IM: F

NYSE: Expected October 2014

Michael Guichon, Columbia Business School

Share Price (as of 5/2/14) 8.71
Shares outstanding (mm) 1,251
Equity Market Cap (mm) 10,894
Add: Debt (mm) 29,306
Less: Cash (mm) 19,439
Total Enterprise Value 20,761
Add: Underf unded Pension 6,000
Adjusted Total Enterprise Value 26,761
52 Week Range 3.91 8.85
Dividend Yield 0.0%
Average Daily Volume (mm) 12.2
2014E 2015E 2016E
EV/EBITDA 3.08x 2.79x 2.46x
P/E 13.15x 8.08x 6.25x
P/CPS 1.75x 1.53x 1.42x
Note: Consensus as of 5/2/14
Current Capitalization
Trading Statistics
Summary Valuation
Investment Thesis
Market significantly underestimating transformative nature of
Chrysler consolidation and the value of the companys business units.
Chrysler alone is conservatively worth 16.5bn and
Ferrari/Maserati are worth 6.9bn (~90% of current EV), minimizing
downside
Chrysler acquisition improves the firm by reducing management
distraction, leveraging future production and R&D synergies and
FCAs improved credit profile
FCAs value is misunderstood due to a cumbersome capital structure,
several obscured assets and economic weakness in key markets
FCA has great brands managed by excellent capital allocators and
they are taking share in key markets
FCA trades at 4.0x normalized earnings
Fair Value: 16.50 (8.0x base normalized EPS of 2.05)
2
Recommend investors buy Fiat shares with a target share price of 16.50; over 90% upside
China, 55.2%
Japan, 9.8%
Australia,
22.7%
Other,
12.3%
US, 84.1%
Canada, 12.1%
Mexico, 3.8%
Brazil, 82.6%
Argentina, 11.7%
Other, 5.7%
Company Overview
FCA is the 6th largest automobile manufacturer globally
1

CEO Sergio Marchionne hired in 2004 by founding Agnelli family (31% owners) and encouraged to sell the Fiat Auto subsidiary
Finding no buyers interested in a low margin, Italian focused car company, he began growing the business with the goal of expanding Fiats presence
globally
Fiat acquired 20% of Chrysler after its 2009 bankruptcy. On January 21, 2014 it acquired 100% ownership
Fiat and Chrysler have been run by CEO Sergio Marchionne since 2004 and 2009 respectively
3
Source: Fiat 2013 Annual Report
FCA
North America
% of Sales: 53%
% of EBIT: 77%
Europe
% of Sales: 19%
% of EBIT: -25%
LatAm
% of Sales: 11%
% of EBIT: 17%
Asia-Pac
% of Sales: 5%
% of EBIT: 11%
Ferrari/Maserati
% of Sales: 4%
% of EBIT: 16%
Components and Other
% of Sales: 8%
% of EBIT: 5%
Geographical Breakdown of Segment Unit Volumes:
Breakdown by
Type:
Italy, 48.0%
France, 9.9%
Germany, 11.4%
U.K.,
9.9%
Rest of
Europe,
20.8%
Magneti Mareli -
Auto Parts, 74.1%
Teksid - Metal
Casting, 8.5%
Comau -
Automation
Systems, 18.1%
North
America,
40.5%
Europe, 23.2%
China,
18.9%
Other,
17.4%
1
By revenues
How the Chrysler deal is transformational
The Chrysler purchase was a very value accretive deal; Fiat paid $4.4bn in
cash for a business that generated $3.1bn in EBIT in 2013
The addition of Chrysler changed Fiat from a regional car manufacturer
into the 6
th
largest in the world
1. Operational synergies a larger manufacturing base with a more
diverse group of product cycles will allow the combined company to
achieve higher average levels of capacity utilization and increase sales in
formerly underserved areas around the world
2. The use of common components and vehicle platforms between Fiat
and Chrysler will reduce design and manufacturing costs
3. Increased scale allows FCA to generate high ROI from investments in
R&D, i.e. R&D synergies with Ferrari and Maserati


4 Marchionne inherited a loss making Italian car/tractor/parts maker in 2004 and created a global automotive giant
Key Drivers of Normalized
Earnings
Normalized Earnings Potential
2.05 with Europe at Breakeven (base
case, expected in 2016)
2.55 long term with modest
European recovery
Normalized earnings yield
of 24%-30%
Continued strong
performance/market share gains of
Chrysler in North America
Return to high single digit/low double
digit margins in LATAM
Cash balance reduced by 10bn to
delever. Average weighted cost of
debt falls 120bps to 5.3%

6
A return to normal earnings driven by Italian/Brazilian recoveries, Chrysler performance and capital structure
rationalization
0.63
0.36
0.37
0.01
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0.50 2.55
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Capital Structure
2013A Normalized Change
Debt 29,875 20,039 (9,836)
Cash 19,439 10,000 (9,439)
Net Debt 10,436 10,039 (397)
Interest Expense (1,995) (1,062) 933
Interest Income 97 100 3
Cost of Debt 6.7% 5.3% -1.4%
Income Interest Rate 0.5% 1.0% 0.5%
Net Interest Margin -6.2% -4.3% 1.9%
Net Debt Expense (1,898) (962) 936
ETR 40.0% 40.0% 40.0%
Net Income Impact (1,139) (577) 562
EPS Impact (0.91) (0.46) 0.45
Capital Structure Optimization
Capital Structure
Previously, complicated ownership structure and debt covenants prevented Fiat
from accessing Chryslers liquidity and led to an excessive cash balance at Chrysler
and a highly inefficient overall capital structure
With full ownership of Chrysler, cash will start to be more fungible between Fiat
and Chrysler, FCA can begin to reduce its gross debt burden
The simplified company has a much better credit profile and this has been reflected
in an improvement in credit default swap levels
FCAs cost of 7 year debt is currently 4.3% in EUR
FCA is rated BB-/B1/BB- (S&P, Moodys, Fitch)
Debt/EBITDA = 3.9x, interest coverage = 1.5x
In 2017, Debt/EBITDA = 2.4x, interest coverage = 3.4x
Future credit rating upgrades are likely

8
Rationalizing the companys capital structure will increase pre-tax earnings significantly
North America
Chrysler/North America
(Value: 16.6bn)
Given Chryslers 2013 EBITDA of approximately 4.4bn,
FCAs EV is trading at 5.8x Chryslers LTM EBITDA
Chrysler has maintained steady margins in recent years
while growing revenue in the US and Canada by taking
market share
Since Marchionne took control, North American market
share grew from 9.2% in 2009 to 11.5% in 2013, which is
still below 2007 pre-crisis level of 12.6%
Chryslers previous underperformance can largely be
attributable to management, which is no longer a
concern given Marchionnes strong track record
1
US, Canada and Mexico respectively represent 83%, 12% and 5% of North American Chrysler vehicles sold
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15.0%
$0
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$30,000
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QoQ Chrysler Group Performance
Qtly Revenue (mm USD) EBITDA Margin EBIT Margin
Chrysler has steadily improved operations in North America versus Ford and GM
6.00%
11.00%
16.00%
2007 2008 2009 2010 2011 2012 2013
Chrysler Market Share
1

US Canada Mexico Total North America
Marchionne Takes Control
10
Chrysler/North America
(Value: 16.6bn)
Were Chrysler to trade in the market on a standalone basis at
peer multiples, it would be valued significantly higher than
16.6bn
From 2010 to 2013, Chrysler grew EBITDA at a 21.0% CAGR
versus -5% for Ford and -1% for GM
Ford and GMs TEV/EBITDA LTM are 11.5x and 4.8x respectively
Given EV/EBIT and EV/EBITDA multiples for Ford and GM,
Chrysler would be worth between 24.0bn and 37.1bn, or
90% to 138% of FCAs current EV with net pension obligations
yet still trades at a discounted valuation
$0
$5,000
$10,000
$15,000
$20,000
2010 2011 2012 2013
Annual EBITDA (mn USD)
Chrysler GM Ford
$0
$5,000
$10,000
2010 2011 2012 2013
Annual EBIT (mn USD)
Chrysler GM Ford
11
How you improve a brand
2007 Jeep Grand Cherokee V8
Base price: $34,690
13 mpg city, 20 mpg highway
0-60 in 9 seconds
12
2014 Jeep Grand Cherokee V8
Base price: $36,790
18 mpg city, 26 mpg highway
0-60 in 7 seconds

Chryslers reorganization strategy is focused on improving its products and relying
on existing brands to drive consumer demand and take market share
FCAs global reach will help Chrysler sell into new markets and increase penetration
in emerging markets
Producing Chrysler brands for European markets in Italy will reduce idle capacity and
have a meaningful impact on profitability
Chrysler does not need to completely reinvent itself in order to succeed
Valuation of North America
Chrysler has steadily gained market share and maintained consistent margins since Marchionne
took over in 2009
Jeep is the #1 SUV brand in the US; Ram trucks sales have experience double digit growth rates since 2009
New Jeep and Ram models will help Chrysler continue top line growth
13
Segment Financials 2013A 2017E Normalized Low High
Revenue 45,777 54,690 55,000 50,000 60,000
EBIT Margin 5.0% 5.8% 5.8% 5.0% 6.5%
EBIT 2,290 3,149 3,190 2,500 3,900
EBITDA 3,820 4,985 5,026 4,336 5,736
NOPAT 1,489 2,047 2,074 1,625 2,535
ETR 35.0%
Net Income 968 1,330 1,348 1,056 1,648
EPS 0.77 1.06 1.08 0.84 1.32
Fair Value Base Bear Bull
EBIT Multiple 5.20x 4.23x 6.50x
EBITDA Multiple 3.30x 2.44x 4.42x
NOPAT Multiple 8.00x 6.50x 10.00x
EV of Segment 16,588 10,563 25,350
As % of Current Adjusted EV 62.2% 39.6% 95.0%
Value Per Share 13.26 8.44 20.27
NAFTA
International
-7.0%
-5.0%
-3.0%
-1.0%
1.0%
3.0%
80.0%
100.0%
120.0%
140.0%
160.0%
180.0%
2003 2005 2007 2009 2011 2013 2015 2017
Revenue/Assets (lhs)
Revenue/Assets Forecast (lhs)
EBIT Margin (rhs)
Fiat - Focus on Capacity Utilization
A recovery in European automotive
demand, particularly in Italy, will
naturally increase Fiats capacity
utilization and lead to margin expansion
Increasing demand of higher margin
luxury brands in Italy will improve
profitability significantly
Plans to shut high cost production
facilities in Italy will remove the only
assets that are losing money on an
operating basis
The forecast shown incorporates a
further 12% drop in Brazilian sales, after
a 10% drop in 2013 from 2012, and a
significant decrease in EBIT margin
15
Marchionne becomes CEO
In this high fixed cost business, utilization = profitability
Europe
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Italian New Car Sales (in thousands, YTD)
Net Mortgage Lending (YoY % Change)
Fiat Europe (Value: 4.2bn)
Italian Recovery
Automotive demand has fallen more in
Italy than in peer countries that avoided
severe dislocation in local credit markets
Fiats Italian sales were worth 7bn in 2013
(29% market share), making it the most
exposed to the European PIIGS among large
auto manufacturers
Reduced banking solvency concerns will
lead to a recovery in automotive financing
Fiat is very well placed to benefit from the
recovery in Italian demand for durable
goods
A recovery to 2.2mn sales per year would
imply a 5bn increase in Fiats revenue if
market share remains roughly constant
17 A return to normalcy in Italian credit markets will drive a recovery in automotive demand
How to relaunch Alfa Romeo
18 A timeless brand and key technology from Ferrari/Maserati gives Marchionne the wherewithal to turn around Alfa Romeo
Increasing volumes of higher margin luxury brands by employing idle capacity in
Italian plants will have a meaningful impact on profitability
Goal of tripling production to 300,000 units/year would add nearly 1bn of EBIT
2007 Alfa Romeo GT Q2
Base price: $42,400
0-60 in 8.2 seconds
2014 Alfa Romeo 4C
Base price: $55,000
0-60 in 4.2 seconds
Valuation of Europe
Improved capacity utilization and gradual rollbacks of sales incentives should lead a return to
profitability
Operational synergies with Chrysler will improve overall efficiency and allow for higher
normalized EBIT margins in the future
19
Prior Peak
Segment Financials 2007A 2013A 2017E Normalized Low High
Revenue 26,812 17,420 24,911 23,000 21,000 27,000
EBIT Margin 3.0% -4.2% 3.7% 3.3% 2.5% 4.0%
EBIT 803 (737) 910 748 525 1,080
EBITDA 180 2,414 2,251 2,029 2,584
NOPAT 562 (516) 637 523 368 756
ETR 30.0%
Net Income 393 (361) 446 366 257 529
EPS 31.5% (0.29) 0.36 0.29 0.21 0.42
Fair Value Base Bear Bull
EBIT Multiple 5.60x 4.55x 7.00x
EBITDA Multiple 1.86x 1.18x 2.93x
NOPAT Multiple 8.00x 6.50x 10.00x
EV of Segment 4,186 2,389 7,560
As % of Current Adjusted EV 15.7% 9.0% 28.3%
Value Per Share 3.35 1.91 6.04
Europe
Latin America
Latin America/Brazil (Value: 5.5bn)
Fiat is the largest auto manufacturer
in Brazil and had the highest reported
profit in the region in 2013
In Brazil, low interest rates led to
unsustainable growth in consumer
and business lending
The coming recession will likely
involve sharp increases in non-
performing loans and a significant
reduction in the availability of credit
Long-term fundamentals of Brazilian
automotive demand (growing
population and gradually increasing
living standards) remain positive
21 Fiat has a dominant position in Brazil where long term fundamentals remain positive
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Government Debt/GDP
Private Debt/GDP
Total Debt/GDP
Valuation of Latin America
Fiats Brazilian business has a history of being fast growing and consistently profitable with high
returns on capital, and it deserves a higher multiple
Fiat has 22% market share in Brazil and a large domestic manufacturing base a necessity in a
country with high local content requirements
22
While 2011 EBIT margins may not be sustainable, the Brazilian business is very profitable and total market demand will
grow
Prior Peak
Segment Financials 2011A 2013A 2017E Normalized Low High
Revenue 11,068 9,973 12,125 12,000 11,000 14,000
EBIT Margin 12.5% 4.9% 8.6% 8.5% 7.5% 11.0%
EBIT 1,385 492 1,040 1,020 825 1,540
EBITDA 1,890 1,136 1,673 1,654 1,459 2,174
NOPAT 928 330 696 683 553 1,032
ETR 33.0%
Net Income 622 221 467 458 370 691
EPS 0.50 0.18 0.37 0.37 0.30 0.55
Fair Value Base Bear Bull
EBIT Multiple 5.36x 4.36x 6.70x
EBITDA Multiple 3.31x 2.46x 4.75x
NOPAT Multiple 8.00x 6.50x 10.00x
EV of Segment 5,467 3,593 10,318
As % of Current Adjusted EV 20.5% 13.5% 38.7%
Value Per Share 4.37 2.87 8.25
Latin America
Luxury & Performance
Brands
A unique, obscured asset with the best operating and financial performance in the industry
Luxury Brands
Ferrari & Maserati (Value: 6.9bn)
Stable, high margin business with real pricing power
Very attractive R&D synergies found using 2-3 year old Ferrari technology
in Maserati cars
Uncertain if Fiat willing to monetize but given margin, growth and
pricing power Ferrari is a 4bn - 7bn asset (3.50- 5.50/sh)
1,2

Agnelli family has been supportive of value maximizing spinoffs (Fiat Industrial spun off to shareholders in late 2010)
Using the valuation of Ferrari peer Aston Martins sale of 37.5% of the company to Investindustrial
in 2013 would value Ferrari alone at 7bn
3

Successful relaunching of Maserati in 2002 gives confidence in Fiats ability to reestablish the
Alfa Romeo brand outside of Europe
24
1
Net to Fiats 90% ownership of Ferrari.
2
No true public comparable companies exist. Toyota and BMW have the highest margins of public automakers (9.5-
10.5%) and trade at 9.0-9.5x EBIT Multiples
3
http://www.bloomberg.com/news/2012-12-07/investindustrial-to-purchase-37-5-stake-in-aston-martin.html
Luxury Brands
Ferrari & Maserati (Value: 6.9bn)
EBIT to grow from 535mm in 2013 to 923mm in
2015 as Maserati production increases from 15,400
units/year 50,000 units/year (all capacity is online
and Maserati gross margins now higher than Ferrari)
Pricing power:
12% and growing EBIT margin business (vs.
3.5% for FCA)
Two year waiting list for Ferrari (intentionally
limiting sales to 7,000 units/year)
22,500 orders outstanding for Maserati
1
Maserati currently participates in only 22% of luxury
market segments
Launch of Luxury SUV and E segment high end
sedan in 2015 provides exposure to 100% of
1 million unit/year market

25
1
October 15, 2013 Fiat Group Luxury and Finance Borsa Italiana, Milan
0.0%
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30.0%
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0
500
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Ferrari
Revenue (lhs) EBITDA (lhs) FCF EBITDA Margin (rhs) FCF to sales (rhs)
-50.0%
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-30.0%
-20.0%
-10.0%
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10.0%
20.0%
30.0%
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0
500
1,000
1,500
2,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Maserati
Revenue (lhs) EBITDA (lhs) FCF EBITDA Margin (rhs) FCF to sales (rhs)
After relaunching in the US in 2002, Maserati has now primed the market for even more rapid, profitable growth
Valuation of Luxury Brands - Ferrari
Business deserves premium multiple given brand is one of the few with real pricing power
Margins are highly resilient
Ferrari intentionally supplying below actual demand, models assumes no growth in units

26
Prior Peak
Segment Financials 2008A 2013A 2015E Normalized Low High
Revenue 1,921 2,300 2,569 2,575 2,200 3,000
EBIT Margin 17.6% 15.8% 16.0% 16.0% 15.0% 18.0%
EBIT 339 364 412 413 330 540
EBITDA 497 406 710 711 628 838
NOPAT 220 237 268 268 215 351
ETR 35.0%
Net Income 143 154 174 174 139 228
EPS 0.11 0.12 0.14 0.14 0.11 0.18
Fair Value Base Bear Bull
EBIT Multiple 9.30x 8.57x 9.78x
EBITDA Multiple 6.00x 5.00x 7.00x
NOPAT Multiple 14.31x 13.18x 15.05x
EV of Segment
1
3,839 2,827 5,281
As % of Current Adjusted EV 14.4% 10.6% 19.8%
Value Per Share 3.07 2.26 4.22
Ferrari
1
Net to Fiats 90% ownership
Conservative multiples relative to peers yields significant value
Valuation of Luxury Brands - Maserati
Maserati was relaunched in the US in 2002, and after absorbing several years of start up costs
now exhibits similar gross margins as Ferrari
Capacity has been expanded to support 50,000 units/year in 2015 from 15,400 last year
Significantly higher room for growth in this segment of the market

27
Annualized
Segment Financials 4Q13 2013A 2015E Normalized Low High
Revenue 3,104 1,659 4,911 5,000 4,000 5,750
EBIT Margin 7.5% 6.4% 10.0% 10.0% 7.5% 15.0%
EBIT 232 106 491 500 300 863
EBITDA 424 298 683 692 492 1,054
NOPAT 151 69 319 325 195 561
ETR 35.0%
Net Income 98 45 208 211 127 364
EPS 0.08 0.04 0.17 0.17 0.10 0.29
Fair Value Base Bear Bull
EBIT Multiple 6.23x 4.92x 6.11x
EBITDA Multiple 4.50x 3.00x 5.00x
NOPAT Multiple 9.58x 7.57x 9.40x
EV of Segment 3,113 1,476 5,272
As % of Current Adjusted EV 11.7% 5.5% 19.8%
Value Per Share 2.49 1.18 4.21
Maserati
A highly profitable, high growth business
Asia
Valuation of Asian Business
Despite being late to Asia, the Jeep products have been hugely successful in recent years and
consumer demand remains very strong
Shipments increased 58% year over year to 163,000 in 2013
FCA has sales points in 126 Chinese cities and there are nearly 500 cities with populations over
500,000
29
Prior Peak
Segment Financials 2011A 2013A 2017E Normalized Low High
Revenue 2,086 4,621 5,670 5,600 5,000 8,000
EBIT Margin 6.2% 6.9% 7.9% 7.5% 6.75% 8.0%
EBIT 129 319 448 420 338 640
EBITDA 224 617 790 762 680 982
NOPAT 97 239 336 315 253 480
ETR 25.0%
Net Income 73 179 252 236 190 360
EPS 0.06 0.14 0.20 0.19 0.15 0.29
Fair Value Base Bear Bull
EBIT Multiple 6.00x 4.88x 7.50x
EBITDA Multiple 3.31x 2.42x 4.89x
NOPAT Multiple 8.00x 6.50x 10.00x
EV of Segment 2,520 1,645 4,800
As % of Current Adjusted EV 9.4% 6.2% 18.0%
Value Per Share 2.01 1.32 3.84
Asia-Pacific
Current penetration only focused on 1
st
tier cities, future growth to be driven by build out in 2
nd
and 3
rd
tier cities
Management Track
Record
Management & Track Record
31
Fiat under Marchionne has a great track record of
creating value for shareholders
Some market participants point to missed goals from
the 2010 5-year plan as a sign that management is
unreliable, but this is unfair because the Euro crisis
could not have been predicted by management a
year in advance
Marchionnes incentives are fully aligned with
shareholders as he has vested options on 5mn
shares with a strike price of 13.37 in addition to
10.7mn shares with a strike of 6.583
5%
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-15%
-10%
-5%
0%
5%
10%
15%
Fiat Ford Toyota VW Renault
CAGR (2004-2013)
Revenue/Share EBITDA/Share
Under Marchionnes stewardship, FCA has generated best in class financial performance
Valuation
Fair Value
TEV Per Share TEV Per Share TEV Per Share
Chrysler 16,588 13.26 10,563 8.44 25,350 20.27
Fiat-Europe 4,186 3.35 2,389 1.91 7,560 6.04
Fiat-Brazil 5,467 4.37 3,593 2.87 10,318 8.25
Asia-Pac 2,520 2.01 1,645 1.32 4,800 3.84
Luxury Brands
1
6,952 5.56 4,303 3.44 10,553 8.44
Parts 1,000 0.80 - - 2,000 1.60
Total 36,714 29.35 22,492 17.98 60,581 48.43
TEV Per Share TEV Per Share TEV Per Share
Less: Debt (29,306) (23.43) (29,306) (23.43) (29,306) (23.43)
Add: Cash 19,439 15.54 19,439 15.54 19,439 15.54
Total Equity Value 26,847 21.46 12,625 10.09 50,714 40.55
Less: Underf unded Pension (6,000) (4.80) (6,000) (4.80) (6,000) (4.80)
Adjusted Total
Equity Value
% Upside 91.4% 91.4% -39.2% -39.2% 310.4% 310.4%
Sum of the Parts
35.75
Base Bear Bull
2013A
44,714 5.30 6,625 16.67 20,847
Sum-of-the-Parts
33
Recommend investors buy Fiat shares with a target share price of 16.50; over 90% upside
Market significantly underestimating transformative
nature of Chrysler consolidation. Chrysler alone is
conservatively worth 16.5bn and Ferrari/Maserati are
worth 6.9bn, which minimizes downside
Chrysler acquisition improves the firm by reducing
management distraction, leveraging future production
and R&D synergies and FCAs improved credit profile
FCAs value is misunderstood due to a complicated
capital structure and several obscured assets
FCA has great brands managed by excellent capital
allocators and they are taking share in key markets
FCA trades at sub 4.0x normalized earnings
Fair Value: 16.50 (8.0x base normalized EPS of 2.05)
1
Net to Fiats 90% ownership of Ferrari
Special Thanks To
Thomas Schweitzer
Sam White
tschweitzer15@gsb.columbia.edu
swhite15@gsb.columbia.edu



34
Appendix
Ticker Name CUR EV '14 P/E '15 P/E '16 P/E
'14 EV /
EBIT
'15 EV /
EBIT
'16 EV /
EBIT
'14 EV /
EBITDA
'15 EV /
EBITDA
'16 EV /
EBITDA
Gross
Margin
EBIT
Margin
NI
Margin
VOW GR VOLKSWAGEN AG 165,980 8.31 7.39 6.80 13.05 11.30 10.34 6.59 6.10 5.66 18.1% 6.3% 4.6%
7203 JT TOYOTA MOTOR CORP 219,355 9.42 8.80 7.97 12.63 11.37 10.39 9.28 8.44 7.80 18.8% 9.4% 4.4%
DAI GR DAIMLER AG 143,601 11.81 10.06 9.19 14.88 12.87 11.80 9.81 8.74 8.03 21.6% 6.7% 5.8%
GM GENERAL MOTORS CO 38,617 9.20 6.95 6.17 6.64 5.15 4.90 3.82 3.18 2.95 13.2% 3.6% 3.4%
F FORD MOTOR CO 44,495 11.80 8.51 8.01 9.44 6.24 4.58 5.93 4.60 4.48 12.8% 3.7% 4.9%
BMW GR BAYERISCHE MOTOREN WERK 114,009 10.53 10.02 9.67 13.64 13.19 12.84 9.38 9.06 7.94 20.1% 10.4% 7.0%
7201 JT NISSAN MOTOR CO LTD 60,110 10.59 8.95 7.69 16.43 13.10 11.33 9.28 8.10 7.38 16.9% 4.7% 3.6%
UG FP PEUGEOT SA 28,342 11.22 8.37 64.63 24.33 18.50 10.08 7.81 6.63 15.0% -0.3% -4.3%
RNO FP RENAULT SA 43,632 9.29 7.10 6.14 31.48 22.39 18.09 9.80 8.54 7.88 17.9% 3.0% 1.4%
F IM FIAT SPA 31,138 13.15 8.08 6.25 8.61 7.34 6.49 3.59 3.26 2.87 14.1% 3.9% 1.0%
Mean Peer Group (EX FIAT): 10.12 8.78 7.78 20.31 13.33 11.42 8.22 7.17 6.53 17.2% 5.3% 3.4%
FIAT Valuation Dif f erential vs. peer group: 29.9% -7.9% -19.6% -57.6% -45.0% -43.2% -56.3% -54.6% -56.1% -17.8% -26.0% -69.6%
Fiat Ex Luxury Brands 24,186 7.72 4.04 2.87 8.47 7.24 6.21 3.15 2.96 2.56 14.1% 3.0% 1.0%
Mean Peer Group (EX FIAT): 10.12 8.78 7.78 20.31 13.33 11.42 8.22 7.17 6.53 17.2% 5.3% 3.4%
FIAT Valuation Dif f erential vs. peer group: -23.7% -54.0% -63.1% -58.3% -45.7% -45.7% -61.6% -58.7% -60.9% -17.8% -42.8% -71.4%
Relative Valuation
36

Source: Bloomberg as of 5/2/2014. Luxury Brands valued at 6.952bn
Across most metrics, Fiat trades at a sizeable discount to peers
Bear Case
Despite success of Chrysler, FCA remains free cash flow negative and the company
needs a recovery in Europe to return to positive cash flow
FCA is operating in a cyclical and capital intensive industry and the company carries
substantial leverage
Obstructive European labor laws will prevent FCA from rationalizing production and
achieving high levels of capacity utilization
Credit overhang and rising non-performing loans could lead to a funding stop in Brazil
High expectations for Jeep and Maserati leave room to disappoint

37
Risks and Mitigants
Continued troubles in the global economy, particularly Italy and Brazil, could hurt automobile sales
Consumers will eventually need to purchase new cars as maintaining older ones becomes prohibitively expensive
Large ownership by Agnelli family approximately 31% of the company. If they look to exit their
position, problems could arise
John Elkann, who is Gianni Agnellis grandson, is Chairman of the company. The family has mostly been passive, but is
looking to maintain its large stake. Elkann has demonstrated considerable faith in Marchionnes abilities
Marchionne has said he will stay through 2016, but it is uncertain what will happen if he decides to
leave then. He said it is highly likely that his successor will be an internal candidate
Marchionnes options give him substantial incentives to stay and improve shareholder value
There are large pension liabilities, with approximately 6bn in unfunded employee benefits and other
provisions
The trend here is positive as unfunded amount decreased from 8bn in 2012 to 6bn in 2013
Should the company issue convertible debt, there could be potential dilution in share value
Unsubstantiated rumor, no real need for additional equity in the business
38
Chrysler Acquisition
Fiat acquired Chrysler through a series of transactions between June
2009 and January 2014 for a total cash outlay of approximately $4.4bn
The initial transaction was a Section 363 bankruptcy sale for 20% of
Chrysler, which occurred after it declared Chapter 11 bankruptcy
Creditors appealed the sale, but were eventually overruled to preserve
going concern value and prevent liquidation
Fiat increased its ownership by meeting performance targets and shrewd
negotiating with the US Treasury, Canadian Government and VEBA Trust
Fiat purchased the remaining 41.5% from VEBA trust for $4.35bn in
January 2014, which included $1.75bn in cash from Fiat, $1.9bn from
Chrysler and an additional $700mn in contributions over the next four
years
Fiats cash outlay of approximately $4.4bn compares with $7.4bn that
Cerberus paid for 80% of the company in 2006 and $37bn that Daimler-
Benz paid in 1998, although these amounts include Chrysler Financial,
which Cerberus sold to TD for $6.3bn in December 2010
39
20%
5%
5%
16%
7.5%
5%
41.5%
363 Bankruptcy Sale (4/30/2009)
Performance Event 1 (1/10/2011)
Performance Event 2 (4/11/2011)
UST Call Options (5/24/2011)
Remaining Call Options (7/21/2011)
Performance Event 3 (1/5/2012)
Purchase From VEBA Trust (1/5/2014)
Fiat Ownership Stake
Marchionnes negotiating prowess secured Chrysler at an extremely attractive valuation
Overview of Ownership
The Agnelli family is the largest shareholder in the company, holding just under 31%
Once the firm lists on the NYSE (expected in October), there will likely be a large shift in
shareholder base
40
Source: Capital IQ
Common % of Market Value
Holder Stock Held Common (EUR in mm)
Giovanni Agnelli e C. S.a.p.az. 375,972,150
30.9% 3,267.6
Baillie Gif f ord & Co. 61,286,212
5.0% 532.6
BlackRock, Inc. (NYSE:BLK) 38,449,885
3.2% 334.2
Norges Bank Investment Management 25,139,854
2.1% 218.5
Capital Research and Management Company 22,982,403
1.9% 199.7
Grantham, Mayo, Van Otterloo & Co. LLC 12,992,183
1.1% 112.9
Oldf ield Partners LLP 11,880,608
1.0% 103.3
The Vanguard Group, Inc. 11,034,209
0.9% 95.9
Sunamerica Asset Management, LLC 11,028,138
0.9% 95.8
Bessemer Investment Management LLC 5,734,633
0.5% 49.8
Agnelli family has a history of supporting value creative initiatives at its companies
Overview of
Management
Sergio Marchionne:
Has been CEO of Fiat since 2004 and has led Chrysler since 2009
Oversaw the turnaround of SGS
1
, which is the worlds leading inspection,
verification, testing and certification company, over 13 years. The Agnelli
family sold its 15 percent SGS holding in 2013 at a 14x EBITDA valuation for
2bn, netting a capital gain of 1.5bn
Unusually nonconformist style and acts as an owner of the business
Focuses on creating a more collaborative culture between units to enhance
shareholder value

John Elkann:
Grandson of Gianni Agnelli and current scion of the Agnelli dynasty
Has served as Chairman of Fiat SpA since 2010
He is currently CEO and Chairman of Exor
2

Member of the Board of Directors of News Corp and is a board member of
Fiat Industrial, The Economist Group and Banca Leonardo
41 Best in class management operating business as an owner
1
Agnelli family portfolio company
2
Agnelli family holding company for Fiat, Fiat Industrial shares
Current Bear Base Bull
Option Number of Shares Strike Expiry 8.65 5.30 16.50 35.75
1 10,670,000 6.583 1-Jan-16 22,054,890 - 105,814,390 311,211,890
2 5,000,000 13.370 3-Nov-14 - - 15,650,000 111,900,000
Total: 15,670,000 8.749 22,054,890 - 121,464,390 423,111,890
% Change: -100.0% 450.7% 1818.4%
CEO Incentives
Marchionne currently has options to purchase 10,670,000 shares at a
strike of 6.583 per share with expiration of January 1, 2016 and
other options to purchase 5,000,000 shares at a strike of 13.37 per
share with expiration of November 3, 2014
42 Managements interests are well aligned with shareholders
Debt Maturity Schedule
43
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
2014 2015 2016 2017 2018 2019 2020 2021
Corporate Debt Maturity Schedule ( bn)
Weighted Average Interest Rate: 6.7%
Summary Model
45
2011 2012 2013 2014 2015 2016 2017 2018 2019
FY FY FY FY FY FY FY FY FY
( million) 365 366 365 365 365 366 365 365 365
Netrevenues 59,559 83,957 86,816 93,321 97,749 98,545 104,403 105,199 110,167
% Growth 66.0% 41.0% 3.4% 7.5% 4.7% 0.8% 5.9% 0.8% 4.7%
Costof sales 50,704 71,474 74,570 80,537 83,191 83,219 87,636 88,133 92,291
SG&A 5,047 6,731 6,689 7,094 7,430 7,491 7,936 7,997 8,374
Researchanddevelopmentcosts 1,367 1,835 2,231 2,498 2,617 2,638 2,795 2,816 2,949
Otherincome/(expenses) (49) (103) 68 - - - - - -
TRADINGPROFIT/(LOSS) 2,392 3,814 3,394 3,440 4,745 5,414 6,253 6,470 6,770
Resultf rominvestments:
Shareof equity method theprof it/(loss) 146 94 87 - - - - - -
Otherincome/(expenses)f rominvestments (15) 13 10 - - - - - -
Gains/(losses)onthedisposalof investments 21 (91) 8 - - - - - -
Restructuringcosts (102) (15) (28) - - - - - -
Otherunusualincome/(expenses) 1,025 (138) (499) (300) - - - - -
Total 1,075 (137) (422) (300) - - - - -
EBIT 3,467 3,677 2,972 3,140 4,745 5,414 6,253 6,470 6,770
DD&A 3,358 4,134 4,574 4,822 5,055 5,272 5,489 5,705 5,922
EBITDA 6,825 7,811 7,546 7,962 9,800 10,686 11,741 12,175 12,692
Financialincome/(expenses) (1,282) (1,641) (1,964) (1,859) (1,600) (1,351) (1,120) (987) (987)
EBT 2,185 2,036 1,008 1,281 3,145 4,063 5,133 5,483 5,783
Incometaxes (534) (625) (943) (513) (1,258) (1,625) (2,053) (2,193) (2,313)
ETR 24% 31% 94% 40% 40% 40% 40% 40% 40%
PROFIT/(LOSS)FROMCONTINUINGOPERATIONS 1,651 1,411 1,951 769 1,887 2,438 3,080 3,290 3,470
Posttaxprof it/(loss)f romDiscontinuedOperations - - (943) - - - - - -
PROFIT/(LOSS)FORTHEPERIOD 1,651 1,411 1,008 769 1,887 2,438 3,080 3,290 3,470

PROFIT/(LOSS)FORTHEPERIODATTRIBUTABLETO:
Ownersof theparent 1,334 348 904 769 1,887 2,438 3,080 3,290 3,470
Noncontrollinginterests 317 1,063 1,047 - - - - - -

(in )
BASICEARNINGS/(LOSS)PERORDINARYSHARE 1.10 0.29 0.74 0.63 1.55 2.01 2.53 2.71 2.85
Income Statement
46
2011 2012 2013 2014 2015 2016 2017 2018 2019
FY FY FY FY FY FY FY FY FY
( million) 365 366 365 365 365 366 365 365 365
CASHFLOWSFROM/(USEDIN)OPERATINGACTIVITIES:
Prof it/(loss)f ortheperiod 1,651 1,411 1,951 769 1,887 2,438 3,080 3,290 3,470
Amortisationanddepreciation 3,358 4,134 4,574 4,822 5,055 5,272 5,489 5,705 5,922
(Gains)/lossesf romdisposalof noncurrentassets - 105 23
Othernoncashitems (1,106) 47 522
Dividendsreceived 105 89 92
Changeinprovisions (116) 77 444
Changeindef erredincometaxes (19) (72) (1,578)
Changeinitemsduetobuybackcommitments (62) (51) 92
Changeinoperatingleaseitems (28) (10) 1
Changeinworkingcapital 1,412 714 1,468 122 830 150 - - -
TOTAL CASHFLOWSFROM OPERATINGACTIVITIES: 5,195 6,444 7,589 5,713 7,772 7,860 8,568 8,995 9,392
CASHFLOWSFROM/(USEDIN)INVESTMENT ACTIVITIES:
Investmentsin:
Property,plantandequipmentandintangibleassets (5,528) (7,534) (7,440) (7,000) (6,500) (6,500) (6,500) (6,500) (6,500)
Investmentsinconsolidatedsubsidiariesandotherinvestments (22) - (19)
Proceedsf romthesaleof noncurrentassets 329 139 48
Netchangeinreceivablesf romf inancingactivities (1,218) (24) (449)
Changeinothercurrentsecurities (43) (64) (10)
Otherchanges 5,624 (30) (216)
TOTALCASHFLOWSFROMINVESTMENTACTIVITIES: (858) (7,513) (8,086) (7,000) (6,500) (6,500) (6,500) (6,500) (6,500)
CASHFLOWSFROM/(USEDIN)FINANCINGACTIVITIES:
Issuanceof bonds 2,500 2,535 2,866 1,750 (2,500) (2,500) (2,500) (2,500) -
Repaymentof bonds (2,448) (1,450) (1,000)
Issuanceof mediumtermborrowings 2,149 1,925 3,188
Repaymentof mediumtermborrowings (3,895) (1,528) (2,549)
Netchangeinotherf inancialpayablesandotherf inancialassets/liabilities 2,761 197 686
Capitalincrease 143 22 4
Dividendspaid 41 (58) (1)
Distributionf ortaxwithholdingobligationsonbehalf of noncontrollinginterests (181) (6)
Purchase of ownership interests in subsidiaries (438)
TOTAL CASHFLOWSFROM FINANCINGACTIVITIES: 632 1,643 3,188 1,750 (2,500) (2,500) (2,500) (2,500) -
Translationexchangedif f erences (419) (909) - - - - - -
TOTALCHANGEINCASHANDCASHEQUIVALENTS 4,969 155 1,782 463 (1,228) (1,140) (432) (5) 2,892
CASHANDCASHEQUIVALENTSAT BEGINNINGOF PERIOD 11,967 17,526 17,657 19,439 19,902 18,674 17,534 17,102 17,097
CASHANDCASHEQUIVALENTSAT ENDOF PERIOD 17,526 17,657 19,439 19,902 18,674 17,534 17,102 17,097 19,989
STATEMENT OF CASHFLOWS
47
2011 2012 2013 2014 2015 2016 2017 2018 2019
FY FY FY FY FY FY FY FY FY
( million) 365 366 365 365 365 366 365 365 365
ASSETS
Inventories 9,123 9,295 10,230 10,997 11,518 11,612 12,302 12,396 12,982
Tradereceivables 2,625 2,702 2,406 2,586 2,709 2,731 2,893 2,915 3,053
Receivablesf romf inancingactivities 3,968 3,727 3,671 3,946 4,133 4,167 4,415 4,448 4,658
Currenttaxreceivables 369 236 291 291 291 291 291 291 291
Othercurrentassets 2,088 2,163 2,302 2,302 2,302 2,302 2,302 2,302 2,302
Currentf inancialassets: 789 807 815 815 815 815 815 815 815
Currentinvestments 33 32 35 35 35 35 35 35 35
Currentsecurities 199 256 247 247 247 247 247 247 247
Otherf inancialassets 557 519 533 533 533 533 533 533 533
Cashandcashequivalents 17,526 17,657 19,439 19,902 18,674 17,534 17,102 17,097 19,989
TotalCurrentassets 36,488 36,587 39,154 40,839 40,442 39,452 40,121 40,265 44,090
Intangibleassets 18,200 19,284 19,509 19,509 19,509 19,509 19,509 19,509 19,509
Property,plantandequipment 13,213 22,061 22,843 25,021 26,466 27,694 28,705 29,500 30,078
Investmentsandotherf inancialassets: 4,987 2,287 2,260 2,260 2,260 2,260 2,260 2,260 2,260
Investmentsaccountedf orusingtheequitymethod 20,785 1,507 1,561 1,561 1,561 1,561 1,561 1,561 1,561
Otherinvestmentsandf inancialassets 2,660 780 699 699 699 699 699 699 699
Leasedassets 1,579 1 1 1 1 1 1 1 1
Def inedbenef itplanassets 1,081 93 105 105 105 105 105 105 105
Def erredtaxassets 45 1,738 2,893 2,893 2,893 2,893 2,893 2,893 2,893
TotalNoncurrentassets 39,105 45,464 47,611 49,789 51,234 52,462 53,473 54,268 54,846
Assetsheldf orsale 1,690 55 9 - - - - - -
TOTALASSETS 77,283 82,106 86,774 90,628 91,676 91,914 93,594 94,533 98,936
EQUITYANDLIABILITIES
Equity:
Equityattributabletoownersof theparent 8,727 6,187 8,326 12,623 15,262 17,836 20,813 24,089 27,472
Noncontrollinginterest 3,533 2,182 4,258 750 750 750 750 750 750
Provisions:
Employeebenef its 7,026 11,486 8,265 8,265 8,265 8,265 8,265 8,265 8,265
Otherprovisions 8,598 8,790 9,095 9,095 9,095 9,095 9,095 9,095 9,095
Debt:
Assetbackedf inancing 710 449 596 596 596 596 596 596 596
Otherdebt 26,062 27,440 29,306 31,056 28,556 26,056 23,556 21,056 21,056
Otherf inancialliabilities 429 201 137 137 137 137 137 137 137
Tradepayables 16,418 16,558 17,235 18,526 19,405 19,563 20,726 20,884 21,871
Currenttaxpayables 230 231 314 338 354 356 378 380 398
Def erredtaxliabilities 760 801 278 299 313 316 334 337 353
Othercurrentliabilities 7,538 7,781 8,943 8,943 8,943 8,943 8,943 8,943 8,943
Liabilitiesheldf orsale - 21 - - - - - -
TOTALEQUITYANDLIABILITIES 80,031 82,106 86,774 90,628 91,676 91,914 93,594 94,533 98,936
BALANCESHEET
48
2011 2012 2013 2014 2015 2016 2017 2018 2019
FY FY FY FY FY FY FY FY FY
( million) 365 366 365 365 365 366 365 365 365
Revenues:
NAFTA 33,800 43,521 45,777 49,091 52,644 51,136 54,690 53,182 56,735
LATAM 11,068 11,062 9,973 8,976 9,448 9,973 10,498 11,023 11,548
APAC 2,086 3,128 4,621 5,670 5,670 5,670 5,670 5,670 5,670
EMEA 20,078 17,800 17,420 19,573 21,352 23,132 24,911 26,691 27,580
Luxury Brands 4,000 8,512 7,134 7,134 7,134 7,134 7,134
Components and Production Systems 1,500 1,500 1,500 1,500 1,500 1,500
Other activities
Unallocated items & adjustments
Total net Revenues 67,032 75,511 81,791 93,321 97,749 98,545 104,403 105,199 110,167
EBIT:
NAFTA 1770 2,491 2,290 2,456 2,891 2,944 3,149 3,062 3,267
LATAM 1385 1,025 492 269 373 570 800 945 990
APAC 119 255 318 390 410 430 450 470 490
EMEA -897 (470) (737) (489) 120 520 910 1,050 1,085
Luxury Brands 470 762 903 903 903 903 903
Components and Production Systems 146 145 145 145 145 145 145
Other activities
Unallocated items & adjustments (93) (98) (99) (104) (105) (110)
EBIT: 2,377 3,301 2,979 3,440 4,745 5,414 6,253 6,470 6,770
EBIT Margin (%):
NAFTA 5.2% 5.7% 5.0% 5.0% 5.5% 5.8% 5.8% 5.8% 5.8%
LATAM 12.5% 9.3% 4.9% 3.0% 4.0% 5.7% 7.6% 8.6% 8.6%
APAC 5.7% 8.2% 6.9% 6.9% 7.2% 7.6% 7.9% 8.3% 8.6%
EMEA -4.5% -2.6% -4.2% -2.5% 0.6% 2.2% 3.7% 3.9% 3.9%
Luxury Brands 11.8% 15.0% 12.7% 12.7% 12.7% 12.7% 12.7%
Components and Production Systems
Other activities
Unallocated items & adjustments (as % of revenue) 0.0% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1%
EBIT Margin (%): 3.5% 4.4% 3.6% 3.7% 4.9% 5.5% 6.0% 6.2% 6.1%
Segment Economics
49
2011 2012 2013 2014 2015 2016 2017 2018 2019
FY FY FY FY FY FY FY FY FY
( million) 365 366 365 365 365 366 365 365 365
Vehicle Shipments (000s)
NAFTA 1783 2,115 2,238 2,400 2,574 2,500 2,674 2,600 2,774
LATAM 929 979 950 855 900 950 1,000 1,050 1,100
APAC 74 103 163 200 200 200 200 200 200
EMEA 1180 1,012 979 1,100 1,200 1,300 1,400 1,500 1,550
Luxury Brands - 22 48 57 57 57 57 57
Vehicle Shipments (000s) 3,966 4,209 4,352 4,603 4,931 5,007 5,331 5,407 5,681
Revenues per vehicle:
NAFTA 20,577 20,454 20,454 20,454 20,454 20,454 20,454 20,454
LATAM 11,299 10,498 10,498 10,498 10,498 10,498 10,498 10,498
APAC 30,369 28,350 28,350 28,350 28,350 28,350 28,350 28,350
EMEA 17,589 17,794 17,794 17,794 17,794 17,794 17,794 17,794
Luxury Brands 179,195 179,195 125,163 125,163 125,163 125,163 125,163
Total net Revenues 17,940 18,792 20,276 19,824 19,681 19,585 19,456 19,393
EBIT per vehicle:
NAFTA 993 1,178 1,023 1,023 1,123 1,178 1,178 1,178 1,178
LATAM 1,491 1,047 518 315 415 600 800 900 900
APAC 1,608 2,476 1,951 1,951 2,051 2,151 2,251 2,351 2,451
EMEA (760) (464) (753) (445) 100 400 650 700 700
Luxury Brands 21,055 16,050 15,840 15,840 15,840 15,840 15,840
EBIT: 599 784 684 747 962 1,081 1,173 1,197 1,192
Vehicle Economics