Statement of Cash Flows pursuant to Consob Resolution 15519 of 27 July 2006

(€ thousand)  2012 of which related parties 2011 of which related parties
A) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 744   240  
B) CASH FROM/(USED IN) OPERATING ACTIVITIES DURING THE YEAR:        
  Profit/(loss) (152,350)   99,166  
  Amortization and depreciation 2,004   1,920  
  Non-cash cost of stock option plans and other non-cash items 8,689 8,689 19,693 12,014
  Impairment losses/(reversals) on investments 962,878 962,878 (157,456) (157,456)
  Fair value adjustment to equity swaps on Fiat and Fiat Industrial shares 31,640) (31,640) 109,920 109,920
  Losses/(gains) on disposals -   (14,703) (14,703)
  Change in provisions for employee benefits and other provisions 1,547 6,774 2,311 (5,859)
  Change in deferred taxes 4,051   1,145  
  Change in working capital 3,496 62,730 23,701 43,629
  TOTAL 798,675   85,687  
C) CASH FROM/(USED IN) INVESTING ACTIVITIES:        
  Investments relating to:        
  Recapitalization of subsidiaries (444,000) (444,000) (220,000) (220,000)
  Acquisitions (130,852) (130,852) (122,399)  
  Reductions in investments relating to:        
  Proceeds from disposals -   76,947 76,947
  Other (investments)/disposals, net (1,030)   (3,271) (130)
  TOTAL (575,882)   (268,723)  
D) CASH FROM/(USED IN) FINANCING ACTIVITIES:        
  Change in current financial assets 336,478 336,478 (153,231) (153,231)
  Proceeds from non-current debt and other changes 400,000 400,000 -  
  Repayment of non-current debt (1,150,000) (1,150,000) (400,000) (400,000)
  Change in current debt 230,329 227,715 883,270 883,270
  Increase in share capital -   5,142  
  Purchases of own shares (34)   -  
  Sales of own shares -   -  
  Dividends paid (39,756) (10,800) (151,651) (40,300)
  TOTAL (222,983)   183,530  
E) NET CHANGE IN CASH AND CASH EQUIVALENTS (190)   504  
F) CASH AND CASH EQUIVALENTS AT END OF YEAR 554   744  

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