Osamu Suzuki, Chairman and Chief Executive Officer of Suzuki Motor
Corporation, and Giancarlo Boschetti, President and Chief Executive Officer of
Fiat Auto S.p.A., signed a memorandum of understanding today which calls for
the joint development of a new sport utility vehicle (SUV).

At a press conference held in Budapest, Messrs. Suzuki and Boschetti stressed
that the new vehicles will have a distinctive styling differentiation.

The production of the new SUV vehicles, which will be based upon the new
Suzuki A-Segment Platform, will begin in the second half of 2005 at the Magyar
Suzuki Corporation facility in Esztergom, near Budapest, Hungary.

The new SUVs will be produced in 5-door version and will be powered by a
diesel and gasoline engine.

Fiat Auto and Suzuki will distribute the new SUV vehicles independently through
their own dealership networks.

No financial details on the venture were made available.

Budapest — Hamamatsu — Turin, April 10th, 2003

Osamu Suzuki
Chairman and CEO
Suzuki Motor Corporation

Date of Birth : 30th January, 1930

Final Education : Graduated from the Faculty of Law,
Chuo University in March, 1953.

Job History
* Joined Suzuki Motor Co., Ltd. in April, 1958.
* Appointed as Director in November, 1963.
* Appointed as Managing Director in December, 1967.
* Appointed as Senior Managing Director in November, 1973.
* Appointed as President in June, 1978.
* Appointed as Chairman and CEO in June, 2000.
-The corporate name was changed to
Suzuki Motor Corporation in October, 1990.

GIANCARLO BOSCHETTI

President and CEO, Fiat Auto S.p.A.

Born in Turin on November 14, 1939, Giancarlo Boschetti graduated
in Economics at the University of Turin in 1962.

He joined Fiat in 1964 in the administration and management control
department.

In 1968 he moved to the marketing, commercial planning and
development areas and in 1973 he was put in charge of the
marketing of Fiat Group’s diversified products.

In 1975 he joined Iveco B.V., Fiat Group’s commercial and industrial
vehicle arm, as marketing and planning director.

In 1979 he was named Chief Executive Officer of IVI, a Fiat Group
company belonging to the Components Sector and specializing in
paints.

Back at Iveco, in 1981 he became head of purchasing and in 1982
Marketing Manager. In 1990 he was appointed Executive Vice
President in charge of Truck Operations.

On December 13, 1990 he was appointed Chief Executive Officer of
Iveco.

On December 10, 2001, he was named Chief Executive Officer of
Fiat Auto affective January 1st, 2002.

MAGYAR SUZUKI CORPORATION
-OUTLINE-
April 2003

1. Company Name Magyar Suzuki Corporation

Location 2500 Esztergom, Schweidel Jozsef u.52, Hungary
Site area 500,000m2
Building area 54,840 m2

2. Capital 81,900 Million HUF

Ownership Suzuki Motor Corporation 97.52%
Itochu Corporation 2.46%
Hungarian Shareholders 0.02%

3. Managing Director Kazuhisa Toda

4. History

April 1991 Established
October 1992 Start of production of SWIFT
February 1998 Cumulative production volume 200,000units
January 2000 Start of production of WAGON R+
March 2002 Cumulative production volume 500,000units
April 2003 Start of production of IGNIS

5. Production volume in 2002 85,000 units