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Change in Net Industrial Debt

Fiat with

Chrysler Chrysler Fiat excluding Chrysler

€ million) 2011

7 months

2011 2011 2010 (*)

Net industrial debt at beginning of year (542) - (542) (3,103)

2010 Demerger debt allocation ---2,521

Consolidation of Chrysler net debt (1) (3,860) (3,860) --

Cash (paid)/received for 16% ownership interest in Chrysler -881 (881) -

(Disbursements) for purchase of interests held in Chrysler by Canada and U.S. Treasury

and UST rights under Equity Recapture Agreement (490) -(490) -

Net industrial debt at beginning of the year after Demerger and Chrysler consolidation (4,892) (2,979) (1,913) (582)

Proﬁt/(loss) 1,651 645 1,006 222

Amortization and depreciation 3,356 1,123 2,233 2,184

Change in provisions and other changes (2) (1,240) (221) (1,019) 201

Cash from/(used in) operating activities before

change in working capital 3,767 1,547 2,220 2,607

Change in working capital 1,417 204 1,213 893

Cash from/(used in) operating activities 5,184 1,751 3,433 3,500

Investments in property, plant and equipment and intangible assets (5,525) (1,936) (3,589) (2,859)

Cash from/(used in) operating activities, net of capital expenditures (341) (185) (156) 641

Change in consolidation scope and other changes 68 305 (237) (172)

Net industrial cash ﬂow (273) 120 (393) 469

Capital increases and dividends (140) (2) (138) (545)

Currency translation differences (224) (219) (5) 116

Change in net industrial debt (3) (637) (101) (536) 40

Net industrial (debt)/cash at end of year (5,529) (3,080) (2,449) (542)

(*) Historic data relating to Fiat Group post Demerger only

(1) Before subscription to additional 16% ownership interest in Chrysler

(2) Includes reversal of net gain related to Chrysler acquisition and unusual non-cash expense

(3) Change excludes impacts of initial consolidation of Chrysler net debt (€3,860 million before subscription to 16% ownership interest), as well as payment to Chrysler for a 16% ownership

interest (offset at the consolidated level) and disbursement for purchase of U.S. Treasury and Canada ownership interests in Chrysler

For 2011, net industrial debt for Fiat excluding Chrysler increased €1,907 million to €2,449 million. Excluding total disbursements of €1,371 million related

to subscription of a 16% ownership interest in Chrysler (fully diluted) and purchase of the ownership interests held by the U.S. Treasury and Canada, there

was a €536 million change in net industrial debt. Cash generated by operating activities of approximately €3.4 billion only partially covered cash used in

investing activities (€3.6 billion; +25.5% over 2010), dividend payments and the negative effects from the measurement of hedging instruments and equity

swaps on Fiat and Fiat Industrial shares (included under Change in consolidation scope and other changes).

Net industrial debt for Chrysler increased €101 million during the period June-December 2011, with €1,751 million in cash from operating activities and

€305 million from disposals of ﬁxed assets and other changes being more than offset by investments of €1,936 million and negative currency translation

differences (essentially due to the weakening of the euro against the dollar since the acquisition date).

Report on Operations