Letter from the Chairman

John Elkann

Dear Shareholders,

The results presented in this Annual Report are a source of great satisfaction. What has been achieved during the year has strengthened the Group and opened up attractive prospects for the future.

This is the first year that Fiat has been able to focus exclusively on the automobiles business and, with the separation of the capital goods activities and the integration with Chrysler, we made significant progress that was reflected immediately in our financial performance.

Revenues grew, trading profit doubled, net profit increased and net industrial debt decreased.

Improvements in these financial indicators are the most concrete evidence that the road embarked on a few years ago is yielding the desired results. The difficulties registered in Europe during the second half of the year – which are expected to continue throughout 2012 – didn’t cause us to alter our strategy, but rather they spurred us to continue implementation of our plans with even greater conviction. Expanding our activities in major markets around the world and increasing our competitiveness have been and will continue to be our central focus.

The management team, beginning with CEO Sergio Marchionne, is working diligently to leverage opportunities for further growth. With the contribution of everyone at Fiat and the support of my family, we will continue in pursuit of our principal objective: to create a company that is a leader in the global automobile sector, oriented toward innovation, secure in its values and dedicated to sustainable long-term development.

/s/ John Elkann

John Elkann

CHAIRMAN

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© 2012 FIAT S.p.A - P.IVA 00469580013