Press release

IFIL - Performance of Fiat SharesAugust 24, 2005

Upon request by Consob – in accordance with article 114 paragraph 5 of D. Lgs.
58/1998 – with regard to the performance and the significant volumes of Fiat shares
in the last days, and in particular with regard to articles appearing in the press on
August 23rd, 2005 concerning a presumed “increase of IFIL’s stake in Fiat in view of
the € 3 billion mandatory convertible (convertendo),” IFIL reports that it has neither
enacted nor studied any initiative with regards to the expiry of the convertendo and
reasserts that it has no elements to explain the recent performance of Fiat shares and
is not aware of any significant events that could have an influence on said
IFIL confirms its intentions to remain the reference shareholder in Fiat as
previously declared at the Stockholder’s Meeting of June 27th, 2005.
IFIL will evaluate possible initiatives at the appropriate time. 

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