Fiat post-demerger. Investor Meetings in Europe

Transcription

1 Fiat post-demerger Investor Meetings in Europe 20 Novembre, 2010

2 Safe Harbor Statement Certain information included in this document is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially. The Company's businesses include its automotive, automotive-related and other sectors, and its outlook is predominantly based on its interpretation of what it considers to be the key economic factors affecting these businesses. Forward-looking statements with regard to the Group's businesses involve a number of important factors that are subject to change, including: the many interrelated factors that affect consumer confidence and worldwide demand for automotive and automotive-related products; factors affecting the agricultural business including commodities prices, weather, and governmental farm programs; general economic conditions in each of the Group's markets; legislation, particularly that relating to automotive-related issues, agriculture, the environment, trade and commerce and infrastructure development; actions of competitors in the various industries in which the Group competes; production difficulties, including capacity and supply constraints and excess inventory levels; labor relations; interest rates and currency exchange rates; political and civil unrest; and other risks and uncertainties. Any forward-looking statements contained in this document are referred to the current date and, therefore, any of the assumptions underlying this document or any of the circumstances or data mentioned in this document may change. Fiat S.p.A. expressly disclaims and does not assume any liability in connection with any inaccuracies in any of these forward-looking statements or in connection with any use by any third party of such forward-looking statements. This document does not represent investment advice or a recommendation for the purchase or sale of financial products and/or of any kind of financial services. Finally, this document does not represent an investment solicitation in Italy, pursuant to Section 1, letter (t) of Legislative Decree no. 58 of February 24, 1998, or in any other country or state. The data related to Chrysler Group LLC were independently prepared by Chrysler Group LLC and, to the extent they are related to the data publicly disclosed on November 4, 2009 and to other Chrysler Group LLC documents, are subject to the disclaimers of the presentation held on November 2009 and the forward looking statements set forth therein are herein incorporated by reference. Nov 29-Dec 2, 2010 Investor Meetings in Europe 2

3 Structure of the transaction Key elements Fiat Industrial SpA 3 classes of shareholders Fiat SpA Demerger of the Industrial activities of Fiat SpA (scissione parziale proporzionale) FI Finance ~ 90 % CNH Iveco FPT Auto* Components I&M P&CV 2 Other Assets Fiat Industrial SpA., parent company of the new group, will be beneficiary of the demerged activities consisting of the shareholdings in CNH, Iveco, the Industrial & Marine activities of FPT (FPT I&M), and Fiat Industrial Finance Fiat Industrial's share structure will mirror Fiat's current structure with 3 classes of shares At completion, Fiat shareholders will receive one share in Fiat Industrial for each share of the same class already held in Fiat 3 classes of shareholders 3 classes of shareholders Fiat Industrial SpA 1 Auto includes FGA (with its stake in Chrysler), Maserati and Ferrari 2 Other Activities includes Itedi, stake in RCS and other minor interests Fiat SpA ~90% FI Finance CNH Iveco FPT I&M Auto* P&CV FPT Components Other Assets 2 Key milestones Mid-December 2010: execution of Deed of Demerger 1 January 2011: effective date of Demerger 3 January 2011: trading of all 3 classes of Fiat Industrial shares on MTA commences Concurrent with the Demerger taking effect, all 3 classes of shares in Fiat Industrial will be listed on the stock exchange managed by Borsa Italiana The transaction will be tax neutral and non prejudicial to minority shareholders and individual classes of shareholders No early repayment of outstanding bonds will be triggered by the transaction A series of agreements will govern supply of shared services to the two groups, enabling existing synergies and economies of scale to be maintained and improved Joint liability for Fiat and Fiat Industrial, limited to the value of equity retained or transferred, on any existing debts of Fiat not satisfied by the company to which they are assigned Nov 29-Dec 2, 2010 Investor Meetings in Europe 3

4 Investment highlights Disciplined and focused global automotive player generating consistent profitability Strong track record at FGA Focus on profitable growth while improving market share Remained profitable during downturn and addressed structural cost inefficiencies in Europe Strengthened presence in European passenger cars, leader in European LCV Dominant player in Brazil and well-positioned in fast growing LatAm market New global paradigm with Chrysler: a game changing strategic transformation Complementary products and technologies allowing for development of compelling full product lineup Complementary geographies allowing for joint distribution Providing scale to compete. Significant synergies from joint purchasing, joint product development, optimized shared production capacity Significant opportunities for growth and enhanced profitability at FGA Poised for market share gains in recovering European market, backed by strong pipeline of new products starting from 2011 Well positioned to benefit from expanding emerging market presence in LatAm and other BRIC countries through JVs Significant synergies from Chrysler integration and optimized production capacity to drive profitability Ferrari and Maserati unique iconic assets Widening margins and accelerating growth on the back of strong secular trends for the luxury sector Profitable and growing powertrain and components businesses Excellence in eco-friendly powertrain technologies: non-captive sales increasing from 9% to 24% in the period, leveraging on technology leadership and extended products line-up Industry leading capabilities in powertrain, lighting and electronics Significant growth prospects from third party business and Chrysler integration World class industrial base Improved cost structure thanks to greater capacity utilization and World Class Manufacturing Sharing of R&D between FGA, Chrysler and Fiat Industrial Sustainability as a way of doing business Nov 29-Dec 2, 2010 Investor Meetings in Europe 4

5 1 Track record of success at FGA Revenues and trading margin evolution Industrial trading profit margin* 10% 8% NIS TOY Trading margin Net revenues ( bn) (4.2)% (1.4)% 1.2% 3.0% 2.6% 1.8% ,500 1, ,000 Trading profit ( mn) % 4% 2% 0% -2% -4% -6% 4% 2% 0% -2% VW DAI PSA RNO BMW FGA, Ferrari & Maserati (4.4)% FGA, Ferrari & Maserati PSA RNO DAI NIS BMW VW 2.4% % TOY -6% * excluding non-recurring Source: companies annual reports Nov 29-Dec 2, 2010 Investor Meetings in Europe 5

6 1 Significantly strengthened position in Europe Sound volume growth Market share trend FGA passenger cars Sequential year-over-year market share gains in Europe (EU27+EFTA) until 2009 All brands repositioned in most EU countries (Fiat brand the most solid and Alfa Romeo requiring significant additional work) 2010 YTD market share performance negatively impacted by the disproportionate reduction for both smaller and LPG/CNG vehicles, where FGA is market leader, following the phase-out of eco-incentives 40% 35% 30% 25% 20% 15% 10% 5% 0% 28.1% 28.0% 3.8% 2.8% 30.8% 31.4% 31.9% 32.8% 4.3% 3.9% 3.4% 3.5% 10% 8% 6% 4% 2% 0% European dealer network Backbone of retail channel now built ~1,550 ~2,100 European network reshaped, enhanced and rightsized to support sales over ~5,350 Terminated New appointments ~5,900 Network financially healthier Centralized Customer Care service implemented Dec-04 Dec-09 Nov 29-Dec 2, 2010 Investor Meetings in Europe 6

7 1 Strong position for LCV in Europe EU27+EFTA 10.7% 10.3% 10.9% 11.7% 12.3% 12.8% >13% ranking E Industry (mn units) Fiat Professional market share 14.2% 12.8% 12.3% 11.1% 10.7% 10.3% 8.5% 5.1% The most updated and complete product offerings of any EU producer Renault Fiat Professional VW Citroen Ford Europe Peugeot Mercedes GM Europe Fiat Professional best in class in CO 2 emissions and the widest CNG range in LCV market Strong distribution network Nov 29-Dec 2, 2010 Investor Meetings in Europe 7

8 1 Long-standing leadership in Brazil and well-positioned for continued success Market leader in Brazil for 8 years Fiat perceived as a domestic player Expansive dealer network Brazil 4,300 3, % 23.8% 1, % Units % Highly versatile and flexible manufacturing footprint E CAGR Significant barriers to replicate Fiat s market position Rest of LatAm Units 000 Brazil market share 1,995 2, % 10.0% 30% 25% 24.5% 3.1% 3.6% 20% 15% 15.2% E CAGR % Market Fiat Fiat Market Share Nov 29-Dec 2, 2010 Investor Meetings in Europe 8

9 2 The Chrysler integration - A game changing strategic transformation Optimal capital allocation and improved capacity utilization through product portfolio integration Greater geographic penetration: North America for Fiat and Europe / Latin America for Chrysler Significant cost synergies particularly in purchasing and engineering, targeting ~ 1.5 billion of cumulative savings for FGA through 2014 Sharing of best practices in the area of WCM, engineering & design, quality and management Scale advantages of a new global player without merger integration risks Nov 29-Dec 2, 2010 Investor Meetings in Europe 9

10 2 FGA & Chrysler - A leading global auto player Critical mass Complementary global presence Units millions Fiat / Chrysler 11.0% 13.7% 9.0% 12.1% CAGR: 12.3% >6 * 2009A 2014E Canada 2009A 2014E Europe Russia Fiat / SOLLERS % 14.0% China 50/50 FGA / GAC A 2014E USA 10.7% 12.1% India E 2009A 2014E Mexico 24.6% 23.8% 50/50 Fiat India JV Automobiles Private Limited Fiat Group Automobiles (including JVs) 2009A 2014E Brazil Chrysler Group FGA and Chrysler will achieve the necessary critical mass for continued success and profitability on a global scale * Including eliminations Nov 29-Dec 2, 2010 Investor Meetings in Europe 10

11 2 Complementary integrated architecture and product strategy Segment architecture LCVs Mini Small Compact Large Fiat and Chrysler each to focus on their core strengths Maximize architecture convergence and components standardization Fiat to move from 11 to 5 architectures by 2014 The 3 main architectures expected to exceed 1mn units each by 2014 MPV SUV Architecture origin Fiat Group Pick-up Chrysler Group Nov 29-Dec 2, 2010 Investor Meetings in Europe 11

12 2 Fiat & Chrysler technology and know-how sharing A win-win combination Turbocharged engines with MultiAir and DI technologies Cost Effective and Fuel Efficient L4 and V6 gasoline engines TwinAir & Fire 0.9L 1.4L 16v Fam.B 1.8L 16v MultiAir technology application to WGE & V6 Pentastar engines (~1mn systems/year expected by 2014) World Gas Engine L 16v Pentastar V6 Engine 3.0L - 3.6L V6 24v Diesel MultiJet II engines with High Pressure Common Rail technology SDE & Fam.B 1.3L 2.0L Broader technology and products portfolio on diesel, AWD and transmissions Off-road capability, Driveline disconnect Dual Dry Clutch Transmission 6/7-speed Dual dry clutch transmission application to Chrysler C & D vehicle segments Planetary automatic transmission with wide gear spread Alternative Fuels CNG, LPG CNG Fiat s technological leadership in Europe, a key asset for US natural gas vehicle market Electrification/hybridization Significant synergies in hybrid and in electric propulsion for specific niche markets Nov 29-Dec 2, 2010 Investor Meetings in Europe 12

13 3 Extensive product launches support forecast volume gains in Europe Brand Strategy Major focus on core A,B,C segments Full integration with Chrysler Comprehensive product line leveraging on Chrysler nameplates Re-launch of Alfa Romeo brand, including strong European push Return to North American market through Chrysler network Continue building on sporty image Positioning as a global brand Enhance European and LatAm leadership 34 new models (of which 13 produced in NAFTA) 17 major product interventions NEW MODEL PRODUCED BY PRODUCT ACTIONS Chrysler Group Fiat Group Major modification Nov 29-Dec 2, 2010 Investor Meetings in Europe 13

14 3 Volumes growth driven by market recovery and new products momentum Market driven growth Market share growth RoW / New markets Reported sales by brand (Passenger Cars & LCVs) Units millions Contract manufacturing Total growth Market 2009 driven share New markets driven share driven share New markets driven share (EU) manufac. 2014E growth (EU+LatAm) Market growth (EU+LatAm) RoW / Market growth (EU+LatAm) Market growth (EU+LatAm) Market growth (EU) Market growth (EU) RoW / Market growth (EU) Market growth (EU) Jeep Contract Source: IHS Global Insight and FGA estimates Notes: (1) Include c.20k units in NAFTA and c.110k units in RoW. (2) Include c.85k units in NAFTA and c.10k units in RoW Nov 29-Dec 2, 2010 Investor Meetings in Europe 14

15 3 Enablers in place to further expand emerging markets footprint All models share single architecture Targeting ~300k units by 2014 and 2% market share Sales target of ~280k units by 2014 Passenger cars: ~230k, 7% market share LCVs: ~50k units JV with JV with JV with Sales target of ~130k units by 2014 or 5% market share Industry Volume Units 000 Local market segment classification 14,000 Industry Volume Units 000 Local market segment classification 3,100 Industry Volume Units 000 Local market segment classification 2,900 8,428 1,958 1,772 Focus on C, D and SUV segments, leveraging on the Jeep brand Focus on B, C, D and SUV segments, leveraging on the Jeep brand Focus on B and C segments Strengthening dealer network 3.3bn investment in R&D and Capex jointly funded with partners through 2014 (90+% without requiring financial support from Fiat) Nov 29-Dec 2, 2010 Investor Meetings in Europe 15

16 3 FGA business plan financial targets 60 20% % % Net revenues ( bn) (1.4)% % % 2.6% 1.8% 1.6% 1.2% % 1.7% 3.2% 2.4% 3.9% 3.1% 5.1% 4.3% 5% 0% Trading margin (4.2)% A 2005A 2006A 2007A 2008A 2009A 2010E 2011E 2012E 2013E 2014E -5% Net revenues Trading margin - Actual Trading margin - High Trading margin - Low Source: Company Annual Reports and Fiat Group Business Plan Nov 29-Dec 2, 2010 Investor Meetings in Europe 16

17 4 Ferrari - Exclusive cars without compare Trading Margin Investment highlights Ferrari: a legendary brand since 1947 with a strong relationship between road & racing cars The only car manufacturer racing in Formula 1 since the beginning (1950) The most successful Formula 1 constructor with, with its 15 world titles Exploiting significant growth from emerging markets Double digit profitability 20% 10% 12.2% 12.6% 15.9% 17.6% 13.4% Strategy Increase product differentiation to target new customers in the high end sport cars segment Keep innovating with a new model every year to sustain turnover and reinforce brand Selectively exploit Special Series to target high end customers and collectors Continuing search for opportunities in emerging markets, maintaining exclusivity in mature ones Personalization, one-off program, spare parts and after sales services improvement Production efficiencies and fixed cost optimization Further growth of Licensing, Retail & E- commerce and Ferrari Financial Services 0% Nov 29-Dec 2, 2010 Investor Meetings in Europe 17

18 4 Maserati - Long and glorious heritage Trading Margin Investment highlights Relevant Player Maserati is a relevant Player in the G and H Segment ranking within the Top 5 Premium Manufacturers Unique positioning in sports and luxury segment Launch of GranCabrio and GranTurismo MC Stradale enlarged Maserati s product offering Restructuring successfully completed Turn to profitability in 2007 (first year since 1993) Targeting double digit profitability by end of plan period 10% 0% -10% -20% -15.9% -6.4% 3.5% 8.7% 2.5% Strategy New generation of Quattroporte Extend luxury market coverage by entering highend E and I segments Maintain and sustain GranTurismo and GranCabrio products in H segment Increase global market shares in all segments G segment: from 3% to 8% E segment: > 10%, in high-end I segment: > 4% H segment: > 10%, maintaining current top 3 ranking position Dealer network improvement to support volume growth Production efficiencies and fixed cost optimization Nov 29-Dec 2, 2010 Investor Meetings in Europe 18

19 4 Ferrari & Maserati financial targets % % Net revenues ( bn) % % % % % % 9.8% % 10.9% % 15.3% 14.2% 13.4% 15.0% 14.2% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% Trading margin % 0.0% A 2005A 2006A 2007A 2008A 2009A 2010E 2011E 2012E 2013E 2014E -5.0% Net revenues Trading margin - Actual Trading margin - High Trading margin - Low Source: Company Annual Reports and Fiat Group Business Plan Nov 29-Dec 2, 2010 Investor Meetings in Europe 19

20 5 FPT P&CV Excellence in powertrain Gasoline engines: Leveraging on MultiAir New breed of technologies to achieve CO 2 reduction in combustion engines 2 nd generation MultiAir technology In-house development of advanced turbo charging Systems MultiAir coupled with GDI technology Extension of MultiAir technology to diesel engines combined with new IP in EGR control functionality New high-efficiency downsized engines First application of the 0.9L TwinAir Turbo in the Fiat 500 (Q3 2010) Diesel engines: MultiJet II technology Digital injection rate shaping Greater accuracy in fuel injection quantity control Noise and driveability improvement Able to meet Euro 5 pollution standards First application on Fiat Punto Evo (Q4 2009) Transmissions: New small DDCT To extend dual-clutch transmission technology to A-B segments To be the basis for a compact, low-weight and low-cost Hybrid Powertrain Add-on option of baseline powertrain minimizing specific investments and R&D costs Base Base Version Add-on electric motor Hybrid Small 1.4L Fire MultiAir Turbo 1.8L GDI Turbo Main benefits: Up to 25% CO 2 emissions and fuel consumption reduction over a higher displacement naturally aspirated engine 1.3L MultiJet II Main benefits: CO 2 emissions up to 3% lower and NO x emissions up to 20% lower Nov 29-Dec 2, 2010 Investor Meetings in Europe 20

21 5 Magneti Marelli - High value added components business Revenues breakdown by product Revenues by customer group (OE + AM) 7.7bn Exhaust Systems Suspension Systems Plastic Components and Modules Shock Absorbers After Market 45% 2009A Revenues: 4.5bn 26% 11% Lighting 56% 4.9bn Non Captive Non Captive 60% 18% Electronics 44% 40% Powertrain 2010E 2014E Leadership in Lighting, Electronics and Powertrain Diverse automotive customer base Strong backlog Track record of growth and profitability US OEMs French OEMs Others 8% 8% 20% 2010E Revenues: 4.9bn 20% Revenues breakdown by customer 44% Fiat Group US OEMs Others 13% French OEMs 19% 10% 2014E Revenues: 7.7bn 18% Fiat Group 40% German OEMs German OEMs Nov 29-Dec 2, 2010 Investor Meetings in Europe 21

22 5 Magneti Marelli - Roadmap to growth and enhanced profitability Retain key role as technology supplier to Fiat Group Leverage Fiat Chrysler platform integration Growth from emerging market and non-captive customers Optimisation of global footprint and capacity utilisation Net revenues ( bn) % Historical financials and business plan targets % 3.7% 4.0% 4.3% 4.3% 4.1% 3.2% 2.1% 2.9% % 5.1% % 5.7% 10% 8% 6% 4% 2% Trading margin 1 0.6% 1.7% A 2005A 2006A 2007A 2008A 2009A 2010E 2011E 2012E 2013E 2014E 0% Net revenues Trading margin - Actual Trading margin - High Trading margin - Low Source: Company Annual Reports and Fiat Group Business Plan Nov 29-Dec 2, 2010 Investor Meetings in Europe 22

23 6 World class industrial base Capacity utilization at FGA 2009A 2014E 60% 133% ( in millions) FGA synergies thanks to Chrysler cumulative synergies ~1,500 Italy Italy % 89% Rest of Europe 81% 129% Rest of Europe 77% 123% Purchasing Engineering Sales of Powertrains Royalties Total Cum ulative Synergies Sharing R&D Harbour definition Maximize standardization of components Sub-system standardization Wide spread adoption of modern standard and modular architectures Capacity: Harbour definition: 235 days per annum/16 hours per day Technical definition: 280 days per annum/3 shifts per day Technical definition World Class Manufacturing One standard Shared best practices throughout the enlarged Fiat Group Extension of World Class Manufacturing program to supplier plants ~190k new projects being implemented (230k cumulative projects since 2006) 1.9bn expected savings from WCM from 2010 to 2014 ( 2.6bn cumulative savings since 2006) Nov 29-Dec 2, 2010 Investor Meetings in Europe 23

24 6 Sustainability, a way of doing business Among leaders for the second consecutive year Fiat S.p.A. s inclusion in Dow Jones Sustainability World and Dow Jones Sustainability Europe indexes confirmed Economic Fiat Group Best Fiat Group Average Best 94 Environmental Fiat Group Best 75 Average Average 70 Social 88 Fiat Group 90 Best 66 Average Continued commitment to maintaining high standards and improving performance, thereby contributing to the creation of long-term value for all stakeholders Nov 29-Dec 2, 2010 Investor Meetings in Europe 24

25 Fiat post demerger financial targets Profitability targets are realistic and can be achieved even with slower than expected top line growth ( bn) Sep YTD E 2011E 2012E 2013E 2014E Revenues 26.4 > % growth rate n.a. n.a. <15.6% 21.6% 26.7% 12.3% Trading profit 0.8 ~ % margin 3.0% ~1.7% 2.8% 4.0% 4.7% 5.5% Industrial EBITDA % margin 9.0% ~9.1% 9.7% 10.4% 10.5% 10.8% Capex % of sales 6.9% ~11.6% 12.2% 9.3% 6.3% 5.8% Source: Fiat Group Business Plan (mid-point of target range) Expected financial and liquidity position (1 January 2011) Industrial Activities Financial Services Net Industrial Debt (consolidated) Liquidity Net Debt of Financial Services (consolidated) Receivables from financing activities Bonds Nov 29-Dec 2, 2010 Investor Meetings in Europe 25

26 Fiat post demerger Key financial data ( bn) Revenues > Sector Comps: Industrial EBITDA margin (%)(2012E) 2010E 2011E 2012E 2013E 2014E Industrial EBITDA 2010E-2014E Fiat BMW VW Daimler Renault PSA E 2011E 2012E 2013E 2014E Source: Fiat Group Business Plan and analyst consensus for comparable companies (1) mid-point of target range for Business Plan Nov 29-Dec 2, 2010 Investor Meetings in Europe 26

27 From Chapter 11 to Chapter 1 On June 10, 2009, substantially all operating assets and certain liabilities of Chrysler LLC (Old CarCo LLC) & its subsidiaries were transferred to Chrysler Group LLC for consideration of $2bn cash. Fiat contributes key technology & enters into alliance agreements Shareholders Structure (On a fully diluted basis) US Treasury, 8% Canada Govt., 2% Executed financial services term sheet whereby Ally Financial replaced Chrysler Financial in the US, Canada and Mexico Fiat contribution of strategic assets in return of initial 20% equity interest, to be increased to 35% over time upon achievement of certain milestones +5% Technology Event (1.4L Fire Engine Program); to be completed 1H % Non NAFTA Distribution Event (Int l revenue and distribution targets); to be completed 2H % Fuel Economy Event (40 MPG Chrysler C Sedan off Fiat Platform); to be completed 2H 2011 Fiat call option on an additional 16% to be exercised in Jan 2013 Jun 2016 timeframe Fiat cannot gain majority control of Chrysler until UST and EDC loan had been fully repaid Fiat, 35% Chrysler Group LLC Board composed of 9 directors 4 appointed by UST 3 appointed by Fiat 1 appointed by VEBA 1 by Canada govt. VEBA Trust, 55% Nov 29 Dec 2, 2010 Investor Meetings in Europe 27

28 Chrysler on track to meet business plan targets Integration with Fiat underway and ahead of plan Chrysler profitable and cash generative in 2010 YTD Three consecutive quarters of improved performance US market share recovery to 9.6% in 3Q 2010 from 8.0% in the same period of 2009 $ Billions US GAAP Guidance upgraded for 2010 Total volumes to increase to 2.8mn in 2014 driven by 13% share of 14.5mn U.S. market plus International volumes of ~500k Net income break even in 2011, increasing to ~$3bnby 2014 Product spending (R&D and Capex) averaging $4.5bn per year Net debt to be reduced to $4bn by 2014 /3 TARP and EDC borrowing fully paid back by 2014 Chrysler Business Plan targets announced November 4, 2009 /1 Using Mid-Point Convention /2 Free cash flow after pension contributions and before debt changes /3 Change in net debt includes PIK interest accrued and paid as principal for ~$0.4B and accrued interest for VEBA / HCT trust and other for ~0.6B. DoE loan application pending Nov 29 Dec 2, 2010 Investor Meetings in Europe 28

29 Chrysler is committed to significant investment in enhancing its product portfolio new models 14 major product interventions 16 new products or 75% of vehicle line renewed and refreshed by % by 2012 PLATFORM ORIGIN PRODUCT ACTIONS IMPORTED VEHICLE Chrysler Group Fiat Group Major modification Refresh Fiat Group produced Nov 29 Dec 2, 2010 Investor Meetings in Europe 29

30 financial targets Fiat post-demerger and Chrysler Group pro-forma Source: Fiat Group Business Plan Fiat post-demerger Trading margin range - Low Chrysler Group Trading margin range - High Eliminations Nov 29-Dec 2, 2010 Investor Meetings in Europe 30

31 Conclusions FGA & Chrysler - a global player in the making Builds on FGA s strong track record and solid position in selected markets Integration with Chrysler provides scale, global reach and complementary products and technologies Significant scope for growth and enhanced profitability within the business plan Ferrari and Maserati unique iconic assets Profitable and growing components businesses Fiat Group: world class industrial base Disciplined and focused automotive global player generating consistent profitability Nov 29-Dec 2, 2010 Investor Meetings in Europe 31

32 Contacts Fiat Group Investor Relations team Marco Auriemma phone: Vice President Federico Donati phone: Alexandra Deschner phone: Maristella Borotto phone: fax: website: Nov 29-Dec 2, 2010 Investor Meetings in Europe 32