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314

Statutory Financial Statements

at December 31, 2012

Independent Auditors’ Report pursuant to

Articles 14 and 16 of Legislative Decree n. 39

dated January 27, 2010

Reports of the

Independent

Auditors

To the Shareholders of Fiat S.p.A.

1. We have audited the ﬁnancial statements of Fiat S.p.A. as of and for the year ended December 31, 2012, comprising the income

statement, the statement of comprehensive income, the statement of ﬁnancial position, the statement of cash ﬂows, the statement

of changes in equity and the related explanatory notes. The preparation of these ﬁnancial statements in compliance with International

Financial Reporting Standards as adopted by the European Union and with art. 9 of Legislative Decree n. 38/2005 is the responsibility

of Fiat S.p.A.’s management. Our responsibility is to express an opinion on these ﬁnancial statements based on our audit.

3. Our audit was performed in accordance with auditing standards recommended by CONSOB (the Italian Stock Exchange Regulatory

Agency). In accordance with such standards, we planned and performed our audit to obtain the information necessary to determine

whether the ﬁnancial statements are materially misstated and if such ﬁnancial statements, taken as a whole, may be relied upon. An

audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the ﬁnancial statements, as well as

assessing the appropriateness and correct application of the accounting principles and the reasonableness of the estimates made

by management. We believe that our audit provides a reasonable basis for our opinion.

For the opinion on the ﬁnancial statements of the prior year, which are presented for comparative purposes, reference should be

made to the report issued by other auditors dated February 27, 2012.

3. In our opinion, the ﬁnancial statements of Fiat S.p.A. at December 31, 2012 have been prepared in accordance with International

Financial Reporting Standards as adopted by the European Union and with art. 9 of Legislative Decree n. 38/2005; accordingly, they

present clearly and give a true and fair view of the ﬁnancial position, the results of operations and the cash ﬂows of Fiat S.p.A. for the

year then ended.