Fiat S.p.A. (“Fiat”) acknowledges the decision issued by the Delaware Court of Chancery in connection with Fiat’s lawsuit against the VEBA relating to the call option over membership interests in Chrysler Group LLC (“Chrysler”). Pursuant to the terms of a June 10, 2009 call option agreement, Fiat has the right to purchase a portion of the VEBA’s membership interests in Chrysler in installments at prices to be determined pursuant to a set formula.1
In its ruling, the Delaware court granted Fiat judgment on the pleadings on two of the most significant issues in dispute in the litigation. The court also denied, in its entirety, the VEBA’s cross-motion for judgment on the pleadings, including the VEBA’s claim that it is barred from selling its Chrysler membership interests at the price determined by the call option agreement pursuant to the Department of Labor’s Prohibited Transaction provisions. Fiat looks forward to resolving the few remaining issues in the litigation through the discovery requested by the court, and remains confident that those residual issues will also be resolved in its favor.
1 The call option agreement is available at the Internet site of the United States Department of Treasury (http://www.treasury.gov/initiatives/financial-
stability/TARP-Programs/automotive-programs/Pages/Program-Documents.aspx) and as Exhibits to Chrysler’s filings with the Securities and Exchange
Commission (http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001513153&type=&dateb=&owner=exclude&count=100).
