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5. Magneti Marelli Holding S.p.A. Business Report FY ended 2014

Factors
1) Net Sales
-For the fiscal year ended December 31, 2014, the Company's net sales increased by 8.6% over the previous year to EUR 6,500 million. The increase in sales was due to improved performance in North America, China and Europe which was slightly offset by declines in Brazil. Decreased sales in Brazil were caused in part by negative currency effects due to the weakening of the Brazilian real versus the euro.

2) EBIT
-The Company's EBIT in the fiscal year ended December 31, 2014 was EUR 204 million, a 20.7% increase from the previous year. Higher sales volumes as well as effective cost containment actions and efficiencies all contributed to the increase in EBIT.

Joint Ventures

-The Company and DTR Corporation, a Korean company that manufactures industrial rubber for the automotive industry, have signed an agreement to establish a joint venture aimed at acquiring CF Gomma, an Italian based automotive supplier focused on rubber products. CF Gomma produces anti-vibration rubber products for vehicle and engine suspensions, air springs for the haulage and railways industries as well as rubber technical moldings and compounds. The agreement establishes the new shareholding structure of the joint venture that will be 60% owned by DTR Corporation and 40% owned by the Company. Both parties will be working together to promote the development of business in Europe and South America. (From a press release on June 20, 2014)

-The Company and Samvardhana Motherson International Ltd. (SMIL) have signed a joint venture (JV) agreement in the field of shock absorbers. SMIL will enter the JV through the acquisition of a stake representing the 50% of the share capital of Magneti Marelli Shock Absorbers India Private Limited, a Company subsidiary devoted to the shock absorber business in India. The JV will leverage the Company's existing shock absorber manufacturing facility in Chakan, Pune, India. (From a press release on June 9, 2014)

Major Contracts

Technological Alliance

-The Company announced that it has started a collaboration with Neonode Inc., a manufacturer of touch technologies, to jointly develop Human Machine Interfaces (HMIs) for the automotive market. These HMIs will be developed to interact with in-vehicle infotainment and telematics systems. Areas of focus in the development of HMIs include ease-of-use, high performance, and safety. (From a press release on July 23, 2014)

-The Company and VisLab, a spin-off of the University of Parma, have signed a technical-scientific collaboration agreement focusing on intelligent vehicles with autonomous driving. The agreement calls for Company engineers to join a group of researchers from VisLab to form a twenty-member research team in Parma. The agreement entails the development of demonstration vehicles with autonomous capabilities optimized for situations such as highway, urban and suburban driving as well as a completely autonomous driving system. The Company has been working with the VisLab research group since 2007 on common projects in the automotive area, specifically on algorithms for the recognition of vehicles, pedestrians and road signs as well as on stereoscopic vision. (From a press release on February 25, 2014)

Product Development

Technologies displayed at IZB International Suppliers Fair
-The Company announced that it will present various new technologies at the IZB International Suppliers Fair. These technologies include a GDI injector, which is characterized by a 600 bar pressure; the 48-volt Hybrid System PERF.E.T. (PERForming and Efficient Transmission); AMOLED display technology, which features reduced electrical power usage; and the E-Light LED module which consumes 1/6 of the energy of a regular halogen bulb. (From a press release on October 14, 2014)

48V lithium-ion batteries jointly developed with FIAMM
-FIAMM S.p.A. announced that it will unveil its new range of accumulators with lithium-ion technology at Automechanika 2014 in Frankfurt, Germany. Two of the products unveiled at the FIAMM stand will be two 48V lithium-ion batteries developed in collaboration with the Company. (From a press release on September 15, 2014)

E-Light LED low-beam lighting module
-The Company's Automotive Lighting E-Light LED low-beam module allows simultaneous savings in energy and fuel consumption, while providing superior lighting performance. E-Light uses about 1/6 of the energy of a traditional halogen light bulb. The E-Light module was recognized by the European Commission to contribute to reducing CO2 emissions by about 1 g/km during actual vehicle use. (From a press release on April 1, 2014)

Investment Outside Italy

<India>
-Due to high demand for Automated Manual Transmissions (AMT) featured in the Maruti Suzuki Celerio and Alto K10, a new AMT manufacturing line is being set up at the joint venture plant between the Company and Maruti in Manesar, India. The new manufacturing line will expand AMT production from 3,500 kits per month to 5,000 kits. (From news releases issued by multiple sources on November, 2014)

-As part of its increased investments in India, the Company is constructing a new plant for automotive lighting in Sanand, Gujarat. This plant is being developed to give the Company a presence in Gujarat, as well as to supply automakers in the area, specifically Maruti Suzuki and Ford. The plant is expected to be completed in the middle of 2015. (From news releases issued by multiple sources on June, 2014)

<U.S.>
-Magneti Marelli Holding USA, a subsidiary of the Company, announced that its exhaust system manufacturing plant located in Independence Township, Michigan, U.S., celebrated its official opening. The 100,000-square-foot plant is the Company's first manufacturing facility located in Michigan. Employing 75 people, the plant manufactures hot end exhaust manifolds integrated with catalytic converters and will have an annual production capacity of approximately 300,000 units. The plant's first project is related to Fiat Chrysler platforms. (From a press release on September 29, 2014)