FCA Bank S.p.A. Update to Credit Analysis. Exhibit 1 Rating Scorecard - Key Financial Ratios. Asset Risk: Problem Loans/ Gross Loans

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1 CREDIT OPINION 14 December 17 Update to Credit Analysis Update Summary Rating Rationale The A3 deposit rating and Baa1 senior unsecured rating of FCA Bank S.p.A. (FCA Bank), a joint venture between car manufacturer Fiat Chrysler Automobiles N.V. (FCA) and Groupe Credit Agricole, take into account the bank s standalone creditworthiness, commercial dependence upon FCA, affiliate support from Groupe Credit Agricole, extremely low and very low lossgiven-failure respectively, and low probability of government support. RATINGS FCA Bank S.p.A. Domicile FCA Bank S.p.A. Italy Long Term Deposit A3 Type LT Bank Deposits - Fgn Curr Outlook Negative Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. FCA Bank's standalone baseline credit assessment (BCA) is ba, underpinned by the bank's sound solvency profile, and constraints deriving from the bank's commercial dependence on the FCA group. Our view that there is a high probability of support from Groupe Credit Agricole results in a ba adjusted BCA, two notches above the standalone BCA. Exhibit 1 Rating Scorecard - Key Financial Ratios FCA Bank S.p.A. (BCA: ba) Median ba-rated banks 14% Contacts 8% Maria Jose Mori VP-Sr Credit Officer mariajose.mori@moodys.com % 6% 8% 5% 6% 4% 3% 4% % % 1.8% 11.4% 1.3% 83.3% 6.5% Asset Risk: Problem Loans/ Gross Loans Capital: Tangible Common Equity/Risk-Weighted Assets Profitability: Net Income/ Tangible Assets Funding Structure: Market Funds/ Tangible Banking Assets Liquid Resources: Liquid Banking Assets/Tangible Banking Assets % % Solvency Factors (LHS) Liquidity Factors (RHS) Source: Moody's Financial Metrics Credit Strengths» Low stock of problem loans CLIENT SERVICES Americas » Sound capital Asia Pacific » Good profitability Japan EMEA % Credit Challenges» Monoline business model and commercial dependence on FCA» Wholesale funding profile Liquidity Factors Ambra Cortesi Associate Analyst ambra.cortesi@moodys.com Solvency Factors 7% Edoardo Calandro VP-Senior Analyst edoardo.calandro@moodys.com Nick Hill MD-Banking nick.hill@moodys.com 9% 1%

2 Rating Outlook The outlook on FCA Bank s A3 deposit rating is negative, reflecting pressure on the Italian government s Baa ratings, which has a negative outlook since 7 December 16. In accordance with Moody s bank methodology, bank ratings are typically constrained by a two-notch cap above the sovereign bond rating, reflecting our view that the expected loss of rated bank instruments is unlikely to be significantly below that of the sovereign s own debt. The outlook on FCA Bank s Baa1 issuer rating is stable, reflecting our expectation that the credit profile of the bank will remain resilient over the next 1-18 months, and that the volume and subordination of senior unsecured debt will remain broadly in line with our current loss-given-failure assumptions. Factors that could lead to an upgrade FCA Bank's A3 deposit rating is constrained by Italy's sovereign bond rating. The bank's Baa1 senior unsecured rating could be upgraded following an upgrade of FCA Bank's adjusted BCA, or an increase in the stock of subordinated debt, which would enhance the protection available to senior creditors. The ba adjusted BCA could be upgraded given a higher probability of support from Groupe Credit Agricole, or an upgrade of FCA's B Corporate Family Rating, which constraints FCA Bank's BCA. Factors that could lead to a downgrade We could downgrade FCA Bank s ratings as a result of a deterioration in FCA's creditworthiness. FCA Bank's deposit and senior unsecured ratings could be downgraded following a downgrade of Italy's sovereign ratings, or lower support from Groupe Credit Agricole. Key indicators Exhibit FCA Bank S.p.A. (Consolidated Financials) [1] Total Assets (EUR million) Total Assets (USD million) Tangible Common Equity (EUR million) Tangible Common Equity (USD million) Problem Loans / Gross Loans (%) Tangible Common Equity / Risk Weighted Assets (%) Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) Net Interest Margin (%) PPI / Average RWA (%) Net Income / Tangible Assets (%) Cost / Income Ratio (%) Market Funds / Tangible Banking Assets (%) Liquid Banking Assets / Tangible Banking Assets (%) Gross Loans / Due to Customers (%) ,45 8,794,183, , ,84 4,558 1,991, , ,59 1,193 1,817 1, , ,934,491 1,661, , CAGR/Avg.4 16,563,83 1,58, , , [1] All figures and ratios are adjusted using Moody's standard adjustments [] Basel III - fully-loaded or transitional phase-in; IFRS [3] Basel II; IFRS [4] May include rounding differences due to scale of reported amounts [5] Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime [6] Simple average of periods presented for the latest accounting regime. [7] Simple average of Basel III periods presented Source: Moody's Financial Metrics This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. 14 December 17

3 Profile FCA Bank, is a captive finance company that supports vehicle sales in select European countries by its manufacturer shareholder FCA, and for non-fca brands such as Jaguar, Land Rover, and Ferrari. It operates in 17 European countries and Morocco, either directly or through its subsidiaries. The bank provides services mainly through the dealership networks of the respective manufacturers. The company is a 5:5 joint venture between Credit Agricole Consumer Finance SA (unrated), a subsidiary of Credit Agricole S.A. (CASA), and FCA Italy S.p.A., a subsidiary of FCA. Detailed Rating Considerations FCA Bank s BCA is supported by its macro profile of Strong FCA Bank is diversified across Europe, and its financial profile benefits from operating in countries with a weighted average macro profile of Strong. In 16, most of FCA Bank's loans were in Italy (46% of total loans), Germany (18%), UK (1%), France (8%), and Spain (6%). Low stock of problem loans FCA Bank s asset risk is low, as indicated by our a score, which is in line with macro-adjusted score. Cars are of critical importance for most consumers who usually repay their car loans with priority over other debts; this results in a relatively low level of problem loans1. In the last ten years, FCA Bank's problem loans represented a maximum of 3.5% of gross loans in 11, which compares with a peak of 18% for Italian banks. Since 11, FCA Bank's problem loans have been decreasing, and they accounted for 1.4% of gross loans in June 17 (Italian banks average: 16.4%). Sound capital and good profitability We view FCA Bank s Tangible Common Equity of 11.4% of risk-weighted assets in June 17 as sound, relative to the bank's low asset risk. Our score for FCA Bank's capital is baa, in line with the macro-adjusted score. FCA Bank has increased its capital ratios since 7 by consistently retaining more than 5% of its profits. The bank s profitability is good, as indicated by our score, which is in line with the macro-adjusted score. In June 17 FCA Bank's annualised return on tangible assets was 1.5% (exhibit 3), in line with the bank's peer RCI Banque (Baa1/Baa1 stable, ba), and significantly higher than the average Italian bank (.5% annualised return on tangible assets for the largest five Italian banks in H1 17). Exhibit 3 Improving profitability Net Income / Tangible Assets 1.9%.% 1.8% 1.7% 1.8% 1.6% 1.6% 1.4% 1.% 1.1% 1.% 1.1%.9% 1.% 1.1% 1.1%.9%.8% 1.5% 1.3% 1.4% 1.5% 1.5% 1.4% 1.%.9%.7%.8%.6%.4%.%.% 11 1 Volkswagen Bank GmbH, baa 13 RCI Banque, ba H 17 FCA Bank S.p.A., ba Source: Moody's Investors Services 3 14 December 17

4 FCA Bank's net profit has consistently grown since 7 and throughout the years of recession, with the exception of 9 owing to a one-off credit loss in Spain. We believe this trend will continue given our expectations of economic growth in Europe in 18, and increasing commercial penetration, a leading indicator of future profitability. In 16, operating income coming from Italy was around 35% of the group total, with the remainder coming from the rest of Europe and Morocco; the biggest contributors outside of Italy remain the UK and Germany, with around 19% and 13% respectively. Wholesale funding profile FCA Bank is dependent on inherently volatile market funding; we consider FCA Bank's funding structure as a weakness, and we score it b3. Our assigned score is three notches above the ca macro-adjusted score. The adjustment takes into account our view that a material amount of funding is inherently stable because it comes from joint shareholder Groupe Credit Agricole (14%), and sources of funding are well diversified (exhibit 4). Exhibit 4 Funding Profile ECB 8% Funding from CASA 14% Securitisations 17% Deposits % Wholesale unsecured bonds 38% Interbank funding excl CASA 1% Source: Company's Presentation and Moody's Investors Service FCA Bank was able to tap the wholesale markets under its own name several times over the last few years, reflecting its ability to access alternative funding sources. We expect this to continue, given the current favourable environment in wholesale markets. FCA Bank received a banking license in Italy in January 15, which allows it to access the ECB funding and also take retail deposits. FCA Bank was previously established as a non-bank financial institution, supervised by the Bank of Italy. While we believe that it will take several years for deposits to account for a material share of the bank's resources, we believe that the banking license has enhanced funding diversification and liquidity. Similarly to other auto-captive banks, FCA Bank s maturities of assets and liabilities are fully matched and market risks are hedged. FCA Bank reported a strong Liquidity Coverage Ratio (LCR) of 17% as of June 17. Monoline business model and commercial dependence on FCA constrain BCA We adjust FCA Bank's ba financial profile downward by one notch, to reflect the bank s exclusive exposure towards the car financing business. Around 8% of FCA Bank's loans are linked to FCA brands; we constrain FCA Bank's BCA at ba, one notch higher than FCA's B Corporate Family Rating, to reflect this commercial dependence. We apply the same constraint to other financial captives with similar links December 17

5 Notching Considerations Affiliate Support Our view that there is a high probability that Credit Agricole would extend extraordinary support to FCA Bank in case of need drives a two-notch uplift from the bank's ba BCA to an adjusted BCA of ba. This expectation is based on FCA Bank as a strategic subsidiary for Groupe Credit Agricole's European consumer finance business; furthermore, this status is underpinned by the joint venture agreement which was recently extended until 1. Loss Given Failure FCA Bank is subject to the EU Bank Recovery and Resolution Directive (BRRD), which we consider to be an Operational Resolution Regime. Our analysis assumes residual tangible common equity of 3% and losses post-failure of 8% of tangible banking assets, a 5% run-off in junior wholesale deposits, a 5% run-off in preferred deposits and 6% junior deposits over total deposits. These are in line with our standard assumptions. Furthermore, we take into account the full depositor preference whereby junior deposits are preferred over senior debt creditors in accordance with a law decree introducing full depositor preference in Italy starting from 19. We believe that FCA Bank's deposits are likely to face extremely low loss-given-failure, due to the loss absorption provided by the residual equity that we expect in resolution and senior unsecured debt, as well as the volume of deposits themselves. This is supported by the combination of deposit volume and subordination. This results in an uplift of three notches from the bank s ba Adjusted BCA. We believe that FCA Bank's senior unsecured debt is likely to face very low loss-given-failure, due to the loss absorption provided by the residual equity that we expect in resolution, as well as the volume of senior unsecured debt itself. This is supported by the combination of senior unsecured debt volume and subordination. This results in an uplift of two notches from the bank s ba Adjusted BCA. Government Support There is no uplift given our view of a low probability of government support. Counterparty Risk Assessment CR Assessments are opinions of how counterparty obligations are likely to be treated if a bank fails and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than both the likelihood of default and the expected financial loss suffered in the event of default and () apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performance obligations (servicing), derivatives (e.g., swaps), letters of credit, guarantees and liquidity facilities. FCA Bank's CR Assessment is positioned at Baa1(cr)/Prime-(cr). The CR Assessment is positioned two notches above the Adjusted BCA of ba, based on the cushion against default provided to the senior obligations represented by the CR Assessment by subordinated instruments amounting to of Tangible Banking Assets. The main difference with our Advanced LGF approach used to determine instrument ratings is that the CR Assessment captures the probability of default on certain senior obligations, rather than expected loss, therefore we focus purely on subordination and take no account of the volume of the instrument class December 17

6 Rating methodology and scorecard factors Exhibit 5 FCA Bank S.p.A. Macro Factors Weighted Macro Profile Strong Factor Historic Macro Ratio Adjusted Score Credit Trend Assigned Score Key driver #1 Solvency Asset Risk Problem Loans / Gross Loans 1.8% a a Quality of assets Capital TCE / RWA 11.4% baa baa Risk-weighted capitalisation Profitability Net Income / Tangible Assets 1.3% Return on assets Combined Solvency Score Liquidity Funding Structure Market Funds / Tangible Banking Assets 83.3% Liquid Resources Liquid Banking Assets / Tangible Banking Assets 6.5% ca b1 caa1 Balance Sheet in-scope (EUR million) 4,454 1, , , December 17 Key driver # Combined Liquidity Score Financial Profile Business Diversification Opacity and Complexity Corporate Behavior Total Qualitative Adjustments Sovereign or Affiliate constraint: Scorecard Calculated BCA range Assigned BCA Affiliate Support notching Adjusted BCA Other liabilities Deposits Preferred deposits Junior Deposits Senior unsecured bank debt Equity Total Tangible Banking Assets 6 1% b3 Market funding quality b1 Stock of liquid assets b ba -1-1 Ba ba1-b ba ba % in-scope 3.3% 7.% 5.4% 1.9% 59.4% 3.% 1% at-failure (EUR million) 4, , ,683 % at-failure 31.1% 6.5% 5.1% 1.4% 59.4% 3.% 1%

7 Debt class Counterparty Risk Assessment Deposits Senior unsecured bank debt Instrument class Counterparty Risk Assessment Deposits Senior unsecured bank debt De Jure waterfall De Facto waterfall Notching LGF Assigned Additional Preliminary LGF notching Rating Instrument Sub- Instrument SubDe Jure De Facto Notching Guidance notching Assessment volume + ordination volume + ordination vs. subordination subordination Adjusted BCA baa1 (cr) 3.% 6.4% % 6.4% 3.% baa1 Loss Given Failure notching 3 Additional Preliminary Rating Notching Assessment baa1 (cr) baa1 Government Support notching Local Currency Rating Baa1 (cr) A3 -- Foreign Currency Rating -A3 Baa1 Source: Moody's Financial Metrics 7 14 December 17

8 Ratings Exhibit 6 Category FCA BANK S.P.A. Outlook Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Counterparty Risk Assessment Issuer Rating Moody's Rating Negative(m) A3/P- ba ba Baa1(cr)/P-(cr) Baa1 FCA BANK S.P.A, IRISH BRANCH Outlook Senior Unsecured -Dom Curr Stable Baa1 FCA CAPITAL IRELAND P.L.C. Bkd Senior Unsecured Baa1 FCA CAPITAL SUISSE SA Outlook Bkd Senior Unsecured -Dom Curr Stable Baa1 Source: Moody's Investors Service Endnotes 1 We consider as problem loans the sum of the three categories that Italian banks have been reporting since 15 (from most to least problematic): (1) bad loans (in Italian, sofferenze ): loans to insolvent borrowers; () unlikely to pay (in Italian, inadempienze probabili ); (3) past due - by more than 9 days not already included in the previous two categories (in Italian, esposizioni scadute e/o sconfinanti ). We expect a GDP growth of.% in the Euro area and 1.% in the UK for 18. See our Global Macroeconomic Update (18-19) Broadening emerging market recovery and stable growth in advanced economies, 8 November December 17

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10 CLIENT SERVICES 1 Americas Asia Pacific Japan EMEA December 17