Fiat Auto’s net result figures presented today during the meeting between the Company and the Government and Trade Unions are consistent with the results announced after the Fiat S.p.A. Board of Directors Meeting held on Thursday October 31, 2002.

In the first nine months of the year Fiat Auto recorded an operating loss of 1,163 million euros, but signs of an improvement emerged in September.

The Company expects to reach operating breakeven in the fourth quarter of the year.

Therefore, the operating loss for the entire 2002 fiscal year should show little change from that recorded at the end of September.

As for the net result, it is important to note that other important financial elements, not included in the computation of the operating result, must be taken into consideration. These elements include financial and extraordinary expenses, such as those connected to the restructuring plan which, as already announced, should amount to approximately 400 million euros.