EL DORSINO È DA DEFINIRE - FIAT SpA

The Fiat Group in 2000
Report of the Board of Directors on Operations
in the First Half of 2000

Fiat S.p.A.
Head Office, 250 Via Nizza, Turin, Italy
Paid-in-Capital: 2,753,025,000 euros
Entered under No. 65/1906 in the Turin Company Register
Contents
Financial Highlights of the Fiat Group
Board of Directors,
Board of Statutory Auditors and Independent Auditors 1
Introduction 2
Human Resources and Industrial Relations
Operating Performance of the Fiat Group
4
and Fiat S.p.A. in the First Half of 2000
Significant Events Occurring Since the End of the Period
6
and Business Outlook for the Balance of the Fiscal Year
Performance of the Operating Sectors
14
Automobiles 15
Commercial Vehicles 17
Agricultural and Construction Equipment 19
Metallurgical Products 20
Components 21
Production Systems 22
Aviation 23
Publishing and Communications 24
Insurance 25
Transactions Among Group Companies and with Related Parties
Fiat Group – Consolidated Financial Statements
26
and Notes at June 30, 2000 27
Consolidated Balance Sheet 28
Consolidated Statement of Operations 30
Notes to the Consolidated Financial Statements 31
Fiat S.p.A. – Financial Statements at June 30, 2000 41
Balance Sheet 42
Statement of Operations 43
Annex 45
Fiat Group Companies at June 30, 2000 46
Auditor’s report on the interim financial reporting for the First Half of 2000 79

Financial Highlights of the Fiat Group
1999 fiscal year (in millions of euros) 1st half 2000 1st half 1999
48,123 Net revenues 29,776 23,554
788 Operating income 475 163
850 Operating income from industrial activities 501 200
1,024 Income before taxes and minority interest 516 377
799 Fiat’s interest in Income before taxes 402 231
2,712 Capital expenditures 1,265 1,086
1,406 Research and development 903 708
2,860 Cash flow from operations
(Income before taxes plus depreciation and amortization) 2,090 1,538
18,798 Net invested capital 21,060 14,790
(4,031) Net financial position (Net borrowings) (6,238) (271)
14,767 Stockholders’ equity including minority interest 14,822 14,519
12,874 Group’s interest in stockholders’ equity 13,050 12,707
221,319 Number of employees at the end of the period 234,694 220,608
1.9 Operating income from industrial activities/Net revenues (%) 1.8 0.9
2.1 Income before taxes/Net revenues (%) 1.7 1.6
Fiat S.p.A. adopted the euro as its reporting currency as of January 1, 1999, opting for an
early use of this currency, as allowed under Legislative Decree No. 213/1998 “Provisions
Governing the Introduction of the Euro in the Italian National System”.
As of the 1999 fiscal year, the Annual Report, the Half-yearly Report and the Quarterly
Reports are therefore drawn up in euros.

Honorary Chairman Giovanni Agnelli
Board of Directors
Chairman Paolo Fresco
Chief Executive Officer Paolo Cantarella
Directors Franco Bernabè
Carl Ludwig von Boehm-Bezing
Flavio Cotti
John Philip Elkann
Gabriele Galateri di Genola
Franzo Grande Stevens (*)
Gianfranco Gutty
Virgilio Marrone
Renato Ruggiero
John Francis Welch
(*) Secretary to the Board of Directors
Board of Statutory Auditors
Statutory Auditors Cesare Ferrero – Chairman
Giorgio Ferrino
Lamberto Jona Celesia
Alternate Auditors Giorgio Giorgi
Natale Ignazio Girolamo
Piero Locatelli
Independent Auditors
Arthur Andersen S.p.A.
1

2
INTRODUCTION
PREAMBLE
As required under Article 82 of the “Regulation containing
provisions for the implementation of Legislative Decree No. 58
of February 24, 1998 concerning issuers of securities,” and
consistently with the practice followed by major international
carmakers, the Fiat Group published its Report on the Second
Quarter of 2000 on July 28 of this year.
The operating and financial results at June 30, 2000 released
by the Fiat Group on that occasion are presented and
reviewed in this publication in accordance with statutory
requirements, as they apply to semiannual reporting.
PERFORMANCE IN THE FIRST HALF OF 2000
The Group’s performance in the first half of the year confirmed
a gradual improvement in profitability, as shown by the
following results:
Consolidated revenues reached 29,776 million euros,
up 26.4% over the corresponding period of 1999. This
performance reflects, on the one hand, the changes in the
scope of consolidation during the last 12 months - in
particular, the acquisitions of Case Corporation, Pico and
Fraikin - and, on the other hand, a growth in the majority
of the Sectors, among which Fiat Auto (+11.4%) and Iveco
(+21%; +11.9%, excluding Fraikin). On a comparable
consolidation and exchange rate basis, the increase in the
Group’s revenues was about 9%.
Consolidated operating income amounted to 475 million
euros, compared to 163 million euros in the first half of 1999.
The return on sales of the industrial activities was 1.8% (0.9%
in 1999).
Fiat Auto provided a positive contribution of 64 million euros,
as against a loss of 257 million euros in the first half of 1999,
(a progress, however, slowed by the strong competitive
pressures which continue to characterize the European car
market); Iveco’s contribution was a positive 165 million euros
in the first half of 2000, compared to 124 million euros in the
same period of the prior year.
On the other hand, CNH reduced its contribution to the
Group's results. In fact, its operating income amounted to
98 million euros compared to 235 million euros of New
Holland alone in the first half of 1999. This decrease is the
result of the combined effect of the costs incurred to integrate
New Holland and Case, which had already been taken into
account when the companies were acquired, and the greater
than expected difficulties encountered in the North American
farm equipment market.
Remarkable progress was made by FiatAvio and Comau. On
a comparable consolidation basis, (excluding, among other
things, the contribution by the Lubricants Division, sold in the
first quarter of 2000), Magneti Marelli also improved its
operating income.
Income before taxes attributable to the Group (excluding
minority interest) amounted to 402 million euros, compared
to 231 million euros in the first half of 1999. However, income
before taxes for the first half of 2000 benefited from significant
extraordinary income for 366 million euros, mainly as a result
of the sale of the Lubricants Division of Magneti Marelli (in the
first half of 1999 net extraordinary income was equal to 230
million euros).
Cash flow from operations (income before taxes plus
depreciation and amortization) amounted to approximately
2 billion euros, compared to 1.5 billion euros in the
corresponding period of 1999.
Net financial position showed net debt of 6,238 million
euros, compared to 4,031 million euros at December 31,
1999. Changes in the scope of consolidation and currency
fluctuations, especially the appreciation of the US dollar
versus the euro, account for the increase.
Net invested capital at June 30 was 21,060 million euros,
compared to 18,798 million euros at December 31, 1999.
The 2,262 million euros increase was mainly due to the
consolidation of the new acquisitions.
FULL-YEAR OUTLOOK AND STRATEGIC EVOLUTION
For the year 2000 as a whole, the prospects of an
improvement of the operating income of the Group appear
to be influenced by a number of factors: the macroeconomic
scenario, where the rise in oil prices might have an impact on
demand from consumers and businesses, particularly in
Europe; the growing competitive pressure on Fiat Auto in the
European market; and the unsatisfactory sales performance of
farm equipment for CNH, particularly in North America. On the
other hand, a good performance is confirmed for Iveco, which
is benefiting from the successful introduction of the new Daily,
and the other Sectors.
The Italian industrial operations of all Sectors are anyway
negatively affected by the continuing deterioration of the
competitive position of the country versus the other members
of the Monetary Union.
This will require a still more pronounced strengthening of
the actions already implemented to extensively pursue cost
containment. With this in mind, the Group is working with
great determination to fully integrate all the companies that

have recently become part of it and to rapidly achieve all the
available synergies. In particular, CNH has announced a new
restructuring plan, mainly targeted at the North American
operations, which will accelerate and extend the existing one.
The Group is also engaged in completing the plan to reduce
the costs of business support processes which was launched
last year and will bring total efficiencies worth 1 billion euros
by the end of 2000.
Special attention will be directed to the management of cash
flows in an effort to contain the indebtedness of the Group.
In the second half of the year the important portfolio initiatives
launched by the Group in the pursuit of its strategic objectives
to increase the focus on its core business and accelerate the
growth of the services sector will be completed. The most
significant initiatives are:
❚ the agreement for the sale of 51% of Fiat Ferroviaria to the
French Group Alstom, which provides for a call and put
option for the remaining 49% over a period of two years.
This is a further step for the Fiat Group to focus on the
areas in which, thanks to its industrial excellence and global
leadership positions, greater value for the stockholders can
be created, while at the same time giving the operations
being sold the opportunity to be part of leading global
enterprises.
❚ the agreement for the merger of Telexis, the Fiat Group
company operating in the telecommunications sector, with
Acea-Telefónica to create Atlanet. The new company, in
which Fiat holds a 28% stake, plans to become one of the
major operators in the Italian telecommunication market,
thus leveraging the assets and the expertise developed
by Telexis in a high-tech sector and up to now entirely
dedicated to the Group’s service. Atlanet is one of the most
important members of the IPSE consortium and, through it,
Fiat will participate in the bidding for the award of the UMTS
licenses in Italy, the new standard for mobile
telecommunications.
Furthermore, during the first half of the year, tender offers were
launched for the minority interest in Toro Assicurazioni and
Magneti Marelli. The first stage of the tender offer for Toro was
successfully concluded on July 3, leading Fiat to hold a 97%
stake in the company. The tender offer for Magneti Marelli was
concluded on July 24 with offers that brought the Fiat stake to
about 99%. Thanks to these transactions, in the second part
of the year Fiat will increase its share in the earnings of the two
companies, thus offsetting the financial expenses incurred to
purchase full control. This control, moreover, will provide the
Group with greater strategic flexibility in pursuing the full, as yet
unexpressed, potential of these businesses.
THE AGREEMENT WITH GENERAL MOTORS
On July 24, Fiat and General Motors finalized the strategic
industrial alliance in Europe and Latin America signed last
March 13.
Final agreements were signed for the creation of two 50-50
joint ventures in the areas of purchasing and powertrain
production which will be consolidated in Fiat’s financial
statements using the equity method for the 50% stake owned
by Fiat Auto. The agreements provided the legal basis for the
organization of the two new companies.
On August 16 the European Commission issued a comfort
letter and declared that the review into the Fiat/GM alliance
was positively completed. The joint ventures became
immediately operational while resources, employees and
operations will be transferred in the course of this year.
In addition, Fidis and GMAC, the financial companies of Fiat
Auto and General Motors, signed a cooperation agreement.
The document formalizes the commitment of both companies
to commence a common study to identify potential areas of
cooperation in relation to geographic footprint, information
technology, back office operations, financing of the
commercial network and others.
To seal the industrial alliance, General Motors underwrote a
capital stock increase equal to a 20% stake in Fiat Auto
Holdings B.V. - the newly-established company which was set
up as a result of the reorganization plan stemming from the
agreement – which controls Fiat Group’s operations in the
automobile and light commercial vehicles sectors, with the
exception of Ferrari and Maserati. Fiat purchased more than
32 million ordinary shares of General Motors, equal to about
6% of the capital stock of the American company.
Turin, September 15, 2000
Paolo Fresco
Chairman
Paolo Cantarella
Chief Executive Officer
Introduction
3

4
HUMAN RESOURCES AND INDUSTRIAL RELATIONS
HUMAN RESOURCES AND ORGANIZATIONAL
DEVELOPMENT
At June 30, 2000, the Fiat Group had 234,694 employees
worldwide, compared with 221,319 at the end of 1999.
This increase is due mainly to the consolidation of recently
acquired businesses, which, net of divestitures, added
18,300 employees to the overall payroll.
Excluding these transactions, the Group hired about 6,400
employees during the first half of 2000, while 11,300 people
left the Company. Outsourcing arrangements accounted for
1,400 of these cutbacks.
The Group’s organization continued to evolve, mirroring the
progress made in implementing a strategy focused on
strengthening the Company’s core business and growing its
service activities. In particular, work continued on completing
the integration of the companies recently acquired by the
Group, with the goal of accelerating the development of
operating synergies and reaping the resulting benefits. The
activities required to make operational the joint ventures
established under the strategic industrial alliance between Fiat
and General Motors also got under way. During the current
year, about 14,000 employees of Fiat Auto will be transferred
to these joint ventures, which will focus on the areas of
purchasing and powertrain production.
In recent years, the Group’s service activities were gradually
concentrated at separate specialized companies, which are
better able to fully exploit the growth potential offered by
their existing knowhow and compete successfully in markets
outside the Group. In this area, the Company has created a
new Sector, which will become fully operational during the
second half of the year. It will include newly established
companies and the Group’s existing business in the areas of
information technology, administrative and financial services,
e-procurement, personnel management and training, facilities
management, and real estate brokerage services, which,
together, employ about 10,000 people.
Following the successful implementation of the Nova Project,
which had a beneficial impact on the Group’s support
activities, all Sectors and companies are now busy
reengineering their core processes with the goal of
streamlining their organization and generating significant
cost savings.
The Company continued to carry out the Project Professional,
which focuses on redesigning the Group’s personnel
management and development system. The goal is to
enhance and broaden employee competencies, as these
are of fundamental importance in winning the competitive
challenge.
About 25,000 employees are involved in this new system,
which will be adopted by all Group companies worldwide.
The system is being explained to employees, who are also
being informed of their respective grade under the new
provisions.
To facilitate the achievement of its competitive excellence
goals, the Fiat Group created a leadership model designed
to enhance the professional skills of its management
personnel, while increasing their involvement, motivation
and empowerment. Communication initiatives and training
programs at the Group level are already being prepared in
this area.
Following its successful testing in 1999, the People
Satisfaction Survey was extended to all Group companies.
Its findings will provide a basis for the implementation of
plans and initiatives designed to improve the level of
personnel satisfaction.
LABOR COSTS AND INDUSTRIAL RELATIONS
In Italy, the Fiat Group-Wide Agreement of March 18, 1996,
which covers more than 100,000 employees of the Group’s
metalworking companies, was cancelled by the unions and,
consequently, expired on December 31, 1999. Toward the
middle of July, following a lengthy internal discussion, the
unions produced formal contract demands, which were
received by the Company on July 26, 2000. These demands
were found to be incompatible with the overall competitive
environment in the international markets and with the Group’s
level of profitability.
At the first meeting with the Unions, which took place on
September 11, the Company emphasized that the purpose
of these negotiations is to create conditions that enhance
the competitiveness of its operations. It also pointed out
the need for a better capacity utilization and higher degree of
work flexibility, indicating that future salary increases can only
be the result of actual gains in profitability. The discussion
was adjourned to September 21.
In order to shield employees from the wage losses that would
have resulted from the cancellation of the existing contract,
the Company and the unions agreed that the Results Bonus
should be paid in accordance with the procedures set forth
in the 1996 agreement.
In 2000, the annual bonus, which is computed taking into
account certain indicators from the consolidated financial
statements of the Fiat Group and the quality indicators of
the Industrial Sectors, totaled 2,633,000 lire, or 1,360 euros,
before withholdings. This amount is little changed from a

year earlier, since it reflects the Group’s overall financial
performance in 1999, which was not appreciably different from
the previous fiscal year. Obviously, the amount mentioned
above is the average for the entire Group. The amounts
actually paid by the individual Sectors varied depending on
the performance of the respective quality indicators.
Elections involving more than two thirds of the Rappresentanze
Sindacali Unitarie (Trade Union representatives) for the Group’s
Italian metalworking employees took place in June and July.
These representatives are elected from slates prepared by
the various unions. Compared with the 1997 election, the
percentage of employees entitled to vote who cast their ballot
increased to 80%. The results of the election saw a drop
in the seats held by the Fiom-Cgil, which was still the
union receiving the highest number of votes, while Fim-Cisl,
Uilm-Uil and Fismic all posted gains. The Association of Fiat
Middle Managers and Supervisors was represented at this
election.
At the operational level, negotiations with the unions
concerned primarily transactions involving sales or transfers
of undertakings, carried out by the Group to streamline its
portfolio of businesses and focus the efforts of its Sectors on
their core businesses. All these transactions were carried out
in compliance with the union consultation procedures set forth
in the applicable statutes.
Outside Italy, Group companies in France were faced with
a mandatory change in the official workweek, which since
February 1, 2000 has been reduced to 35 hours. Through
complex negotiations with the unions, Fiat sought to identify
ways of implementing the new law that lessened its negative
impact on competitiveness. Many Group companies were
able to reach agreements that enabled them to partially offset
the burden imposed by the new law with more flexible work
schedules, better plant utilization and limited wage increases.
The main development affecting Group companies in
Germany was the renewal of the contract for metalworking
employees at the Länder level. As it is customary, these
contracts were modeled on the agreement concluded earlier
in the year in the North Rhine Westphalia region. This
contract calls for a wage hike of 3% starting in May 2000,
followed by a further 2.1% raise in May 2001, for a total
increase of about 5% over two years (the contract will expire
at the end of February, 2002). The unions had asked that
wages rise by 5.5% just this year.
In Poland, virtually all Group companies were involved in
contract negotiations. Average wage increases were between
6% and 7.5 % - as against an inflation estimate at 10% -, in
line with the guidelines provided by the Trilateral Commission
(a national agency that defines indications for Poland’s income
policy), which had pegged wage hikes at 6.8%.
In Brazil, the agreements covering the payment of variable
bonuses tied to the operating performance of the individual
companies were renewed between March and April. These
bonuses will be payable during the second half of the year, in
accordance with the procedures and percentage increase
stipulated in previous contracts.
Human Resources and Industrial Relations
5

6
OPERATING PERFORMANCE OF THE FIAT GROUP
AND FIAT S.P.A. IN THE FIRST HALF OF 2000
FIAT GROUP
Introduction
Since June 30, 1999, the Fiat Group completed several
transactions that had a significant impact on its organization,
making an analysis and comparison of the two periods under
review particularly complex.
In order to provide a clearer picture of the performance of the
individual Sectors and the Group as a whole in the first half of
2000, the most important changes affecting the scope of
consolidation, compared to the corresponding period of the
prior year, are indicated below:
❚ In the closing quarter of 1999, Iveco acquired and
consolidated the Fraikin Group, a leading French provider of
long-term leasing services for commercial vehicles;
❚ As of the beginning of 2000, CNH Global consolidated the
results of the Case Group, which it bought toward the end
of 1999, and Flexi-Coil Ltd, a Canadian company with a
leadership position in the market for precision seeding
systems, which it took over in January 2000;
❚ Magneti Marelli consolidated the joint venture it established
with Bosch to produce lighting systems, and also the
Seima Group, the European leader in the automotive rear
lights field, which it recently acquired. Magneti Marelli
deconsolidated the Lubricants, Mechanical Components
and Fuel Systems Divisions, which it sold;
❚ Comau consolidated the activities of the Pico Group, the
leading U.S. producer of bodywork systems, which it took
over as of May 1999;
❚ Itedi deconsolidated the Satiz industrial publishing
operations, which it sold at the end of 1999;
❚ Toro Assicurazioni consolidated the French operations of
the Guardian Royal Exchange Group, which it took over
during the second half of 1999.
Operating performance
In order to facilitate the analysis of the Group’s performance,
the consolidated statement of operations has been reclassified
“by destination”, with the Industrial Activities shown separately
from the Insurance Activities, as presented below.
Net revenues
The Group’s net revenues, which include the changes in
contract work in progress, totaled 29,776 million euros in the
first half of 2000 (23,554 million euros in the first half of 1999,
+26.4%). With a comparable scope of consolidation, the
increase in net revenues for the first half would have been
about 9.1% more than the same period of 1999.
The results of the Automotive Sectors were as follows:
❚ Fiat Auto reported revenues of 13,437 million euros in the
first half, with an increase of 11.4% over the first half of
1999 (12,062 million euros). This growth was due to the
good trend in the markets, net prices and the success of
the new models (Punto and Lybra).
Fiat Auto sold 1,249,700 vehicles in the first six months,
with an increase of 4.6% compared to 1999. The figures for
the first half showed an improvement in the volumes sold in
1st half 2000 1st half 1999
(in millions of euros)
Industrial
activities
Insurance
activities Consolidated
Industrial
activities
Insurance
activities Consolidated
Net revenues 27,547 2,271 29,776 21,533 2,052 23,554
Cost of sales 22,927 2,202 25,087 17,951 1,992 19,912
Gross operating result 4,620 69 4,689 3,582 60 3,642
Gross operating result/Net revenues 16.8% 3.0% 15.7% 16.6% 2.9% 15.5%
Overhead 3,064 141 3,205 2,525 127 2,652
Overhead/Net revenues 11.1% 6.2% 10.8% 11.7% 6.2% 11.3%
Research and development 903 – 903 708 – 708
Other operating income (expenses) (152) 46 (106) (149) 30 (119)
Operating income (loss) 501 (26) 475 200 (37) 163
ROS 1.8% (1.1%) 1.6% 0.9% (1.8%) 0.7%
Investment income 48 113 159 79 76 151
Financial income (expenses) (517) 33 (484) (226) 59 (167)
Extraordinary income (expenses) 362 4 366 219 11 230
Income before taxes and minority interest 394 124 516 272 109 377
Income before taxes 303 99 402 147 84 231

Western Europe (914,800 vehicles, +4.9%). Specifically,
vehicles sold rose in Italy (542,600 units, +5.9%), Great
Britain (57,300 vehicles, +8.1%), and Spain (37,800 units,
+7.7%). Vehicle sales also increased in the Mercosur area
(184,000 units, +5.9%) and in the rest of the World (65,000
units, +15.2%).
❚ In the first half of 2000, Iveco recorded revenues of 4,174
million euros (3,450 million euros in the corresponding
period of 1999, or +21%), aided by higher volumes,
especially in Europe, the expansion of its Bus activities and
the consolidation of Fraikin’s results. The financial services
activities in support of the transport sector offered by
Transolver also increased. On a comparable consolidation
and foreign exchange basis, revenues would have been up
11.9%.
In the first half of the year, the sector sold a total of 81,100
units (+18.2%), of which 66,100 in Western Europe (+20%),
led by sales in Italy (23,600 units, +25%) and France (about
11,700 units, +26%).
❚ The consolidated results of the Agricultural and
Construction Equipment Sector, which is headed by CNH
Global (New Holland’s new name following the acquisition
of Case at the end of 1999), include Case’s values.
CNH Global had revenues of 5,679 million euros in the first
half of 2000, up from 2,729 million euros in the same period
of 1999 (5,147 million euros considering Case’s proforma
revenues in the first half of 1999).
The increase in proforma revenues is mainly due to the
rising value of the U.S. dollar, the Sector’s reporting
currency, against the euro, the Fiat Group’s reporting
currency. On a comparable basis, the increase in revenues
for the first half would have been 6.9%.
There are still unfavorable factors particularly affecting the
farm equipment market in Latin America and the United
States owing to the continued low commodity prices,
uncertainty over the harvest for the current year and rising
interest rates.
When unit sales for the first half of 1999 are restated to
include Case, the comparison shows that shipments would
be slightly higher for the construction equipment sector, and
for the farm equipment sector overall. In particular, sales
were up for light tractors, but decreased for heavy tractors
and combine harvesters.
The Other Automotive Sectors (Teksid, Magneti Marelli and
Comau) had aggregate revenues of 4,532 million euros in the
first half. The increase of about 34% over the 3,380 million
euros reported in the first half of 1999 is in part the result of
the changes in the scope of consolidation mentioned above.
On a comparable basis, the increase would have been a
respectable 11.9%, approximately.
❚ Teksid (Metallurgical Products) reported revenues of 994
million euros in the first half of 2000 (856 million euros in the
same period of 1999), an increase 16.1%. This growth
reflects higher sales volumes in all business areas, aided by
the good performance of the main motor vehicle markets,
and the positive impact produced by the rising value of the
U.S. dollar against the euro. On a comparable exchange
rate basis, the increase in revenues would have been 10.4%.
❚ Magneti Marelli (Components) had revenues of 2,413
million euros in the first half of 2000. A healthier motor
vehicle market, including the South American market,
accounts for the 18.2% gain over the same period last year.
On a comparable consolidation and foreign exchange basis,
the increase in revenues would have been 9.6%, mainly due
to the Lubricants and Fuel Systems Divisions which are no
longer included in the scope of consolidation.
(in millions of euros) 1st half 2000 1st half 1999
Net revenues
% change
Automobiles (Fiat Auto) 13,437 12,062 11.4
Commercial Vehicles (Iveco) 4,174 3,450 21.0
Agricultural and Construction Equipment (CNH Global) 5,679 2,729 108.1
Metallurgical Products (Teksid) 994 856 16.1
Components (Magneti Marelli) 2,413 2,042 18.2
Production Systems (Comau) 1,125 482 133.4
Aviation (FiatAvio) 689 617 11.7
Rolling Stock and Railway Systems (Fiat Ferroviaria) 147 195 (24.6)
Publishing and Communications (Itedi) 177 210 (15.7)
Insurance (Toro Assicurazioni) 2,178 1,940 12.3
Miscellaneous and eliminations (1,237) (1,029) 20.2
Total for the Group 29,776 23,554 26.4
Operating performance of the Fiat Group and Fiat S.p.A. in the First Half of 2000
7

8
❚ The Production Systems Sector, which is headed by
Comau, posted revenues of 1,125 million euros in the first
half, compared to 482 million euros in 1999, due mainly to
the inclusion of Pico in the scope of consolidation.
Excluding Pico’s revenues, and the impact of foreign
exchange fluctuations, the increase during the first half
would still be a respectable 24.1%, compared to the first
half of 1999. The Sector’s revenues benefited from higher
capital expenditure by carmakers and the contribution of
Comau Service, a company that provides maintenance
services to customers’ production plants, which is growing
since activities connected to production sites set up in 1999
are now fully operational, and new production sites have
been established in 2000.
The revenues of the Other Industrial Sectors were
substantially in line with last year’s result.
❚ Revenues of FiatAvio increased by 11.7% (+8.6% on a
comparable consolidation and foreign exchange basis) to
689 million euros for the first half, reflecting a good
performance by its civil and military Aviation and Engine
Overhaul Business Units, which also benefited from the
rising value of the U.S. dollar.
❚ Fiat Ferroviaria’s revenues during the first half totaled 147
million euros (195 million euros in the first half of 1999). As
announced in June, Fiat S.p.A. reached an agreement for
the sale of 51% of Fiat Ferroviaria to the French Group
Alstom.
Among the Services Sectors:
❚ good results were reported by Toro Assicurazioni which
wrote premiums in the first half totaling 2,178 million euros,
or 12.3% more than the 1,940 million euros reported in
1999, in a growing market, thanks particularly to the good
performance in life insurance. In 2000, furthermore, Toro
Group’s consolidated results included the contribution of the
French Guardian Group. On a comparable consolidation
basis, the increase in premium income during the first half
would have been 6.3%.
❚ Itedi had revenues of 177 million euros in the first half of
2000, for a decrease of 15.7% compared to the first half of
1999, owing to the deconsolidation of the Satiz industrial
publishing operations. On a comparable consolidation
basis, in fact, revenues would have been up 9%.
Cost of Sales
In the first half of 2000, the cost of sales increased to 25,087
million euros, up from 19,912 million euros in the same period
last year, reflecting mainly higher business volumes.
Over the same period, the consolidated gross operating
result rose 1,047 million euros to 4,689 million euros
(+28.7%).
Expressed as a percentage of net revenues, the cost of sales
was 15.7%, which is substantially the same as in the prior
year.
Overhead
In the first half, overhead totaled 3,205 million euros,
compared to 2,652 million euros in the first half of 1999. Apart
from the impact of inflation, most of the increase is
attributable to the structure costs of the companies which
entered the scope of consolidation (mainly Case) and higher
promotional expenses incurred for the introduction of new
models by Fiat Auto. Excluding these factors, overhead
diminished by about 200 million euros, or –7.6%.
Overhead, expressed as a percentage of net revenues,
recorded a decrease from 11.3% in the first half of 1999 to
10.8% in the first half of 2000.
Such improvement was reached partly by continuing to follow
through on the re-engineering programs for the business
support activities implemented in 1999 for the entire Group
which are targeted to produce a 20% savings in the related
costs for the two years 1999-2000.
Research and Development
Research and development outlays, which are charged
directly to income and, therefore, are reflected in the operating
result, amounted to 903 million euros in the first half of 2000,
compared to 708 million euros in corresponding period of
1999, representing 3% of net revenues, which is in line with
1999.
The largest increases were reported by Fiat Auto, which
continued its efforts to renovate and enhance its range of
products, and CNH, where the main reason for the rise was
the consolidation of Case.
Operating income
Operating income for the first half of 2000 totals 475 million
euros, compared to 163 million euros in the corresponding
period of 1999.
The operating income of the Industrial activities alone, thus
excluding the Insurance activities of the Group whose
operating result is structurally negative, was 501 million euros,
compared to 200 million euros in the first half of 1999. This

epresents a return on sales of 1.8% doubled with reference
to the first half of 1999, and therefore, confirming the recovery
seen in the first few months of the year.
In particular, Fiat Auto, with an operating income of 64 million
euros, appreciably improved the first half result compared to
the previous year, which had recorded an operating loss of
257 million euros. The operating result was equivalent to a
positive 0.5% of sales, as against a negative 2.1% in 1999.
This improvement confirms the recovery in profitability owing
to efficiency measures adopted to reduce product and
structure costs, and the good trend in net prices, offset in
part by higher promotional expenses and increased R&D
outlays.
Iveco posted an operating income of 165 million euros in the
first half, compared to 124 million euros in the first half of last
year, for a return on sales of 4% compared to 3.6% in the first
half of 1999. The improvement in the operating income is due
to the effect of the inclusion of the Fraikin Group in the scope
of consolidation and the favorable impact of volumes and
product mix, with higher sales of light vehicles compared to
medium and heavy vehicles thanks to the new Daily’s good
performance.
At CNH Global, the first half showed an operating income of
98 million euros, a reduction from the 235 million euros in the
first half of 1999 which, however, included the result of only
New Holland (for the first half of 1999, 175 million euros of
operating income including Case’s proforma result). The fall in
the profitability of CNH, particularly in the second quarter,
reflects the impact of unfavorable exchange fluctuations and
the persisting difficult market conditions in North America and
Latin America, in addition to the amortization of goodwill on
the acquisition of Case and the related costs to integrate the
two companies.
Among the Other Automotive Sectors, Teksid’s positive
performance continues due to higher business volumes,
concentrated in the Magnesium Division, and the effects of
exchange rate fluctuations, particularly as a result of the rising
value of the U.S. dollar against the euro. Operating income in
the first six months rose from 39 million euros in 1999 to 50
million euros in 2000.
Magneti Marelli earned 15 million euros from operations in
the first half of 2000, down from 63 million euros in the same
period of 1999, when the figure was boosted by nonrecurring
gains from the sale of real estate assets, and also changes in
the scope of consolidation as a result of the sale of the
Lubricants and Fuel Systems Division, in particular. On a
comparable basis, operating income shows an increase over
the first half 1999 operating result.
Lastly, Comau reported good performance in the first half,
with an operating income of 36 million euros and a return on
sales of 3.2%, compared to 6 million euros, equal to 1.3% of
sales, in 1999. The increase in operating income is due
mainly to the impact that the Pico Group acquisition had on
the scope of consolidation.
The operating results of the Other Industrial Sectors are
substantially in line with the previous year’s results. FiatAvio,
in particular, confirmed its positive performance with an
operating income of 63 million euros and 9.1% of net revenues
in the first half of 2000, compared to 53 million and 8.6% of
net revenues in the first half of 1999. The increase is due to
the growth in business volumes as well as higher profitability
on sales, owing also to the rising value of the U.S. dollar.
Operating Income R.O.S.%
(in millions of euros) 1st half 2000 1st half 1999 1st half 2000 1st half 1999
Automobiles (Fiat Auto) 64 (257) 0.5 (2.1)
Commercial Vehicles (Iveco) 165 124 4.0 3.6
Agricultural and Construction Equipment (CNH Global) 98 235 1.7 8.6
Metallurgical Products (Teksid) 50 39 5.0 4.6
Components (Magneti Marelli) 15 63 0.6 3.1
Production Systems (Comau) 36 6 3.2 1.3
Aviation (FiatAvio) 63 53 9.1 8.6
Rolling Stock and Railway Systems (Fiat Ferroviaria) 3 9 2.0 4.6
Publishing and Communications (Itedi) 10 7 5.6 3.3
Insurance (Toro Assicurazioni) (24) (28) (1.1) (1.4)
Other companies and eliminations (5) (88) n.m. n.m.
Total for the Group 475 163 1.6 0.7
of which Industrial Sectors 501 200 1.8 0.9
Operating performance of the Fiat Group and Fiat S.p.A. in the First Half of 2000
9

10
Income before taxes
In the first six months of 2000, income before taxes and
minority interest was 516 million euros compared to 377
million euros in the first half of 1999. Income before taxes for
the first half also benefited from significant extraordinary
income of 366 million euros mainly from the sale of the
Lubricants Division by Magneti Marelli (in the first half of 1999
the balance of extraordinary income was 230 million euros).
In the first half of the year, Fiat’s interest in income before
taxes was equal to 402 million euros compared to 231 million
euros (+74%) in the corresponding period of the prior year.
Contributing to income before taxes were the net balance of
financial income and expenses, investment income and
extraordinary income.
In the first half of 2000, the financial components of the
statement of operation produced a net financial expense of
484 million euros (net financial expense of 167 million euros in
1999).
The additional financial expense is due mainly to an increase
in average net borrowings for the period, consequent to the
acquisitions completed in 1999, in a context of rising interest
rates and, to a lesser degree, to increased costs deriving from
the hedging of exchange risks following the gains made by the
U.S. dollar and the British pound against the euro.
Income from not consolidated investments amounted to 159
million euros in the first half of 2000, up from 151 million euros
in the corrisponding period the year before.
Extraordinary income (expenses) show a net extraordinary
income balance of 366 million euros, mainly realized on the
sale of the Lubricants Division by Magneti Marelli, compared
to net extraordinary income of 230 million euros in the first half
of 1999, due to the gains realized on the sale of some
business segments (the Rotary Devices of Magneti Marelli) and
investments in portfolio that are no longer considered strategic
(including Rhône Poulenc, In.Te.Sa., Banco Hispano
Americano).
Balance Sheet
In the table that appears at the bottom of this page, the
Group’s consolidated balance sheet has been restated and
presented in abbreviated form, showing its main components
reclassified by destination and with a breakdown between
Industrial and Insurance activities.
Working capital
Working capital at the end of June 2000 amounts to 3,530
million euros, with an increase of 2,632 million euros over the
corresponding amount at December 31, 1999 (898 million
euros). The increase can be attributed almost entirely to an
expanded scope of consolidation (mainly due to the inclusion
of Case) and exchange rate fluctuations.
On a comparable basis, the working capital turnover on net
revenues, equal to 7 days, would be in line with that at the
end of the previous year.
Net property, plant and equipment
Net property, plant and equipment amounted to 17,560
million euros at June 30, 2000, compared to 15,920 million
euros at the end of 1999, due mainly to an expanded scope of
At June 30, 2000 At Dec. 31, 1999
(in millions of euros)
Industrial
activities
Insurance
activities Consolidated
Industrial
activities
Insurance
activities Consolidated
Net inventories 9,888 – 9,888 7,987 – 7,987
Trade receivables 6,968 492 7,460 6,095 570 6,665
Trade payables (11,381) (197) (11,578) (10,828) (242) (11,070)
Other receivables (payables), net (2,231) (9) (2,240) (2,600) (84) (2,684)
Working capital 3,244 286 3,530 654 244 898
Net property, plant and equipment 16,763 797 17,560 15,014 906 15,920
Other fixed assets 7,337 11,067 18,342 7,937 9,714 17,605
Deferred tax assets, net 520 (58) 462 631 (57) 574
Reserves (7,133) (11,701) (18,834) (5,814) (10,385) (16,199)
Net invested capital 20,731 391 21,060 18,422 422 18,798
Net financial position (*) (7,909) 1,671 (6,238) (5,649) 1,618 (4,031)
Stockholders’ equity 12,822 2,062 14,822 12,773 2,040 14,767
Fiat’s interest in stockholders’ equity 11,463 1,649 13,050 11,310 1,610 12,874
(*) Figures in parentheses denote “credit balances”.

consolidation. New additions during the six months for
1,265 million euros, in fact, were more than financed by
the depreciation for the period of 1,328 million euros.
At the end of June 2000, accumulated depreciation and
writedowns totaled 19,861 million euros, corresponding to
53.1% of gross property, plant and equipment (about 54.3%
at December 31, 1999).
Other fixed assets
Other fixed assets, which include financial fixed assets
(investments, securities and treasury stock) and intangible
fixed assets (start-up and expansion costs, goodwill,
intangible assets in progress and others), amounted to
18,342 million euros at June 30, 2000, compared to 17,605
million euros at the end of 1999. The increase of 737 million
euros is essentially the result of the higher value of securities
and equity investments held by insurance companies to cover
the increase in the insurance policy reserves.
Intangible fixed assets also include the goodwill on the
consolidation of the Case Group for about 2.5 billion euros.
Reserves
Reserves, which include the income tax reserves (99 million
euros), the warranty reserve (1,138 million euros), the reserve
for other risks and charges and pensions (3,842 million euros),
the reserve for employee severance indemnities (2,153 million
euros) and the reserves for insurance policy liabilities and
accruals (11,602 million euros), at the end of June 2000 were
18,834 million euros, with an increase of 2,635 million euros
compared to 16,199 million euros at the end of 1999. The
increase is mainly due to the consolidation of Case (1,668
million euros) and an increase of 1,309 million euros in the
insurance policy liabilities and accruals of the insurance
companies as a result of higher business volumes by Toro
Assicurazioni, especially for Life Businesses.
Net Invested Capital
The Group’s net invested capital at June 30, 2000 was
21,060 million euros, an increase of 2,262 million euros
compared to the beginning of the year.
This increment is due not only to the rise in working capital
but also to the increases in net property, plant and equipment
for the period, offset in part by changes in the reserve
balances (including the policy liabilities and accruals of insurance
companies). Such increases are mostly due to changes in the
scope of consolidation (about 2,200 million euros).
The asset turnover ratio of 3 was about the same as at the
end of 1999.
Value creation
The annualized return on invested capital, which is the ratio
of operating income plus investment income to average net
invested capital, is about 7%, falling short of the 10% needed
to create stockholder value in 2000.
Net Financial Position
The net debt position at June 30, 2000 was 6,238 million
euros, showing an increase of 2,207 million euros compared
to December 31, 1999.
The increase is largely the result of changes in the scope of
consolidation and the impact of exchange rate fluctuations.
Excluding such effects, net debt at June 30 would be about
the same as at the end of 1999.
In particular, the rise in the level of net debt reflects higher
working capital requirements for 2,632 million euros, due to
the aforementioned changes in the scope of consolidation.
Cash flow from operations of 2,090 million euros, in fact, more
than financed the investments of 1,265 million euros carried
out during the period (1,086 million euros in the first half of
1999), the negative balance from acquisitions and disposals
of equity investments of 163 million euros and requirements
for dividends paid of 412 million euros, as shown in the
following table:
(in millions of euros)
Net financial position at December 31, 1999 (4,031)
Increase in working capital (2,632)
Investments in fixed assets (1,265)
Cash flow (Income before taxes +
amortization and depreciation) 2,090
Dividends (Fiat and other companies) (412)
Disposals/acquisitions (163)
Change in reserves and other changes 175
Total change (2,207)
Net financial position at June 30, 2000 (6,238)
Operating performance of the Fiat Group and Fiat S.p.A. in the First Half of 2000
11

12
The net financial position at June 30 can be analyzed as
follows:
(in millions of euros) June 30, 2000 Dec.31, 1999
Cash 1,579 1,906
Marketable securities (*) 1,841 1,613
Financial receivables and investments in leases 23,464 19,103
Accrued financial income 318 295
Deferred financial income (2,209) (1,892)
Total financial assets (A) 24,993 21,025
Short-term debt (16,889) (14,073)
Long-term debt (14,368) (10,756)
Accrued financial expenses (228) (309)
Deferred financial expenses 254 82
Total financial liabilities (B) (31,231) (25,056)
Net financial position of the Group (A)-(B) (6,238) (4,031)
(*) net of securities used to fund the insurance policy reserves.
Stockholders’ Equity
At June 30, 2000 consolidated stockholders’ equity
attributable to the Group, calculated on the basis of income
before taxes for the period and taking into account the
dividends paid, is equal to 13,050 million euros compared to
12,874 million euros at December 31, 1999.
At June 30, 2000, consolidated stockholders’ equity
including minority interest totaled 14,822 million euros,
compared to 14,767 million euros at December 31, 1999.
A more detailed analysis of the balance sheet is provided in
the notes to the financial statements which indicate the major
changes in the components of the balance sheet presented
using the statutory format.
Personnel
At June 30, 2000, the Group had 234,694 employees,
13,375 more than the 221,319 people it employed at the
beginning of the year. The difference is due to changes in the
scope of consolidation for 18,300 people and the effective
balance of employees that were hired and resigned during the
period for a net decrease of 4,925 persons.
Since most of the acquisitions were carried out outside Italy,
to strengthen the Group’s competitive position in the
international markets, the Company’s staff is divided evenly
between Italy (51% of the total) and abroad (49%).
Number of employees Capital expenditures (in millions of euros)
June 30, 2000 June 30, 1999 Change 1st half 2000 1st half 1999 Change
Automobiles (Fiat Auto) 78,928 88,533 (9,605) 586 675 (89)
Commercial Vehicles (Iveco) 36,602 33,807 2,795 234 104 130
Agricultural and Construction Equipment (CNH Global) 33,565 20,459 13,106 170 63 107
Metallurgical Products (Teksid) 14,647 14,484 163 76 70 6
Components (Magneti Marelli) 27,253 26,671 582 96 78 18
Production Systems (Comau) 17,351 10,056 7,295 17 9 8
Aviation (FiatAvio) 5,577 5,741 (164) 12 13 (1)
Rolling Stock and Railway Systems (Fiat Ferroviaria) 2,100 2,191 (91) 3 3 –
Publishing and Communications (Itedi) 941 1,494 (553) 6 4 2
Insurance (Toro Assicurazioni) 2,860 2,793 67 10 4 6
Miscellaneous and eliminations 14,870 14,379 491 55 63 (8)
Total for the Group 234,694 220,608 14,086 1,265 1,086 179

FIAT S.P.A.
Operating Performance
The Statement of Operations of Fiat S.p.A. for the first half
of 2000 shows income before taxes of 171 million euros.
A breakdown of its principal components is provided below:
1st half 1st half
(in millions of euros) 2000 1999 Change
Net financial income 189 238 (49)
Revenues 55 66 (11)
Personnel and service costs (73) (73) –
Extraordinary income – 73 (73)
Income before taxes 171 304 (133)
An analysis of the main items in the statement of operations
is provided below:
Net financial income, which totaled 189 million euros, up
from 238 million euros in the first half of 1999, includes the
following:
❚ Financial income of 205 million euros, compared to 242
million euros in the first half of 1999. It consists of
dividends paid by affiliated companies for 197 million euros
(224 million euros in the first half of 1999), plus interest
income and fees for suretyships totaling 8 million euros
(18 million euros in the first half of 1999);
❚ Financial expenses of 16 million euros (4 million euros in
the first half of 1999). They represent interest expenses,
bank fees for the payment of dividends and discount
interest charges on the disposal of receivables due from
the Italian Tax Authorities.
Revenues totaled 55 million euros, compared to 66 million
euros in the first half of 1999. They consist of fees for the
right to use the Fiat trademark and services rendered by
managerial staff on loan to Group companies.
Personnel and service costs totaled 73 million euros, in line
with those recorded in the first half of 1999. They included
the costs of personnel in the amount of 33 million euros (29
million euros in the first half of 1999) and other expenses
totaling 40 million euros (44 million euros in the first half of
1999). The average number of staff decreased from 248 in the
first half of 1999 to 226 in the corresponding period in 2000.
At June 30, 2000, the Company had 225 employees, 23 fewer
than at the same time a year earlier.
No Extraordinary income was recorded in 2000. In the first
half of 1999 extraordinary income included the gains on the
sales of 30% of In.Te.S.A. S.p.A. to IBM Italia S.p.A. (32
million euros) and 0.46% of Banco Central Hispano Americano
S.A. (41 million euros).
Balance Sheet
The Balance Sheet can be summarized as follows:
(in million of euros) 6/30/2000 12/31/1999 Change
Fixed assets 7,617 7,050 567
Working capital 49 (1) 50
Total net invested capital 7,666 7,049 617
Stockholders’ equity 6,622 6,804 (182)
Net financial position (1,044) (245) (799)
Fixed assets, for the most part, consist of investments in
the Group’s main companies, which at June 30, 2000 totaled
7,536 million euros, up from 6,967 million euros at December
31, 1999. The net increase of 569 million euros is due
primarily to the acquisition of 11.79% of the ordinary shares
of Magneti Marelli S.p.A. (194 million euros) and 4.45% of the
ordinary shares of Toro Assicurazioni S.p.A. (62 million euros)
and the capital increases of Fiat Ge.Va. S.p.A. (200 million
euros) and Comau S.p.A. (65 million euros).
Investments do not include the interests acquired following the
tender offers for Toro Assicurazioni S.p.A. and Magneti Marelli
S.p.A. since these operations were concluded after June 30,
2000.
Working capital includes receivables from and payables to
Tax Authorities, trade and personnel totaling 19 million euros,
and ordinary treasury stock (No. 1,000,000) amounting to 30
million euros. Working capital increased by a net amount of
50 million euros compared to December 31, 1999, due largely
to the buyback of No. 1,000,000 ordinary shares to service
the 2000 stock option plan and lower payables for VAT.
Stockholders’ equity totaled 6,622 million euros at June 30,
2000, compared to 6,804 million euros at the end of 1999.
The decrease of 182 million euros is the net effect of the
distribution of 1999 earnings (353 million euros), as approved
by the Stockholders’ Meeting of June 5, 2000, and the pretax
income for the first half of 2000 (171 million euros).
Net financial position was a net debt of 1,044 million euros
compared to 245 million euros at December 31, 1999, with
an increase of 799 million euros.
The main reasons for this increase are the net additions to
equity investments (569 million euros), the distribution of the
1999 earnings (353 million euros) and higher working capital
requirements (50 million euros), offset in part by the cash flow
for the period (173 million euros).
Operating performance of the Fiat Group and Fiat S.p.A. in the First Half of 2000
13

14
SIGNIFICANT EVENTS OCCURRING SINCE THE END
OF THE PERIOD AND BUSINESS OUTLOOK FOR
THE BALANCE OF THE FISCAL YEAR
As a result of the tender offers carried out Fiat S.p.A., the
Group’s Parent Company, acquired, in July 2000, the
following:
❚ 88.93% of the ordinary shares, 87.19% of the preference
shares, 89.41% of the savings shares and 91% of the
warrants of Toro Assicurazioni S.p.A. subject of the tender
offer, at a total cost of about 519 million euros. At the
present time, the Fiat Group owns 97.32% of the ordinary
shares of Toro Assicurazioni S.p.A. A residuary tender offer
is planned for the remaining shares.
❚ 90.31% of the ordinary shares and 86.12% of the savings
shares of Magneti Marelli S.p.A. subject of the tender offer,
at a total cost of 278 million euros. As a result of this
transaction, the Fiat Group increased to more than 99% its
ownership of the ordinary shares of Magneti Marelli S.p.A.
Consequently, it will exercise its right to purchase the
ordinary shares it does not own.
Other significant events occurring after June 30, 2000
included the following:
❚ On July 25, 2000, Fiat’s Board of Directors approved the
creation of a new operating Sector that will provide an
integrated range of services to Group companies and third
party customers in the areas of:
– Information technology,
– Administration,
– E-procurement,
– Personnel,
– Facilities management,
– Real estate brokerage.
In addition, the interest held by the Group in Atlanet, a
telecommunication company created under an agreement
between Telefónica of Spain, Acea and Fiat-Ifil, will be
transferred to the new Sector.
❚ In August, the Group defined the terms of its investment
in Ipse, a consortium that will participate in the competitive
bidding for the award of Umts telecommunications licenses.
This technology is the latest standard for cellular
communications in Italy. Fiat and Ifil will invest in Ipse
through Atlanet, which will be Ipse’s first Italian industrial
stockholder. Other members of the consortium include two
major European telecommunications companies: Telefònica
(Spain) and Sonera (Finland).
❚ Teksid S.p.A. and the Infun Group, based in Barcelona,
Spain, executed a letter of intent concerning the sale of
a controlling interest in Teksid For S.p.A. to the Spanish
company. Teksid For, which had revenues of about 40
million euros in 1999, manufactures gray iron and nodular
cast-iron components for automotive applications. This
transaction is consistent with Teksid’s strategy of focusing
its efforts on its core manufacturing businesses.
❚ At a meeting held in Paris on August 23, 2000, the partners
of Turboprop International (FiatAvio, ITP, MTU and SNECMA)
executed a Memorandum of Agreement with Rolls-Royce
plc and Techspace Aero concerning the design,
development and production of a three-shaft engine that will
be used to power the Airbus A400M, a four-engine tactical
military transport aircraft. FiatAvio will be responsible for the
transmission of the new engine.
❚ On July 24, 2000, as already explained in the Introduction
to this Report, Fiat and General Motors signed an
agreement for the establishment of two 50-50 joint ventures
in the areas of purchasing and powertrain production, and
entered into a strategic industrial agreement concerning
their operations in Europe and Latin America.
On August 16 the European Commission issued a comfort
letter and declared that the review into the Fiat/GM alliance
was positively completed.
A discussion of the outlook for the balance of the fiscal
year is provided in the Introduction to this Report.

AUTOMOBILES — FIAT AUTO
In Western Europe, demand for automobiles remained strong
during the first half of 2000, with a total of 8,125,000 cars
sold as of June 30, 2000 (+1.6% compared with the same
period in 1999). Italian motorists bought 1,401,000
automobiles, or 2.6% more than a year ago.
In the rest of Western Europe, demand expanded by an
average of 1.3%. However, the performance varied from one
country to the next: shipments were up in France (+16.9%),
Spain (+5.9%), Belgium (+9.9%), Ireland (+42.5%) and Greece
(+15.6%). On the other hand, the German, Portuguese
and Danish markets, which performed well in 1999, posted
declines of 11.2%, 6.0% and 20.7%, respectively.
In Holland and Switzerland demand held steady at last
year’s level.
Outside the euro-bloc countries, volumes contracted by
13.7% in Poland, owing in part to higher automobile taxes,
but improved in Turkey, where favorable economic conditions
pushed demand to almost 200,000 units, or 70% more than
in the first six months of 1999.
In Latin America, sales were up in Brazil (525,000 cars,
+5.9%) and in Argentina (133,000 cars, +2.2%) during the
period under review.
Demand for light commercial vehicles was particularly strong,
with shipments rising 7.9% in Western Europe. In Italy sales
of these models totaled 113,500 units, (+21.4%).
During the first half of 2000, Fiat Auto sold a total of
1,250,000 cars, or 4.6% more than in the corresponding
period last year.
Western European customers bought 868,800 vehicles
(+4.6%), pushing Fiat Auto’s market share to 10.7% (10.4%
during the first six months of 1999). This improvement reflects
to a significant extent the successful launch of the new Fiat
Punto. With 328,000 units sold during the first half of the year,
the Punto was the top selling car in its segment and ranked
second overall among the most popular cars in Europe.
Automobile Market
1st half 1st half %
(in thousands of units) 2000 1999 change
France 1,095.6 937.4 16.9
Germany 1,753.6 1,974.7 (11.2)
Great Britain 1,217.8 1,195.0 1.9
Italy 1,400.7 1,365.3 2.6
Spain 763.5 720.7 5.9
Western Europe 8,124.5 8,000.0 1.6
Poland 270.0 312.8 (13.7)
Brazil 524.5 495.4 5.9
In Italy, registrations of new Fiat Auto cars totaled 514,000
units (+4.1%), for a market share of 36.7% (36.2% in the first
six months of 1999).
Fiat Auto continued to pursue its commitment to develop
vehicles that are increasingly friendly to the environment. At
the Geneva Car Show, it presented the Ecobasic, a concept
car that introduces numerous new technological solutions that
will find application in production models. The Sector also
launched the Multipla Fiat Hybrid Power, another innovative
environmental car that can run alternatively on an internal
combustion engine or an electric motor.
Alfa Romeo was particularly busy during the first half of the
year, introducing the 156 Sportwagon, a model that embodies
an original approach in combining the convenience of a
station wagon with the performance of a sports car. The
Alfa 147, an aggressive two-door model that offers high
performance, safety and top-notch accessories and comfort,
made its debut at the Turin Car Show. The first units will be
in the showrooms this fall.
During the first half of 2000, Fiat Auto continued to pursue
the globalization of its activities.
The programs launched to manufacture and sell World Car
models in the developing markets were particularly successful.
In Egypt, the Sector introduced the Siena, which was
extremely well received by customers.
In China, Fiat Auto consolidated its presence with the
production of local models and is carrying out the capital
investment programs needed for the production of the Palio
and Palio Weekend.
In Russia, the timing of the implementation of the agreement
signed with the local government is predicated upon an
Sales Performance – Automobiles and Light Commercial
Vehicles
1st half 1st half %
(in thousands of units) 2000 1999 change
France 62.7 65.9 (4.9)
Germany 84.5 91.4 (7.5)
Great Britain 57.3 53.0 8.1
Italy 542.6 512.3 5.9
Spain 37.8 35.1 7.7
Western Europe 914.8 871.8 4.9
Poland 85.9 92.9 (7.5)
Brazil 163.8 152.9 7.1
Total units sold 1,249.7 1,194.8 4.6
Affiliated companies 41.6 25.5 63.1
Grand total 1,291.3 1,220.3 5.8
Performance of the Operating Sectors – Automobiles
15

16
upturn in automobile demand, which remained quite low, even
though the economy is starting to show signs of improvement.
In Turkey, a particularly healthy market enabled Tofas to post
positive results.
In South Africa, sales of Alfa Romeo models were up strongly.
In the manufacturing area, noteworthy developments during
the period under review include the start-up of the production
of the new Alfa 147 in the Pomigliano factory. At the
Mechanical Engineering Division, all engine manufacturing
facilities were upgraded to comply with the EEC Phase 3
environmental standards and production was started.
In the continued pursuit of greater flexibility, the Sector
introduced programs that optimize plant utilization. In
Italy, outsourcing transactions resulted in the sale of the
maintenance operations of the Pomigliano plant (430
employees) and the sheet-metal working and stamping
facilities of the Rivalta factory (390 employees). In Poland,
630 employees who worked in stamping and gearbox
assembly were transferred to outside companies. Overall,
outsourcing projects involved 1,860 employees during the
first half of this year.
Financing provided to end customers totaled 5,100 million
euros, covering purchases of 605,000 vehicles, or 16% more
than in 1999.
In network financing, business volumes reached 10,400 million
euros, for a 27% gain over last year. Financing provided to
suppliers was up 27% to 5,100 million euros.
OPERATING PERFORMANCE
In the first six months of 2000, the Sector had revenues
of 13,437 million euros for a gain of 11.4% over the
corresponding period in 1999. This improvement reflects
mainly higher unit sales made possible by strong demand
for the new Punto and the Lybra.
The margin earned on sales to Western European customers
remained under pressure, reflecting a keenly competitive
environment, which forced carmakers to increase the systems
installed as standard equipment without being able to raise
prices accordingly.
Outside Europe, the Sector’s performance was adversely
affected by an unfavorable economic environment in Argentina
and the costs entailed by the startup of manufacturing
activities in China and Egypt.
In Brazil, where the economy is beginning to emerge from
its crisis, Fiat Auto posted positive results.
Despite this challenging environment, the Sector earned 64
million euros in the first half of 2000 compared with a loss
of 257 million euros during the first six months of 1999. Over
the same period, the return on sales improved from a negative
2.1% to a positive 0.5%.

COMMERCIAL VEHICLES — IVECO
In Western Europe, demand for commercial vehicles with curb
weight equal to or greater than 3.5 tons totaled 354,400 units
during the first half of 2000, or 8.6% more than in the same
period a year ago, confirming a positive trend that started in
1997.
An analysis of the market by product segment shows that
demand for light commercial vehicles increased to 178,000
units, for an overall gain of 13.7% over 1999. The main
reason for this improvement was strong growth in France
(+ 25.6%). At 46,800 units, registrations of new intermediate
vehicles were little changed from the same period last year
(+0.9%). Shipments of heavy-load trucks were up 5%,
reflecting healthy demand in Spain and Holland (+16%),
with new registrations totaling 129,600 units.
During the first half of 2000, Iveco sold 81,120 vehicles
worldwide, or 18.2% more than in the same period in 1999
(68,630 units). When the approximately 23,300 units sold by
licensees are added, total sales amount to 104,400 vehicles
(89,100 units in 1999).
In Western Europe, Iveco sold 66,100 vehicles, up 20%
over the first half of 1999. This positive performance reflects
healthy sales of light commercial vehicles in all European
markets with the exception of Great Britain where, anyway,
orders for future shipments are proceeding at a good pace.
The Sector’s vehicles sold particularly well in France (+26%),
Italy (+25%) and Spain (+19%). In these countries, strong
orders for future shipments point to a continuation of this
positive trend.
Iveco’s share of the Western European market (vehicles with
curb weight equal to or greater than 3.5 tons) rose to 17.7%
in the first half of 2000, up from 16.2% in the same period a
year ago.
In the light commercial vehicles segment, Iveco’s market share
improved to 21.1%, or 2.7 percentage points more than in the
first half of 1999, owing to the successful introduction of the
new Daily. This improvement reflects particularly strong gains
in Italy, where market share grew by 3.1 percentage points to
Commercial Vehicles Market (curb weight ≥ 3.5 tons)
1st half 1st half %
(in thousands of units) 2000 1999 change
France 62.2 53.6 16.0
Germany 79.3 77.3 2.6
Great Britain 56.3 51.9 8.5
Italy 46.1 42.7 8.0
Spain 38.1 33.9 12.4
Western Europe 354.4 326.3 8.6
43.5%, and France, where the Sector accounted for 26.1%
of this segment (+4.1 percentage points).
Significant increases in Great Britain, Spain and France
enabled Iveco’s penetration of the intermediate vehicles segment
to reach 23% overall, with a slight improvement (+0.3
percentage points) over the first half of 1999.
In the heavy-load vehicles segment, the Sector’s market share
held steady at 11%, about the same as in the same period
last year.
In Eastern Europe, Iveco sold 4,200 vehicles, or 24% more
than in the first half of 1999, and took advantage of improved
business conditions in the countries of Central Europe
(Hungary, Romania, Czech Republic and Slovakia) to
strengthen its position in these markets.
Outside Europe, Iveco sold 7,150 units during the first half
of 2000, compared with 6,600 vehicles in the first six months
of 1999. Over the same period, sales of light commercial
vehicles were up a strong 49.3% in Brazil and Argentina,
where the Sector reached market shares of 24.3% (+7.4
percentage points compared with the first six months of 1999)
and 6.6% (+2.2 percentage points), respectively.
In China, Naveco, a 50-50 joint venture with the Yueijin Group,
manufactured and sold 7,300 vehicles, about the same as in
the same period last year.
Irisbus, a 50-50 joint venture established with Renault to
produce buses, sold more than 2,200 vehicles during the first
half of 2000, or 12% more than in the corresponding period
a year ago. Starting with the second quarter of this year, unit
sales include the contribution of Ikarusbus, a recently acquired
Hungarian company (325 vehicles sold during the first six
months of the year).
Sales Performance – Units Sold
1st half 1st half %.
(in thousands of units) 2000 1999 change
France 11.7 9.3 25.8
Germany 9.1 8.1 12.3
Great Britain 5.2 5.8 (10.3)
Italy 23.6 18.8 25.5
Spain 8.8 7.4 18.9
Western Europe 66.1 55.0 20.2
Eastern Europe 4.2 3.4 23.5
Rest of the world 10.8 10.2 5.9
Total units sold 81.1 68.6 18.2
Licensees 23.3 20.5 13.7
Grand Total 104.4 89.1 17.2
Performance of the Operating Sectors – Commercial Vehicles
17

18
Improved market conditions in India and Turkey helped Iveco’s
local affiliates to report higher sales.
❚ In India, Ashok Leyland manufactured and sold a total of
19,400 units, a number significantly higher than in the first
six months of 1999. This was made possible by a favorable
business environment and the successful market launch of
its intermediate vehicles, which already comply with the
latest emission standards.
❚ In Turkey, the subsidiary Otoyol sold 3,920 units during the
period under review, or 50% more than in the first half of
1999. Taking advantage of rapidly rising demand, this
company was able to expand its market share to 8.9%.
At 245,000 units, production of diesel engines was substantially
higher (+18%) than in the first six months of 1999 (207,000
units). 63% of all engines manufactured were sold to
customers outside the Group.
Most of the capital investments carried out during the period
were earmarked for the construction of a facility in Brazil,
where a joint venture of Iveco and Fiat Auto will manufacture
vehicles of the Daily and Ducato lines, and for the local
production of Iveco engines.
An important development for the Sector’s engine operations
was the acquisition of Houvenaghel Henneqin during the first
quarter of this year. This company, which has been renamed
2H Energy, operates primarily in the French market, where
it designs, manufactures, installs and maintains power
generating units for standard and cogenerating power plants.
This transaction enabled the Power Generation Division to
acquire new systems capabilities and offer customers power
generating units with high value added.
Transolver’s service activities that provide lending to truckers
executed contracts covering a total of 13,280 new vehicles
(548 million euros in financing, or 5.2% more than in the first
half of 1999) and more than 1,800 used vehicles.
Transolver provided financing for 23.8% of the vehicles sold
by Iveco in Western Europe.
In the leasing business, Iveco continued to expand its
presence in Europe. Transolver Service carries out this activity
for Iveco-brand vehicles sold through captive sales networks,
while Fraikin handles vehicles sold through independent and
multi-brand sales networks.
As of June 30, 2000, the vehicles leased by the Sector totaled
31,700 units (+7.7% from December 31, 1999). The French
market, which grew by 6% compared with the end of 1999,
accounted for 83% of the total. During the period under
review, business improved significantly in Italy, Spain (recently
established company) and Great Britain.
OPERATING PERFORMANCE
During the first half of 2000, Iveco had consolidated revenues
of 4,174 million euros, or 21% more than in the same period
last year (3,450 million euros). On a comparable consolidation
and foreign exchange basis, the increase amounts to 12%.
The return on sales improved slightly compared with a year
ago despite keen price competition. This positive
performance was made possible by a more favorable product
mix, with higher sales of light commercial vehicles.
Operating income totaled 165 million euros, or 33% more than
in the first six months of 1999, with changes in the scope of
consolidation accounting for about half of the increase. It was
equivalent to 4% of revenues, for a gain of 0.4 percentage
points over the first half of 1999.
This improved operating performance was made possible
by higher unit sales and a more advantageous sales mix, as
well as by reductions in overhead, which fell from 13.9% of
revenues last year to 12.7% during the first six months of
this year.

AGRICULTURAL AND CONSTRUCTION
EQUIPMENT — CNH GLOBAL
Worldwide retail unit sales of CNH agricultural equipment
were lower than the company’s combined sales in the first
half of 1999. In North America, CNH sales of large agricultural
equipment were negatively impacted by uncertainty
surrounding the divestiture of New Holland’s large row-crop
and four-wheel-drive tractor business, as well as industry
expectations of a new line of Case IH four-wheel-drive
tractors, and new products launched by competitors. As a
result, sales of CNH high-horsepower tractors were lower than
in the previous period. However, retail sales of CNH combines
worldwide exceeded industry gains on strength of its global
markets.
In Europe, CNH agricultural equipment sales were lower,
in line with the industry, reflecting uncertainty around the
divestiture of its Doncaster, England, operations.
In Latin America and in other markets around the world, CNH
reported strong gains in retail sales, while the market declined.
Retail unit sales of CNH construction equipment kept pace
with the industry in North America, while sales in Europe and
Latin America were lower than the industry. In North America,
the industry and CNH were slightly lower than the strong
levels of 1999, while in Europe, the market increased, fueled
by economic growth and building on the strong performance
of last year.
In Latin America, retail sales of CNH skid steers grew at a
rapid pace, but the growth was more than offset by lower
sales of heavy construction equipment. In other markets
around the world, CNH retail sales were up substantially,
far exceeding the industry.
CNH recently announced significant elements of its merger
integration plan. These include the closure of three
manufacturing facilities in North America and one in Europe.
In addition, the company intends to sell two facilities in
North America and has completed the sale of a components
business in Europe. The sale of these facilities is a result of
the company’s plan to further increase outsourcing of noncore
components from its facilities around the world. The
transfer of production at the affected facilities to new locations
will be timed with the introduction of new global product
platforms.
Manufacturing of some product lines will be transferred
within CNH as part of the merger integration plan. Hay and
Forage equipment will be transferred from the Grand Island,
Nebraska, facility to the Belleville, Pennsylvania, plant, while
skid steers will be moved from Belleville to the Wichita,
Kansas, facility, where Case skid steer lines are currently
manufactured.
In total, these integration consolidation actions will result in a
global workforce reduction of approximately 1,800 employees.
The company expects to announce further actions later this
year in other regions of the world.
In addition, divestiture of certain company plants and
operations, which are in accordance with the conditions under
which regulatory agencies in North America and Europe
approved the business merger of Case and New Holland, are
expected to reduce CNH’s global headcount by approximately
1,700.
In combination with previous integration actions taken by the
company, these announced steps, when completed, would
reduce CNH’s global workforce by approximately 5,000
people.
OPERATING PERFORMANCE
Revenues for the six months were 5,679 million euros,
compared to 5,147 million euros in the same period last year,
on a pro forma basis. The increase in revenues on a pro forma
basis was mainly due to the rising value of the U.S. dollar, the
Sector’s reporting currency, against the euro, the Fiat Group’s
functional currency. On a comparable consolidation and
foreign exchange basis the increase in revenues would have
been 6.9%. Stated in U. S. dollars, CNH’s consolidated net
revenues for the first half of 2000 were approximately 200
million dollars less than in the same period in 1999. In the
first half of the year, unfavorable foreign exchange rates
negatively impacted revenues, compared to 1999.
For the first six months of 2000, CNH reported operating
earnings of 98 million euros, compared to 175 million in the
same period last year, on a pro forma basis, reflecting higher
amortization of goodwill from the Case acquisition and
integration costs.
Performance of the Operating Sectors – Agricultural and Construction Equipment
19

20
METALLURGICAL PRODUCTS — TEKSID
The first half of 2000 was characterized by buoyant demand in
the principal automotive markets. In Europe and the NAFTA
Region, manufacturing activity continued at the good levels
achieved last year, while the Mercosur countries began to
recover from the production slump experienced in the recent
past as a result of a downturn in the local economies. In the
emerging Asian markets, the outlook continued to improve.
In the automotive industry, the process of integration gained
further momentum and companies continued to deverticalize
their foundry operations. These developments had a profound
effect on an already changing competitive environment, with
a steady concentration on the supply side of the equation.
Against this background, Teksid stepped up the
implementation of programs designed to foster growth,
globalize its operations, streamline its product portfolio
and specialize the activities of its manufacturing facilities,
with the goal of strengthening its competitive position in
the marketplace. In particular:
❚ Construction of a factory that will use “lost foam”
technology to produce aluminum cylinder heads and
crankcases for the new General Motors L850 engine
got under way in Alabama (United States).
❚ Construction of a plant that will manufacture cast iron
crankcases in Hua Dong (China) reached an advanced
stage. Production is scheduled to start in 2001.
❚ To meet rising demand for magnesium components, the
subsidiary Meridian Technologies Inc. broke ground for a
new factory in Strathroy (Canada), where it already operates
an existing facility.
OPERATING PERFORMANCE
During the first half of 2000, the Sector had revenues of 994
million euros, or 16.2% more than in the same period last
year. Revenues totaled 406 million euros at the Cast Iron
Division (+7.8%), 438 million euros at the Aluminum Division
(+20.6%) and 150 million euros at Meridian (Magnesium),
where the year-on-year gain was 34.6%.
These gains in revenues were made possible by higher unit
sales (+3.7% for Cast Iron, +6.1% for Aluminum and +16.8%
for Magnesium) and favorable foreign exchange rates that
reflected primarily the appreciation of the U.S. dollar versus
the euro.
Customers outside the Group accounted for 74% of revenues,
up from 72% in the first half of 1999.
At 50 million euros (39 million euros for the first six months
of 1999) operating income was equivalent to 5.0% of net
revenues (4.6% in 1999). This improvement reflects higher
unit sales and the beneficial impact of the efficiency measures
implemented by the operating units.

COMPONENTS — MAGNETI MARELLI
During the first half of 2000, automotive production proceeded
at a gratifying pace, with increases in all producing countries,
including those of the Mercosur Region. This trend is
consistent with an international macroeconomic environment
characterized by continued economic expansion in the United
States and the beginning of a turnaround in Europe.
Against this background, Magneti Marelli continued to
implement a strategy based on the divestiture of non-core
operations, while focusing on businesses with a higher
systems and technology content and on service activities.
In particular:
❚ It started the integration of the Seima Group, a European
leader in the production of automotive rearlights, into the
Automotive Lighting joint venture (50% Magneti Marelli, 50%
Bosch), which was thus able to strengthen its position as
a global producer of lighting systems for motor vehicles.
Upon completion of this transaction, Magneti Marelli will
hold a majority stake in Automotive Lighting. The Seima
Group has manufacturing facilities in Italy, France, Spain,
Russia and Mexico, and technical/commercial centers in
Germany and the United States. It is a supplier to all the
major international carmakers and is considered the
benchmark producer in its industry in terms of technological
innovation.
❚ It reached an agreement for the sale of its Rearview Mirror
activities to the Ficosa International Group in Spain and
completed the sale of its Mechanical Components operation
to Kolbenshmidt Pierburg, a German company. In addition,
it sold its Lubricants business to Doughty Hanson, a British
investment fund, and its European Carburetor operations,
which it had concentrated at the plant in Guadalajara,
Spain, to Finmek, a group based in Padua, Italy.
The Sector continued to streamline its industrial activities. In
particular, its Suspension Systems business (integration and
standardization of the production flows with Fiat Auto, and
definition of its operating flows and its logistics and production
methods) and the Electronic Systems operations (shutdown
of the Polish manufacturing units).
The commitment of the Fiat Group to help its Sectors achieve
leadership positions in the industries where they operate and
the need to assure itself maximum strategical flexibility so as
to negotiate from a stronger position future agreements with
other major international partners were the main reasons
behind Fiat’s decision to launch a Tender Offer for the shares
of Magneti Marelli it did not own. The purpose of this
transaction was to enable the Group to increase from 80%
to 100% its ownership of Magneti Marelli’s capital stock.
The characteristics of the Tender Offer, which lasted from
July 3 to July 24, 2000, and its outcome are described in
the section of this report that discusses Significant Events
Occurring Since the End of the Period and Business Outlook
for the Balance of the Fiscal Year.
OPERATING PERFORMANCE
In the first half of 2000, the Sector had consolidated net
revenues of 2,413 million euros, or 18% more than in the
same period last year. On a comparable consolidation
and foreign exchange basis the gain amounts to 13.3%.
All Business Units contributed to this improvement, with the
exception of the Aftermarket and Services operations, which
were affected by the divestiture of the Lubricants Division.
Operating income for the first half of the year totaled 15 million
euros (0.6% of revenues), compared with 63 million euros
(3.1% of revenues) in the same period a year ago. On a
comparable consolidation basis and if the 1999 figure is
restated to eliminate gains earned on the disposal of buildings,
the operating result for the first six months of 2000 is about 20
million euros higher than in the corresponding period last year.
Performance of the Operating Sectors – Components
21

22
PRODUCTION SYSTEMS — COMAU
During the first half of 2000, capital spending by the
automotive industry held at a steady level in Europe, while
investment programs were deferred in the United States
and reduced sharply in South America.
Other emerging markets, Russia and China in particular, are
expected to produce investment opportunities only toward
the end of this year.
Against this background, the Sector booked orders totaling
747 million euros during the first six months of 2000. The
increase over the figure for the corresponding period last year
(518 million euros) is due mainly to changes in the scope of
consolidation (the Pico Group at the end of 1999, Renault
Automation and Sciaky in the second quarter of 1999).
On a comparable consolidation basis, orders were up 10%.
Major contracts signed during the period included two large
orders for the supply of bodywork lines to two U.S. carmakers
at factories in the United States and Turkey, respectively,
and an important contract for the construction of mechanical
assembly lines for a French automotive manufacturer.
At June 30, 2000, the net order book amounted to 1,594
million euros. The gain over the 796 million euros reported at
the end of June 1999 reflects the inclusion of the Pico Group
in the scope of consolidation.
Following a tender offer for all the shares of Comau S.p.A.
launched at the end of March 1999 and a subsequent
residuary tender offer completed in February 2000, Fiat S.p.A.
held 99.14% of the Comau S.p.A. shares. On March 27,
2000, Fiat exercised the right to purchase the remaining
Comau shares (Article 111 of Legislative Decree No. 58/98),
thereby gaining ownership of 100% of Comau’s capital stock.
At the end of April, Fiat transferred its interest in Comau S.p.A.
to Comau B.V., which already held the equity investments
purchased in connection with the Pico acquisition. Following
this transaction, on July 1, 2000, Comau B.V. officially became
the holding company that heads the Production Systems
Sector, and Comau S.p.A. changed its name to Comau
Systems S.p.A.
As part of a planned restructuring effort, which is being carried
out to make the organization more cost efficient, develop
industrial and commercial synergies, and strengthen the
Sector’s presence in the international markets, Comau
reengineered the corporate structure of operations in Germany
(Comau Systems), in North America (Pico Holdings Corp.)
and activities in Australia have been started up.
Comau Service continued to expand its operations, providing
maintenance services for production facilities of the Fiat Group
and other major carmakers (eight new locations at customer
plants in Italy, France and the United Kingdom), and
established Comau Belgium N.V., which will pursue service
business opportunities in Belgium.
OPERATING PERFORMANCE
Changes in the scope of consolidation and the higher volume
of business generated by the maintenance service operations
pushed overall revenues to 1,125 million euros in the first half
of 2000, substantially more than the 482 million euros
reported in the same period last year.
Operating income for the first six months of the year totaled
36 million euros, or 3.2% revenues (6 million euros, or 1.3%
of revenues in the same period last year). The consolidation
of newly acquired businesses accounts for most of the gain
in operating income and return on sales.

AVIATION — FIATAVIO
During the first half of 2000, the Sector benefited from a
favorable business environment in the markets where it
operates, with demand for engine overhaul services continuing
to show sustained growth and sales of commercial aircraft
engines expanding at a moderate pace.
The salient events that characterized the operations of
the Aircraft Business Unit during the period included:
❚ The signing of a cooperation agreement with Pratt &
Whitney for the development of a new family of nextgeneration
engines (geared-fan). FiatAvio has been
assigned responsibility for the power transmission module,
one of the key components of the system.
❚ The signing of a contract for the NH90 helicopter. The
Italian Government is expected to order about 120 aircraft
and 400 engines. The Italian version of this helicopter will
be powered by the T700 engine, which is built by FiatAvio
in a 60-40 joint venture with General Electric.
❚ The transformation of the contract executed with General
Electric for the CF6-80 engine into a revenue sharing
arrangement, which produced an increase in equity interest
and, consequently, raised the interest held in outstanding
orders by about 100 million euros.
During the first six months of 2000, in order to enhance
growth opportunities in a rapidly changing market that is
increasingly adopting the competitive models of its commercial
counterpart, the Sector created the Government Programs
Business Unit. This new Unit will manage FiatAvio’s operations
in the government aircraft market, focusing on expanding its
engine overhaul and support service businesses, and in the
marine market, where it offers automation and aircraft-derived
propulsion systems. Military programs are being handled by
Turboprop International (TPI), a joint venture of FiatAvio,
Snecma, MTU and ITP, which will develop and manufacture
the engine for the A400M, the new European aircraft.
In addition, the Sector continued to manufacture spare parts
and provide engine overhaul services for military aircraft.
During the period under review, in response to a market
environment where the major aircraft engine manufacturers
and largest airlines are increasingly consolidating all their
operations, including their service activities, the Sector
restructured its organization, establishing an independent
Commercial Engine Overhaul Division. In addition, it
reengineered its manufacturing operations seeking to improve
their level of profitability.
At the Gas Turbines Business Unit, the Service Turbogas
operations were transferred to FiatAvio Power Service S.p.A.
The Space Business Unit participated in the second
successful launch of the Ariane 5 launcher, which confirmed
the performance capabilities already demonstrated in
December 1999, when this system was used to put into
orbit the XMM satellite. In order to meet market demand
and expand production volume, the Sector made a contract
for the construction of the production facilities for the Ariane
5 boosters.
During the first half of 2000, FiatAvio acquired a 100% interest
in Secosvim S.r.l., a service company, and sold the interest it
held in Simmel Difesa S.p.A.
OPERATING PERFORMANCE
During the first six months of 2000, the Sector had revenues
of 689 million euros (617 million euros in the same period last
year). Operating income grew from 53 million euros in 1999
(8.7% of revenues) to 63 million euros (9.2% of revenues) this
year, reflecting increased unit sales and a higher rate of return,
made possible in part by a more favorable exchange rate for
the U.S. dollar.
Performance of the Operating Sectors – Aviation
23

24
PUBLISHING AND COMMUNICATIONS — ITEDI
During the first half of 2000, sales of Italian newspapers were
relatively stable compared with the first six months of 1999.
From January to May, the print advertising market expanded
by about 13% compared with the corresponding period in
1999, with especially strong gains in the newspaper segment
(+14%). In the magazine segment, the growth rate was about
11% compared to the corresponding period of 1999.
Editrice La Stampa S.p.A. reported an average daily
circulation of 378,000 copies, down from 383,000 copies
in the first six months of 1999.
Noteworthy developments that occurred during the first half of
2000 included the launch of La Stampa – CiaoNordovest, a
horizontal portal specifically designed for the Piedmont, Liguria
and Valle d’Aosta Regions, and the start of new business tieins
linking La Stampa with the Corriere Mercantile in Genoa
and the Cronache di Napoli in Naples. In addition, the Sector
continued to carry out a series of editorial projects designed
to improve product quality, broaden the newspaper readership
base (contests for students) and increase reader loyalty
(bonus coupon programs).
All businesses headed by Publikompass S.p.A. posted higher
advertising billings, with gains of 15.3% for newspapers, 21%
for periodicals and 52% for television. Advertising booked for
Internet sites quadrupled compared with the first half of 1999,
confirming Publikompass’ position as a leading player in this
industry.
In May 2000, Itedi transferred to a new company called
Koinet S.p.A. the operations consisting of the vertical portal
of the same name that specifically targets business users.
Koinet is in the process of developing a business model based
on the provision of corporate services to small and mediumsize
businesses. The deployment of this model calls for the
definition and implementation of operational business-tobusiness
structures (e-commerce platforms, front/back office
organizations, hardware systems, call center) working in
cooperation with other Group companies.
OPERATING PERFORMANCE
The Sector posted net revenues of 177 million euros in the
first half of 2000, compared with 210 million euros in the
same period last year. If the data are made comparable by
eliminating the sale generated by Satiz, which was divested
during the third quarter of 1999, revenues show an increase
of 18 million euros (+11.6%), due entirely to higher advertising
billings.
Operating income totaled almost 10 million euros, compared
with 7 million euros in the same period last year, but was
double the amount for the first six months of 1999, when
the corresponding figure is restated to 5 million euros for
comparison purposes.
Over the same period, the return on sale improved from
3.5% to 5.5%.

INSURANCE — TORO ASSICURAZIONI
During the first half of 2000, the Italian insurance market
continued to expand at a healthy pace, with improvements
in all segments of the casualty insurance and in life insurance.
In France, demand held steady at about the same level as last
year.
The performance of the principal Sector companies is
reviewed below:
Toro Assicurazioni S.p.A., the Sector’s lead company, wrote
549 million euros in premiums (+7.5%), with gains of 1.9%
for casualty insurance and 31.8% for life insurance.
At Nuova Tirrena S.p.A., premiums grew 7.4% to 344 million
euros, with increases of 7.5% for casualty insurance and 6.8%
for life insurance.
Roma Vita S.p.A. and its subsidiary Giano Assicurazioni
wrote premiums amounting to 952 million euros, down slightly
(-1.1%) from the same period last year, when the total
included the business generated by the branches of Banca
Nazionale dell’Agricoltura, which was then a subsidiary of
Banca di Roma.
Toro Targa Assicurazioni S.p.A. booked consolidated
premiums totaling 58 million euros (+41.3%).
Overall, Le Continent Group wrote premiums amounting
to 352 million euros (+68.4%), including 115 million euros
generated by the Guardian Group.
In order to achieve the high level of strategic flexibility needed
to negotiate successfully future agreements that could
strengthen the competitive position of its insurance business
in the international marketplace, Fiat launched a tender offer
for all the shares of Toro Assicurazioni it did not own, raising
its interest in this company from about 78.7% (75.3% after
the exercise of the outstanding warrants) to 100%.
The characteristics of the Tender Offer, which lasted from
June 12 to July 3, 2000, and its outcome are described in
the section of this report that discusses Significant Events
Occurring Since the End of the Period and Business Outlook
for the Balance of the Fiscal Year.
OPERATING PERFORMANCE
During the first six months of 2000, the Sector wrote
premiums totaling 2,259 million euros, for an overall gain
of 10.5% (+9.1% for casualty insurance and 11.7% for life
insurance).
Premiums earned were up 12.2% to 2,178 million euros.
During the period under review, the insurance operations were
adversely affected by increases in the average cost of claims
and, during the second quarter, by the enactment of new
provisions in the area of automobile insurance. Nevertheless,
the Sector turned in a positive performance, ahead of last
year’s results, owing to the beneficial impact of growth
programs launched in previous years and to the successful
implementation of measures that improved efficiency, while
reducing the impact of operating expenses (down from 13.6%
to 12.6% of premiums) and distribution costs. Even though
the financial markets remained extremely volatile, operating
income increased to 164 million euros, compared with 154
million euros in the first half of 1999.
Income before taxes amounted to 102 million euros, up
11.3% from the 91 million euros earned during the first six
months of 1999.
At June 30, 2000, investments totaled 12,200 million euros,
or 1,340 million euros (+12.3%) more than at the end of 1999.
Technical reserves grew 13.4%, rising from 9,733 million euros
at December 31, 1999 to 11,041 million euros at the end of
June 2000.
Performance of the Operating Sectors – Insurance
25

26
TRANSACTIONS AMONG GROUP COMPANIES
AND WITH RELATED PARTIES
The Fiat Group is divided into operating Sectors, each of
which is headed by a different company. The Group also
includes companies that, because of their specialized nature,
are able to provide administrative, training and other support
services to the operating units in a fashion that enables them
to pursue continuous improvements in quality and economies
of scale.
Transactions between Group companies, whether they result
from vertical manufacturing integration or from the provision
of services, are carried out at competitive terms, considering
the quality of the goods or services involved.
Within this framework, the main transactions that took place
between the Parent Company, Fiat S.p.A., and its subsidiaries
and affiliated companies are summarized below:
❚ Sales of amounts due from the Treasury to the subsidiaries
Magneti Marelli Climatizzazione S.p.A., Fiat Hitachi
Excavators S.p.A., Astra Veicoli Industriali S.p.A., Editrice
La Stampa S.p.A. and other Group companies.
❚ Licensing of the right to use the Fiat trademark, for a
consideration based on a percentage of sales, to Fiat Auto
S.p.A. (0.5%), Iveco S.p.A. (0.2%), FiatAvio S.p.A. (0.5%)
and Fiat Ferroviaria S.p.A. (0.5%).
❚ Fees for services of Fiat management personnel at the
operating Sectors.
❚ Grant of suretyships and guarantees in connection with
the issuance of debentures by FiatSava S.p.A., commercial
paper, money market claims and billets de trésorerie by
New Holland Credit Company LLC, Fiat Finance Canada
Ltd., Fiat Finance and Trade Ltd., Fiat France S.A. and Fiat
Polska Sp. Zoo, and to secure bank loans obtained by Fiat
Automòveis S.A., Iveco Fiat Brasil Ltda, Fiat Auto S.p.A.,
Iveco S.p.A., Teksid S.p.A., F.M.A. S.p.A. and other Group
companies, as well as to secure bonds issued by Fiat
Finance and Trade Ltd. and the payment of rent by Fiat
Se.p.In. S.p.A., Fiat Auto S.p.A., Isvor Fiat S.p.A., Editrice
La Stampa S.p.A, Pro.C.A.R. Deutschland GmbH, Intermap
(France) S.A. and other Group companies.
❚ Rental of buildings to Fiat Se.p.In. S.p.A.
❚ The receipt of financing from Fiat Ge.Va. S.p.A.
❚ Loans to Elasis S.c.p.A.
❚ Purchase of support and consulting services provided by
Fiat Gesco S.p.A. in taxation, law and administration, Fiat
Ge.Va. S.p.A. in financial matters, Fiat International S.p.A.
in international relations, I.T.S. S.r.l. in information
technology, Fiat I.&C.S. S.r.l. in external relations, Telexis
S.r.l. in telecommunications, Fiat USA Inc., Fiat U.K. Ltd.
and Fiat Iberica S.A. in international consulting service,
Isvor Fiat S.p.A. in personnel training, and SGR S.p.A.
and Augusta Assicurazioni S.p.A. in insurance.
❚ Rental of office space, personal and real property
maintenance services and other general services provided
by Fiat Se.p.In. S.p.A.; real estate services and real estate
brokerage services provided, respectively, by IPI S.p.A.
and by IPI Intermediazione S.p.A.
❚ Purchase of automobiles from Fiat Auto S.p.A.
During the first half of 2000, Fiat S.p.A. underwrote capital
increases carried out by Fiat Ge.Va. S.p.A. and Comau S.p.A.,
and transferred all the shares of Comau S.p.A. it owned to
Comau B.V.
All the transactions involving intra-Group deliveries of goods
and services that are part of the regular operations of the
companies involved are discussed by Sector of activity in
another section of this Report.
Based on the information received from the various Group
companies, there were no particularly significant transactions
among Group companies or with related parties of an
extraordinary nature.

Fiat Group
Consolidated Financial Statements
and Notes at June 30, 2000
27

28
CONSOLIDATED BALANCE SHEET
(in millions of euros)
Dec. 31, 1999 June 30, 2000 June 30, 1999
❚ ASSETS
1 Amounts due from stockholders for shares subscribed but not called – –
Fixed assets
1,809 Intangible fixed assets (note 1) 5,603 1,122
15,920 Property, plant and equipment (note 2) 17,560 15,102
16,828 Financial fixed assets (note 3) 12,386 8,344
34,557 Total Fixed assets 35,549 24,568
Current assets
12,204 Inventories (note 4) 14,662 10,445
10,645 Receivables (note 5) 12,661 11,081
19,685 Financial assets not held as fixed assets (note 6) 25,658 22,443
1,906 Cash 1,579 1,821
44,440 Total Current assets 54,560 45,790
875 Accrued income and prepaid expenses (note 7) 1,156 512
79,873 ❚ TOTAL ASSETS 91,265 70,870
❚ LIABILITIES AND STOCKHOLDERS’ EQUITY
Stockholders’ equity
Stockholders’ equity of the Group (note 8)
2,753 Capital stock 2,753 2,844
1,636 Additional paid-in capital 1,636 1,636
659 Legal reserve 659 569
27 Treasury stock valuation reserve 57 124
7,446 Retained earnings and other reserves 7,543 7,303
353 Net income (*) 402 231
12,874 Total 13,050 12,707
1,893 Minority interest 1,772 1,812
14,767 Total Stockholders’ equity 14,822 14,519
14,666 Reserves for risks and charges (note 9) 17,722 12,554
2,138 Reserve for employee severance indemnities 2,153 2,242
44,793 Payables (note 10) 52,755 38,299
3,509 Accrued expenses and deferred income (note 11) 3,813 3,256
❚ TOTAL LIABILITIES
79,873 AND STOCKHOLDERS’ EQUITY 91,265 70,870
(*) For the first half, Fiat’s interest in Income before taxes.

CONSOLIDATED BALANCE SHEET
❚ MEMORANDUM ACCOUNTS (note 12)
(in millions of euros)
Dec. 31, 1999 June 30, 2000 June 30, 1999
Guarantees granted
Unsecured guarantees
Suretyships:
33 on behalf of unconsolidated subsidiaries 1 2
114 on behalf of associated companies 113 152
1,657 on behalf of others 1,867 1,921
1,804 Total Suretyships 1,981 2,075
Guarantees of notes:
53 on behalf of others 22 18
53 Total Guarantees of notes 22 18
Other unsecured guarantees:
466 on behalf of associated companies 411 429
2,824 on behalf of others 1,830 1,308
3,290 Total Other unsecured guarantees 2,241 1,737
5,147 Total Unsecured guarantees 4,244 3,830
Secured guarantees:
53 on behalf of unconsolidated subsidiaries 71 69
14 on behalf of associated companies – –
343 on behalf of others 344 237
410 Total Secured guarantees 415 306
5,557 Total Guarantees granted 4,659 4,136
Commitments
20,049 Commitments related to off-balance-sheet instruments 25,193 15,449
640 Commitments to purchase property, plant and equipment 674 958
29 Commitments for contracts in progress 50 3
3,182 Other commitments 3,250 2,836
23,900 Total Commitments 29,167 19,246
1,775 Third-party assets held by the Group 1,306 1,022
12,438 Group assets held by third-parties 14,527 9,993
561 Other memorandum accounts 518 310
44,231 ❚ TOTAL MEMORANDUM ACCOUNTS 50,177 34,707
Consolidated Financial Statements and Notes at June 30, 2000
29

30
CONSOLIDATED STATEMENT OF OPERATIONS
(in millions of euros)
1999 Fiscal year 1st half 2000 1st half 1999
Value of production (note 13)
48,402 Revenues from sales and services 29,650 23,358
Change in work in progress, semi-finished
275 and finished products inventories 400 241
(279) Change in contract work in progress 126 196
1,107 Additions to internally produced fixed assets 556 432
1,839 Other income and revenues 829 612
51,344 Total Value of production 31,561 24,839
Costs of production (note 14)
25,720 Raw materials, supplies and merchandise 15,844 12,191
7,893 Services 5,068 4,159
299 Leases and rentals 190 161
7,648 Personnel costs 4,621 3,859
2,603 Amortization, depreciation and writedowns 1,768 1,223
Change in raw materials, supplies
(64) and merchandise inventories 27 19
854 Provisions for risks 398 361
8 Other provisions 6 19
1,265 Other charges 635 389
694 Expenses of financial services companies 527 524
3,636 Insurance claims and other costs 2,002 1,771
50,556 Total Costs of production 31,086 24,676
788 Difference between the Value and Costs of production 475 163
Financial income and expenses (note 15)
289 Investment income 154 126
1,870 Other financial income 769 1,478
2,260 Interest and other financial expenses 1,232 1,610
(101) Total Financial income and expenses (309) (6)
Adjustments to financial assets (note 16)
235 Revaluations 58 71
231 Writedowns 74 81
(4) Total Adjustments to financial assets (16) (10)
Extraordinary income and expenses (note 17)
554 Extraordinary income 467 268
221 Extraordinary expenses 101 38
333 Total Extraordinary income and expenses 366 230
1,024 Income before taxes 516 377
518 Income taxes
506 Income before minority interest
(153) Minority interest
353 Net income

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES AND METHODS
The Report on operations for the first half of 2000 and the consolidated financial statements for the six months ended June 30,
2000 have been prepared in accordance with Consob Regulation No. 11971 of May 14, 1999 and later changes. In particular,
as allowed by the Consob Regulation, the result for the first half of the year is shown before taxes.
The consolidation methods and the accounting principles and criteria applied in these financial statements are consistent with
those disclosed and applied in the preparation of the annual consolidated financial statements.
During the first half of 1999, all Group companies located in the euro-bloc countries, except for insurance companies, had
adopted the euro as their reporting currency and made the necessary accounting and procedural changes.
The composition of the Fiat Group underwent several changes during the first half, which are described in greater detail in
the report on operating performance.
In accordance with the abovementioned Regulation, a list of the companies and significant equity investments of the Fiat Group
is provided in the Annex.
COMPOSITION, PRINCIPAL CHANGES AND OTHER INFORMATION
Consolidated Balance Sheet
1 Intangible fixed assets
Net of Change in Disposals Net of
amortization scope of and other amortization
(in millions of euros) 12/31/1999 Additions Amortization consolidation changes 6/30/2000
Total Intangible fixed assets 1,809 511 (246) 3,526 3 5,603
Intangible fixed assets grew by 3,794 million euros from the figure at December 31, 1999. Most of the increase is due to change
in the scope of consolidation (3,526 million euros) for the line-by-line consolidation of the Case Group (with an effect of 3,278
million euros, including goodwill of 2,418 million euros) and other companies.
Additions during the period (511 million euros) include goodwill (262 million euros) stemming from the remaining acquisition of
the Fraikin Group (136 million euros) and from the tender offers for the minority interests in Comau, Magneti Marelli and Toro
Assicurazioni (126 million euros), as well as the capitalization of licenses, trademarks, patents and start-up costs (249 million
euros).
2 Property, plant and equipment
Accumulated
Net of Change in Disposals Net of deprec. and
depreciation scope of and other depreciation writedowns
(in millions of euros) 12/31/1999 Additions Depreciation consolidation changes 6/30/2000 6/30/2000
Total Property, plant and equipment 15,920 1,265 (1,328) 1,910 (207) 17,560 19,861
Net of accumulated depreciation, property, plant and equipment increased by 1,640 million euros from December 31, 1999. The
change during the first six months of 2000 is due to Additions of 1,265 million euros, mostly capital expenditures made by the
Automotive Sectors, Depreciation of 1,328 million euros, Disposals and other changes totaling 207 million euros and the Change
in scope of consolidation of 1,910 million euros, of which 1,778 million euros related to the Case Group.
Accumulated depreciation and writedowns totaled 19,861 million euros (18,920 million euros at December 31, 1999).
Property, plant and equipment include vehicles on operating leases for 1,805 million euros (1,088 million euros at the end of
1999). The increase of 717 million euros is due to the consolidation of the Case Group for 515 million euros; the remaining
amount refers to new additions, net of depreciation during the period.
Consolidated Financial Statements and Notes at June 30, 2000
31

32
3 Financial fixed assets
(in millions of euros) At 6/30/2000 At 12/31/1999
Investments 2,849 7,421
Receivables 75 106
Other securities 5,063 5,132
Treasury stock 27 27
Assets leased 4,372 4,142
Total Financial fixed assets 12,386 16,828
Receivables due beyond five years totaled 27 million euros at June 30, 2000. At December 31, 1999, receivables due beyond
five years totaled 14 million euros.
The tables below show the changes in Investments, Other securities, Treasury stock and Assets leased since December 31,
1999.
Investments
Value at Equity in Equity in Other Value at
(in millions of euros) 12/31/1999 earnings losses changes 6/30/2000
Investments 7,421 58 (53) (4,577) 2,849
During the first half of 2000, investments decreased by 4,572 million euros compared to December 31, 1999.
The reduction shown for Other changes (4,577 million euros) is almost entirely due to the line-by-line consolidation of the Case
Group (4,579 million euros), which was valued at cost at December 31, 1999.
Equity in earnings and Equity in losses include the Group’s share of the income or the loss of companies accounted for using
the equity method.
Other securities
(in millions of euros) At 6/30/2000 At 12/31/1999
Other securities 5,063 5,132
Other securities, which decreased by 69 million euros compared to December 31, 1999, consist mainly of marketable
Government securities and bonds held primarily by insurance companies to fund life insurance policy liabilities and accruals.
Treasury stock
At 6/30/2000 At 12/31/1999
Number Cost Number Cost
of shares
(thousands)
(in millions
of euros)
of shares
(thousands)
(in millions
of euros)
Fiat S.p.A. shares held by subsidiaries:
Ordinary 875 15 875 15
Preference 1 – 1 –
Savings 1,064 12 1,064 12
Total Treasury stock 1,940 27 1,940 27
Treasury stock, stated at cost, consists of Fiat shares held by the companies Toro Assicurazioni S.p.A. and Fiat Ge.Va. S.p.A.
No changes occurred during the period under review.

Assets leased
Net of Disposals Net of
depreciation and other depreciation
(in millions of euros) 12/31/1999 Additions Depreciation changes 6/30/2000
Assets leased 4,142 782 (733) 181 4,372
Assets leased consist of vehicles leased by the Automotive Sectors.
Assets leased do not include vehicles on operating leases, which are included under Property, plant and equipment.
4 Inventories
(in millions of euros) At 6/30/2000 At 12/31/1999
Total Inventories 14,662 12,204
Inventories are shown net of allowances and include contract work in progress, before deducting customer advances of 4,774
million euros at June 30, 2000 (4,217 million euros at December 31, 1999). Inventories, net of such advances, are 9,888 million
euros (7,987 million euros at December 31, 1999). The increase in net inventories is due mainly to changes in the scope of
consolidation.
5 Receivables
At 6/30/2000 At 12/31/1999
(in millions of euros) Trade Other Total Trade Other Total
Total Receivables 7,460 5,201 12,661 6,665 3,980 10,645
Receivables, which have been broken down into Trade receivables and Other receivables, are net of the respective allowances
for doubtful accounts. Other receivables include amounts due from the Tax Authorities, deferred tax assets, security deposits
and miscellaneous receivables.
Receivables due beyond five years totaled 54 million euros at June 30, 2000 (94 million euros at December 31, 1999).
6 Financial assets not held as fixed assets
(in millions of euros) At 6/30/2000 At 12/31/1999
Investments 1,589 687
Other securities 5,022 4,144
Treasury stock 30 –
Financial receivables 19,017 14,854
Total Financial assets not held as fixed assets 25,658 19,685
Investments include short-term investments in equity securities made primarily by the insurance companies to fund the insurance
policy liabilities and accruals.
Other securities include securities held by the insurance companies totaling 4,369 million euros (3,394 million euros at December
31, 1999) primarily to fund the insurance policy liabilities and accruals.
Consolidated Financial Statements and Notes at June 30, 2000
33

34
Treasury stock consists of No. 1,000,000 Fiat ordinary shares, with a total par value of 5 million euros, bought back to service
the 2000 stock option plan.
Financial receivables increased by 4,163 million euros from December 31, 1999. They consist of loans granted to dealers
and customers by the financial services companies for 17,307 million euros (12,810 million euros at December 31, 1999). The
increase of 4,497 million euros over the figure at the end of 1999 is due primarily to higher sales volumes and the line-by-line
consolidation of the Case Group.
Receivables due beyond five years amounted to 464 million euros at June 30, 2000 (376 million euros at December 31, 1999).
7 Accrued income and prepaid expenses
(in millions of euros) At 6/30/2000 At 12/31/1999
Commercial accrued income and prepaid expenses 584 498
Financial accrued income and prepaid expenses 572 377
Total Accrued income and prepaid expenses 1,156 875
Financial accrued income mainly includes day-to-day interest earned on securities and swap contracts. Financial prepaid
expenses include prepaid interest on securities (Sava Bonds) issued by the financial services companies.
8 Stockholders’ equity
Statement of changes in the Group’s consolidated stockholders’ equity
Retained
earnings,
other reserves,
income before
Treasury taxes and
Additional stock cumulative
Capital paid-in Legal valuation translation
(in millions of euros) stock capital reserve reserve adjustments Total
Balance at December 31, 1999 2,753 1,636 659 27 7,799 12,874
Dividends paid (0.620 euros per ordinary and
preference share and 0.775 euros per savings share) – – – – (352) (352)
Change in treasury stock – – – 30 (30) –
Foreign exchange translation
adjustments and other differences – – – – 126 126
Fiat’s interest in Income before taxes – – – – 402 402
Balance at June 30, 2000 2,753 1,636 659 57 7,945 13,050
The Group’s consolidated stockholders’ equity increased by 176 million euros from December 31, 1999. This change is the net
result of income before taxes for the period in the amount of 402 million euros, dividends paid of 352 million euros and foreign
exchange differences (due chiefly to the appreciation the U.S. dollar) and other minor changes totaling 126 million euros.
The Capital stock fully paid in at June 30, 2000 is 2,753 million euros, equal to No. 550,605,000 shares and consists of:
❚ 367,399,890 ordinary shares
❚ 103,292,310 preference shares
❚ 79,912,800 savings shares,
all with a par value of 5 euros each.

9 Reserves for risks and charges
(in millions of euros) At 6/30/2000 At 12/31/1999 Change
Income tax reserves 1,140 710 430
Warranty reserve 1,138 959 179
Various liabilities and risk reserves and Reserve for pensions 3,842 2,704 1,138
Insurance policy liabilities and accruals 11,602 10,293 1,309
Total Reserves for risks and charges 17,722 14,666 3,056
Reserves for risks and charges increased by 3,056 million euros, mainly due to the consolidation of the Case Group (1,668
million euros), and the increase in the insurance policy liabilities and accruals of the insurance companies (1,309 million euros)
due to Toro Assicurazioni’s higher business levels.
10 Payables
At 6/30/2000 At 12/31/1999
(in millions of euros) Trade Financial Other Total Trade Financial Other Total
Total Payables 11,578 31,257 9,920 52,755 11,070 24,829 8,894 44,793
The overall difference from the amount at December 31, 1999 (7,962 million euros) is due to increases in Financial payables
(+6,428 million euros), which include bonds, borrowings from banks, other financial payables and notes payable, and in Trade
payables (+508 million euros) and Other payables (+1,026 million euros).
The increase in Financial payables is mainly due to the change in the scope of consolidation owing to the entry of the Case
Group, fluctuations in exchange rates and financing of the higher receivables portfolio of the financial companies.
Other payables include advances received totaling 6,547 million euros at June 30, 2000 (5,813 million euros at December 31,
1999), 4,774 million euros of which are attributable to contract work in progress (4,217 million euros at December 31, 1999).
Payables due beyond five years amounted to 2,511 million euros at June 30, 2000 (1,652 million euros at the end of 1999).
At June 30, 2000, payables amounting to 103 million euros were secured by mortgages and other guarantees on property, plant
and equipment, as against 248 million euros at December 31, 1999.
11 Accrued expenses and deferred income
(in millions of euros) At 6/30/2000 At 12/31/1999
Commercial accrued expenses and deferred income 1,376 1,308
Financial accrued expenses and deferred income 2,437 2,201
Total Accrued expenses and deferred income 3,813 3,509
Financial accrued expenses include interest expenses on financial payables for the part attributable to the first six months of 2000.
Financial deferred income includes deferred interest income on the receivables portfolio of the financial services companies.
12 Memorandum accounts
Guarantees granted
At June 30, 2000, the Group had provided guarantees totaling 4,659 million euros (5,557 million euros at December 31, 1999),
most of which are to guarantee the successful completion of contracts and projects in progress.
Consolidated Financial Statements and Notes at June 30, 2000
35

36
Unsecured guarantees include commitments for receivables and bills discounted with recourse totaling 1,512 million euros
(2,366 million euros at December 31, 1999), which refer to trade receivables and other receivables for 1,469 million euros
(1,785 million euros at December 31,1999) and financial receivables for 43 million euros (581 million euros at December 31,
1999). The volume of receivables and bills discounted with recourse during the first half of 2000 was 1,466 million euros
(5,011 million euros in 1999 fiscal year).
Although not included in the Memorandum accounts, receivables and bills discounted by the Group without recourse having due
dates beyond June 30, 2000 amounted to 9,148 million euros (3,689 million euros at December 31, 1999 with due dates beyond
that date), and refer to trade receivables and other receivables for 4,390 million euros (2,501 million euros at December 31,1999)
and financial receivables for 4,758 million euros (1,188 million euros at December 31, 1999). The discounting of financial
receivables refers to the issue of Asset-Backed Securities in relation to the sale of financial receivables from the final customer
made by the Financial Service companies of the Group. The increase in the level of discounting without recourse is principally
due to the consolidation of the Case Group and the related Asset-Backed Securities programs in addition to the pre-existing
discounting transactions with and without recourse. The volume of receivables and bills discounted without recourse during
the first six months of 2000 was 11,632 million euros (9,975 million euros in the 1999 fiscal year).
Commitments
Commitments amounted to 29,167 million euros at June 30, 2000 (23,900 million euros at December 31, 1999) and include
off-balance-sheet financial instruments of 25,193 million euros (20,049 million euros at December 31, 1999).
The breakdown is as follows:
❚ contracts to hedge foreign exchange risks of 7,310 million euros (7,899 million euros at December 31, 1999);
❚ contracts to hedge interest rate risks of 15,094 million euros (11,631 million euros at December 31, 1999);
❚ contracts for combined hedging of foreign exchange and interest rate risks of 2,789 million euros (519 million euros at
December 31, 1999).
Such transactions, reflecting the notional principal amount, should not be subject to risks owing to non-fulfillment by the
counterparties insofar as the contracts are entered into with several primary national and international financial institutions.
The consolidated statement of operations for the first half of the year includes the effects both of the contracts that expired
during the first half of 2000 and the accruals for the contracts expiring after June 30, 2000.
Group assets held by third parties
Group assets held by third parties totaled 14,527 million euros at June 30, 2000, (12,438 million euros at December 31, 1999),
with an increase of 2,089 million euros. They include securities deposited with banks and other financial institutions totaling
11,920 million euros (9,710 million euros at December 31, 1999). These securities are mostly owned by insurance companies.
This item also includes tangible fixed assets, products and goods of some automotive Sectors held by outside suppliers for
processing, which totaled 2,607 million euros (2,728 million euros at December 31, 1999).
Consolidated Statement of Operations
13 Value of production
The Value of production amounted to 31,561 million euros in the first half of 2000, (24,839 million euros in the first half of 1999),
with an increase of 27% with respect to the first half of 1999. The increase is principally due to the change in the scope of
consolidation, mainly as a result of the consolidation of the Case Group, and fluctuations in the currency market.

Revenues from sales and services and Change in contract work in progress
Revenues from sales and services and Change in contract work in progress totaled 29,776 million euros in the first half of 2000
(23,554 million euros in the first half of 1999), with an increase of 26.4%. On a comparable consolidation and exchange basis,
the increase for the period compared to the first half of 1999 would have amounted to about 9.1%. This caption includes 29,650
million euros of Revenues from sales and services (23,358 million euros in the first half of 1999) and 126 million euros of the
Change in contract work in progress (196 million euros in the first half of 1999).
The distribution of Revenues from sales and services and the Change in contract work in progress (net of intra-Group
transactions) by business sector and geographical area of destination is as follows:
Net revenues by Sector
(in millions of euros) 1st half 2000 1st half 1999
Automobiles 13,358 11,959
Commercial Vehicles 3,955 3,320
Agricultural and Construction Equipment 5,675 2,725
Metallurgical Products 738 615
Components 1,270 1,152
Production Systems 812 259
Aviation 686 615
Rolling Stock and Railway Systems 147 195
Publishing and Communications 170 157
Insurance 2,178 1,939
Others 787 618
Total Net revenues 29,776 23,554
Net revenues by destination
(in millions of euros) 1st half 2000 1st half 1999
Italy 10,133 9,988
Europe (excluding Italy) 11,861 8,868
Mercosur 2,087 1,902
North America 4,039 1,758
Other areas 1,656 1,038
Total Net revenues 29,776 23,554
14 Costs of production
The Costs of production amounted to 31,086 million euros, or 26% more than the 24,676 million euros incurred in the first half
of 1999. The main components of this item and the changes that occurred during the period can be described as follows:
Raw materials, supplies and merchandise totaled 15,844 million euros (12,191 million euros in the first half of 1999) and increased mainly
due to changes in the scope of consolidation. This total is equivalent to 53.2% of revenues (51.8% in the first six months of 1999).
Services totaled 5,068 million euros in the first half of 2000 (4,159 million euros in the first half of 1999) and increased mainly
due to changes in the scope of consolidation. This total is equivalent to 17% of revenues (17.7% in the first six months of 1999).
Personnel costs totaled 4,621 million euros in the first half of 2000 (3,859 million euros in the first half of 1999) and increased
19.7% mainly due to changes in the scope of consolidation for the entry of the Case Group. Personnel costs represent 15.5%
as percentage of revenues (16.4% in the first six months of 1999), showing an improvement as a result of efficiencies.
Insurance claims and other costs – insurance companies totaled 2,002 million euros in the first half of 2000 (1,771 million euros
in the corresponding period last year). The increase of 13% reflects higher premiums written by insurance companies, mainly in
Life Business.
Consolidated Financial Statements and Notes at June 30, 2000
37

38
15 Financial income and expenses
Investment income
(in millions of euros) 1st half 2000 1st half 1999
Investment income 154 126
Investment income amounted to 154 million euros. It includes 100 million euros in gains on disposals of short-term investments
(57 million euros in the first half of 1999) and other investment income totaling 54 million euros (69 million euros in the first six
months of 1999).
Other financial income and Interest and other financial expenses
The following analyses of Other financial income and Interest and other financial expenses present the amounts shown in
the related captions on the statement of operations and also the amounts of income and expenses of the Group’s financial
companies presented in the captions on the statement of operations under Revenues from sales and services and Interest
and other expenses of financial services companies, respectively. The last line in the tables shows Other financial income and
Interest and other financial expenses as shown on the statement of operations, excluding the financial activities.
Other financial income
(in millions of euros) 1st half 2000 1st half 1999
Interest earned and other income 387 390
Interest from customers and lease payments 1,059 940
Income from off-balance sheet financial instruments 382 1,088
Total Other financial income 1,828 2,418
of which:
Other financial income excluding financial activities 769 1,478
Interest and other financial expenses
(in millions of euros) 1st half 2000 1st half 1999
Bond interest 214 41
Bank interest 644 333
Interest paid and other financial expenses 408 551
Expenses from off-balance-sheet financial instruments 468 621
Foreign exchange differences, net 25 588
Total Interest and other financial expenses 1,759 2,134
of which:
Interest and other financial expenses, excluding financial activities 1,232 1,610
In the first half of 2000, Financial income and expenses (including the results of the financial services companies) amounted to
a net financial income balance of 69 million euros compared to 284 million euros in the first half of 1999. The reduction of 215
million euros is due mainly to an increase in average net borrowings, partly as a result of the consolidation of the Case Group,
in a context of rising interest rates.
The balance between income (382 million euros) and expenses (468 million euros) from off-balance-sheet transactions and net
foreign exchange losses (25 million euros) is a net expense of 111 million euros, compared to a net expense of 121 million euros
in the first half of 1999.
Interest and other financial expenses include costs incurred for the assignment and securitization of receivables for 119 million
euros in the first half of 2000 (63 million euros in the first six months of 1999).

16 Adjustments to financial assets
(in millions of euros) 1st half 2000 1st half 1999
Revaluations of:
Equity investments 58 69
Securities held as current assets other than equity investments – 2
Total Revaluations 58 71
Writedowns of:
Equity investments 53 44
Financial receivables – –
Securities held as current assets other than equity investments 21 37
Total Writedowns 74 81
Total Adjustments to financial assets (16) (10)
The Revaluations and Writedowns of equity investments include the Group’s interest in net income and losses of the companies
accounted for using the equity method.
17 Extraordinary income and expenses
(in millions of euros) 1st half 2000 1st half 1999
Extraordinary income
Gains on disposals of investments and other fixed assets 448 241
Other income:
Prior period income and other income 19 27
Total Other income 19 27
Total Extraordinary income 467 268
Extraordinary expenses
Losses on disposal of:
Investments (1) –
Fixed assets – –
Total losses on disposal (1) –
Other expenses:
Extraordinary provisions to reserves (1) (25)
Prior period expenses and other expenses (99) (13)
Total Other expenses (100) (38)
Total Extraordinary expenses (101) (38)
Total Extraordinary income and expenses 366 230
In the first half of 2000, Gains on disposals of investments and fixed assets totaled 448 million euros and refer to the following
disposals: Lubricants Division (361 million euros), H.D.P. shares (38 million euros), Unicredito shares (21 million euros), the
Service and Spare Parts business of the Aviation Sector (17 million euros) and other minor investments (11 million euros).
In the first half of 1999, Gains on disposals of investments and fixed assets totaled 241 million euros and referred to the disposal
of the Rotary Devices business segment by the Components Sector (74 million euros), Rhône Poulenc S.A. (55 million euros),
In.Te.S.A. S.p.A. (49 million euros), Banco Central Hispano Americano S.A. (41 million euros), Assimoco S.p.A. (10 million euros)
and other minor investments (12 million euros).
Prior period expenses and other expenses of 99 million euros include extraordinary expenses for incentives and restructuring
of the Automobiles Sector (37 million euros), the Components Sector (33 million euros) and other related expenses (29 million
euros).
Consolidated Financial Statements and Notes at June 30, 2000
39

40
18 Other information
❚ During the first half of 2000, the Group had an average number of 235,454 employees, compared to 224,600 during the first
six months of 1999.
❚ A list of the principal exchange rates used to convert into euro the amounts reported by foreign Group companies is provided
below:
1st half 2000 1st half 1999
Average At June 30 Average At June 30
U.S. dollar 0.961 0.956 1.088 1.033
Pound sterling 0.612 0.632 0.672 0.656
Swiss franc 1.586 1.558 1.599 1.606
Polish zloty 4.072 4.208 4.205 4.058
Brazilian real 1.718 1.720 1.897 1.827
Argentine peso 0.961 0.955 1.088 1.033
❚ Other segment information
Agricultural Other
and Other Other Companies
Commercial Construction Automotive Diversified and
(in millions of euros) Automobiles Vehicles Equipment Sectors Insurance Sectors Eliminations Consolidation
1st half of 2000
Net revenues:
Third parties 13,358 3,955 5,675 2,820 2,178 1,003 787 29,776
Intersegment 79 219 4 1,172 – 10 (2,024) –
Total 13,437 4,174 5,679 4,532 2,178 1,013 (1,237) 29,776
Operating income 64 165 98 101 (24) 76 (5) 475
Depreciation and amortization 705 212 277 206 14 58 102 1,574
Capital expenditures 586 234 170 189 10 22 54 1,265
Total Assets (at June 30, 1999) 37,791 8,356 18,649 10,228 13,212 3,753 (724) 91,265
1st half of 1999
Net revenues:
Third parties 11,959 3,320 2,725 2,026 1,939 967 618 23,554
Intersegment 103 130 4 1,354 1 55 (1,647) –
Total 12,062 3,450 2,729 3,380 1,940 1,022 (1,029) 23,554
Operating income (257) 124 235 108 (28) 69 (88) 163
Depreciation and amortization 669 103 61 169 13 52 94 1,161
Capital expenditures 675 104 63 157 4 20 63 1,086
Total Assets (at December 31, 1999) 35,379 7,797 10,432 9,680 12,054 3,430 1,101 79,873

Fiat S.p.A.
Financial Statements at June 30, 2000
41

42
BALANCE SHEET
(in millions of euros)
December 31, 1999 June 30, 2000 June 30, 1999
❚ ASSETS
Fixed assets
2 Intangible fixed assets 1 2
54 Property, plant and equipment 54 113
6,994 Financial fixed assets 7,562 6,468
7,050 Total Fixed assets 7,617 6,583
Current assets
1,092 Inventories 1,397 944
260 Receivables 270 275
94 Financial assets not held as fixed assets 50 159
1,446 Total current assets 1,717 1,378
11 Accrued income and prepaid expenses 11 10
8,507 ❚ TOTAL ASSETS 9,345 7,971
❚ LIABILITIES AND STOCKHOLDERS’ EQUITY
Stockholders’ equity
2,753 Capital stock 2,753 2,844
1,636 Additional paid-in capital 1,636 1,636
22 Revaluation reserve under Law No. 413 of 12/30/91 22 22
660 Legal reserve 660 569
– Treasury stock valuation reserve 30 –
1,132 Other reserves 1,102 1,132
205 Retained earnings 248 204
– Income for the period before taxes 171 304
396 Net income – –
6,804 Total Stockholders’ equity 6,622 6,711
56 Reserves for risks and charges 53 43
29 Reserve for employee severance indemnities 29 28
1,618 Payables 2,638 1,186
– Accrued expenses and deferred income 3 3
8,507 ❚ TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 9,345 7,971
❚ MEMORANDUM ACCOUNTS
9,557 Guarantees granted 10,519 5,233
2,082 Commitments 3,037 2,085
– Other memorandum accounts – 28
11,639 ❚ TOTAL MEMORANDUM ACCOUNTS 13,556 7,346

STATEMENT OF OPERATIONS
(in millions of euros)
1999 Fiscal year 1st half 2000 1st half 1999
Value of production
81 Revenues from sales and services 45 40
6 Change in contract work in progress 4 2
72 Other income and revenues 6 24
159 Total Value of production 55 66
Costs of production
88 Services 32 34
2 Leases and rentals – –
57 Personnel costs 33 29
4 Amortization, depreciation and writedowns 2 3
23 Other charges 6 7
174 Total Costs of production 73 73
(15) Difference between the Value and Costs of production (18) (7)
Financial income and expenses
608 Investment income 197 224
26 Other financial income 8 18
11 Interest and other financial expenses 16 4
623 Total Financial income and expenses 189 238
Adjustments to financial assets
210 Writedowns – –
(210) Total Adjustments to financial assets – –
Extraordinary income and expenses
81 Extraordinary income – 73
81 Total Extraordinary income and expenses – 73
479 Income for the period before taxes (*) 171 304
83 Income taxes
396 Net income
(*) The result for the six-month period does not include the tax credit on dividends, since no income tax computation has been made.
In 1999, the tax credits was included in “Investment income”.
Turin, September 15, 2000
The Board of Directors, by:
Paolo Fresco
Chairman
Fiat S.p.A. – Financial Statements at June 30, 2000
43

Annex
45

46
THE COMPANIES AND SIGNIFICANT EQUITY
INVESTMENTS OF THE GROUP AT JUNE 30, 2000
Pursuant to Consob resolution no. 11971 of May 14, 1999
and subsequent amendments (Articles 81 and 126 of the
Regulation), a list of the companies and significant equity
investments of the Group is provided below.
The companies on this list have been divided based on the
method of consolidation and type of business. The information
provided for each company includes: name, registered office,
Controlling company
❚ Parent Company
Fiat S.p.A. Turin Italy 2,753,025,000 EURO - - - -
Companies consolidated on a line-by-line basis
country and capital stock stated in the original currency. The
percentage of Group consolidation and the percentage held
by Fiat S.p.A. or its subsidiaries are also shown.
A separate column shows the percentage held
of the voting rights at the ordinary annual stockholders’ meeting,
when this figure differs from the percentage interest held
in the company.
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
❚ Automobiles
Fiat Auto Partecipazioni S.p.A. Turin Italy 1,040,000,000 EURO 99.99 Fiat S.p.A. 99.973
Teksid S.p.A. 0.027
Banco Fiat S/A São Paulo Brazil 261,222,771 BRL 99.99 Fiat Automoveis S.A. - FIASA 100.000
Fiat Auto S.p.A. Turin Italy 300,000,000 EURO 99.99 Fiat Auto Partecipazioni S.p.A. 100.000
Fiat Administradora Ltda. São Paulo Brazil 37,253,627 BRL 99.99 Banco Fiat S/A 100.000
Fiat Auto Argentina S.A. Buenos Aires Argentina 659,416,080 ARS 99.99 Fiat Auto S.p.A. 70.017
Fiat Automoveis S.A. - FIASA 29.983
Fiat Auto Belgio S.A. Brussels Belgium 305,987,000 BEF 99.99 Fiat Finance Netherlands B.V. 99.999
Fiat Auto (Suisse) S.A. 0.001
Fiat Auto Contracts Ltd Slough-Berkshire Great Britain 9,250,000 GBP 60.00 Targa Services S.r.l. a S.U. 60.000
Fiat Auto Corse S.p.A. Turin Italy 5,214,240 EURO 99.99 Fiat Auto S.p.A. 100.000
Fiat Auto Espana S.A. Alcalá de Henares Spain 9,600,000,000 ESP 99.99 Fiat Finance Netherlands B.V. 99.998
Fiat Auto (Suisse) S.A. 0.002
Fiat Auto Fin. Serv. Ltd Slough-Berkshire Great Britain 2,250,000 GBP 99.99 Fiat Auto (U.K.) Ltd 100.000
Fiat Auto (France) S.A. Trappes France 66,000,000 EURO 99.99 Fiat Finance Netherlands B.V. 100.000
Fiat Auto Hellas S.A. Argyroupoli-Athens Greece 10,897,220,000 GRD 99.99 Fiat Finance Netherlands B.V. 100.000
Fiat Auto Holding S.A. Lugano-Paradiso Switzerland 1,900,000 CHF 99.99 Fiat Auto S.p.A. 100.000
Fiat Auto Holdings B.V. Amstelveen Holland 100,000 EURO 99.99 Fiat Auto Partecipazioni S.p.A. 100.000
Fiat Auto (Ireland) Ltd. Dublin Ireland 4,000,000 GBP 99.99 Fiat Finance Netherlands B.V. 100.000
Fiat Auto Japan K.K. Minatu-Ku. Tokyo Japan 420,000,000 JPY 99.99 Fiat Auto S.p.A. 100.000
Fiat Auto Lease N.V. Amsterdam Holland 1,000,000 NLG 60.00 Targa Services S.r.l. a S.U. 60.000
Fiat Auto Location SAS Levallois Perret France 3,000,000 EURO 60.00 Targa Services S.r.l. a S.U. 60.000
Fiat Auto Maroc S.A. Casablanca Morocco 264,000,000 MAD 99.93 Fiat Auto S.p.A. 99.940
Fiat Auto Nederland B.V. Zuidoost Holland 12,500,000 NLG 99.99 Fiat Finance Netherlands B.V. 100.000
Fiat Auto Poland S.A. Bielsko-Biala Poland 660,334,600 PLN 78.44 Fiat Auto S.p.A. 78.451
Fiat Auto Portuguesa S.A. Lisbon Portugal 1,600,000,000 PTE 99.99 Fiat Finance Netherlands B.V. 100.000
Fiat Auto Renting S.A. Alcalá de Henares Spain 275,000,000 ESP 60.00 Targa Services S.r.l. a S.U. 59.996
Fiat Auto Espana S.A. 0.004
Fiat Auto South Africa Pty Ltd Sandton South Africa 440 ZAR 99.99 Fiat Auto S.p.A. 100.000
Fiat Auto (Suisse) S.A. Geneva Switzerland 42,000,000 CHF 99.99 Fiat Auto Holding S.A. 53.571
Fiat Auto S.p.A. 46.429
Fiat Auto Trading S.A. Betim Brazil 641,286 BRL 99.99 Fiat Automoveis S.A. - FIASA 100.000

Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Fiat Auto (U.K.) Ltd Slough-Berkshire Great Britain 44,600,000 GBP 99.99 Fiat Finance Netherlands B.V. 100.000
Fiat Auto Var S.r.l. Turin Italy 10,200,000 EURO 99.99 Fiat Auto S.p.A. 100.000
Fiat Automob. Danmark A/S Glostrup Denmark 55,000,000 DKK 99.99 Fiat Finance Netherlands B.V. 100.000
Fiat Automobil AG Heilbronn Germany 190,000,000 DEM 99.99 Fiat Finance Netherlands B.V. 99.000
Fiat Auto (Suisse) S.A. 1.000
Fiat Automobil GmbH Vienna Austria 500,000 ATS 99.99 Fiat Finance Netherlands B.V. 100.000
Fiat Automoveis S.A. - FIASA Betim Brazil 975,656,332 BRL 99.99 Fiat Auto S.p.A. 100.000
Fiat Bank GmbH Vienna Austria 65,000,000 ATS 99.99 Fidis S.p.A. 50.000
Fiat Auto S.p.A. 50.000
Fiat Bank GmbH Heilbronn Germany 77,400,000 DEM 99.99 Fiat Automobil AG 100.000
Fiat Bank Polska S.A. Warsaw Poland 125,000,000 PLN 99.99 Fiat Bank GmbH 100.000
Fiat CR Spol. S.R.O. Prague Czech Republic 1,000,000 CZK 99.99 Fiat Auto S.p.A. 100.000
Fiat Credit Belgio S.A. Evere-Brussels Belgium 150,000,000 BEF 99.99 Fiat Auto Belgio S.A. 99.999
Fiat Credit Nederland B.V 0.001
Fiat Credit France S.A. Levallois Perret France 71,000,000 FRF 99.99 Fiat France Part. Fin. S.A. 100.000
Fiat Credit Hellas S.A. Argyroupoli-Athens Greece 200,000,000 GRD 99.99 Fidis S.p.A. 100.000
Fiat Credit Nederland B.V. Maarssen Holland 6,800,000 NLG 99.99 Fiat Auto Nederland B.V. 100.000
Fiat Credito Compania Financiera S.A. Buenos Aires Argentina 170,000,000 ARS 99.99 Fidis S.p.A. 100.000
Fiat Credito Portugal S.A. Lisbon Portugal 1,560,000,000 PTE 99.99 Fiat Auto Portuguesa S.A. 100.000
Fiat Distrib. Port. S.A. Lisbon Portugal 100,060,000 PTE 99.99 Fiat Auto Portuguesa S.A. 100.000
Fiat Factoring Ltda Barueri-São Paulo Brazil 52,702,068 BRL 99.99 Fiat Servicos Tec. Ltda 100.000
Fiat Factoring S.A. Levallois Perret France 15,000,000 FRF 99.99 Fiat France Part. Fin. S.A. 100.000
Fiat Finance Holding S.A. Luxembourg Luxembourg 5,000,000 NLG 99.99 Fiat Finance Netherlands B.V. 99.995
Fidis S.p.A. 0.005
Fiat Finance Netherlands B.V. Amsterdam Holland 759,565,000 NLG 99.99 Fidis S.p.A. 62.412
Fiat Auto S.p.A. 37.588
Fiat Finance Polska S.A. Warsaw Poland 100,000 PLN 99.97 Fiat Finance Netherlands B.V. 99.800
Fiat Auto Poland S.A. 0.100
Fiat Polska Sp. z o.o. 0.100
Fiat Finance S.A. Luxembourg Luxembourg 21,800,000 NLG 99.99 Fiat Finance Holding S.A. 99.995
Fidis S.p.A. 0.005
Fiat Finance S.A. Schlieren-Zurich Switzerland 24,100,000 CHF 99.99 Fiat Finance Netherlands B.V. 100.000
Fiat Financiera S.A. Alcalá de Henares Spain 3,577,590,000 ESP 99.99 Fiat Auto Espana S.A. 100.000
Fiat Finansiering A.S. Copenaghen Denmark 13,000,000 DKK 99.99 Fiat Finance Netherlands B.V. 100.000
Fiat France Part. Fin. S.A. Paris France 175,000,000 FRF 99.99 Fiat Auto (France) S.A. 100.000
Fiat India Automobiles Limited Bombay India 12,402,854,800 INR 99.99 Fiat Auto S.p.A. 100.000
Fiat India Ltd. Bombay India 4,653,100,000 INR 90.62 Fiat India Automobiles Limited 90.629 75.996
Fiat Lease Auto Snc Levallois Perret France 32,500,000 FRF 99.99 Fiat Credit France S.A. 99.997
Sofice S.A. 0.003
Fiat Leasing GmbH Vienna Austria 500,000 ATS 99.99 Fiat Bank GmbH 49.000
Fidis S.p.A. 51.000
Fiat Leasing GmbH & Co. OHG Heilbronn Germany 24,004,000 DEM 99.99 Fiat Bank GmbH 99.983
Fiat Leasing Verw. GmbH 0.017
Fiat Leasing Portugal SA Lisbon Portugal 750,000,000 PTE 99.99 Fiat Credito Portugal S.A. 100.000
Fiat Leasing S.A. Arr.Mer. São Paulo Brazil 116,683,772 BRL 99.99 Banco Fiat S/A 100.000
Fiat Leasing Verw. GmbH Heilbronn Germany 50,000 DEM 99.99 Fiat Automobil AG 100.000
Fiat Location Auto Snc Levallois Perret France 500,000 FRF 99.99 Fiat Credit France S.A. 99.980
Sofice S.A. 0.020
Fiat Magyarorszag KFT. Budapest Hungary 150,000,000 HUF 99.99 Fiat Auto S.p.A. 100.000
FiatSava S.p.A. Turin Italy 86,460,400 EURO 99.99 Fidis S.p.A. 100.000
Fiat Servicos Tec. Ltda São Paulo Brazil 41,411,502 BRL 99.99 Banco Fiat S/A 100.000
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
47

48
Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Fiat SR Spol. SR.O. Bratislava Slovak Republic 1,000,000 CZK 99.99 Fiat Auto S.p.A. 100.000
Fiat Sundaram Auto Finance Pvt Ltd Chennai India 230,000,000 INR 51.00 Fiat Finance Netherlands B.V. 51.000
Fiat Versicherungs. GmbH Heilbronn Germany 50,000 DEM 100.00 Fiat Bank GmbH 51.000
Rimaco S.A. 49.000
Fidis S.p.A. Turin Italy 430,400,000 EURO 99.99 Fiat Auto S.p.A. 91.059
Iveco S.p.A. 8.941
FMA S.p.A. Pratola Serra Italy 306,186,209 EURO 99.99 Fiat Auto S.p.A. 100.000
Inmap 2000 Espana S.L. Madrid Spain 2,000,000,000 ESP 99.99 Pro.Ca.R. Internat. S.p.A. 100.000
Inter.M.A.P. (Belgio) S.A. Waterloo Belgium 300,000,000 BEF 99.99 Fiat Auto Belgio S.A. 50.200
Pro.Ca.R. Internat. S.p.A. 49.800
Inter.M.A.P. (France) S.A. Paris France 56,000 EURO 99.99 Pro.Ca.R. Internat. S.p.A. 100.000
Intermap (Nederland) B.V. Amsterdam Holland 40,000 NLG 99.99 Pro.Ca.R. Internat. S.p.A. 100.000
Pro.Ca.R. Internat. S.p.A. Turin Italy 15,000,000 EURO 99.99 Fiat Auto S.p.A. 99.000
Fidis S.p.A. 1.000
Pro.Ca.R. Deutschland GmbH Frankfurt Germany 17,000,000 DEM 99.99 Pro.Ca.R. Internat. S.p.A. 100.000
Sata S.p.A. Melfi Italy 276,640,000 EURO 99.99 Fiat Auto S.p.A. 100.000
Sava Leasing S.p.A. Turin Italy 36,400,000 EURO 99.99 Fidis S.p.A. 100.000
Savarent S.p.A. Turin Italy 18,000,000 EURO 99.99 Fidis S.p.A. 100.000
Soc.Immob.Joker S.A. Geneva Switzerland 50,000 CHF 99.99 Fiat Auto (Suisse) S.A. 100.000
Sofice S.A. Levallois Perret France 20,960,000 FRF 99.92 Fiat Auto (France) S.A. 99.356
New Holland France S.A. 0.429
Iveco France S.A. 0.215
Targa Assistance S.r.l. Turin Italy 260,000 EURO 60.00 Targa Services S.r.l. a S.U. 60.000
Targa Rent S.r.l. Turin Italy 14,000,000,000 ITL 74.99 Targa Services S.r.l. a S.U. 75.000
Targa Services S.r.l. a S.U. Turin Italy 10,400,000 EURO 99.99 Fidis S.p.A. 100.000
❚ Commercial Vehicles
Iveco N.V. Amstelveen Holland 1,179,440,000 EURO 100.00 IHF-Inter.Holding Fiat S.A. 55.285
Fiat S.p.A. 44.715
2 H Energy S.A. Fecamp France 12,500,000 FRF 100.00 Iveco Aifo S.p.A. 100.000
Amce-Autom.Manuf.Co.Eth. Addis Ababa Ethiopia 3,000,000 ETB 70.00 Iveco N.V. 70.000
AR.V.I.S. SAS Trappes France 7,500,000 FRF 100.00 Iveco France S.A. 99.500
Iveco N.V. 0.500
Astra V.I. S.p.A. Piacenza Italy 10,400,000 EURO 100.00 Iveco S.p.A. 100.000
Bedrijfswagen Service Nijmegen B.V. Nijmegen Holland 100,000 NLG 100.00 Iveco Nederland B.V. 100.000
Brandschutz. Gorlitz GmbH Gorlitz Germany 1,000,000 DEM 74.80 Iveco Magirus Brand. GmbH 88.000
B.V. Rimij Apeldoorn Holland 10,000 NLG 100.00 Iveco Nederland B.V. 100.000
Camiva S.A. St. Alban-Leysse France 12,263,400 FRF 84.97 Iveco Eurofire (Hol.) GmbH 99.963
CBW Grund. GmbH O.D.S. KG Ulm Germany 10,000 DEM 100.00 Iveco Investitions GmbH 95.000
Iveco N.V. 5.000
Componentes Mecanicos S.A. Barcelona Spain 37,405,038 EURO 59.39 Iveco Pegaso S.A. 59.387
Effe Grundbesitz GmbH Ulm Germany 20,000,000 DEM 100.00 Iveco Investitions GmbH 90.000
Iveco N.V. 10.000
Equip’Lev S.a.r.l. Antibes France 330,000 FRF 99.91 Lev Société Anonyme 100.000
Euromoteurs S.A. Garchizy France 6,000,000 FRF 100.00 Iveco France S.A. 100.000
Fiat Capital Corporation New Castle United States 0 USD 100.00 Iveco Trucks of N.A. Inc. 100.000
F.L. Maintenance Société Anonyme La Courneuve France 250,000 FRF 99.91 Locamion Société Anonyme 100.000
Fraikin Alquiler de Vehiculos S.A. Barcelona Spain 1,803,000 EURO 100.00 Fraikin International S.A. 98.000
Fraikin S.A. 1.000
Fraikin Société Anonyme 1.000

Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Fraikin Belgium S.A. Brussels Belgium 120,000,000 BEF 100.00 Fraikin International S.A. 99.833
Fraikin Société Anonyme 0.167
Fraikin Belgium Truck Renting S.A. Brussels Belgium 365,000,000 BEF 99.91 Locamion Société Anonyme 99.997
Fraikin International Société Anonyme 0.003
Fraikin International Société Anonyme Cannes France 110,000,000 FRF 100.00 Fraikin Société Anonyme 100.000
Fraikin Limited London Great Britain 2,710,000 GBP 100.00 Fraikin International S.A. 99.996
Fraikin Société Anonyme 0.004
Fraikin Locatime S.A. Paris France 22,338,000 FRF 100.00 Fraikin Société Anonyme 100.000
Fraikin Location Sociéte Anonyme Paris France 134,000,000 FRF 99.75 Fraikin Société Anonyme 77.584
S.E.M.A.M. Société Anonyme 22.416
Fraikin-Lux S.A. Walferdange Luxembourg 5,375,000 LUF 100.00 Fraikin International S.A. 97.303
Fraikin Belgium Truck Renting S.A. 2.697
Fraikin S.A. Gennevilliers France 11,200,000 FRF 99.68 Fraikin Société Anonyme 99.684
Fraikin S.A. (Suisse) Romont Switzerland 1,000,000 CHF 100.00 Fraikin Société Anonyme 100.000
Fraikin Société Anonyme Cannes France 279,852,920 FRF 100.00 Iveco Participations S.A. 100.000
IAV-Industrie-Anlagen-Verpach GmbH Ulm Germany 50,000 DEM 100.00 Iveco Investitions GmbH 95.000
Iveco N.V. 5.000
Immobilière Fraikin Société Anonyme Cannes France 28,967,000 FRF 99.75 Fraikin S.A. 80.281
Fraikin Société Anonyme 15.601
S.E.M.A.M. Société Anonyme 4.118
Ind.Vehic.Cent.Hainaut S.A. Charleroi Belgium 42,000,000 BEF 99.98 Iveco Belgium S.A./N.V. 99.762
Iveco Nederland B.V. 0.238
Int. Trucks Australia Ltd Dandenong Australia 37,492,260 AUD 100.00 Iveco N.V. 100.000
Interoto France Location-GEIE Paris France 0 FRF 99.89 Fraikin Locatime S.A. 25.000
Fraikin Location Sociéte Anonyme 25.000
Lev Société Anonyme 25.000
Locamion Société Anonyme 25.000
IVC Brabant/Antwerpen N.V. St. Pieters Leeuw Belgium 37,380,000 BEF 99.98 Iveco Belgium S.A./N.V. 99.732
Iveco Nederland B.V. 0.268
IVC Nutzfahrzeuge AG Hendschiken Switzerland 3,500,000 CHF 100.00 Iveco Schweiz AG 100.000
IVC-Salzburg Nutzf.GmbH Eugendorf Austria 500,000 ATS 100.00 Iveco Austria GmbH 100.000
IVC Vehicules Industriels S.A. Morges Switzerland 1,200,000 CHF 100.00 Iveco Schweiz AG 100.000
IVC-Wien Nutzfahr.GmbH Vienna Austria 500,000 ATS 100.00 Iveco Austria GmbH 100.000
Iveco Aifo S.p.A. Milan Italy 10,000,000,000 ITL 100.00 Iveco S.p.A. 100.000
Iveco Argentina S.A. Córdoba Argentina 26,700,000 ARS 100.00 Iveco S.p.A. 99.999
Iveco N.V. 0.001
Iveco Austria GmbH Vienna Austria 85,000,000 ATS 100.00 Iveco N.V. 100.000
Iveco Belgium S.A./N.V. Zellik Belgium 125,000,000 BEF 99.98 Iveco N.V. 99.980
Iveco Danmark A/S Kastrup Denmark 500,000 DKK 100.00 Iveco N.V. 100.000
Iveco Eurofire (Hol.) GmbH Weisweil Germany 60,194,300 DEM 85.00 Iveco Magirus AG 75.032
Iveco S.p.A. 9.968
Iveco Fiat Brasil Ltda Sete Lagoas Brazil 30,100,000 BRL 100.00 Fiat Automoveis S.A. - FIASA 50.000
Iveco S.p.A. 47.797
Iveco Mercosul Ltda 2.203
Iveco Fin. Luxembourg S.A. Luxembourg Luxembourg 12,252,066 EURO 100.00 Iveco N.V. 100.000
Iveco Finland OY Espoo Finland 900,000 FIM 100.00 Iveco N.V. 100.000
Iveco Ford Truck Ltd Watford Great Britain 117,000,000 GBP 84.82 Iveco U.K. Ltd 84.821 52.000
Iveco Ford Truck Pens. Ltd Watford Great Britain 2 GBP 92.41 Iveco Ford Truck Ltd 50.000
Iveco U.K. Ltd 50.000
Iveco France S.A. Trappes France 615,000,000 FRF 100.00 Iveco N.V. 51.220
Iveco S.p.A. 48.780
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
49

50
Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Iveco Investitions GmbH Ulm Germany 5,000,000 DEM 100.00 Iveco Magirus AG 99.020
Iveco N.V. 0.980
Iveco LKW-Zentrum Sachsen GmbH Dresda Germany 2,000,000 DEM 100.00 Iveco Magirus AG 100.000
Iveco Magirus AG Ulm Germany 492,000,000 DEM 100.00 Iveco N.V. 51.341
Iveco S.p.A. 48.659
Iveco Magirus Brand. GmbH Ulm Germany 12,700,000 DEM 85.00 Iveco Eurofire (Hol.) GmbH 99.998
Iveco N.V. 0.002
Iveco Mercosul Ltda São Paulo Brazil 62,000,000 BRL 100.00 Iveco S.p.A. 99.999
Iveco N.V. 0.001
Iveco Mezzi Speciali S.p.A. Brescia Italy 3,120,000 EURO 85.00 Iveco Eurofire (Hol.) GmbH 100.000
Iveco Motorenforschung AG Arbon Switzerland 4,600,000 CHF 100.00 Iveco S.p.A. 60.000
Iveco France S.A. 40.000
Iveco Nederland B.V. Amersfoort Holland 10,000,000 NLG 100.00 Iveco N.V. 100.000
Iveco Nord Nutz. GmbH Hamburg Germany 1,600,000 DEM 100.00 Iveco Magirus AG 100.000
Iveco Nordbayern Nutz. GmbH Nuremberg Germany 1,450,000 DEM 100.00 Iveco Magirus AG 100.000
Iveco Norge A.S. Voyenenga Norway 500,000 NOK 100.00 Iveco N.V. 100.000
Iveco Nutz. GmbH Berlin-Brandeburg Berlin Germany 2,150,000 DEM 100.00 Iveco Magirus AG 100.000
Iveco Nutz.GmbH-Hannover Braunschweig Hannover Germany 1,550,000 DEM 100.00 Iveco Magirus AG 100.000
Iveco Nutz. Nord-West GmbH Dortmund-Wambel Germany 2,650,000 DEM 100.00 Iveco Magirus AG 100.000
Iveco Participations S.A. Trappes France 250,000,000 EURO 100.00 Iveco S.p.A. 80.000
Iveco N.V. 20.000
Iveco Pegaso S.A. Madrid Spain 119,201,502 EURO 100.00 Iveco N.V. 100.000
Iveco Plan S.A. Buenos Aires Argentina 153,000 ARS 100.00 Iveco Argentina S.A. 99.600
Iveco N.V. 0.400
Iveco Poland Ltd. Warsaw Poland 8,866,350 PLN 100.00 Iveco N.V. 100.000
Iveco Portugal Ltda Vila Franca de Xira Portugal 15,961,533 EURO 100.00 Iveco N.V. 99.999
Iveco S.p.A. 0.001
Iveco Rhein - Ruhr Nutz. GmbH Dusseldorf Germany 1,500,000 DEM 100.00 Iveco Magirus AG 100.000
Iveco Rhein Sieg Nutz. GmbH Koln Germany 1,750,000 DEM 100.00 Iveco Magirus AG 100.000
Iveco (Schweiz) AG Kloten-Zurich Switzerland 9,000,000 CHF 100.00 Iveco N.V. 100.000
Iveco South Africa Ltd. Wadeville South Africa 15,000,300 ZAR 100.00 Iveco N.V. 100.000
Iveco S.p.A. Turin Italy 322,400,000 EURO 100.00 Iveco N.V. 100.000
Iveco Sud-West Nutz. GmbH Mannheim-Neckarau Germany 2,000,000 DEM 100.00 Iveco Magirus AG 100.000
Iveco Sweden A.B. Arlov Sweden 600,000 SEK 100.00 Iveco N.V. 100.000
Iveco Truck Center Sud GmbH Friburg Germany 1,000,000 DEM 100.00 Iveco Magirus AG 100.000
Iveco Trucks of N.A. Inc. Wilmington United States 1 USD 100.00 Iveco N.V. 100.000
Iveco U.K. Ltd Watford Great Britain 47,000,000 GBP 100.00 Iveco N.V. 67.723
Iveco S.p.A. 32.277
Iveco Venezuela C.A. La Victoria Venezuela 2,495,691,000 VEB 100.00 Iveco N.V. 100.000
Lev Société Anonyme Paris France 57,282,300 FRF 99.91 Locamion Société Anonyme 100.000
Loca-Service S.a.r.l. Antibes France 1,000,000 FRF 99.91 Lev Société Anonyme 100.000
Locamion Société Anonyme Paris France 68,125,400 FRF 99.91 Fraikin Société Anonyme 99.908
Locapel S.a.r.l. Antibes France 300,000 FRF 99.91 Lev Société Anonyme 100.000
Lohr-Magirus Feuerwehrtechnik GmbH Lassnitzhohe Austria 17,500,000 ATS 80.75 Iveco Magirus Brand. GmbH 95.000
Lyon Vehicules Ind. S.A.S Saint Priest France 6,000,000 FRF 100.00 Iveco France S.A. 99.999
Iveco N.V. 0.001
Officine Brennero S.p.A. Trento Italy 6,000,000,000 ITL 100.00 Iveco N.V. 100.000
SCI La Mediterranéenne Vitrolles France 1,600,000 FRF 100.00 Soc.Dif.Veh.Ind.-SDVI S.A. 50.000
Iveco France S.A. 50.000
SCI des Cars Blues Paris France 600,000 FRF 99.91 Locamion Société Anonyme 99.833
Immobilière Fraikin Société Anonyme 0.167

Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
SCI “La Vitrollaise” Paris France 4,000 FRF 99.75 Immobilière Fraikin Société Anonyme 97.500
Fraikin Société Anonyme 2.500
SCI Les Boussenot Paris France 230,400 FRF 99.91 Locamion Société Anonyme 99.957
Immobilière Fraikin Société Anonyme 0.043
Seddon Atk. Sp. & Ser. Ltd Oldham Great Britain 20,000 GBP 100.00 Seddon Atkinson Vehicles Ltd 100.000
Seddon Atkinson Vehicles Ltd Oldham Great Britain 41,700,000 GBP 100.00 Iveco U.K. Ltd 100.000
S.E.M.A.M. Société Anonyme Paris France 5,100,000 FRF 100.00 Fraikin Société Anonyme 100.000
Service Lorrain V.I. SAS Ludres France 4,600,000 FRF 100.00 Iveco France S.A. 99.500
Iveco N.V. 0.500
Sicca S.p.A. Modena Italy 5,300,000 EURO 100.00 Iveco S.p.A. 100.000
S.I.M.I.S. S.A. Saint-Alban-Leysse France 259,560 FRF 83.27 Camiva S.A. 98.000
Soc. Dif. Veh. Ind.-S.D.V.I. S.A. Trappes France 46,200,000 FRF 100.00 Iveco France S.A. 100.000
Société Civile Immobilière Cles Amiens France 210,000 FRF 99.75 Immobilière Fraikin Société Anonyme 99.905
Fraikin Société Anonyme 0.095
Société de la Seoune S.A. Trappes France 300,000 FRF 100.00 Iveco France S.A. 100.000
Sodima S.A. Haunconcourt France 2,000,000 FRF 100.00 Iveco France S.A. 100.000
Stevi S.A. S.Priest en Jarez France 3,300,000 FRF 100.00 Iveco France S.A. 100.000
Transolver Finance GmbH Ulm Germany 35,000,000 EURO 100.00 Iveco Magirus AG 100.000
Transolver Fin. Serv. Ltd Watford Great Britain 100 GBP 100.00 Iveco U.K. Ltd 100.000
Transolver Finance S.A. Trappes France 100,000,000 FRF 100.00 Iveco Fin. Luxembourg S.A. 100.000
Transolver Finance S.p.A. Turin Italy 10,000,000 EURO 100.00 Iveco S.p.A. 100.000
Transolver Oper. Ser. Ltd Watford Great Britain 1,400,000 GBP 100.00 Iveco U.K. Ltd 50.000
Transolver Fin. Serv. Ltd 50.000
Transolver Service S.A. Madrid Spain 610,000 EURO 100.00 Iveco Pegaso S.A. 100.000
Transolver Services S.A. Trappes France 250,000 FRF 100.00 Fiat France S.A. 90.000
Iveco France S.A. 10.000
Transolver Service S.p.A. Turin Italy 3,900,000,000 ITL 100.00 Iveco S.p.A. 100.000
Trucksure Services Ltd Watford Great Britain 900,000 GBP 100.00 Iveco U.K. Ltd 100.000
U.V.I.F. SAS La Garenne France 7,000,000 FRF 100.00 Iveco France S.A. 99.999
Iveco N.V. 0.001
Var Mat S.a.r.l. La Farlede France 50,000 FRF 99.91 Lev Société Anonyme 100.000
Vehic. Ind. Phoceens SAS Vitrolles France 6,100,000 FRF 100.00 Iveco France S.A. 99.998
Iveco N.V. 0.002
❚ Agricultural and Construction Equipment
CNH Global N.V. Amsterdam Holland 124,944,202 EURO 84.44 Fiat Netherlands Holding N.V. 84.397
CNH Global N.V. 0.054 0.000
A.M. Exports Limited Doncaster Great Britain 2,000 GBP 84.44 David Brown Tractors (Retail) Ltd. 100.000
Austoft Holdings Limited Bundaberg Australia 10,145,000 AUD 84.44 Case Corporation Pty. Ltd. 100.000
Austoft Inc. Plantation United States 100 USD 84.44 Case Corporation 100.000
Austoft Industries Limited Bundaberg Australia 16,353,225 AUD 84.44 Lake Hull Pty. Ltd. 100.000
Banco New Holland Brazil S.A. Curitiba Brazil 23,075,613 BRL 84.44 CNH Global N.V. 100.000
Bli Group Inc. Wilmington United States 1,000 USD 84.44 New Holland North America Inc. 100.000
Bli Sales Inc. Bridgetown Barbados 1,000 USD 84.44 Bli Group Inc. 100.000
Blue Leaf I.P. Inc. Wilmington United States 1,000 USD 84.44 Bli Group Inc. 100.000
Brascor Corretora de Seguros Particip.e Serv. S.A. São Paulo Brazil 11,656 BRL 84.44 Case Brasil & CIA 90.000
PPM do Brazil Ltda. 10.000
Case Argentina S.A. Buenos Aires Argentina 12,000 ARS 84.44 Case Corporation 99.000
Case Equipment International Corporation 1.000
Case (Barbados) FSC Ltd. Bridgetown Barbados 1,000 USD 84.44 Case Corporation 100.000
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
51

52
Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Case Belgium N.V. Schelle Belgium 17,250,000 BEF 84.44 Case Corporation 99.994
Case Equipment International Corporation 0.006
Case Bodenverdichtungs-Gerate Verwantungs GmbH Neuss-Rhein Germany 112,500 DEM 84.44 Case Germany GmbH 100.000
Case Bor-Mor Holdings Inc. Minneapolis United States 5 USD 84.44 Case Corporation 100.000
Case Brasil & CIA São Paulo Brazil 81,160,001 BRL 84.44 Case Brazil Holdings Inc. 89.750
Case Equipment International Corporation 10.250
Case Brazil Holdings Inc. Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
Case Canada Corporation Toronto Canada 41,137,000 CAD 84.44 Case Corporation 100.000
Case Canada Equipment Corporation Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
Case Canada Investments Ltd. Calgary Canada 249,977,577 CAD 84.44 Case Corporation 100.000
Case Canada Receivables Inc. Calgary Canada 1 CAD 84.44 Case Credit Corporation 100.000
Case CDC Holdings Inc. Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
Case Corporation Wilmington United States 4 USD 84.44 Fiatallis North America Inc. 61.111
CaseNewHolland Inc. 38.889
Case Corporation Pty. Ltd. St. Marys Australia 87,728,439 AUD 84.44 Case Corporation 100.000
Case Credit Australia Investments Pty. Ltd. St. Marys Australia 16,783,048 AUD 84.44 Case Credit Global Investments Ltd. 100.000
Case Credit Australia Pty. Ltd. St. Marys Australia 26,808,874 AUD 84.44 Case Credit Corporation 100.000
Case Credit Corporation Wilmington United States 1,000 USD 84.44 CNH Capital Corporation 100.000
Case Credit Global Investments Ltd. Hamilton Bermuda 12,000 USD 84.44 Case Credit Corporation 100.000
Case Credit Holdings Limited Wilmington United States 5 USD 84.44 Case Credit Corporation 100.000
Case Credit Limited Doncaster Great Britain 6,500,000 GBP 84.44 Case United Kingdom Limited 100.000
Case Credit Ltd. Calgary Canada 1 CAD 84.44 Case Credit Corporation 100.000
Case Credit Wholesale Pty. Limited St. Marys Australia 347,750 AUD 84.44 Case Corporation Pty. Ltd. 100.000
Case Credits Limited Doncaster Great Britain 100,000 GBP 84.44 Pryor Foundry Inc. 100.000
Case Currency Management Inc. Wilmington United States 5 USD 84.44 Case Corporation 100.000
Case Equipment Holdings Ltd. Wilmington United States 5 USD 84.44 Case Corporation 100.000
Case Equipment International Corporation Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
Case Equipment International Marketing Inc. Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
Case Europe S.a.r.l. Roissy France 50,000 FRF 84.44 Case Corporation 100.000
Case France S.A. Le Plessis-Belleville France 65,000,000 FRF 84.44 Case Corporation 100.000
Case Germany GmbH Heidelberg Germany 100,000 DEM 84.44 Case Harvesting Systems GmbH 99.000
Case Equipment International Corporation 1.000
Case Harvesting Systems GmbH Neustadt Germany 550,000 DEM 84.44 Case Corporation 100.000
Case India Limited Wilmington United States 5 USD 84.44 Case Corporation 100.000
Case India USLT Limited Wilmington United States 5 USD 84.44 Case Corporation 100.000
Case Information Technology Company LLC Wilmington United States 750,000 USD 84.44 Case Corporation 100.000
Case International France S.a.r.l. Roissy France 500,000 FRF 84.44 Case France S.A. 100.000
Case International Marketing Inc. Wilmington United States 5 USD 84.44 Case Corporation 100.000
Case International United Kingdom Limited Doncaster Great Britain 1 GBP 84.44 Case United Kingdom Limited 100.000
Case Irrigation Company Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
Case Italy S.p.A. Rozzano Italy 800,000,000 ITL 84.44 Case France S.A. 99.997
Case Corporation 0.003
Case LBX Holdings Inc. Wilmington United States 5 USD 84.44 Case Corporation 100.000
Case Licensing/Lending Company Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
Case Machinery (Shanghai) Co. Ltd. Shanghai People’s Rep. of China 5,000,000 USD 84.44 Case Corporation 100.000
Case Mauritius US Limited Port Louis Mauritius 2 USD 84.44 Case India USLT Limited 100.000
Case Melbourne Pty Ltd. St. Marys Australia 2 AUD 84.44 Case Corporation Pty. Ltd. 100.000
Case Mexico S.A. Mexico Mexico 810,000 MXN 84.44 Case Corporation 100.000
CaseNewHolland Inc. Wilmington United States 5 USD 84.44 CNH Global N.V. 100.000
Case-Poclain GmbH Heidelberg Germany 50,000 DEM 84.44 Case Germany GmbH 99.000
Case Corporation 1.000

Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Case Poclain Ltd. Doncaster Great Britain 2 GBP 84.44 Case United Kingdom Limited 100.000
Case Receivables Inc. Wilmington United States 1,000 USD 84.44 Case Credit Corporation 100.000
Case Spain S.A. Coslada Spain 800,000,000 ESP 84.44 Case Corporation 100.000
Case Sprayers Limited London Great Britain 1 GBP 84.44 Case United Kingdom Limited 100.000
Case Steyr Landmaschinentechnik GmbH St. Valentin Austria 11,000,000 ATS 84.44 Case Corporation 100.000
Case United Kingdom Limited Doncaster Great Britain 3,763,618 GBP 84.44 Case Corporation 100.000
Case Wholesale Receivables Inc. Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
CNH Capital Corporation Wilmington United States 5 USD 84.44 Case Corporation 100.000
CNH Capital Insurance Agency Inc. Wilmington United States 5 USD 84.44 Case Credit Corporation 100.000
CNH Capital Receivables Inc. Wilmington United States 5 USD 84.44 Case Credit Corporation 100.000
CNH Receivables Inc. Wilmington United States 1,000 USD 84.44 Case Credit Corporation 100.000
CNH International Services Corporation Wilmington United States 1,000 USD 84.44 CaseNewHolland Inc. 100.000
Concord Inc. Fargo United States 100 USD 84.44 Case Corporation 100.000
C.W. Inc. Fargo United States 10 USD 84.44 Concord Inc. 100.000
CX (Basildon) Company Limited Basildon Great Britain 1 GBP 84.44 New Holland Holding Limited 100.000
David Brown Tractors (Ireland) Ltd. Dublin Ireland 20,000 IEP 84.44 Pryor Foundry Inc. 100.000
David Brown Tractors (Belfast) Ltd.Belfast Great Britain 1 IEP 84.44 Pryor Foundry Inc. 100.000
David Brown Tractors (Retail) Ltd. Doncaster Great Britain 20,000 GBP 84.44 Pryor Foundry Inc. 100.000
David Brown Tractors Ltd. Doncaster Great Britain 2 GBP 84.44 Case United Kingdom Limited 100.000
Eagle Global Insurance Company LimitedHamilton Bermuda 120,000 USD 84.44 Case Credit Corporation 100.000
Farm One AgServices Inc. Wilmington United States 5 USD 84.44 Case Corporation 100.000
Fermec Holdings Limited Manchester Great Britain 3,625,695 GBP 84.44 Case Corporation 75.000
Case United Kingdom Limited 25.000
Fermec International Limited Manchester Great Britain 2 GBP 84.44 Fermec Manufacturing Limited 100.000
Fermec Manufacturing Limited Manchester Great Britain 1,000 GBP 84.44 Fermec Holdings Limited 100.000
Fermec North America Inc. Wilmington United States 5 USD 84.44 Case Corporation 100.000
Fermec North America Limited Manchester Great Britain 2 GBP 84.44 Fermec Holdings Limited 100.000
Fermec S.A. Le Plessis-Belleville France 15,881,000 FRF 84.44 Fermec Holdings Limited 100.000
Fermec Trustees Limited Manchester Great Britain 2 GBP 84.44 Fermec Holdings Limited 100.000
Fiatallis Latino Americana Ltda Contagem Brazil 109,224,063 BRL 84.44 CNH Global N.V. 100.000
Fiatallis North America Inc. Dover United States 10 USD 84.44 CaseNewHolland Inc. 100.000
Fiat E.M. Corp. Wilmington United States 1,000 USD 84.44 Fiatallis North America Inc. 100.000
Fiat Hitachi Excavators Belgium S.A. Herstal-lez-Liege Belgium 247,900 EURO 48.07 Fiat Hitachi Excavators S.p.A. 100.000
Fiat Hitachi Excavators Deutschland GmbH Sinsheim Germany 2,556,500 EURO 33.65 Fiat Hitachi Excavators S.p.A. 70.000
Fiat Hitachi Excavators France S.A. Trappes France 2,592,500 EURO 48.07 Fiat Hitachi Excavators S.p.A. 100.000
Fiat Hitachi Excavators S.p.A. San Mauro Torinese Italy 79,541,000 EURO 48.07 CNH Global N.V. 56.931
Flexi-Coil (Australia) Pty. Ltd. Toowoomba Australia 2 AUD 84.44 Flexi-Coil Ltd 100.000
Flexi-Coil Inc. Reno United States 1,000 USD 84.44 Flexi-Coil (Netherlands) Holding B.V. 100.000
Flexi-Coil Ltd Saskatoon Canada 296 CAD 84.44 New Holland Investments Canada Ltd 100.000
Flexi-Coil (Netherlands) Holding B.V. Leiden Holland 300,000 NLG 84.44 Flexi-Coil Ltd 100.000
Flexi-Coil (U.K.) Limited York Great Britain 1,000 GBP 84.44 Flexi-Coil Ltd 100.000
Ford New Holland Australia Limited Riverstone Australia 5,000,000 AUD 84.44 CNH Global N.V. 100.000
Grand Detour Plow Company Madison United States 5,000 USD 84.44 Pryor Foundry Inc. 100.000
Harbin New Holland Beidahuang Tractors Ltd. Harbin People’s Rep. of China 13,821,000 CNY 58.99 N.H. Mauritius Ltd. 69.855
HFI Holdings Inc. Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
International Harvester Company Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
International Harvester Co. of Belgium N.V. Schelle Belgium 1,250,000 BEF 84.44 Case Belgium N.V. 90.000
Case Corporation 10.000
International Harvester Co. of Great Britain Ltd. Doncaster Great Britain 9 GBP 84.44 Case Corporation 100.000
J.I. Case Argentina S.A. Buenos Aires Argentina 2 ARS 84.44 Pryor Foundry Inc. 100.000
J.I. Case Company Limited Manchester Great Britain 6 GBP 84.44 Case United Kingdom Limited 100.000
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
53

54
Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
J.I. Case Germany Holdings Inc. Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
J.I. Case International S.A. Caracas Venezuela 3,000,000 VEB 84.44 Pryor Foundry Inc. 100.000
J.I. Case Leasing Corporation Madison United States 1,000 USD 84.44 Case Corporation 100.000
J.I. Case Property Company Wilmington United States 1,000 USD 84.44 Case Corporation 100.000
J.I. Case Threshing Machine Company Madison United States 1,000 USD 84.44 Pryor Foundry Inc. 100.000
JV UzCaseMash LLC Tashkent Uzbekistan 15,000,000 USD 50.67 Case Equipment Holdings Ltd. 60.000
JV UzCaseService LLC Tashkent Uzbekistan 4,117,500 USD 43.07 Case Equipment Holdings Ltd. 51.000
JV UzCaseTractor LLC Tashkent Uzbekistan 15,000,000 USD 43.07 Case Equipment Holdings Ltd. 51.000
Kestrin Pty. Ltd. Bundaberg Australia 2 AUD 84.44 Austoft Holdings Limited 100.000
Lake Hull Pty. Ltd. Bundaberg Australia 100 AUD 84.44 Austoft Holdings Limited 100.000
Laverda Mietitrebbie S.p.A. Modena Italy 100,000 EURO 84.44 New Holland Italia S.p.A. 100.000
MBA AG, Baumaschinen Bassersdorf Switzerland 4,000,000 CHF 77.75 O & K Orenstein & Koppel AG 100.000
MX (Basildon) Company Limited Basildon Great Britain 1 GBP 84.44 New Holland Holding Limited 100.000
New Holland Bizon Sp. z o.o. Plock Poland 84,463,200 PLN 84.44 New Holland Belgium N.V. 100.000
New Holland Argentina S.A. Buenos Aires Argentina 6,500,000 ARS 84.44 New Holland Hold.Argentina S.A. 100.000
New Holland Australia Pty. Limited Riverstone Australia 3,500,000 AUD 84.44 CNH Global N.V. 100.000
New Holland Belgium N.V. Zedelgem Belgium 27,268,300 EURO 84.44 New Holland Luxembourg S.A. 100.000
New Holland Braud S.A. Coex (Vendee) France 3,800,000 EURO 84.45 New Holland Luxembourg S.A. 99.978
Fiat France S.A. 0.022
New Holland Canada Ltd. Winnipeg Canada 10,403 CAD 84.44 CNH Global N.V. 100.000
New Holland Credit Australia Pty Ltd. Riverstone Australia 11,507,150 AUD 84.44 CNH Global N.V. 100.000
New Holland Credit (Ireland) plc Navan Ireland 38,100 EURO 84.44 New Holland Credit plc 100.000
New Holland Credit plc Navan Ireland 38,100 EURO 84.44 CNH Global N.V. 100.000
New Holland Danmark A/S Copenaghen Denmark 12,000,000 DKK 84.44 New Holland Europe S.A. 100.000
New Holland Deutsch. GmbH Heilbronn Germany 18,457,650 EURO 84.44 New Holland Luxembourg S.A. 100.000
New Holland Espana S.A. Madrid Spain 5,409,000 EURO 84.44 New Holland Luxembourg S.A. 100.000
New Holland Europe S.A. Luxembourg Luxembourg 788,622,350 USD 84.44 New Holland S.A. 100.000
New Holland Fin. Serv. A/S Copenaghen Denmark 500,000 DKK 84.44 CNH Global N.V. 100.000
New Holland Financial Services S.r.l. Modena Italy 10,400 EURO 84.44 CNH Global N.V. 100.000
New Holland France S.A. Morigny-Champigny France 9,600,000 EURO 84.44 New Holland Luxembourg S.A. 100.000
New Holland Hold.Argentina S.A. Buenos Aires Argentina 6,500,000 ARS 84.44 CNH Global N.V. 100.000
New Holland Holding Limited London Great Britain 165,000,000 GBP 84.44 New Holland Europe S.A. 100.000
New Holland Investments Canada Ltd Winnipeg Canada 156,405,000 CAD 84.44 CNH Global N.V. 100.000
New Holland Italia S.p.A. Modena Italy 15,600,000 EURO 84.44 New Holland Luxembourg S.A. 100.000
New Holland Luxembourg S.A. Luxembourg Luxembourg 220,986,072 EURO 84.44 New Holland Europe S.A. 100.000
New Holland Logistics S.p.A. Modena Italy 1,032,000 EURO 84.44 CNH Global N.V. 100.000
New Holland Ltd Brentford Great Britain 1,000,000 GBP 84.44 CNH Global N.V. 100.000
New Holland North America Inc. Wilmington United States 60 USD 84.44 Fiatallis North America Inc. 100.000
New Holland Portugal Ltda Carnaxide Portugal 498,798 EURO 84.44 New Holland Luxembourg S.A. 100.000
New Holland Receiv. Corp. Wilmington United States 10 USD 84.44 Fiatallis North America Inc. 100.000
New Holland Retail Receiv.Corp. I Las Vegas United States 1,000 USD 84.44 NH Credit Company LLC 100.000
New Holland Retail Receiv.Corporation II Las Vegas United States 1,000 USD 84.44 New Holland Retail Receiv.Corp. I 100.000
New Holland Romania Srl Bucharest Rumenia 13,309,800,000 ROL 84.44 CNH Global N.V. 100.000
New Holland S.A. Luxembourg Luxembourg 99,987,000 USD 84.44 CNH Global N.V. 100.000
New Holland Tractor Limited N.V. Anversa Belgium 9,631,423 EURO 84.44 New Holland Holding Ltd 100.000
New Holland Trade N.V. Amstelveen Holland 57,200 EURO 84.44 CNH Global N.V. 100.000
New Holland U.K. Limited Basildon Great Britain 91,262,275 GBP 84.44 New Holland Holding Ltd 100.000
NH (Canada) Credit Comp. Calgary Canada 0 CAD 84.44 NH(Canada)Cred.Hol.Ltd. 51.000
New Holland Canada Ltd. 49.000
NH(Canada) Cred. Hol.Ltd. Toronto Canada 1 CAD 84.44 CNH Global N.V. 100.000
NH Credit Company LLC New Holland United States 0 USD 84.44 Fiatallis North America Inc. 100.000

Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
NH Financial Services Ltd Basildon Great Britain 50,000 GBP 84.44 CNH Global N.V. 100.000
NH Financial Services SA Morigny-Champigny France 38,125 EURO 84.44 CNH Global N.V. 100.000
NH Latino Americana Ltda Curitiba Brazil 43,918,476 BRL 84.44 Fiatallis Latino Americana Ltda 100.000
N.H. Mauritius Ltd. Port Louis Mauritius 62,683,682 USD 84.44 CNH Global N.V. 100.000
N.H. Tractors (India) Ltd New Delhi India 2,827,121,250 INR 84.44 N.H. Mauritius Ltd. 100.000
O & K - Hilfe GmbH Berlin Germany 50,000 DEM 77.75 O & K Orenstein & Koppel AG 100.000
O & K Orenstein & Koppel AG Berlin Germany 120,000,000 DEM 77.75 New Holland Luxembourg S.A. 92.070
O & K Orenstein & Koppel Ges.m.b.H. Vienna Austria 1,820,000 EURO 77.75 O & K Orenstein & Koppel AG 100.000
O & K Orenstein & Koppel S.A. Saint Ouen L’Aumone France 16,800,000 FRF 77.75 O & K Orenstein & Koppel AG 100.000
O & K Orenstein & Koppel S.A. Leganés Spain 2,181,674 EURO 77.75 O & K Orenstein & Koppel AG 100.000
O & K Orenstein & Koppel S.p.A. Milan Italy 206,400 EURO 77.75 O & K Orenstein & Koppel AG 100.000
Olaf Poulsen A/S Ishoj Denmark 6,000,000 DKK 77.75 O & K Orenstein & Koppel AG 100.000
Poclain do Brasil S.A. Soracaba Brazil 11,914,028 BRL 84.44 Case Corporation 89.365 99.707
Case Brasil & CIA 10.635 0.293
Poclain Limited Doncaster Great Britain 60 GBP 84.44 David Brown Tractors (Retail) Ltd. 100.000
Poclain Services North America Inc. Wilmington United States 1 USD 84.44 Case France S.A. 100.000
PPM do Brazil Ltda. Soracaba Brazil 11,619 BRL 84.44 Case Brasil & CIA 98.610
Poclain do Brasil S.A. 1.390
Pryor Foundry Inc. Oklahoma City United States 1,000 USD 84.44 Case Corporation 100.000
Receivables Credit Corporation Calgary Canada 1 CAD 84.44 Case Credit Corporation 100.000
Receivables Credit II Corporation Calgary Canada 1 CAD 84.44 Case Credit Corporation 100.000
Receivables Credit III Corporation Calgary Canada 1 CAD 84.44 Case Credit Corporation 100.000
Servicios Case Mexicana S.A. de C.V. Mexico Mexico 375,000 MXN 84.44 Case Corporation 100.000
Steiger Credit Company Bismark United States 250,000 USD 84.44 Pryor Foundry Inc. 100.000
Steiger International Ltd. Agana Guam 20 USD 84.44 Pryor Foundry Inc. 100.000
Tiede Landtechnik GmbH Werther Germany 50,000 DEM 84.44 Case Germany GmbH 100.000
Tractorwork Limited Doncaster Great Britain 305,000 GBP 84.44 Pryor Foundry Inc. 100.000
Universaltrac Beteiligungs GmbH Neuss Germany 100,000 DEM 84.44 Pryor Foundry Inc. 100.000
Uzcaseagroleasing Tashkent Uzbekistan 5,000,000 USD 43.07 Case Credit Holdings Limited 51.000
Versatile Credit Pty. Ltd. Bundaberg Australia 1,000,002 AUD 84.44 Versatile Farm Equipment Pty. Ltd. 100.000
Versatile Farm Equipment Pty. Ltd. Bundaberg Australia 20,000 AUD 84.44 Austoft Industries Limited 100.000
❚ Metallurgical Products
Teksid S.p.A. Turin Italy 229,200,000 EURO 66.50 Fiat S.p.A. 66.500
Exportadora Teksid S.A. C.V. São Pedro Mexico 52,134,800 MXN 33.25 Teksid de Mexico S.A. de C.V. 100.000
Fonderies Aluminium Cleon S.A. Cleon France 369,409,500 FRF 66.50 Teksid S.p.A. 100.000
Fonderies du Poitou S.A. Ingrandes sur Vienne France 211,957,000 FRF 66.50 Teksid S.p.A. 100.000
Funfrap-Fundicao Portuguesa S.A. Cacia Portugal 2,745,000,000 PTE 55.59 Teksid S.p.A. 83.600
Magnesium Products of America Inc. Eaton Rapids United States 30,174,038 USD 33.92 Meridian Operations Inc. 100.000
Meridian Magnesium LLC Wilmington United States 4,466 USD 33.92 Ontario Inc. 90.000
Meridian Operations Inc. 10.000
Meridian Magnesium N.V. Amstelveen Holland 90,800,000 EURO 33.92 Meridian Technologies Inc. 100.000
Meridian Operations Inc. Saint John-N.B. Canada 1,458,667 CAD 33.92 Meridian Technologies Inc. 100.000
Meridian Technologies Inc. Saint John-N.B. Canada 95,400 CAD 33.92 Teksid S.p.A. 31.451
Teksid Acquisition Inc. 19.550
Metallurgique du Temple S.A. St. Michel Maurienne France 40,081,600 FRF 66.50 Teksid Investment N.V. 100.000
M.P.I. S.p.A. Verres Italy 13,962,000 EURO 33.92 Meridian Magnesium N.V. 100.000
Ontario Inc. Saint John-N.B. Canada 37,810 CAD 33.92 Meridian Operations Inc. 100.000
Soc. Bretonne de Fond.et de Mec.S.A. Caudan Cedex France 70,332,400 FRF 66.50 Teksid S.p.A. 100.000
Teksid Acquisition Inc. Toronto Canada 81,000,000 CAD 66.50 Teksid Investment N.V. 100.000
Teksid Aluminio Mexico S.A. São Pedro Mexico 42,827,800 MXN 33.25 Teksid de Mexico S.A. de C.V. 100.000
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
55

56
Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Teksid Aluminum Foundry Wilmington United States 170 USD 66.50 Teksid S.p.A. 80.000
Teksid Investment N.V. 20.000
Teksid de Argentina S.A. Buenos Aires Argentina 5,512,000 ARS 66.50 Teksid Investment N.V. 100.000
Teksid de Mexico S.A. de C.V. São Pedro Mexico 104,093,600 MXN 33.25 Teksid Investment N.V. 50.000
Teksid Deutschland GmbH Heilbronn Germany 50,000 DEM 66.50 Teksid S.p.A. 100.000
Teksid do Brasil Ltda Betim Brazil 173,439,025 BRL 66.50 Teksid S.p.A. 100.000
Teksid For S.p.A. Turin Italy 3,453,839 EURO 66.50 Teksid S.p.A. 100.000
Teksid France S.A. Suresnes France 550,000 FRF 66.50 Teksid S.p.A. 100.000
Teksid Inc. Wilmington United States 100,000 USD 66.50 Teksid S.p.A. 100.000
Teksid Investment N.V. Amstelveen Holland 181,512,086 EURO 66.50 Teksid S.p.A. 100.000
Teksid Poland S.A. Bielsko-Biala Poland 88,028,700 PLN 61.52 Teksid S.p.A. 92.517
❚ Components
Magneti Marelli S.p.A. Milan Italy 304,990,000 EURO 81.00 Fiat S.p.A. 65.471 66.178
Fiat Ge.Va. S.p.A. 14.176 14.027
Toro Assicurazioni S.p.A. 1.720 1.746
Autocomponents Suspension S.r.l. Melfi Italy 3,640,000 EURO 81.00 Magneti Marelli S.p.A. 99.000
Magneti Marelli Partecipazioni S.p.A. 1.000
Auto-Radiadores J.D. Lda Lisbon Portugal 3,500,000 PTE 26.64 Joao de Deus & Filhos S.A. 60.000
Auto-Radiadores Lda Cannoso Portugal 3,500,000 PTE 26.64 Joao de Deus & Filhos S.A. 60.000
Carex Uitaacenter N.V. Nethen Belgium 61,318,777 BEF 81.00 Magneti Marelli S.p.A. 99.950
Magneti Marelli Partecipazioni S.p.A. 0.050
C.e.a. Axo Scintex S.A. Villemoisson France 6,505,600 FRF 80.96 Seima Italiana S.p.A. 99.998
C.s.a.t. S.r.l. Tolmezzo Italy 1,000,000,000 ITL 80.96 Seima Italiana S.p.A. 60.000
Yorka S.L. 35.000
C.e.a. Axo Scintex S.A. 5.000
Fiat CIEI S.p.A. Milan Italy 70,825,081 EURO 81.00 Magneti Marelli S.p.A. 100.000
Ind. Magneti Marelli Mexico S.A. Tepotzotlan Mexico 50,000 MXN 80.96 Magneti Marelli Mexico S.A. 99.998
Servicios Administrativos Corporativos S.A. 0.002
Joao de Deus & Filhos S.A. Arados Portugal 1,204,000,000 PTE 44.40 Magneti Marelli Climatizzazione S.p.A. 73.089
Joao Deus Espana S.L. Madrid Spain 10,000,000 ESP 44.40 Joao de Deus & Filhos S.A. 100.000
Kadron S/A Amparo Brazil 20,000,000 BRL 80.66 Magneti Marelli Cofap Comp.Fabr.de Pecas 100.000
Le Havre Echappement S.a.r.l. Le Havre France 40,000 FRF 81.00 Midas France S.a.s. 100.000
Magneti Marelli Argentina S.A. Buenos Aires Argentina 2,000,000 ARS 80.91 Magneti Marelli France S.A. 84.563
Magneti Marelli Climatizzazione S.p.A. Poirino Italy 55,099,200 EURO 60.75
Magneti Marelli Partecipazioni S.p.A.15.437
Magneti Marelli Partecip. Ind. S.p.A. 75.000
Magneti Marelli Cofap Comp.Fabr.de Pecas Santo André Brazil 250,092,360 BRL 80.66 Magneti Marelli S.p.A. 49.792 49.990
Magneti Marelli Iberica S.A. 49.792 49.990
Magneti Marelli Components B.V. Amsterdam Holland 53,600,000 EURO 81.00 Magneti Marelli S.p.A. 100.000
Magneti Marelli Denso S.A. Buenos Aires Argentina 17,600,000 ARS 30.98 Magneti Marelli Climatizzazione S.p.A. 51.000
Magneti Marelli Deutschland GmbH Heilbronn Germany 2,000,000 DEM 81.00 Magneti Marelli S.p.A. 100.000
Magneti Marelli do Brasil Ltda Hortolandia Brazil 162,388,437 BRL 81.00 Magneti Marelli S.p.A. 99.995
Fiat do Brasil S.A. 0.005
Magneti Marelli Exhaust Systems Polska Sp. z o.o. Sosnowiec Poland 15,000,000 PLN 81.00 Magneti Marelli S.p.A. 100.000
Magneti Marelli France S.A. Nanterre France 67,380,000 EURO 80.90 Magneti Marelli S.p.A. 99.870
Magneti Marelli Hellas S.A. Athens Greece 200,000,000 GRD 44.55 Magneti Marelli Partecipazioni S.p.A. 55.000
Magneti Marelli Iberica S.A. Madrid Spain 5,044,000,000 ESP 81.00 Magneti Marelli S.p.A. 100.000
Magneti Marelli Mexico S.A. Tepotzotlan Mexico 23,611,680 MXN 80.96 Magneti Marelli (Suisse) S.A. 62.380
Magneti Marelli France S.A. 37.620
Magneti Marelli North America Inc. Wilmington United States 3,498,619 USD 80.66 Magneti Marelli Cofap Comp.Fabr.de Pecas 100.000
Magneti Marelli Otomotiv A.S. Esentepe-Istanbul Turkey 9,000,000,000 TRL 79.38 Magneti Marelli S.p.A. 98.000

Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Magneti Marelli Partecip. Ind. S.p.A. Poirino Italy 61,500,000 EURO 81.00 Magneti Marelli S.p.A. 100.000
Magneti Marelli Partecipazioni S.p.A. Milan Italy 1,040,000 EURO 81.00 Magneti Marelli S.p.A. 100.000
Magneti Marelli Poland S.A. Sosnowiec Poland 10,567,800 PLN 81.00 Magneti Marelli S.p.A. 55.000
Magneti Marelli Partecipazioni S.p.A. 45.000
Magneti Marelli Powertrain (Shanghai) Co. Ltd. Shanghai People’s Rep. of China 1,500,000 USD 81.00 Magneti Marelli S.p.A. 100.000
Magneti Marelli Powertrain U.S.A. Inc. Sanford United States 25,000,000 USD 81.00 Magneti Marelli S.p.A. 100.000
Magneti Marelli Rear View Mirrors Yan Ayna Istanbul Turkey 119,000,000,000 TRL 41.31 Magneti Marelli Partecipazioni S.p.A. 51.000
Magneti Marelli Retrovisori S.r.l. a S.U. Venaria Reale Italy 4,010,000 EURO 81.00 Magneti Marelli S.p.A. 100.000
Magneti Marelli Sistemi di Scarico S.p.A. Milan Italy 5,000,000 EURO 81.00 Magneti Marelli Components B.V. 99.000
Magneti Marelli South Africa Ltd. Johannesburg South Africa 195 ZAR 81.00
Magneti Marelli Partecipazioni S.p.A. 1.000
Magneti Marelli Components B.V. 100.000
Magneti Marelli (Suisse) S.A. Lausanne Switzerland 500,000 CHF 81.00 Magneti Marelli Components B.V. 100.000
Magneti Marelli Svenska A/B Goteborg Sweden 100,000 SEK 81.00 Magneti Marelli Components B.V. 100.000
Magneti Marelli Thermal Systems Ltd New Delhi India 72,000,000 INR 54.68 Magneti Marelli Climatizzazione S.p.A. 90.000
Magneti Marelli U.K. Ltd Cannock Great Britain 20,000,000 GBP 81.00 Magneti Marelli Components B.V. 100.000
Midas Autoservice GmbH Vienna Austria 9,904,043 ATS 81.00 Magneti Marelli S.p.A. 100.000
Midas Europe S.A.M. Monaco Prin.of Monaco 1,000,000 FRF 81.00 Magneti Marelli S.p.A. 100.000
Midas France S.a.s. Celle S. Cloud France 116,500,000 FRF 81.00 Magneti Marelli S.p.A. 99.999
Ufima S.A. 0.001
Midas Italia S.p.A. Milan Italy 17,000,000,000 ITL 81.00 Magneti Marelli S.p.A. 99.000
Magneti Marelli Partecipazioni S.p.A. 1.000
Midas Polska Sp. zo.o. Warsaw Poland 8,647,650 PLN 81.00 Magneti Marelli S.p.A. 100.000
Midas S.A. Nethen Belgium 99,892,177 BEF 81.00 Magneti Marelli S.p.A. 99.750
Magneti Marelli Partecipazioni S.p.A. 0.250
Midas Schwiez AG Zurich Switzerland 680,000 CHF 81.00 Magneti Marelli S.p.A. 100.000
Midas Silenciador S.L. Madrid Spain 514,736,000 ESP 81.00 Magneti Marelli S.p.A. 100.000
Midas Spain Inc. Chicago United States 1,000 USD 81.00 Magneti Marelli S.p.A. 100.000
MM Sistemas Termicos Ltda Betim-Minas Gerais Brazil 5,148,323 BRL 60.75 Magneti Marelli Climatizzazione S.p.A. 100.000
MPSA-Moldes Plasticos S.A. Sao Sebastiao Portugal 73,000,000 PTE 44.40 Joao de Deus & Filhos S.A. 100.000
Radinorte Lda Matosinhos Portugal 3,500,000 PTE 26.64 Joao de Deus & Filhos S.A. 60.000
R.C.I. Ric. Cent. It. S.r.l. Rome Italy 49,400 EURO 81.00 Magneti Marelli Partecipazioni S.p.A. 98.947
Magneti Marelli S.p.A. 1.053
Sadim S.a.r.l. Celle S. Cloud France 50,000 FRF 81.00 Midas France S.a.s. 100.000
Seima Elettronica S.r.l. Tolmezzo Italy 1,000,000,000 ITL 80.96 Seima Italiana S.p.A. 100.000
Seima Italiana Deutschland GmbH Grasbrunn-Neukerferloh Germany 50,000 DEM 80.15 Seima Italiana S.p.A. 99.000
Seima Italiana S.p.A. Tolmezzo Italy 20,820,000,000 ITL 80.96 Magneti Marelli S.p.A. 89.952
Yorka S.L. 10.000
Servicios Administrativos Corporativos S.A. Col. Chapultepec Mexico 1,000 MXN 80.96 Magneti Marelli Mexico S.A. 99.990
Ind. Magneti Marelli Mexico S.A. 0.010
Sistemi Sospensioni S.p.A. Milan Italy 72,650,000 EURO 81.00 Magneti Marelli S.p.A. 100.000
Sulradiadores Lda Lisbon Portugal 3,500,000 PTE 44.40 Joao de Deus & Filhos S.A. 100.000
Tutela Lubrificantes S.A. Contagem Brazil 941,028 BRL 81.00 Magneti Marelli S.p.A. 100.000
Ufima S.A. Nanterre France 745,420,000 FRF 87.65 Magneti Marelli S.p.A. 35.561
Sicind S.p.A. 34.994
Magneti Marelli Comp. B.V. 29.445
Yorka S.L. Barcelona Spain 1,523,077,000 ESP 80.95 Seima Italiana S.p.A. 99.990
❚ Production Systems
Comau B.V. Amstelveen Holland 150,000 EURO 100.00 Fiat S.p.A. 100.000
Aims Automation (Pty) Ltd. in liq. Uitenhage South Africa 100 ZAR 51.00 Comau Aims Holdings (Pty) Ltd. 100.000
Aims Engineering (Pty) Ltd. in liq. Uitenhage South Africa 100 ZAR 51.00 Comau Aims Holdings (Pty) Ltd. 100.000
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
57

58
Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Aims Tooling (Pty) Ltd. in liq. Uitenhage South Africa 1,100 ZAR 51.00 Comau Aims Holdings (Pty) Ltd. 100.000
Autodie International, Inc. Grand Rapids United States 1,000 USD 100.00 Pico Holdings Corp. 100.000
Comau Aims Corporation (Pty) Ltd. Uitenhage South Africa 300 ZAR 51.00 Comau Aims Holdings (Pty) Ltd. 100.000
Comau Aims Holdings (Pty) Ltd. Uitenhage South Africa 1,000 ZAR 51.00 Pico Aims Holdings, Inc. 51.000
Comau Aims Manufacturing (Pty) Ltd. Uitenhage South Africa 100 ZAR 51.00 Comau Aims Holdings (Pty) Ltd. 100.000
Comau Aims Properties (Pty) Ltd. Uitenhage South Africa 100 ZAR 51.00 Comau Aims Holdings (Pty) Ltd. 100.000
Comau Argentina S.A. Buenos Aires Argentina 2,001,120 ARS 100.00 Comau Systems S.p.A. 99.950
Fiat Argentina S.A. 0.050
Comau Deutschland GmbH Leonberg Germany 1,330,000 EURO 100.00 Comau Systems S.p.A. 100.000
Comau do Brasil Ltda. Nova Lima Brazil 3,100,001 BRL 100.00 Comau Systems S.p.A. 99.960
Fiat do Brasil S.A. 0.040
Comau Estil UK Unlimited Luton Great Britain 1,100 USD 100.00 Comau Systems S.p.A. 50.100
Pico U.K. Ltd. in liq. 49.900
Comau France S.A. Voisins le Bretonneux France 750,000 EURO 99.99 Comau Systems S.p.A. 99.988
Comau India Private Ltd Pune India 39,873,020 INR 100.00 Comau Systems S.p.A. 99.999
U.T.S. - S.p.A. 0.001 0.000
Comau Pico Management Corp. Southfiled United States 1 USD 100.00 Comau B.V. 100.000
Comau Poland Sp. z o.o. Bielsko-Biala Poland 2,100,000 PLN 100.00 Comau Service S.p.A. 100.000
Comau Quad Precision (Pty) Ltd. Uitenhage South Africa 1,000 ZAR 42.69 Comau Aims Holdings (Pty) Ltd. 83.700
Comau Sciaky S.A. Paris France 40,000 EURO 99.75 Comau France S.A. 99.760
Comau Service S.p.A. Grugliasco Italy 2,600,000 EURO 100.00 Comau Systems S.p.A. 100.000
Comau Service Sud S.p.A. Grugliasco Italy 250,000 EURO 100.00 Comau Service S.p.A. 100.000
Comau Service V.D.S. S.p.A. Grugliasco Italy 250,000 EURO 100.00 Comau Service S.p.A. 100.000
Comau Systems S.p.A. Grugliasco Italy 100,000,000 EURO 100.00 Comau B.V. 100.000
Deltasign Ltd. in liq. Luton Great Britain 100 GBP 100.00 Comau Estil UK Unlimited 100.000
Discserve Ltd. in liq. Luton Great Britain 100 GBP 100.00 Comau Estil UK Unlimited 100.000
Eagle Test and Assembly Co. Redford United States 1,000 USD 100.00 Pico Holdings Corp. 100.000
Estil Control Systems Luton Ltd. in liq. Luton Great Britain 10,000 GBP 100.00 Comau Estil UK Unlimited 100.000
Famis Technology Ltd. in liq. Luton Great Britain 69,051 GBP 100.00 Discserve Ltd. in liq. 99.000
Comau Estil UK Unlimited 1.000
Geico do Brasil Ltda Contagem Brazil 202,860 BRL 48.45 Geico S.p.A. 95.000
Geico E.T. A.S. Istanbul Turkey 7,500,000,000 TRL 50.98 Geico S.p.A. 99.959
Geico S.A. Voisins le Bretonneux France 260,000 FRF 99.87 Comau France S.A. 99.885
Geico S.p.A. Cinisello Balsamo Italy 3,627,000 EURO 51.00 Comau Systems S.p.A. 51.000
International Installations, Inc. Southfield United States 1,000 USD 100.00 Comau B.V. 100.000
Italtech S.p.A. Brescia Italy 309,600 EURO 90.00 Comau Systems S.p.A. 90.000
Mecaner S.A. Urduliz Spain 709,500,000 ESP 86.26 Comau Systems S.p.A. 86.258
Novi Industries, Inc. Novi United States 1,000 USD 100.00 Pico Holdings Corp. 100.000
Numerical Control Center, Inc. Redford United States 1,000 USD 100.00 Pico Holdings Corp. 100.000
Pico Aims Holdings, Inc. Southfield United States 1,000 USD 100.00 Comau B.V. 100.000
Pico Argentina, Inc. Southfield United States 1,000 USD 100.00 Comau B.V. 100.000
Pico East, Inc. Macomb United States 1,000 USD 100.00 Pico Holdings Corp. 100.000
Pico Estil Control Systems Ltd. in liq. Rainham Great Britain 100 GBP 100.00 Comau Estil UK Unlimited 100.000
Pico Estil Manufacturing Ltd. in liq. Luton Great Britain 5,000 GBP 100.00 Comau Estil UK Unlimited 100.000
Pico Estil Nottingham Ltd. in liq. Arnold Great Britain 100,000 GBP 100.00 Comau Estil UK Unlimited 100.000
Pico Estil Shrewsbury Ltd. Shropshire Great Britain 100 GBP 100.00 Comau Estil UK Unlimited 100.000
Pico Europe, Inc. Southfield United States 1,000 USD 100.00 Comau B.V. 100.000
Pico Expatriate, Inc. Southfield United States 1,000 USD 100.00 Pico Holdings Corp. 100.000
Pico GmbH Cologne Germany 50,000 DEM 100.00 Comau Deutschland GmbH 100.000
Pico Holdings Corporation Wilmington United States 100 USD 100.00 Comau B.V. 99.000
Comau Systems S.p.A. 1.000

Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Pico Iaisa S.de R.L. de C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Progressive Mexico S.de R.L. de C.V. 99.933
Progressive Americas, Inc. 0.033
Pico Mexico, Inc. 0.033
Pico Mexico, Inc. Southfield United States 1,000 USD 100.00 Comau B.V. 100.000
Pico Pitex S.de R.L. C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Progressive Mexico S.de R.L. de C.V. 99.933
Progressive Americas, Inc. 0.033
Pico Mexico, Inc. 0.033
Pico Resources, Inc. Royal Oak United States 1,000 USD 100.00 Pico Holdings Corp. 100.000
Pico U.K. Ltd. in liq. Southfield United States 1,000 USD 100.00 Comau B.V. 100.000
Progressive Americas, Inc. Southfield United States 1,000 USD 100.00 Comau B.V. 100.000
Progressive Tool Argentina S.de R.L. Córdoba Argentina 12,000 ARS 100.00 Pico Argentina, Inc. 99.000
Wisne Management Corporation 1.000
Progressive Tool do Brasil Ltda. São Paulo Brazil 300,000 BRL 100.00 Pico Argentina, Inc. 50.000
Wisne Management Corporation 50.000
Progressive Ind.Co.of Canada Ltd. Windsor Canada 100 CAD 100.00 Comau B.V. 100.000
Progressive Mexico S.de R.L. de C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Pico Mexico, Inc. 50.000
Progressive Americas, Inc. 50.000
Renault Automation Comau S.A. Meudon la Foret Cedex France 29,173,600 EURO 51.00 Comau Systems S.p.A. 51.000
Trebol Tepotzotlan S.de R.L. de C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Progressive Mexico S.de R.L. de C.V. 99.933
Progressive Americas, Inc. 0.033
Pico Mexico, Inc. 0.033
U.T.S. - S.p.A. Turin Italy 780,000 EURO 100.00 Comau Systems S.p.A. 96.600
U.T.S. - S.p.A. 3.400 0.000
Wisne Automation & Engineering Co. Novi United States 1,000 USD 100.00 Pico Holdings Corp. 100.000
Wisne Design Mexico S.de R.L. de C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Progressive Mexico S.de R.L. de C.V. 99.933
Progressive Americas, Inc. 0.033
Pico Mexico, Inc. 0.033
Wisne Management Corporation Southfield United States 1,000 USD 100.00 Comau B.V. 100.000
Wisne Technologies, Inc. Royal Oak United States 1,000 USD 100.00 Pico Holdings Corp. 100.000
❚ Aviation
FiatAvio S.p.A. Turin Italy 148,200,000 EURO 100.00 Fiat S.p.A. 100.000
Fiat Avio Inc. Carol Stream United States 5,000 USD 99.84 FiatAvio S.p.A. 99.000
Fiatallis North America Inc. 1.000
FiatAvio Power Services S.p.A. Turin Italy 100,000 EURO 100.00 FiatAvio S.p.A. 100.000
Regulus S.A. Kourou French Guiana 4,000,000 FRF 60.00 FiatAvio S.p.A. 60.000
SE.CO.SV.IM. S.r.l. Rome Italy 53,929,691 EURO 100.00 FiatAvio S.p.A. 100.000
Sepa S.p.A. Turin Italy 10,672,944 EURO 100.00 FiatAvio S.p.A. 100.000
❚ Rolling Stock and Railways Systems
Fiat Ferroviaria S.p.A. Turin Italy 6,240,000 EURO 100.00 Fiat S.p.A. 100.000
Elettromeccanica Parizzi S.p.A. Sesto San Giovanni Italy 2,600,000 EURO 91.00 Fiat Ferroviaria S.p.A. 91.000
Fiat Rail Limited London Great Britain 499,000 GBP 100.00 Fiat Ferroviaria S.p.A. 100.000
Fiat-Sig Schienenfahr. AG Neuhausen am Rhein Switzerland 30,000,000 CHF 60.00 Fiat Ferroviaria S.p.A. 60.000
❚ Publishing and Communications
Itedi Italiana Edizioni S.p.A. Turin Italy 5,980,000 EURO 100.00 Fiat S.p.A. 100.000
B. & B. Immobiliare S.p.A. Turin Italy 104,000 EURO 100.00 Itedi Italiana Edizioni S.p.A. 100.000
Editrice La Stampa S.p.A. Turin Italy 4,160,000 EURO 100.00 Itedi Italiana Edizioni S.p.A. 100.000
Koinet S.p.A. Turin Italy 1,500,000 EURO 100.00 Itedi Italiana Edizioni S.p.A. 100.000
La Stampa Interattiva S.r.l. Turin Italy 1,000,000 EURO 76.50 Editrice La Stampa S.p.A. 76.500
Publikompass S.p.A. Milan Italy 3,068,000 EURO 100.00 Itedi Italiana Edizioni S.p.A. 100.000
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
59

60
Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name
❚ Insurance
Registered office Country Capital stock Currency dation Interest held by held rights
Toro Assicurazioni S.p.A. Turin Italy 164,255,544,000 ITL 78.74 Fiat S.p.A. 39.804 4.455 (*)
Sicind S.p.A. 27.498 51.722 (*)
Fiat Ge.Va. S.p.A. 11.442 13.311 (*)
Comp. de Seguros Phenix Nova Lima Brazil 4,464,009,198 BRL 88.35 Toro Targa Part. Ltda 99.094
Continent Assistance S.A. Paris France 914,400 EURO 78.26 Le Continent I.A.R.D. S.A. 99.990
L’Union Gen. du Nord S.A. 0.002
Le Continent Vie S.A. 0.002
D.A.S. S.p.A. Verona Italy 5,000,000,000 ITL 39.38 Toro Assicurazioni S.p.A. 50.008
Fiat Towarzystwo Ubezpieczen Spolka Akcyjna Warsaw Poland 20,000,000 PLN 62.41 Toro Targa Assicurazioni S.p.A. 70.000
Giano Assicurazioni S.p.A. Rome Italy 10,000,000,000 ITL 39.37 Roma Vita S.p.A. 100.000
Guardian Finances S.A. Rueil-Malmaison France 53,354 EURO 78.29 Guardian France S.A. 100.000
Guardian France S.A. Rueil-Malmaison France 44,207,600 EURO 78.29 Le Continent I.A.R.D. S.A. 93.856
Toro Int. Holding S.A. 6.144
Guardian Risques S.A. Rueil-Malmaison France 18,292,800 EURO 78.29 Guardian France S.A. 100.000
Guardian Vie S.A. Rueil-Malmaison France 29,346,240 EURO 78.29 Guardian France S.A. 100.000
Isim S.p.A. Turin Italy 263,900,000 EURO 78.74 Toro Assicurazioni S.p.A. 100.000
L’Union Gen. du Nord S.A. Lille France 4,523,484 EURO 66.96 Le Continent I.A.R.D. S.A. 82.809
L’Union Gen. du Nord S.A. 2.875 0.000
Le Continent Vie S.A. 0.279
Toro Assicurazioni S.p.A. 0.006
Le Continent I.A.R.D. S.A. Paris France 21,601,206 EURO 78.26 Toro Assicurazioni S.p.A. 51.213
Toro Int. Holding S.A. 48.070
Le Continent Vie S.A. 0.103
Le Continent Vie S.A. Paris France 3,810,000 EURO 78.71 Toro Assicurazioni S.p.A. 59.912
Toro Int. Holding S.A. 39.968
Le Continent I.A.R.D. S.A. 0.072
Mathurins Immobiliers S.A. Rueil-Malmaison France 22,866,000 EURO 78.29 Guardian France S.A. 100.000
Nuova Tirrena S.p.A. Rome Italy 230,250,000,000 ITL 71.77 Toro Assicurazioni S.p.A. 91.141
Roma Vita S.p.A. Rome Italy 155,000,000,000 ITL 39.37 Toro Assicurazioni S.p.A. 50.000
Société Imm. Belle Terre Geneva Switzerland 50,000 CHF 78.26 Le Continent I.A.R.D. S.A. 100.000
Toro Finance S.A. Luxembourg Luxembourg 150,000,000,000 ITL 78.74 Toro Int. Holding S.A. 99.999
Toro Assicurazioni S.p.A. 0.001
Toro Intern. Holding N.V. Amsterdam Holland 450,000,000 NLG 78.74 Toro Assicurazioni S.p.A. 100.000
Toro Int. Holding S.A. Luxembourg Luxembourg 300,000,000,000 ITL 78.74 Toro Intern. Holding N.V. 99.999
Toro Assicurazioni S.p.A. 0.001
Toro Targa Assicurazioni S.p.A. Turin Italy 45,900,000 EURO 89.16 Toro Assicurazioni S.p.A. 51.000
Targa Services S.r.l. a S.U. 49.000
Toro Targa Part. Ltda Betim -Minas Gerais Brazil 52,468,670 BRL 89.16 Toro Targa Assicurazioni S.p.A. 100.000
❚ Miscellaneous and holding companies
Alimenta S.p.A. Padua Italy 2,600,000 EURO 100.00 Fiat Engineering S.p.A. 100.000
Augusta Assicurazioni S.p.A. Turin Italy 49,500,000,000 ITL 100.00 Sicind S.p.A. 100.000
Borello S.p.A. Turin Italy 5,160,000 EURO 63.97 IPI S.p.A. 100.000
Celt Receivables Limited Dublin Ireland 52 EURO 100.00 Fiat Geva Europe Ltd 100.000
Copal Servicos S/C Ltda São Paulo Brazil 1,358,473 BRL 100.00 Fiat do Brasil S.A. 100.000
(*) Interest in shares with voting rights: Fiat S.p.A. 15.245; Sicind S.p.A. 43.857; Fiat Ge.Va. S.p.A. 12.553

Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
C.R.F. S.c.p.A. Orbassano Italy 12,750,000 EURO 93.61 Fiat Auto S.p.A. 40.000
Iveco S.p.A. 20.000
Magneti Marelli S.p.A. 20.000
Comau Systems S.p.A. 5.000
Teksid S.p.A. 5.000
New Holland Italia S.p.A. 5.000
Fiat Ferroviaria S.p.A. 2.000
FiatAvio S.p.A. 2.000
Ferrari S.p.A. 1.000
Elasis - Soc. Cons. p.Az. Pomigliano d’Arco Italy 19,240,000 EURO 68.56 Fiat Auto S.p.A. 56.000
Fiat Hitachi Excavators S.p.A. 6.800
FiatAvio S.p.A. 5.800
Iveco S.p.A. 3.300
Fiat S.p.A. 0.167
C.R.F. S.c.p.A. 0.033
Emmepi S.r.l. Turin Italy 312,000 EURO 100.00 Fiat Engineering S.p.A. 100.000
Essex & Gen. Ins. Ltd. Douglas Isle of Man 1,100,000 USD 100.00 Rimaco Finance AG 100.000
Fahag Immobilien AG Zurich Switzerland 500,000 CHF 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Fenice Poland Sp. z o.o. Bielsko-Biala Poland 20,000,000 PLN 100.00 Fenice S.p.A. 100.000
Fenice S.p.A. Rivoli Italy 51,320,000 EURO 100.00 Sicind S.p.A. 70.000
Fiat Auto Partecipazioni S.p.A. 30.000
Ferrari Deutschland GmbH Wiesbaden Germany 255,646 EURO 87.00 Ferrari International S.A. 100.000
Ferrari Fin. Services Inc. New Jersey United States 10,000 USD 100.00 Fiat U.S.A. Inc. 100.000
Ferrari Idea S.A. Lugano Switzerland 15,000,000 CHF 87.00 Ferrari International S.A. 100.000
Ferrari International S.A. Luxembourg Luxembourg 7,112,000 EURO 87.00 Ferrari S.p.A. 99.999
GSA Gest.Sport.Automob. S.A. 0.001
Ferrari N.America Inc. Englewood Cliffs United States 200,000 USD 87.00 Ferrari S.p.A. 100.000
Ferrari San Francisco Inc. Mill Valley United States 100,000 USD 87.00 Ferrari N.America Inc. 100.000
Ferrari S.p.A. Modena Italy 516,500 EURO 87.00 Fiat S.p.A. 87.000
Ferrari (Suisse) SA Meyrin Switzerland 1,000,000 CHF 87.00 Ferrari International S.A. 100.000
Fias Fiat Administration und Service GmbH Ulm Germany 200,000 DEM 100.00 Iveco Magirus AG 80.000
Fiat Automobil AG 20.000
Fiat Argentina S.A. Buenos Aires Argentina 520,002 ARS 100.00 IHF-Inter.Holding Fiat S.A. 99.990
SGR S.A. Soc.Gest.Riesgos 0.010
Fiat Automov.Interamer. S.A. Panama City Panama 210,000 USD 100.00 Motorcomsa S.A. 100.000
Fiat Concord S.A. Buenos Aires Argentina 1 ARS 100.00 Fiat Argentina S.A. 99.996
SGR S.A. Soc.Gest.Riesgos 0.004
Fiat Deutschland GmbH Ulm Germany 1,000,000 DEM 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Fiat do Brasil S.A. Nova Lima Brazil 1,000,684 BRL 100.00 IHF-Inter.Holding Fiat S.A. 99.932
Fiat Gesco S.p.A. 0.061
Isvor Fiat S.p.A. 0.007
Fiat Engineering do Brasil Ltda Belo Horizonte Brazil 1,000,000 BRL 100.00 Fiat Engineering S.p.A. 78.800
Impreinvest S.p.A. 21.200
Fiat Eng. France S.A. Paris France 680,000 EURO 99.98 Fiat Engineering S.p.A. 99.984
Fiat Eng. India Ltd. New Delhi India 3,500,000 INR 100.00 Fiat Engineering S.p.A. 99.999
Impreinvest S.p.A. 0.001
Fiat Engineering S.p.A. Turin Italy 10,588,250 EURO 100.00 Ingest S.p.A. 100.000
Fiat Financas Brasil Ltda Betim Brazil 513,701 BRL 100.00 Fiat Ge.Va. S.p.A. 99.971
Fiat do Brasil S.A. 0.029
Fiat Finance and Trade Ltd Luxembourg Luxembourg 32,000,000 EURO 100.00 Fiat Ge.Va. S.p.A. 99.950
Fiat Geva Europe Ltd. 0.050
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
61

62
Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Fiat Finance Canada Ltd. Calgary Canada 493 CAD 100.00 Fiat Ge.Va. S.p.A. 100.000
Fiat Finance Corp. B.V. Amsterdam Holland 5,000,000 NLG 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Fiat Finance France SNC Paris France 228,674 EURO 100.00 Fiat France S.A. 98.330
Fiat France Part. Fin. S.A. 1.670
Fiat Finance N.A. Inc. Wilmington United States 38,000,000 USD 100.00 Fiat Ge.Va. S.p.A. 60.526
IHF-Inter.Holding Fiat S.A. 39.474
Fiat France S.A. Paris France 55,216,000 EURO 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Fiat Gesco Belgium N.V. Brugge Belgium 62,509 EURO 100.00 Fiat United Kingdom Ltd 99.960
Fiat Gesco S.p.A. 0.040
Fiat Gesco Fortrade Ltda. Nova Lima Brazil 100,000 BRL 89.70 Fiat Automoveis S.A. - FIASA 20.000
Teksid do Brasil Ltda 10.000
Magneti Marelli do Brasil Ltda 10.000
Fiat do Brasil S.A. 10.000
Fiatallis Latino Americana Ltda 10.000
Iveco Fiat Brasil Ltda 10.000
Iveco Mercosul Ltda 10.000
Magneti Marelli Cofap Comp.Fabr.de Pecas 10.000
NH Latino Americana Ltda 10.000
Fiat Ges.co. France (GEIE) Paris France 100 FRF 95.20 Fiat Gesco S.p.A. 50.000
Magneti Marelli France S.A. 20.000
Fiat Auto (France) S.A. 15.000
Iveco France S.A. 15.000
Fiat Gesco S.p.A. Turin Italy 3,592,339 EURO 98.05 Fiat Auto S.p.A. 50.229
Fiat Sagi S.r.l. 21.224
Iveco S.p.A. 11.001
Magneti Marelli S.p.A. 6.514
FiatAvio S.p.A. 2.606
Comau Systems S.p.A. 2.606
Teksid S.p.A. 2.027
Sicind S.p.A. 1.448
Fiat Engineering S.p.A. 0.869
Fiat Ferroviaria S.p.A. 0.854
Elettromeccanica Parizzi S.p.A. 0.333
Sepa S.p.A. 0.289
Fiat Ges.co. U.K. Ltd in liq. London Great Britain 625,767 GBP 100.00 Fiat United Kingdom Ltd 100.000
Fiat Geva Europe Ltd. Dublin Ireland 219,494,225 EURO 100.00 Fiat Ge.Va. S.p.A. 100.000
Fiat Ge.Va. S.p.A. Turin Italy 224,440,000 EURO 100.00 Fiat S.p.A. 100.000
Fiat Gra.De EEIG Watford Great Britain 100 GBP 95.55 Fiat Auto Partecipazioni S.p.A. 46.000
Iveco N.V. 24.000
CNH Global N.V. 24.000
Magneti Marelli S.p.A. 2.000
Fiat S.p.A. 2.000
Comau Systems S.p.A. 1.000
Teksid S.p.A. 1.000
Fiat G.S.A. S.r.l. Turin Italy 1,300,000 EURO 100.00 Fiat S.p.A. 100.000
Fiat I & CS S.r.l. Turin Italy 312,000 EURO 100.00 Fiat S.p.A. 99.833
Sicind S.p.A. 0.167
Fiat Iberica S.A. Madrid Spain 2,797,054 EURO 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Fiat Netherlands Holdings N.V. Amsterdam Holland 62,325,000 EURO 100.00 Fiat S.p.A. 74.000
Fiat Ge.Va. S.p.A. 26.000
Fiat Polska Sp. z o.o. Warsaw Poland 25,500,000 PLN 100.00 IHF-Inter.Holding Fiat S.A. 100.000

Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Fiat Revi S.c.r.l. Turin Italy 300,000 EURO 94.03 Fiat Auto S.p.A. 20.000
Iveco N.V. 10.000
CNH Global N.V. 10.000
Fiat S.p.A. 9.000
Sicind S.p.A. 5.667
FiatAvio S.p.A. 5.000
Magneti Marelli S.p.A. 5.000
Comau Systems S.p.A. 5.000
Teksid S.p.A. 5.000
Itedi Italiana Edizioni S.p.A. 5.000
Toro Assicurazioni S.p.A. 5.000
Fiat Ferroviaria S.p.A. 5.000
Ferrari S.p.A. 5.000
Fiat Gesco S.p.A. 4.000
Fiat Ge.Va. S.p.A. 1.000
Fiat Sagi S.r.l. 0.333
Fiat Sagi S.r.l. Turin Italy 598,000 EURO 100.00 Fiat S.p.A. 99.522
Sicind S.p.A. 0.478
Fiat Servizi per l’Industria S.c.p.a. Turin Italy 3,850,000 EURO 97.26 Fiat S.p.A. 36.470
Fiat Auto S.p.A. 33.530
Iveco S.p.A. 6.000
Teksid S.p.A. 2.000
FiatAvio S.p.A. 3.000
Magneti Marelli S.p.A. 4.000
New Holland Italia S.p.A. 3.000
Comau Systems S.p.A. 1.500
Editrice La Stampa S.p.A. 1.500
Fiat Engineering S.p.A. 3.500
C.R.F. S.c.p.A. 2.000
Fiat Ferroviaria S.p.A. 0.500
IPI S.p.A. 0.500
Toro Assicurazioni S.p.A. 2.500
Fiat U.S.A. Inc. New York United States 16,830,000 USD 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Fiat United Kingdom Ltd London Great Britain 860,000 GBP 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Futuracinque S.r.l. Turin Italy 76,000,000,000 ITL 100.00 Ingest S.p.A. 100.000
GSA Gest.Sport.Automob. S.A. Meyrin Switzerland 1,000,000 CHF 87.00 Ferrari S.p.A. 100.000
G.S.A. Technologies S.A. in liq. Geneva Switzerland 100,000 CHF 87.00 GSA Gest.Sport.Automob.SA 100.000
IHF-Inter.Holding Fiat S.A. Paradiso Switzerland 2,000,000,000 CHF 100.00 Fiat S.p.A. 100.000
Immobiliare Belfiore S.p.A. Turin Italy 300,000 EURO 100.00 Ingest S.p.A. 100.000
Immob. Moderna 2000 S.L. Madrid Spain 3,850,000,000 ESP 100.00 Fiat Finance Corp. B.V. 100.000
Impreinvest S.p.A. Turin Italy 516,000 EURO 100.00 Fiat Engineering S.p.A. 100.000
Incomfin S.A. Schlieren Switzerland 500,000 CHF 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Ingest-Segim S.r.l. Turin Italy 258,000 EURO 100.00 Ingest S.p.A. 100.000
Ingest S.p.A. Turin Italy 302,275,663 EURO 100.00 Sicind S.p.A. 100.000
Ipi Intermediazione S.r.l. Turin Italy 4,378,400 EURO 63.97 IPI S.p.A. 99.988
Sicind S.p.A. 0.012
IPI S.p.A. Turin Italy 40,784,134 EURO 63.97 Ingest S.p.A. 50.850
Toro Assicurazioni S.p.A. 9.338
Fiat Ge.Va. S.p.A. 5.761
IPI S.p.A. 0.007 0.000
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
63

64
Companies consolidated on a line-by-line basis (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Isvor Dealernet S.r.l. Turin Italy 260,000 EURO 97.26 Fiat Auto S.p.A. 50.000
Isvor Fiat S.p.A. 50.000
Isvor Europe-Training S.A. in liq. Paradiso Switzerland 300,000 CHF 94.53 Isvor Fiat S.p.A. 100.000
Isvor Fiat S.p.A. Turin Italy 780,000 EURO 94.53 Fiat Auto S.p.A. 38.000 21.000
Fiat S.p.A. 26.000 52.000
Teksid S.p.A. 12.000 13.000
Iveco S.p.A. 9.000 13.000
Magneti Marelli S.p.A. 6.000 0.000
FiatAvio S.p.A. 2.000 0.000
Fiat Engineering S.p.A. 2.000 0.000
New Holland Italia S.p.A. 2.000 1.000
Comau Systems S.p.A. 2.000 0.000
Fiat Ferroviaria S.p.A. 1.000 0.000
Its S.r.l. Turin Italy 1,040,000 EURO 100.00 Fiat S.p.A. 100.000
Japigia 2000 S.r.l. Turin Italy 98,000 EURO 95.00 Fiat Engineering S.p.A. 95.000
Main Ltd. Nassau Bahamas 1,000,000 USD 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Maserati S.p.A. Modena Italy 26,750,000 EURO 87.00 Ferrari S.p.A. 100.000
Motorcomsa S.A. Paradiso Switzerland 3,000,000 CHF 100.00 IHF-Inter.Holding Fiat S.A. 100.000
MSC USA Englewood Clifs United States 100,000 USD 87.00 Ferrari International S.A. 100.000
New Holland Finance S.A. Luxembourg Luxembourg 2,600,000 EURO 100.00 N.H. Investment S.A. 100.000
N.H. Investment S.A. Luxembourg Luxembourg 26,000,000 EURO 100.00 Fiat Netherlands Holding N.V. 100.000
Palazzo Grassi S.p.A. Venice Italy 12,200,000 EURO 100.00 Sicind S.p.A. 100.000
Piemongest S.p.A. Turin Italy 14,560,000 EURO 100.00 Ingest S.p.A. 100.000
Rimaco Finance AG Lausanne Switzerland 200,000 CHF 100.00 Rimaco S.A. 100.000
Rimaco S.A. Lausanne Switzerland 350,000 CHF 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Sadi S.p.A. Turin Italy 520,000 EURO 100.00 Sicind S.p.A. 100.000
Segepark S.p.A. Turin Italy 510,000 EURO 100.00 Sicind S.p.A. 100.000
Sestrieres S.p.A. Sestriere Italy 31,000,000,000 ITL 93.62 Fiat S.p.A. 70.000
Toro Assicurazioni S.p.A. 30.000
SGR S.p.A. Turin Italy 104,000 EURO 100.00 Sicind S.p.A. 100.000
Sicind S.p.A. Turin Italy 335,764,000 EURO 100.00 Fiat S.p.A. 100.000
Sisport Fiat S.p.A. Turin Italy 7,120,800 EURO 100.00 Sicind S.p.A. 100.000
Spilamberto Green Village S.r.l. Turin Italy 5,000,000 EURO 63.97 IPI S.p.A. 100.000
Sporting Club Sestr. S.r.l. Sestriere Italy 600,000,000 ITL 93.62 Sestrieres S.p.A. 99.999
Sicind S.p.A. 0.001
Svimex Limited Kingstown St. Vincent and the Grenadine 3,000 NIO 100.00 Motorcomsa S.A. 100.000
Telexis S.r.l. a S.U. Turin Italy 1,000,000 EURO 100.00 Fiat S.p.A. 100.000
Transfima S.p.A. Turin Italy 1,020,000 EURO 51.00 Fiat Engineering S.p.A. 51.000

Companies consolidated by the proportional integration method
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
❚ Commercial Vehicles
Heuliez Bus S.A. Mauleon France 10,000,000 FRF 48.66 Société Charolaise S.A. 97.325
Ikarus Egyedi Autobusz GY Budapest Hungary 350,000,000 HUF 26.06 Ikarusbus Jamugyarto RT 68.114
Ikarusbus Jamugyarto RT Szekesfehervar Hungary 6,375,100,000 HUF 38.27 Irisbus Holding S.L. 76.531
Irisbus Deutschland GmbH Mainz-Mombach Germany 5,000,000 EURO 50.00 Irisbus Holding S.L. 100.000
Iris.Bus France S.A. Venissieux France 934,622,600 FRF 50.00 Irisbus Holding S.L. 100.000
Irisbus Holding S.L. Madrid Spain 233,670,000 EURO 50.00 Iveco S.p.A. 30.403
Iveco N.V. 19.597
Irisbus Italia S.p.A. Turin Italy 100,635,750 EURO 50.00 Irisbus Holding S.L. 100.000
Irisbus Iberica S.L. Madrid Spain 28,930,788 EURO 50.00 Irisbus Holding S.L. 100.000
Irisbus (U.K.) Ltd Watford Great Britain 200,000 GBP 50.00 Irisbus Holding S.L. 100.000
Karosa S.A. Vysoke Myto Czech Republic 1,065,559,000 CZK 47.86 Soc.d’Ass.Tecn.Autom. S.A.T.A.U. S.A. 95.727
Naveco Ltd. Nanjing People’s Rep. of China 2,527,000,000 CNY 50.00 Iveco S.p.A. 50.000
Soc.d’Ass.Tecn.Autom. S.A.T.A.U. S.A. Venissieux France 233,599,737 FRF 50.00 Iris.Bus France S.A. 100.000
Société Charolaise de Participat. S.A. Venissieux France 15,548,500 FRF 50.00 Irisbus Holding S.L. 100.000
Transolver Finance E.F.C. S.A. Madrid Spain 1,550,000,000 ESP 50.00 Iveco Fin. Luxembourg S.A. 50.000
❚ Components
Automotive Lighting Brotterode GmbH Meiningen Germany 7,270,000 EURO 40.50 Automotive Lighting Reutlingen GmbH 100.000
Automotive Lighting Italia S.p.A. Venaria Reale Italy 1,800,000 EURO 40.50 Automotive Lighting Holding GmbH 100.000
Automotive Lighting Polska Sp. z o.o. Sosnowiec Poland 43,000,000 PLN 40.50 Automotive Lighting Holding GmbH 100.000
Autom. Lighting U.K. Ltd Cannock Great Britain 2,432,348 GBP 40.50 Automotive Lighting Holding GmbH 100.000
Automotive Lighting Corporation Farmington Hills United States 1,000 USD 40.50 Automotive Lighting Holding GmbH 100.000
Automotive Lighting Holding GmbH Innsbruck Austria 6,000,000 EURO 40.50 Magneti Marelli S.p.A. 50.000
Automotive Lighting Reutlingen GmbH Reutlingen Germany 1,330,000 EURO 40.50 Automotive Lighting Holding GmbH 100.000
Automotive Lighting S.R.O. Jhlava Czech Republic 100,000 CZK 40.50 Automotive Lighting Holding GmbH 100.000
BMM Partes Electricas Automotrices S.A. de C.V. Juarez Mexico 3,000 MXN 40.50 Automotive Lighting Corporation 100.000
Bosch Rjiasan O.O.O. Rjiasan Russia 23,636,471 RUR 31.27 Automotive Lighting Holding GmbH 77.205
Illuminacao Automotiva Ltda Contagem Brazil 9,860,418 BRL 40.50 Automotive Lighting Holding GmbH 100.000
Malaysian German Automotive Equipment SDN.BHD Penang Malaysia 6,000,000 MYR 32.40 Automotive Lighting Holding GmbH 80.000
Viasat Assistance S.p.A. Rome Italy 1,200,000,000 ITL 40.50 Viasat S.p.A. 100.000
Viasat S.p.A. Rome Italy 4,665,300,000 ITL 40.50 Magneti Marelli S.p.A. 50.000
❚ Aviation
Europropulsion S.A. Suresnes France 8,000,000 FRF 50.00 FiatAvio S.p.A. 50.000
Vegaspazio S.p.A. Rome Italy 100,000 EURO 50.00 FiatAvio S.p.A. 50.000
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
65

66
Companies valued by the equity method
% of
Group % of
consoli- % interest voting
Name
❚ Automobiles
Registered office Country Capital stock Currency dation Interest held by held rights
Alfa Romeo (Australia) Pty. Ltd. in liq. Melbourne Australia 9,622,582 AUD 99.99 Fiat Auto Partecipazioni S.p.A. 100.000
Alfa Romeo Inc. New York United States 3,000,000 USD 99.99 Fiat Auto S.p.A. 100.000
Brousse Freres S.A. Saint Ouen France 555,000 FRF 99.99 Garage du Palais S.A. 100.000
Copada S.A.S. Paris France 5,000,000 FRF 99.99 Inter.M.A.P. (France) S.A 100.000
Dekra Italia S.r.l. Arese Italy 510,000 EURO 50.00 Targa Services S.r.l. a S.U. 50.000
Fatia SpA Wilaya de Tiaret Algeria 1,225,000,000 DZD 36.57 Fiat Auto S.p.A. 36.571
F.A. Austria Commerz GmbH Vienna Austria 500,000 ATS 99.99 Fiat Auto Partecipazioni S.p.A. 95.000
Fiat Auto (Suisse) S.A. 5.000
Fiat Auto Egypt Ind. Company SAE Giza Egypt 20,000,000 EGP 51.00 Fiat Auto S.p.A. 51.000
Fiat Auto Egypt SAE Giza Egypt 500,000 EGP 50.49 Fiat Auto Egypt Ind. Company SAE 99.000
Fiat Automov. Colombia S.A. Santafe’ de Bogota Colombia 310,000,000 COP 93.99 Fiat Automov.Venezuela C.A. 94.000
Fiat Auto S.A. de Ahorro Buenos Aires Argentina 60,000 ARS 99.99 Fiat Auto Argentina S.A. 99.900
Fiat Argentina S.A. 0.100
Fiat Automov.Venezuela C.A. La Victoria Venezuela 5,224,850,000 VEB 99.99 Fiat Automoveis S.A. - FIASA 100.000
Fiat Motor Sales Ltd Alperton Great Britain 1,500,000 GBP 99.99 Pro.Ca.R. Internat. S.p.A. 100.000
Garage du Palais S.A. Saint-Denis France 1,000,000 FRF 99.99 Inter.M.A.P. (France) S.A 100.000
Jiangsu Nanya Auto Co. Ltd. Nanjing People’s Rep. of China 29,840,000 USD 50.00 Fiat Auto S.p.A. 50.000
Jiangsu Nanya Gearbox Co. Ltd. Nanjing People’s Rep. of China 15,900,000 USD 50.00 Fiat Auto S.p.A. 50.000
Jiangsu Nanya Press Parts Co. Ltd. Nanjing People’s Rep. of China 12,000,000 USD 50.00 Fiat Auto S.p.A. 50.000
Jiangsu Parts Co. Ltd. Nanjing People’s Rep. of China 29,900,000 USD 50.00 Fiat Auto S.p.A. 50.000
Koc Fiat Kredi Tuketici Finansmani A.S. Istanbul Turkey 6,000,000,000,000 TRL 50.00 Fidis S.p.A. 49.980
Fiat Finance Netherlands B.V. 0.010
Fiat Finance S.A. 0.010
Livingstone Motor Assemb. Livingstone Zambia 20,000,000 ZMK 20.00 Fiat Auto Partecipazioni S.p.A. 20.000
SA France Auto Roubaix France 6,000,000 FRF 99.99 Pro.Ca.R. Internat. S.p.A. 100.000
SA France Auto Roubaix Roubaix France 585,200 FRF 99.99 Pro.Ca.R. Internat. S.p.A. 100.000
Saigarage S.p.A. in liq. Turin Italy 1,000,000,000 ITL 99.99 Fiat Auto Var S.r.l. 100.000
Sevelnord Société Anonyme Paris France 325,000,000 FRF 50.00 Fiat Auto S.p.A. 50.000
Sevel S.p.A. Atessa Italy 68,640,000 EURO 50.00 Fiat Auto S.p.A. 50.000
Somaca S.A. Casablanca Morocco 30,000,000 MAD 20.00 Fiat Auto S.p.A. 20.000
Tofas A.S. Levent Turkey 63,504,000,000,000 TRL 37.86 Fiat Auto S.p.A. 37.864
Tofas Oto Ticaret A.S. Levent Turkey 3,049,192,000,000 TRL 37.75 Fiat Auto S.p.A. 37.749
❚ Commercial Vehicles
Altra S.p.A. Genoa Italy 516,400 EURO 33.34 IrisBus Italia S.p.A. 66.670
Auto Distr. Illiberis S.A. Peligros Spain 461,290,000 ESP 49.00 Iveco Pegaso S.A. 49.000
ETS Kft Budapest Hungary 176,200,000 HUF 29.00 Iveco S.p.A. 29.000
F. Pegaso S.A. Madrid Spain 933,045 EURO 100.00 Iveco Pegaso S.A. 100.000
Financ. Pegaso France S.A. Trappes France 1,716,000 FRF 100.00 Iveco Pegaso S.A. 100.000
GEIE V.IV.RE Paris France 0 FRF 50.00 Iveco S.p.A. 50.000
Haveco Ltd. Zhajiang People’s Rep. of China 200,010,000 CNY 33.33 Iveco S.p.A. 33.333
Iveco-Kraz Inc. Kremenchuk Ukraine 71,040,000 UAK 58.00 Iveco S.p.A. 58.000
Iveco-Motor Sich. Inc. Zaporozhye Ukraine 26,568,000 UAK 55.56 Iveco S.p.A. 55.556
Iveco S.P.R.L. Kinshasa Congo (Dem. Rep. Congo) 340,235,000 ZRN 100.00 Iveco N.V. 100.000
Iveco Uralaz Ltd. Miass Russia 65,234,232,000 RUR 33.33 Iveco S.p.A. 33.333
Machen-Iveco Holding S.A. Luxembourg Luxembourg 26,000,000 GBP 30.00 Iveco S.p.A. 30.000
National Trucks Manuf.Ltd Kano Nigeria 63,140,595 NGN 40.00 Iveco N.V. 40.000
Otoyol Pazarlama A.S. Kartal/Istanbul Turkey 600,000,000,000 TRL 27.00 Iveco S.p.A. 27.000
Otoyol Sanayi A.S. Kartal/Istanbul Turkey 4,000,000,000,000 TRL 27.00 Iveco S.p.A. 27.000
Rhein-Main Nutz. GmbH Reichold & Partners Frankfurt Germany 1,800,000 DEM 65.00 Iveco Magirus AG 65.000

Companies valued by the equity method (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Trucks & Bus Company Tajoura Libya 60,000,000 LYD 25.00 Iveco S.p.A. 25.000
V.IVE.RE G.E.I.E. Turin Italy 2 ITL 50.00 Iveco S.p.A. 50.000
❚ Agricultural and Construction Equipment
A&T New Holland Inc. Clewiston United States 360,000 USD 82.10 New Holland North America Inc. 97.222
AG-Chem/New Holland LLC Wilmington United States 1,000 USD 42.22 New Holland North America Inc. 50.000
Agriserve Inc. Fitzgerald United States 307,500 USD 79.31 New Holland North America Inc. 93.919
Al-Ghazi Tractors Ltd Karachi Pakistan 73,734,375 PKR 36.45 CNH Global N.V. 43.160
Bizon-Ukraina S.P. Kowel Ukraine 1,570,290 USD 43.07 New Holland Bizon Sp. z o.o. 51.000
Casady Brothers Impl. Inc. Webster City United States 550,000 USD 38.38 New Holland North America Inc. 45.455
Case Credit Europe S.A.S. Paris France 200,000,000 FRF 42.22 Case Credit Corporation 50.000
Challenger New Holland Ltd. Claresholm Canada 623,000 CAD 49.49 New Holland Canada Ltd. 58.604
Charleston Tractor Co. North Charleston United States 230,000 USD 84.44 New Holland North America Inc. 100.000
Edinboro New Holland Inc. Edinboro United States 370,000 USD 79.38 New Holland North America Inc. 94.000
Employers Health IN. LLC Wilmington United States 790,000 USD 42.22 New Holland North America Inc. 50.000
Farmers New Holland Inc. Burlington United States 500,000 USD 84.44 New Holland North America Inc. 100.000
First State New Holland Inc. Smyrne United States 260,000 USD 66.09 New Holland North America Inc. 78.269
Galwa-Kor Sp. z o.o. Plock Poland 300,000 PLN 84.44 New Holland Bizon Sp. z o.o. 100.000
Garden City New Holland Inc. Garden City United States 542,500 USD 55.40 New Holland North America Inc. 65.604
GQM Products LLC Wilmington United States 12,000,000 USD 42.22 Case Corporation 50.000
Hayward Implement Inc. Hayward United States 425,000 USD 74.51 New Holland North America Inc. 88.235
Heartland New Holland Inc. Pendelton United States 275,000 USD 76.77 New Holland North America Inc. 90.909
Hischmann GmbH Dortmund Germany 50,000 DEM 77.75 O & K Orenstein & Koppel AG 100.000
Kraan Techniek Breukelen B.V. Breukelen Holland 273,000 EURO 77.75 O & K Orenstein & Koppel B.V. 100.000
La Grande New Holland Inc. La Grande United States 404,800 USD 64.04 New Holland North America Inc. 75.840
LBX Company LLC Wilmington United States 41,000,000 USD 42.22 Case LBX Holdings Inc. 50.000
L&T Case Equipment Limited Mumbai India 180,100,000 INR 42.22 Case Mauritius US Limited 50.000
Medicine Hat New Holland Ltd. Medicine Hat Canada 1,327,900 CAD 74.79 New Holland Canada Ltd. 88.568
Megavolt L.P. L.L.L.P. Wilmington United States 500,000 USD 33.78 Case Corporation 40.000
Memphis New Holland Inc. Memphis United States 657,000 USD 82.40 New Holland North America Inc. 97.580
Metro New Holland Inc. Hillsboro United States 300,000 USD 84.44 New Holland North America Inc. 100.000
Neuse River New Holland Inc. Kinston United States 288,000 USD 67.38 New Holland North America Inc. 79.792
New Hol. HFT Japan Inc. Sapporo Japan 240,000,000 JPY 42.22 New Holland North America Inc. 50.000
New Holland de Mexico SA Queretaro Mexico 24,000,000 MXN 42.22 CNH Global N.V. 50.000
New Holland Finance Ltd Basingstoke Great Britain 2,900,000 GBP 41.38 CNH Global N.V. 49.000
New Holland Trakmak Traktor A.S. Ankara Turkey 525,000,000,000 TRL 31.67 CNH Global N.V. 37.500
Newton Tractor Sales Inc. Newton United States 387,500 USD 68.10 New Holland North America Inc. 80.645
Niagara Frontier Equipment Sales Inc. Lockport United States 612,500 USD 57.59 New Holland North America Inc. 68.196
Northside New Holland Inc. Dothan United States 250,000 USD 77.69 New Holland North America Inc. 92.000
O & K Antriebstechnik GmbH Hattingen Germany 50,000 DEM 77.75 O & K Orenstein & Koppel AG 100.000
O & K Lease B.V. Amsterdam Holland 200,000 NLG 34.99 O & K Orenstein & Koppel B.V. 45.000
O & K Orenstein & Koppel B.V. Amsterdam Holland 4,538,000 EURO 77.75 O & K Orenstein & Koppel AG 100.000
O&K Orenstein & Koppel N.V. Machelen Belgium 21,420,487 BEF 77.75 O & K Orenstein & Koppel B.V. 100.000
O & K Orenstein & Koppel Zuid Oost B.V. Liempde Holland 227,000 EURO 77.75 O & K Orenstein & Koppel B.V. 100.000
Pensacola Tractor & Equipment Inc. Pensacola United States 376,000 USD 74.11 New Holland North America Inc. 87.766
Rathell Farm Eq. Co. Inc. Cordova United States 640,000 USD 37.09 New Holland North America Inc. 43.922
Red River New Holland Inc. Crookston United States 465,000 USD 77.18 New Holland North America Inc. 91.398
Redwood Equipment Inc. Santa Rosa United States 347,500 USD 81.45 New Holland North America Inc. 96.460
Ridgeview New Holland Inc. Orange United States 390,000 USD 81.19 New Holland North America Inc. 96.154
Sip-Mot S.A. Zamosc Poland 4,000,000 PLN 18.48 New Holland Bizon Sp. z o.o. 21.890
Speedway New Holland Inc. Indianapolis United States 585,000 USD 83.00 New Holland North America Inc. 98.291
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
67

68
Companies valued by the equity method (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
St. Catharines New Holland Ltd. St. Catharines Canada 334,500 CAD 60.54 New Holland Canada Ltd. 71.689
Sunrise Tractor & Equipment Inc. Ft. Pierce United States 725,000 USD 80.32 New Holland North America Inc. 95.117
Tallahassee New Holland Inc. Tallahassee United States 385,000 USD 82.25 New Holland North America Inc. 97.403
Team New Holland Eq. Inc. Springfield United States 428,000 USD 72.72 New Holland North America Inc. 86.121
Third City New Holl. Inc. Grand Island United States 370,000 USD 84.44 New Holland North America Inc. 100.000
Three Rivers Inc. Sewickley United States 400,000 USD 48.43 New Holland North America Inc. 57.350
Topeka New Holland Inc. Topeka United States 400,000 USD 73.89 New Holland North America Inc. 87.500
Tri-County New Holl. Inc. Bluffton United States 400,000 USD 84.44 New Holland North America Inc. 100.000
Turk Traktor A.S. Ankara Turkey 12,000,000,000,000 TRL 31.67 CNH Global N.V. 37.500
West Shore New Holland Inc. North Ridgeville United States 385,000 USD 61.32 New Holland North America Inc. 72.623
Western Iowa NH Inc. Lemars United States 525,000 USD 76.40 New Holland North America Inc. 90.476
Woodstock NH Ltd Woodstock Canada 1,480,000 CAD 84.44 New Holland Canada Ltd. 100.000
Yorkton New Holland Ltd. Yorkton Canada 900,000 CAD 78.81 New Holland Canada Ltd. 93.333
❚ Metallurgical Products
Alufin International Inc. Wilmington United States 600 USD 66.50 Teksid S.p.A. 100.000
Cevher Dokum Sanay A.S. Izmir Turkey 1,729,543,000,000 TRL 19.95 Teksid S.p.A. 30.000
Hua Dong Teksid Autom. Ltd Zhenjiang-Jangsu People’s Rep. of China 183,430,000 CNY 33.25 Teksid S.p.A. 50.000
Nanjing Teksid Al. Foundry Co. Ltd Nanjing People’s Rep. of China 73,380,300 CNY 33.25 Teksid S.p.A. 50.000
Nanjing Teksid Iron Ltd. Nanjing People’s Rep. of China 174,665,400 CNY 28.50 Teksid S.p.A. 42.857
Teksid Aluminum Components Inc. Wilmington United States 5,000,000 USD 66.50 Teksid S.p.A. 100.000
Teksid Hierro de Mexico S.A. de CV São Pedro Mexico 526,993,400 MXN 33.25 Teksid S.p.A. 50.000
Teksid of India Limited Panaji India 394,189,700 INR 66.50 Teksid S.p.A. 100.000
❚ Components
Adicar S.r.l. in liq. Milan Italy 50,490 EURO 81.00 Magneti Marelli Partecipazioni S.p.A. 98.990
Magneti Marelli S.p.A. 1.010
Cofap Argentina S.A. Buenos Aires Argentina 100,000 ARS 54.60 Cofap Comp. Fab. de Pecas S.A. 99.990
Kadron S/A 0.010
Cofap Comp. Fab. de Pecas S.A. Santo André Brazil 36,632,269 BRL 54.60 Magneti Marelli S.p.A. 33.704 34.160
Magneti Marelli Iberica S.A. 33.704 34.160
Cofap Electronica Ltda. S. Bernardo do Campo Brazil 7,163,904 BRL 54.60 Cofap Comp. Fab. de Pecas S.A. 100.000
Confap CIA Varzea Grande Brazil 6,098,891 BRL 54.55 Cofap Comp. Fab. de Pecas S.A. 99.910
Denso Manufact. U.K. Ltd Telford Great Britain 59,155,000 GBP 20.25 Magneti Marelli Components B.V. 25.000
Denso Marston Ltd Shipley Great Britain 33,080,000 GBP 20.25 Magneti Marelli Components B.V. 25.000
Jsc Osvar Yjazniki Russia 100,000 RUR 80.96 Seima Italiana S.p.A. 100.000
Magneti Marelli Guangzhou Ltd. Guangzhou People’s Rep. of China 4,100,000 USD 68.51 Magneti Marelli France S.A. 45.339
Magneti Marelli (Suisse) S.A. 39.295
Mako Elektrik Sanay A.S. Balmuncu-Istanbul Turkey 1,500,000,000,000 TRL 34.83 Magneti Marelli S.p.A. 43.000
Seima Italiana Auto Svet Krasnig Oktjabr Russia 24,290,000 RUR 48.57 Seima Italiana S.p.A. 60.000
Shanghai Magneti Marelli Ltd. Shanghai People’s Rep. of China 12,000,000 USD 40.50 Magneti Marelli S.p.A. 50.000
Yorka de Mexico S.A. de CV Colonia Daniel Garza Mexico 50,000 MXN 80.96 Yorka S.L. 100.000
Yorka Northamerica Corp. Southfield United States 10,000 USD 80.96 Yorka de Mexico S.A. de CV 100.000
❚ Production Systems
Gonzales/Pico Systems, Inc. Madison Heights United States 10,000 USD 49.00 Pico Holdings Corp. 49.000
G.P. Properties I L.L.C. Madison Heights United States 10,000 USD 49.00 Pico Holdings Corp. 49.000
Team Resources LLC Southfield United States 100 USD 50.00 International Installations, Inc. 50.000
❚ Aviation
Ser.Ene S.p.A. Turin Italy 50,000,000,000 ITL 33.00 FiatAvio S.p.A. 33.000
Sogetel S.p.A. Turin Italy 8,192,749 EURO 50.00 FiatAvio S.p.A. 50.000

Companies valued by the equity method (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
❚ Publishing and Communications
Satiz S.r.l. Turin Italy 4,000,000 EURO 25.00 Itedi Italiana Edizioni S.p.A. 25.000
❚ Insurance
A.P.Imm. S.p.A. Turin Italy 500,000,000 ITL 38.58 Toro Assicurazioni S.p.A. 49.000
CST-Centro Servizi Toro S.r.l. Turin Italy 8,010,000 EURO 78.74 Toro Assicurazioni S.p.A. 100.000
O.FI.BA. S.A. Paris France 38,100 EURO 78.01 Le Continent I.A.R.D. S.A. 99.680
Opac S.A. Rueil-Malmaison France 457,200 EURO 78.29 Guardian France S.A. 100.000
Petrus S.A. Warsaw Poland 24,513,700 PLN 78.70 Toro Poland Invest. Sp. z o.o. 99.939
Phonassur S.A. Rueil-Malmaison France 38,110 EURO 78.29 Guardian France S.A. 100.000
S.A. Ogepa Paris France 38,100 EURO 75.78 Le Continent I.A.R.D. S.A. 79.720
L’Union Gen. du Nord S.A. 20.000
Toro Poland Invest. Sp. z o.o. Warsaw Poland 35,346,000 PLN 78.74 Toro Int. Holding S.A. 100.000
❚ Miscellaneous and holding companies
Ayfra S.A. in liq. Asunción Paraguay 135,000,000 PYG 100.00 Sicind S.p.A. 99.990
Fiat Argentina S.A. 0.010
BUC-Banca Unione Credito Lugano Switzerland 100,000,000 CHF 100.00 IHF-Inter.Holding Fiat S.A. 100.000
CIAOHOLDING N.V. Amstelveen Holland 27,000,000 EURO 49.25 Fiat Netherlands Holding N.V. 49.250
C.S.S.T. S.p.A. Turin Italy 1,000,000,000 ITL 89.29 Fiat Auto S.p.A. 49.000
Iveco S.p.A. 30.000
C.R.F. S.c.p.A. 11.000
Europ Assistance Holding S.A. Paris France 84,000,000 FRF 40.00 Main Ltd. 39.999
European Engine All. EEIG Maindenhead Great Britain 1,950,000 GBP 61.48 New Holland U.K. Limited 33.333
Iveco S.p.A. 33.333
Fiat International S.p.A. Turin Italy 1,300,000 EURO 100.00 Fiat S.p.A. 100.000
Ford New Holland GmbH Bielefeld Germany 7,000,000 DEM 100.00 Fiat Netherlands Holding N.V. 100.000
Ford New Holland S.A. Morigny-Champigny France 21,600,000 FRF 100.00 Fiat Netherlands Holding N.V. 100.000
H.d.P. S.p.A. Milan Italy 1,462,615,022,000 ITL 10.85 Sicind S.p.A. 10.777 11.209
Toro Assicurazioni S.p.A. 0.085 0.088
Nuova Tirrena S.p.A. 0.014 0.015
Imm. Collegno S.p.A. in liq. Turin Italy 8,500,000,000 ITL 80.00 Ingest S.p.A. 80.000
Immobiliare Novoli S.p.A. Florence Italy 40,000,000,000 ITL 40.00 Ingest S.p.A. 40.000
Lingotto S.p.A. Turin Italy 240,000,000,000 ITL 27.32 Toro Assicurazioni S.p.A. 15.646
Sicind S.p.A. 12.793
Lingotto S.p.A. 8.068 0.000
Marina Cala de Medici S.p.A. Turin Italy 516,000 EURO 30.00 Ingest S.p.A. 30.000
Overseas Union Bank Ltd. Nassau Bahamas 5,000,000 USD 100.00 IHF-Inter.Holding Fiat S.A. 100.000
Prime Augusta Vita S.p.A. Turin Italy 75,000,000,000 ITL 40.00 Augusta Assicurazioni S.p.A. 40.000
Rimi S.p.A. in liq. Turin Italy 200,000,000 ITL 100.00 Sicind S.p.A. 100.000
Rubattino 87 S.r.l. Milan Italy 10,845,400 EURO 30.59 Ingest S.p.A. 30.590
SGR S.A. Soc.Gest.Riesgos Buenos Aires Argentina 10,000 ARS 99.96 Rimaco S.A. 99.960
Sici S.p.A. Turin Italy 618,800 EURO 100.00 Sicind S.p.A. 100.000
Sinport S.p.A. Genoa Voltri Italy 80,000,000,000 ITL 38.80 Sicind S.p.A. 38.800
Sistemi Ambien. S.p.A. in liq. Rivoli Italy 19,014,744,000 ITL 99.76 Sicind S.p.A. 99.755
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
69

70
Subsidiaries and affiliated companies valued at cost
% of
Group % of
consoli- % interest voting
Name
❚ Automobiles
Registered office Country Capital stock Currency dation Interest held by held rights
Andalcar Motor S.L. Córdoba Argentina 423,599,000 ARS 99.99 Pro.Ca.R. Internat. S.p.A. 100.000
Auto Italia Erfurt GmbH Erfurt Germany 25,000 EURO 99.99 Pro.Ca.R. Internat. S.p.A. 100.000
BDC & Co. Soc.Acc.Simple Auderghem Belgium 270,000,000 BEF 81.47 Inter.M.A.P. (Belgio) S.A. 81.481
City Cars and Co. SCS Brussels Belgium 228,000,000 BEF 86.83 Inter.M.A.P. (Belgio) S.A. 86.842
Consorzio Corivamia Arese Italy 160,000,000 ITL 61.76 Fiat Auto S.p.A. 50.000
C.R.F. S.c.p.A. 6.250
C.S.S.T. S.p.A. 3.125
Fenice S.p.A. 3.125
Consorzio delle Dennie None Italy 7,000,000 ITL 28.57 Fiat Auto S.p.A. 28.571
Consorzio Fami Beinasco Italy 105,000,000 ITL 95.76 Fiat Auto S.p.A. 70.000
Isvor Fiat S.p.A. 20.000
Fiat Servizi per l’Industria S.c.p.a. 5.000
Targa Services S.r.l. a S.U. 2.000
Cons.Parco Ind.Villastellone Villastellone Italy 100,000,000 ITL 21.50 Fiat Auto S.p.A. 21.500
Consorzio P.I.CHI. Chivasso Italy 100,000,000 ITL 35.30 Fiat Auto S.p.A. 30.900
Fiat Auto Corse S.p.A. 4.400
Craa S.c.r.l. Arese Italy 2,000,000,000 ITL 30.00 Fiat Auto S.p.A. 30.000
Deco Componenti S.p.A. Turin Italy 100,000 EURO 99.99 Fiat Auto S.p.A. 95.000
Pro.Ca.R. Internat. S.p.A. 5.000
Fademotor C.A. Barcelona Venezuela 1,000,000 VEB 49.00 Fiat Automov.Venezuela C.A. 49.000
Fast-Buyer S.p.A. Turin Italy 500,000 EURO 99.99 Fiat Auto Partecipazioni S.p.A. 100.000
Fiat Auto Espana Mark.Inst.Agrup.de Int. Econ. Alcalá de Henares Spain 5,000,000 ESP 94.99 Fiat Auto Espana S.A. 95.000
Fiat Auto Marketing Institute (Portugal) ACE GEIE Lisbon Portugal 3,000,000 PTE 79.99 Fiat Auto Portuguesa S.A. 80.000
Fidepol Sp. zo.o. Bielsko-Biala Poland 100,000 PLN 78.44 Fiat Auto Poland S.A. 100.000
G.E.I.E. Gisevel Paris France 100,000 FRF 50.00 Fiat Auto S.p.A. 50.000
G.E.I.E.-Sevelind Paris France 100,000 FRF 50.00 Fiat Auto S.p.A. 50.000
Hidrofiasa Ltda Betim Brazil 10,000 BRL 99.99 Fiat Automoveis S.A.-FIASA 99.990
Teksid do Brasil Ltda 0.010
La Fenice S.A. Buenos Aires Argentina 12,000 ARS 99.99 Fiat Auto Argentina S.A. 99.900
Fiat Argentina S.A. 0.100
Mixertre S.r.l. Turin Italy 25,000 EURO 99.99 Fiat Auto S.p.A. 99.000
Pro.Ca.R. Internat. S.p.A. 1.000
Pro-Car LLC Moscow Russia 999,250 RUR 99.99 Pro.Ca.R. Internat. S.p.A. 100.000
Unindustria S.r.l. Turin Italy 200,000,000 ITL 35.00 Fiat Auto Partecipazioni S.p.A. 35.000
Unisul Ltda Belo Horizonte Brazil 50,000 BRL 20.00 Fiat Automoveis S.A.-FIASA 20.000
Zao Nizhegorod Motors Nizhnjy Novgorod Russia 24,660,000 RUR 73.08 Fiat Auto S.p.A. 73.090 50.633
❚ Commercial Vehicles
Atlas Vehicules Ind. S.A. Casablanca Morocco 13,400,000 MAD 25.00 Iveco N.V. 25.000
Consorzio Coforma Turin Italy 100,000,000 ITL 59.45 Iveco S.p.A. 50.000
Isvor Fiat S.p.A. 10.000
Consorzio Iveco - Oto Melara Rome Italy 100,000,000 ITL 50.00 Iveco S.p.A. 50.000
Elettr. Trasp. Comm. S.r.l. Turin Italy 210,000,000 ITL 50.00 Iveco S.p.A. 50.000
Fiat OM-Carr. Elev. S.p.A Lainate Italy 38,438,000,000 ITL 25.00 Iveco S.p.A. 25.000
Iran Magirus-Deutz Teheran Iran 180,000,000 IRR 100.00 Iveco Magirus AG 100.000
Irisbus Australia Pty. Ltd. Brisbane Australia 825,000 AUD 30.00 Irisbus Holding S.L. 60.000
Iveco Hong Kong Ltd Hong Kong People’s Rep. of China 1,000 HKD 100.00 Iveco N.V. 100.000
Iveco Otomotiv Ticaret A.S. Nisantasi-Istanbul Turkey 171,975,000,000 TRL 100.00 Iveco S.p.A. 100.000
Parts Services S.r.l. Turin Italy 10,000 EURO 100.00 Iveco S.p.A. 100.000
PR Services France S.A.S. Trappes France 87,440 EURO 100.00 Iveco France S.A. 100.000

Subsidiaries and affiliated companies valued at cost (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Seltra Société Anonyme Bezons France 4,241,824 FRF 100.00 Fraikin Société Anonyme 100.000
Transolver Lease GmbH Ulm Germany 775,000 EURO 100.00 Iveco Magirus AG 100.000
Transolver Services GmbH Unterschliessheim Germany 750,000 EURO 100.00 Iveco Magirus AG 100.000
Vehiculos Industriales S.A. Lampa-Santiago Chile 2,299,760,525 CLP 20.00 Iveco Pegaso S.A. 20.000
V. Ind. Occitans S.A.S. Trappes France 6,200,000 FRF 100.00 Iveco France S.A. 99.998
Iveco N.V. 0.002
Zastava-Kamioni D.O.O. Kragujevac Yugoslavia 239,439,000 YUM 46.12 Iveco S.p.A. 46.119
Zona Franca Alari Sepauto S.A. Barcelona Spain 270,000 EURO 20.00 Iveco Pegaso S.A. 20.000
❚ Agricultural and Construction Equipment
Grundstuck. Lieg. GmbH Dortmund Germany 1,000 DEM 73.08 O & K Orenstein & Koppel AG 94.000
New Holland Sup. PTY. Ltd Riverstone Australia 2 AUD 84.44 New Holland Australia Pty. Limited 100.000
O & K Norge A/S in liq. Oslo Norway 2,000,000 NOK 77.75 O & K Orenstein & Koppel AG 100.000
O & K Schiffst. GmbH in liq. Dortmund Germany 100,000 DEM 38.10 O & K Orenstein & Koppel AG 49.000
❚ Metallurgical Products
Accurcast Limited Saint John-N.B. Canada 33,500,100 CAD 33.92 Meridian Operations Inc. 100.000
Inversora Industrial S.A. São Pedro Mexico 50,000 MXN 33.25 Exportadora Teksid S.A. C.V. 100.000
Jutras Die Casting Limited Saint John-N.B. Canada 7,859,203 CAD 33.92 Meridian Operations Inc. 100.000
S.A.S. Soc. Ass. Ser. S.r.l. Trezzano sul Naviglio Italy 1,000,000,000 ITL 18.62 Teksid S.p.A. 20.000
Teksid For S.p.A. 8.000
❚ Components
Cofap Injetora de Plasticos Ltda São Paulo Brazil 1,000 BRL 80.64 Kadron S/A 99.900
Confap CIA 0.100
Denso Manufacturing Italia S.p.A. Milan Italy 77,468,500 EURO 16.20 Magneti Marelli S.p.A. 20.000
Eurolube S.A. Buenos Aires Argentina 1,000,000 ARS 28.35 Magneti Marelli S.p.A. 35.000
Exhaust Technologies GEIE Levallois-Perret France 1 FRF 40.50 Magneti Marelli S.p.A. 50.000
Flexider S.p.A. Turin Italy 8,000,000,000 ITL 20.25 Magneti Marelli S.p.A. 25.000
FL Argentina S.A. Buenos Aires Argentina 12,000 ARS 81.00 Magneti Marelli S.p.A. 99.917
Magneti Marelli Argentina S.A. 0.083
FL Brasil Ltda Contagem Brazil 23,685,495 BRL 81.00 Magneti Marelli do Brasil Ltda 100.000
FL Maroc S.A. Casablanca Morocco 1,500,000 MAD 66.58 Magneti Marelli Iberica S.A. 82.200
F.L. Portugal Ltda Alverca Portugal 54,000,000 PTE 81.00 Magneti Marelli Iberica S.A. 100.000
Gulf Carosserie India Limited Worli India 5,000,000 INR 16.20 Magneti Marelli S.p.A. 20.000
Johnson Matthey Argentina S.A. Buenos Aires Argentina 8,420,000 ARS 24.30 Magneti Marelli Components B.V. 30.000
Infomobility U.S.A. Inc. Wilmington United States 10 USD 40.50 Viasat S.p.A. 100.000
Magneti Mar. Aut. Comp.(India) Limited Pune India 125,000,000 INR 81.00 Magneti Marelli Components B.V. 100.000
Magneti Marelli Components Polska Sp. z o.o Sosnowiec Poland 10,000 PLN 81.00 Magneti Marelli Poland S.A. 100.000
Magneti Marelli Integra S.p.A. Poirino Italy 100,000 EURO 81.00 Magneti Marelli Partecip. Ind. S.p.A. 99.000
Magneti Marelli Partecipazioni S.p.A. 1.000
Mars Seal Private Ltd. Bombay India 400,000 INR 19.41 Magneti Marelli France S.A. 24.000
Matay Otomotiv A.S. Istanbul Turkey 855,000,000,000 TRL 22.68 Magneti Marelli S.p.A. 28.000
MIP-Master Imprese Politecnico Milan Italy 40,000,000 ITL 40.50 Magneti Marelli S.p.A. 50.000
MM GB Limited Cannock Great Britain 250,000 GBP 81.00 Magneti Marelli S.p.A. 100.000
MotorMust.com S.p.A. Milan Italy 100,000 EURO 81.00 Magneti Marelli S.p.A. 99.000
Magneti Marelli Partecipazioni S.p.A. 1.000
Murakami Marelli Europe S.A. in liq. Dieuze France 3,500,000 FRF 41.31 Magneti Marelli S.p.A. 51.000
Parades GEIE Milan Italy 216,900 EURO 27.00 Magneti Marelli S.p.A. 33.333
Rien Eurl in liq. Vaulx-en-Velin France 300,000 FRF 81.00 Magneti Marelli S.p.A. 100.000
SCI-Moulin des Bruyeres in liq. Paris France 300 FRF 84.17 Magneti Marelli Components B.V. 83.330
Fiat France S.A. 16.670
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
71

72
Subsidiaries and affiliated companies valued at cost (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Shiyan Ltd. Shiyan City People’s Rep. of China 3,000,000 USD 40.50 Magneti Marelli S.p.A. 50.000
Société Plastiques Amiens S.A. Amiens France 6,161,000 FRF 24.27 Magneti Marelli France S.A. 29.997
Société Retroviseurs Dieuze SAS Dieuze France 50,000 EURO 80.89 Magneti Marelli France S.A. 100.000
Trust Plastron S.r.l. Turin Italy 530,000,000 ITL 26.73 Magneti Marelli S.p.A. 33.000
❚ Production Systems
Comau Australia Pty Ltd Adelaide Australia 100 AUD 85.00 Comau Systems S.p.A. 85.000
Comau Belgium N.V. Zedelgem Belgium 250,000 EURO 100.00 Comau Service S.p.A. 99.900
Comau Systems S.p.A. 0.100
Comau U.K. Limited in liq. London Great Britain 2,500 GBP 100.00 Comau Systems S.p.A. 100.000
Cons.Generazione Forme S.Mauro Torinese Italy 30,000,000 ITL 33.33 U.T.S. - S.p.A. 33.333
Consorzio Fermag Rome Italy 280,000,000 ITL 40.00 Comau Systems S.p.A. 40.000
Precision.Com Corp. Plymouth United States 1,000 USD 100.00 Pico Holdings Corporation 100.000
Yugei D.O.O. in liq. Kragujevac Yugoslavia 6,675,000,000 YUM 25.50 Geico S.p.A. 50.000
❚ Aviation
Atla S.r.l. Chieri Italy 20,000,000 ITL 30.00 FiatAvio S.p.A. 30.000
Consorzio Citif in liq. Turin Italy 100,000,000 ITL 50.00 FiatAvio S.p.A. 50.000
Consorzio Italmissile Rome Italy 150,000,000 ITL 33.33 FiatAvio S.p.A. 33.333
Consorzio Oto-BPD Aulla Italy 200,000,000 ITL 50.00 FiatAvio S.p.A. 50.000
Consorzio Promav Portoscuso Italy 150,000,000 ITL 33.33 FiatAvio S.p.A. 33.333
Consorzio Riva-Sepa Turin Italy 20,000,000 ITL 50.00 FiatAvio S.p.A. 50.000
Consorzio Sagat Rome Italy 20,000,000 ITL 25.00 Sepa S.p.A. 25.000
Consorzio Sitab Rome Italy 50,000,000 ITL 20.00 FiatAvio S.p.A. 20.000
Eurojet Turbo GmbH Munich Germany 2,000,000 DEM 21.00 FiatAvio S.p.A. 21.000
Isi GEIE Turin Italy 0 ITL 50.00 FiatAvio S.p.A. 50.000
Turboprop International GmbH Munich Germany 50,000 EURO 22.00 FiatAvio S.p.A. 22.000
Turbo-Union Limited Bristol Great Britain 1,008 GBP 20.04 FiatAvio S.p.A. 20.040
❚ Rolling Stock and Railway Systems
Consorzio Trevi Rome Italy 50,000,000 ITL 20.00 Fiat Ferroviaria S.p.A. 20.000
F.F. Industrie Ferroviarie S.r.l. Turin Italy 10,000 EURO 100.00 Fiat Ferroviaria S.p.A. 99.000
Sici S.p.A. 1.000
Fiat Ferroviaria Consortium Savigliano Italy 10,000,000 ITL 95.50 Elettromeccanica Parizzi S.p.A. 50.000
Fiat Ferroviaria S.p.A. 50.000
Val 208 - Torino Gruppo Europeo di Interesse Economico Turin Italy 25,000 EURO 49.91 Fiat Ferroviaria S.p.A. 49.000
Elettromeccanica Parizzi S.p.A. 1.000
West Coast Train Care Limited Birmingham Great Britain 2,561,000 GBP 49.00 Fiat Rail Limited 49.000
❚ Publishing and Communications
Editoriale Corriere Romagna S.r.l. Forlì Italy 5,600,000,000 ITL 40.00 Editrice La Stampa S.p.A. 40.000
E.D.M. S.r.l. F.Ponte Felcino Italy 43,000,000,000 ITL 41.40 Editrice La Stampa S.p.A. 41.400
Le Monde Presse S.A. Paris France 40,240,000 FRF 27.25 Editrice La Stampa S.p.A. 27.249
❚ Insurance
SCI Cont. Pierre Grenier Paris France 5,335,750 EURO 76.00 Le Continent I.A.R.D. S.A. 80.000
L’Union Gen. du Nord S.A. 20.000
SCI Continent Pierre Paris France 10,113,017 EURO 77.08 SCI Continent Wagram 60.731
Le Continent Vie S.A. 38.154
Le Continent I.A.R.D. S.A. 1.115
SCI Continent Pyramides Paris France 30,161,892 EURO 76.31 Le Continent I.A.R.D. S.A. 56.955
SCI Continent Wagram 32.123
L’Union Gen. du Nord S.A. 10.922

Subsidiaries and affiliated companies valued at cost (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
SCI Continent Wagram Paris France 18,523,543 EURO 76.03 Le Continent I.A.R.D. S.A. 80.300
L’Union Gen. du Nord S.A. 19.700
SCI Immovie Paris France 17,378 EURO 78.71 Le Continent Vie S.A. 99.983
Le Continent I.A.R.D. S.A. 0.017
SCI Le Continent Asnieres Paris France 4,116,150 EURO 76.00 Le Continent I.A.R.D. S.A. 80.000
L’Union Gen. du Nord S.A. 20.000
❚ Miscellaneous and holding companies
Acomarit Holdings Ltd. Hamilton Bermuda 784,000 USD 25.19 BUC-Banca Unione Credito 25.191
Adria S.r.l. in liq. Trieste Italy 349,020,000 ITL 36.36 Sicind S.p.A. 36.364
Agenzia Internazionalizzazione Imprese Torino S.r.l. Turin Italy 200,000,000 ITL 35.00 Fiat S.p.A. 35.000
Alimenta International S.r.l. Padua Italy 30,000 EURO 100.00 Alimenta S.p.A. 100.000
Banca Un.Cred. (Cayman) Ltd Grand Cayman Cayman Islands 10,000,000 CHF 100.00 BUC-Banca Unione Credito 100.000
Ciosa S.p.A. in liq. Milan Italy 1,000,000 ITL 25.00 Sicind S.p.A. 25.000
C.O.AV. S.c. a r.l. Parma Italy 50,000,000 ITL 51.00 Fiat Engineering S.p.A. 51.000
Coberga S.c. a r.l. Imola Italy 20,000,000 ITL 37.50 Fiat Engineering S.p.A. 37.500
Con. Imb. Met. Ind. S.r.l. Padua Italy 20,000,000 ITL 83.33 Alimenta S.p.A. 83.330
Cons. Fiat Media Center Turin Italy 265,000,000 ITL 44.01 Astra V.I. S.p.A. 2.380
Augusta Assicurazioni S.p.A. 2.380
Comau Systems S.p.A. 2.380
Editrice La Stampa S.p.A. 2.380
Fiat Auto S.p.A. 2.380
Fiat Hitachi Excavators S.p.A. 2.380
Fiat I & CS S.R.L. 2.380
Fiat S.p.A. 2.380
FiatSava S.p.A. 2.380
IPI Intermediazione S.r.l. 2.380
IPI S.p.A. 2.380
Irisbus Italia S.p.A. 2.380
Itedi Italiana Edizioni S.p.A. 2.380
Iveco S.p.A. 2.380
Magneti Marelli S.p.A. 2.380
Midas Italia S.p.A. 2.380
Maserati S.p.A. 2.380
New Holland Italia S.p.A. 2.380
Nuova Tirrena S.p.A. 2.380
Palazzo Grassi S.p.A. 2.380
Roma Vita S.p.A. 2.380
Toro Assicurazioni S.p.A. 2.380
Consaf Rome Italy 210,000,000 ITL 67.72 Iveco S.p.A. 23.810
Fiat Auto S.p.A. 23.810
New Holland Italia S.p.A. 23.810
Consorzio Cis Rome Italy 200,000,000 ITL 22.95 Fiat Engineering S.p.A. 22.950
Consorzio Cisa Naples Italy 200,000,000 ITL 34.00 Fiat Engineering S.p.A. 34.000
Consorzio Co.Ge.Av. Turin Italy 100,000,000 ITL 100.00 FiatAvio S.p.A. 68.000
Fiat Engineering S.p.A. 32.000
Consorzio CO.RI.R.E. Brindisi Italy 100,000,000 ITL 20.00 Fiat Engineering S.p.A. 20.000
Consorzio Feic Misterbianco Italy 30,000,000 ITL 33.33 Fiat Engineering S.p.A. 33.333
Consorzio Fis Turin Italy 200,000,000 ITL 55.00 Fiat Engineering S.p.A. 55.000
Consorzio Fisia Teletron Rivoli Italy 100,000,000 ITL 45.00 Fenice S.p.A. 45.000
Consorzio Italeco Rome Italy 100,000,000 ITL 45.00 Fenice S.p.A. 45.000
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
73

74
Subsidiaries and affiliated companies valued at cost (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Consorzio Orione Turin Italy 50,500,000 ITL 96.63 Fiat S.p.A. 81.188
Comau Systems S.p.A. 0.990
Editrice La Stampa S.p.A. 1.980
Fiat Auto S.p.A. 1.980
Fiat Ge.Va. S.p.A. 0.990
Fiat Sagi S.r.l. 0.990
FiatAvio S.p.A. 0.990
FiatSava S.p.A. 0.990
Isvor Fiat S.p.A. 0.990
Iveco S.p.A. 0.990
Magneti Marelli S.p.A. 0.990
New Holland Italia S.p.A. 0.990
Palazzo Grassi S.p.A. 0.990
Savarent S.p.A. 0.990
Sisport Fiat S.p.A. 0.990
Consorzio per il Barocco Palermo Italy 300,000,000 ITL 24.50 Fiat Engineering S.p.A. 24.500
Consorzio Servizi Acqua Potabile Colleferro Italy 0 ITL 68.00 FiatAvio S.p.A. 46.000
Fiat Ferroviaria S.p.A. 17.000
SE.CO.SV.IM. S.r.l. 5.000
Consorzio Servizi Colleferro Colleferro Italy 0 ITL 39.00 FiatAvio S.p.A. 20.000
Fiat Ferroviaria S.p.A. 9.000
SE.CO.SV.IM. S.r.l. 10.000
Consorzio Sirio Turin Italy 102,200,000 ITL 93.28 Fiat Auto S.p.A. 44.716 98.053
Astra V.I. S.p.A. 0.196
Augusta Assicurazioni S.p.A. 0.196
Automotive Lighting Italia S.p.A. 0.489
C.R.F. S.c.p.A. 1.174
C.S.S.T. S.p.A. 0.010
Comau Service S.p.A. 0.489
Comau Systems S.p.A. 0.978
Cons. Fiat Media Center 0.049
Consorzio Orione 0.049
Editrice La Stampa S.p.A. 0.489
Elasis - Soc. Cons. p.Az. 0.489
Elettromeccanica Parizzi S.p.A. 0.196
Fenice S.p.A. 1.468
Ferrari S.p.A. 1.663
Fiat Auto Corse S.p.A. 0.196
Fiat Engineering S.p.A. 0.489
Fiat Ferroviaria S.p.A. 0.196
Fiat G.S.A. S.r.l. 0.978
Fiat Ge.Va. S.p.A. 0.978
Fiat Gesco S.p.A. 0.978
Fiat Hitachi Excavators S.p.A. 1.174
Fiat I & CS S.R.L. 0.196
Fiat International S.p.A. 0.010
Fiat Revi S.c.r.l. 0.098
Fiat S.p.A. 1.663
Fiat Sagi S.r.l. 0.196
Fiat Servizi per l’Industria S.c.p.a. 1.468
FiatAvio S.p.A. 8.806

Subsidiaries and affiliated companies valued at cost (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
FiatSava S.p.A. 0.489
Fidis S.p.A. 0.391
Impreinvest S.p.A. 0.049
Ingest S.p.A. 0.196
IPI S.p.A. 0.010
Irisbus Italia S.p.A. 1.370
Isvor Fiat S.p.A. 0.978
Itedi Italiana Edizioni S.p.A. 0.049
ITS S.r.l. 1.761
Iveco Aifo S.p.A. 0.489
Iveco Mezzi Speciali S.p.A. 0.098
Iveco S.p.A. 9.785
Magneti Marelli Climatizzazione S.p.A. 1.174
Magneti Marelli S.p.A. 4.403
New Holland Italia S.p.A. 0.196
New Holland Logistics S.p.A. 0.049
Palazzo Grassi S.p.A. 0.010
S.C.C.M.T. S.r.l. a S.U. 0.010
Sadi S.p.A. 0.196
Sava Leasing S.p.A. 0.196
Savarent S.p.A. 0.196
SE.CO.SV.IM. S.r.l. 0.196
Ingest-Segim S.r.l. 0.489
Sepa S.p.A. 0.196
SGR S.p.A. 0.049
Sicca S.p.A. 0.489
Sisport Fiat S.p.A. 0.049
Sistemi Sospensioni S.p.A. 0.978
Teksid S.p.A. 2.935
Telexis S.r.l. a S.U. 0.196
Transolver Finance S.p.A. 0.010
U.T.S. - S.p.A. 0.196
Vegaspazio S.p.A. 0.098
Depsona ZAO Tula Russia 87,667,042 RUR 50.75 Alimenta S.p.A. 50.745 53.712
European Engine Alliance S.r.l. Turin Italy 9,000,000 EURO 61.48 Iveco S.p.A. 33.333
CNH Global N.V. 33.333
Expo 2000 - S.p.A. Turin Italy 11,449,704,000 ITL 24.50 Sicind S.p.A. 24.498
Fenix do Brasil Ltda Belo Horizonte Brazil 220,000 BRL 100.00 Fenice S.p.A. 100.000
Fiat Common Investment Fund Ltd London Great Britain 100 GBP 100.00 Fiat United Kingdom Ltd 100.000
Fiat Oriente S.A.E. in liq. Cairo Egypt 50,000 EGP 100.00 Fiat S.p.A. 100.000
FiatEngineering Polska Sp. zo.o. Warsaw Poland 100,000 PLN 100.00 Fiat Engineering S.p.A. 100.000
Fides Corretag.Segur.Ltda Belo Horizonte Brazil 365,526 BRL 100.00 Rimaco do Brasil Ltda. 100.000
Finomina S.L. Madrid Spain 8,000,000 ESP 96.54 Iveco Pegaso S.A. 60.000
Fiat Auto Espana S.A. 10.000
Fiat Iberica S.A. 10.000
Magneti Marelli Iberica S.A. 10.000
New Holland Espana S.A. 10.000
Fin.Si.Tra. S.r.l. in liq. Mestre Italy 45,000,000 ITL 33.33 Fiat Engineering S.p.A. 33.333
FMA-Consultoria Ltda São Paulo Brazil 72 BRL 50.00 Fiat do Brasil S.A. 50.000
Giraglia Imm. S.p.A. Milan Italy 7,285,813,080 ITL 24.18 Sicind S.p.A. 24.181
Immob.Compr. San Paolo S.r.l. Turin Italy 8,415,000 EURO 49.00 Ingest S.p.A. 49.000
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
75

76
Subsidiaries and affiliated companies valued at cost (continued)
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
Immobiliare Sises 99 S.r.l. Sestriere Italy 10,000 EURO 100.00 Ingest S.p.A. 100.000
Interfinanziaria S.A. Lugano-Paradiso Switzerland 1,000,000 CHF 33.33 IHF-Inter.Holding Fiat S.A. 33.333
Interit Invest. S.A. in liq. Lugano Switzerland 50,000 CHF 100.00 BUC-Banca Unione Credito 100.000
Isvor Fiat India Priv. Ltd. New Delhi India 1,750,000 INR 94.53 Isvor Fiat S.p.A. 100.000
Italimpianti S.p.A. Milan Italy 10,400,000,000 ITL 41.76 Sicind S.p.A. 41.760
Italpark S.p.A. in liq. Rome Italy 480,000,000 ITL 29.00 Sicind S.p.A. 29.000
Kofie S.r.l. Turin Italy 80,000,000 ITL 50.00 Fiat Engineering S.p.A. 50.000
La Stampa Europe SAS Paris France 40,000 EURO 100.00 Fiat France S.A. 100.000
Luganova S.A. Lugano Switzerland 3,000,000 CHF 100.00 BUC-Banca Unione Credito 100.000
Luto Servizi S.A. Lugano Switzerland 100,000 CHF 100.00 BUC-Banca Unione Credito 100.000
MB Venture Capital Fund I N.V. Amsterdam Holland 50,000 EURO 45.00 Sicind S.p.A. 45.000
Metroval Brescia Brescia Italy 50,000,000 ITL 25.50 Transfima S.p.A. 50.000
Mixerdieci S.r.l. Turin Italy 25,000 EURO 100.00 Sici S.p.A. 95.000
Sicind S.p.A. 5.000
Mixernove S.r.l. Turin Italy 25,000 EURO 100.00 Sici S.p.A. 95.000
Sicind S.p.A. 5.000
Mixerotto S.r.l. Turin Italy 25,000 EURO 100.00 Sici S.p.A. 95.000
Sicind S.p.A. 5.000
Mixersei S.r.l. Turin Italy 25,000 EURO 100.00 Sici S.p.A. 95.000
Sicind S.p.A. 5.000
Mixersette S.r.l. Turin Italy 25,000 EURO 100.00 Sici S.p.A. 95.000
Sicind S.p.A. 5.000
Mixeruno S.r.l. Turin Italy 10,000 EURO 100.00 Sici S.p.A. 100.000
Motorcity Park S.r.l. Milan Italy 25,000 EURO 40.00 Ingest S.p.A. 40.000
Neptunia Ass. Mar. S.A. Lugano Switzerland 6,000,000 CHF 100.00 BUC-Banca Unione Credito 100.000
Norfinance & Associes S.A. Geneva Switzerland 3,000,000 CHF 60.00 BUC-Banca Unione Credito 60.000
Norfinance Gestion S.A. Mendrisio Switzerland 300,000 CHF 39.08 Norfinance & Associes S.A. 70.000
Norfinance Gestion S.A. (Lausanne) Lausanne Switzerland 281,000 CHF 42.00 Norfinance & Associes S.A. 65.125
Nova Vetera S.c.r.l. in liq. Turin Italy 80,000,000 ITL 25.00 Fiat Engineering S.p.A. 25.000
Nuova Didactica S.c. a r.l. Modena Italy 220,000,000 ITL 24.60 Ferrari S.p.A. 16.364
New Holland Italia S.p.A. 12.273
Parco Grande S.c.r.l. Turin Italy 10,000 EURO 50.00 Fiat Engineering S.p.A. 50.000
Pikalin Invest. S.A. in liq. Lugano Switzerland 50,000 CHF 100.00 BUC-Banca Unione Credito 100.000
QSF Qualità Servizi Formazione GEIE Turin Italy 20,000,000 ITL 23.63 Isvor Fiat S.p.A. 25.000
Ravizza S.c.r.l. Turin Italy 10,000 EURO 50.00 Fiat Engineering S.p.A. 50.000
Rimaco do Brasil Ltda. Belo Horizonte Brazil 365,520 BRL 100.00 Rimaco Finance AG 100.000
Sadi Polska-Agencja Celna Sp. z o.o. Bielsko-Biala Poland 500,000 PLN 100.00 Sadi S.p.A. 100.000
S.C.C.M.T. S.r.l. a S.U. Turin Italy 10,400 EURO 100.00 Fiat Sagi S.r.l. 100.000
S.C.I. Le Clos des Vignes in liq. Paris France 10,000 FRF 59.99 Fiat Eng. France S.A. 60.000
SCI Saint Michel Nice France 10,000 FRF 99.99 Fiat Eng. France S.A. 85.000
Fiat Engineering S.p.A. 15.000
S.I.NO.DO. Turin Italy 150,000,000 ITL 50.00 Sadi S.p.A. 50.000
Sacafet in liq. Addis Ababa Ethiopia 2,000,000 ETB 100.00 Main Ltd 100.000
Servizio Titoli S.r.l. Turin Italy 52,000 EURO 49.41 Fiat Gesco S.p.A. 30.000
Fiat Ge.Va. S.p.A. 20.000
Teleclient S.r.l. a S.U. Turin Italy 412,000 EURO 49.90 Telexis S.r.l. a S.U. 49.900
Transfima GEIE Turin Italy 250,000 EURO 50.65 Fiat Engineering S.p.A. 43.000
Transfima S.p.A. 15.000
Uffici Fin. 2000 S.c.r.l. Turin Italy 10,200 EURO 40.00 Fiat Engineering S.p.A. 40.000
Zetesis S.p.A. Milan Italy 200,000,000 ITL 40.00 Fiat Ge.Va. S.p.A. 40.000

Other companies valued at cost
% of
Group % of
consoli- % interest voting
Name Registered office Country Capital stock Currency dation Interest held by held rights
❚ Commercial Vehicles
Consorzio Bolzano Energia Bolzano Italy 12,000 EURO 16.67 Iveco S.p.A. 16.667
Consorzio Spike Genoa Italy 175,000,000 ITL 15.00 Iveco S.p.A. 15.000
Fivinsa S.A. Lampa-Santiago Chile 843,925,871 CLP 16.00 Iveco Pegaso S.A. 16.000
Transaval S.G.R. S.A. Madrid Spain 280,653,551 ESP 16.00 Iveco Pegaso S.A. 16.000
Wohnungsverein Ulm A.G. Ulm Germany 1,000,000 DEM 13.60 Iveco Magirus AG 13.600
❚ Agricultural and Construction Equipment
Lubelska Fabryka S.A. Lublin Poland 13,000,000 PLN 10.45 New Holland Bizon Sp. zo.o. 12.370
Plast-Form Sp. z o.o. Lublin Poland 2,900,000 PLN 14.56 New Holland Bizon Sp. zo.o. 17.241
Polagris Litwa Lithuania 1,333,400 LTL 9.33 New Holland Bizon Sp. zo.o. 11.054
❚ Components
Consorzio U.L.I.S.S.E. Rome Italy 440,000,000 ITL 9.20 Magneti Marelli S.p.A. 11.360
❚ Rolling Stock and Railway Systems
Consorzio CESIT Naples Italy 80,000,000 ITL 12.50 Fiat Ferroviaria S.p.A. 12.500
IM-Intermetro S.p.A. Rome Italy 4,770,000,000 ITL 12.50 Fiat Ferroviaria S.p.A. 12.500
❚ Insurance
SCI Le Hameau du Golf Paris France 3,040 EURO 11.74 Le Continent I.A.R.D. S.A. 15.000
❚ Miscellaneous and holding companies
Britpol Consulting S.A. Czestochowa Poland 280,000 PLN 17.00 Sicind S.p.A. 17.000
Centro Antico Benevento S.c.r.l. in liq. Turin Italy 80,000,000 ITL 19.74 Fiat Engineering S.p.A. 19.740
Consorzio Lingotto Turin Italy 10,000,000 ITL 17.70 Ingest S.p.A. 12.300
Fiat S.p.A. 5.400
CRIT-Centro di Ricerca e Innovazione Tecnologica S.r.l. Vignola Italy 70,000 EURO 12.25 Ferrari S.p.A. 7.143
New Holland Italia S.p.A. 7.143
Ercole Marelli e C. S.p.A. Milan Italy 18,525,000,000 ITL 13.00 Sicind S.p.A. 13.000
Fin.Priv. S.r.l. Milan Italy 20,000,000 ITL 12.50 Fiat S.p.A. 12.500
IRCC-Torino S.p.A. Turin Italy 31,000,000,000 ITL 19.35 Fiat S.p.A. 19.355
Ist.Europeo Oncologia S.r.l. Milan Italy 164,276,888,000 ITL 12.75 Fiat S.p.A. 12.746
Kish Receivables Company Dublin Ireland 130,525,254 EURO 1.48 Celt Receivables Limited 1.480 19.570
Sadim S.A. in liq. Monaco Prin.of Monaco 5,000,000 FRF 12.60 Sicind S.p.A. 12.600
Satif S.A. Monaco Prin.of Monaco 5,000,000 FRF 12.60 Sicind S.p.A. 12.600
SPGF Plac.et Ges.Fid.S.A. Geneva Switzerland 2,400,000 CHF 16.67 BUC-Banca Unione Credito 16.670
Annex – The Companies and significant equity investments of the Fiat Group at June 30, 2000
77

Report of the Independent Auditors on the Review of the Six-Month Report as of June 30, 2000
(Translation from the original issued in Italian)
To the Shareholders of Fiat S.p.A.:
1.We have performed a review of the interim consolidated
financial statements and notes included in the six-month
report as of June 30, 2000 of Fiat S.p.A. and subsidiaries
(the “Fiat Group”). We have also read the other parts of the
report containing information on the results of operations
with the sole purpose of verifying the consistency thereof
with the interim consolidated financial statements and
notes.
2.Our review was made in accordance with the criteria for
reviews recommended by the Italian Regulatory Commission
for Companies and the Stock Exchange (“CONSOB”) in
Bulletin No. 10867 of July 31, 1997. The review of the
interim financial data of certain subsidiaries, the total assets
and revenues of which represent approximately 17% and
12% respectively of the consolidated amounts, has been
performed by other auditing firms, whose reports have been
furnished to us. A review consists principally of obtaining
information regarding the items reported in the interim
financial statements and the consistency of the valuation
criteria applied through discussion with company
management and the performance of analytical procedures
on the data contained in the financial statements. A
Note: The six-month report has been translated into English from the original version in
Italian. It has been prepared in accordance with the CONSOB regulation related to interim
reports, interpreted and integrated by the accounting principles established or adopted
by the Italian Accounting Profession. Certain accounting practices applied by the
Company that conform with generally accepted accounting principles in Italy, may not
conform with generally accepted accounting principles in other countries.
review does not include certain audit procedures such
as compliance tests and substantive tests of assets and
liabilities and is significantly less in scope than an audit
conducted in accordance with generally accepted auditing
standards. As a consequence, unlike the auditors’ report
accompanying the annual consolidated financial statements,
we do not express a professional audit opinion on the sixmonth
report.
3.The comparative data for the previous year's annual
consolidated financial statements and six-month report
have been, respectively, audited and reviewed by other
independent auditors; with regard to such comparative
data, reference should be made to the predecessor
auditors' reports dated April 10, 2000 and September
27, 1999 respectively.
4.Based on our review, we are not aware of any material
modifications or additions that should be made to the
interim consolidated financial statements and notes
identified in paragraph 1. of this report for them to be in
conformity with the standards and procedures set out in
the CONSOB regulation related to six-month reports as
approved by Bulletin No. 11971 of May 14, 1999, and
subsequent amendments.
Turin, Italy
September 25, 2000
Arthur Andersen SpA
Colin Johnston – Partner
79

The Fiat Group in 2000
Report of the Board of Directors on Operations
in the First Half of 2000
Published by:
Fiat Information & Communication Services
Editorial Coordination:
Micrograf – Turin, Italy
Design by:
Fantinel & Associati – Turin, Italy
Printed by: Puntografico – Brescia, Italy
Printed in Italy
October 2000
01UK