radical deregulation of financial markets. Barney Frank, the chairman of the House Financial Services Committee ! The lessons are clear: cTo the extent that the system did work, it is because of prudential regulation and oversight.<br><br> Where it was absent, the result was tragedy. d Barney Frank 2 22 May 2008 Forum Des 100 5 ! When considering future policy changes, regulators and lawmakers need to balance carefully the need to limit future predatory lending excesses, while preserving a model that has successfully dispersed losses from higher- risk mortgages away from the banking system and maintaining the ability of stretched but viable suprime borrowers to refinance when confronted with reset payment shock. This is the challenging task within a regulatory and legal framework ill-suited to provide consumer protection in an originate-to-securitize financial system.<br><br> Key lessons of previous financial crises IMF 22 May 2008 Forum Des 100 6 We make trucks& 22 May 2008 Forum Des 100 7 and wheel-loaders& 22 May 2008 Forum Des 100 8 and wheel excavators& 3 22 May 2008 Forum Des 100 9 and telehandlers& 22 May 2008 Forum Des 100 10 and the world 9s largest tractors& 22 May 2008 Forum Des 100 11 and the world 9s largest combines& 22 May 2008 Forum Des 100 12 and this kind of cars& 4 22 May 2008 Forum Des 100 13 and also these& 22 May 2008 Forum Des 100 14 but also this kind& 22 May 2008 Forum Des 100 15 and this kind& 22 May 2008 Forum Des 100 16 and we also race that kind& 5 22 May 2008 Forum Des 100 17 and we sell these to the rich& 22 May 2008 Forum Des 100 18 and make people rich by asking them to drive these. 22 May 2008 Forum Des 100 19 The 2002-3 Prognosis Fortune January 13, 2003 Business Week, May 13, 2002 22 May 2008 Forum Des 100 20 The magic recipes to save the company 6 22 May 2008 Forum Des 100 21 cFiat, almost alone among major European auto manufacturers, is racing along with profits and sales at all-time highs. Fiat achieves production efficiency by making 35% of its auto parts interchangeable, brings out a full line of models, and can respond quickly to new market opportunities by producing a new model in a mere 18 months. d Life Atlantic October 28, 1968 Fiat 3then& 22 May 2008 Forum Des 100 22 !<br><br> Group Trading Profit: ! 3.2 billion (+66% over 2006) ! The highest level in Fiat 9s history !<br><br> Group debt free, with ! 10 billion in cash generation in 3 years ! Fiat Group Automobiles: 2.234 million vehicles sold worldwide !<br><br> The best result since 2000 ! Iveco: 211,700 units sold worldwide ! The highest level in its history !<br><br> CNH: ! 11.8 billion in revenues and ! 990 million in trading profit with a trading margin of 8.4% !<br><br> The best result since 1999 (year of Case/New Holland merger) ! Ferrari: 15% increase in revenues and 45% increase in trading profit ! The best ever results !<br><br> Maserati: ! 24 million in trading profit ! First year of profitability since 1993 2007: an unprecedented year 22 May 2008 Forum Des 100 23 2003 2004 2005 2006 2007 2008 Fiat 9s rating from Standard & Poor 9s BB- BB BB+ BBB- BBB BBB+ NON INVESTMENT GRADE INVESTMENT GRADE 5 March 11 July 4 August 31 May 30 April Fiat returned to cInvestment Grade d after 5 years 22 May 2008 Forum Des 100 24 The Economist 9s cmiracle d - 1 7 22 May 2008 Forum Des 100 25 The Economist 9s take on Fiat Divorce Italian-style Is Fiat's marriage to General Motors coming to a bloody end?<br><br> 9 Dec 2004 22 May 2008 Forum Des 100 26 The Economist 9s cmiracle d - 2 22 May 2008 Forum Des 100 27 Fiat 9s 5 core principles ! Leadership is a function of leading change and leading people ! We are a meritocracy !<br><br> We embrace and relish competition ! We aim to achieve best-in-class performance ! We deliver what we promise 22 May 2008 Forum Des 100 28 (a) Assuming dividend payout ratio of 25% of annual profit (~ !<br><br> 2.0bn over period 2007-10) (b) Cash Flow from operations (c) Excluding the impact of additional share buy-backs 2004-10 Group Financial Targets 2004 2008 Group Trading Profit/ Margin Group Net Profit ! 3.4-3.6bn EPS ! 2.65/2.80 Group Net Industrial Debt (a) ~ !<br><br> 5.0bn 7.2%-7.8% ~0.5bn (c) 2009 2010 ! 4.3-4.5bn 6.7%-7.3% ! 3.4-3.6bn 5.9%-6.5% !<br><br> 2.4-2.6bn EPS ! 1.90/2.00 ! 2.9-3.1bn EPS !<br><br> 2.30/2.40 Debt free Net cash ~ ! 3.0bn Net cash ! 0.7-1.0bn 2005 2006 2007 2005-10 CAGR 7.6% ~ !<br><br> 67bn Group break-even 1.92:1 net debt to Group equity ! 1.6bn net loss Net profit of ! 1.4bn due to unusual items 2% trading margin 0.34:1 net debt to Group equity Net profit of ~ !<br><br> 800mn Trading profit of ~ ! 1.85bn Net industrial debt at ~ ! 2.0bn Group Revenues Net ind.<br><br> cash flow of ! 3.4bn due to unusuals Group Cash Flow (b) Neg. cash flow before exceptionals significantly reduced Net Industrial Cash flow of ~ !<br><br> 1.2bn ~ ! 47bn ! 2.9-3.0bn 5+% !<br><br> 1.8-1.9bn EPS ! 1.40/1.50 " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " 8 22 May 2008 Forum Des 100 29 Lancia Delta 22 May 2008 Forum Des 100 30 Alfa Romeo MiTo 22 May 2008 Forum Des 100 31 Alfa Romeo 8C Spider 22 May 2008 Forum Des 100 32 500 Abarth 9 22 May 2008 Forum Des 100 33 Maserati GranTurismo S 22 May 2008 Forum Des 100 34 Ferrari California 22 May 2008 Forum Des 100 35 Europe 123,678 (66.8%) of which Italy: 77,679 (41.9%) Asia 5,367 (2.9%) Africa 350 (0.2%) Central and South America 43,680 (23.6%) Oceania 788 (0.4%) North America 11,364 (6.1%) No. of employees: 185,227 The Group 9s global presence in 190 countries Nearly 3 million vehicles sold 7,000 suppliers 22 May 2008 Forum Des 100 36 10 22 May 2008 Forum Des 100 37 The lowest level of CO 2 emissions (among the 10 top-selling brands) Make Volume-weighted average CO 2 emissions 3 2007 (g/km) FIAT 137.3 PEUGEOT 141.9 CITROEN 142.2 RENAULT 146.4 TOYOTA 148.8 FORD 149.1 OPEL/VAUXHALL 152.9 VOLKSWAGEN 161.7 BMW 176.7 MERCEDES 188.4 22 May 2008 Forum Des 100 38 The test of Eternal Recurrence What, if some day or night a demon were to steal after you in your loneliest loneliness and say to you: cThis life as you now live it and have lived it, you will have to live once more and innumerable times more; and there will be nothing new in it, but every pain and every joy and, every thought and sigh, and everything unutterably small or great in your life will have to return to you, all in the same succession and sequence 3 even this spider, and this moonlight between the trees, and even this moment and I myself.<br><br> The eternal hourglass of existence is turned upside down again and again 3 and you with it, speck of dust! d Friedrich Nietzsche

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