The Things We Make, Make Us. Bank am Bellevue Investor Seminar Flims January 14, 2012

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1 The Things We Make, Make Us Bank am Bellevue Investor Seminar Flims January 14, Novembre, 2010

2 Safe Harbor Statement C e r t a i n i n f o r m a t i o n i n c l u d e d in t h i s p r e s e n t a t i o n, i n c l u d i n g, w i t h o u t l i m i t a t i o n, a n y f o r e c a s t s i n c l u d e d h e r e i n, is f o r w a r d l o o k i n g a n d is s u b j e c t to i m p o r t a n t r i s k s a n d u n c e r t a i n t i e s t h a t c o u l d c a u s e a c t u a l r e s u l t s to d i f f e r m a t e r i a l l y. T h e G r o u p s b u s i n e s s e s i n c l u d e its a u t o m o t i v e, a u t o m o t i v e - r e l a t e d a n d o t h e r s e c t o r s, a n d its o u t l o o k is p r e d o m i n a n t l y b a s e d on i t s i n t e r p r e t a t i o n of w h a t it c o n s i d e r s to be t h e k e y e c o n o m i c f a c t o r s a f f e c t i n g t h e s e b u s i n e s s e s. F o r w a r d - l o o k i n g s t a t e m e n t s w i t h r e g a r d to t h e G r o u p ' s b u s i n e s s e s i n v o l v e a n u m b e r of i m p o r t a n t f a c t o r s t h a t a r e s u b j e c t to c h a n g e, i n c l u d i n g, b u t n o t l i m i t e d to: t h e m a n y i n t e r r e l a t e d f a c t o r s t h a t a f f e c t c o n s u m e r c o n f i d e n c e a n d w o r l d w i d e d e m a n d f o r a u t o m o t i v e a n d a u t o m o t i v e - r e l a t e d p r o d u c t s ; g o v e r n m e n t a l p r o g r a m s ; g e n e r a l e c o n o m i c c o n d i t i o n s in e a c h of t h e G r o u p ' s m a r k e t s ; l e g i s l a t i o n, p a r t i c u l a r l y t h a t r e l a t i n g to a u t o m o t i v e - r e l a t e d i s s u e s, t h e e n v i r o n m e n t, t r a d e a n d c o m m e r c e a n d i n f r a s t r u c t u r e d e v e l o p m e n t ; a c t i o n s of c o m p e t i t o r s in t h e v a r i o u s i n d u s t r i e s in w h i c h t h e G r o u p c o m p e t e s ; p r o d u c t i o n d i f f i c u l t i e s, i n c l u d i n g c a p a c i t y a n d s u p p l y c o n s t r a i n t s a n d e x c e s s i n v e n t o r y l e v e l s ; l a b o r r e l a t i o n s ; i n t e r e s t r a t e s a n d c u r r e n c y e x c h a n g e r a t e s ; p o l i t i c a l a n d c i v i l u n r e s t ; e a r t h q u a k e s a n d o t h e r r i s k s a n d u n c e r t a i n t i e s. A n y of t h e a s s u m p t i o n s u n d e r l y i n g t h i s p r e s e n t a t i o n or a n y of t h e c i r c u m s t a n c e s or d a t a m e n t i o n e d in t h i s p r e s e n t a t i o n m a y c h a n g e. A n y f o r w a r d - l o o k i n g s t a t e m e n t s c o n t a i n e d in t h i s p r e s e n t a t i o n s p e a k o n l y as of t h e d a t e of t h i s p r e s e n t a t i o n. F i a t d o e s a s s u m e a n d e x p r e s s l y d i s c l a i m s a n y o b l i g a t i o n to u p d a t e t h e s e f o r w a r d - l o o k i n g s t a t e m e n t s. F i a t d o e s n o t a s s u m e a n d e x p r e s s l y d i s c l a i m s a n y l i a b i l i t y in c o n n e c t i o n w i t h a n y i n a c c u r a c i e s in a n y of t h e s e f o r w a r d - l o o k i n g s t a t e m e n t s or in c o n n e c t i o n w i t h a n y u s e by a n y t h i r d p a r t y of s u c h f o r w a r d - l o o k i n g s t a t e m e n t s. T h i s p r e s e n t a t i o n d o e s n o t r e p r e s e n t i n v e s t m e n t a d v i c e or a r e c o m m e n d a t i o n f o r t h e p u r c h a s e or s a l e of f i n a n c i a l p r o d u c t s a n d / o r of a n y k i n d of f i n a n c i a l s e r v i c e s. F i n a l l y, t h i s p r e s e n t a t i o n d o e s n o t r e p r e s e n t an i n v e s t m e n t s o l i c i t a t i o n in I t a l y, p u r s u a n t to S e c t i o n 1, l e t t e r ( t ) of L e g i s l a t i v e D e c r e e no. 58 of F e b r u a r y 24, , as a m e n d e d, n o r d o e s it r e p r e s e n t a s i m i l a r s o l i c i t a t i o n as c o n t e m p l a t e d by t h e l a w s in a n y o t h e r c o u n t r y or s t a t e. January 14, 2012 Bank am Bellevue Investor Seminar 2

3 The creation of a global automaker Milestones in the integration of Fiat & Chrysler June % initial ownership interest in Chrysler Group LLC January 2011 Achievement of 1 st Performance Event by Chrysler Group LLC April 2011 Achievement of 2 nd Performance Event by Chrysler Group LLC May 2011 Exercise of Incremental Equity Call Option by Fiat July 2011 Purchase of ownership interest in Chrysler Group LLC from UST and Canada by Fiat plus UST rights under Equity Recapture Agreement January 2012 Achievement of 3 rd Performance Event, moving Fiat s interest in Chrysler Group LLC up to 58.5% From July 1 st, 2012 until June 30 th, 2016: Fiat has the option to purchase 40% of VEBA s original interest in Chrysler. Option is exercisable not in excess of 20% of Covered Interest in any 6 month period. Before an IPO, exercise price is based on a market multiple not to exceed Fiat s multiple applied to Chrysler reported LTM EBITDA less net industrial debt and following an IPO based on trading price of common stock In addition to above option, under Equity Recapture Agreement: i) Fiat may purchase any remaining membership interest held by VEBA at a specified threshold ($4.25bn plus 9% p.a. compounded annually from Jan 1, 2010), and ii) Fiat receives all proceeds from Chrysler ownership interest held by VEBA over the above threshold (and once such threshold is reached, any remaining shares are turned over to holder) Current Chrysler shareholder structure VEBA 41.5% FIAT 58.5% January 14, 2012 Bank am Bellevue Investor Seminar 3

4 Sep YTD 2011 highlights Strong operating performance for Chrysler & Components, resilience elsewhere Net revenues ( bn) Excl. Chrysler, revenues of 28.0bn, up 6.0% y-o-y Fiat Group Automobiles revenues up 1.7% over 2010 Year-over-year, all businesses up with Luxury & Performance brands and Components & Production Systems recording double-digit growth 26.4 Sep YTD Sep YTD Sep YTD 10 1,386 Sep YTD 11 Net profit ( mn) Excluding Chrysler, net unusuals and mark-to-market of two stock optionrelated equity swaps, net profit of 78 million, substantially in line with comparable 68 million for first nine months of 2010 Chrysler net profit of 322mn Trading profit ( mn) Group trading profit of 1,627mn, inclusive of 706mn for four months of Chrysler Ex Chrysler, trading profit up 16.1% or 128mn thanks to Components and Luxury brands 793 Sep YTD 10 1,627 Sep YTD Dec (pro-forma) 5.8 Sep Net industrial debt ( bn) Fiat excl. Chrysler at 2.9bn ( 0.5bn at year-end 2010) Strong cash flow from operating activities Total Capital expenditure of 3.1bn (including 2.1bn of Fiat excl. Chrysler, a 16.4% year-on-year increase) Trading margin Fiat ex Chrysler: 3.3% Chrysler: 5.6% FGA: 2.1% Ferrari: 13.2% Maserati: 5.8% Components & Production Systems: 2.9% 3.0% Sep YTD % Sep YTD Dec (pro-forma) Sep Undrawn available committed credit lines Liquidity ( bn) Total available liquidity at Q3-end (inclusive of undrawn credit facilities) of 12.8bn for Fiat excl. Chrysler and 8.0bn for Chrysler Increase of 3.3bn in total available liquidity on the back of strong operating performance and proceeds from issuances in capital markets, net of bond repayments at maturity Cash & Mktable Securities Note: Sep YTD 10 figures provided herein exclude businesses transferred to Fiat Industrial under demerger Sep 2011 YTD figures include consolidation of Chrysler starting June 2011 Dec 31, 2010 pro-forma figures include Chrysler and exclude businesses transferred to Fiat Industrial under demerger January 14, 2012 Bank am Bellevue Investor Seminar 4

5 2011 guidance Revenues in excess of 58bn Trading profit in excess of 2.1bn (revised from ~ 2.1bn) Net profit at ~ 1.7bn Capital expenditure of ~ 5.5bn Net industrial debt between ~ 5.0 and ~5.5bn Total available liquidity expected greater than 18bn Note Given consolidation occurred on June 1, 2011, full-year guidance includes seven months for Chrysler January 14, 2012 Bank am Bellevue Investor Seminar 5

6 Looking at Fiat from a different perspective Better geographical diversification FY 2010 (Fiat ex Chrysler) FY 2011E (Fiat with Chrysler Pro-Forma * ) * Assuming 12 months of Chrysler 30% EUROPE Europe 60% North America 3% 47% NORTH AMERICA Mercosur 28% 17% MERCOSUR RoW 9% 6% ROW January 14, 2012 Bank am Bellevue Investor Seminar 6

7 Overhaul of stand-alone companies in 2009 STRENGTHS Positive WEAKNESSES Negative STRENGTHS Positive WEAKNESSES Negative Unique mass market brands with Fiat having the most solid position, Alfa Romeo with internationally recognized strong heritage A leading position for LCVs Leadership in CO 2 emissions Strong positioning in Latin America Best-in-class time-tomarket from design freeze Ferrari & Maserati unique iconic and profitable assets Inadequate European business model Portfolio heavily skewed to A & B segments Heavy reliance for profitability on LCVs Under utilization of manufacturing infrastructure preventing full exploitation of operational efficiency Suboptimal volumes for Alfa Romeo & Lancia to support stand alone brand Low presence in major developing markets (China, Russia, India) Brands with strong heritage in North America, Jeep globally recognized US distribution network re-sized Experienced and talented workforce, albeit demoralized Competitive labor rates and significantly restructured OPEB liabilities Sufficient liquidity to launch a credible business plan with speed being of the essence Customer trust and confidence Heavy reliance on NAFTA markets Less than optimal product line-up Incomplete offering in C- & D-segment Gap in perceived quality and reliability vs. competition January 14, 2012 Bank am Bellevue Investor Seminar 7

8 Inextricably intertwined on cost side ARCHITECTURE CONVERGENCE, ENGINEERING & DESIGN, TECHNOLOGY AND KNOW-HOW SHARING COST SYNERGIES, PARTICULARLY IN PURCHASING AND ENGINEERING OPTIMAL ALLOCATION OF PRODUCTION CAPACITY AT BOTH ORGANIZATIONS WORLD CLASS MANUFACTURING AND QUALITY January 14, 2012 Bank am Bellevue Investor Seminar 8

9 Architecture convergence & component standardization to yield significant benefits Top hat & powertrain applications Up to 60-65% reduction Clear delineation of responsibilities between Fiat and Chrysler Group for architecture management Complementary integrated architecture and product strategy Industrial installation Sharing of resources and commitments for optimal allocation of capital Architecture development Primary vehicle on a brand-new architecture First derivative vehicle Further opportunities for savings in powertrain application costs and ER&D spending by sharing volumes January 14, 2012 Bank am Bellevue Investor Seminar 9

10 Architecture convergence & component sharing Compact architecture is crucial More than 50% of 2014 targeted volumes to be based on three main architectures (exceeding 1mn mark each) Strengthening Mini and Small architectures, already now at substantially competitive volume levels Compact architecture starting to populate in 2012 with new launches for C- & D-segment Compact architecture also crucial for Group international expansion Current model Alfa Romeo Giulietta (2010) 1 mn units New models in 2012 Dodge All-New 2013 Dart Fiat C-Sedan New models in E E E Mini Small Compact Fiat Chrysler Group January 14, 2012 Bank am Bellevue Investor Seminar 10

11 New C-segment entry Heart of the North American market Dodge is entering the largest retail segment in the U.S. with a vehicle derived from combined Fiat-Chrysler Compact architecture Mid-size roominess with compact car fuel economy at a compact car price, state-of-the-art 4-door sedan delivering class-leading aerodynamics Hundreds of ways to customize from the factory Best-in-class technology and safety Segment s most powerful lineup of engines (3 fuel-efficient state-of-theart 4-cyl engines) 1.4L Turbo MultiAir awarded with fuel economy of slightly above 41 mpg (unadjusted combined) January 14, 2012 Bank am Bellevue Investor Seminar 11

12 Architecture convergence & component sharing Optimal allocation of production US, Canada, EMEA & Latin America Leveraging on existing manufacturing infrastructure with no brick-and-mortar investments in Europe and NAFTA Designated lead plants Cars developed on common architectures can be allocated to same flexible manufacturing plant to optimize industrial costs, including supply chain costs Plant A Industrial hubs in developing markets Mexican fully-owned plants also for international expansion outside NAFTA Fiat 500 produced in Mexico and exported to three continents (North & Latin America and Asia) Ducato to be exported from Mexico to North and Latin America Model A Fiat Model B Chrysler Group Model C Fiat Plant B Model D Chrysler Group Turkey to serve local market and as export base mainly to Europe Joint venture (FGA 37.9%, Koç Holding 37.9%) Yearly production capacity * of ~380k units Production facility focus on Small architecture for both passenger cars and LCVs Doblò (Cargo & Panorama), Fiorino, Qubo & Linea Agreement for PSA and Opel products * Technical definition (280 days per annum/3 shifts per day) January 14, 2012 Bank am Bellevue Investor Seminar 12

13 bn Full leverage of purchasing power Focus on supplier partnership, design-to-cost, source from BCC 75 Fiat Industrial Stand-alone APV of 20+bn in 2009 for Fiat Fiat Chrysler and Fiat Industrial combined Including Chrysler, 2011 APV in excess of E 2014E 50bn Targeting for 65+% of common APV suppliers in 2014 * Assuming Chrysler for 12 months in 2010 and 2011 Fiat, Chrysler and Fiat Industrial expected combined gross savings on direct material costs in excess of 5.0bn over plan period Progress to-date in line with expectations, mn 1,200 1, % Avg. annual savings 2.4% 2.4% 2.2% Avg. annual savings 1.4% 2.5% 2.1% Avg. annual savings 2.1% 2.4% Fiat Ind Fiat Chrysler as per business plans % 2.4% 2.0% E 2014E January 14, 2012 Bank am Bellevue Investor Seminar 13

14 bn $bn Thousands World Class Manufacturing A common language, moving towards world class plants E 2014E ~6% savings per year over plan period (roughly evenly split between Fiat and Fiat Industrial) ~190k new projects (230k cumulative projects since 2006) E 2014E ~87k cumulative projects expected to be implemented in plan period Fiat & Fiat Industrial expected to deliver 1.9+bn of cumulative savings in period as per 5-year business plan Nearly 800mn expected in Chrysler targeting for cumulative savings in excess of $1bn in (as per Nov 2009 Business Plan) Expected cumulative savings of $550+mn in January 14, 2012 Bank am Bellevue Investor Seminar 14

15 Leveraging on partner s core strengths in the marketplace COMPLEMENTARITY IN PRODUCT PORTFOLIO IDEAL GLOBAL GEOGRAPHICAL COMBINATION CRITICAL MASS TARGET OF ~6MN UNITS BY 2014 January 14, 2012 Bank am Bellevue Investor Seminar 15

16 VAG GM TOYOTA RENAULT - NISSAN HYUNDAI FORD FGA + CHRYSLER PSA HONDA SUZUKI BMW DAIMLER AG SAIC CHANGAN MAZDA MITSUBISHI GEELY TATA OTHERS Million units Fiat & Chrysler ranked #7 globally 10 9 TOTAL 2011E SALES: ~73MN UNITS PASSENGER CARS & LCVS (JVS INCLUDED) Chrysler Group FGA Source: Global Insight (September 2011 release) Note: JVs volumes for Saic and Changan already accounted for in related OEM January 14, 2012 Bank am Bellevue Investor Seminar 16

17 One group, unique brands Covering the entire automobile landscape The Italian way of hightech, sportiness, performance and racing for Fiat s small and compact cars Italian design expressed in its most everyday, functional and simplest form Major focus on core A,B,C segments A premium Italian brand with clear focus on advanced technology performance and design, set to deliver pure-spirited products, Italian design, dynamic and active driving experience engaging senses Full integration of Chrysler & Lancia Chrysler is a leader for design and innovation, innovator of minivans and creator of the 300 offering ultimate versatility vehicles for families and bridging exclusivity to masses Lancia represents 105 years of car making history and offering ultimate fusion of engineering and elegance of Italian cars A quintessen-tially American brand; embodies capability, style, and an ageless enthusiasm for fun and performance Products known for value, power, safety and style Street & Racing Technology has five hallmarks: awe-inspiring powertrain; outstanding ride and handling; aggressive exterior; race inspired interior; for discerning performance driving enthusiast An American icon brand for SUV s representing unique, freedom, adventure, authenticity, passion values Over 7 million vehicles on road worldwide our most global brand with sales in 120+ countries Luxury brand combining highperformance, highly refined craftsmanship and a high degree of personalization The most up-to-date and complete commercial vehicle offerings of any EU producer with strong position in Europe and Latin America Established its own brand identity in 2009, Ram Trucks & Commercial Vehicles deliver on customer priorities with best-in-class capabilities and class exclusive features Unique iconic asset, a legendary brand since 1947 with strong relationship between road & racing cars January 14, 2012 Bank am Bellevue Investor Seminar 17

18 Fiat & Chrysler: ideal global geographical combination Strong joint geographic coverage in North America, Europe and Latin America Steady over-performance in recovering US market Poised to regain positioning in Europe, backed by strong pipeline of new products started in late 2011 Dominant player in Brazil and well-positioned in fast growing Latin America market Sustaining leadership position in LCVs in key reference markets Enablers now in place for international expansion in developing markets, in particular Russia and China Strengthening position by also leveraging on potentials from Jeep and Alfa Romeo, internationally recognized brands with strong heritage January 14, 2012 Bank am Bellevue Investor Seminar 18

19 Key success factors for Fiat in Brazil Market leader for 10 years in a row Quick response to market needs in product developments Complete product offerings with 22 models & 95 versions Highly productive company, cost competitiveness coupled with high quality 1 vehicle every 20 seconds Strong and viable distribution network More than 530 dealers Strong brand image, perceived as a domestic player being part of Brazilian society Image of young, lively and innovative automotive company A very high level of cultural and social integrations Significant barriers to replicate Fiat s market position Latest awards: Carro do Ano with Novo Uno in 2010 and Novo Palio in 2011 January 14, 2012 Bank am Bellevue Investor Seminar 19

20 Zoom in on Brazil Good fundamentals beyond 2011 Became the 6 th largest world economy for first time, predicted to be the 5 th by 2015 Continued robust GDP growth (+3% expected for FY 2011) primarily driven by strong commodity prices and services Continuous social mobility and real gain in wages as main drivers for strong growth in local economy Sustainable growth perspectives in upcoming years for automotive sector Automotive market currently outpacing GDP growth by 2.4x Entire sector accounting today for 5% of Brazilian GDP and for 23% of Brazilian industrial GDP Unemployment rate at 5.9%, the lowest level ever Wide range of short-, mid- & long-term investment Modernization and development of infra-structure, also in conjunction with World Cup & Olympic games Agricultural and commodity capacity expansion Exploration and extraction of natural resources from pre-salt layer Several actions adopted to moderate economic boom, such as Liquidity cut by Central bank in 2010 resulting in an increase of reserve requirements and tightened interest rates Reduction of interest rates in late 2011 (100 bps to 11%) and loosening reserve requirements for some consumer products Commitment of ~R$10bn to be invested in Brazil in , including Painting system upgrade at Betim plant also to debottleneck production Annual production capacity therefore increasing by 150k units Construction of a new plant in Pernambuco (in northeast Brazil) starting in H Start-of-production expected in 2014, with initial yearly capacity of 200k locally developed vehicles for domestic market and export to LA countries Strong international foreign currency reserves at US$353bn Central Bank reserve requirements increased from R$169bn in 2009 to R$453bn in Q January 14, 2012 Bank am Bellevue Investor Seminar 20

21 Jeep & Alfa Romeo Iconic brands to play globally REVITALIZING AN AMERICAN ICON Over 7mn Jeep vehicles on the road today Over 1.5mn Jeep fans on Facebook Over 2,000 Owner Clubs promote the brand on every continent Jeep is distributed in over 120 countries Over 800k fans on Facebook 30 million photos on the Web 100+ owner clubs to promote brand around the world BACK TO Live and play in a world full of adventure and extraordinary journeys They NEED authentic gear to conquer the task at hand Time constrained by family and work, they have little time to actively participate in their dream They WANT authentic gear with the hope that one day they ll be able to do more and dream less LIGHT & EFFICIENT Aerodynamic Consumption ITALIAN STYLE Sensuality Flowing CORE VALUES ADVANCED TECHNOLOGY Vehicle Powertrain DYNAMIC Performance Handling January 14, 2012 Bank am Bellevue Investor Seminar 21

22 Expanding international reach in developing markets: focus on China After having unwound unsuccessful partnership with Nanjing Automobile Corporation in late 2007, Fiat s expansion in the Region slowed further Chrysler Group products currently imported and distributed through a wholly-owned NSC (local CKD assembly terminated in 2010, while licensed assembly agreement for minivans still in place) Sales of 38+k units in 2011 Fiat: 2-step strategy to operate in China implemented Re-launch of Fiat brand through distribution of imported vehicles JV establishment for local production of Chinaspecific products A JV signed early 2010 with Guangzhou Automobile Group (GAC) for production of cars and engines A strong partner, also forming part of JVs with Toyota and Honda in China Max plant capacity at 330k vehicles per annum at steady state Targeting ~300k units by 2014 and 2% market share All models sharing single architecture Focus on C-segment, with Fiat C-Sedan as first JVproduced vehicle (SoP mid-2012) Potential for SUV-segments, leveraging on Jeep brand January 14, 2012 Bank am Bellevue Investor Seminar 22

23 Fiat & Chrysler integration proceeding apace Integration now at 20% Group Executive Council formed with leaders from both organizations Key achievements at Chrysler in first 30 months New organization implemented following 363 sale (26 members of management team with only 5 from Fiat) RAM brand unbundled and brand equity rebuilding underway Started complementary marketing messages and media to enhance consumer purchase consideration and brand value, significant shift in spending from incentives to marketing Re-established trust between company and dealer network Integration of distribution with Fiat in Europe and Latin America completed Launched 16 new or significantly refreshed products Introduced Fiat 500 in North America Government loans fully repaid Fiat to majority equity position and then to 58.5% US market share rebuild started with launch of Jeep Grand Cherokee, increased from 8.8% in 2009 to 10.5% in 2011 Share steadily increased from 2009 lows: 21 consecutive months of year-over-year sales gains in US and 25 in Canada Consumer Reports recommendable vehicles from 1 to 9 and expected to accelerate to 50% by end 2012 January 14, 2012 Bank am Bellevue Investor Seminar 23

24 One global car company in the making January 14, 2012 Bank am Bellevue Investor Seminar 24

25 Contacts Marco Auriemma Vice President Alexandra Deschner Timothy Krause Paolo Mosole Sara Nicola Maristella Borotto fax: websites: January 14, 2012 Bank am Bellevue Investor Seminar 25

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