FERRARI S.p.A GENERAL ASSEMBLY
Maranello, 15 May 1998

Today in Maranello the General Assembly of Ferrari S.p.A. shareholders met to approve the Group Accounts for 1997.

For the first time ever the consolidated turnover passed 1000 billion lire (1044 billion lire precisely) - an increase of almost 19% when compared to the 1996 figure. The operating result was 68.7 billion lire, versus 3.5 billion lire of 1996, due to higher levels of activity, cost reduction and favourable exchange-rate trends. The 1997 pre-tax profit amounts to 37.8 billion lire compared to 12 billion lire the previous year.

The investments, in fixed credit for research and development, accounted for more than 160 billion lire (an increase of 48%), which equates to approximately 15% of the company's annual turnover and reflects the importance that Ferrari places on the development of products and processes.

Investments within the corporate structure of the Group have seen the introduction of two major operations: the construction of an affiliated company for Ferrari in the USA and Canada (Ferrari North America) and the acquisition of 50% of Maserati S.p.A.; both Ferrari and Maserati retain their separate high-profile marque identities but will use the opportunity to share joint synergies.

Particularly positive in 1997 was the international Ferrari commercial trend: record sales were achieved in Germany, England, Japan, Spain and Australia. Total deliveries to customers amounted to 3581 units (an 8% increase over 1996), through a world-wide sales and service network that represents Ferrari in 40 countries covering 90% of the world car market.

Therefore, 1997 has given a strong indication that all of the activities - in particular the Ferrari logo and trademark licensing - have helped increase Ferrari's stock value, with more then 65 billion lire contributed to the consolidated business volume (6.2%).

The growth of internal financial resources (+36% vs 1996 and 65% vs 1995) is the result of a company strategy focused on continuous profitability, increase of capital investments, through new high-profit initiatives, research into innovative working practices, working capital control and a greater involvement by suppliers in the company's activity.

Closing the General Assembly Meeting President Luca di Montezemolo stressed that the first few months of 1998 are also showing positive financial signs, with an excellent reception to the newly introduced Ferrari 456M (Modificata) and the high international demand for the F1 gearbox on the F355.

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