What..are..the..financial..implications..Of..Ferrari's..current..strategy? Will..rate..thank..you! PIAGARISM..CHECK,..NO..PIAGARIISM..Please,..Please..be..detailed!FERRARI: THE 2015 INITIAL PUBLIC OFFERING Ferrari Car Shipments Full Year First Half of Year 2012 2013 2014 2014 2015 By Model Type Sports Cars V8 4,274 3,944 3,651 2,077 1,581 V12 481 1,401 1.565 900 645 Total 4,755 5,345 5,216 2,977 2,226 GT Cars V8 1,589 1,219 1,645 454 1,280 V12 1,061 436 394 237 188 Total 2,650 1,655 2,039 691 1,468 By Geography Europe, Middle East, and Africa United Kingdom 686 686 705 408 456 Germany 755 659 616 353 214 Switzerland 366 350 332 181 155 Italy 318 206 243 132 139 France 330 273 253 138 129 Middle East 423 472 521 232 185 Rest of EMEA 825 663 604 349 320 Total EMEA 3,703 3,309 3,274 1,793 1,598 Americas Americas 2,208 2,382 2,462 1,199 1,287 Asia Pacific Greater China 789 572 675 289 261 Rest of APAC 705 737 844 387 548 Total APAC 1,494 1,309 1,519 676 809 Total 7,405 7,000 7,255 3,668 3,694 Middle East includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait Rest of EMEA includes Africa and the other European markets not separately identified. Americas includes the United States of America, Canada, Mexico, the Caribbean and Central and South America Greater China includes China, Hong Kong and Taiwan. Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia and South KoreaExhibit 3 FERRARI: THE 2015 INITIAL PUBLIC OFFERING Ferrari Income Statement (millions of euro) First Half 2012 2013 2014 2015 Sales Cars and Spare Parts (1) 1,695 1,655 1,944 1,007 Engines (2) 77 188 311 121 Sponsorship, Commercial and Brand (3) 385 412 417 212 Other (4) 69 80 91 46 Total Sales 2,225 2,335 2,762 1,387 Cost of Sales excluding Dep. and Amort. 961 964 1,217 592 Depreciation and Amortization Expense 238 270 289 130 Selling, General, and Admin. Expense 243 260 300 152 Research and Development 431 479 541 291 Other Operating Expense 17 =2 26 4 Operating Income (EBIT) 335 364 389 218 Net Financial Income (Expense) =1 3 9 =27 Profit before Tax 335 366 398 191 Income Tax Expense 101 120 133 65 Net Profit 233 246 265 126 Capital Expenditures 258 271 330 151 (1) Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on these cars and sales of spare parts. (2) Includes the net revenues generated from the sale of engines to Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 racing teams () Includes the net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues and net revenues generated through the Ferrari brand, including merchandising, licensing and royalty income. (4) Primarily includes interest income generated by the Ferrari Financial Services group and net revenues from the management of the Mugello racetrack. Source: Company ProspectusExhibit 4 FERRARI: THE 2015 INITIAL PUBLIC OFFERING Ferrari Balance Sheet (millions of euro) 31-Der-2013 31-Der-2014 30-Jun-2015 Cash and cash equivalents 798 1,077 258 Trade receivables 206 184 154 Receivables from financing activities 863 1,224 1,181 Inventories 238 296 352 Other current assets 115 64 100 Total current assets 2,219 2,845 2,045 Investments and other financial assets 37 47 48 Deferred tax assets 42 112 149 Property, plant, and equipment 568 585 589 Intangible assets (1) 242 265 283 Goodwill 787 787 787 Total assets 3,895 4,641 3,900 Trade payables 486 536 578 Current tax payables 104 110 182 Other current liabilities 475 774 836 Total current liabilities 1,065 1,420 1,595 Long-term debt 317 510 2,267 Other liabilities 197 233 239 Total equity 2.316 2.478 -201 Total liabilities and equity 3,895 4,641 3,900 (1) Costs incurred for car project development are recognized as as asset following the conditions of IAS38. Capitalized development costs are amortized on a straight-line basis over the estimated life of the model (generally 4 to 8 years). Source: Company ProspectusExhibit 5 FERRARI: THE 2015 INITIAL PUBLIC OFFERING FCA Car Shipments by Brand (000s of units) 2013 2014 Mass-Market Vehicle Brands NAFTA (U.S., Canada, Mexico) 2,100 2,500 LATAM (Latin America) 900 800 APAC (Asia Pacific) 200 300 EMEA (Europe, Middle East, Africa) 1,100 1.200 Total 4,300 4,800 Maserati 20 40 Ferrari 7 7 Mass-market Brands: Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, and Ram. Source: FCA Annual ReportExhibit 6 FERRARI: THE 2015 INITIAL PUBLIC OFFERING Data for Comparable Companies (in millions of euros) Total Capital Projected Market Value Revenue Expend EBITDA Growth Rate of Equity Total Debt Cash Auto Manufacturers BMW 80,401 6,099 16,426 6.1% 56,562 77,506 7,688 Daimler 129,872 6,307 18,514 6.9% 77,906 86,689 15,543 Fiat Chrysler 96,090 8, 121 8,271 4.6% 18,657 33,724 23,601 Ford Motor 108,619 5,626 8,537 10.1% 52,925 98,484 25,743 General Motors 117,554 8,946 6,674 4.5% 46,554 38,710 24,391 Honda Motor 96,196 6,374 12,730 6.9% 51,128 52,483 11,427 Hyundai Motor 63,924 3,385 7,233 6.8% 33,631 40,802 19,547 Kia Motors 33,730 1,446 2,800 1.6% 16,977 3,535 5,502 Nissan Motor 82,101 11,432 10,879 6.2% 40,013 51,796 6,698 Peugeot 53,607 2,428 3,318 7.0% 12,230 21,914 10,521 Renault 41,055 2,703 3,967 8.9% 23,096 36,299 14,049 Tata Motors 33,811 4,100 5,647 5.5% 16,701 10,952 7,125 Tesla Motors 2,411 731 9 94.9% 26,400 2,051 1,590 Toyota Motor 196,622 24,233 30,260 3.2% 186,069 147,344 40,497 Volkswagen 202,458 16,613 23,048 3.5% 52,916 139,021 34,143 Luxury Brands Burberry Group 3,221 199 745 2.6% 7,691 90 865 Cie Financiere Richemont 10,410 708 2,902 3.1% 38,986 3,093 8,553 Hermes International 4,119 279 1,478 6.8% 35,297 41 1,481 LVMH Moet Hennessy 30,638 1,848 7,027 2.1% 80,731 9,243 4,648 Prada 3,552 362 954 1.9% 8,772 519 720 Tiffany & Co. 3,248 189 819 4.7% 9,125 989 648 Figures as of end of 2014, except Equity Value which is as of October 2015. Projected growth rate is equal to the 5 year compound annual growth rate of Operating profits from 2014 actuals to 2019 forecast. Source: FactSet, The projected growth rate is obtained based on the Value Line Investment Survey (August-October 2015) and Case writer estimates.Exllibit 8 FERRARI: THE 2015 INITIAL PUBLIC OFFERING Ferrari Forecast (Millions of Euro, except as noted) Assumptions 2014 2015 2016 2017 2018 2019 Growth in Cars Shipped 3.6% 7.0% 5.0% 4.0 4.0% 3.0% Growth in Revenue/Car 5.0% 5.0% 5.0% 5.0% 5.0% Growth in Engine Revenue 3.0% 3.0% 3.0% 3.0% 3.0% Growth in Other Revenue 3.0% 6.0% 6.0% 6.0% 6.0% Operating Margin - Cars 12.5% 13.0% 13.5% 14.0% 14.0% 14.0% Operating Margin - Engines 9.1% 10.0% 10.0% 10.0% 10.0% 10.0% Operating Margin - All Other Revenue 24.9% 25.0% 27.0% 28.0% 30.0% 30.0% Net Working Capital Turnover 1.9 2.0 2.1 2.2 2.2 2.2 Net Fixed Asset Turnover 3.2 3.2 3.3 3.5 3.7 3.8 Deprec. & Amort/PP&E 34% 34% 34% 34% 34% 34% Financial Forecast Car Shipments (000s) 7.26 7.76 8.15 8.48 8.82 9.08 Avg Revenue per Car (Euro 000s) 268 281 295 310 326 342 Car Revenue 1,944 2,184 2,408 2,629 2,871 3,105 Engine Revenue 311 320 330 340 350 361 All Other Revenue 507 154 587 623 660 Total Revenue 2,762 3,027 3,292 3,556 3,844 4,126 Operating Profit - Cars 243 284 325 368 402 435 Operating Profit - Engines 28 32 33 34 35 36 Operating Profit - All Other Revenue 126 131 150 164 187 198 Total Operating Profit 398 447 508 567 669 Net Working Capital 1,425 1,513 1,568 1,617 1,747 1,875 Net PP&E and Int. Assets 851 932 998 1,016 1,039 1,086 Deprec. & Amort. 289 317 339 345 353 369 Total Revenue Growth 18% 10% 9% 8% 8% 7%% EBITDA Margin 25% 25% 26% 26% 25% 25% Source: Case Writer EstimatesExhibit 9 FERRARI: THE 2015 INITIAL PUBLIC OFFERING Capital Markets Data - October 19, 2015 Government Bond Yields (Traly) 1 year 0.23% 10 year 1.70% Corporate Bonds Euro AAA 1.91% AA 1.99% A 2.30% BBB 3.43% BB 4.98% B 6.79% Exchange Rate USD/EUR 1.1375 Source: ADB Analisi Data Borsi, Merrill Lynch, Case Writer Estimates