fiat spa - fca group...presentation or by reading the presentation slides you warrant and...

20 Novembre, 2010

Fiat SpA

European Fixed Income InvestorsMarch 29, 2011

March 29, 2011 European Fixed Income Investors 2

This presentation is for information purposes only

and does not constitute an offer of securities in theUnited States or any other jurisdiction. Securities

may not be offered or sold in the United States

unless such securities are registered with the U.S.Securities and Exchange Commission or the offer

and sale are exempt from or not subject to the

registration requirements of the U.S. Securities Actof 1933, as amended (the “Securities Act”), and the

rules and regulations there under. Fiat S.p.A.

(“Fiat”) do not intend to register their securities foroffer and sale in the United States or to conduct a

public offering of their securities in the United

States. This presentation is not for generaldissemination or publication in the United States.

The distribution of this presentation in other

countries may be subject to legal restrictions andpersons into whose possession this presentation

comes should inform themselves about, and

observe, any such restrictions.

This presentation is only being provided in the

United States or in any manner subject to thejurisdiction thereof to persons that are “Qualified

Institutional Buyers” as defined in Rule 144A under

the Securities Act (“QIBs”). By attending thispresentation or by reading the presentation slides

you warrant and acknowledge that you are a QIB.

No representation or warranty, express or implied,is or will be made in relation to, and no

responsibility is or will be accepted by Fiat as to,

the accuracy or completeness of the informationcontained in this presentation.

No part of this presentation constitutes, or shall be

taken to constitute, an invitation or inducement toinvest in Fiat in any jurisdiction in which registration

or qualif ication of such securities is required under

applicable law.

Disclaimer


Certain information included in this document is forwardlooking and is subject to important risks and uncertaintiesthat could cause actual results to differ materially. TheCompany's businesses include its automotive,automotive-related and other sectors, and its outlook ispredominantly based on its interpretation of what itconsiders to be the key economic factors affecting thesebusinesses. Forward-looking statements with regard tothe Group's businesses involve a number of importantfactors that are subject to change, including: the manyinterrelated factors that affect consumer confidence andworldwide demand for automotive and automotive-relatedproducts; weather, and governmental programs; generaleconomic conditions in each of the Group's markets;legislation, particularly that relating to automotive-relatedissues, the environment, trade and commerce andinfrastructure development; actions of competitors in thevarious industries in which the Group competes;production difficulties, including capacity and supplyconstraints and excess inventory levels; labor relations;interest rates and currency exchange rates; political andcivil unrest; earthquakes and other risks anduncertainties. Any forward-looking statements contained

in this document are referred to the current date and,therefore, any of the assumptions underlying thisdocument or any of the circumstances or data mentionedin this document may change. Fiat expressly disclaimsand does not assume any liability in connection with anyinaccuracies in any of these forward-looking statementsor in connection with any use by any third party of suchforward-looking statements. This document does notrepresent investment advice or a recommendation for thepurchase or sale of financial products and/or of any kindof financial services. Finally, this document does notrepresent an investment solicitation in Italy, pursuant toSection 1, letter (t) of Legislative Decree no. 58 ofFebruary 24, 1998, or in any other country or state. Thedata related to Chrysler Group LLC were independentlyprepared by Chrysler Group LLC and, to the extent theymake reference or are related to the data publiclydisclosed on November 4, 2009 and to other ChryslerGroup LLC documents (collectively “the ChryslerDocuments”), are subject to the disclaimers ofthe presentation held on November 2009 and the forwardlooking statements set forth therein and that areherein incorporated by reference.

Safe Harbor Statement


Structure of the demerger transaction

Demerger of the Industrial activities of Fiat SpA (scissione parziale proporzionale)

Fiat Industrial SpA., parent company of the new group, beneficiary of demerged activities consisting of shareholdings in CNH, Iveco, FPT Industrial (Industrial & Marine activities of FPT), and Fiat Industrial Finance

Fiat Industrial's share structure mirroring Fiat's old structure with 3 classes of shares

Old Fiat shareholders received one share in Fiat Industrial for each share of same class already held in Fiat

The transaction was non prejudicial to minority shareholders and individual classes of shareholders

No early repayment of outstanding bonds triggered by the transaction

A series of agreements governing 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

Key elements

Fiat SpA

CNH Iveco FPT Auto* Components

~ 90 %

Fiat IndustrialSpA

FI Finance Other Assets

I&M P&CV

3 classes of shareholders

2

Fiat SpA

Auto* Other Assets 2FPTP&CV Components


1 Auto includes FGA (with its stake in Chrysler), Maserati and Ferrari2 Other Activities includes Itedi, stake in RCS and other minor interests



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 2009-14 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

Fiat SpADisciplined and focused global automotive player generating consistent profitability

1

2

3

4

5

6


Revenues and trading margin evolution

Track record of success at FGA

Industrial trading profit margin*

Source: companies annual reports* excluding non-recurring

2010

19.7 19.5

23.7

26.8 26.9 26.327.9

0

5

10

15

20

25

30

-822

-281

291

803691

470607

-1,000

-500

0

500

1,000

1,500

Net

reve

nues

(€bn

)

Trad

ing

prof

it (€

mn)

Trading margin (4.2)% (1.4)% 1.2% 3.0% 2.6% 1.8%

‘07 ’09‘08‘04 ‘06‘05

VW D

AI

PS

A RN

O

BM

W

NIS

TO

Y

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

(4.4)%

FGA, Ferrari & Maserati

1

2.2%

’10

TOY

RN

O

PS

A

NIS VW

BM

W

DA

I

0%

2%

4%

6%

8%

10%

2.9%

FGA, Ferrari & Maserati

TOY

PSA RN

O

DAI NIS

BMW

VW

-6%

-4%

-2%

0%

2%

4%

2.4%FGA, Ferrari & Maserati

2009

2004


Significantly strengthened position in Europe

Sequential year-over-year market share gains in Europe (EU27+EFTA) until 2009

2010 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

All brands repositioned in most EU countries (Fiat brand the most solid and Alfa Romeo requiring significant additional work)

Leadership in CO2 emission in Europe

Fiat Group Automobiles ranked first as Group, with 125.9 g/km, an improvement of 5 g/km on last year

Fiat brand recorded the lowest level of CO2 emissions in Europe in 2010 for 4th year running (average of 123.1 g/km)

European dealer networkBackbone of retail channel now built European network reshaped, enhanced and right-sized

to support sales over 2006-10

Point of sales up 10% to ~5,900 at Dec-end 2010 vs. 2004 (~1.9k terminations and ~2.4k new appointments)

Network financially healthier

Centralized Customer Care service implemented

Sound volume growth

1

15.5 15.5 15.8 16.0 14.7 14.5 13.8 16.0

7.3%6.4%

7.5% 8.0% 8.2%8.6%

7.5%

2004 2005 2006 2007 2008 2009 2010 2011E 2014E

Industry (mn units) FGA market share


2.3 2.2 2.3 2.5

2.2 2.2 2.0 2.4

28.0% 28.0%30.7% 31.3% 31.9%

32.8%30.1%

2004 2005 2006 2007 2008 2009 2010 2011E 2014E

CAGR2010-2014

+3.8%

CAGR2010-2014

+4.7%


15.6%13.3% 12.8%

10.8% 10.6% 10.4%8.3%

5.0%

Renault VW Fiat Professional

Citroen Ford Europe Peugeot Mercedes GM Europe

• The most updated and complete product offerings of any EU producer

• Fiat Professional best in class in CO2 emissions and the widest CNG range in LCV market

• Strong distribution network

2010 ranking

Strong position for LCV in EuropeEU27+EFTA

1

Industry (mn units) Fiat Professional market share

Industry (mn units) Fiat Professional market share

0.21 0.22 0.23 0.25 0.23

0.18 0.19 0.23

42.3% 40.6%45.3%

42.1% 43.3% 39.9%44.0%

2004 2005 2006 2007 2008 2009 2010 2011E 2014E

2.0 2.1 2.2 2.4 2.2

1.5 1.7 2.2

10.7% 10.3% 10.9%11.7% 12.3%

12.8% 12.8%

2004 2005 2006 2007 2008 2009 2010 2011E 2014E

CAGR2010-2014

+6.7%

CAGR2010-2014

+5.3%


• All-time overall industry high at 3.3mn units in ‘10 Fiat leader with 22.8% overall share Continued growth of passenger car market

(+6.9% to 2.7mn units) in 2010

Strong LCV market, up 29.5% to 0.6mn units with Fiat undisputed market leader with ~8 p.p. advantage

Long-standing leadership in Brazil and well-positioned for continued success

• Market leader in Brazil for 9 straight years• Fiat perceived as a domestic player• Strong dealer network• Highly versatile and flexible manufacturing footprint• Significant barriers to replicate Fiat’s market position

CAGR2010-2014

+6.8%

1

(Passenger cars & LCVs)

Rest of LatAm


2.0 2.3 2.6 2.9 2.7

2.0 2.5 2.8

2.7% 3.3% 3.2% 3.2% 2.9% 3.1% 3.2%

2004 2005 2006 2007 2008 2009 2010 2011E 2014E


1.5 1.6 1.8 2.3

2.7 3.0 3.3

4.3

23.6% 25.0%25.4% 25.9% 24.6% 24.5%

22.8%

2004 2005 2006 2007 2008 2009 2010 2011E 2014E

CAGR2010-2014

+2.9%

• Laid foundation for new plant inPernambuco at December-end Investment of ~R$3bn, part of

~R$10bn commitment to be invested

in Brazil in 2011-14 timeframe

Start-of-production expected in 2013, with initial yearly capacity of 200k locally developed vehicles for domestic market and export to LA countries

Successful launch of Novo Uno (110k units sold), winner of 15 prizes in 2010 including

“Carro do Ano” award


The integration with Chrysler 2

A game-changing strategic transformation

Critical mass target: 6mn units by 2014

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

Sharing of best practices in the area of World Class Manufacturing,

engineering and design, quality and management


Mini

Small

Compact

SUV

MPV

Pick-up

Large

Segment architecture

Fiat Group Automobiles

Chrysler Group

Architecture origin

LCVs

Complementary integrated architecture and product strategy

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

2


Fiat & Chrysler technology and know-how sharingA win-win combination

MultiAir technology application to WGE & V6 Pentastar engines

(~1mn systems p.a. expected by 2014)

Synergies in hybrid and electric propulsion for specific markets/applications

Dual Dry Clutch Transmission application to Chrysler C & D vehicle segments

CNG Fiat’s technological leadership in Europe, a key asset for US natural gas vehicle market

2

Broader technology and products portfolio on diesel, AWD and transmissions

TwinAir and FIRE Fam. B0.9L – 1.4L 16v 1.8L 16v

Diesel MultiJet II engine with High Pressure Common Rail technology

4-cyl: SDE (1.3L ), Fam. B (1.6-2.0L ), 2.8L

V6: 3.0L

Turbocharged engines with MultiAir and DI technologies

Dual Dry Clutch Transmission6/7-speed

Alternative FuelsCNG, LPG…

Planetary automatic transmission with wide gear spread

Pentastar V6 Engine3.0L - 3.6L V6 24v

World Gas Engine 2.0-2.4L 16v

Cost Effective and Fuel Efficient

L4 and V6 gasoline engines

Off-road capability, Driveline disconnect

Electrification/hybridization


Extensive product launches support forecast volume gains in Europe

34 new models (of which 13 produced in NAFTA)17 major product interventions

Chrysler Group Fiat SpA

PRODUCT ACTIONS

Major modification

NEW MODEL PRODUCED BY

2010 2011 2012 2013 2014Strategy

Major focus on core A,B,C segments

Full integration with ChryslerComprehensive 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

Brand

3

http://www.google.it/imgres?imgurl=http://www.fiatgroup.com/SiteCollectionImages/mediacentre_archiviofoto/abarth/070903_AB_Logo_1024.jpg&imgrefurl=http://picsfiat.blogspot.com/2009/08/fiat-abarth-logo.html&h=1024&w=959&sz=460&tbnid=h2hOZfcBaYFWjM:&tbnh=233&tbnw=218&prev=/images?q=logo+abarth&hl=it&usg=__NY09BXwJS92RgBHtgyNBq_hbxag=&ei=yrHIS8-mIImUOLvevd0M&sa=X&oi=image_result&resnum=1&ct=image&ved=0CAkQ9QEwAA�


Volumes growth driven by market recovery and new products momentum

3

Source: IHS Global Insight and FGA estimatesNotes: (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

Total growth

1.6

0.4

0.1

0.0 0.00.2

0.00.2

0.2

0.1

0.5 0.6

0.1

0.30.5

0.3

0.5

0.1

0.2 0.2

0.2

0.1

0.1

0.1

2.2

1.6

0.2

0.1

Contract manufacturing

2.2

3.8

2009 2014EContract manufac.

Market driven growth

Market share growth

RoW / New markets

Reported sales by brand (Passenger Cars & LCVs)

Units millions

Market drivengrowth

(EU+LatAm)

0.6

0.2

0.2

0.3

Jeep(EU)

Market drivengrowth

(EU+LatAm)

Market drivengrowth(EU)

Market drivengrowth(EU)

Market sharegrowth

(EU+LatAm)

Market sharegrowth

(EU+LatAm)

Market sharegrowth(EU)

Market sharegrowth(EU)

RoW /New markets

RoW /New markets

0.3

1

2


Focus on rest of BRIC Countries

Critical mass10-14 CAGR: 16.9%

3.8*

>6*

2010 2014E

1.6

2.2

2.8

4.3

Units millions

FGA & Chrysler - A leading global auto playerComplementary global presence

* Including eliminations

3

Europe

Canada

USA

Mexico

Brazil

Fiat Group Automobiles (including JVs)

Chrysler Group

2010 2014E

2.1

1.2

2010 2014E

0.20.2

2010 2014E

1.2

2.5

2010 2014E

~0.81.1

2010 2014E

~ 0.1 >0.1

• 50/50 FGA-GAC• All models share single architecture• Targeting ~300k units by 2014 and

2% market share• Focus on C, D and SUV segments,

leveraging on the Jeep brand

• Albeit negotiations ended with Sollers, Fiat confirms commitment to Russia and intend to continue to expand existing operations and activities

• Focus on B, C, D and SUV segments, leveraging on the Jeep brand

• 50/50 Fiat India JV Automobiles Private Limited

• Sales target of ~130k units by 2014 or 5% market share

• Focus on B and C segments• Strengthening dealer network

2010 2014E

RoW

~ 0.4

~ 1.1

Note: Numbers may not add due to rounding


FGA business plan 2010–14 financial targets

3

19.7 19.5

23.726.8 26.9 26.3

27.9 29.0

35.0

45.0

51.0

(4.2)%

(1.4)%

1.2%

3.0% 2.6%1.8% 2.2%

2.5%3.2%

3.9%

5.1%

1.7%2.4%

3.1%

4.3%

0

10

20

30

40

50

60

-5%

0%

5%

10%

15%

20%

2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E

Net

reve

nues

(€bn

)Trading m

argin

Source: Company Annual Reports and Fiat Group 2010–2014 Business Plan

Net revenues Trading margin - High Trading margin - LowTrading margin - Actual

Overachievement in 2010Initial Targets

Revenues: €26.6bnTrading Profit (mid-point range): ~€370mn


Ferrari - Exclusive cars without compare

• 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

StrategyHighlights• Ferrari: a legendary brand since 1947 with a strong

relationship between road & racing cars

• Exploiting significant growth from emerging markets China in top-5 international market for Ferrari in 2010 Record high of ~300 units sold, up 50% vs. 2009

• 2010 units sold up 5.4% to 6,573 Continued success of Ferrari California and full roll-out of 458

Italia accounting for 87% of total deliveries

Excellent performance of limited edition 599 GTO

Trad

ing

Mar

gin

4

12.2% 12.6%15.9% 17.6%

13.4%15.8%

0%

10%

20%

2005 2006 2007 2008 2009 2010

Units sold by region (%)

USA28%

European Top 537%

China7%

Japan7%

Others21%


• New generation of Quattroporte• Extend luxury market coverage by entering high-

end 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

StrategyHighlights• 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• Restructuring successfully completed Turn to profitability in 2007 (first year since 1993) Targeting double-digit profitability by end of plan period

• 2010 units sold up 26.4% to 5,675 Positive performance in majority of 59 national markets

USA: +45%; UK: +72%; China: +128%

Trad

ing

Mar

gin

4

-15.9% -6.4%

3.5%8.7%

2.5% 4.1%

-20%

-10%

0%

10%

2005 2006 2007 2008 2009 2010

Maserati - Long and glorious heritage

USA36%

European Top 531%

China8%

Japan3%

Others23% Units sold by

region (%)


1.51.7

1.9

2.3

2.6

2.22.4

2.2

2.8

3.73.9

-2.0%

4.1%

7.9%

12.8%

15.7%

11.5%13.6%

11.7%

16.1%14.2% 15.0%

10.9%

15.3%13.4%

14.2%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E

Net

reve

nues

(€bn

)Trading m

argin



Ferrari & Maserati 2010-14 financial targets

4


Revenues: €2.1bnTrading Profit (mid-point range): ~€210mn


• New breed of technologies to achieve CO2 reduction in combustion engines 2nd 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)

Gasoline engines:Leveraging on MultiAir

Diesel engines:MultiJet II technology

Transmissions:New small DDCT

FPT P&CVExcellence in powertrain

• 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

Add-on electric motor

1.3L MultiJet II

Base Version

Hybrid Small

1.4L Fire MultiAir Turbo 1.8L GDI Turbo

Main benefits:Up to 25% CO2 emissions and fuel consumption reduction over a

higher displacement naturally aspirated engine

• 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)

Main benefits:CO2 emissions up to 3% lower and

NOx emissions up to 20% lower

5


Fiat SpA

German OEMs

French OEMs

US OEMs

Others

Lighting

Electronics

Powertrain

Revenues breakdown by product

2010 Revenues:

€5.4bn

Magneti Marelli - High value added components business

• Leadership in Lighting, Electronics and Powertrain

• Diverse automotive customer base

• Strong backlog

• Track record of growth and profitability

• Revenues in 2010 driven by strong performance in both China and Brazil and

significant recovery in NAFTA region, on new

product launches; European performance

impacted by elimination of government eco-

incentives

• All business lines recorded an increase in production volumes in 2010

29%

11%

17%

43%

Exhaust SystemsSuspension SystemsPlastic Components and Modules Shock AbsorbersAfter Market

Revenues breakdown by customer

Fiat SpA

German OEMs

French OEMs

US OEMs

Others

2010 Revenues:

€5.4bn

8%46%

7%

19%

20%

2014E Revenues:

€7.7bn13%

40%

10%

19%

18%

5

Highlights


3.8 4.04.5

5.05.4

4.5

5.45.7

6.4

7.27.7

4.3% 4.0% 4.3% 4.3%

3.2%

0.6%

1.8%

3.7%

4.9%

5.9%

6.5%

2.9%

4.1%

5.1%5.7%

0

1

2

3

4

5

6

7

8

0%

2%

4%

6%

8%

10%

2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E

Magneti Marelli - Roadmap to growth and enhanced profitability

Retain key role as technology supplier to Fiat SpA

Leverage Fiat – Chrysler platform integration

Growth from emerging market and non-captive customers

Optimisation of global footprint and capacity utilisation

Net

reve

nues

(€bn

)Trading m

argin

5



2010 profitability at upper-end of guidance range

Initial TargetsRevenues: €4.9bn

Trading Profit (mid-point range): ~€93mn


2.6 2.6

2.3

1.92.0

1.3

1.8 1.92.1

2.3 2.4

0.0%

3.3%

-0.4%

1.3%

3.2%

-3.1%

0.6%1.6%

2.7%3.5%

4.3%

0.8%1.9%

2.7%3.5%

0

1

2

3

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E

Teksid & Comau - Roadmap to growth and enhanced profitability

Net

reve

nues

(€bn

)Trading m

argin

5



• Iron Increase flexibility, to improve overall plant utilization and continue cost reduction

efforts Follow market growth in Mercosur & China, while maintaining current capacity in

Europe

• Aluminum Fully exploit Fiat SpA and Fiat Industrial volume growth in Europe to maximize

capacity utilization Support captive growth in Mercosur

Europe & NAFTA: perform in a stable market, focusing on proprietary modular and flexible solutions BRIC: exploit leading market position in China & Brazil, while growing in India and

taking advantage of new opportunities in Russia Aerospace: become a leading supplier of drilling and riveting automation systems


Revenues: €1.7bnTrading loss (mid-point range): ~€8.5mn


World class industrial base

• Maximize standardization of components• Sub-system standardization• Wide spread adoption of modern standard and

modular architectures

Capacity utilization at FGA

• One standard• Shared best practices throughout Fiat SpA,

Chrysler Group and Fiat Industrial

• Extension of World Class Manufacturing program to supplier plants

• ~190k new projects being implemented during plan period (230k cumulative projects

since 2006)

• Cumulative €1.9bn expected savings from WCM from 2010 to 2014 (€2.6bn savings

since 2006) for Fiat SpA and Fiat Industrial

Sharing R&D

World Class Manufacturing

Capacity:Harbour definition: 235 days per annum/16 hours per dayTechnical definition: 280 days per annum/3 shifts per day

Harbour definition Technical definition

77%

89%

123%

133%

Rest of Europe

Italy

2014E

6

2010


70

94

93

66

75

71

90

100

95

88

99

94

Fiat S.p.A.’s inclusion in Dow Jones Sustainability World and Dow Jones Sustainability Europe indexes confirmed

Best

Fiat Group

Average

Economic

Environmental

Social

Best

Fiat Group

Average

Best

Fiat Group

Average

Best

Fiat Group

Average

Sustainability, a way of doing businessAmong leaders for the second consecutive year

Continued commitment to maintaining high standards and improving performance, thereby contributing to the creation of long-term value for all stakeholders

6


2011-14 Financial Targets

• 2011-14 plan confirmed

• 2011 targets Revenues of ~€37bn FGA volumes of between 2.2 and 2.3mn cars, with continuing strength expected from

Brazil and recovering volumes in H2 2011 in Europe

Trading profit of €0.9 to 1.2bn Net Income of ~€ 0.3bn Capital expenditures of €4.0 to 4.5bn Net industrial debt between €1.5 and 1.8bn

2010 Targets as per Apr 21, 2010 Plan (€bn) 2011E 2012E 2013E 2014E

35.9 Revenues ~37 45 57 64

1.1 Trading Profit 0.9-1.2 1.6-2.0 2.5-2.9 3.2-3.8

3.2 Industrial EBITDA 3.6 4.7 6.0 6.9

2.9 CAPEX 4.0-4.5 4.2 3.6 3.7

Better than guidance


OutstandingDec. 31, 2010 2011 2012 2013 2014 2015 Beyond

5.0 Bank Debt 1.7 1.7 1.0 0.3 0.2 0.1

9.1 Capital Market2 2.9 1.5 1.0 1.2 1.5 1.0

1.5 Other Debt 1.0 - 0.1 0.1 - 0.3

15.6 Total Cash Maturities 5.6 3.2 2.1 1.6 1.7 1.4

13.2 Cash & Mktable Securities

- of which ABS related

3.5 Sale of Receivables (IFRS de-recognition compliant)

2.4 of which receivables sold to financial services JV (FGA Capital)

1 Including impact of repayment of €2.8bn intercompany receivables by Fiat Industrial and reimbursement of €1.7bn credit facilities in January 20112 Excluding Bond fair value, including interest accruals

Fiat post-demerger – Debt maturity schedule1(€bn)

28March 29, 2011 (Fiat SpA) – European Fixed Income Investors

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 transferred to Chrysler Group LLC for consideration of $2bn cash

• Fiat contribution of strategic assets in return for initial 20% equity interest, increases to 35% over time upon achievement of certain milestones +5% Technology Event (1.4L Fire Engine Program); completed

+5% Non-NAFTA Distribution Event (Int’l revenue and distribution targets); to be completed 2H 2011

+5% Fuel Economy Event (40 MPG unadjusted combined Chrysler C-Sedan off Fiat Architecture); to be completed 2H 2011

For any Performance Event above not occurred by Jan 2013, Fiat may acquire associated 5% equity tranches through a primary call option (“Alternative Call Option”)

• Fiat primary call option (“Incremental Equity Call Option”) to acquire up to a further 16% of Chrysler’s equity (exercisable Jan ’13 to Jun ‘16), subject to a limit on Fiat’s ownership at 49.9% prior to full repayment of UST and Canadian government Loans “Incremental Equity Call Option” may not be exercised until Chrysler Group LLC aggregate

principal of 2 Loans falls below ~$4 bn

Consideration to be paid for option exercise is determined on the basis of a trailing EBITDA multiple (average multiple of reference automakers, not to exceed the Fiat multiple)

In the event that at the time of exercise Chrysler is a listed company, such consideration will be based on a market trading price

Fiat may exercise “Alternative Call Option” or “Incremental Equity Call Option” prior to Jan 1, 2013 if Loans granted by UST and Government of Canada have been repaid

Chrysler Group LLC Board composed of 9 Directors 4 originally appointed by UST,

re-elected by independent Directors

3 appointed by FIAT (1 independent)

1 appointed by VEBA 1 appointed by Canadian gov’t


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

Ferrari and Maserati unique iconic assets

Profitable and growing components businesses

A world class industrial base

Significant scope for growth and enhanced profitability within the 2010 – 2014 business plan

1

2

3

4

5

6

7

Conclusion

Fiat SpADiapositiva numero 2Diapositiva numero 3Diapositiva numero 4Diapositiva numero 5Diapositiva numero 6Diapositiva numero 7Diapositiva numero 8Diapositiva numero 9Diapositiva numero 10Diapositiva numero 11Diapositiva numero 12Diapositiva numero 13Diapositiva numero 14Diapositiva numero 15Diapositiva numero 16Diapositiva numero 17Diapositiva numero 18Diapositiva numero 19Diapositiva numero 20Diapositiva numero 21Diapositiva numero 22Diapositiva numero 23Diapositiva numero 24Diapositiva numero 25Diapositiva numero 26Diapositiva numero 27Diapositiva numero 28Diapositiva numero 29