Reconta
                                                                       Organizzazione e Revisione Contabile
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors of Fiat S.p.A.
     We have audited the consolidated balance sheets of Fidis—Finanziaria di Sviluppo S.p.A. and subsidiaries as of December 31, 1989 and 1988, and the related consolidated statements of income, stockholders’ equity and changes in financial position for each of the three years in the period ended December 31, 1989, all expressed in Italian Lire. Such financial statements are not enclosed herewith. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the consolidated financial statements of M.I.TO. S.p.A. and the financial statements, of Fivi S.p.A., wholly-owned subsidiaries, which statements reflect assets, net sales and revenues which are not material compared to consolidated figures for 1989 and 1988. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for M.I.TO. S.p.A. and Fivi S.p.A., is based solely on the reports of the other auditors.
     We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of other auditors provide a reasonable basis for our opinion.
     In our opinion, based on our audits and the reports of other auditors, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Fidis-Finanziaria de Sviluppo S.p.A. and subsidiaries as of December 31, 1989 and 1988 and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 1989 in conformity with the accounting principles established or adopted (International Accounting Standards) by the Italian Accounting Profession.
Turin, May 8, 1990
                                                                      Reconta
                                                             di Bruno Gimpel & C. S.a.S.
                                                                 (Ulderico Ciarcià - Partner)
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