Ferrari to close, restructure entire European dealer network

Ferrari has announced that it is canceling its contracts with every single one of its European dealers. The move is part of a restructuring plan for the company's European, Middle Eastern and African operations, justified by compliance with new European Union regulations and the streamlining of communication between the Maranello and the dealerships.

The cancellation of the contracts will take effect June 30, 2010, by which time many dealers expect to have theirs renewed. However, somewhere between a third and a half of the outlets may be closed for good before then. Sources suggest that once re-launched, the network will have been restructured into A- and B-class dealerships, but what those classifications mean exactly remains to be seen.

PRESS RELEASE

New Emea regional office for Europe, the Middle East and Africa opens

Maranello, August 6th 2008 - Ferrari is delighted to announce the launch of a new Europe, Middle East and Africa (EMEA) regional headquarters aimed at further boosting its presence on established and developing markets alike. The new organisation will guarantee an efficient distribution of resources between the central and regional offices, with the latter focusing on commercial and technical sales and after-sales activities.

The new organisation involves the setting up of the EMEA (Europe Middle East Africa) regional headquarters here in Maranello, covering four regional areas:

- Europe South/West Region, based in Paris
- Central Europe Region, based in Wiesbaden
- North Europe Region, based in London
- Middle East and Africa Region, based in Dubai

With regard to our European dealership and assistance network, because current EU law governing our relations with our dealership and assistance centres expires on May 31st 2010, we have decided to withdraw from all existing contracts and draw up new agreements that will ensure the network complies with any future EU regulations introduced.

In this same period, the European dealership and after-sales assistance network will be revised to guarantee excellent service to our clients, enhance the best facilities, cover new areas.