the permanency of our capital, but also the culture of Exor in building great companies are very much in sync with these two sectors and what is done in these two sectors and for who it's done. We feel there's a lot of affinity in what we do and what we can do in these two sectors. Technology, for us, takes us back to our origins, and it's very much linked to the future. We have been increasingly more interested in also participating in formation of new companies and building great companies from the beginning. Being involved in technology for us is not only about a sector, but it's also a way of understanding how all our companies and all the sectors in which we are involved are changing, are morphing, are transforming. We are committed in spending time in these three sectors, and we will be looking at doing more in the future. I would like now to pass it over to Suzanne for her to give you a better view of what we have been doing in our companies. Thank you, John. If I continue on from where John was describing, John described the three areas that we prioritized as potential sectors for us to find new companies. The first one is healthcare, as John mentioned. We've already started, as you can see in this slide, to deploy some capital into this space. We've made two acquisitions this year. One was an investment in a company called Institut Mérieux, and the other was a company called Lifenet Healthcare. Institut Mérieux, I'm going to come on and describe in a little bit more detail on the next slide. Lifenet Healthcare, what it does is it manages both hospitals and outpatient clinics in Italy. We think it's an interesting company. Both of them together, not only do we think that they're interesting investments, but they're enabling us to build our knowledge of the healthcare space as we continue to look at other interesting opportunities in this space. In total, at the moment, we have about EUR 1 billion committed into healthcare. If I move into the middle of this slide, these are our luxury investments. Obviously, in addition to Ferrari, which is a long-standing luxury investment for us. We made 2 further acquisitions here. One is Louis Vuitton, which we invested in in 2021, and the other is Shangxia, which is a more Chinese-focused luxury goods player. In total, we're approaching EUR 1 billion in this space as well. Again, through the acquisitions that we've already made, as well as obviously through our relationship with Ferrari, we're building a very good network of practitioners and experts in the luxury space, and we're continuing to look for more opportunities that might come forward in this space. Thirdly, on the right-hand side, in the tech space, we have 2 investments. One is Via and the other is Casavo. As John mentioned, we are investing through our ventures arm, which Noam is going to come on to talk to us about, in quite a wide range of early-stage companies, and that has 2 benefits. One is it brings us much closer to some of these tech disrupting companies, which are very interesting both for us at Exor and also for our companies. It gives us the opportunity to look for potential graduates from that fund that can come into our company's portfolio. Both Via and Casavo are graduates from the ventures fund that have come into the Exor portfolio. We will also look at other opportunities that don't come out of ventures, but I think ventures is a very good way for us to build our knowledge of this space. You know, selectively, we will bring companies from there into the company's portfolio. On the tech side, we now also have about EUR 1 billion invested. I would say a little bit more about Institut Mérieux, which was one of the investments that we made this year. This is a company which shares a lot of the elements of our own culture. It's also backed by a family. They have a very entrepreneurial culture. They're very global. Although it's a French-based company, they have a very global presence. As you can see on the left-hand side at the bottom, over 90% of their sales are generated outside of France. Institut Mérieux is itself invested in five different branches, which you can see on the right-hand side. bioMérieux is the biggest one of those, which is also listed. And it is very heavily involved in in vitro diagnostics, tests for micropathogens, and tests which look for multiple different types of pathogens at once. It's a very interesting space, and we're learning a lot in that area. Institut Mérieux also is invested in four different other areas, three of which are not listed, the middle three. Transgene at the bottom is also listed. Across their portfolio, working in partnership with the Mérieux family, we feel that we are, first of all, partnering with a family that we're delighted to be working with, but also that we have the opportunity to learn a huge amount about the healthcare space, which we continue to see as an area where we would like to make further investments. On this page, you can see a little bit of the background here. We invested in Institut Mérieux back in July. It was an EUR 833 million investment, which we're actually paying in tranches. You can see on the right-hand side, some of our shared ambitions. We do believe that this is a strong partnership and a very important step forward for us as we develop our interest in healthcare. Institut Mérieux is an example of one of our new companies that has come into our portfolio, illustrating one of the three sectors that we're interested in. On this page, we want to take a moment to talk about our three largest companies, which, as John mentioned, still make up the bulk of our company's portfolio. We're very excited about the plans that all three of these companies have put forward for the future. These are old companies, but they're old companies that have a lot of plans to take themselves forwards and to address some of the challenges that they're now facing. You can see in the middle that they're performing very well. 2 of the companies have just confirmed their 2022 guidance. Well, one's confirmed the guidance, 2 of them have actually revised upwards the guidance. You can see that they have strong balance sheets, strong free cash flow. Importantly, on the right-hand side, all 3 of the companies are making very significant investments into new technologies or new opportunities. You can see that Ferrari has launched its Purosangue, which is its first 4-door, 4-seater vehicle, which I think has been very well welcomed by the market. It's also now put on its third fashion show, which has been well-received. Stellantis is investing very heavily in gigafactories, battery factories. Also, Free2move is an interesting venture which they're doing, which is looking at a whole series of ways in which people can get access to mobility. Everything from car sharing to rental, to parking, and fleet management. Then on the CNHI side, we've got a couple of illustrations here. One is the methane tractor, which is a very important part of a future circular economy on the farm, because you can capture the methane on a farm and then use that to power your tractor. They have the industry's first methane tractor, as well as also, of course, doing a lot in electric technologies. They also made an acquisition of Raven Industries, which is enabling them to leap forward in terms of what they're able to do around precision farming. We feel that all three of these companies, although they're old companies, they are reinventing themselves, and we're very encouraged by the plans that they have in place, and we're looking forward to continuing to support them as they take those forward. Thank you, Suzanne. We will now jump into the future with Noam. Thank you. Talking about ventures, five years ago, we launched Exor Seeds, now Ventures. The strategy was to follow top-tier funds and maybe have a focus on mobility and FinTech at the seed and really the earliest stages of investing. Today, we generate our proprietary deal flow mostly through existing founders, co-investors, and the relationship we've built. We invest across stages, we selectively lead deals, serve as a funnel for larger Exor opportunities. We built a team to support that effort; we are confident today that we can bring these opportunities to Exor like Via and Casavo. Via, which is the global leader in TransitTech, and Casavo, which is the leading PropTech platform in Europe. Looking at the portfolio, we've invested EUR 500 million in 71 companies. Our top 9 position or core position make up 50% of our portfolio. Our position is split evenly between US and Europe. The majority of our portfolio is invested in mobility, in FinTech, in healthcare, we'll talk about that. That's a focus. Healthcare and Climate tech today is something that we're doing more of. We all know the environment is volatile, especially in the tech ecosystem, tech complex. We are adapting to that environment. We're doing less, but higher conviction and larger deals. We work closely with management teams to provide input, guidance. That's something where certainly the Exor toolbox comes in handy. We've expanded the scope of what we do as discussed with this renewed focus on healthcare, brought on some new team members to really push through and have more even science background to analyze these deals. On the deep tech side and the healthcare side, we partner with specialist investors that we've established relationships with over many years. We've launched a pre-seed and seed program in Italy, which should make us the most active investor in Italy, if it's not already the case. We are quite excited about it. We think Italy has a chance to catch up with the rest of Europe. There is the technical talent and some of the corporate activity and government programs that are important components. With Vento, our Italian program, we are hopeful that we can contribute to that to that change. With that, I will pass it on to Enrico to talk to us about Lingotto. Thank you, Noam. Good morning, good afternoon, everyone. First of all, I would like to thank John for giving me the opportunity to lead this new project. As you know, I spent a large part of my career at Exor, now I'm moving from the role of CFO to a new adventure, and I'm very excited about that. To give you some background to our activity, when Exor bought PartnerRe in 2016, decided to manage directly the exposure of the company in the equity capital market. At the time, our investor was PartnerRe. We start with EUR 500 million asset under management, one strategy, public, and with an investment team of less than five people. When we decided to sell PartnerRe in 2022, we closed the deal in July this year, we decided to reorganize our capital. captive investment asset management to a new in a new scheme under the name of Lingotto. We decided to continue to deliver and to continue to deliver good performance to our investor, at the same time, to increase and scale the business. Today, Lingotto has 2 investors, Covéa and Exor, EUR 2.4 billion of assets under management, 2 strategies, public and private. We are going to talk about that in a second. We have around 20 people, investment professional in the office to manage the company. Many of you know Matteo and Nikhil, but for those who don't, I'd just like to highlight the impressive credential of the Lingotto 2 senior partners. Matteo joined Exor in 2016. He has more than 20 years investing experience. He was, before joining Exor, senior member of equity partner in Eton Park. He was managing more than EUR 2 billion asset under management, and he has a very impressive return, around 20% per year. His approach is fundamental driven approach. He's investing in few numbers of high conviction stocks. Currently, he's managing EUR 1.7 billion NAV and has had a very impressive return in the last years from when he joined Exor, 16% since injection. Nikhil has a lot of experience as well, more than 22 years investing experience. Joined Exor in 2016 and full-time from 2018. He has been chief investment office of PartnerRe, Generali, and also Allianz with asset under management for amount higher than EUR 500 billion in each company, outperforming all the time the targets. His approach is more flexible. He's investing in a different sector with a team driven approach, innovation, consolidation, localization, and dislocation. He's agnostic about how to invest in the single asset, in the single sector using different asset class. His exposure is to Europe and also to Asia. Currently, Nikhil is managing $750 million of assets under management with a return of 11% since injection. I'm very happy to start this new project with Matteo and Nikhil. We know that it is a challenging project. At the same time, we know that this is an opportunity for all of us and hopefully for Exor. Thank you very much, Enrico. We thought that it would be good, with Enrico and our colleagues at Lingotto to give you context of the name, which is related to our history, our entrepreneurial history, with a gigafactory of the 19th century that was started in 1916 by a very talented architect engineer, Giacomo Mattè-Trucco, which over a century transformed itself and was able to renew and is, and has become a symbol of Turin, the city, and its past and future prosperity under, again, an important architect, Renzo Piano. Le Corbusier, who's among the most important architect, said that Lingotto was one of the most impressive shows that the industry has ever offered. We felt that that was a very inspiring name for the enterprise that Enrico will be leading. Also, Lingotto means, in Italian, ingot or bullion, which gives the sense of solidity that will be applied by Enrico and our colleagues from Lingotto, which are Matteo and Nikhil and who is working with them. I would like to take this opportunity to thank Enrico for all what he has done for us, and more importantly, encourage him what I know he will be doing for us as he takes a new leadership role on an exciting project that Lingotto is. Grazie, Enrico. With this said, I think you want to tell us how the financials look like, which I'm very happy that they do look well. Thank you for everything, Enrico, and it's a very good way also of transitioning to Guido, who will assume Enrico's responsibility tomorrow. Welcome, Guido. Thank you very much for your trust. Thank you, John. Thank you very much. In the next couple of slides, we would like to give you an update on our objective and KPIs, on the debt, and on the cash. In terms of objective, our objective. We have two objectives at Exor. One is the performance of our NAV, and the other one is total shareholder return. Both are very relevant for us. The first one is something that we always follow in the past, is our objective, and our target, as you know, is outperforming MSCI World Index. The second one is more related to the market price, and is, as you, as I said, the TSR, total shareholder return. We have a target. As you see in the slides, we have achieved largely those targets in both 2022 and also in the last five years. We have also KPIs that are very important for us, that we use and we monitor constantly in order to be in line with them. First of all, the free cash flow on dividend paid. This KPI is important, in particular on the amount of free cash flow that we are able to generate every year. The free cash flow for us is basically the dividend that we cash in, the ordinary dividend from our operating company, net of the cost of funding, net of the cost of the company, and net of the dividend that we pay to our shareholder. As you can see in the slide, the free cash flow on dividend paid is above, in this moment, is above our target. The second one is the cash holding cost. This is another KPI very important. We think that it's important for a holding company to keep and to maintain under control the cost of the structure. Our target is to stay below 10 basis points. This is something that we have achieved over time in the past, this year, but also in the previous year. Finally, Loan-to-Value. As you know, our approach to debt has been very conservative. We have as a threshold 20%. It's a threshold that, in certain cases, we can go also above this threshold. It's a threshold that is relevant in order to keep under control the debt. As John said, this year, we reduced actually our gross debt, paying back one of the bond maturing in 2022 using the cash, a portion of the cash that we received from the disposal of Pernod Ricard. Today, this KPI is not technically speaking, is not applicable because we are in a net position, in a net cash position in this moment. In the last five years, the average has been around 8%. Moving now to the debt. As I said, this year, we reduced the amount of gross debt to EUR 3.7 billion. We have a different maturity in the future. The debt is financed through bonds, public and private bonds. As you can see, we don't have any peak in terms of debt. We have debt with an average maturity of 7 years, the cost is 2.5% fixed cost. Our rating is BBB+. This has been very consistent and stable in the last more than 20 years now, it's been very important for us and also for our operating company in order to give stability to the structure of the group. Finally, cash. After the disposal of Pernod Ricard, we receive cash from the disposal of Pernod Ricard. This cash is available, has to be available for new in-investment, new deployment. John will talk about this in a second. For us, cash means to have an approach very conservative in terms of principle. We're to have liquidity and to have a return on the cash. We allocated this cash in different pockets. We have bank term deposits with a high diversification in order to reduce the counterparty risk, every maturity between 1 and 6 months. A second portion has been allocated in short-term funds with a duration that is below 12 months. Also in this case, we diversify in order to have a good return, at the same time to reduce the counterparty risk. Finally, we have also allocate a portion of this cash in a bond portfolio with a mandate that, with a target of preservation of capital and with a maturity that is below 24 months. Thank you. Now what I'd like to do is just share with you our thinking on ESG, because like for many companies, pretty much all companies, ESG has become a very important issue both for us and for our company. We spent a lot of time thinking about how we're going to address this, and I want to update you on our progress. I want to start by talking about what we're doing at Exor level. What we have put in place is a series of targets that we've shared with you in the past around each of the pillars of E, S, and G. On the environment side, we made a commitment that we would achieve carbon neutrality by 2022 and net zero emissions by 2025. You'll be pleased to know that we're making progress against that. We've now measured. We've done our first comprehensive measurement of Scope 1, 2, and 3 emissions. We will be carbon neutral at the holding level for the full year 2021. We will continue to make progress on this, and we believe it's very important. On the social side, we said when we last spoke to you that we were going to focus on education. It's something that's a very important part of Exor's history and the family's history, something, as you will see, that many of our companies... A passion that many of our companies share. We said that we would set two commitments here. One is that we would launch a project to help reduce the gender gap in STEM subjects in schools. We also said that we would help high potential young entrepreneurs, particularly in Italy. You'll see that again, we've made progress on both of those. We've designed and launched an initiative around STEM abilities with the Fondazione Agnelli, and that is now being tested and if it's successful and the initial results are very good, then we will be rolling that out through a series of schools, hopefully, being able to demonstrate that we are able to make some difference in closing that gender gap in terms of spatial awareness. On the second side, on the high potential entrepreneurs, we've been working with young entrepreneurs through an initiative called Innovation for Change. We're hoping that we're going to be able to see some very interesting projects and businesses coming out of that, currently focused in Italy. On the governance side, we said that at holding level we would maintain our gender balance. We would consider diverse candidates for all of our new appointments. You'll be pleased to know that we currently have a fifty-fifty gender balance in Exor. This is something that we continue to monitor very carefully. We have been including diverse candidates on all of our appointment shortlists, and we will continue to do so. All of these topics are ones that we have been encouraging all of our companies to also think about. We've asked all of our companies to think about emissions reduction, education, and diversity and inclusion. Across our companies, we have a network now of people who are developing the programs at company level. What you will see on the second page, therefore, are illustrations of some of the initiatives that our companies are undertaking. On the left-hand side, on the emissions reduction side, you can see that in our three big companies, both Ferrari and CNH, both have committed science-based targets, and Stellantis has committed to being carbon net zero by 2038. In terms of education, what we have said to our companies is we'd like to see all of our companies doing something meaningful on education, but obviously they should do something which is relevant to them, and to the expertise that they bring, and obviously to the stakeholders that they work with. Just to give you a couple of illustrations here, The Economist has an education foundation, that uses a lot of the materials that the newspaper generates around current affairs to educate, to give those to teachers so that they can use that material within their classrooms. That's a very powerful program that they continue to run. GEDI, which is a collection of Italian-based newspapers and media organizations, they are working with more elderly people to help them to get online and become very comfortable with using online and the Internet, which is very important as the world, of course, as we all know, becomes much more based on the Internet. Each of our companies is doing something in terms of education. We are, we have a network which is helping to teach those, particularly the smaller companies, some of the things that they might consider doing so that they can also have an impact here. On the governance side, we've asked all of our companies to include in their program something on diversity and inclusion. Again, you can see some of the initiatives that our companies are doing. Ferrari has its equal salary certification. Both Iveco Group and Stellantis have put forward targets to get a certain percentage of women in their management teams. I should say these are just examples across our companies. What we feel is very important is that at holding group level, we have our targets and commitments, which we will meet. Then across our companies, we are working with them to make sure that they have comprehensive ESG plans in place. Within those plans, they include these passions which we have at Exor level, so that as a group, we can have even more impact. Thank you, Suzanne. As you see, we have been evolving in our ESG thinking, which not only applies to how we operate, but also where we want to operate in the future, that's a good segue for what's next. We have the responsibility of deploying EUR 65 billion, the way we're thinking about it is really to concentrate that amount of capital into companies. EUR 5 billion is what today we have allocated in our discussions with our boards. Ideally, we would want to allocate a bigger part of those EUR 5 billion into one company. The way we think about it is our area of focus, healthcare, luxury technology, looking at the public markets, where we think there is more value than private markets today. On one side, because public markets valuations have adjusted more than private markets, and also because there isn't financing conditions today where public companies could be taken private. When we discussed the sectors we wanted to spend time on and where we wanted to participate more, in 2021, they were interesting sectors, but they had high valuations as we discussed then. Today, those valuations have come down, and the first assessment that we are doing in the universe of companies in Europe and in North America, between EUR 5 to 15 billion market caps is understanding the value and the price. We then want to understand what is the potential of these companies going forward and how Exor as an owner can be an accelerant of that potential in aligning that path with what we believe to be our purpose, which is building great companies. It is a stage of study that we are now at. We are encouraged by the many companies that exist. We believe that this thorough analysis that we are doing will then help us really assess a smaller number of companies whom we can engage. As you well know, we are of the belief that results come with people. The first assessment that we always do are around people. The first filter of that is linked to our values. This is very much where our focus is. We look at that investment, ideally to be one where we are the largest shareholder, the controlling shareholder, the reference shareholder, but one where our ownership can be aligned with the governance, that can be aligned with the leadership, because that is very much the way in which we have operated in the past. When we have been able to achieve successful outcomes was when we had clarity of purpose and alignment between ownership, governance, and leadership. We also will be looking at deploying EUR 1.5 billion in investments. The way we think about that is to fund Lingotto, not only the existing funds of Lingotto, but also future funds that Enrico will be working on. Lingotto has a vocation to be able to access third-party capital beyond its original investors that are Covéa and Exor. We also, based on the opportunity set that Noam sees, continue to invest into Ventures with a cadence that has historically been between 100 million, that could go up to 150 million per year. Ventures is creating opportunities not only in its existing companies, which, as Noam mentioned, are now up to 70 companies, but also in new companies. We believe that it's time of patience. We don't think that the opportunities have already gone by, we do think that it's very important for us, both in companies and investments, to be prepared. That's really where most of the time of my colleagues here is spent, in addition to making sure that what we own, starting with our companies, but also our investments, is properly taken care of. What I'd like to finish with before opening up to questions, and I'm really looking forward as my colleagues to your questions, is to give you a summary of where directionally we're heading. We are in the second decade in more than a century of professional life of Exor in its current state. Which is a holding company that at the core wants to build great companies. We feel very strongly about the companies we have and their future. We feel that they've become stronger on the back of this very difficult period of time we've lived through COVID, and that they're very eager, despite the difficult circumstances in which we find ourselves, both political, geopolitical, and economical, in being able to compete in the markets in which they operate. All of them have strong leaders, strong boards, in order to enable the ambitions of these companies to succeed. The experience of our leadership, but also the entrepreneurial spirit, which is in line with our culture that is based on entrepreneurial spirit and financial discipline, is at the core of the way we want to continue conducting our business. We also think that opportunities are always there, particularly in moments like today, and we want to be ready. We want to stay patient, and that's part of our values, but we also believe that it's important to be ready. To be ready, one needs to prepare, which is what we are doing. We have a track record, as Enrico described it, this is a track record over a long track record over now three centuries when we started to the 21st century where we are today. We are committed to being consistent with what is our past in how we build our present and more importantly, where we want to go in the future, where we take great comfort of the people that we have in Exor, in our companies, and who work in our investments. It's really to them that I'm very grateful, and to all of you that I can speak with confidence that thanks to all of them, we have a very interesting future ahead. Thank you very much. We have a record level of attendance today, so we'll try and be very succinct in answering to your many questions, but as precise and transparent as we always want to be and will be. Thank you very much. As a reminder, to ask a question, you need to press star one one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A roster. This will take a few moments. Now we're going to take our first question. The first question comes the line of Martino De Ambrosio from Equita. Your line is open. Please ask your question. Thank you. Good afternoon, everybody. Martino De Ambrosio from Equita. My first question is on the largest investment you recently made, Institut Mérieux. Three things. The first is, could you provide just a rough indication the enterprise is close to net asset value at premium, something just to give a rough idea. Second, have you any additional commitments in Institut Mérieux? I suppose this is just the first step together with the Mérieux family. Should we expect further common deals through Mérieux holding or independent deals for Exor going forward? I have two more questions later. Why don't you go with all the other 2 questions, Martino, so we can. Okay. Okay. I go with the other two. The second is on the three sectors that you are targeting. Is there any priority nowadays following what you already did? Still in the luxury sector, I know we already discussed it in the past, Armani. I'm referring to Armani. I'm not asking you if you had negotiations, if you have ongoing negotiations with them, but would it fit with your idea of a target for the luxury sector? Or is probably Armani has features that do not fit with your strategy. And the last question is on specifically on Iveco. Because I believe the spin-off is not just an arrival point, because Iveco needs to be larger, more geographically diversified and so on. It may go ahead along, but an aggregation would for sure accelerate its recovery and would make it much more visible. Just your view on this specific issue. Thank you. Thank you. Institut Mérieux is an investment we have done at valuations of NAV. We are definitely committed to Institut Mérieux and to work alongside the Mérieux family in supporting the companies Institut Mérieux owns. If these companies or new companies will require more capital, it will definitely be something that we will be evaluating with the Mérieux family. The healthcare sector is a broad sector where we believe that, for example, in the venture side, as Noam said, there will be many interesting opportunities. In the company side also, which will be done alongside the investment we have in Institut Mérieux. The three sectors, as Suzanne mentioned to you, are now real. We have EUR 1 billion in healthcare, we have EUR 1 billion in technology, and we're getting close to EUR 1 billion in luxury. We think that these are interesting sectors, but I also want to be clear that our history has also been one of being able to capture opportunities. We are committed in terms of timing to the three sectors, but they won't be the only ones. If there could be interesting opportunities in sectors where we are already present or in other sectors, we will be open to that eventuality. We believe that in the luxury sector, there are not that many opportunities relative to the other two or to the bigger universe out there. As I mentioned before in the past, Giorgio Armani is a company which we have huge respect. Giorgio Armani is an entrepreneur and a creator which we have, and I have personally, a lot of admiration for. The important thing is for us to be able always to be open for any conversations that any company will want to have. As I said publicly, there is no conversation with the company, Giorgio Armani, and with Giorgio Armani himself. On Iveco, I would like Suzanne, who is the chair of Iveco, to answer to you. Thank you. Thank you very much. Well, on Iveco, you know, obviously I won't go into too much detail because it would be more appropriate to do that at Iveco level. As you know, at the point of the spin or shortly before the spin, the Iveco management team did a full presentation on their plans. A big part of their plan is for them to work in partnership with others, and I think that's very important, and very important for the sector itself. The company has a number of very interesting parts to it. It's got some very interesting businesses within it, including, for example, the bus business, and the engines business, in addition, of course, to the truck business. It also has some very interesting technologies within it. It's developed the eAxle. It's bringing out both electric trucks, heavy-duty trucks, and fuel cell, heavy-duty trucks. I think the partnership plan that they that they've put in place is a good one to address the fact, as you say, that they are a relatively small player in their industry, and we will continue to support them as they put that plan in place, and look forward to seeing how that goes forward. Okay. Thank you. Thank you. Now we're going to take our next question. Please stand by. The next question comes in of Alberto Della from Intermonte. Your line is open. Please ask your question. Hi, good afternoon, thanks for the presentation. I have a few quick questions. The first one is on Lingotto. I was wondering if you can share with us some of your, let's say midterm targets on how big the company could become over the years, thanks to your investments and the opening to potentially third-party capital in terms of assets under management. We currently, incidentally, have two-thirds of investments into public markets and one-third in private markets. If that is the split you think is gonna work for Lingotto also in the future. If you have any target in terms of annualized returns you are expecting from the Lingotto invested assets. The second one is on the ventures, the EUR 0.5 billion investments you currently have in ventures. There has been a lot of reassessment in value in the sector this year. I was wondering if for the annual reports you're gonna make any assumption on the valuation based on market prices or anything like this, or you are gonna keep kind of the historical valuation for this item. The third one is on a couple of smaller investments you have in your portfolio, which are not so material, but maybe a little bit disturbing for some of your investors. I'm referring to Juventus and GEDI. On Juventus, I was wondering if you can confirm in case the company needs further cash injections, Exor is willing to keep on maintaining its stake and so, participate to any future capital increase if needed. On GEDI, if you have any, let's say, midterm thoughts about your ownership in the company, the prospects of the publishing sector and of your investment for the future. Final one is very quick one of the current discount at which the company is trading, and any thoughts on the still very high discount since last time we spoke. Thank you very much. Thank you, Alberto. I will try and give you 2 answers and then let my colleagues, Enrico and Noam, answer more specifically. You had so many questions that I'm really trying to answer them in a systematic way. I'll start by the last ones and then address the first one, so then it's easier in terms of having Enrico and Noam. GEDI is going through a very strong transformation, so it has been doing 2 things in the last 2 years since we've been owning it, and it's been private. One is a change of scope. GEDI has been selling activities that were mainly print activities and slower growing or decreasing activities and has been acquiring digital activities that are growing and profitable. There's been a significant change in its scope of activities. Secondly, it has really accelerated in two ways. One, it's a much more efficient and digitally run company today, and it has also accelerated the revenue that derives through the digital interfaces in which it's present. We are satisfied by how GEDI is evolving. Despite the headwinds, particularly this year with the increase of energy prices, particularly in Italy, that has been impacting GEDI also on the cost of paper, the company has been performing in its transformation at a much higher velocity than what we would have been expecting two years ago. Juventus has no requirement of capital. It is in a situation today where there is very clear directions ahead. As we announced yesterday, there will be a board being formed in January, and it will be chaired by a professional, Gianluca Ferrero, that is able to address the different issues it has. It has a general manager who will lead the company and has very good capabilities in the areas in which Juventus is present, which is Maurizio Scanavino, who has done a very good job in Gedi, as I described before. We have a very experienced and strong coach, Massimiliano Allegri, who is able to win and has delivered in the past, and his more recent past has shown how Juventus is back in winning. Football is a very valuable sector, as all of you know. We think that the ingredients that Juventus has and the leadership ahead are going to make those ingredients make Juventus a more valuable company than what Juventus has been, is. We're very encouraged by its future. Lingotto. Lingotto is an important project that is now a reality. It's on the back of very good results that our colleagues, Matteo and Nikhil, have had investing PartnerRe's capital. We believe that it's a important opportunity as Covéa committed and has decided that it wanted to continue to invest, not only as PartnerRe, but also directly as Covéa, into the funds managed by Lingotto. This, enabled us to think with Enrico that we wanted to develop it, and we wanted to develop it with additional investors, but we want to be selective because we have a lot of them that want to come, since we announced it, 2 months ago. We are going to be very selective on who is going to invest, and we are going to be very selective on, what other funds we will start. I'll leave Enrico elaborate that. On the venture side, the venture side is only investing Exor's capital. It's an activity that we feel is very intertwined with our purpose of building great companies. It's just starting early. For us, starting early gives us the opportunity of being able to follow a company for a life cycle. The two example Noam's mentioned are very important ones, both FIA and Casavo, and I'll let him elaborate that. In terms of valuations and in general, valuations of our private companies or our investments, I will have Enrico give a clear description and a transparent one on how a process works and how it's implemented. Thank you, Enrico. Thank you, John. Thank you for the question. About Lingotto, as John was saying, meaning that we start as a captive asset management company, managing the equity exposure of our partner here, now we are moving to something different. We are reorganizing ourselves. We want to strengthen the organization. Before, in the past, Exor has a very important role also in terms from an organizational point of view, supporting, you know, the asset management company, the captive asset management company, now we are organizing ourselves, having a specific management, this is something that we are doing right now, hiring new people in order to have a stronger organization. In terms of strategy, we have currently two strategies. One called public with Matteo, and one called private with Nikhil. The idea here is to, over time, to add other strategy. That will be a process, meaning that we are not under pressure from this point of view. It's something that we want to do it, but step by step. In terms of size, as John was saying also in the presentation, today, we have EUR 2.4 billion under management. There is a commitment by Exor. John was saying EUR 1.5 billion for seats and for Lingotto. I will compete with Noam on the capital. Covéa will follow for an amount that will be close to a portion of the EUR 1.5 billion, around EUR 1 billion. This is what we want to do. We want to scale the business, to have a stronger organization in order to continue to deliver the performance that Matteo and Nikhil have been able to deliver in the last 5 years for Matteo and a little bit recently for Nikhil. In terms of valuation, this is a very important topic, in particular now that we have also other companies that are not listed in our portfolio. This is a process that we have put in place long, long, long time ago, probably I go back at more than 20 years now. In the past, every year on annual basis, we have a third party that would evaluate our portfolio, our private assets, going through a process that is based on multiple discounted flow and so on. A typical approach, a financial approach. We decide from this year for 2022 to have twice a year this valuation by third party in order to have, you know, in order to have a valuation that is done not just on a yearly basis, but 2 times a year. We will continue from this point of view. We use third party in order to have a very clear valuation and transparent valuation. I think specifically to the question on valuation for ventures, we're aware that some keep the portfolio at the last NAV until a new round. We agree with you. I guess it was what's behind the question. It's not a reasonable approach given the environment. We look at cash runway, we look at the underlying company performance, we look at the security type we own, we look at public comps. As Enrico said, even coming to these third parties, we have already done the work to have a more accurate reflection of where the portfolio stands. Thank you, Enrico. Thank you, Noam. On the holding discount that we have, we view, as you know, our main objective is our NAV per share. That's what we want to keep focus on, which is function of our NAV growth and the number of shares we have. We have accelerated our buyback. We, as you all know, we have communicated that we were going to buy for half a billion euro of shares. We are today at EUR 210 million of shares bought, and we are continuing the process. The way we think about discount is always as an opportunity for us to reassess if we buy back our own shares, which we believe to be a very efficient way, A, of distributing capital to our shareholders, and B, of meeting the objectives we have of growing our NAV per share at a higher velocity than the MSCI World Index in euros. Any more questions? That's fine. Thanks. Thank you. Dear participants, as a reminder, if you wish to ask a question over the phone, please press star one one on your telephone keypad. Alternatively, you are welcome to use the Q&A box available on the webcast link. Now we're going to take our next question. Just give us a moment. The next question comes to line of Andrea Balloni from Mediobanca. Your line is open. Please ask your question. Yes, good evening, everybody. Thanks for taking my question. Just a couple of question left. First one is on catalyst to trigger a rating for Exor. 2022 was a pretty busy year for your main shareholdings with Stellantis, Ferrari, CNH Industrial presenting their business plan. What's next for 2023 in term of catalyst? How far is next acquisition? Is it something you would expect in the very short term? My second question is of a potential delisting of CNH that has been discussed also by Scott Wine in the last conference call. I'm pretty curious, what's your view on this potential decision? On the last question, I will hand it over to Suzanne. Thank you, John. You know, as Scott said on the last call, that is an issue which CNH is considering, and that the board has been considering as well. However, no decision has been made on that at the moment, and we continue to keep it under review at CNH. No decision or kind of changes on that at the moment. Just to be clear, what we're speaking about is in effect going from a double listing in Milan and New York to a single listing. Not a delisting in terms of taking CNH private, just for this to be clear to everyone, because the question could have been misleading. In terms of objective that we have in 2023, we want to be ready, we want to work, as I said, on being prepared to deploy the capital we have. We want to be patient, and we want to be prudent because the environment out there is very uncertain and the uncertainties are increasing. We want to be prepared but also be mindful that we don't need to be in any hurry. There's a lot of things that need to be done in our existing companies. We, we believe that the best way for us to be able to capture opportunities ahead in additional incremental capital investments is for us to be ready but be patient. We've had a couple of questions which are important that are based on how is the capital allocation process at Exor. We, we have a board of directors. We have a chair who's Ajay Banga. All the investment decisions above EUR 250 million are decided by our board. This is a very disciplined process that we have at Exor and is even more so important now that Exor has more capital to deploy. There's also a question about what are the adjacent areas between Lingotto and the funds that Lingotto manages and Exor. We have in Lingotto investment activities carried forward by the funds which are in no way competing or adjacent to what Exor does. Matteo Scolari in effect runs a hedge fund. He has a concentrated portfolio and has no governance involvement in any of the companies in which he is investing. Nikhil runs an opportunity fund, as Enrico said, which has a broad mandate. Again, there is no governance in the investments that Nikhil will carry forward. Real estate has been a sector that we have invested in historically, and Enrico has carried very successfully also as one of his responsibility in Exor and then in PartnerRe. That would be, for example, a asset class that we could consider. Again, Exor will not invest directly in real estate. Those were the questions that have emerged, while we have answered to all of the ones also that we have been notified with. If there aren't any additional questions, I really want to thank you all for the trust you have in what we are doing at Exor. We look forward seeing you in presence in a year from now. Oh, there's one more question. Happy to take it. Andrew? Andrew? Thank you. Just give us a moment. We're going to take our next question. Excuse me, dear speakers, it seems Andrew's line has been disconnected. Thank you very, very much. See you all next year. That does conclude our conference for today. Thank you for participating. You may now all disconnect. Have a nice day.