From a press release issued by Ducati Motor Holding, S.p.A.:

DUCATI MOTOR HOLDING ANNOUNCES THIRD QUARTER 2003 RESULTS

Highest Third Quarter Unit Sales and Registrations Ever. Revenues Excluding Forex Effect Up 25% –

Bologna, Italy, November 6, 2003 – Ducati Motor Holding S.p.A. (NYSE: DMH, Borsa Italiana S.p.A: DMH), a leading manufacturer of high performance motorcycles, today announced financial results for the third quarter and nine months, ended September 30, 2003.

For the third quarter of 2003, unit sales were 6,865, an 18.8% increase over the same period in 2002, the highest number of motorcycles ever sold by the Company in a third quarter. Revenues for the period were Euro 75.3 million, up 24.7% excluding forex effects, (or 20.5% including forex effects) over the same period in 2002.

Third quarter revenues from motorcycles for the period increased 26.6% excluding forex effects, (or 22.4% including forex effects) to Euro 55.9 million and represented 74.2% of revenues. Motorcycle-related products, including spare parts, technical accessories and apparel, increased 17.7% excluding forex effects (or 13.2% including forex effects) to Euro 18.9 million over the comparable period in the previous year.

Gross margin was 37.7% of revenues versus 41.4% in the period, mainly due to a negative motorcycle mix and forex effects. Sales costs represented 24.3% of sales versus 34.2% in the period last year, representing a decrease of Euro 3.1 million, as a result of the Company’s strict cost controls. EBITDA was Euro 6.7 million (or Euro 5.0 million including forex effects) versus zero in the period of the previous year.

In the third quarter of 2003, pre-tax loss was Euro 5.4 million versus a loss of Euro 11.1 million last year. The improvement of Euro 5.7 million was mainly due to higher EBITDA and lower financial charges.

For the third quarter, unofficial Ducati worldwide registrations, a measure of retail sales, were up 10% versus the same period last year, in a market which grew 7%. In particular, increases were up in Italy 21%, the US up 19%, non-subsidiary importer countries up 13%, France up 9% and Benelux Countries up 8%. Registrations were down 3% in Germany, down 5% in the UK and down 9% in Japan.

“Ducati has posted very strong results for the third quarter of 2003, confirming the improving trend during the course of the year thanks to our popular new product introductions and the effect of our savings programs,” said Federico Minoli, Ducati Chairman and Chief Executive Officer. “The Multistrada, in particular, continues to break records, having sold 4,762 units in six months since its launch, and we are increasing our sales target to 5,500 units. Also, the new Monster S4R has had a great success having sold over 2,200 units in five months. Just last week in Tokyo, we unveiled prototypes of the Sport Classic dream bike, a new concept of thoroughly modern motorcycles that capture the essential beauty, timeless style and emotion of the original Ducati sport bikes of the 1970’s. The PaulSmart, GT and Sport are all powered by the advanced Desmo 1000 DS engine. Depending on the market reaction and ensuing demand, we will announce a production timeline.

“On the racetrack, we are very pleased with our successes as well – official Ducati Fila racer Neil Hodgson won the riders title in the World Superbike Championship at Assen, in Holland, bringing Ducati’s total to ten and underlining the extraordinary performance of our new 999 Testastretta Superbike. The MotoGP season ended in Valencia on November 2 in style, with Loris Capirossi finishing on the podium. The final standings in the Rider’s Championship sees Loris and Troy Bayliss finishing in fourth and sixth places respectively. So, additionally, after an absence of 30 years, Ducati took second place in the Constructors’ World Championship, bringing to a close a spectacular season,” added Minoli. “What a superb result – congratulations and thanks to the riders, to their teams and of course to all our fans.”

For the first nine months, unofficial Ducati worldwide registrations, a measure of retail sales, were down 5% versus the period last year, with the US down 20%, the UK down 11%, Japan down 11%, France down 7%, Germany down 2%, Italy down 1%, while the Benelux Countries grew 6% and Non-subsidiary countries were up 8%. This is a notable recovery after declines of 18% and 4% in the first and second quarter of 2003, respectively.

First nine months 2003 revenues of Euro 284.6 million, were down 0.7% excluding forex effects, (or down 4.8% including forex effects) versus the period in 2002. EBITDA was Euro 37.8 million excluding forex effects (or Euro 30.8 million including forex effects) versus Euro 38.8 million in the first nine months of 2002. At EBT level, there was a loss of Euro 7.0 million versus a gain of Euro 3.7 million in the 2002 period mainly due to adverse forex, restructuring and depreciation costs.

“The third quarter improvement, driven by increased sales as well as reduced product and structure costs, brings us in line with our expectations for the full year of a flat top line versus year ago – excluding forex effects – and a positive bottom line. However, after the slow start to the year and the subsequent recovery, the outlook for 2003 remains challenging. Our ability to meet our targets will largely depend on forex non further deteriorating and the sustained growth of our relevant market.” said Enrico D’Onofrio, Ducati Chief Financial Officer.

The Company’s net debt at September 30, 2003 was €Euro 112.2 million, up versus the Euro 100.4 €million at the same date a year earlier mainly due to lower EBITDA. The company’s gearing ratio was 73% at September 30, 2003 versus 64% at the same date a year earlier.

At the end of September, the Company has re-purchased 293,235 shares, equivalent to €Euro 391,225 or 0.185% of its stock capital.

A discussion by Ducati management of the third quarter 2003 results is available at www.ducati.com under Company and then Investor Relations, and can be accessed until mid-February 2004 under Webcast of Results at the bottom of the IR Press Release Schedule section.

Founded in 1926, Ducati builds racing-inspired motorcycles characterized by unique engine features, innovative design, advanced engineering and overall technical excellence. Ducati has won twelve of the last fourteen 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, Sport Touring and Multistrada. 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.