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TWST: Could you give us a brief introduction to Ducati (NYSE:DMH) as you see the company positioned today?

Mr. Spira: Ducati is a very well-known producer of motorcycles and is distinguished by characteristics related to both the high performance and design of the motorcycles. We are headquartered in Bologna, Italy and are currently selling motorcycles in about 40 countries around the world. About a quarter of revenues are made in Italy, about a quarter in the United States, and then the rest derived from the rest of the world, with important markets in England, France, Germany and Japan in particular. In 2001, the company posted revenues above €408 million and the European arm of Texas Pacific Group, a US private equity group has a majority share holding of 33.5% of the company.

TWST: Can you provide a quick synopsis of the game plan going forward?

Mr. Spira: When one looks at Ducati today versus maybe two or three years ago and when one looks forward I think the main thing is that the richness of the products in terms of technological content and innovation is really at a whole different stage right now. Over the last two or three years we have been investing significantly in innovation and really we are just entering the period now during this year and next year where we are going to see the fruit of all that investment. If you look at the company now and at what’s going to happen over the next few months, it’s an exciting time. In terms of product, I mentioned the Superbike 999 has just arrived, but in addition a whole new family called the Multistrada is going to arrive on the market next year. For the last five or so years, the company has had four main motorcycle types or “families”, so the arrival of a new family is of huge importance for us; that will be in the stores in the spring of next year and it’s going to be have a major impact on the company. In terms of image and brand building, one of the most important things happening next year is that we will be entering the GP, which is, as I am sure many people will know, the motorcycle equivalent to Formula 1. For the last 12 or 13 years, we have been dominating the Superbike Championship, which is for production-based bikes, i.e. you can basically ride to the circuit on the same bike that you see racing on the track. The GP, however, is slightly different with the concept centered around dream, prototype machines. Ducati is entering the GP next year and it’s hugely exciting for us. We have a brand new motorcycle with two very, very important racers representing us: Loris Capirossi, the famous Italian GP racer, and Troy Bayless, the world Superbike champion in 2001 and runner-up this year. The GP is a much bigger world stage than Superbike and that presence we hope will bring us a lot of media attention. Our main sponsor actually is Marlboro, which is the same sponsor of the Ferrari Formula 1 team. So we think that’s quite a nice association as well.