Presentazione Dei Dati Di Bilancio 2009 Del Gruppo Fiat

Older, Wiser and Ready to Re-engage
Q4 & FY ‘09 Results Review
January 25, 2010 Q4 & FY ‘09 Results Review 1

FY '09 highlights
Ahead of guidance results...
 Group revenues at €50.1bn, down ~16% over record 2008 with steep declines in demand
experienced by all businesses in H1 (-23.8% Y-o-Y), substantially reduced in H2 (-6.6% Y-o-Y)
 Automobiles at €28.4bn: flat unit sales at FGA yielding €26.3bn, recording highest Q4 ever
 CNH at €10.1bn, down 21% on most severe decline on record in CE industry and tough comps vs. record high
2008 AG market
 Iveco at €7.2bn, down 34% on a 46% decline in deliveries, especially in Europe & Heavy segment
 Trading profit at €1.1bn (2.1% margin) with sequential quarter-by-quarter improvements in

trading margin primarily on the back of realignment of production levels & aggressive cost
containment
 Automobiles at €719mn: FGA at €470mn in a notable mixed performance between passenger car & LCV
markets, especially WE; Ferrari at €238mn; Maserati positive despite 46% revenue shortfall
 CNH at €337mn: rigorous cost containment and positive pricing partially offset revenue gap resulting from
drastic volume decline in CE and continued de-stocking for both AG & CE equipment
 Iveco at €105mn: decisive cost reduction measures yielded positive trading result and margin increased
quarter-by-quarter
 Net loss of €0.8bn, including unusuals of €0.6bn
 Cash flow generation of €1.5bn driving drop in net industrial debt to €4.4bn, well below FY target
 Realignment of production levels including significant de-stocking actions across all businesses and disciplined
management of Capex

FY '09 highlights (cont’d)
...reinforced liquidity, positive outlook for 2010
 Liquidity at €12.4bn, 3x higher than 2008 year-end level
 Guaranteeing adequate resources to cover contractual maturities well beyond 2011 and significant financial
flexibility
 Re-accessed European and US capital markets in H2, raising nearly €5bn through 4 highly successful bond
issues
 Taking advantage of progressive restoration of ABS market in NA
 Continuing to strengthen Group’s international identity, emerging stronger through a difficult year
 Global strategic alliance with newly-formed Chrysler Group LLC
 Framework agreement for production of cars and engines in China with GAC Group
 Agreement with Kamaz to develop industrial & commercial alliance in AG&CE for Russian market
 Cumulative dividends of €237mn proposed across all 3 classes of shares
2010 OUTLOOK
 Top line growth of 3-6% in 2010, with trading profit of €1.5bn and net debt levels below €5bn
mark
 Non renewal of eco-incentives scheme in WE to impact trading profit by €350 to €400 mn

FY '09
Revenues and trading result by business
Revenues 10,327
(€mn)
(25.1)%
50,102 Automobiles
7,183 (5,866)
10,107 (34.1)% • FGA: cost containment measures and volume recovery in H2
28,351 (20.9)% partially compensating for drop in demand in H1 and less
FY’09 H2’09 H1’09 (15.9)% favorable product mix
FGA 26,293 11.8% -14.3%
(3.5)% Maserati 448 -48.0% -43.2% • Ferrari: efficiency gains partly offsetting lower volumes,
Ferrari 1,778 -6.8% -8.0% unfavorable product mix & currency movements
• Maserati: realignment of production levels and rigorous cost
Automobiles CNH Iveco Components Eliminations FY'09
& Others containment measures partly offsetting significant decline in
9.3
volumes
% chg H2
vs. ‘08 H1 H1 H2 H1 H2 H1 H2 H1 H2
(14.5)
(17.4)
(11)
(6.6)
CNH
(19.1)
(24.7) (23.8)
• Tight grip on cost and positive pricing partially offset decline in
(36.4)
(45.9)
both AG & CE volumes attributable to market conditions
Trading
result
105
1,058 Iveco
337 (87.5)%
(40)
(€mn)
(63) • Latin America, special vehicles business (seasonally stronger in
(70.0)%
719 latter part of year) and after-sales activities, continued to provide
margin support, in addition to realignment of production levels
FY’09 H2’09 H1’09 (68.5)% and rigorous cost containment measures to counter steep volume
FGA 470 35.3% -71.3%
(34.8)% Maserati 11 -88.0% -77.3%
decline
Ferrari 238 -34.9% -24.4%
Components
Automobiles CNH Iveco Components Eliminations FY'09
& Others • FPT: significant efficiency gains in overheads, manufacturing &
% chg
vs. ‘08 H1 (3.1) H1 H2 H1 H2 n.a. (5.8) H1 H2
purchasing partially offsetting sharp drop in I&M volumes and
unfavorable sales mix
(59.2)
(45.7)
• Magneti Marelli: reductions in overheads, increased production
(71.2)
(68.6) (73.1) and purchasing efficiencies contained impact of lower revenues
(86.2)
(98.7)

Q4 & FY ‘09
From trading to net result
(€mn) Q4 FY
'09 '08 ∆ '09 '08 ∆
Trading profit 488 663 -175 1,058 3,362 -2,304
Unusual items, net (425) (407) -18 (699) (390) -309
Operating income 63 256 -193 359 2,972 -2,613
Financial charges, net (218) (345) +127 (753) (947) +194
Investment income, net 36 10 +26 27 162 -135
Pre-tax result (119) (79) -40 (367) 2,187 -2,554
Taxes (164) 259 -423 (481) (466) -15
Net result (283) 180 -463 (848) 1,721 -2,569

Breakdown of unusual items
FY ‘09
(€mn)
Other
Fixed assets
Restructuring provisions, Total
write-downs
net
(312) (135) (252) (699)
Automobiles (54) (104) (88) (246)
CNH (87) - 1 (86)
Iveco (22) - (173) (195)
Others (149) (31) 8 (172)
of which c ash impact '09 (93) - (183) (276)

of which c ash impact '10 (160) - (98) (258)
of which c ash later years (32) - - (32)
Tax effects on unusual items of ~€120mn

Financial charges breakdown
FY ‘09 vs. ‘08
Average Net Charges (€mn)

Rate/Spread
Outstanding
(%)
(€bn) 2008 2009 Chg
Net Industrial Debt 2009 (5.6) 5.5% (308)

(152)
Net Industrial Debt 2008 (2.4) 6.5% (156)
“Cost of Carry” 2009 (5.9) 3.5% (207)

(137)
“Cost of Carry” 2008 (3.5) 2.0% (70)
Equity Swap (hedging stock option plans) (263) 117 +380
IAS 19 (interest cost on pension & OPEB) (155) (160) (5)
Indirect taxes on banking transactions (30) (27) +3

(South America)
Others
(fees, FX, interest cost on long-term provisions, discount of (273) (168) +105
certain receivables...)
NET FINANCIAL CHARGES (947) (753) +194

Q4 & FY ‘09 Cash Flow
Well exceeding year-end target
(€mn)
Q4 '09 FY '08 FY '09
(5,832) Net Industrial (Debt)/Cash beginning of period 355 (5,949)

 Strong cash
generation in a
(283) Net Income 1,721 (848) difficult year
607 D&A (excl. Vehicle Buybacks) 2,802 2,667  Performance
588 Change in Funds & Others (769) 118 driven by working
capital (partial
912 Cash Flow from Op. Activities bef. Chg. in W.C. 3,754 1,937 reversal of 2008
absorption)
1,700 Change in W orking Capital (3,604) 2,564
 Particularly strong
2,612 Cash Flow from Operating Activities 150 4,501 contribution from
(1,235) Tangible & Intangible Capex (excl. Vehicle Buybacks) (4,973) (3,382) inventories with a
€2.9bn reduction
1,377 Cash Flow from Operating Activities net of Capex (4,823) 1,119 (€1bn in Q4)
46 Change in Investments, Scope & Other (942) 525  Disciplined Capex
1,423 Net Industrial Cash Flow (5,765) 1,644 management at
below €3.4bn
- Capital Increase / Share Repurchases / Dividends (770) (20)
 Reflecting low
(9) FX Translation Effect 231 (93) market demand
and postponement
1,414 Change in Net Industrial Debt (6,304) 1,531 of certain projects
(4,418) Net Industrial (Debt)/Cash end of period (5,949) (4,418)

2009 operational highlights & industry forecast
1. Demand conditions
2. Input cost
3. Cost structure & manufacturing capacity

1.1 Industry outlook & sales volume
Fiat Group Automobiles
 Q4 ‘09
FY ‘09 FY ‘10E  Strong finish (+23.2%) for passenger car registrations,
(change vs. prior
year)
(change vs. prior year) outperforming WE market
WE 0.5% (12)% / (16)%*  Share gain (0.6 p.p.) in a record quarter for overall Brazilian
EE (26.6)% Flat market
ITA (0.2)% (5)% / (20)%*  Robust order intake
Passenger cars
BRA 12.6% 2-3%  FY ‘09
WE (27.4)% (5)% / (7)%*
 Western Europe
EE (50.7)% Flat
 Passenger cars: consistent quarterly share gains year-over-
ITA (21.4)% Flat / (10)%* year since 2005 with share up 0.6 p.p. (2.2 p.p. in 4 years) to
LCVs BRA 12.3% 2-3% 8.8% driven by gains in Italy (+0.9 p.p.), Germany (+1.5
p.p.), France (+0.1 p.p.) & UK (+0.6 p.p.)
 LCVs: share gain (+0.3 p.p.) in a steeply declining market
 All brands up both in WE & EU27
 Highest share in WE since 2001 for Fiat (at 7.1%) and Lancia
2,151 2,100 / 1,930* (at 0.9%)
 Alfa share up 0.1 p.p. at 0.8%, awaiting Giulietta in H1 ‘10
653 Italy
 Brazil: a sales record in its 33rd year; leadership maintained
Passenger cars
1,085
WE ex-Italy with a 24.5% share in an overall booming market, topping
432 healthy 2008 level
LA
RoW  FY ‘10 expectations

675  WE+EE
LCVs
 Passenger cars: market decline expected to be ~12% mainly
84
driven by Germany. Non renewal of eco-incentives schemes to
307 Unit Sales (x000) decrease demand for an additional 4%
2009 2010E  LCVs: market flat or slightly down, targeting share increase
driven by new products
* in absence of incentives scheme renewal in Italy  Brazil: growth in line with market increase

1.2 Succeeding in an uneven 2009 WE market
 Structural shift moving market towards lower

Main benefits
segments with incentives accelerating process
 Up to 10% increase in max power
 Coherent product portfolio and effective life-cycle
management  Up to 15% increase in low-rpm torque
 Panda: breaking record year-over-year since launch in 2003  Up to 10% reduction in fuel
(~310k FY registrations) consumption and CO2 emissions (up to
25% in combination with turbo-
 500: 190k FY registrations charging & downsizing)
 Punto family: increased penetration to 8.1% (+0.3 p.p.) in B-  Lower noxious emissions (CO/HC/NOx)
Segment also thanks to Punto Evo (85k orders at year-end), 1.4 Fire MultiAir turbo – Euro 5
broadening spectrum to include high-end customers  Improved driveability 1st application on

Alfa Romeo MiTo (Sep ‘09)
 MiTo driving Alfa brand registrations up 8% vs. last year

 A wide array of environmentally-friendly product
offerings
 Expanded offering of leading-edge engines with introduction in Main benefits
both gas (MultiAir) & diesel (MultiJet II)
 Digital injection rate shaping bringing
 ~60% of FGA’s registrations ≤130 CO2 g/km (>50% for ≤120
CO2 g/km) in ‘09 in Europe  CO2 emissions up to 3% lower
 Fiat brand offering widest range of CNG & LPG powered  NOx emissions up to 20% lower
vehicles in market (200k FY registrations)  Greater accuracy in fuel injection
 LPG available on key products of Lancia quantity control
1.3 MultiJet II – Euro 5  Noise and driveability improvement
 After 2 years of leadership, lowest level of CO2 emissions in 1st application on
EU with Fiat brand ranked #1 again in Sep ‘09 Fiat Punto Evo (Oct ‘09)
 Healthier and strengthened dealer network supporting

market penetration
 ~290 new dealer appointments after completion last year of Main benefits
network gap closure plan
 Up to 20-25% CO2 emissions reduction
 Lean organization and prompt decision-making compared to equivalent gas engine
enabled rapid response to take full advantage of  Very low noxious emissions (NMHC…)
emerging opportunities

1.3 Inventory trend by quarter
 Total inventory
reduction of 63k
units or ~20%
compared to 2008
year end
 Healthy months-of-
supply ratio both for
dealer and company
inventory
2008 2009
Months of Supply (as per average of latest 3 months)

Company Inventory
Dealer Inventory

CNH Agricultural Equipment
 FY ‘09
 Global industry down 7% (down 10% in quarter,
decline slowed from Q3 ‘09)
 NA: increasing strength in 4WD tractor markets where
FY ‘09 FY ‘10E CNH is strong
Industry CNH Industry  WE: market demand still hindered by weak commodity
(change vs. (performance (change vs. prices and general economic outlook
prior year) relative to mkt) prior year)
 LA: Brazilian market up, other countries down against
WW (7)% (5-10)% high comparisons vs. 2008
NA (21)% (5-10)%  RoW: tractor industry up in Asian markets where CNH
has limited presence, dropped in African and CIS
<40hp (20)% (5-10)%
Tractors markets where CNH is strong; combine market
40+hp (22)% ~(10)% collapsed in CIS states where CNH is top player
WE (14)% (10-15)%  CNH market share
LA (17)% ~5%  Share gains in NA 40+hp tractor market with flat
share everywhere else except RoW where market
RoW 8% ~(5)%
share eroded as demand in fast growing markets
WW (19)% (5-10)% mainly satisfied by local, low-range products
NA 15% (10-15)%  Combine share gains in LA offset by declines in NA
WE
where CNH dropped share despite strong performance
Combines (12)% (15-20)%
on higher-end products
LA (36)% 5-10%
 FY ‘10 expectations
RoW (45)% ~(10)%
 Global market demand decline
 NA softening as industry passes peak farm income
 WE remains slow on economy concerns
 LA strong on high commodity prices

CNH Construction Equipment
 FY ‘09
FY ‘09 FY ‘10E
 Decline 38% in all regions
Industry CNH Industry  Overall industry down only 4% in quarter as market
(change vs. (performance (change vs.
prior year) relative to mkt) prior year) decline slows
WW (45)% 0-5%  Market share up in LA for both Light & Heavy

NA (49)% (0-5)%
equipment and stable in NA
Light  RoW: strongest growth in markets where CNH has
WE (49)% Flat
limited presence
LA (54)% 15-20%
 Highly competitive environment based on
RoW (36)% ~10%
aggressive de-stocking actions drove down market
WW (30)% 5-10% share in WE
NA (47)% (0-5)%
WE (56)% Flat
Heavy
 FY ‘10 expectations
LA (56)% 20-25%
 Construction activity in LA & RoW regions should
RoW (14)% ~10%
lead to moderate global industry growth
 Worldwide industry demand for Light & Heavy
Equipment up 5–10% as industry rebalances and
renews fleet levels in market

1.6 Leveraging strengths in diverse markets
CNH (AG & CE Equipment)
 Managing better pricing as AG products  Deployment of Case IH CVT

drive profit
 Magnum 180,190,210,225
 Leverage higher-end products to increase pricing
 Improved efficiency and performance
in easing markets
 Core strength in AG products  New Holland T7000 Tractor Series; most
 NA combines awarded line of tractors in 13-year history of
this award
 Tractors 100+hp
 2007 Agritechnica -- T7060 Power Command
“Tractor of the Year”
 Manage slowdown in CE with tight
inventory control “Golden Tractor for Design” for 2008
 2009 Agritechnica -- T7070 Auto Command
 Inventories reduced to low levels
“Tractor of the Year”
 Focus on Parts & Service to support dealers and
customers “Golden Tractor for Design” for 2010
 Deliver superior performance on Parts &

Service
 2 new environmentally-efficient parts centers
opened using latest in RF radio tracking
technology
 Shortened order-to-delivery & service times

CNH (AG & CE Equipment)
FY production levels 12% below retail FY underproduction at targeted levels

sales; production expected to (under-produced retail sales by 51%),
return to more normal pattern 2010 still to be characterized by tight
inventory control

Iveco (Trucks)
 FY ‘09
 Industry: poor WW Truck & Commercial Vehicle
market conditions with significant drop in all
segments and most regions, especially Europe
 WE: Light (-32%); Medium (-33%); Heavy (-44%)
 EE (-55%) & LA (-12%)
Light Medium Heavy  Iveco: overall share in ≥2.8T WE market down 0.7
p.p. vs. last year heavily impacted by unfavorable
market mix for Heavy, with improved performance
in all segments in latter part of year
 De-stocking for new and used vehicles mostly
completed. Disciplined price management
Industry (≥2.8T)
(change vs. prior year)
FY ‘09 FY ‘10E  FY ‘10 expectations
WE (34.5)% Flat / 5%
 Industry: H1 ‘10 substantially flat in line with H2 ‘09
with signs of recovery expected in H2 ‘10
EE (54.5)% Flat  Iveco: Trucks and CV sales targeted to grow faster
than market registrations
LA (12.1)% ~5%

1.9 Consolidated presence in China
Iveco (Trucks)
Iveco trucks unit sales by region (including JVs)  A single, strong partner
 Strategy for trucks with SAIC
 Competitive advantage over peers
 First-mover advantage
 Up-to-date manufacturing systems
 Fully localized range, including engines
 Iveco strategy
 Serving domestic market
 Exporting to international markets
 Leveraging supplier base for global
sourcing
Iveco JV sales in China  Full market coverage
107k  Light, Medium & Heavy range
92k
China Truck Of
The Year 2009
award
18k
2005 2008 2009

Iveco (Trucks)
WE+EE Trucks & Commercial Vehicles
 Overall dealer & company

inventory down ~20% vs.
previous quarter
 FY company de-stocking target
achieved
-41%
-42%
Dealer inventory (units) Company inventory (units)

2 Group purchasing
Direct materials savings
Q4 ‘08 Average  FY ’09 net savings at

~€0.5bn or 2.3%, with
FY performance
slightly above target
 Continued efficiency
Dec ‘07=100
actions on commercial
& technical savings
FY ‘08 Average = -0.6%
expected to bring
positive net savings in
FY ‘10 despite some
raw material price
increase
FY ‘09 Average = -2.9%
Q4 ‘09 Average
Q1 ‘08 Q2 ‘08 Q3 ‘08 Q4 ‘08 Q1 ‘09 Q2 ‘09 Q3 ‘09 Q4 ‘09

3 Firm grasp on costs and production levels
FY update
Managing World Class Manufacturing

the downturn program
Right-sized global ...optimized ...tight grip on …and ready for 2009 achievements
workforce... production overhead costs... 2010
• Average Group FY savings at 7.4% of
systems to align
Reduction of workforce • Temporary lay-offs and • Strict balance of transformation cost, well above ~7% FY
by ~8,300 or 4.2% vs. with market utilization of remaining production levels with target
2008 to ~190,000 demand through vacation banks demand
includes a difficult 2009... • 114 Group plants involved (6 plants
• Discretionary SG&A • Businesses to continue now at “Silver” level & 17 at “Bronze”)
• All actions designed to cost curtailment above implementation of cost
minimize social impact • Production stoppages
~15% FY target reduction actions and
through temporary lay-
review of
• Achieved 13% salaried offs and utilization of
organizational 2010 targets
personnel reductions at vacation banks in Italy,
structure
CNH France, Germany &
Spain • Average year-over-year Group savings
• “Change-in-scope” projected to ~6% of transformation
mostly due to Bertone • Effectively managed cost
acquisition temporary increase in
demand in Brazil & • Enlargement of scope and plant level
Poland through upgrading
utilization of overtime
• Consolidation of WCM program with top
suppliers
Strategic decision in Italy
FGA: termination of car production CNH: ongoing shift of loader backhoe & compact wheel loader
at Termini Imerese plant production from Imola to Lecce Plant. Planned shift of
in 2011 remaining production to San Mauro plant

2010 outlook
After uneven trading conditions in ‘09, a year of transition & stabilization
 All sectors to improve performance over prior year, with Automobiles business dependent on continued availability
of reliable eco-incentives programs to underpin demand in WE
 Forecasts include a continuation of rigorous cost containment action initiated as early as latter part of 2008, implemented
vigorously throughout 2009
 Contraction in Capex programs expected to ease in 2010, with resumption of a normalized level of capital
commitments across all sectors, yielding a 30% to 35% rise in expenditures over 2009
 Capital expenditures programs, forming part of 2007-10 industrial plan, underwent a severe contraction in 2009, in
response to uncertainty of demand function for our various businesses and tightening of credit markets
 2010 targets
 Revenues in €52-€53bn range, up between 3% and 6%
 Trading profit of ~€1.5bn
 Positive net income of €200 to €300mn
 Net debt levels below €5bn
Targets subject to continued availability of eco-incentives in European automotive market, ex Germany where non-renewal of
2009 incentive scheme assumed. If incentives not available in 2010, European demand for automobiles would be negatively
impacted. In Italy alone volumes would decrease by ~20% impacting all car producers, more importantly those particularly
active in A & B segments, and Fiat in particular holding ~30% share
 In such a case
 Revenues would be €2.5bn lower
 Trading profit for both Automobiles and Components would drop by €350-400mn
 Shortfall in profits would impact net income on a 100% basis due to unavailability of tax relief, and would balloon debt
disproportionately, pushing overall levels above €5bn mark
 Even in these circumstances, Fiat able to post a trading profit in excess of €1bn and have more than adequate financial
resources to transition to 2011 and later years, when a normalized trading environment expected
 If eco-incentive schemes extended into ‘10, Automobiles & Components sectors expected to improve performance over ‘09

Save the date
Fiat 2010-14 Business Plan

2010 financial calendar
March 26, 2010 July 21, 2010

Annual General Q2 & H1 Results
Meeting
January February March April May June July August September October November December
April 21, 2010 October 21, 2010

Q1 Results and Q3 Results
Fiat Investor Day

Appendix

Closed a challenging 2009 recording highest Q4 revenues ever
Revenues (€mn)
Q4 5,702 +27.1% Unit Sales (x000)

7,247
Q3 6,636 -1.4%
6,541
Q2 7,770 -11.1%
6,905
Q1 6,829 -18.0%
5,600
FY ‘08 FY’02 FY’03 FY’04 FY’05 FY’06 FY’07 FY’08 FY’09

FY ‘09
Trading Profit (€mn)

 FY revenues down 2.4% to €26.3bn (substantially
unchanged on constant currency)
 Passenger cars up 5.7% to 1,843k units

Q4 65 +192.3%
Q3 190  LCVs down 24.8% to 307k units

-18.4%
190  Key markets leading volume increase
Q2 243
-36.2% 155  Germany: 149k cars, nearly 2x ‘08 levels
Q1 193 155  Italy: +6.2% to 653k cars
n.a.
(30)  Brazil: 12.6% to 750k units, including LCV

FY ‘08 FY ‘09

Trading profit variance & margin
(€mn)
 Volume increase driven by

passenger cars (+100k
691
(3)
units) totally offset by LCVs
300
(-102k units)
 Price/Mix negative effect
mainly due to reduced LCV
470
230
(130)
volumes in WE
 Purchasing savings
proceeding apace
6
2.6% (168)  WCM efficiencies partly
1.8% offsetting uneven absorption
(456)
across factories
 SG&A cost reduction at FY
target
 Other mainly relates to FX
Purchasing
Production translation effect
FY '08 Volume Price Mix Cost R&D SG&A Other FY '09
Net Absorp.

Registrations & market share
Passenger cars
(market share; %)
Italy WESTERN EUROPE

32.8
+0.9 p.p.
 Passenger cars
WE
8.8  Fiat brand share at 7.1% (+0.5 p.p.); Lancia
+0.6 p.p. share at 0.9% (+0.1 p.p.); Alfa Romeo share at
0.8% (+0.1 p.p.)
 FGA at 8.8% in WE (+0.6 p.p.)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4  Italy +0.9 p.p.
2005 2006 2007 2008 2009 FY ‘09  Germany +1.5 p.p.
 UK +0.6 p.p.
 WE ex-Italy: +0.5 p.p.
 LCVs
LCVs
(market share; %)  WE market share at 12.6% (+0.3 p.p.)
 Share in Italy down to 39.9.% driven by phase-out of
Doblò (new model available in market in early 2010)
Italy
and a sharp drop in camper segment, where Fiat
Professional has a lion’s share of market
39.9 BRAZIL
-3.4 p.p.
WE  Leadership maintained with a 24.5%
12.6 share in an overall booming market,
+0.3 p.p. topping healthy 2008 level
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY ‘09
2005 2006 2007 2008 2009

Luxury Auto Brands
(€mn)
Revenues Trading Profit Revenues Trading Profit
1,921
1,778
825
448
339
238 72
11
FY ‘08 FY ‘09 FY ‘08 FY ‘09 FY ‘08 FY ‘09 FY ‘08 FY ‘09
 Revenues down ~7% on lower sales volumes and  Revenues down ~46% over last year
unfavorable sales mix  4,489 units sold, with 48.7% decline attributable to
 6,235 units sold, down 4.5% with reference market significant drop in company’s reference markets
down ~40% globally
 Overall market share maintained, with improvement in
 Deliveries of 8-cylinder vehicles up, driven by success Quattroporte’s segment
of California
 Trading profit underpinned by realignment of
 Trading margin at 13.4% production levels and rigorous cost containment
measures partly offsetting significant decline in
 Efficiency gains partly offsetting negative impact of
volumes
volumes and product mix (both particularly favorable
in ‘08) in addition to unfavorable currency movements
GranTurismo Convertible
Presented at Detroit Motorshow
458 Italia for US market

Agricultural and Construction Equipment
Focus on cash and tight cost controls, disciplined management
Revenues (€mn)
Q4 3,051  FY revenues down ~21% to €10.1bn impacted by most

-22.0%
severe decline on record in CE markets and tough comps
2,381
vs. exceptionally strong 2008 AG levels, particularly for
Q3 3,122
-27.4% combines
2,268
 Target company & dealer inventory levels achieved
Q2 3,631 -21.2%
2,860  Progressive slowdown of global demand in AG from peak
highs in 2008
Q1 2,977  Total combine unit deliveries down 20%; total tractor unit
-12.7% 2,598
deliveries down 25%
FY ‘08 FY ‘09  NA revenues down slightly due to network de-stocking
actions and softening tractor sales partially offset by
strength in combines
Trading Profit (€mn)
 Slowdown in remaining regions attributable to overall
Q4 241 industry decline, network de-stocking actions & tight credit
-58.9%
markets
Q3 284  Worldwide CE industry retail volume down 38%
-76.8%
 Overall wholesales decline in both Light & Heavy equipment
in all regions impacted also by de-stocking actions
Q2 399 99
-69.2% 66  Light equipment FY unit deliveries down 63% (down 46%
123 in Q4)
Q1 198 -75.3%
49  Heavy equipment FY unit deliveries down 55% (down
FY ‘08 FY ‘09 22% in Q4)

Agricultural and Construction Equipment
(€mn)
 Lower industry volumes,

de-stocking and
unfavorable product mix
1,122
 Positive AG & CE pricing,
despite market conditions
 Targeted headcount
reduction and SG&A cost
358 containment programs
67
8.8% 148  Reduced R&D include
impact of synergies with
337 FPT on Tier IV development
(266)
(265)  Other includes lower
(827)
3.3% earnings at CNH Capital
FY '08 Volume/Mix Pricing, Net Production SG&A R&D Other FY‘09

Cost

Trucks and Commercial Vehicles
Tight cost management yielding 1.5% FY trading margin
Revenues (€mn)
Q4 2,361 -8.0%
 FY revenues down 34.1% to €7.2bn mainly
Q3 2,441 -29.7% due to lower sales volumes in a poor
2,172 European market, softened by more resilient
Q2 3,122 -43.2%
1,715 after-sales and special vehicles businesses
 Q4 positively impacted by strong seasonality of
1,773
Q1 2,970 -48.7% special vehicles & LA
1,523
 Overall wholesale volumes down 45.9% to
FY ‘08 FY ‘09
104k units
 Sales by geographic area
Trading Profit (€mn)  WE down 47% to 67k units with sharp declines in
all key markets: Italy -31%, Germany -43%,
France -46%, Spain -60% & UK -73%
Q4 187
 EE down 73%
-11.0%
Q3 181  LA down 19% in an improved market in latter part
of year
-87.8%
Q2 248  Sales by segment
-92.7%  Light down 42%
Q1 222 77  Medium down 41%
n.a.
22
18
 Heavy down 62%
(12)
FY ‘08 FY ‘09

(€mn)
838  Volume drop in all

business segments
 Pricing impacted by
de-stocking actions in
Europe, partially
offset by LA & after
7.7%
sales margins
 Purchasing savings &

174
improved
105 manufacturing
(63) efficiency through
1.5%
62
WCM and labor
36
(905)
28 - flexibility
(65)
 Overhead costs cut by
FY '08
Volume/
Price Purchasing
Production
BB/used R&D SG&A Other FY '09 20+% from ongoing
Mix Cost
actions

Market shares by region
 WE market share ≥3.5T

at 13.6% (9.2% ≥2.8T),
with slight decline in
Light share reflecting
Medium Heavy unfavorable market mix
(3.5-6T)
 Continued strong
competition in Light
WE market share 14.1%1 24.3% 9.3%
segment from car-based
FY ’09 vehicles
 Improved penetration in Q4
Change vs. FY ‘08 -1.1 p.p. -0.7 p.p. -1.0 p.p. in all segments vs. previous
quarter
EE market share 13.2%2 30.1%2 11.0%2  Brazil

FY ’09
 Market share ≥3.5T at
8.3%; Q4 share up 0.4 p.p.
Change vs. FY ‘08 -2.0 p.p. -3.6 p.p. -0.2 p.p.
vs. last year
 Market share loss in Heavy
Brazil market share segment due to margin
FY ’09
27.0% 3.7% 11.9% protection and excess
manufacturing capacity in
Change vs. FY ‘08 +1.9 p.p. +1.4 p.p. -3.3 p.p. market
1 2.8-6T at 7.9% (-0.5 p.p.) vs. last year

2 Estimates

Components
FPT Powertrain Technologies
Revenues (€mn)
Other & Elim.  Passenger & Commercial Vehicles

€(8) mn 7,000
 Revenues down ~8%: ~2.3mn engines (down 63k or ~3%,
-29%
Other & Elim. with third-party sales declining 50+%) and ~2.2mn
P&CV 3,650 4,952 €-mn
transmissions (+9%)
3,372
 Industrial & Marine
 Revenues down 53%: engine sales at 268k (-51%),
I&M 3,358 gearboxes at 53k (-50%) & axles at 105k (-62%)
1,580
 Start of production of F1C engines
FY '08 FY '09
 Offering of leading-edge powertrains compliant with
strictest emissions standards expanded across
businesses
Trading Profit variance (€mn) & margin  Technobest 2009-awarded Fire MultiAir
166  Euro 5 1.3-liter Small Diesel Engine with MultiJet II injection

system technology
 Small off-road engines available to meet Tier IV interim
2,4%
requirements
 Range of 5 EEV compliant diesel engines for Iveco New
63 6 13 -0.5% EcoDaily, also available in twin-stage turbo version, CNG,
(25)
(2) bi-fuel (gas & CNG)
52
62  Small trading loss for FY (€59mn profit in H2)
 Significant efficiency gains in overheads, manufacturing &
purchasing partially offsetting sharp drop in I&M volumes &
(385) unfavorable sales mix
FY '08 Volume Price Purchasing Production SG&A R&D Other FY '09
/Mix Net Cost

Components
Teksid, Marelli, Comau
Revenues (€mn) Teksid

 FY revenues down ~31% with ~27% volume decline in
837 Cast Iron business and ~6% volume drop in Aluminum
business
1,123
578 Teksid  Trading result reflected significant contraction in
728 Comau volumes
5,447 Magneti Marelli

4,528 Marelli
 FY revenues down ~17% (down 14% on a comparable
basis) primarily attributable to fall in volumes in H1,
slowing in H2
FY '08 FY '09  Most significant volume declines in Europe (ex Poland) and US
 Growth of Engine Control Units in China & India, strong sales
performance for Exhaust Systems in Brazil (both third-party sales
& Fiat)
Trading Result (€mn)
 Notwithstanding lower volumes, a trading profit of €25mn
posted on the back of reductions in overheads, increased
41 production and purchasing efficiencies
21
Comau
174  FY revenues down ~35% (down 31% on a comparable
basis) mainly driven by Body Welding
25 Marelli
(12)  Services growth in Mercosur unable to offset order decline in EU
Teksid
(28) Comau  Trading result primarily attributable to lower business
FY '08 FY '09 volumes for Body Welding and Die-cutting

Q4 ‘09
Revenues & trading result
(€mn) Q4 '09 Change 2009/2008

Cons. Industrial Financial Cons. Industrial Financial
Revenues
Fiat Group 13,601 13,323 369 +468 +504 -41
of which
Automobiles 7,815 7,773 49 +1,482 +1,488 -9
FGA 7,247 7,213 43 +1,545 +1,556 -9
Ferrari 491 483 6 -11 -16
Maserati 129 129 -100 -100
CNH 2,381 2,164 267 -670 -639 -49
Iveco 2,172 2,127 53 -189 -204 +15
Components 2,872 2,872 +118 +118
Others & Elim. (1,639) (1,613) -273 -259 +2
CNH ($) 3,540 3,216 396 -451 -448 -22
Trading result
Fiat Group 488 445 43 -175 -141 -34
of which
Automobiles 257 245 12 +55 +53 +2
FGA 190 180 10 +125 +123 +2
Ferrari 62 60 2 -34 -34
Maserati 5 5 -36 -36
CNH 99 60 39 -142 -123 -19
Iveco 77 86 (9) -110 -91 -19
Components 77 77 +45 +45
Others & Elim. (22) (23) 1 -23 -25 2
CNH ($) 144 87 57 -166 -148 -18

FY ‘09
Revenues & trading result
(€mn) FY Change 2009/2008

Cons. Industrial Financial Cons. Industrial Financial
Revenues
Fiat Group 50,102 48,917 1,467 -9,462 -9,518 -68
of which
Automobiles 28,351 28,190 190 -1,029 -1,042 +16
FGA 26,293 26,151 168 -644 -649 +8
Ferrari 1,778 1,759 22 -143 -151 +8
Maserati 448 448 -377 -377
CNH 10,107 9,165 1,129 -2,674 -2,649 -98
Iveco 7,183 7,052 151 -3,711 -3,793 +14
Components 10,327 10,327 -3,466 -3,466
Others & Elim. (5,866) (5,817) (3) 1,418 1,432
CNH ($) 14,097 12,783 1,574 -4,700 -4,593 -230
Trading result
Fiat Group 1,058 890 168 -2,304 -2,148 -156
of which
Automobiles 719 678 41 -383 -382 -1
FGA 470 435 35 -221 -216 -5
Ferrari 238 232 6 -101 -105 +4
Maserati 11 11 -61 -61
CNH 337 184 153 -785 -673 -112
Iveco 105 131 (26) -733 -689 -44
Components (40) (40) -442 -442
Others & Elim. (63) (63) +39 +38 +1
CNH ($) 470 257 213 -1,180 -1,003 -177

Q4 ‘09 market & market share (ex Ferrari & Maserati)
Passenger Cars Light Commercial

Q4 Unit % Q4 Unit %
Vehicles
Units 000 2009 2008 Change Change Units 000 2009 2008 Change Change
WE Market 3,322.9 2,733.9 589.0 21.5% WE Market 362.1 410.2 -48.0 -11.7%
Registrations 279.7 226.9 52.7 23.2% Registrations 43.6 51.2 -7.6 -14.8%
Mkt Share % 8.4% 8.3% 0.1 Mkt Share % 12.0% 12.5% -0.5
Italy Market 545.5 450.2 95.3 21.2% Italy Market 51.8 55.0 -3.1 -5.7%
Mkt Share % 31.5% 31.7% -0.2 Mkt Share % 39.5% 43.3% -3.8
Germany Market 816.4 718.6 97.8 13.6% Germany Market 58.5 74.2 -15.7 -21.1%
France Market 655.2 474.5 180.7 38.1% France Market 103.5 108.1 -4.6 -4.3%
U.K. Market 478.0 337.4 140.6 41.7% U.K. Market 45.8 52.6 -6.8 -13.0%
Spain Market 276.2 213.3 62.9 29.5% Spain Market 30.0 27.9 2.2 7.7%
Registrations 7.0 7.3 -0.3 -3.5% Registrations 2.6 2.4 0.2 7.8%
Mkt Share % 2.6% 3.4% -0.8 Mkt Share % 8.7% 8.7% 0.0
Poland Market 81.0 85.0 -4.0 -4.7% Poland Market 10.3 15.2 -4.9 -32.4
Registrations 7.4 7.8 -0.5 -6.0% Registrations 3.0 3.7 -0.7 -19.0%
Brazil Market 657.0 473.2 183.8 38.8% Brazil Market 140.8 102.1 38.7 37.9%
Registrations 161.5 112.0 49.5 44.2% Registrations 32.8 24.8 8.0 32.3%

FY ‘09 market & market share (ex Ferrari & Maserati)
Passenger Cars Light Commercial

Full Year Unit % Full Year Unit %
Vehicles
Units 000 2009 2008 Change Change Units 000 2009 2008 Change Change
WE Market 13,632.9 13,561.2 71.7 0.5% WE Market 1,416.6 1,950.2 -533.6 -27.4%
Registrations 1,194.0 1114.2 79.8 7.2% Registrations 178.9 240.4 -61.5 -25.6
Mkt Share % 8.8% 8.2% 0.6 Mkt Share % 12.6% 12.3% 0.3
Italy Market 2,158.0 2,161.7 -3.7 -0.2% Italy Market 181.1 230.6 -49.4 -21.4%
Registrations 707.1 688.6 18.5 2.7% Registrations 72.2 99.8 -27.6 -27.6
Germany Market 3,807.2 3,090.0 717.1 23.2% Germany Market 239.5 318.4 -78.9 -24.8%
France Market 2,268.7 2,050.3 218.4 10.7% France Market 381.5 469.8 -88.3 -18.8%
U.K. Market 1,995.0 2,131.8 -136.8 -6.4% U.K. Market 194.4 301.2 -106.8 -35.5%
Spain Market 952.8 1,161.2 -208.4 -17.9 Spain Market 105.7 164.2 -58.5 -35.6%
Registrations 23.8 41.7 -17.8 -42.8% Registrations 9.1 14.9 -5.8 -39.0%
Poland Market 320.1 319.9 0.2 0.1% Poland Market 40.1 56.6 -16.5 -29.1%
Brazil Market 2,520.2 2,237.3 283.0 12.6% Brazil Market 489.9 436.4 53.5 12.3%
Registrations 619.0 557.2 61.8 11.1% Registrations 118.0 100.5 17.4 17.3%

Worldwide unit sales by region, Cars+LCVs (unit/000)*
-7.6% +30.1% -0.1%
1,725 556 2,153 2,151

RoW 1,595 -34.5%
- 39.4%
-16.2%
WE ex
428
-0.7%
Italy -8.1%
+28.4%
+0.5%
Italy -5.9%
+25.9%
Brazil +2.7% +55.8% +12.6%
* Incl. sales w/buyback, excl. JVs and Ferrari & Maserati

Worldwide unit sales by brand, Cars+LCVs (unit/000)*
-7.6% +30.1% -0.1%
556 2,153 2,151

1,725
-1.0%
Alfa 1,595
-2.0%
+2.0%
428
Fiat +5.9%
-1.9% +39.0%
Lancia +9.2%
+1.8% +37.9%
LCV
-32.9% +5.6% -24.8%
* Incl. sales w/buyback, excl. JVs and Ferrari & Maserati

Production volumes, sales volume & registrations
WW Passenger Cars & LCV
(‘000 units)
Production
2005 2006 2007 2008 2009
Registrations & Sales
Registrations
Units sold

Net debt breakdown
(€bn)
Sept. 30, ‘09 Dec. 31, ‘09
Cons. Ind. Fin. Cons. Ind. Fin.
25.9 13.2 12.7 Gross Debt* 28.5 15.6 12.9
(0.1) (0.1) - Derivatives M-to-M, Net (0.2) (0.2) -
(8.4) (7.3) (1.1) Cash & Mktable Securities (12.4) (11.0) (1.4)
17.4 5.8 11.6 Net Debt 15.9 4.4 11.5

* Net of intersegment receivables

Gross debt
(€bn)
Outstanding Outstanding
Sept. 30, '09 Dec. 31, '09
19.3 Cash Maturities 21.3

8.2 Bank Debt 8.4
9.8 Capital Market* 11.6
1.3 Other Debt 1.3
6.5 Securitization and Sale of Receivables (on book) 7.1

4.0 ABS / Securitization 4.9
0.9 Warehouse Facilities 0.6
1.6 Sale of Receivables 1.6
0.1 Adjust. for Hedge Accounting on Fin. Payables 0.1
25.9 Gross Debt 28.5
8.4 Cash & Mktable Securities 12.4
0.1 Derivatives Fair Value 0.2
17.4 Net Debt 15.9
0.0 Available Committed Lines 0.0
* Excluding Bond fair value, including interest accruals

Debt maturity schedule
(€bn)
Outstanding
2010 2011 2012 2013 2014 Beyond
Dec. 31, '09
8.4 Bank Debt 3.5 2.1 1.6 0.7 0.2 0.3

11.6 Capital Market * 1.5 2.6 1.4 1.7 1.6 2.8
1.3 Other Debt 0.9 0.1 - 0.1 - 0.2
21.3 Total Cash Maturities 5.9 4.8 3.0 2.5 1.8 3.3
12.4 Cash & Mktable Securities

0.5 of which ABS related
4.6 Sale of Receivables (IFRS de-recognition compliant)

3.0 of which receivables sold to financial services JVs (FGA Capital, Iveco Finance Holding Ltd)
* Excluding Bond fair value, including interest accruals

Safe Harbor Statement

Contacts
Fiat Investor Relations team
Marco Auriemma phone: +39-011-006-3290 Vice President
Federico Donati phone: +39-011-006-2756

Alexandra Deschner phone: +39-011-006-2380
Maristella Borotto phone: +39-011-006-2709
fax: +39-011-006-3796
email: investor.relations@fiatgroup.com
website:
www.fiatgroup.com

Presentazione Dei Dati Di Bilancio 2009 Del Gruppo Fiat

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Older, Wiser and Ready to Re-engage

Q4 & FY ‘09 Results Review

January 25, 2010 Q4 & FY ‘09 Results Review 1

 Trading profit at €1.1bn (2.1% margin) with sequential quarter-by-quarter improvements in

 Net loss of €0.8bn, including unusuals of €0.6bn

January 25, 2010 Q4 & FY ‘09 Results Review 2

 Liquidity at €12.4bn, 3x higher than 2008 year-end level

 Taking advantage of progressive restoration of ABS market in NA

 Global strategic alliance with newly-formed Chrysler Group LLC

 Cumulative dividends of €237mn proposed across all 3 classes of shares

 Non renewal of eco-incentives scheme in WE to impact trading profit by €350 to €400 mn

January 25, 2010 Q4 & FY ‘09 Results Review 3

January 25, 2010 Q4 & FY ‘09 Results Review 4

January 25, 2010 Q4 & FY ‘09 Results Review 5

Automobiles (54) (104) (88) (246)

CNH (87) - 1 (86)

Iveco (22) - (173) (195)

Others (149) (31) 8 (172)

of which c ash impact '09 (93) - (183) (276)

Tax effects on unusual items of ~€120mn

January 25, 2010 Q4 & FY ‘09 Results Review 6

Average Net Charges (€mn)

Net Industrial Debt 2009 (5.6) 5.5% (308)

“Cost of Carry” 2009 (5.9) 3.5% (207)

Equity Swap (hedging stock option plans) (263) 117 +380

IAS 19 (interest cost on pension & OPEB) (155) (160) (5)

Indirect taxes on banking transactions (30) (27) +3

NET FINANCIAL CHARGES (947) (753) +194

January 25, 2010 Q4 & FY ‘09 Results Review 7

Q4 '09 FY '08 FY '09

(5,832) Net Industrial (Debt)/Cash beginning of period 355 (5,949)

(4,418) Net Industrial (Debt)/Cash end of period (5,949) (4,418)

January 25, 2010 Q4 & FY ‘09 Results Review 8

3. Cost structure & manufacturing capacity

January 25, 2010 Q4 & FY ‘09 Results Review 9

RoW  FY ‘10 expectations

January 25, 2010 Q4 & FY ‘09 Results Review 10

 Structural shift moving market towards lower

broadening spectrum to include high-end customers  Improved driveability 1st application on

 MiTo driving Alfa brand registrations up 8% vs. last year

 Healthier and strengthened dealer network supporting

January 25, 2010 Q4 & FY ‘09 Results Review 11

Months of Supply (as per average of latest 3 months)

January 25, 2010 Q4 & FY ‘09 Results Review 12

January 25, 2010 Q4 & FY ‘09 Results Review 13

WW (45)% 0-5%  Market share up in LA for both Light & Heavy

January 25, 2010 Q4 & FY ‘09 Results Review 14

 Managing better pricing as AG products  Deployment of Case IH CVT

 Deliver superior performance on Parts &

January 25, 2010 Q4 & FY ‘09 Results Review 15

FY production levels 12% below retail FY underproduction at targeted levels

January 25, 2010 Q4 & FY ‘09 Results Review 16

FY ‘09 FY ‘10E  FY ‘10 expectations

January 25, 2010 Q4 & FY ‘09 Results Review 17

2005 2008 2009

January 25, 2010 Q4 & FY ‘09 Results Review 18

WE+EE Trucks & Commercial Vehicles

 Overall dealer & company

Dealer inventory (units) Company inventory (units)

January 25, 2010 Q4 & FY ‘09 Results Review 19

Q4 ‘08 Average  FY ’09 net savings at

FY ‘09 Average = -2.9%