The mediation process, initiated by General Motors on December 16th, 2004 pursuant to Section 10.08 of the Master Agreement, ended on February 1st, 2005, as agreed between the parties.
In spite of the attempts to resolve the dispute on the alliance's outstanding financial and industrial issues, no agreement has been reached between Fiat and General Motors during the mediation period.
Fiat reaffirms its views that the sale of certain financial activities of Fiat Auto and the recapitalization of Fiat Auto Holding B. V. did not violate the Master Agreement, as General Motors claims.
As a result, Fiat reasserts its view that the put option is valid, enforceable in accordance with its terms, and an important asset for the Group.
The put is exercisable from today, February 2nd, 2005 through to July 24th, 2010.
Turin, February 2nd, 2005
The contract documentation, together with the amendments, is available on the website:
www.fiatgroup.com in the section "Investor Relations".
