Form 425
20 Novembre, 2010
Fiat Industrial
European/UK Capital Goods and Aerospace and Defence
Conference
December 5, 2012
Filing under Rule 425 under the U.S. Securities Act of 1933
Filer: Fiat Industrial S.p.A.
Subject Company: CNH Global N.V.
CNH Global N.V.’s Exchange Act File No.: 333-05752

20 Novembre, 2010
Fiat Industrial
2012 Outlook
Q3 & Sep YTD Results

3
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
Fiat Industrial
Combination
of
FI
and
CNH
–
recent
steps
November 26,
2012
•
Fiat Industrial and CNH Global announce definitive agreement to combine businesses
November 22,
2012
•
Fiat Industrial acknowledges CNH Special Committee announcement that it views favorably Fiat Industrial’s
strategic
combination
proposal
in
the
form
delivered
on
November
19,
2012
November 19,
2012
•
Fiat
Industrial
submits
best
and
final
offer
to
combine
with
CNH
Global
November 12,     
2012
•
Fiat Industrial Announces Key Appointments, with objective of enhancing operational integration of Fiat Industrial
and CNH, and the formation of a Group Executive Council (“GEC”), creation of 4 Regional COO positions and a
CFO, all reporting to a Group COO
October 15,      
2012
•
Fiat Industrial S.p.A. is advised that the special committee of the Board of CNH Global N.V. has determined not to
recommend the strategic combination of Fiat Industrial and CNH on the terms proposed by Fiat Industrial on
May 30, 2012
May 30,
2012
•
Fiat Industrial proposes a combination with CNH Global

4
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
Fiat Industrial
Group Executive Council (GEC)
The
Group
Executive
Council
(GEC)
is
the
highest
executive
decision
making
body
within
Fiat Industrial outside of its Board of Directors1. It is responsible for reviewing the operating
performance of the businesses, setting performance targets, making key strategic decisions
and investments for the Group, making capital allocations and sharing best practices,
including the development and deployment of key human resources

5
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
•
The Merger Agreement provide that FI and CNH will each merge into a newly-formed company organized under the
laws of the Netherlands (NewCo). FI shareholders will receive one NewCo share for each FI share and CNH
shareholders will receive 3.828 NewCo shares for each CNH share in the merger
CNH would pay a cash dividend of US$10 per CNH share to the CNH minority shareholders prior to completion of the
merger
CNH will use its reasonable best efforts for the dividend to be paid prior to December 31, 2012 or as promptly thereafter
as practicable
The NewCo shares will be listed on the New York Stock Exchange. NewCo will also use its reasonable best efforts to cause
the NewCo shares to be admitted to listing on the Mercato Telematico Azionario managed by Borsa Italiana shortly
following the closing of the mergers
NewCo
will
implement
a
loyalty
voting
structure;
shareholders
of
each
company
that
are
present
or
represented
by
proxy
at
the
respective
shareholders’
meetings
to
consider
the
merger
transaction
and
that
continue
to
hold
their
shares
until
completion of the merger may elect to receive common shares registered in a special segment of NewCo’s share register
and be entitled to two votes per share. NewCo shareholders will be entitled to retain double-vote shares indefinitely. If a
NewCo
shareholder
transfers
shares
entitled
to
double
votes,
the
shares
will
revert
to
the
regular
segment
of
the
register
and will be entitled to a single vote per share. Following completion of the merger, new shareholders may earn a double
vote through a loyalty mechanism by holding the shares continuously for at least three years
Fiat Industrial
FI and CNH announce definitive Agreement to combine businesses

6
•
The existence of two distinct equity securities for FI and CNH listed on separate
markets
is
the
result
of
a
series
of
transactions
pursued
in
the
past
by
FIAT
Group
•
The current structure is cumbersome and inefficient in several respects
Small public float and liquidity of CNH
Constrains the Group’s valuation
Limits ability by top US capital goods investors to build meaningful positions in CNH
Creates holding company discount at FI group level
Limits the Group’s ability to capture strategic opportunities using equity
Multiple jurisdictions and layers of governance complicate intra-group dealings
•
These issues have been magnified following the demerger because of the greater
prominence of CNH within FI Group
Fiat Industrial
Assessment of the current situation
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference

7
Iveco
CNH Global
N.V.
CNH Global
N.V.
~88%
•
Listed on the Milan
Stock Exchange
FPT
Industrial
100%
100%
NewCo
Iveco
FPT
Industrial
100%
100%
CNH
100%
Current Group Structure
Group Structure Post Transaction Completion
•
Former FI
shareholders
•
Former CNH
shareholders
•
Incorporated in
the Netherlands
•
Listed on the
NYSE as a FPI
•
Incorporated in the
Netherlands
•
Incorporated in
Italy
•
Listed on the NYSE and
Milan Stock Exchange
•
Loyalty voting structure
•
FI shareholders
•
CNH minorities
~12% 
X %
(1)
Less than current ~12% in CNH
Fiat Industrial
Group structure pre and post completion
1
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference

8
Capital
Markets and
Valuation
•
Create a single class liquid stock listed in New York and Milan
•
Build a true peer to the major North American-based capital goods companies
•
Increase liquidity and attract new capital goods-focused investor base and analyst coverage in the US
•
Capitalize on scarcity value deriving from being the only significant agricultural equipment player listed in
Europe
•
Eliminate CNH illiquidity discount and achieve, over time, a valuation more in line with global capital goods
peers
•
Improve credit profile and access a broader liquidity pool
Strategic
and
Operational
•
Create opportunities for regional consolidation of Financial Services platforms or common development of
new infrastructures in developing markets
•
Acquire greater scale in key emerging markets, such as China, Brazil, Argentina, translating into more
effective local execution
•
Simplify intra-group dealings
•
Secure powertrain know-how for CNH
•
Increase
flexibility
to
pursue
strategic
transactions
and
reward
long-term
shareholding
Fiat Industrial
Rationale for the transaction
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference

9
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
DJSI World –
Industrial Engineering
Eligible companies:
95
Admitted companies:
12
FIAT INDUSTRIAL SPA (Leader)
ABB LTD
ALSTOM SA
ATLAS COPCO AB
CATERPILLAR INC
CUMMINS INC
INGERSOLL-RAND PLC
KOMATSU LTD
MAN
SKF AB
VOLVO AB
XYLEM INC
85
85
51
55
77
48
51
87
87
83
88
88
Fiat Industrial confirmed in DJSI World and Europe indexes, ranking as
Sector
Leader
in
the
Industrial
Engineering
sector,
for
the
second
consecutive year
DJSI World and Europe equity indexes only admit companies that are best-
in-class in managing their businesses according to sustainability criteria
Fiat Industrial Sector Leader
DJSI: Results of the 2012 assessment

20 Novembre, 2010
2012 Outlook

11
Fiat Industrial
Outlook
*
Revenues above €25bn
Trading profit in excess of €2bn
Net income of approximately €0.9bn
Net industrial debt between €1.2bn and €1.5bn
Cash and cash equivalents in excess of €4.0bn
Capital expenditures between €1.2bn and €1.4bn
*
As
per
Q3
&
Sep
YTD
Analysts’
conference
call
On
the
back
of
the
Group’s
performance
to
date
and
our
expectations
of
solid
trading
conditions
across
all
sectors,
especially
CNH,
Fiat
Industrial
is
firming
up
its
2012
guidance
as
follows:
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference

20 Novembre, 2010
Q3 & Sep YTD Results

13
204
297
2.0
2.2
4.9
5.7
Positive swing of €93mn, or
+45.6%
Up €0.2bn, with positive cash flow
from operations offset by seasonal
working capital absorption and
sustained capital expenditure levels
Up 7.9%, as continued robust
growth for AG Equipment more
than compensated for weaker
trading conditions in other
businesses
Up €91mn over the prior year
Down €0.8bn, mainly attributable to
cash utilization related to portfolio
growth for financial services and
capital expenditure (inclusive of
€1.6bn in undrawn committed
facilities)
7.9%
18.8%
5.9
6.3
0.8
p.p.
484
575
8.3%
9.1%
Up 0.8p.p. with CNH achieving
strong margin gains and both Iveco
and FPT Industrial maintaining
margins substantially in line with
prior year levels despite volume
declines
Q3 ’11
Q3 ’12
Q3 ’11
Q3 ’12
Q3 ’11
Q3 ’12
Jun-end ’12
Sep-end ’12
Q3 ’11
Q3 ’12
Jun-end ’12
Sep-end ’12
Q3 ’12 highlights
Trading profit up 18.8% with continuing margin improvement y-o-y
Net result
(€/mn)
Net industrial debt
(€/bn)
Available Liquidity
(€/bn)
Revenues
(€/bn)
Trading margin
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
Trading profit
(€/mn)

Continued robust performance for AG Equipment business driving top-line growth
CNH
IVECO
FPT
Industrial
Eliminations
& Others
448
575
110
26
(9)
-13.3%
1,300
1,641
301
78
(38)
36.8%
Q3 ’12
CNH
IVECO
FPT
Industrial
Eliminations
& Others
Sep YTD ’12
CNH
IVECO
FPT
Industrial
Eliminations
& Others
4,088
6,313
2,054
646
(475)
12,004
18,771
6,226
2,106
(1,565)
Q3  ‘12
CNH
IVECO
FPT
Industrial
Eliminations
& Others
Sep YTD  ‘12
(€mn)
2012
2012`
Q3 & Sep YTD ’12
Revenues and trading profit by business
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
33.3%
-10.6%
18.8%
39.8%
-8.5%
27.1%
17.4%
-7.3%
7.9%
-12.9%
18.5%
-8.1%
7.5%
-8.8%
14

(€mn)
“Unusual items, net”:
Net
unusual
expenses
of
€9mn
vs.
€28mn
in
Q3
’11;
in
both
cases
related
primarily
to
restructuring
charges
for
Iveco
“Financial charges, net”:
Improvement of €24mn was primarily attributable to a reduction in funding costs and lower foreign exchange losses
“Taxes”:
Effective tax rate of 38% was in line with current expectations for the full year
From trading profit to net result
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
Q3 2011
Q3 2012
Sep YTD
2011
Sep YTD
2012
Trading profit
484
575
91
1,291
1,641
350
Unusual items, net
(28)
(9)
19
(55)
(140)
(85)
Operating income
456
566
110
1,236
1,501
265
Financial charges, net
(134)
(110)
24
(374)
(328)
46
Investment income, net
18
23
5
74
66
(8)
Pre-tax result
340
479
139
936
1,239
303
Taxes
(136)
(182)
(46)
(379)
(479)
(100)
Net result
204
297
93
557
760
203
15

16
(*) Net Industrial debt average calculated on a monthly basis
(**) Includes €13mn breakage cost
“FY
’12
guidance
for
Financial
Charges
of
~€400mn,
with
a
+/-
10%
range
potentially
deriving
from
variations in the actual cash flow and FX exposure of the Group”
February 2012 -
FI Analysts Call
Financial charges breakdown
Q3 ’12 vs. Q3 ’11
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
Average
Outstanding
(€/bn)
Rate
(%)
P/L
(€/mn)
Average
Outstanding
(€/bn)
Rate
(%)
P/L
(€/mn)
Capital Market (fixed)
(4.2)
6.8%
(71)
(4.5)
6.9%
(79)
Short-term Debt (floating)
(2.5)
8.3%
(51)**
(3.4)
4.1%
(35)
Gross Industrial Debt
(6.7)
7.3%
(122)
(8.0)
5.7%
(114)
Industrial Cash & Net Intersegment Financial Receivables
4.3
2.2%
23
4.9
2.5%
30
Net Industrial Debt
*
(2.4)
(99)
(3.1)
(84)
IAS 19
(interest cost on pension & OPEB)
(17)
(17)
FX
(18)
(9)
Net Financial Charges
(134)
(110)

(€mn)
Cash flow
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
17
Q3 '12
Sep YTD '12
Net Industrial (Debt)/Cash beginning of period
(1,963)
(1,239)
Net Income
297
760
D&A (excl. Vehicle Buybacks)
176
528
Change in Funds & Others
(50)
(11)
Cash
Flow
from
Op.
Activities
bef.
Chg.
in
W.C.
423  
1,277  
Change in Working Capital
(386)
(1,332)
Cash Flow from Operating Activities
37  
(55)  
Tangible & Intangible Capex (excl. Vehicle Buybacks)
(291)
(798)
Cash
Flow
from
Operating
Activities
net
of
Capex
(254) 
(853)  
Change in Investments, Scope & Other
4
59
Net
Industrial
Cash
Flow
(250)  
(794)  
Capital Increase / Share Repurchases / Dividends
(1)
(233)
FX Translation Effect
11
63
Change
in
Net
Industrial
Debt
(240)
(964)
Net
Industrial
(Debt)/Cash
end
of
period
(2,203)
(2,203)
•
Absorption from change
in working capital broadly
anticipated as a function
of seasonal lower
production levels
•
Capex at 1.7x D&A in the
quarter vs. 1.3x last year
Q3 ’12

20 Novembre, 2010
CNH

CNH Agricultural & Construction Equipment
Margin up 1.3p.p. to 11%
(39)
336
54
(24)
9.7%
11.0%
448
10
Q3 ‘11
Volume
/Mix
Pricing,
Net
Prod.
Cost
SG&A
Other
Q3 ’12
R&D
(24)
135
3,769
3,019
2011
2012
3,632
4,147
3,481
4,088
CNH revenues at €4.1bn up 17% (+4% in US$), net sales of
equipment distribution by region: NA 46%, EAME & CIS 27%, LA
15%, APAC 12%
AG at €3.2bn up 27% (+12% in US$) on
high commodity prices
and despite the severe drought in NA
Global tractor and combine unit deliveries up 9%
CE at €667mn down 10% (-21% in US$) on considerably slower
industry recovery in every region
Units deliveries down 20% (Light down 21%; Heavy down 18%)
Trading profit of €448mn up €112mn
Increased volume for AG equipment
Better mix, positive pricing and purchasing efficiencies for both
AG and CE
R&D spending continues to be at elevated levels as CNH is
investing in new products and engine emissions compliance
programs
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
19

CNH Agricultural Equipment
Sales volume & industry outlook
From
Jan
1
st
2011
onward
region
split
has
been
changed
as
follows:
NA: USA, Canada and Mexico; EAME & CIS: 27 EU Countries, CIS, Balkans, African continent, Middle East;
LA: Central and South America, and Caribbean Islands; APAC: Continental Asia and Oceania
•
Tractors demand flat to down 5%
•
Combines demand flat to down 5%
WW
(6%)
(0-5%)
NA
7%
0-5%
<40hp
8%
~+5%
40+hp
7%
0-5%
EAME & CIS
(8%)
(0-5%)
LA
9%
Flat
APAC
(10%)
~(5%)
WW
4%
(0-5%)
NA
11%
~(10%)
EAME & CIS
3%
5-10%
LA
(1%)
(0-5%)
APAC
(21%)
(5-10%)
WW AG
(6%)
(0-5%)
20
change vs.
Prior year
Q3 ’12
FY ’12E
Industry
CNH
*
Industry
* Performance relative to mkt
•
Q3 ’12
•
FY ’12 expectations
•
Tractors demand down 6% on difficult market in the
EAME & CIS and APAC regions
•
Combines demand up 4% on a positive NA market
Global AG industry down 6%
CNH share performance was positive for both tractors
and combines
•
Tractor share was up in the high horsepower tractor
segment in North America
Global AG demand flat to down 5% vs. 2011
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference

CNH Construction Equipment
Sales volume & industry outlook
From
Jan
1
st
2011
onward
region
split
has
been
changed
as
follows:
NA: USA, Canada and Mexico; EAME & CIS: 27 EU Countries, CIS, Balkans, African continent, Middle East;
LA: Central and South America, and Caribbean Islands; APAC: Continental Asia and Oceania
Light equipment demand up 5 to 10%
Heavy equipment demand down 10 to 15%
* Performance relative to mkt
WW
2%
5-10%
NA
15%
~+25%
EAME & CIS
(3%)
0-5%
LA
(11%)
0-5%
APAC
Flat
Flat
WW
(13%)
(10-15%)
NA
27%
20-25%
EAME & CIS
8%
5-10%
LA
(14%)
(5-10%)
APAC
(28%)
(25-30%)
WW CE
(5%)
(0-5%)
change vs.
Prior year
Q3 ’12
FY ’12E
Industry
CNH
*
Industry
•
NA: +19%
•
EAME & CIS: +1%
•
LA: -12%
•
APAC: -18%
Overall CE industry down 5%
•
Q3 ’12
Construction equipment share in line with the market
•
Gains in LA as a result of new product launches and good
equipment availability
•
FY ’12 expectations
21
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference

22
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
CNH Agricultural & Construction Equipment
Inventory Management (Units of Equipment)
* Excluding Joint Ventures
Source: CNH Internal Data
Third quarter overproduction vs. retail 6% ahead of scheduled
production downtime in the fourth quarter
Expected underproduction vs. retail in the fourth quarter
Third quarter underproduction vs. retail 3%
Expected underproduction vs. retail in the fourth quarter
Company Inventory
Dealer Inventory
CNH Retail Sales*
CNH Production*
Company Inventory
Dealer Inventory
CNH Retail Sales*
CNH Production*
Q1'09
Q2'09
Q3'09
Q4'09
Q1'10
Q2'10
Q3'10
10
11
-11
Q3-
11
-11
Q1-
Q2-
Q3-
Q4-
Q1-
Q2
Q4
12
12
12
Q1'09
Q2'09
Q3'09
Q4'09
Q1'10
Q2'10
Q3'10
10
11
-11
Q3-
11
-11
Q1-
Q2-
Q3-
Q4'
Q1'
Q2
Q4
12
12
12

23
Fiat Industrial –
European/UK Capital Goods and Aerospace and Defence Conference
CNH Agricultural & Construction Equipment
Main product launches
FR forage harvester models
in Europe
New series of professional
fixed chamber Roll Balers,
leveraging on the long term
strategic partnership signed
with Orkel
Tier 4 interim H Series
Forklifts and N Series
Tractor Loaders in North
America
CX55B Mini Excavator in
Latin America
SR130 and SR150  Skid
Steer Loaders in India
E55B Mini Excavator in Latin
America
LM1445F & LM1745
Telehandler in Latin America
4WD Steiger Rowtrac,
narrow tracks in North
America
Combine line-up now
available with optional
folding auger with length up
to 34-feet

20 Novembre, 2010
Iveco

Iveco
Margins substantially in line with Q3 ’11 despite volume declines  
38
(51)
123
(21)
21
5.6%
5.4%
110
1
Q3 ‘11
Volume
/Mix
Price
Prod.
Cost
SG&A
Other
Q3‘12
R&D
(1)
Purch.
0
•
Revenues down 7% to €2.1bn, due to activity drop both in
Europe (-7%) and in LatAm (-18%), partially compensated
by a more favorable product mix
•
Overall volumes -18% to 29k units
By geography
WE  -23% to 15k units: Italy (-25%), Germany (-25%), France
(-15%), Spain (-30%) & UK (-33%)
EE  -9%
LA  -27%
RoW +19%
By segment
Light -18%; Medium -34%; Heavy -16%
•
Trading profit at €110mn with margin at 5.4%
(-0.2 p.p.) due to volume effects and prices adjustments,
almost entirely offset by industrial efficiencies and
overheads cuts
2,123
1,899
2011
2012
2,273
2,435
2,054
2,215
25
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference

Iveco
Industry outlook
Europe down 15% (WE down 20% and EE up 8%)
LA down 19%
RoW up 79%
*
From
Jan
1
st
2011
onwards
information
concerning
EE
industry
figures
are
no
longer
available;
with
reference
to
WE
market share are estimated
1.
Including all segments
change
vs. prior year
Industry (
3.5T)*
Q3 ’12
FY ’12E
WE
-7.9%
-5 / -10%
LA
-28.6%
-10/ -15%
•
Q3 ’12
WE overall industry down 7.9% vs. Q3 ’11
Light: -4.5%; Medium: -9.7%; Heavy: -13.3%
LA markets down 28.6% vs. Q3’11 (Brazil: down 32%; Venezuela 
down 11%; Argentina:  down 20%)
Light: -29.4% ; Medium: -27.6%; Heavy: -29.7%
•
FY ’12 expectations
WE market stabilized at previous quarters levels, with a possible
turnaround in second half of next year, as a result of  a pre-buy
before Euro VI
LA markets decrease expected, mainly driven by Brazil (due to Euro
III pre-buy effect, compounded by Euro V  fuel distribution
concerns). Government stimulus program favorable financing
conditions  might accelerate demand in last quarter of the year
Iveco
Order
intake
1
[k/units]
Fiat
Industrial
–
European/UK
Capital
Goods
and
Aerospace
and
Defence
Conference
Iveco  Q3 ’12 order intake decreased 6% vs. last year, back to
2010 activity levels (stabilized vs. Q2 ’12)
26

Iveco
European company and dealer inventories
K-units                
Commercial Vehicles
vs.Q3 ’11
Dealer inventory
Company inventory
-13%
or -2.3k
units
-11%
or -0.9k
units
Progressive resizing of Dealers New Vehicles inventories : down 16% vs. Q4 ’11, despite seasonality  effects, still well below
Q2 ’08 / Q3 ’09 crisis levels (respectively -54% and -23%)
Dealers Network inventories end Q3 ’12  still below 3 months of average sales 
Q1'08
Q2'08
Q3'08
Q4'08
Q1'09
Q2'09
Q3'09
Q4'09
Q1'10
Q2'10
Q3'10
Q4'10
Q1'11
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12
Q3'12
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27

Iveco
Market shares by region
1
2.8-6T at 6.2% (-0.9 p.p. vs. last year)
2
Brazil: Light at  25,8% (+5,7 p.p.); Medium at  4,1% (-0,9 p.p.); Heavy at 8% (-4,4p.p.)
LA market share
3.5T at 11.3%, +0.1p.p. vs. last year
Light segment  excellent performance going on
leveraging on Daily model strong brand image
Medium segment recovery starting, supported
by new Tector and Euro V Vertis models launches
Heavy segment  still under pressure from aggressive
competition  in Brazil
Light
(3.5-7.9T)
Medium
(8.0-31T)
Heavy
(>31T)
LA market
share
Q3 ’12
17.7%
7.1%
12.1%
Change vs. Q3 ’11
+2.4p.p.
-0.1p.p.
-2.2p.p.
10.1
9.3
18.9
21.7
9.6
11.4
Q3 ‘12
Q3 ‘11
+2.8pp
-0.8pp
2
+1.8pp
Q3 ‘12
Q3 ‘11
Q3 ‘12
Q3 ‘11
WE market
share
Q3 ’12
11.7%
1
23.9%
7.8%
Change vs. Q3 ’11
Change at mix 2011
-2.1p.p.
-1.3p.p.
-1.9p.p.
-1.5p.p.
+0.1p.p.
+0.7p.p.
Light
(3.5-6T)
Medium
Heavy
WE market share
3.5T at 11.6%  (7.6%
2.8T), down 1.3p.p. 
vs. Q3 ’11 (down 0.6p.p. at market mix 2011)
Light segment positions affected by both
aggressive price competition and unfavorable
market mix
Medium
segment
2
nd
position
confirmed.
Italy
market share at 68.2%  up 4.6p.p.
Heavy segment market share increasing in all
countries. Gained 1.0 point in the tractors segment
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28

Iveco
64
th
edition of the International Commercial Vehicle Show (IAA)
8 –
13 LITRES
Up to 500 HP
18 ÷
56 TON
8 –
13 LITRES
Up to 560 HP
Up to 104 TON
4 –
6 LITRES
Up to 300 HP
Up to 18 TON
Electric Asynchromotor 
120 km Urban Cycle
> 210 Km NEDC Cycle
82 HP
Max Speed = 70 Km/h
3 LITRES
170 HP
19 + 1 PLACES
EEV  10 LITRES
Up to 450 HP
49 + 1 + 1 PLACES
EURO VI
9-11-13 LITRES
Up to 560 HP
18 ÷
44 TON
STYLING
& DESIGN
AWARD
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29

Iveco
China
•
China Industry Commercial Vehicles  market down 8% 
vs. last year
•
JVs sales up 13.6% vs. last  year at
33k units, reaching 5.4%  market
share vs. 4.4% in Q3 ’11
Non-consolidated
sales [k/units]
Q3 ’10
730
Q3 ’11
670
625
Q3 ’09
613
Q3 ’12
Industry volumes (>1,8t)          
[k/units]
Q3 ’12
Q3 ’10
33
Q3 ’11
29
Q3 ’09
33
27
Light Bus (Daily) at 10.0%, down
2.2p.p. vs. Q3 ’11
Light Trucks (Yuejin) at 5.2%, up
1.5p.p. vs. Q3 ’11
Heavy  Truck (SIH) at 2.7%, up
0.4p.p. vs. Q3 ’11
Light Bus 3.5-7m (Daily segment) up 9.7%
Light Truck 1.8-6t (Yuejin segment) down 3.7%
Heavy  >14t (SIH segment) down 28.8%
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30

Iveco
Focus on Africa sales development
•
Joint-Venture with local partner
•
Plant to be located in Pretoria area
JV : 60% Iveco / 40% Larimar, diversified South African group
operating in passenger & freight transport, bus engineering and
manufacturing, and financial services
€36mn investments in 2013 for the production facilities
Production to deserve by priority SACU area customers, and
also close countries such as Angola and Congo, targeting 6k-
units in 2015, and 8k-units run rate after 5 years
180,000 sqm area (23% covered)
210 employees end 2013
8k-units production capacity (2 shifts), dedicated to buses
manufacturing and trucks assembly based on
components (CKD) supplied from Europe and China
Start of Production planned in H2 ’13
31
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20 Novembre, 2010
FPT Industrial

FPT Industrial
Defending margins on lower volumes
2011
2012
14
2011
2012
38
3
24
678
782
646
742
838
729
30
26
•
Revenues down 13% to  €646mn due to business decrease for both
captive customers and third parties compared to Q3 ’11
•
Third parties, including Fiat JVs, at 32% of total revenues, up 3p.p.
compared to the same period of 2011
•
Trading profit at €26mn down €4mn vs. last year
Engines
129
107
Gearboxes
18
13
Axles
40
31
K/Units
Q3 ’12
Q3 ’11
-17%
-30%
-24%
•
Margin at 4% in line with last year
33
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•
32% of Total engines sold to Iveco and 28% to CNH, while
remaining 40% to external customers (including Sevel,
Fiat JV in LCVs)

FPT Industrial
Product and business development
Presented the new Cursor 8 CNG Euro VI for bus and truck
applications at the IAA Hannover exhibition
Signing of a LOI with VDL Bus & coach for supplying Cursor 9 Euro
VI engines
Commercial
launch
of
the
new
NEF67
570hp
Tier3
for
Marine
applications at the Genova Boat Show
34
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Supply
Contract
for
Cursor
10
application
on
Ford
Heavy-
Duty Trucks in Europe and Latin America
Production start-up of the Cursor 9 Euro V in the new Cordoba
Plant (Argentina) for Iveco Latin America
Launch of NEF4 Euro V engines in the Sete Lagoas Plant (Brazil)
for Iveco truck applications

FPT Industrial
Main events
The International Jury declared: «the Hi-eSCR technology developed by FPT
Industrial paves a brand new route in the reduction of harmful diesel-engine
emissions».
Three out of the four Award finalists are powered by FPT Industrial engines
On
July
23
rd
the
Turin
plant
produced
its
1
millionth
NEF
engine
The Cursor 13 produced by SFH JV in China was awarded the “2012 Annual
Environmental Protection Engine”
The first batch of Cursor 8 Euro V EEV for city bus application delivered to Beijing
Public Transportation Company (BPTC)
Two Cursor 9 650hp powered the FB Design boat  smashing the record of New York-
to-Bermuda raid from 21 to 17 hours
35
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Net debt breakdown
(€bn)
* Net of intersegment receivables
Note: Numbers may not add due to rounding
Jun. 30, ’12
Sep. 30, ’12
Cons.
Ind.
Fin.
Cons.
Ind.
Fin.
20.5
4.5
16.0
Gross Debt*
20.2
4.3
15.9
0.1
0.0
0.0
Derivatives M-to-M, Net
0.0
0.0
0.0
(4.1)
(2.6)
(1.5)
Cash & Mktable Securities
(3.3)
(2.0)
(1.3)
16.5
2.0
14.5
Net Debt
16.9
2.2
14.6
36
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37
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Gross debt
(€bn)
*
Sales of Receivables Off  Balance (IFRS de-recognition compliant): €0.7bn 
Outstanding
Jun. 30, ’12
Outstanding
Sep. 30, ’12
10.6
Cash Maturities
10.3
5.4
Bank Debt
5.2
5.0
Capital Market
5.0
0.1
Other Debt
0.2
9.9
Securitization and Sale of Receivables (on book)*
9.8
7.8
ABS / Securitization
7.9
0.7
Warehouse Facilities
0.5
1.5
Sale of Receivables
1.4
0.0
Adjust. for Hedge Accounting on Fin. Payables
0.0
20.5
Gross Debt
20.2
4.1
Cash & Mktable Securities
3.3
(0.1)
Derivatives Fair Value
0.0
16.5
Net Debt
16.9
1.6
Undrawn committed credit lines
1.6

38
Debt maturity schedule
(€bn)
Note: Numbers may not add due to rounding
*
With a residual tenor greater than 12 months
Outstanding
Sep. 30, ’12
3M 2012
2013
2014
2015
2016
Beyond
5.2
Bank Debt
0.9
1.5
1.8
0.3
0.3
0.4
5.0
Capital Market
0.2
0.8
0.0
1.0
0.6
2.4
0.2
Other Debt
0.1
0.0
0.0
0.0
0.0
0.1
10.3
Total Cash Maturities
1.1
2.3
1.8
1.3
0.9
2.9
3.3
Cash & Mktable Securities
0.7
of which ABS related & Restricted
Cash
1.6
Undrawn committed credit lines*
4.9
Total Available Liquidity
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Safe harbor statement
Certain information included in this document is forward looking
and is
subject to important risks and uncertainties that could cause actual
results to differ materially. The Company's businesses include its capital
goods business, including trucks, commercial vehicles, agricultural
equipment, heavy and light construction equipment,  powertrains for the
capital goods and marine business, related service parts and financial
services  and its outlook is predominantly based on its interpretation of
what it considers to be the key economic factors affecting these
businesses. Forward-looking statements with regard to the Group's
businesses involve a number of important factors that are subject to
change, including: the many interrelated factors that affect consumer
confidence and worldwide demand for capital goods and capital goods-
related products; factors affecting the agricultural business including
commodities prices, weather, floods, earthquakes or other natural
disasters,  and governmental farm programs; general economic
conditions in each of the Group's markets; changes in governmental
policies regarding banking, monetary and fiscal policies,  legislation,
particularly that relating capital goods-related issues, agriculture, the
environment, trade and commerce and infrastructure development;
actions of competitors in the various industries in which the Group
competes; production difficulties, including capacity and supply
constraints and excess inventory levels; labor relations; interest
rates and currency exchange rates; political and civil unrest; and
other risks and uncertainties. Any forward-looking statements
contained in this document are referred to the current
date
and,
therefore,
any
of
the
assumptions
underlying
this
document or any of the circumstances or data mentioned in this
document may change. Fiat Industrial S.p.A. expressly disclaims
and does not assume any liability in connection with any
inaccuracies in any of these forward-looking statements or in
connection with any use by any third party of such forward-looking
statements. This document does not represent investment advice
or a recommendation for the purchase or sale of financial products
and/or of any kind of financial services. Finally, this document
does not represent an investment solicitation in Italy,
pursuant
to
Section
1,
letter
(t)
of
Legislative
Decree
no.
58
of
February 24, 1998, or in any other country or state.
39
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40
Fiat
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This document does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.
An offer of securities in the United States pursuant to a business combination transaction will only be made through a
prospectus which is part of an effective registration statement filed with the US Securities and Exchange Commission. 
Shareholders of CNH Global NV (“CNH”) and Fiat Industrial S.p.A. (“FI”) who are US persons or are located in the United
States are advised to read the registration statement when and if it is declared effective by the US Securities and Exchange
Commission because it will contain important information relating to the proposed transaction.  You will be able to inspect
and copy the registration statement relating to the proposed transaction and documents incorporated by reference at the
SEC’s Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549.  DutchCo’s SEC filings are also
available to the public at the SEC’s web site at http://www.sec.gov.  In addition, FI will make the effective registration
statement available for free to shareholders of CNH and FI in the United States.

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