DUCATI

WEB SITE: WWW.DUCATI.COM

ARTICLES:

DUCATI ANNOUNCES NEW HEAD OF COMMUNICATIONS

http://www.ducati.com/temp/images/PDFPressReleaseEng_981_751387193.pdf

Bologna, Italy, March 7, 2003 – Ducati Motor Holding S.p.A. (NYSE: DMH and Borsa

Italiana S.p.A.: DMH), a leading manufacturer of high performance motorcycles, announced a

new structure in the communication area of Ducati Motor Holding S.p.A.

Today Francesco Rapisarda has been appointed Head of Communications of Ducati Motor

Holding.

Having arrived in Ducati Corse as Director of Communications last January, Mr. Rapisarda

will report directly to Federico Minoli, Chief Executive Officer of Ducati Motor Holding.

Myrianne Gaeta and her team, and the Ducati Corse S.r.l. Communications office will

report to Francesco.

The new appointment will also include his involvement as Press Officer of Ducati Marlboro

Team during the MotoGP Championship.

Founded in 1926, Ducati builds racing-inspired motorcycles characterized by unique engine features, innovative design,

advanced engineering and overall technical excellence. Ducati has won eleven of the last thirteen World Superbike Championship titles

and more individual victories than the competition put together. The Company produces motorcycles in four market segments which

vary in their technical and design features and intended customers: Superbike, Supersport; Monster and Sport Touring. The Company’s

motorcycles are sold in more than 40 countries worldwide, with a primary focus in the Western European and North American markets.

For more information about the Company, please visit our web site at http://www.Ducati.com.

This press release contains statements that are forward-looking and are subject to a number of risks and uncertainties that

could cause actual results to differ materially from those anticipated, as described in documents previously filed by the Company with

CONSOB and with the U.S. Securities and Exchange Commission.

For further information, please contact:

Christopher Spira

Director, Investor Relations and Corporate Communications

Ducati Motor Holding S.p.A.

Via Cavalieri Ducati, 3

Bologna 40132

Italy

Main Tel.: +39 051 6413111

Direct tel: +39 051 6413222

Direct fax: +39 051 6413223

e-mail: christopher.spira@ducati.com

Ducati CEO Di Biagio Steps Down

http://www.ducati.com/temp/images/PDFPressReleaseEng_962_1665506863.pdf

CHIARMAN FEDERICO MINOLI TO ASSUME CHIEF EXECUTIVE RESPONSIBILITIES

Bologna, Italy, March 5, 2003 – Ducati Motor Holding S.p.A. (NYSE: DMH and Borsa Italiana

S.p.A.: DMH), a leading manufacturer of high performance motorcycles, announced that Carlo Di Biagio,

Chief Executive Officer, has resigned from the company for personal reasons. Federico Minoli, Chairman of

the Board, will assume chief executive responsibilities.

“We are very grateful to Carlo for his important contributions to Ducati since the early days of the

turnaround, and in particular during the busy period of the IPO in 1999,” said Minoli. “We have asked him –

and he has agreed – to continue to support the company in a consultancy role which will allow us to benefit

further from his deep knowledge of the company.”

“It has been incredibly exciting to lead Ducati through this dynamic period of product innovation,”

said Di Biagio. “I am now looking forward to concentrating on other professional and personal

opportunities.”

Di Biagio was appointed CEO of Ducati in July 2000. Previously, as of May 1997, he was CFO at

the Company. As CEO, Di Biagio invested heavily in new product, including the new 999 Superbike and

Multistrada, and led the Company’s eagerly awaited entry into the Moto GP championship in 2003.

Federico Minoli was Chairman and CEO of Ducati from September 1996 until July 2000, and

subsequently remained Chairman of the Board.

Founded in 1926, Ducati builds racing-inspired motorcycles characterized by unique engine features, innovative design,

advanced engineering and overall technical excellence. Ducati has won eleven of the last thirteen World Superbike Championship titles

and more individual victories than the competition put together. The Company produces motorcycles in four market segments which

vary in their technical and design features and intended customers: Superbike, Supersport; Monster and Sport Touring. The Company’s

motorcycles are sold in more than 40 countries worldwide, with a primary focus in the Western European and North American markets.

For more information about the Company, please visit our web site at http://www.Ducati.com.

This press release contains statements that are forward-looking and are subject to a number of risks and uncertainties that

could cause actual results to differ materially from those anticipated, as described in documents previously filed by the Company with

CONSOB and with the U.S. Securities and Exchange Commission.

For further information, please contact:

Christopher Spira

Director, Investor Relations and Corporate Communications

Ducati Motor Holding S.p.A.

Via Cavalieri Ducati, 3

Bologna 40132

Italy

Main Tel.: +39 051 6413111

Direct tel: +39 051 6413222

Direct fax: +39 051 6413223

e-mail: christopher.spira@ducati.com

COMPANY STOCK INFORMATION:

THE COMPANY STOCK IS TRADED ON THE NEW YORK STOCK EXCHANGE.

(http://www.nyse.com/) ITS SYMBOL IS: DMH. AS OF MARCH 23^RD AT 11:23 P.M. (ET)

THE STOCK PRICE WAS AT 12.90. THE 52 WEEK HIGH WAS 20.50, THE 52 WEEK

LOW WAS 12.20, AND THE TRADING RANGE WAS 8.30.

COMPANY INTRODUCTION:

THE CHIEF EXECUTIVE OFFICER OF DUCATI MOTOR HOLDINGS IS FEDERICO

MINOLI. THE DUCATI HEADQUARTERS IS LOCATED IN BOLOGNA ITALY. THE

LATEST FISCAL YEAR FOR DUCATI ENDED ON DECEMBER 31^ST, 2002.

DUCATI IS INVOLVED IN THE DEVELOPMENT, THE PRODUCTION, THE

DISTRIBUTION, AND THE RACING OF QUALITY DESIGN MOTORCYCLES. THEIR

SALES REVOLVE AROUND FOUR MARKETS: SUPERBIKE, SUPER SPORT, MONSTER,

AND SPORT TOURING. THE COMPANY ALSO OFFERS THE RETRO STYLED MH900E,

AND VARIOUS DIFFERENT SPORT MODELS INCLUDING THE SPS VERSIONS WHICH

ARE SPECIFICALLY PRODUCED FOR THE TRACK. DUCATI MOTOR HOLDING ALSO

OFFERS A WIDE RANGE OF PARTS, ACCESSORIES, AND APPAREL.

THE MAIN GEOGRAPHIC AREAS OF ACTIVITY ARE THE MAIN EUROPEAN

MARKETS NOT INCLUDING ITALY. ITALY HAS THE LARGEST NUMBER OF SALES

PER INDIVIDUAL COUNTRY.

THE NAME OF DUCATI MOTOR HOLDINGS INDEPENDENDENT ACCOUNTANTS ARE KPMG S.p.A. THEY CONSIDERED THE FINANCIAL STATEMENT TO BE AS EXPECTED WITH NO ANOMOLIES AND WITH NO DISPUTES WITH THE TAX AUTHORITIES WITH THE EXCEPTION OF ONLY WHAT IS CLEARLY DEFINED IN THE SECTION ON SIGNIFICANT EVENTS IN THE OPERATIONS REPORT.

INDUSTRY SITUATION AND COMPANY PLANS:

RIGHT NOW THE INDUSTRY FOR MOTORCYCLES IS VERY DIFFERENT IN THE MANY MARKETS WHERE DUCATIS ARE SOLD. IN EUROPE (LARGEST MARKET) DUCATI COMPETES WITH APRILLA, CAGIVA (A SUBSIDIARY), AND ALSO THE SCOOTER MARKET. PLANS TO MAINTAIN HIGH STANDARDS IN DESIGN ND DEVELOPMENT, WHILE CONTINUING TO MARKET AND ADVERTISE SUMMERIZE THE GOALS OF DUCATI FOR CONTINUED COMPETITION IN THIS MARKET.

IN THE UNITED STATES, DUCATI COMPETES IN THE SPORT BIKE CATEGORY, BUT LOOSES IN SALES TO MANY OF THE JAPANESE COMPANIES. (IE. SUZUKI, YAMAHA, HONDA, KAWASAKI.) THESE COMPANIES OFFER THEIR MOTORCYCLES AT A CHEAPER PRICE AND PRODUCE MORE MOTORCYCLES FOR UNITED STATES SALES. DUCATI HAS INCREASED THEIR U.S. ADVERTISING CAMPAIGN AND INTRODUCED BEN BOSTROM ONTO THEIR RACING TEAM, A CALIFORNIA BORN U.S. CITIZEN WHO RACES A DUCATI WHICH IS CUSTOM PAINTED LIKE THE AMERICAN FLAG. DUCATI ALSO PRODUCES A BEN BOSTROM LINE OF RACE BIKES FOR LIMITED SALES IN THE U.S.

WITHIN THE OPERATIONS OF THE COMPANY, DUCATI HAS RAISED FUNDING FOR ITS DESIGN AND DEVELOPMENT TEAMS. (POSSIBLY TO DESIGN A BIKE TO REPLACE THEIR CONTRAVERSIAL 999 SPORT BIKE.) THEY HAVE ALSO RECENTLY BEEN PLANNING TO INSTITUTE A PROFIT SHARING PROGRAM WITHIN THEIR COMPANY.

FINANCIAL STATEMENT:

(**DUCATI HAS NOT POSTED THE FULL ANNUAL REPORTS FOR THEIR YEAR 2002

FISCAL YEAR. THEREFORE, ANY COMPARISONS ARE BASED ON SPECULATIONS

OF THE SEMI-ANNUAL REPORTS, MID-YEAR STATUS’.**)

DUCATI USES A MULTI-STEP PROCESS FOR THEIR INCOME STATEMENT.

GROSS MARGIN FOR THE YEAR ENDING 12/31/2001 WAS 5,467,000 EUROS. GROSS MARGIN FOR THE PERIOD ENDING 6/30/2002 WAS 19,051,000 EUROS. IN COMPARISON TO THE YEAR 2001 PERIOD ENDING 6/30/2001, WHICH WAS 18,726,000. WITH SPECULATION IT IS ASSUMED THAT GROSS MARGIN WILL BE LOWER IN 2002 THAN IT WAS IN 2001.

OPERATING INCOME FOR THE YEAR ENDING 12/31/2001 WAS 25,576,000 EUROS AND FOR THE PERIOD ENDING 6/30/2001 OPERATING INCOME WAS 25,606,000. IN COMPARISON THE PERIOD ENDING ON 6/30/2002 WAS 25,478,000 EUROS AND THE YEAR END IS SPECULATED TO BE CLOSE BUT SLIGHTLY SMALLER THAN THAT OF THE PREVIOUS YEARS.

NET PROFIT FOR THE PERIOD ENDING 6/30/2001 WAS 10,129,000 EUROS. THE PERIOD ENDING 6/30/2002 HAD A NET PROFIT OF 11,726,000 EUROS. THE NET PROFIT WAS HIGHER IN THE YEAR 2002 THAN IN THE YEAR 2001.

THESE RESULTS CAN BE EXPLAINED FIRST BY AN INCREASE IN COMMERCIAL COSTS, BUT MOSTLY BY THE INCREASED SPENDING IN THE DEVELOPMENT OF THE GP MOTORCYCLE. THE GP IS A INNOVATIVE, SPECIALY DESIGNED RACE BIKE NOT FOR PRODUCTION. IT COMPETES IN THE MOTO GP CLASS OF RACING AND THIS WAS THE FIRST YEAR DUCATI HAD A BIKE COMPETE.

BALANCE SHEET:

FOR THE PERIOD ENDING 6/30/2001: ASSSETS= LIABILITIES+ STOCKHOLDERS’ EQUITY (IN EUROS)

362,854,000= 219,582,000+ 143,272,000

FOR THE PERIOD ENDING 6/30/2002:

ASSSETS= LIABILITIES+ STOCKHOLDERS’ EQUITY (IN EUROS)

395,046,000= 248,204,000+ 146,842,000

STATEMENT OF CASH FLOWS:

CASH HAS DECREASED SIGNIFICANTLY FROM 2001 TO 2002. THE PERIOD ENDING 6/30/2001 HAD A CASH FLOW OF 16,915,000 EUROS AND THE PERIOD ENDING 6/30/2002 HAD A CASH FLOW OF 8,285,000 EUROS. THIS WAS DUE TO A DROP IN CASH USED FOR OPERATING AND FINANCING, DESPITE A GROWTH IN CASH USED FOR INVESTING IN 2002.

THE NET CASH PROVIDED FOR OPERATING, FOR THE PERIOD ENDING 6/30/2002 WAS 26,360,000 EUROS WHICH COMPARES TO THE NET INCOME OF 11.7 MILLION EUROS. THE OPERATING CASH FAR EXCEEDS THE NET INCOME IN 2002.

THE NET CASH PROVIDED FOR OPERATING, FOR THE PERIOD ENDING 6/30/2001 WAS

32,295,000 EUROS WHICH COMPARES TO THE NET INCOME OF 10.1 MILLION EUROS. THE OPERATING CASH FAR EXCEEDS THE NET INCOME IN 2001, AS WELL.

IN BOTH 2002 AND 2001 DUCATI INVESTED IN:

6/30/2002 6/30/2001

Purchase of property, plant and equipment (10.676) (4.735)

Purchase of intangible fixed assets (8.180) (5.735)

Net decrease in property, plant and equipment 21.255

Decrease (increase) in shareholding (10) (13.689)

Other non-current assets (14) (19)

DUCATI’S MOST IMPORTANT SOURCE OF FINANCING IS SHORT AND MEDIUM TO LONG-TERM BANK BARROWING.

ACCOUNTING POLICIES:

IN THE NOTES TO THE FINANCIAL STATEMENTS ARE:

EQUITY AND FINANCIAL SITUATION

OPERATIONS

WORKING CAPITAL

TRADE RECEIVABLES

INVENTORIES

TRADE PAYABLES

INVESTMENT ACTIVITIES

OTHER FINANCIAL TRANSACTIONS

RELATIONS WITH SUBSIDIARY, ASSOCIATED AND PARENT COMPANIES AND FELLOW SUBSIDIARIES

PARENT COMPANIES

SUBSIDIARY COMPANIES

FELLOW SUBSIDIARIES

NUMBER AND PAR VALUE OF OWN SHARES OR SHARES IN PARENT COMPANIES OWNED BY THE COMPANY, EITHER DIRECTLY OR THROUGH TRUSTEES

NUMBER AND PAR VALUE OF OWN SHARES OR SHARES IN PARENT COMPANIES BOUGHT OR SOLD DURING THE YEAR

SIGNIFICANT EVENTS FOLLOWING THE PERIOD ENDED AT JUNE 30^TH, 2002

RESEARCH AND DEVELOPMENT

RELATED PARTY TRANSACTIONS

OUTLOOK FOR OPERATIONS

FINANCIAL ANALYSIS

WORKING CAPITAL

2001: 88,216,000 EUROS 2002: 97,551,000 EUROS

THIS RATION REPRESENTS THE NET CURRENT ASSETS ON HAND AFTER CURRET LIABILITIES HAVE BEEN PAID OFF. THE WORKING CAPITAL WAS LARGER FOR THE 2002 YEAR.

CURRENT RATIO

2001: 1.7 2002: 1.7

THIS RATIO REPRESENTS THAT FOR EVERY EURO OF CURRENT LIABILITIES, DUCATI HAS 1.7 EUROS OF CURRENT ASSETS. IF 1.7 IS AN EXCEPTABLE NUMBER FOR DUCATI MOTOR HOLDING THAN REMAINING THERE FOR TWO YEARS IS GOOD. IF THEY WERE STRIVING FOR IMPROVEMENT THEY DID NOT REACH THEIR GOAL.

PROFIT MARGIN

2001: .050 (5%) 2002: .053 (5.3%)

THIS RATIO REPRESENTS THAT FOR EVERY EURO OF NET SALES, DUCATI MOTOR HOLDING MADE AROUND FIVE PERCENT OF A EURO.

ASSET TURNOVER

2002: .97

THIS RATIO REPRESENTS THAT DUCATI MOTOR HOLDING PRODUCES .97 IN SALES FOR EACH 1.00 EURO INVESTED. THIS COULD BE DUE TO THE DEVELOPMENT OF THE MOTO GP BIKE THAT THEY HAVE RECENTLY BEEN INVESTING IN.

RETURN ON ASSETS

2002: .052 (5.2%)

FOR EACH EURO INVESTED DUCATI MOTOR HOLDING’S ASSETS GENERATED .052 EUROS OF NET INCOME.

DEBT TO EQUITY

2001: 1.53 (153%) 2002: 1.69 (169%)

THIS SIGNIFIES THAT IN BOTH 2001 AND 2002 DUCATI MOTOR HOLDING RECEIVED MOST OF ITS FINANCING FROM CREDITIORS NOT STOCKHOLDERS.

RETURN ON EQUITY

2002: .08 (8%)

IN 2002 DUCATI MOTOR HOLDING EARNED .08 EUROS FOR EVERY 1.00 EURO INVESTED BY STOCKHOLDERS.

THIS SITE HAS BEEN CREATED BY: MATTHEW SCHLAGER

WITH THE ASSISTANCE OF:

DUCATI MOTOR HOLDING

AMERICA ONLINE FINANCIAL CENTER

THE NEW YORK STOCK EXCHANGE

THE FINANACIAL ACCOUNTING TEXTBOOK