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Ferrari
US$982 million Initial Public Offering
UBS as Sole Global Coordinator and Lead Left Bookrunner

"The stuff dreams are made of" — Humphrey Bogart

Milano, 18 November 2021 0

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The UBS presenting team

Riccardo Mulone Nicola Donati

UBS Italy Country Head Associate Director
Investment Banking Italy

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Today's agenda

1 Overview of Ferrari at IPO

Key achievements

The IPO process

Post IPO

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Ferrari at a glance

• The world’s most recognizable luxury performance sports cars

• One of the world’s most valuable and powerful brands1, underpinned by a rich history

• The epitome of exclusivity, sporting performance, technological innovation, Italian style,

design and engineering excellence

• The longest running and most successful team in the Formula 1 history,
with 15 Drivers and 16 Constructors World titles

• Serving a loyal and growing customer base, with 7,664 vehicles shipped in 2015

Source: F-1 Prospectus

Note:
1 Source: www.brandfinance.com. According to “Brand Finance Global 500”, last release in 2018

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Unrivalled product portfolio

Ferrari cars stand out from competition for their extreme performance, distinctive design and
state-of-the-art technology
Road Cars Non-Registered Cars
Range Models Non-Registered Racing Cars
Sports GT V8
V8 V8 V12 V8 V12
458 Challenge 458 GT
488 GTB1 488 Spider2 F12berlinetta California T FF

€212,155 €235,700 €277,888 €190,920 €267,413 €285,540 €400,000-600,000

Special Series Models Limited Edition Supercars The XX Program3

V8 V12 V12
458 Speciale 458 Speciale A LaFerrari FXX K

€241,187 €265,000 >€1million €2.25million

“Fuori Serie” Models One-Offs V12 vs. V8 Shipments4

V12 V8 V8
F60 America Sergio SP12 EC V12
(c.27%)

V8
€2-3million (c.73%)

Notes: Prices refer to indicative retail price including VAT (22%) in Italy but excluding personalization. Product range updated as at IPO
1 458 Italia to be phased out in 2015 and to be replaced by 488 GTB
2 458 Spider to be phased out in 2015 and to be replaced by 488 Spider
3 The XX Program is used to test advanced solutions and innovations by providing a selected group of clients the opportunity to drive cars with superior power and performance
4 Based on 2014 shipments

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Historical performance

Net revenues and Shipments Shipments breakdown by

geography (2015)
2005-15 Net revenues CAGR = 6.5%
7.2 7.4 7.0 7.3 7.7
4,000 6.5 6.5 6.6 8.0
5.8 6.2
5.4 2,762 2,854
3,000 2,335 6.0
2,067 2,225 EMEA 44%
1,921 1,778 1,831
(€m)

2,000 1,668 4.0

(k)
1,524 1,447
1,000 2.0

0 0.0 Americas 34%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Net revenues Shipments

Adj. EBITDA1 and Adj. EBITDA margin

Greater
8%
China
2005-15 Adj. EBITDA CAGR = 10.4%
29.9 27.4 27.2
1,000 25.9 24.7 25.8 25.1 26.2 30.0
22.7 23.7
693 748
750 18.2 634 Rest of
547 567 573 20.0 14%
499 APAC
439
(€m)

(%)
500 395
278 328
10.0
250 0.0% 20.0% 40.0% 60.0%
0 0.0 Total: 7,664 cars
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Adj. EBITDA¹ Adj. EBITDA margin
Source: Company filings
Note:
1 EBITDA Adjusted for extraordinary items

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Three questions for you

1. Which sector does Ferrari belong to?

Automotive Luxury

2. What are Ferrari closest listed peers?

listed
Not

3. How would you value Ferrari in the context of the IPO?

Automotive or Luxury

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Today's agenda

Overview of Ferrari at IPO

2 Key achievements

The IPO process

Post IPO

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UBS value add

• Achieved a premium valuation to most luxury companies, not typically
associated with an auto company

• Unique positioning with a focus on exclusivity, pricing power and

customer loyalty

• Successfully priced in a period of extreme volatility in the US equity

market

• Strong demand enabled us to deliver a "books covered" message

within hours of opening, c.20x oversubscription and ultimately price
the deal at the top of the range

• Distinctive global investor targeting effort that reached unique pockets

of demand in every region of the globe

• UBS Global Wealth Management and UBS Global Family Office

provided a significant portion of high quality investor demand with
c.US$2bn in orders (c.200% of offer size)

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Ferrari value creation at IPO

Ferrari IPO contributed to release over $6bn value, previously locked in FCA's sum-of-the parts
valuation
Ferrari EV broker valuation based on FCA S-o-t-P pre Value creation @ IPO (US$bn)
spin-off announcement (100%, US$bn)

10.8

6.1

5.7
Median: US$4.7bn 5.1 5.2
4.7 4.8 4.9 4.7
3.9 4.1
3.5 3.6 3.6

Median EV pre Value creation EV @ IPO

Spin-off
announcement

Source: Research reports

Note: Values converted at EUR/USD FX rate of 1.10; S-o-t-P stands for “Sum-of-the-Parts”

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Ferrari vs. comparable companies at IPO price

Ferrari IPO priced at $52.0 per share, representing a 12.0x EV/EBITDA 2016 and 26.8x P/E 2016, implying a
premium of 10.7% vs. European luxury peers on a EV/EBITDA basis and a P/E substantially in line with Hermès
and Brunello Cucinelli. The valuation also resulted to be at a significant premium with respect to other OEMs
both on EV / EBITDA and P/E multiples
Luxury sector Automotive sector1
2016E EV/EBITDA
17.7 Tot avg (excl. Ferrari): 10.8x Tot avg: 2.3x
15.3
12.0 11.3 11.1 11.0 9.8
9.4
9.0 8.6 7.6 7.9
4.9
3.1 2.8 2.3 1.8 1.1
0.2

High end luxury European luxury (avg: 10.9x) US luxury Iconic OEM
(avg: 8.5x)

2016E P/E
30.2 28.5 Tot avg (excl. Ferrari): 19.7x
26.8 Tot avg: 7.1x

19.7 18.7 18.7 18.5 18.1 16.4

17.8
15.9
13.7
9.0 8.1 8.1 6.9 6.7 6.4
4.5

High end European luxury (avg: 19.8x) US luxury Iconic OEM

luxury (avg: 16.8x)

Source: Company filings, FactSet as of 19-Oct-15, Ferrari initiating coverage reports of

IPO consortium banks 10
Note:
1 OEMs EBITDA adjusted for pension obligations expenses
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Key achievements

$9.8bn Market Cap

Sole Global Coordinator
(26.8x P/E 2016E)
Lead Left Bookrunner
$10.8bn Enterprise Value
(12.0x EV/EBITDA 2016E)

Cross-business partnerships, a
client focus, flawless execution $982m
and, excellence and integrity - the
formula for success
gross proceeds

INVESTMENT BANK North America Equity

OF THE YEAR Issue of the year
US IPO of the year
"For defying a background of woeful new markets and still
achieving a premium valuation – based on a purveyor of scarves
rather than motor cars – Ferrari’s US$982.4m NYSE flotation
is IFR’s US IPO of the Year."
Source: F-1 prospectus, Ferrari initiating coverage reports of IPO consortium banks

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Today's agenda

Overview of Ferrari at IPO

Key achievements

3 The IPO process

Post IPO

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Key steps of the process

Ferrari IPO priced on 20-Oct-15, with first day of trading on 21-Oct-15. UBS was appointed in July 2015 to
manage and coordinate the overall listing process
Key activities Duration Management
Key activities Duration involvement Key sensitivity

1 • F-1 drafting
• Define a solid and
- Areas of concerns, positioning, compelling equity story
equity story and peer group
•

Regular meetings/updates on valuation to shareholders

Identify the most
• UBS due diligence appropriate investors to
• 10 weeks target
• Business plan assessment
Preparation Jul-15
• Analyst Presentation preparation • Prepare Analyst
presentation to educate
• Timing for the transaction
analysts on the
positioning of the
Company
2 • Full understanding of
• Analyst presentation
Company equity story
• Model template collection • 10 days by analysts
Analyst Presentation • Consensus definition Sep-15 • Price range definition
• Price range definition strategy
3
• Roadshow • Comprehensive
• 7 days roadshow schedule
Roadshow and • Bookbuilding process
Bookbuilding Oct-15 • JGC’s equity sales force
• Feedback on price setting follow up with investors

4
• Final price definition • Pricing strategy
Pricing • 1 day
• Shares allocation • Long only / Hedge fund
and aftermarket Oct-15 investors allocation
• First day of trading

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1 Preparation

A unique investment case

1. Iconic brand with superior, enduring power, benefitting from a loyal customer base

2. Global access to growing wealth creation

3. Exceptional pricing power and value resilience

4. Racing heritage

5. Leading edge engineering capabilities

6. Flexible and efficient development and production process

7. Strong and resilient financial performance and profile

8. Superior talent

Source: F-1 Prospectus

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1 Preparation

Identifying areas of concern

By anticipating potential investors’ areas of concerns around Ferrari story, UBS has been able to address them
proactively and effectively and to optimally position Ferrari as a pure luxury company

Concern Description Potential impact How UBS addressed it

• Muted top line growth going

Top line growth forward despite planned
Growth • Strong brand awareness
shipments increase Positioning
Valuation • Growth in adjacent businesses
• CO2 regulation and 10,000 units
cap

• Ferrari level of capex investments Positioning • Focus investors attention on

Capital intensity much heavier than luxury peers,
Valuation best-in-class ROIC
diluting earnings

• Risk of brand dilution from

• Key to differentiate "Ferrari"
planned volume increase and
Positioning brand, linked to high end
Brand dilution expansion strategy into adjacent
Price products, and "Scuderia Ferrari"
lifestyle products (and related
brand addressing mass market
marketing costs)

• Company fundamental value

• Spin-off overhang on the share
Spin-off price post-IPO
Valuation remains unchanged
• Spin-off to boost stock liquidity

• Small free float at IPO exacerbating • Small free float is a temporary

Freefloat scarcity
Valuation
issue given announced spin-off

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1 Preparation

Ferrari as the ultimate high-end luxury producer

Ferrari belongs to the luxury sector… …. as its margins and returns unmistakably prove

80%
• A global brand, whose products anyone dreams to own regardless
of class and social extraction
• Unique blend of Italian craftsmanship and advanced technology 70%
"World's Most
Powerful • Only founding Formula 1 team still racing and winning
Brand"1 • Ultimate collection cars, increasing value over time 60%

• Multi-year waiting lists

50%

ROIC2 (%)
• 17 years of resilient growth out of the last 19
40%
• Pricing power / product mix as main drivers of top line growth
• Revenue visibility, with multi-year order book and long-term
Top line sponsorship / TV rights contracts 30%
strength • Core business with plenty of room for growth (e.g.
underpenetrated Asia)
20%
• Further development of unconventional sources of revenues
(licensing, vintage restoration)
10%

• Lean cost structure, with low SG&A

• Operating leverage supports margin expansion 0%
Superior 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
operating • "Pure margin" opportunities (e.g. licensing) still to be fully exploited
performance • Efficient asset base, with low working capital requirements EBITDA margin2 (%)

• Best-in-class return on invested capital Auto OEMs Luxury companies

Source: Company filings
Notes:
1 According to Brand Finance
2 Based on latest available FY financials
3 Calculated as EBIT / Net invested capital (defined as PP&E + intangible assets excl. goodwill + Net working capital )

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1 Preparation

Ferrari comparable companies

UBS identified the following set of comparable companies for Ferrari

High-end luxury European luxury

US luxury Iconic OEM

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1 Preparation

Positioning Ferrari in the comparable set

Ferrari is positioned at the top-end of luxury space
Key metrics Relative positioning
by category and rationale

Rich history racing

Heritage
brand heritage
Brand

Quality Italian craftsmanship

Largest segment of
Size1 €223bn €223bn €223bn €223bn €223bn €223bn €223bn €223bn n.a. €351bn
segment

the luxury market

Market

Fastest growing
Growth2 2% 2% 2% 2% 2% 2% 2% 2% n.a. 10% segment

Slightly below
Growth3 12.6% 3.9% 9.2% 10.9% 10.3% 14.8% 3.0% 5.6% 5.1% 2.2% high-end luxury

Profitability4 36.2% 31.7% 20.7% 18.0% 23.5% 32.0% 19.6% 22.7% 17.1% 27.2% Aligned to peers
Company

Fully comparable
Returns5 69.0% 46.1% 54.2% 29.2% 34.4% 46.5% 37.3% 24.1% 57.2% 46.6% with top peers

1.8% 36.0% 0.2% 40.0% 25.9% 11.9% 21.2% 5.9% 14.6% 25% 30%
4.9% 7.2% 38.7% 36.1% 57.1% 38.9% 12.0%
8
31.3%
7.8%
Balanced geographic
Geographic split with strong
split potential from Asian
45.6% 16.7% 46.0% 13.8% 46.3% 27.7% 33.8% 54.1% 11.6% 71.6% 15% 30%
exposure
25.3% 66.9% 49.2%

EMEA6 AMERICAS APAC 7

RoW

Source: Companies filings, Factset as of Feb-15

Notes:
1 Source: Altagamma 2014 Worldwide Markets Monitor 4 LFY EBITDA margin 7 It includes APAC regions for which sales
2 2013-14 growth - source: Altagamma 2014 Worldwide Markets Monitor 5 ROIC based on latest available FY financials breakdown information is available
3 2014-16 sales CAGR 6 For Ferrari it only includes Europe 8 EMEIA (Europe, Middle East, India and Africa)

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1 Preparation

KPIs to market Ferrari's unique equity story

EBITDA margin, ROIC, OpFCF as most relevant KPIs for investors; additionally relatively low SG&A and
efficient asset base to demonstrate strength of Ferrari business model
Key metrics by
category – based Selected Comments
on 2013 financials KPI

Ferrari gross margin less than half that

Gross margin 68.9% 73.8% 63.4% 65.0% 29.6%
of luxury peers

SG&A High advertising and selling costs for

32.3% 47.7% 40.0% 46.1% 6.0%
as % of sales luxury peers
P&L

Lower gross margin offset by lower

EBITDA
margin
36.2% 31.7% 26.7% 22.3% 27.2% P SG&A makes EBITDA margin profile
fully in line with luxury peers
Ferrari is more capital intensive than
EBIT
32.6% 26.2% 22.7% 18.0% 15.6% luxury peers implying higher D&A and
margin
lower EBIT margin

PP&E PP&E comparable but industrial assets

27.2% 34.3% 18.5% 26.6% 25.4%
Balance

as % of sales vs. stores

sheet

44.3% 45.7% 59.4% 55.3% 22.6% No inventories at Ferrari – made-to

OWC order approach
as % of sales 17.1% 11.4% 38.2% 28.8% (2.8%)
Lighter total invested assets

OpFCF 32.1% 19.0% 21.7% 18.8% 15.5% Higher capex offset by positive
P
Cash flow

margin1 (28.2%2) (17.2%2) (17.5%2) (16.0%2) (14.3%2) contribution of change in NWC

Capex+R&D 5.6% 15.3% 6.8% 6.0% 19.7% Ferrari more capital intensive
as % of sales

In line with the top players in

ROIC3 69.0% 43.7% 37.7% 20.0% 46.6% P
Returns

the industry

In line with luxury peers although

ROE4 28.0% 23.4% 17.3% 26.0% 16.1%
not in line with top players

Source: Companies filings, UBS estimates

Notes:
1 Defined as (EBITDA – Capex – change in NWC)/ revenues 4 Defined as net income / shareholders' equity
2 2015E OpFCF margin
3 Defined as EBIT / Invested capital (defined as PP&E + Intangible assets excluding goodwill + Net working capital)

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1 Preparation

Key dates

1 23 July 2015: first F-1 SEC filing

2 16 – 17 September 2015: analyst presentation

3 28 September 2015: submission of final models by research analysts

4 12 – 20 October 2015: roadshow

5 20 October 2015: pricing

6 21 October 2015: first day of trading on NYSE

7 3 – 4 January 2016: separation from FCA and listing on Borsa Italiana

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2 Analyst presentation

Analyst presentation – 16-17 September 2015

Thorough preparation process

through ad hoc rehearsals
and Q&A sessions with Ferrari • Several drafting sessions with top management and IR
Preparation and
speakers drafting • Ad hoc drafting sessions with other senior managers to prepare sections of
the document related to key business functions

• Rehearsal sessions with top management

Rehearsal
• Q&A sessions with top management in order to properly address any potential
and Q&A
questions arising from analysts

• Interactive full-day round table session between top managers and research
analysts, including a Q&A session
• Visit to the Company’s factory
Choreography • "Hot laps" track experience
of the event • 14 participants
– 7 top managers
– 6 research analysts
• Location in line with Company brand identity (Maranello HQ)

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2 Analyst presentation

Valuation and price range definition

A EV / EBITDA Price / EV / EBITDA Price /
(x) Earnings (x) (x) Earnings (x)
Company CY16E CY16E Company CY16E CY16E
European Luxury U.S. Luxury
Burberry 9.8 18.4 Ralph Lauren 7.8 16.4
Brunello Cucinelli 15.8 29.7 Tiffany 9.5 18.2
Valuation at price Ferragamo 12.4 21.7 Mean 8.7 17.3
range date LVMH 9.9 18.8 Median 8.7 17.3
Moncler 12.3 20.8 Iconic OEM
Prada 9.9 20.6 Harley Davidson 7.8 13.5
Richemont 11.2 18.4 High-End Luxury
Mean 11.6 21.2 Hermès 17.9 29.6
Median 11.2 20.6

Primary Secondary
B Bank Metric Metric Bank Equity value (€bn) Implied share price ($)

Bank 1 EV/EBITDA P/E Bank 1 9.2 – 10.0 54.6 – 59.6 Price range:
Bank 2 EV/Sales P/E, DCF Bank 2 8.9 – 10.3 53.0 – 61.2 $48.00–52.00
Analyst research Bank 3 DCF PEG, P/E, EV/EBITDA Bank 3 9.1 – 9.2 54.2 – 54.8 per share
model feedback
Bank 4 EV/EBITDA P/E Bank 4 6.9 – 10.3 41.0 – 61.2
Bank 5 EV/EBIT None Bank 5 8.6 51.3 – 51.3
Bank 6 EV/EBITDA DCF Bank 6 n.a. n.a. EV/EBITDA 2016E
11.2-12.0x
C • Include majority of investors’ valuation views
• Ensure investors will continue to do the work and analyse Ferrari during management roadshow P/E 2016E
•
Lower end Generate early momentum
24.7-26.8x
Price range

• Offer some insurance against market volatility during the roadshow

• Give sense of certainty of execution to investors
Additional
considerations to Mid end • Aim to move accounts up to at least this area once in the order book with momentum building
determine the
• “Aspirational” valuation
optimal price High end
• Opportunity to drive value for Selling shareholders if markets further improve
range
• Unattractiveness of pricing below the range
– Signals a failed transaction
Other considerations – Tarnishes company in its quoted life
– Puts at risk a deal execution in difficult market conditions
• It is always possible to narrow the range during the roadshow

Source: UBS, FactSet as of 8-Oct-15, Ferrari initiating coverage reports of IPO consortium banks

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3 Roadshow and bookbuilding

Roadshow overview
Over 500 investors met in 1x1 meetings or group events in 1 week across 8 locations
1x1 Meetings Management team
1 New York Sergio Alessandro 8 San Francisco 7 Los Angeles
Marchionne Gili
Chairman CFO
13 3 1
5 Milan /
4 6 Maranello
2 Baltimore

7
1

1 7
8
2
3
1
5
6

3 Boston 4 London

8 5
Group events
New York Boston London Milan / Los Angeles /
Maranello1 San Francisco
• 2 group lunch • 1 global call • 1 small group breakfast,
• 1 street call • No. of investors: 50+ 1 group lunch • 1 small group breakfast • 1 small group meeting
• No. of investors: 230+ • No. of investors: 150+ (Milan) (LA)
• 1 small group event • 1 group meeting (SF)
(Maranello) • No. of investors: 40+
• No. of investors: 25

Note:
1 Including 2 1x1 meetings held in Maranello pre-roadshow

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4 Pricing and aftermarket

Subscription level (at US$52)

Ferrari IPO was oversubscribed within two hours from launch and the final book was c. 20x oversubscribed at
the top of the range at the end of the offering

Total Oversubscription Level

19.8x
19.2x
US$17.6bn
US$17.2bn
Demand and over-subscription level

14.3x

11.3x US$12.8bn

9.1x US$10.1bn
Book covered
within 2 hours
from launch US$8.2bn
6.9x

4.2x US$6.1bn

US$3.8bn
1.3x

US$1.2bn

09-Oct 12-Oct 13-Oct 14-Oct 15-Oct 16-Oct 19-Oct 20-Oct

UBS Wealth Management contributed with c.$2bn demand (c.200% of the offer size)

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4 Pricing and aftermarket

Ferrari vs. comparable companies (at US$52)

Ferrari IPO priced at $52.0 per share, representing a 12.0x EV/EBITDA 2016 and 26.8x P/E 2016, implying a
premium of 10.7% vs. European luxury peers on a EV/EBITDA basis and a P/E substantially in line with Hermès
and Brunello Cucinelli. The valuation also resulted to be at a significant premium with respect to other OEMs
both on EV / EBITDA and P/E multiples
Luxury sector Automotive sector1
2016E EV/EBITDA
17.7 Tot avg (excl. Ferrari): 10.8x Tot avg: 2.3x
15.3
12.0 11.3 11.1 11.0 9.8
9.4
9.0 8.6 7.6 7.9
4.9
3.1 2.8 2.3 1.8 1.1
0.2

High end luxury European luxury (avg: 10.9x) US luxury Iconic OEM
(avg: 8.5x)

2016E P/E
30.2 28.5 Tot avg (excl. Ferrari): 19.7x
26.8 Tot avg: 7.1x

19.7 18.7 18.7 18.5 18.1 16.4

17.8
15.9
13.7
9.0 8.1 8.1 6.9 6.7 6.4
4.5

High end European luxury (avg: 19.8x) US luxury Iconic OEM

luxury (avg: 16.8x)

Source: Company filings, FactSet as of 19-Oct-15, Ferrari initiating coverage reports of

IPO consortium banks 25
Note:
1 OEMs EBITDA adjusted for pension obligations expenses
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4 Pricing and aftermarket

The NYSE ceremony

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4 Pricing and aftermarket

Successfully priced in a period of extreme volatility in the US equity market

Back in Oct-15, Ferrari was the first IPO to price at the high end of the range since early August

US IPOs over US$200m Key summary stats for US IPOs over US$200m
Deal Aftermarket performance (%)
value Pricing File to Offer to Offer to • 6 of the last 7 IPOs have priced below the range or were withdrawn
Pricing date Issuer (US$m) range offer (%) 1-day current
15/10/2015 Albertsons Companies, Inc 1,600 Withdrawn – – –
prior to pricing
14/10/2015 First Data corp 2,560 Below (15.8) (1.6) (1.2) • 6 of the last 10 IPOs greater than US$200m have broken issue and
06/10/2015 Digicel Group Ltd 1,800 Withdrawn – – – traded down on their first day of trading
06/10/2015 PURE Storage Inc 425 In range 0.0 (5.8) 11.8 • Almost 60% are trading below their IPO price (12 are down more than
30/09/2015 Performance Food Group Co 317 Below (19.1) 1.1 15.5
10% and 5 are down over 30%)
30/09/2015 Surgery Partners Inc 271 Below (22.4) (4.7) 0.8
12/08/2015 Houlihan Lokey 254 Below (8.7) 6.7 5.3
05/08/2015 Planet Fitness Inc 248 In range 6.7 0.0 5.7
04/08/2015
04/08/2015
Sun Run Inc
Amplify Snack Brands Inc
251
270
In range
Above
0.0
20.0
(23.1)
(10.3)
(29.9)
(32.6)
Volatility in the market recently spiked
31/07/2015 TerraForm Global Inc 675 Below (25.0) (6.7) (46.9)
85 80.9
27/07/2015 NantKwest Inc 238 Above 16.3 38.6 (49.4)

Market volatility
21/07/2015 Blue Buffalo Pet Products Inc 778 Above 17.6 36.0 (2.0) 65
24/06/2015 TransUnion 764 In range 2.3 12.9 7.1
45 40.7
24/06/2015 Milacron Holdings Corp 294 In range (4.8) (2.1) (17.4)
24/06/2015 Gener8 Maritime Inc 236 Below (22.2) (6.4) (15.4) 25
18/06/2015 8point3 Energy Partners Inc 420 In range 5.0 (2.4) (37.0) 5
17/06/2015 Univar Inc 886 In range 4.8 15.5 (16.1) Dec-05 Dec-07 Nov-09 Nov-11 Oct-13 Oct-15
17/06/2015 Fitbit Inc 841 Above 33.3 48.4 87.1
10/06/2015 Axovant Sciences Ltd 362 In range 7.1 99.3 (11.3) Volatility
04/06/2015 Evolent Health Inc 225 Above 13.3 10.9 (5.9)
20/05/2015 Press Ganey Holdings Inc 256 Above 8.7 10.0 22.4
19/05/2015 Black Knight Financial Services Inc 507 In range 4.3 10.7 36.1 Recent correction in valuations
14/05/2015 Fortress Transportation 378 Below (15.0) (2.6) (14.1)
15/04/2015 Party City Holdco Inc 428 In range 6.3 21.8 (0.6) 5-Year Avg = 13.8x
18.5 10-Year Avg = 14.0x
S&P 500NTM P/E (x)

15/04/2015 Virtu Financial Inc 361 In range 5.6 16.7 30.0 18.0x

15/04/2015 Etsy Inc 307 In range 6.7 87.5 (31.6) 17.5 17.2x
31/03/2015 GoDaddy Inc 520 Above 11.1 30.8 37.0
16.7x
11/03/2015 Summit Materials Inc 460 In range 0.0 16.5 15.4 Forward P/E on the S&P 500 is down
16.5
11/02/2015 Inovalon Holdings Inc 685 Above 20.0 0.0 (15.7) 7.0% from its peak of 18.0x
22/01/2015 Box Inc 201 Above 16.7 65.9 (3.2)
Average 575 2.5 16.0 (1.9) 15.5
Total Median 378 5.0 10.0 (2.0)
Dec-14 Mar-15 May-15 Jul-15 Oct-15

Source: Bloomberg, FactSet Source: Bloomberg, FactSet as of October 6th, 2015

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 STRICTLY CONFIDENTIAL – NOT FOR FURTHER DISTRIBUTION

Today's agenda

Overview of Ferrari at IPO

Key achievements

The IPO process

4 Post IPO

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 STRICTLY CONFIDENTIAL – NOT FOR FURTHER DISTRIBUTION

Ferrari IPO and separation from FCA

The IPO of Ferrari has been instrumental for the separation of Ferrari from FCA

1 Pre-IPO structure 2 Post-IPO structure 3 Post separation from FCA structure

Other FCA Other FCA Public

EXOR SpA EXOR SpA EXOR SpA Piero Ferrari
shareholders shareholders shareholders

30% 70% 30% 70% 24% 10% 66%

(33.4%) (15.4%) (51.2%)
Fiat Chrysler Fiat Chrysler
Automobiles NV Automobiles NV
Ferrari NV

Public 100%
Piero Ferrari Piero Ferrari
shareholders
Ferrari SpA
80%
90% 10% 10% (84.2%) 10%
(5.3%) (10.5%)

Ferrari NV Ferrari NV

100% 100%

Ferrari SpA Ferrari SpA

(#%) represents voting rights as per Ferrari loyalty voting program

Source: F-1 Prospectus

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 STRICTLY CONFIDENTIAL – NOT FOR FURTHER DISTRIBUTION

FCA share price performance since Ferrari announcement

FCA share price strongly benefitted from the Ferrari separation announcement
Performance FCA S&P 500 FCA peers1 Ferrari
21-Oct-15 3-Jan-16 Announcement to IPO 56.4% 1.7% (22.3%) - 24-Feb-20
Ferrari IPO Ferrari IPO to demerger (11.3%) (0.3%) 4.1% (8.9%) Covid-19
demerger 1y post-demerger 8.1% 12.8% 1.4% 25.4% outbreak
28.0 Post-demerger to date 79.6% 82.0% 27.9% 352.4%
220
Since Covid-192 22.2% 9.7% 10.8% 24.0%
200
Share price evolution (rebased to FCA, $)

23.0 180

160

Ferrari share price ($)

18.0 140

120

13.0 100

80

8.0 60

40

3.0 20
Apr-15

Apr-16

Apr-17

Apr-18

Apr-19

Apr-20
Oct-14

Jan-15

Jul-15

Oct-15

Jan-16

Jul-16

Oct-16

Jan-17

Jul-17

Oct-17

Jan-18

Jul-18

Oct-18

Jan-19

Jul-19

Oct-19

Jan-20

Jul-20

Oct-20
FCA S&P500 FCA peers1 Ferrari
Source: FactSet as of 1-Dec-20
Notes:
1 FCA peers include: Ford, GM, PSA Group and Volkswagen
2 Since 21-Feb-20, Covid-19 outbreak

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 STRICTLY CONFIDENTIAL – NOT FOR FURTHER DISTRIBUTION

Ferrari post-IPO trading performance

In the weeks following the IPO, Ferrari share price was affected by the expectation of a very significant distribution of Ferrari
shares by FCA - but once the market absorbed the overhang, Ferrari stock exhibited a superior performance vs luxury peers,
and stronger resiliency post-COVID outbreak and is up +398% vs to IPO level
Since Since
IPO Covid-19

Pre-COVID (21-Feb-20) 1YFW Δ vs.

$172.9 EV/EBITDA Listing
Ferrari 21.9x +9.9x +398% +50%
250.0 High end luxury peers1 24.5x +6.8x
+363% +127%
Share price evolution (rebased to Ferrari, $)

European luxury peers2 13.0x +2.1x

1YFW
Listing (20-Oct-15), $52.0
200.0 EV/EBITDA
Ferrari 12.0x
High end luxury peers1 17.7x
European luxury peers2 10.9x

150.0
+174% +80%

100.0

1YFW Δ vs.
50.0 Today (15-Nov-21) $258.9 EV/EBITDA Listing
Ferrari 25.3x +13.3x
Ferrari spin-off High end luxury peers1 36.1x +18.4x
3-Jan-16 European luxury peers2 16.2x +5.3x
0.0
Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21
1
Ferrari High end luxury peers European luxury peers 2
Source: FactSet as of 15-Nov-21
Notes:
1 High end luxury peers include: Hermès
2 European luxury peers include: Brunello Cucinelli, Salvatore Ferragamo, Richemont, Moncler, LVMH, Prada and Burberry

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 STRICTLY CONFIDENTIAL – NOT FOR FURTHER DISTRIBUTION

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