Fiat S.p.A. (Fiat), incorporated in 1906, is principally engaged in the manufacture and sale of automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the Company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat is also involved in other sectors, including publishing and communications and certain service operations. Through its subsidiaries, Fiat operates in five business areas: Automobiles, including the sectors led by Fiat Auto S.p.A. (Fiat Auto), Fiat Powertrain Technologies S.p.A. (FPT), Maserati S.p.A. (Maserati) and Ferrari S.p.A. (Ferrari); Agricultural and Construction Equipment, which is led by CNH Global N.V. (CNH); Trucks and Commercial Vehicles, which is led by Iveco S.p.A. (Iveco); Components and Production Systems, which includes the sectors led by Magneti Marelli Holding S.p.A. (Magneti Marelli), Teksid S.p.A. (Teksid) and Comau S.p.A. (Comau), and Other Businesses, which includes the sectors led by Business Solutions S.p.A. (Business Solutions) and Itedi-Italiana Edizioni S.p.A. (Itedi). During the year ended December 31, 2005, the Company acquired Enel's share of the joint venture, Leasys S.p.A., which rents and manages corporate car fleets, thereby obtaining 100% control of the former joint venture. During 2005, Magneti Marelli increased its equity investment in the Turkish automotive component manufacturer, Mako Elektrik Sanayi Ve Ticaret A.S. (Mako) to 95%, thus acquiring control from the Turkish group Koc. On June 1, 2005, Iveco sold to Barclays Mercantile Business Finance Ltd, a 51% stake in Iveco Finance Holdings Limited, a company comprising certain financial services companies of Iveco operating in France, Germany, Italy, Switzerland and the United Kingdom. In May 2006, the transfer of approximately 60% of Societe Bretonne de Fonderie et de Mecanique S.A., a French company that was part of Teksid's Cast Iron Unit, was completed. In June 2006, Fiat Partecipazioni S.p.A., a subsidiary of the Company, sold its 10% residual stake in IPI S.p.A., a central operator in the Italian and European real estate industry, to Risanamento S.p.A. On June 29, 2006, Fiat, through Fiat Partecipazioni S.p.A. and Business Solutions, completed the divestiture of its entire stake in Sestrieres S.p.A., which managed the lift facilities in the via Lattea ski area. Automobiles The Company's automobile operations are conducted primarily through Fiat Auto and its subsidiaries. The Fiat Auto sector operates internationally with three major brands, Fiat, Lancia and Alfa Romeo, and manufactures and markets automobiles, light commercial vehicles and related products primarily in Italy, in the rest of Europe, and in South America and Turkey. The Fiat brand includes models ranging from city sub-compacts, such as the Panda with its 4 by 4 versions, to the sub-compact Punto and Grande Punto, the intermediate/compact Stilo (including its station wagon version), the wagon Croma in the intermediate segment, and the Doblo, Ulysse and Multipla multi-purpose vehicles. The sector also produces the sub-compact Siena and Palio in Brazil, and the sub-compact Albea and Palio in Turkey. In 2005, Fiat Auto started the production and sales of the Idea multi-purpose vehicle in Brazil. In 2005, Fiat Auto also entered the four-wheel drive segment with a model known as the Sedici. In light commercial vehicles sector, models sold under the Fiat brand include the Ducato, the Doblo Cargo, the Scudo and the Strada pickup. In addition, the Fiat brand includes bifuel (gasoline and compressed natural gas) versions of the Multipla, the Punto van, the Doblo and the Ducato. The Lancia brand includes the sub-compact Ypsilon, the compact multi-purpose vehicle Musa, and the Thesis and Phedra, in the full-sized and multi-purpose vehicle ranges, respectively. The Alfa Romeo brand includes the Alfa 159, Alfa 159 Sportwagon, Alfa Cross

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