“We share our successes: a bonus for everyone when triennial targets are met”

Maranello, 1 October 2010 – This afternoon, Ferrari President, Luca di Montezemolo met around 3000 company employees to appraise the Maranello staff of the situation in the market and its objectives, as well as reinforcing the fact that the company’s unique approach also extends to its relationship with its workforce. “We have known how to react to an unprecedented crisis in the car industry thanks to continued investment and innovative products,” said Montezemolo. “We have safeguarded all our jobs and now, together we must tackle the new opportunities in the market place.”

In his presentation, Montezemolo pointed out that Ferrari continues to be one of the most desirable workplaces, always at the forefront of lists of preferred establishments for young people around the world. “It is a company of which we can all be proud, a symbol of Italian excellence around the world,” he said. “It is a company that invests in its people and their professional growth, providing various benefits for the workforce and their families. It is a company where commitment is respected and which observes the obligations and rights of everyone.”

The Ferrari President also mentioned the 200 million Euros invested over the past ten years in the workplace and the four million Euros spent last year on safety. Other personnel-related benefits, such as specialist free medical aid for all and free books for employees’ children and student grants, as well as other programmes, totalled around two million Euros per year. “This is all money that we spend with pleasure, because our workforce is Ferrari’s most important asset,” continued Montezemolo. “However, as from today, I want the company’s objectives, including those in the medium term and the progress made, to be concretised into something tangible for all. Apart from the wage defined by the national and supplementary contracts and on condition that that all economic targets we set for the three year 2010-2012 period are met, then everyone will receive a significant bonus.”

Montezemolo then stressed the importance of dialogue: “It is important to talk together. I have the utmost respect for the trades union and it is right that they have a place in the company, but I also want to be able to talk directly with you and you should be able to talk to me. Therefore I wish to make this meeting a regular event, which reinforces Ferrari’s “Open Door” policy of listening to what its people has to say.”