Exhibit 4 Comparable Companies (amounts in US$000)

Net Net
HQ Sales 1994 Sales 1995 Income Income Market
Company Country 1994 1995 Capitalization
Motorcycle Companies
Harley Davidson USA 1,158,887 1,350,466 104,272 112,480 3,166,944 (7/18/96)
Titan Motorcycle USA 0 625 n.a. n.a. n.a.
BMW Germany 425,174 511,189 n.a. n.a. 6,696,788 (7/18/96)
Excelsior-Henderson USA 0 0 n.a. n.a. n.a.
Indian Motorcycle USA 0 0 n.a. n.a. n.a.
Honda Japan 5,213,925 5,519,886 516,028 559,509 23,594,943 (7/18/96)
Ducati Italy
Net Assets Sales PE Equity Beta Units Sold Employees
1995 Multiple Multiple Jun-96 1995 (12/31/95)

955,679 2.16 22.6 (1996E) 1.09 105,104 4,800

n.a. n.a. n.a. n.a. n.a. n.a. n.a.
3,527,729 2.04 18.6 (1996E) 1.10 50,246 1,900
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
22,876,160 4.04 34.9 (1996A) 1.22 5,300,000 96,800
20,017
Exhibit 9a Ducati: Historic P&L Statements and Forecasts
1993 1994 1995 1996
Total motorcycle volume (#) 16,507 18,163 20,017 13,480
Average unit price per cycle (million Lira) 8.3 10 12.8 14.8
Motorcycle revenue 137.0 181.6 256.2 199.5
Potential Cagiva North America mark-up 0 0 0 0
Adjusted motorcycle revenue 137.0 181.6 256.2 199.5

Apparel revenue 0 0 0 0
Other revenue / adjustments 26.6 23 35.8 0
Total revenues 163.6 204.3 292.0 199.5

Materials 93.2 119.3 156.9 109.1

Direct labor and other direct expenses 11.0 12.3 16.5 13.1
Variable sales expense 1.0 1.1 3.8 6.0
Apparel expenses 0 0 0 0
Total variable expense 105.2 132.7 177.2 128.2

Variable Contribution 58.4 71.6 114.8 71.3

Total SG&A 30.3 34.5 54.4 46.0
EBITDA 28.1 37.1 60.4 25.3

Depreciation 6.0 6.0 6.0 6.0

Amortization 0.0 0.0 0.0 20.7
EBIT 22.1 31.1 54.4 -1.4

1993 1994 1995 1996 1997

assumptions)
Motorcycle volume growth 10.00% 10.20% -32.70% 110.90%
Motorcycle average unit price growth 20.50% 28.00% 15.60% -8.80%
Apparel revenue growth 0.00% 0.00% 0.00% 0.00%
Other revenue growth -14.70% 57.70% -100.00% 0.00%
Total revenue growth 24.90% 42.90% -31.70% 92.30%

Percentage of total revenue

Materials 57.00% 58.40% 53.70% 54.70% 53.50%
Direct labor & other direct expenses 6.70% 6.00% 5.70% 6.60% 5.60%
Variable sales expense 0.60% 0.50% 1.30% 3.00% 1.30%
SG&A 18.50% 16.90% 18.60% 23.10% 16.10%

Resulting EBITDA/sales 17.20% 18.20% 20.70% 12.70% 23.50%

Depreciation 3.70% 2.90% 2.10% 3.00% 1.90%
Amortization 0.00% 0.00% 0.00% 10.40% 6.40%
Resulting EBIT/sales 13.50% 15.20% 18.60% -0.70% 15.20%

Exhibit 9a (continued)
1996 1997 1998 1999 2000
Proforma Resulting from Assumptions (see first part of Exhibit 9a)
Total motorcycle volume (#) 13480 28429 35224 40261 44287
Average unit price per cycle (million Lira) 14.8 13.5 13.5 13.5 13.6
Motorcycle Revenue 199.5 383.7 475.4 543.4 602.6
Apparel Revenue 0 0 0 0 0
Other Revenue 0 0 0 0 0
Total revenue 199.5 383.7 475.4 543.4 602.6

Materials 109.1 205.3 254.4 282.6 310.9

Direct labor & other direct expenses 13.1 21.5 26.6 26.1 28.9
Variable sales expense 6.0 5.0 6.2 13.0 14.5
SG&A 46.0 61.8 75.1 85.9 95.2

EBITDA 25.3 90.2 113.2 135.9 153.0

Depreciation 6.0 7.3 9.1 11.1 13.5
Amortization 24.7 24.7 24.7 28.5 28.5
EBIT -5.4 58.2 79.4 96.3 111.0

Net Interest Expense 11.0 31.1 28.9 28.1 23.1

EBT -16.4 27.1 50.5 68.2 87.9
Taxes (@53.5%) 0.0 14.5 27.0 36.5 47.1
Net Income -16.4 12.6 23.5 31.7 40.9

Tax rate 53.5%

 1998 1999 2000 2001 2002 2003

23.90% 14.30% 10.00% 6.50% 5.50% 5.50%

0.00% 0.00% 0.80% 0.80% 0.90% 1.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
8.80% 15.10% 17.10% 8.10% 0.00% 0.00%
23.90% 14.30% 10.90% 7.40% 6.40% 6.60%

53.50% 52.00% 51.60% 51.10% 50.60% 50.40%

5.60% 4.80% 4.80% 4.80% 4.80% 4.80%
1.30% 2.40% 2.40% 2.40% 2.40% 2.40%
15.80% 15.80% 15.80% 15.80% 15.80% 15.80%

23.80% 25.00% 25.40% 25.90% 26.40% 26.60%

1.90% 2.00% 2.20% 2.40% 2.60% 2.80%
5.20% 5.20% 4.70% 4.40% 4.10% 3.90%
16.70% 17.70% 18.40% 19.10% 19.60% 19.90%

2001 2002 2003

47166 49760 52497
13.7 13.8 14.0
646.9 688.6 733.7
0 0 0
0 0 0
646.9 688.6 733.7

330.5 348.4 369.8

31.0 33.1 35.2
15.5 16.5 17.6
102.2 108.8 115.9

167.5 181.8 195.2

15.7 18.1 20.7
28.5 28.5 28.5
123.3 135.2 146.0

17.9 12.3 6.3

105.4 122.9 139.7
56.4 65.7 74.7
49.0 57.1 64.9
Exhibit 9b Ducati Capital Expenditure, Depreciation and Amortization Schedules

Capital Expenditures
Amount Years 1993 1994 1995 1996

Maintenance 2.1 4.2 4.3 6.0

Capacity expansion 4.6
Technical investment 3.5 1.9 3.5 2.3
Additional investment (TPG estimates)
Total 5.6 6.1 7.8 12.9

Depreciation 6.0 6.0 6.0 6.0

Amortization (Italian GAAP)

Ducati brand name 207.2 10 20.7
Transaction costs 40 10 4.0
Performance goodwill hurdle(paid in 1998) 38 10
Total 24.7
1997 1998 1999 2000 2001 2002 2003

6.0 6.0 7.0 7.0 8.0 8.0 8.0

1.5 4.0 4.0 4.0 5.0 5.0 5.0
3.0 3.0 5.0 5.0 5.0 5.0 5.0
5.0 7.0 8.0 6.0 6.0 6.0 8.0
15.5 20.0 24.0 22.0 24.0 24.0 26.0

7.3 9.1 11.1 13.5 15.7 18.1 20.7

20.7 20.7 20.7 20.7 20.7 20.7 20.7

4.0 4.0 4.0 4.0 4.0 4.0 4.0
3.8 3.8 3.8 3.8 3.8
24.7 24.7 28.5 28.5 28.5 28.5 28.5
Exhibit 9c Ducati Balance Sheet (1997 onward are assumptions)
1995
(pre-buyout) 1996 1997 1998 1999 2000

Cash 9.4 11.3 22.6 8.0 9.8 37.2

Accounts Receivable 80.0 84.5 83.2 124.5 139.9 141.6

Inventory 55.0 37.2 49.2 65.4 61.7 68.1
Other current assets 3.3 2.2 2.7 3.2 15.0 16.8
Total current assets (non-cash) 138.3 123.9 135.1 193.1 216.6 226.5

PP&E 28.1 64.8 75.5 86.4 99.3 107.8

Ducati trademakrk 0.0 200.3 179.6 158.9 138.1 117.4
Goodwill 0.0 27.5 27.5 65.0 61.3 57.5
Capitalized transaction costs 0.0 38.7 34.7 30.7 26.7 22.7
Total long-term assets 28.1 331.3 317.3 341.0 325.4 305.4

Total assets 175.8 466.5 475.0 542.1 551.8 569.1

Accounts payable 40.0 30.3 50.4 78.7 94.4 104.1

Other current liabilities 11.3 9.4 10.5 13.2 7.8 8.7
Total current liabilities 51.3 39.7 60.9 91.9 102.2 112.8

Staff severance reserve 7.3 6.2 8.5 10.6 15.3 17.8

Total long-term liabilities 7.3 6.2 8.5 10.6 15.3 17.8

Existing mortgage 44.9 0.0 0.0 0.0 0.0 0.0

Existing bank debt 136.8 0.0 0.0 0.0 0.0 0.0
New senior debt 0.0 280.0 247.5 240.0 195.5 149.5
New subordinated debt 0.0 0.0 0.0 0.0 0.0 0.0
Total debt 181.7 280.0 247.5 240.0 195.5 149.5

Total liabilities 240.3 325.9 316.9 342.5 313.0 280.1

Capital contribution 0.0 140.0 140.0 152.5 152.5 152.5

Retained earnings -64.5 0.5 18.1 47.1 86.3 136.4
Net shareholders equity -64.5 140.5 158.1 199.6 238.8 288.9

Total liabilities and equity 175.8 466.4 475.0 542.1 551.8 569.0

Check 0.0 0.1 0.0 0.0 0.0 0.1

2001 2002 2003

59.9 87.2 132.2

152.0 161.4 170.6

72.6 76.3 80.2
18.0 19.1 20.2
242.6 256.8 271.0

116.2 124.1 129.4

96.7 76.0 55.3
53.8 50.0 46.3
18.7 14.7 10.7
285.4 264.8 241.7

587.9 608.8 644.9

110.9 116.6 122.6

9.4 9.9 10.5
120.3 126.5 133.1

20.4 20.4 20.4

20.4 20.4 20.4

0.0 0.0 0.0

0.0 0.0 0.0
99.3 46.3 0.0
0.0 0.0 0.0
99.3 46.3 0.0

240.0 193.2 153.5

152.5 152.5 152.5

195.4 263.0 338.7
347.9 415.5 491.2

587.9 608.7 644.7

0.0 0.1 0.2