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Small Entry-Level Light Commercial Vehicles Agmnt.

31st March, 2005

Fiat, PSA Peugeot Citroën and Tofas Sign Cooperation Agreement to Develop and Produce Small, Entry-Level Light Commercial Vehicles

Sergio Marchionne, CEO of Fiat, Jean-Martin Folz, CEO of PSA Peugeot Citroën, Mustafa V. Koç, Chairman of Koç Holding & Tofas and Diego Avesani, CEO of Tofas signed today a cooperation agreement to jointly develop and produce small entry-level light commercial vehicles for the European market.

Scheduled for rollout in 2008, the new vehicles will extend the current Fiat, Peugeot and Citroën product ranges.

In response to anticipated changes in the entry level segment of the European light commercial vehicle market, PSA Peugeot Citroën, Fiat and Tofas are introducing an innovative small vehicle concept to extend their current commercial vehicle lineups.

The three partners’ objective is to design a compact, economical, multi-purpose commercial vehicle that will be modern, sturdy and attractive.

Powered by especially fuel-efficient engines, it will enable the partners to proactively meet the expected growth in the entry-level segment with a range of particularly affordable vehicles. The new models will deliver effective environmental and mobility solutions for business use in metropolitan areas, as well as excellent highway performance.

With the active support of PSA Peugeot Citroën and Fiat, Tofas will be in charge of coordinating the development and production of the future models based on a new platform. The vehicles will be produced at Tofas’ plant in Bursa, Turkey. The annual production capacity for these vehicles will be of 135,000 units, of which two-thirds for PSA Peugeot Citroën and one-third for Fiat, including Tofas.

Total investment, including research and development and production start-up costs, is estimated at roughly €350 million.

- PSA and Fiat already produce three joint venture vehicles Medium Size Van: Citroen Jumpy/Peugeot Expert/Fiat Scudo Large Van/Cab Chassis: Citroen Jumper/Peugeot Boxer/Fiat Ducato Large People Mover: Citroen C8/Peugeot 807/Fiat Ulysse/Lancia Phedra

- The smallest Peugeot van is the Partner, a rebadged Berlingo; the smallest Citroen van is the C2 Enterprise, but the lowest cost is the Citroen C15, which has total sales of just over a million and is 21 years old this year; the smallest Fiat van is the Doblo, a Citroen Berlingo sized/priced van.

- Ateco sells the Fiat Ducato range in Australia and New Zealand and the Citroen Berlingo in Australia, both to great success. "Ateco has no specific details of the new vehicle, but given the right price there is no doubt that given the reputation of its parents as producers of excellent commercial vehicles, this new vehicle could have a very strong future in Australia and New Zealand. We would be happy to welcome it here."

ENDS

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