From a press release:

DUCATI MOTOR HOLDING ANNOUNCES RECORD FIRST QUARTER 2002 RESULTS
Net profit increases 12%

Bologna, Italy–– Ducati Motor Holding S.p.A. (NYSE: DMH, Borsa Italiana S.p.A: DMH), a leading manufacturer of high performance motorcycles, announced record results in terms of registrations, revenues, EBITDA and net income for the first quarter ended March 31, 2002.

As previously reported, the Company’s first quarter 2002 revenues were Euro 106.3 million, up 5.7% over the same period in 2001. The growth was mainly driven by a positive product mix effect. Revenues from Ducati motorcycles for the period increased 4.4% to Euro 89.3 million and represented 84.0% of revenues. Motorcycle-related products, including spare parts, technical accessories and apparel, rose 14.6% to Euro 16.8 million over the comparable period in the previous year. Unit sales were down 3.5% worldwide. Excluding the US, unit sales rose 2.4%.

Gross margin was 42.8% of revenues versus 39.2% in the period, mainly reflecting production efficiencies and a positive product mix. Sales costs represented 20.0% of sales versus 18.1% in the period last year, mainly due to costs related to tailored promotional activities to support sell-out. EBITDA was a record Euro 20.1 million, or 18.9% of revenues, versus 18.0% in the period of the previous year. R&D costs for the Moto GP were Euro 1.3 million, equivalent to 1.2% of sales.

Net income improved by 12.0%, posting a record high for the first quarter of Euro 5.5 million versus Euro 4.9 million in the period in 2001. The resulting net income margin for the period was 5.2% of sales up versus the 4.9% in 2001, mainly thanks to operational gains out-weighing GP and higher commercial costs.

Ducati worldwide registrations, a measure of retail sales, increased 19% in the three month period compared to a 3% growth in the Ducati Relevant Market, in particular driven by strong results in Japan (+32%) in the US (+30%), in the importer network (+30%) and in Italy (+23%).

“Ducati’s record first quarter results for 2002 underline the strength of our 2002 Model Year and show continuing improvements in our ability to increase the efficiency of our supply chain and production processes,” said Carlo Di Biagio, Ducati Chief Executive Officer. “In addition, the re-organization of our US operations is progressing well. Registrations are strong thanks to the combination of our retail initiatives and healthy demand for our new products in that market. Our main objectives in the US are to continue reducing current dealer inventory, to close under-performing points-of-sale, and to open strong new ones. We expect US sales to pick up in the coming months.

“The year has started well with Ducati in the lead of the World Superbike Championships thanks to incredible results from Troy Bayliss, and we look forward to the races on our home turf in Monza this weekend,” added Di Biagio. “Preparations for World Ducati Week in June are going well, too–attendance is set to be well over that of the last event in 2000.”

“We are glad to announce the launch of Ducati Desmo Finance, a pioneering marketing tool, unique in the two-wheeled Italian market,” said Enrico D’Onofrio, Ducati Chief Financial Officer. “The aim is to increase motorcycle sales by improving the ease and convenience of purchasing a new or used Ducati and related products. The program provides financing, insurance and a branded credit card in an integrated, personalized and ‘hassle-free’ package for our fans and friends.”

Ducati’s net debt at March 31, 2002 was Euro 132.0 million, increasing versus the Euro 107.6 million at the same date a year earlier, and Euro 112.9 million at December 31, 2001. The company’s net debt to total capitalization ratio was 45.2% at March 31, 2002 versus 42.0% at the same date a year earlier and 42.2% at December 31, 2001. The increase versus year-end 2001 was mainly due to the roll out in Italy of our new commercial credit policy, which is changing from factoring to insurance.

The Company also announced that, at its Annual Shareholder Meeting held on May 7, 2002, approval was given to buy back up to 3.8% of its outstanding share capital. This facility will be used to satisfy stock option plans and gives management flexibility to support the Company’s stock price. Finally, the shareholders re-appointed the Board of Directors for another three-year term.

Founded in 1926, Ducati builds racing-inspired motorcycles characterized by unique engine features, innovative design, advanced engineering and overall technical excellence. Ducati has won ten of the last twelve 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 SportTouring. 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 the Company’s 2000 annual report, filed with the U.S. Securities and Exchange Commission on Form 20-F, dated July 2, 2001.