05.12.2003 GUISEPPE MORCHIO MEETS THE POLISH PRIME MINISTER AS HE REAFFIRMS FIAT'S COMMITMENT TO THE REGION

The new 'Car of the Year' award winning Fiat Panda is built in PolandGiuseppe Morchio met yesterday in Warsaw the President of the Republic of Poland, Aleksander Kwasniewski, and the Polish Prime Minister, Leszek Miller, and to both reaffirmed the strategic importance of Poland in the framework of the Fiat Group’s activities.

“We were among the first companies to invest in this country," said Mr. Morchio. "We began more than 80 years ago and will continue investing here because we want to be among the key players in the development of Poland”.

The Chief Executive Officer of Fiat then visited the Fiat Auto Poland plant in Tychy, where the Fiat new Panda, recently elected Car of the Year 2004, and the Seicento are manufactured, and the completely renewed FIAT-GM Powertrain Polska plant in Bielsko-Biala, where the innovative Multijet 1,3 liter diesel engine is produced.

The Group is present in Poland through its Fiat Auto, Iveco, CNH, Magneti Marelli, Teksid, and Comau Sectors, represented by 17 companies and 4 joint ventures which generate revenues of 2.2 billion euros per year and employ about 8,600 people.

FIAT PROMOTE LUIGI GUBITOSI TO NEW CHIEF FINANCE OFFICER

Luigi Gubitosi has been appointed Chief Financial Officer of Fiat SpA effective January 1, 2004 replacing Ferruccio Luppi who will assume the post of Chief Executive Officer of Business Solutions.

Mr. Gubitosi, 42, started his career in 1986 at the Fiat Group's International Finance department. From 1989 to 1994 he was Head of Fiat Finance USA in New York and later became International Treasurer of Fiat GeVa, the company that manages the Group's financial activities. He has been Head of Finances of Fiat SpA and Chief Executive Officer of Fiat GeVa since 2000.

Mr. Luppi, born in Turin 53 years ago, joined the Ifil Group in 1984 as Head of Equity Investment Control. In 1997 he was appointed Head of Industrial Investments Control Department of the Worms Group, and the following year, General Manager and member of the Board of Directors. He has been Chief Financial Officer of Fiat SpA since October 1, 2002. Effective January 1, 2004 he will become Chief Executive Officer of Business Solutions, a company that provides services to Fiat Group companies, with 8,000 employees and revenues of approximately 2 billion euros. Carlo Gatto, the current Chief Executive Officer of Business Solutions, will be appointed Vice Chairman of the Company.

These new appointments are part of the Group's strategy to strengthen its management team through the recruitment of new external skills, the enhancement of existing talent and the turnover of managers in key positions.