By Lorenzo Gotti
May 14 2002

The Boards of Directors of Fiat S.p.A. and Ferrari S.p.A. have decided to seek a listing of the shares of Ferrari S.p.A. on the Italian Stock Exchange.

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To that effect, the Board of Directors of Ferrari has decided to apply for a listing of the Ferrari shares, expected to become effective prior to the end of the current year. The Initial Public Offering (IPO) will also be conducted through a capital increase of an amount sufficient to support the company’s current development plans. In addition, its stock exchange listing will enable the Ferrari Maserati Group to raise in the financial markets the resources needed to fund its strong growth going forward.

The Board of Directors of Fiat S.p.A., which holds 90% of the outstanding share capital of Ferrari, has expressed its full support for this transaction. To facilitate the offering and create a sufficient free float, the Fiat Board has announced its intention to sell a portion of its Ferrari shares as part of this operation. Following the transaction, Fiat intends to retain a controlling interest in Ferrari.

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