in the First Half of 2003 98th Fiscal Year - FIAT SpA

Subsidiaries valued by the equity method (continued)
❚ Commercial Vehicles
74 Annex Fiat Group Companies at June 30, 2003
% of
Group % of
consoli- Interest % interest voting
Name Registered office Country Capital stock Currency dation held by held rights
Altra S.p.A. Genoa Italy 516,400 EUR 66.67 Irisbus Italia S.p.A. 66.670
F. Pegaso S.A. Madrid Spain 993,045 EUR 100.00 Iveco Pegaso S.L. 100.000
Financiere Pegaso France S.A. Trappes France 260,832 EUR 100.00 Iveco Pegaso S.L. 100.000
Congo
Iveco S.P.R.L. Kinshasa (Dem. Rep. Congo) 340,235,000 ZRN 100.00 Iveco N.V. 99.992
❚ Components
Astra Veicoli Industriali S.p.A. 0.008
Cofap Companhia Fabricadora de Pecas S.A. Santo Andre Brazil 36,481,518 BRL 67.97 Magneti Marelli Holding S.p.A. 33.990 34.158
Magneti Marelli Iberica S.A. 33.990 34.158
Seima Italiana Auto Svet Krasnig Oktjabr Kirz Russia 14,574,000 RUR 99.99 Seima Italiana S.p.A. 100.000
Seima Italiana Russia Vjazniki Vladimir Russia 100,000,000 RUR 99.99 Seima Italiana S.p.A. 100.000
❚ Production Systems
Progressive Tool Argentina S.de R.L. in liq. Buenos Aires Argentina 12,000 ARS 100.00 Comau B.V. 99.000
❚ Metallurgical Products
Comau S.p.A. 1.000
Compania Industrial Frontera S.A. de C.V. São Pedro Mexico 50,000 MXN 49.88 Teksid Hierro de Mexico S.A. de C.V. 100.000
Teksid of India Private Limited Company Panaji India 403,728,450 INR 66.50 Teksid S.p.A. 100.000
❚ Miscellaneous and Holding companies
Ayfra S.A. in liq. Asuncion Paraguay 135,000,000 PYG 100.00 Sicind S.p.A. 99.990
Fiat Argentina S.A. 0.010
Banca Unione di Credito (Cayman) Ltd Grand Cayman Cayman Islands 10,000,000 CHF 100.00 BUC - Banca Unione di Credito 100.000
BUC - Banca Unione di Credito Lugano Switzerland 100,000,000 CHF 100.00 IHF-Internazionale Holding Fiat S.A. 100.000
Centro Studi sui Sistemi
di Trasporto-CSST S.p.A. Turin Italy 520,000 EUR 84.35 Fiat Auto S.p.A. 49.000
Iveco S.p.A. 30.000
C.R.F. Società Consortile per Azioni 11.000
European Engine Alliance EEIG Maindenhead United Kingdom 0 GBP 61.84 CNH U.K. Limited 33.333
Iveco S.p.A. 33.333
Fiat Deutschland GmbH Ulm Germany 511,292 EUR 100.00 Fiat Finance and Trade Ltd 100.000
Fiat Russia OOO Moscow Russia 18,509,050 RUR 100.00 Sicind S.p.A. 80.000
Fiat International S.p.A. 20.000
Luganova S.A. Lugano Switzerland 3,000,000 CHF 100.00 BUC - Banca Unione di Credito 100.000
New Business 7 S.p.A. Turin Italy 11,899,524 EUR 100.00 Sicind S.p.A. 100.000
New Business 8 S.p.A. Turin Italy 1,437,210 EUR 100.00 New Business 7 S.p.A. 100.000
Norfinance & Associes S.A. Geneva Switzerland 4,600,000 CHF 100.00 BUC - Banca Unione di Credito 100.000
Norfinance Gestion S.A. Lausanne Switzerland 281,000 CHF 65.13 Norfinance & Associes S.A. 65.125
Norfinance Gestion (Ticino) S.A. Mendrisio Switzerland 300,000 CHF 100.00 Norfinance & Associes S.A. 100.000
Overseas Union Bank
and Trust (Bahamas) Ltd. Nassau Bahamas 5,000,000 USD 100.00 BUC - Banca Unione di Credito 100.000
SGR-Sociedad para la
Gestion de Riesgos S.A. Buenos Aires Argentina 10,000 ARS 99.96 Rimaco S.A. 99.960
Sistemi Ambientali S.p.A. in liq. Rivoli Italy 9,544,080 EUR 99.78 Sicind S.p.A. 99.778