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Six-Monthly Report.at 31 December 2001

Borsa Italiana S.p.A. share code: JUVEISIN code: IT0000336518Bloomberg ticker: JUVE IMReuters ticker: JUVE.MI

This document contains a true translation in English of the report in Italian “Relazione Semestrale al31 dicembre 2001”.

However, for information about Juventus Football Club S.p.A. reference should be made exclusively to theoriginal report in Italian “Relazione Semestrale al 31 dicembre 2001”.

The Italian version of the “Relazione Semestrale al 31 dicembre 2001” shall prevail upon the English version.

This report is available on the Internet at www.juventus.com and www.juventusbiz.com in the InvestorRelations section.

JUVENTUS FOOTBALL CLUB S.p.A.

REGISTERED OFFICECorso Galileo Ferraris 32, 10128 Torino

SHARE CAPITALEuro 12,093,200

REGISTERED IN THE TURIN COMPANIES REGISTERunder no. 00470470014 - REA no. 394963

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CAPTAIN

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CONTENTS

OFFICERS pag. 5

MANAGEMENT REPORT pag. 7

History and Strategy of Juventus Football Club S.p.A. pag. 7

Shareholdings and the Stock Market pag. 9

Significant Events in the first Six Months of 2001/2002 pag. 10

Analysis of the Six-Monthly Results of Juventus Football Club S.p.A. pag. 15

Corporate Governance pag. 17

Further Information pag. 21

Significant Events after the Closure of the first Six Months of 2001/2002 pag. 22

Future Outlook pag. 23

Situation and Progress of the Subsidiary CompanyCampi di Vinovo S.p.A. pag. 23

RECLASSIFIED BALANCE SHEET ANDRECLASSIFIED INCOME STATEMENT OF JUVENTUSFOOTBALL CLUB S.P.A. AT 31 DECEMBER 2001 pag. 25

Reclassified Balance Sheet pag. 25

Reclassified Income Statement pag. 26

Notes to the Reclassified Balance Sheet and ReclassifiedIncome Statement pag. 27

JUVENTUS FOOTBALL CLUB S.P.A. - SIX-MONTHLYFINANCIAL STATEMENTS AT 31 DECEMBER 2001 pag. 28

Six-Monthly Financial Statements at 31 December 2001 pag. 28

Notes to Six-Monthly Financial Statements at 31 December 2001 pag. 34

INDEPENDENT AUDITORS’ REPORT pag. 67

FINANCIAL COMMUNICATION AND INVESTOR RELATIONS pag. 71

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OFFICERS

BOARD OF DIRECTORSChairman Vittorio Caissotti di Chiusano**Vice Chairman Roberto BettegaChief Executive Officer Antonio GiraudoDirector and General Manager Luciano MoggiDirector Giancarlo Cerutti* **Director Virgilio Marrone**Director Claudio Saracco* **

AUDIT COMMITTEEClaudio Saracco* **Vittorio Caissotti di Chiusano**Virgilio Marrone**

REMUNERATION AND APPOINTMENTS COMMITTEE Vittorio Caissotti di Chiusano**Giancarlo Cerutti* **Virgilio Marrone**

BOARD OF STATUTORY AUDITORSChairman Giorgio GiorgiAuditor Alberto FerreroAuditor Carlo ReDeputy Auditor Paolo PiccattiDeputy Auditor Gianluca Ferrero

** Independent directors

** Non executive directors

The mandate of the Board of Directors and the Board of Statutory Auditors will expire with the Shareholders’ Meeting toapprove the financial statements as of 30 June 2003.

POWERS OF COMPANY OFFICERSThe Chairman, Vice Chairman and Chief Executive Officer under company by-laws (art. 21) have the power to represent

the Company, in law and on behalf of the company, with the authority to undertake all measures compliant with company

goals, save legal limitations, as specified in Art. 2384 of the Italian Civil Code.

The Board of Directors voted on 15 December 2000 to confer specific management powers on the Vice Chairman and

the Chief Executive Officer.

The Board of Directors voted on 4 September 2001 to confer on the General Manager specific responsibility for sport.

INDEPENDENT AUDITORSThe Shareholders' Meeting of 4 September 2001 appointed PricewaterhouseCoopers S.p.A. as independent auditors of

the Financial Statements for the three-year period of 2001/2002, 2002/2003 and 2003/2004 and for limited audits of the

Six-Monthly Report at 31 December 2001, 2002 and 2003.

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MANAGEMENT REPORT

HISTORY AND STRATEGY OF JUVENTUS FOOTBALL CLUB S.P.A.

Juventus was founded in 1897 thanks to the idea of a group of young students at the Liceo D'Azeglio school in Turin.

After only a few years and the switch to the current black and white strip, Juventus won its first Italian championship

as early as 1905.

In the years that followed, Juventus rapidly rose to be a leading team in Italian and international football, becoming

the only club, together with AFC Ajax, to win all the most important international competitions.

In particular, since its foundation Juventus has won 25 Italian Championships, 2 Italian Super Cups, 2 Champions

Leagues, 2 Intercontinental Cups, 2 European Super Cups, 3 U.E.F.A. Cups and 1 Cup Winners’ Cup.

Since 1994, Juventus has gone from strength to strength not only on the field but also, in the wake of some

important regulatory changes and especially the abolition of the prohibition of profit-making for professional sports

clubs and the recognition of the subjective nature and football clubs' ownership of "television rights", has

gradually transformed itself from a sports club into a business. In particular, the sale of television rights has

enabled the Company to make substantial modifications to the composition of its revenue, exploiting the

economic potential related to the large audiences for football matches and its presence in the mass media.

In the last few years, Juventus has also continued to strengthen its First Team and enhanced its own brand,

developing, among other things, programmes and projects for auxiliary activities connected to its core business

with the aim of providing the Company with fixed assets appropriate to the running of its sports activities and as

promotion, advertising and commercial support from a perspective of establishing itself as an entertainment &

leisure group.

The Company's aim is, therefore, to increase and diversify its revenues and to boost its profitability while at the

same time making it less sensitive to sports results, pursuing strategies to ensure further strengthening in its core

business and the development of new auxiliary activities.

In particular, the Company intends to pursue the following closely related strategic objectives:

• The maintenance of a team of an excellent technical level in order to obtain victorious results on the field and, in

any case, significant successes in domestic and international competitions. To achieve this goal, the Company

intends to continue with the careful management of its team and to pay the maximum attention to the youth

sector with the constant inclusion of young football players;

• Further enhancement of its brand with a view to further developing commercial activities, also through the

expansion of its fans in countries that have shown recent interest in the world of football and the development

of new forms of partnership, especially with companies that own internationally-renowned brands;

• the design and implementation of revenue diversification projects (the Stadium and Mondo Juve projects),

through investments in auxiliary activities connected to its core business in the fields of entertainment and leisure,

thus making the most of the activity of the First Team.

IFI S.p.A. LAFICO S.a.l.

62.7%

5.3%3.6%

28.4%

Antonio Giraudo Free float

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SHAREHOLDINGS AND THE STOCK MARKET

Share Capital

Following listing on the stock market of Juventus Football Club S.p.A., company stock amounts to Euro 12,093,200,

divided into 120,932,000 shares of the nominal value of Euro 0.1.

Shareholders

At the date of the offering (20 December 2001), Juventus Football Club S.p.A. had approximately 41,000 shareholders.

Largest ordinary shareholders

On the basis of the most recent CONSOB declarations available, the shareholding structure of Juventus Football

Club S.p.A. is as follows:

Juventus Football Club S.p.A. shares

Juventus Football Club S.p.A. does not hold any of its own shares.

The Shareholders' Meeting of 4 September 2001 authorised, for a period of 18 months from the date of the

decision, the purchase of its own shares up to a maximum value of Euro 17 million, without setting the maximum

number of them which, within legal limitations, is determined by the cost of purchase. Each purchase must be

made at a minimum price not lower than Euro 0.1 and not higher than 10% with respect to the reference price

recorded in the stock market on the day preceding the purchase.

10 Juventus Football Club Six-Monthly Report at 31 December 2001

On 12 April 2002 the official Juventus share price was Euro 3.43, a decrease of about 7.4% compared to the

value at listing on 20 December 2001 (Euro 3.7) essentially following the fall recorded at the end of the first day

of trading (-6.3%).

From 20 December 2001 to 12 April 2002, the Juventus share price has varied around an average of about Euro

3.44 without there being any particularly significant daily variations.

The average daily equity turnover in trading from 20 December to 12 April was approximately Euro 980,000:

the significant volumes recorded in the first few days after listing (7.3 million shares traded on 20 December

2001) were in fact followed by falling volumes (about 120,000 shares traded on average every day in the month

of March 2002).

SIGNIFICANT EVENTS IN THE FIRST SIX MONTHS OF 2001/2002

Transfer Campaign

From the financial point of view, changes in the playing squad, also taking into account termination of player

sharing, entailed a difference of Euro 45.6 million, determined by investments for Euro 208.3 million net of

disposals for Euro 157.3 million and the terminations of player sharing that determined revenues for Euro 5.4

million. The economic effect, including the terminations of player sharing, is positive for Euro 121.7 million.

On 27 July 2001, the controlling company IFI S.p.A. guaranteed the payment of the adverse balance stemming

from the domestic transfer campaign in the 2001/2002 season by pledging a third-party guarantee to F.I.G.C. -

LNP, as envisaged by the sports regulations in force, for a total sum of approximately Euro 104 million.

As regards the international transfers of footballers, and for which a system of compensation is not envisaged as

in the case of domestic transfers, the disposal of the following player registrations should be noted:

• the footballer Zinedine Zidane to Real Madrid Club de Futbol for a sum of approximately Euro 75 million to be

paid in four equal annual payments. The first instalment has already been received and the remaining ones (for

Euro mln Euro

Juventus Football Club share price trend and equity turnover

20/12 28/12 7/1 14/1 21/1 28/1 4/2 11/2 18/2 25/2 4/3 11/3 18/3 25/3 3/4 10/4

25

20

15

10

5

0

4.2

4

3.8

3.6

3.4

3.2

3

2.8

Equity turnover

Official Price

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which no guarantees have been issued) will be paid by 16 July each year.

• the footballer Edwin Van Der Sar to Fulham Football Club for a total sum of GBP 7 million to be paid in 3

annual instalments, the first instalment of GBP 2 million has already been received; guarantees have been

issued for the remaining sums.

Season tickets

Season tickets sold for the 2001/2002 season amounted to 35,703 compared to 35,446 for the 2000/2001

season. The total net revenue, including auxiliary services, was Euro 6.9 million, an increase compared to the

approximately Euro 6.8 million of the previous season.

Relations with sponsor companies

The Official Sponsor Europa Tv S.p.A. has sub-licensed to Fastweb S.p.A. the sponsorship rights granted by

Juventus for the 2001/2002 football season.

In addition to the agreement with Europa TV S.p.A. as the official sponsor of the Team in the Serie A

Championship, a sponsorship contract has been signed for the U.E.F.A. Champions League and the Coppa Italia

with TU Mobile S.p.A.

For the 2001/2002 and 2002/2003 seasons, Lotto Sport Italia S.p.A. is the Technical Sponsor of Juventus.

On 27 September 2001 the contractual relations between Ciaoweb and Juventus were terminated by mutual

consent, in particular those concerning the contract as Institutional Sponsor and the Juvestore virtual shop, on

receipt of payment from Ciaoweb S.p.A. for a total sum of Euro 4.1 million.

On the same date, the Company went ahead with the sale to Ciaoholding N.V. of 339,560 Ciaoweb S.p.A. shares

at the nominal value of Euro 1 each, for a total sum of about Euro 488,000, for a profit of Euro 148,000.

As regards relations with Sportal Ltd., with whom during 2001 the Company had raised two objections concerning

respectively the management of the official site www.juventus.com and the contract as Official Sponsor for the

1999/2000 2000/2001 2001/2002

No. SEASON TICKETS

34,284

35,446

35,703

12 Juventus Football Club Six-Monthly Report at 31 December 2001

competitions organised by U.E.F.A., it should be remembered that on 30 August 2001 Sportal Ltd entered

insolvency proceedings at the High Court of London and that on 28 November 2001 the contract concerning the

management of the official site was terminated. The Company has fully written-off its credits towards Sportal Ltd.

as it did in the Financial Statements at 30 June 2001 for credits due at the time.

Nike contract

In late November, Juventus and Nike European Operations Netherlands B.V. ("Nike") reached an agreement for a

duration of twelve years that, with effect from 1 July 2003, envisages:

• Technical sponsorship by Nike;

• The exclusive right of Nike to use and sub-license to third parties the Juventus brand and other intellectual

property rights to produce, publicise and sell, worldwide and through all media, products and services (including

the replica version of the match kit used by the First Team as well as sports clothing and accessories).

On the basis of this contract, Nike will manage Juventus' entire licensing activities and will develop

Juventus-branded products and services, creating a network of traditional retailing, on-line and mail-order

operations.

Nike has the right to terminate the contract at the end of each three year period if the Nike Group were to find

itself in seriously adverse business conditions.

The minimum total sum guaranteed by the contract for the twelve years of the contract is about Euro 157.3

million. To these sums must be added the annual supplies of technical material from Nike to Juventus for a

wholesale value in the first contractual year of about Euro 2.3 million (the value of supplies is forecast to rise by

5% every three years).

Furthermore, Nike will pay Juventus the following annual royalties on licensing and retail operations:

• 10% on net revenues from sales of Juventus branded products exceeding Euro 22.7 million (a percentage

which rises to 12% and then 14% when sales of respectively Euro 28.4 and Euro 34.1 million have been

reached); and

• 50% of net profits deriving from the sale of Juventus branded services and from retail operations.

Finally, bonuses are envisaged in favour of Juventus when the First Team achieves certain pre-set national and

international sporting results.

Until 30 June 2003, and thus for the entire current season and the next season (2002-2003), Juventus will

continue collaboration with Lotto as technical sponsor and trademark licensee.

The question raised by AIM Management SA of Lucerne, which had demanded the payment of a considerable

sum in relation to the Nike contract, has been settled in a transaction that entailed the payment of Euro 0.3

million.

Dividends

The Shareholders' Meeting of 4 September 2001 voted, for the third consecutive financial year, the distribution of

a dividend for a total of Euro 1,123,219, equal to Euro 0.054 for each of the 20,800,358 shares of the nominal

value of Euro 0.50 then in circulation.

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Distribution of the dividend started on 5 September 2001.

Stock Market Listing

The Italian Prospectus was deposited with CONSOB on 5 December 2001 following the approval by CONSOB

on 4 December 2001, published in note no. 1090901.

The Public Offering of sale and subscription was held from 10 to 14 December 2001 for the general public in the

framework of the Global Offering of Juventus Football Club S.p.A. shares. Against a Global Offering of 38,700,000

shares, requests were received for 51,484,319 shares from 41,112 applicants, of which 101 institutional investors.

On this basis, 44,505,000 shares were assigned, of which 16,930,210 shares from the increase in capital of

Juventus Football Club S.p.A., 21,769,790 shares offered for sale by selling shareholders and 5,805,000 shares

from the over-allotment option. Shares were therefore assigned as follows: 26,458,500 shares in the Public

Offering and 18,046,500 in the Institutional Offering.

On 18 December 2001, Borsa Italiana S.p.A. approved with notification no. 2080 the admission of Juventus

Football Club S.p.A. shares to the stock market starting on 20 December 2001 on the Mercato Telematico

Azionario (MTA) - "STAR" segment.

The share Offer price was Euro 3.7. The increase in capital generated total proceeds for the Company of about

Euro 62.6 million, gross of commissions and additional charges.

It should be noted that on 20 December 2001 (the first day of trading) the new Company By-Laws came into force

(post-listing By-Laws) approved by the EGM of 4 September 2001.

Campi di Vinovo

As specified in the contract stipulated in March 2001, on 13 July 2001 the Company acquired 96.62% of the

share capital (99.61% of the outstanding capital) of Campi di Vinovo S.p.A., the owner of an area of about

500,000 sq. m. situated in the municipalities of Vinovo and Nichelino.

The sum agreed was approximately Euro 17.4 million, Euro 6.4 million of which was paid in the course of 2001.

In the last quarter of 2001, the Municipalities of Vinovo and Nichelino approved new zoning and redevelopment

plans required for the development of the area, which envisages the creation of the Juventus training centre and

related activities in the fields of entertainment, leisure and commerce, enhanced by the constant presence of the

First Team and the Juventus brand. The projects have been presented to the Piedmont Region for examination

1998/1999 1999/2000 2000/2001

5,224

1,074 1,074 1,123

5,5115,775

Net income

Dividends

Figures in thousands of Euro

14 Juventus Football Club Six-Monthly Report at 31 December 2001

and decisions on matters within its jurisdiction.

Stadio delle Alpi

As indicated in the Financial Statements at 30 June 2001, the Executive of the Municipality of Torino voted on

31 July 2001 to assign the temporary use of the Stadio Delle Alpi until 31 December 2001 to Juventus Football

Club S.p.A. and Torino Calcio S.p.A. The sum to be paid by each of the two sports companies was set at about

Euro 0.5 million. The contract also specified that the companies pay the City of Torino a sum equal to 25% of the

cost of the maintenance work and upgrading to safety standards agreed by the parties. As agreed with the City

of Torino, given that the negotiations for the acquisition of the Stadio were not completed by 31 December 2001,

the contract will remain in force until 30 June 2002 and each of the two clubs will be held to pay a sum equal to

the one set for the period up to 31 December 2001 in addition to 25% of the value of any work done in the

second six months of the validity of the contract.

Negotiations continue between the Company and the City of Torino for the acquisition of the Stadio Delle Alpi.

F.I.F.A. Regulations

In a letter dated 27 June 2001 the F.I.G.C. - LNP issued F.I.F.A. circular no. 759 of 31 May 2001 summarising the

principles of the agreement of 5 March 2001 between the European Commission, F.I.F.A. and U.E.F.A. on the

international transfers of football players. On 5 July 2001 F.I.F.A. approved the regulations that put the above-mentioned

principles into practice.

The new F.I.F.A. regulations, which are not effective for contracts stipulated before 1 September 2001, unless the

parties involved agree otherwise, also provides for introduction by the national Federations of a system of

national transfers of football players in observance of the new F.I.F.A. principles.

The new system governing international transfers regulates, among other things, the transfer of football players

under the age of eighteen, the training of young players and provides for payment of a training compensation to

be shared between all clubs offering training to these football players. An agreement has also been made that

sports contracts must last a minimum of 1 year and a maximum of 5 years. The new system governing

international transfers also provides for a period of stability of sports contracts, from 3 to 2 years depending on

the football player's age, allowing the player to back out of the contract for sporting just cause, to be established

on a case-by-case basis at the end of the football season. The unilateral breach of the contract, at the end of the

period of stability, may only take place at the end of the football season.

With the introduction of the principles of the agreement of 5 March 2001, a stable environment will be created for

the training and education of young players. This will enable the promotion of new young talents and will ensure

that clubs investing in the training and education process are compensated for the activity performed.

Furthermore, the new rules will guarantee contractual stability, which is very important for the fairness of national

and international competitions.

All the contracts completed during the 2001/2002 summer transfer period with professional football players

belonging to the First Team were stipulated by 31 August 2001.

Sport results

As far as match results are concerned, the First Team qualified for the second round of the U.E.F.A. Champions

League. As highlighted in the significant events after the closure of the first six months of the 2001/2002 financial

year, however, the First Team failed to qualify for the quarter finals of the U.E.F.A. Champions League.

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It should also be noted that during the Serie A Championship match Bologna-Juventus on 20 October 2001 the

football player Marcelo Salas was injured. The Company has informed the insurance companies Siat S.p.A., Toro

Assicurazioni S.p.A. and Lloyd's of this event in order to obtain the insurance payment related to the footballer's

injury.

The football player Marcelo Zalayeta rejoined the First Team in November.

Miscellaneous

It should be noted that Resolution no. 213/E of 19 December 2001 of the Agenzia delle Entrate specified that net

income from disposal of players' registrations rights are taxable for IRAP purposes. The Ministry's position is in

clear contrast with that of the Federazione Italiana Giuoco Calcio, which concluded that the income from

disposal of players' registration rights is not taxable, and with the specific order of the day of 19 December 2001

approved by the Chamber of Deputies urging the government to take all the steps necessary to ensure that the

income from disposal of players' registration rights is not subject to IRAP. Notwithstanding the clear contradiction

in the approach of the documents cited above, the Company believes that the amount of the tax provisions fund

is already adequate, with allocations made in the relevant years (1998/1999, 1999/2000 and 2000/2001 seasons)

for a sum equal to the IRAP due and the 25% minimum penalty due for a possible facilitated resolution, as well

as the IRAP due for the first six months of 2001/2002.

ANALYSIS OF THE SIX-MONTHLY RESULTS OF JUVENTUS FOOTBALLCLUB S.P.A.

The economic result for the first six months of 2001/2002 financial period was, as is usual, influenced by the

specific distribution of the economic elements over the whole financial year and cannot, therefore, be a basis for

forecasts referring to the entire period. In particular, it should be noted that in the period in question the income

from disposal of players' registration rights related to the July and August 2001 Transfer Campaign has been

recorded.

The first six months of 2001/2002 closed with a net profit of Euro 37.3 million, against the Euro 10.6 million of the

corresponding six months of the previous year. On the one hand, this result benefited from the significant

contribution from players' management (which was positive for Euro 87.4 million, a significant increase on the

positive balance of Euro 7.7 million of the first six months of 2000/2001), on the other, it shows the negative

impact deriving from the allocation of the extraordinary costs of listing (for a total of about Euro 5.9 million).

Furthermore, the loss of the second quarter of the 2001/2002 financial year was not balanced by the recording

of pre-paid taxes in that at the current state of events there was not sufficient information for registration. This

assessment will be made on closing the accounts at 30 June 2002.

Total revenue for the first six months of 2001/2002 came to Euro 84.8 million, an increase of 10.3% compared to

the Euro 76.9 million of the corresponding period of the previous period thanks to the increase in the income from

matches (from the Euro 5.3 million of the first six months of 2000/2001 to Euro 7.8 million) and, above all, to the

higher income from television, radio and telephone rights and revenues from the U.E.F.A. Champions League

16 Juventus Football Club Six-Monthly Report at 31 December 2001

(which were Euro 50.5 million, against the Euro 38.3 million of the first six months of 2000/2001), more than

compensating the lower revenue from sponsorship and commercial operations (Euro 20.3 million, against the

Euro 22.9 million of the first six months of 2000/2001) and the fall in other revenue (Euro 6.2 million, against about

Euro 10 million of the corresponding period of the previous year).

Match and broadcasting revenues and income from the U.E.F.A. Champions League also benefited from a

higher number of matches being played compared to the first six months of 2000/2001.

Sponsorship and commercial revenue suffered due to the termination by mutual consent of the relations between

Juventus and Ciaoweb S.p.A..

The payment for termination, of Euro 4.1 million, was recorded as other revenue and compensated in part the

insurance payments received by Juventus in the previous season following elimination in the first round of the

U.E.F.A. Champions League (a sum of about Euro 7.7 million).

The operating costs of the first six months of 2001/2002 came to a total of about Euro 87 million, an increase

compared to the Euro 65.6 million of the corresponding period, essentially because of the increase in expenditure

on personnel, which totalled Euro 62 million against the Euro 45.2 million of the first half of 2000/2001. This rise

was due to the strengthening of the First Team which in the coming seasons will again enable the Company

to maintain a level of technical excellence and the continuation of a management policy of bringing in young

players.

The Gross Operating Margin for the six months showed a loss of about Euro 2.1 million, against a profit of Euro

11.3 million for the first six months of 2000/2001.

The income before extraordinary income and taxes for the first six months of 2001/2002 was about Euro 78

million, a significant increase compared to the Euro 18.2 million of the corresponding period of the previous

year.

In the first six months of 2001/2002 the negative extraordinary income for Euro 5.4 million following the full

registration of stock market listing costs (for a total of Euro 5.9 million) was partly compensated for by lower

extraordinary revenue, including the capital gains deriving from the Ciaoholding N.V. sale of the 339,560 Ciaoweb

S.p.A. shares held.

The positive Net Income for the six months was Euro 37.3 million, against the Euro 10.6 million of the first six

months of 2000/2001.

As regards financial aspects and assets, it should be noted that:

• the net account value of players' registration rights at 31 December 2001 amounted to Euro 257 million, an

increase compared to 30 June 2001 (when it was Euro 116.6 million) following the net investments made in the

July-August 2001 Transfer Campaign;

• The positive net Financial Position at the end of December 2001 was Euro 70.4 million, an increase compared

to the positive result of Euro 67.6 million at the end of June 2001 thanks to the proceeds deriving from the

capital increase, the cash flow generated by operating activities (of + Euro123.4 million), partly offset by the net

investments made for a total of Euro 181.8 million and other minor changes.

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• Shareholders' equity at 31 December 2001 was Euro 130.9 million, an increase compared to the Euro 32.5

million of 30 June 2001 thanks to the increase in capital achieved through the stock market listing (a total of

about Euro 62.6 million) and the net income for the six months, net of the dividends distributed.

CORPORATE GOVERNANCE

The Juventus Football Club S.p.A. system of corporate governance is in line with the recommendations of the

rules contained in the Code of Conduct prepared by the Corporate Governance Committee for listed companies,

promoted and adopted by Borsa Italiana. Below we indicate the key aspects of the overall framework of the

Corporate Governance of Juventus Football Club S.p.A.

Board of Directors

In accordance with Art. 15 of the By-laws, the Company Board of Directors meets, at least every three months,

whenever the Chairman and Vice Chairman deem it proper, and it must also meet when a written request is made

by at least three members of the Board or by a Chief Executive Officer or by two Statutory Auditors. The

following meetings of the Board of Directors have been held in the last twelve months: 28 June 2001, 7 July 2001,

19 July 2001, 14 August 2001, 4 September 2001, 12 November 2001, 13 February 2002 and 22 April 2002.

The Board of Directors plays a central role in the organisation of the company; as specified in Art. 17 of the

By-laws, it is vested with the broadest powers for the ordinary and extraordinary management of the Company,

with the power to take all the measures considered necessary and appropriate to achieve the company purpose,

save only such action as is reserved by law to the Shareholders' Meeting.

The Board of Directors exercises its powers in conformity with point 1.2 of the Code of Conduct. In particular, it:

• examines and approves the Company's strategic, commercial and financial plans;

• assigns and revokes the powers of Chief Executive Officers and defines their limits, the forms in which they

may be exercised and the regularity with which they must report to the Board on the work conducted

regarding the powers assigned to them, at least every three months as specified in the By-laws;

• after examination of the proposals of the Remuneration and Appointments Committee and after consulting the

Board of Statutory Auditors, decides on the remuneration of the chief executive officers and of those who occupy

particular positions, as well as the subdivision of the global remuneration for the individual members of the

Board of Directors, when this has not been decided by the Shareholders' Meeting;

• oversees the general management situation with particular attention to situations of conflict of interest, paying

particular attention to information received from the executive directors and the Audit Committee, as well as

regular comparison of effective results against forecasts;

• examines and approves operations of a significant economic, equity and financial impact (with particular

reference to operations with related parties) in as far as this is compatible with the rapid decision-making process

demanded by the "transfer campaign"; in any case, the Executive Directors and the General Manager act

within the framework of plans defined by the Board of Directors to which they report promptly about transfer

operations;

• verifies the adequacy of the general organisational and administrative structure of the company as prepared by

the Chief Executive Officers;

• reports to the shareholders at the OGM/EGM.

The Board of Directors may nominate one or more Chief Executive Officers, who may, as per Art. 21 of the

18 Juventus Football Club Six-Monthly Report at 31 December 2001

By-laws, sign on behalf of and represent the Company to exercise the powers granted to them, to execute

decisions made by the Board and in court.

Art. 18 of the By-laws states that the Board of Directors may delegate all or part of its powers, with related

powers of attorney, to an Executive Committee. In the event the Executive Committee is established, it may take

decisions with the affirmative vote of the absolute majority of those present; for the decisions to be valid, the

majority of the members of the Committee must be present.

The Board of Directors is constantly informed on a timely basis of new legislation and rules which relate to the

Company.

The Board of Directors in office (until the Meeting to approve the Financial Statements at 30 June 2003) is

composed of executive directors, namely Roberto Bettega (Vice-Chairman), Antonio Giraudo (Chief Executive

Officer) and Luciano Moggi (Director and General Manager), and of non-executive officers, namely Vittorio

Caissotti di Chiusano (Chairman), Giancarlo Cerutti, Virgilio Marrone and Claudio Saracco. The majority of the

Board of Directors is therefore composed of non-executive directors (without operational responsibilities and/or

management functions in the company), such as to guarantee, by number and authority, a decisive weight in the

assumption of decisions by the Board. The Company Board of Directors also includes a number of independent

directors. These directors, as recommended by the Code, do not have economic dealings with the Company, with

the executive directors or with the shareholder that controls the Company such as to condition the independence

of their judgement. Furthermore, they do not possess directly or indirectly shareholdings such as to allow them to

control the Company, nor are they members of shareholders' agreements for the control of the Company itself.

The Chairman of the Board of Directors, nominated in accordance with Art. 14 of the By-laws by the Board of

Directors when the Shareholders' Meeting has not already done so, convenes the Board of Directors at least once

every three months (Art. 15 of the By-laws) and co-ordinates its meetings, ensuring that the directors are

provided with timely and adequate information such as to enable the Board to take its decisions with the due

diligence. The Chairman of the Board of Directors holds no operational responsibilities and does not play a

managerial role in the company.

Art. 12 of the By-laws states that (i) the Shareholders' Meeting is chaired by the Chairman of the Board of

Directors or (ii) in his absence by the most senior in age Vice-Chairman present or, (iii) if absent, by another

person indicated by the Meeting. It is the task of the Chairman of the Meeting to verify the validity of the proxies

and in general the right to attend the Meeting and to ensure that the Meeting proceeds correctly. The resolutions

of the Meeting are reported in the form of minutes signed by the Chairman and the Notary Public or the Secretary.

Art. 15 of the By-laws also specifies the obligation for the Directors to whom powers have been delegated to

report at least every three months to the Board of Directors and to the Board of Statutory Auditors on the activity

conducted in exercising these powers, on the most significant operations conducted by the Company or by

subsidiary companies and on those transactions with potential conflict of interest.

Treatment of confidential information

On 13 February 2002 the Board of Directors approved a specific Procedure for the management and treatment

of confidential information, also containing procedures for external communication of documents and information

concerning the Company, with particular reference to price sensitive information.

The purpose of this Procedure is to maintain the confidentiality of certain information, ensuring at the same time

that information about the Company provided to the market is correct, complete, adequate and timely.

The Procedure vests the Chairman, the Vice Chairman, the Chief Executive Officer and the General Manager with

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general responsibility for the management of confidential information. The task of communicating price-sensitive

information is performed through the body denominated Investor Relations, under the direct responsibility of the

Chief Executive Officer.

The Procedure itself also institutes specific procedures to be observed in the external communication of

price-sensitive documents and information and carefully regulates the ways in which company representatives

come into contact with the press and other mass media (i.e. with financial analysts and institutional investors).

Directors’ Remuneration and Appointments. The Remuneration and Appointments Committee

The Company adopts incentive mechanisms on the basis of which the remuneration of executive directors, the

General Manager and other employees includes a part that varies according to whether certain economic and/or

sporting results are achieved. In particular, a significant part of the remuneration of the Vice Chairman Roberto

Bettega, the Chief Executive Officer Antonio Giraudo and the Director and General Manager Luciano Moggi is

linked to the achievement of the individual objectives set (qualitative and quantitative) and to the results (both

economic and sporting) achieved by the Company.

With a vote on 4 September 2001, the Board of Directors nominated a Remuneration and Appointments

Committee to provide consultancy and proposals composed of the non-executive directors Vittorio Caissotti di

Chiusano, Giancarlo Cerutti and Virgilio Marrone. The role of the Remuneration and Appointments Committee is

to evaluate the remuneration levels of the Company's top management, career plans, and the plans for the

replacement of people who occupy key positions in the Company structure.

Internal Control and the Audit Committee

The Company's internal control system is structured so as to ensure correct information and adequate

governance of all activities and, in particular, control of the areas of greatest risk for the Company. To this end, the

Company has deployed a specific system entrusted with the mission of ascertaining the adequacy of the various

company processes in terms of their effectiveness, efficiency and economic return, in addition to guaranteeing the

reliability and correctness of accounts and ensuring observance of internal and external regulations and company

directives and guidelines designed to ensure honest and efficient management.

With a vote on 4 September 2001, the Board of Directors nominated an Audit Committee to provide consultancy

and proposals, as well as the control of internal (administrative and operational) procedures, composed of three

non-executive directors in the persons of Claudio Saracco (President of the Committee), Vittorio Caissotti di

Chiusano and Virgilio Marrone. The Audit Committee is entrusted with maintaining relations between the person

responsible for the internal control of the Company, the Board of Directors, the Board of Statutory Auditors and the

independent auditing company.

The Board of Directors of 4 September 2001 indicated Teresa Gastaldo, Administration and Human Resources

Manager, as the person responsible for internal control.

For the three year period of 2001/2002, 2002/2003 and 2003/2004, the Company has appointed

PricewaterhouseCoopers S.p.A. as independent auditors of the Financial Statements and for limited audits

of the Six-Monthly Reports and verification that the accounts are kept in conformity with legislative decree

no. 58/98.

Other Corporate Governance procedures and guidelines

In order to establish a constant and professional relationship with all shareholders, as well as with institutional

20 Juventus Football Club Six-Monthly Report at 31 December 2001

investors, as requested by the Code of Conduct and also to respond to the further demands to be satisfied for

admission to the STAR segment of the Mercato Telematico Azionario organised and managed by Borsa Italiana

S.p.a., the appointment has been made of a person responsible for the specific management of all activities

concerning relations with institutional investors and other shareholders in the person of Fabrizio Prete (Investor

Relations Manager), Chief Financial Officer.

The recommendation contained in the Code of Conduct to consider the Shareholders' Meeting as the key

moment for fruitful dialogue between the shareholders and the Board of Directors has been carefully assessed

and is fully shared by the Company which believes it appropriate - as well as ensuring the regular attendance of

its own directors at the meetings - to adopt specific measures intended to make the best possible use of the

meetings.

To this end, on 4 September 2001, the Shareholders' Meeting approved the "OGM/EGM Code" which regulates

the ordered and effective management of Company Meetings, also to encourage the participation of as many

shareholders as possible.

In line with Art.13 of the Code of Conduct, the Board of Statutory Auditors plays a fundamental function in the

Company of control and verification of the correct administration and accounting management of the Company,

of observance of the law and the articles of association, in complete autonomy and independence. Art. 22 of the

By-laws establishes that the Board of Statutory Auditors is made up of three acting Auditors and two alternate

Auditors.

The election of one Auditor and one Deputy Auditor is reserved for the minority. The Board of Statutory Auditors

is nominated on the basis of lists presented by the shareholders and deposited at the Company offices at least

tend days before the date set for the first calling of the meeting. The shareholders presenting such lists will be

asked to accompany the lists with full information concerning the personal and professional background of the

candidates.

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FURTHER INFORMATION

Operations with the parent company, with Group companies and related parties

Company operations with the parent company IFI S.p.A. were of a financial and economic nature: the

provision of services and guarantees related to the Transfer Campaign for Euro 103,953 thousand.

The financial and economic relations with companies of the Gruppo IFI are as summarised below:

Furthermore, the following operations have been conducted between Juventus Football Club S.p.A., the

parent company IFI S.p.A. and companies of the Gruppo IFI:

- purchase at the nominal value of Euro 1,251 thousand of credit with the tax authorities from IFI S.p.A.;

- purchase at the nominal value of Euro 3,500 thousand of credit with the tax authorities from IFIL S.p.A..

Miscellaneous

After the footballer Edgar Davids was found to have exceeded the parameters of the metabolites of "nandrolone",

ascertained during the counter-analysis at the CONI Anti-doping Laboratory on the urine samples of the player

after the Udinese-Juventus match of 4 March 2001, the Anti-doping Attorney began disciplinary proceedings.

On 6 September 2001 the Federal Appeal Commission, the Sports Justice body, disqualified Edgar Davids for 4

months starting on 17 May 2001, also applying a fine of 100 million Lire (equal to Euro 51,6 thousand) and

providing for spot checks as specified in Art. 13, section 6, of the Anti-doping Regulations. This suspension has

already been completed.

For the same fact, the Procura della Repubblica of Turin, has opened a penal investigation involving the player

and at the date of approval of this Six-Monthly Report, the Company had no further information available.

RECEIVABLES PAYABLES REVENUES EXPENSESfigures in thousand Euro at 31/12/01 at 31/12/01 1/7-31/12/01 1/7-31/12/01

IFI S.p.A. 1.5 163.7 31.2 206.0

AUGUSTA ASSICURAZIONI S.p.A. - 10.8 - 10.5

CIAOWEB PORTAL S.p.A. 2,582.4 - 4,131.7 33.6

EDITRICE LA STAMPA S.p.A. 94.3 3.3 71.8 41.4

FIAT AUTO S.p.A. 298.9 96.1 945.2 409.4

FIAT SEPIN S.p.A. - - - 7.1

I.T.S. S.r.l. - 2.1 - -

IFIL S.p.A. - - 29.9 -

PUBLIKOMPASS S.p.A. - 113.7 - 115.2

SADI S.p.A. - 0.1 - 0.1

SISPORT FIAT S.p.A. - 12.8 - 13.6

SOIEM S.p.A. - 120.6 - 122.0

TORO ASSICURAZIONI S.p.A. 13.7 17.8 228.3 1,732.8

WORKNET - SOCIETA’ DI FORNITURADI LAVORO TEMPORANEO - 7.4 - 53,2

TOTALS 2,990.8 548.4 5,438.1 2,744.9

22 Juventus Football Club Six-Monthly Report at 31 December 2001

As far as the investigation by the Turin Judicial Authority against the Chief Executive Officer and company physician

regarding the improper use of medicines by Juventus football players is concerned, following opposition by the

Prosecution, which presented a different interpretation of the legal procedure on the matter, the PI judge raised a

question of the constitutional legitimacy of the provision indicated by the Prosecution, with the consequent

transmission of the case to the Constitutional Court. At the hearing on 20 February 2001, the proposed

exception was declared to be inadmissible with the argument (a very new one) that the report requested was not

urgent.

Consequently, the Prosecution called for the indictment of the CEO and the company physician, and the first

hearing in the case before the monocratic court was held on 31 January 2002. After the settlement of procedural

questions, a number of investigative hearings were held in the course of February-April 2002, and these will

continue in the coming months.

In reference to the proceedings regarding the player Andreas Isaksson, on 31 October 2001 the "Players' Status

Committee" of F.I.F.A. ordered the Company to pay about Euro 0.8 million alleging that Juventus breached the

contract for the transfer of the player's registration rights from Trelleborgs FF to Juventus. The Company has

appealed against this decision. The F.I.F.A. appeal body has not yet announced its decision.

SIGNIFICANT EVENTS AFTER THE CLOSURE OF THE FIRST MONTHSOF 2001/2002

Transfer Campaign

On 28 January 2002 an agreement was reached for the free temporary transfer of the registration rights of the

player Athirson Mazzolli e Oliveira to Clube de Regatas do Flamengo. The transfer was made effective as of 1

February 2002 and will expire on 30 June 2003. This agreement made it possible to resolve the dispute with the

Brazilian club that was pending with the relevant F.I.F.A. bodies without cost to the Company.

In addition, Juventus Football Club S.p.A. has made the definitive acquisition from Perugia A.C. S.p.A. of the

player Davide Baiocco for about Euro 7.2 million. At the same time, agreement was reached for the definitive

transfer to Perugia A.C. S.p.A. of the player Fabian O'Neill for about Euro 2.6 million. In the third quarter of this

financial year, this transfer will generate a loss from disposal of players' registration rights of about Euro 3.8 million,

gross of any additional expenses, and will, at the same time, allow savings in terms of amortisation for about Euro

1.3 million in the course of the second six months of the current financial year and of about Euro 2.5 million in

2002/2003.

Davide Baiocco signed a 5 season contract with Juventus Football Club S.p.A. expiring on 30 June 2006. At the same

time, Juventus Football Club S.p.A. loaned the player Davide Baiocco to Perugia A.C. S.p.A. until 30 June 2002.

Finally, Juventus Football Club S.p.A. terminated with mutual consent the contract with the player Juan Eduardo

Esnaider which would have expired on 30 June 2003 and sold the player Pierre Giorgio Regonesi. These

operations, gross of any additional costs, will generate an overall loss of about Euro 3.5 million and will, at the

same time, allow amortisation savings of about Euro 1.2 million in the course of the second six months of the

current financial year and of about Euro 2.3 million in 2002/2003.

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Taking into account the economic and financial effects of the summer Transfer Campaign, the overall change in

team members in the 2001/2002 season, also considering the terminations of player sharing, entailed a negative

financial result of Euro 50.9 million, due to investments for Euro 216.2 million, net of disposals for Euro 159.9 mil-

lion and the terminations of player sharing that led to revenues of Euro 5.4 million. The positive economic effect,

including terminations of player sharing, was Euro 114.1 million.

Sporting results

As far as match results are concerned, the First Team has qualified for the final of the TIM Italian Cup but has

failed to pass the second round of the U.E.F.A. Champions League.

Campi di Vinovo

As envisaged in the contract stipulated on 19 March 2001 for the acquisition by Juventus Football Club S.p.A. of

96.62% of the share capital (99.61% of the outstanding capital) of Campi di Vinovo S.p.A., the second instalment

of about Euro 2.6 million has been paid; this sum is to be added to the about Euro 6.4 million paid in the course

of 2001. The outstanding balance of about Euro 8.4 million will be paid by 1 July 2002, the deadline by which,

under the responsibility and at the expense of the selling shareholders, the necessary measures must be taken

so that the structures, facilities and areas owned by Campi di Vinovo S.p.A. be completely freed of any liens,

encumbrances, easements and contracts of an obligatory nature.

In the period of January-March 2002 Juventus Football Club S.p.A. acquired a further 6,300 shares in Campi di

Vinovo S.p.A. Following these operations, the percentage of control of Juventus Football Club S.p.A. rose to

96.87% of the share capital of Campi di Vinovo S.p.A. (99.87% of the outstanding capital).

Official Internet Site

In March 2002, Juventus Football Club S.p.A. stipulated a contract with Sports.Com Italia S.r.l. for the creation,

production and management of the official Juventus Internet site (www.juventus.com), which is already fully operational.

Change in the Net Financial Position

The positive Net Financial Position at 31 March 2002 was Euro 25.5 million, a fall compared to Euro 70.4 million

at the end of December 2001, essentially due to seasonal causes.

FUTURE OUTLOOK

As is usual, the performance in the current football season will influence the result of the entire 2001/2002

financial year.

SITUATION AND PROGRESS OF THE SUBSIDIARY COMPANY CAMPIDI VINOVO S.P.A.

On 27 March 2002 the Board of Directors of the subsidiary company Campi di Vinovo S.p.A. approved the draft

Financial Statements at 31 December 2001. The net result for 2001 is about Euro 11,000, against about Euro

24 Juventus Football Club Six-Monthly Report at 31 December 2001

127,000 in the previous period.

As in the past, the company's operations refer to the rent of the sports facilities including the horse racing and

trotting courses. As specified in the contract with the former controlling shareholders, the final months of the

period saw the formalisation of the sale of the trotting course and the termination of the rent contract for the golf

company. The horse racing course will continue to be used until 30 June 2002 by Società Torinese Corse di

Cavalli S.r.l. to enable it to maintain the commitments made to UNIRE.

After this date, once horse racing has finished, the management of the company will be followed directly by

Juventus Football Club S.p.A. in order to begin the work planned for the "Mondo Juve" project.

31/12/01 30/06/01 Change 31/12/00

- Players’ registration rights 362,964 220,941 142,023 221,977

- Accumulated amortisation (105,920) (104,386) -1,534 (86,354)

Net players’ registration rights 257,044 116,555 140,489 135,623

Other net intangible fixed assets 714 544 170 551

Net tangible fixed assets 9,049 8,518 531 7,732

Net investments 21,836 16,047 5,789 14,906

NET FIXED ASSETS 288,643 141,664 146,979 158,812

- Net receivables from football clubs 126,227 42,879 83,348 44,047

- Payables to football clubs (158,008) (57,992) -100,016 (70,028)

Net credit/(debit) positionto other football clubs (31,781) (15,113) -16,668 (25,981)

Other operating receivables 33,371 23,694 9,677 41,700

Other operating payables (183,753) (179,514) -4,239 (167,336)

NET WORKING CAPITAL (182,163) (170,933) -11,230 (151,617)

SEVERANCE INDEMNITYAND OTHER PROVISIONS (45,939) (5,826) - 40,113 (8,296)

NET INVESTED CAPITAL 60,541 (35,095) 95,636 (1,101)

SHAREHOLDERS’ EQUITY 130,940 32,460 98,480 37,523

NET FINANCIAL POSITION (70,399) (67,555) - 2,844 (38,624)

TOTAL NET SHAREHOLDERS’ EQUITYAND NET FINANCIAL POSITION 60,541 (35,095) 95,636 (1,101)

MEMORANDUM ACCOUNTS :

Third-party assets held by the Company 40 40 - 138

Company assets held by third parties 1,248 339 909 -

Guarantees given 130,422 41,344 89,078 81,637

Guarantees received 76,511 17,964 58,547 62,464

Options granted by third parties 454 - 454 -

Forward agreements 7,528 85,791 - 78,263 26,419

TOTAL MEMORANDUM ACCOUNTS 216,203 145,478 70,725 170,658

RECLASSIFIED BALANCE SHEET

RECLASSIFIED BALANCE SHEET AND RECLASSIFIEDINCOME STATEMENT OF JUVENTUS FOOTBALL CLUBS.P.A. AT 31 DECEMBER 2001

Euro in thousands

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26 Juventus Football Club Six-Monthly Report at 31 December 2001

RECLASSIFIED INCOME STATEMENT

2000/2001

Operations excluding Players’ Totalplayers’ management management

12,835 - 12,835 Ticket salesTelevision, radio and telephone

96,189 - 96,189 rights and U.E.F.A. Champions League revenues45,795 - 45,795 Sponsorship, commercial and other related activities14,278 2,003 16,281 Other revenues

169,097 2,003 171,100 TOTAL REVENUES(2,409) - (2,409) Materials, goods and accessories

(25,945) - (25,945) Services(2,517) - (2,517) Rents, leases and related costs

(100,455) - (100,455) Personnel costs(15,295) - (15,295) Other operating expenses

(146,621) - (146,621) TOTAL OPERATING COSTS

22,476 2,003 24,479 GROSS OPERATING MARGIN(674) (37,028) (37,702) Depreciation and amortisation

(6,245) - (6,245) Provisions and write downs2,655 7,914 10,569 Net financial income/(loss)(519) - (519) Adjustment to financial assets

Income/(Loss) from players’- 18,438 18,438 registration rights

17,693 (8,673) 9,020 INCOME/(LOSS) BEFORE EXTRAORDINARY INCOME AND TAXES1,735 - 1,735 Extraordinary income/(loss)

19,428 (8,673) 10,755 EARNINGS BEFORE TAXES(4,980) Total taxes for the period

5,775 NET INCOME FOR THE PERIOD

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1NOTES TO THE RECLASSIFIED BALANCE SHEET AND RECLASSIFIEDINCOME STATEMENT

The tables in the Balance Sheet and Income Statement have been reclassified following financial analysis criteria in order to

make them easier to read and to facilitate analysis of the Company's economic, asset and financial data. In particular, the

Income Statement has been drawn up following a scheme that distinguishes "operations excluding players' management" from

"players' management". The purpose of this scheme is to represent the profits and losses deriving from the disposal of

players' registration rights and from the termination of player sharing contracts ex art. 102 bis N.O.I.F., the costs and revenues

deriving respectively from the acquisitions and temporary disposals of players' registration rights as well as the costs related to

the amortisation of these players' registration rights. In addition, the contingent assets and liabilities, fees, commissions and

charges related to the stock market listing have been reclassified as extraordinary items in the Income Statement.

The reclassification criteria chosen make it possible, in any case, to compare each item with those envisaged by the regulations

in force for the annual accounts.

Euro in thousands

FIRST HALF FIRST HALF

2001/2002 2000/2001

Operations excluding Players’ Total Operations excluding Players’ Totalplayers’ management management players’ management management

7,798 - 7,798 5,278 - 5,278

50,543 - 50,543 38,776 - 38,77620,273 - 20,273 22,912 - 22,912

6,077 145 6,222 9,385 577 9,962

84,691 145 84,836 76,351 577 76,928(1,103) - (1,103) (1,296) - (1,296)

(13,968) - (13,968) (12,606) - (12,606)(1,445) (117) (1,562) (1,388) - (1,388)

(61,985) - (61,985) (45,154) - (45,154)(8,366) - (8,366) (5,168) - (5,168)

(86,867) (117) (86,984) (65,612) - (65,612)

(2,176) 28 (2,148) 10,739 577 11,316(456) (34,350) (34,806) (379) (18,700) (19,079)

(7,259) - (7,259) (1,510) - (1,510)634 (2,153) (1,519) 1,696 7,915 9,611

(165) - (165) - - -

- 123,863 123,863 - 17,905 17,905

(9,422) 87,388 77,966 10,546 7,697 18,243(5,368) - (5,368) 205 - 205

(14,790) 87,388 72,598 10,751 7,697 18,448(35,348) (7,886)

37,250 10,562

28 Juventus Football Club Six-Monthly Report at 31 December 2001

SIX-MONTHLY FINANCIAL STATEMENTSAT 31 DECEMBER 2001

BALANCE SHEETASSETS

31/12/2001 30/06/2001 Change 31/12/2000

B) FIXED ASSETS

I) INTANGIBLE ASSETS:1) Start-up and organization costs - - - 1,373

3) Royalties for industrial patents and use

of intellectual property 661,148 457,982 203,166 548,245

6) Fixed assets in progress and advance payments 53,097 85,596 - 32,499 -

8) Costs of players’ registrations rights 257,044,364 116,555,264 140,489,100 135,623,204

9) Other fixed assets - - - 1,506

Total 257,758,609 117,098,842 140,659,767 136,174,328

II) TANGIBLE FIXED ASSETS:

1) Land and buildings 6,827,565 6,933,146 - 105,581 6,639,646

2) Plants and machinery 260,545 322,882 - 62,337 333,519

3) Industrial and commercial equipment 407,514 389,576 17,938 441,155

4) Other assets 442,059 400,255 41,804 318,082

5) Fixed assets in progress and advance payments 1,111,242 472,149 639,093 -

Total 9,048,925 8,518,008 530,917 7,732,402

III) INVESTMENTS,

with separate indication, for each

item, of the amounts collectable within

one year:

1) Shareholdings:

a) subsidiary companies 17,380,866 - 17,380,866 -

c) players’ sharing costs ex Art. 102 bis N.O.I.F. 4,419,582 14,376,871 - 9,957,289 14,376,871

d) in other companies 2,587 342,147 - 339,560 692,587

2) Receivables:

d) from others 32,601 1,328,052 - 1,295,451 38,948

Total 21,835,636 16,047,070 5,788,566 15,108,406

TOTAL FIXED ASSETS (B) 288,643,170 141,663,920 146,979,250 159,015,136

Euro

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BALANCE SHEETASSETS

31/12/2001 30/06/2001 Change 31/12/2000

C) CURRENT ASSETS

II) RECEIVABLES, with separate indication,

for each item, of the amounts collectable

after one year:

1) Trade receivables * 144,114,721 53,967,348 90,147,373 55,626,893

4) Due from parent company 1,482 744 738 145

5) Due from others 11,129,130 10,503,586 625,544 19,590,645

Total 155,245,333 64,471,678 90,773,655 75,217,683

III) CURRENT FINANCIAL ASSETS

6) Other securities 2,472,007 2,636,919 - 164,912 38,200,947

Total 2,472,007 2,636,919 - 164,912 38,200,947

IV) CASH AT BANK AND IN HAND:

1) Bank and post-office deposits 67,903,751 64,908,219 2,995,532 419,798

3) Cash at bank and in hand 23,062 9,453 13,609 2,288

Total 67,926,813 64,917,672 3,009,141 422,086

TOTAL CURRENT ASSETS (C) 225,644,153 132,026,269 93,617,884 113,840,716

D) ACCRUED INCOME AND PREPAID EXPENSES 4,352,817 2,101,569 2,251,248 10,327,077

TOTAL ASSETS 518,640,140 275,791,758 242,848,382 283,182,929

Euro

* Euro 66,641,839 of which collectable beyond the next financial year

30 Juventus Football Club Six-Monthly Report at 31 December 2001

BALANCE SHEETLIABILITIES

31/12/2001 30/06/2001 Change 31/12/2000

A) SHAREHOLDERS’ EQUITYI) SHARE CAPITAL 12,093,200 10,400,179 1,693,021 10,742,489

II) ADDITIONAL PAID-IN-CAPITAL 60,948,756 - 60,948,756 -

IV) LEGAL RESERVE 1,636,112 1,347,381 288,731 1,005,071

VII) OTHER RESERVES 17,288,731 - 17,288,731 275,553

VIII) RETAINED PROFITS 1,722,924 14,937,711 - 13,214,787 14,937,711

IX) NET INCOME 37,249,697 5,774,627 31,475,070 10,562,094

TOTAL SHAREHOLDERS’ EQUITY (A) 130,939,420 32,459,898 98,479,522 37,522,918

B) PROVISIONS FOR RISKS AND OTHER CHARGES

2) TAXES 34,763,803 300,000 34,463,803 3,353,240

3) OTHERS 9,570,462 4,109,891 5,460,571 3,714,080

TOTAL PROVISIONS FOR RISKS AND OTHER CHARGES (B) 44,334,265 4,409,891 39,924,374 7,067,320

C) EMPLOYEES’ SEVERANCE INDEMNITY 1,605,209 1,415,652 189,557 1,228,562

D) PAYABLES, with separate indication,for each item, of the amountscollectable after one year:

5) ADVANCE PAYMENTS - - - -

6) TRADE PAYABLES 15,129,716 4,711,110 10,418,606 11,233,778

10) DUE TO PARENT COMPANIES 163,668 47,780 115,888 53,842

11) TAX PAYABLES 8,692,643 9,750,493 - 1,057,850 16,604,348

12) DUE TO SOCIAL SECURITY BODIES 370,069 355,589 14,480 241,791

13) OTHER PAYABLES 23,535,116 18,889,927 4,645,189 2,134,105

14) DUE FOR PLAYERS’ SHARING COSTS

EX ART. 102 BIS N.O.I.F. 5,371,152 7,695,208 - 2,324,056 8,211,665

16) DUE TO SPECIFIC SECTOR* 166,012,114 57,466,702 108,545,412 75,017,221

TOTAL PAYABLES (D) 219,274,478 98,916,809 120,357,669 113,496,750

E) ACCRUED EXPENSES,AND DEFERRED INCOME 122,486,768 138,589,508 - 16,102,740 123,867,379

TOTAL LIABILITIES 518,640,140 275,791,758 242,848,382 283,182,929

Euro

* Euro 78,133,801 of which collectable beyond the next financial year

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BALANCE SHEETMEMORANDUM ACCOUNTS

31/12/2001 30/06/2001 Change 31/12/2000

THIRD PARTY GUARANTEES IN FAVOUR OF THIRD PARTIES

Risks for guarantees granted 130,421,534 41,344,286 89,077,248 81,636,516

THIRD PARTY GUARANTEES IN OUR FAVOUR

Risks for guarantees received from third parties 76,511,129 17,963,817 58,547,312 62,463,559

FORWARD AGREEMENTS - RECEIVABLES 279,684 3,413,851 - 3,134,167 13,054,501

FORWARD AGREEMENTS - PAYABLES 7,248,526 13,841,892 - 6,593,366 13,363,568

OPTIONS GRANTED BY THIRD PARTIES

Purchase of players’ registration rights 453,875 - 453,875 -

COMMITMENTS FOR PURCHASE OF PLAYERS’ REGISTRATION

RIGHTS - Transfer campaign 2001/02 - 47,656,060 - 47,656,060 -

COMMITMENTS FOR DISPOSAL OF PLAYERS’ REGISTRATION

RIGHTS - Transfer campaign 2001/02 - 3,522,236 - 3,522,236 -

COMMITMENT FOR PURCHASE OF PROPERTY - - - -

THIRD PARTY ASSETS HELD BY THE COMPANY 40,334 40,324 10 138,212

COMPANY ASSETS HELD BY THIRD PARTIES 1,247,521 339,560 907,961 -

COMMITMENTS FOR PURCHASE OF SHAREHOLDING - 17,356,567 - 17,356,567 -

TOTAL MEMORANDUM ACCOUNTS 216,202,603 145,478,593 70,724,010 170,656,356

Euro

32 Juventus Football Club Six-Monthly Report at 31 December 2001

INCOME STATEMENT

FIRST HALF FIRST HALF Change2000/2001 2001/2002 2000/2001

A) PRODUCTION VALUE

12,835,098 1) REVENUES FROM SALES AND SERVICES 7,798,411 5,278,379 2,520,0325) OTHER REVENUES AND INCOME

2,002,993 a) Income from temporary transfer of players 145,405 577,104 - 431,699- b) Contributions from F.I.G.C. - LNP - - -

142,525,616 d) Sponsorship and other revenues 71,134,547 61,862,319 9,272,22815,077,822 e) Other revenues and income 6,290,801 9,268,892 - 2,978,091

172,441,529 TOTAL PRODUCTION VALUE (A) 85,369,164 76,986,694 8,382,470

B) PRODUCTION COSTS

2,409,350 6) PURCHASES 1,348,626 1,295,971 52,65525,945,659 7) SERVICE EXPENSES 17,380,980 12,688,814 4,692,166

2,516,660 8) LEASE AND RENT COSTS 1,650,418 1,388,598 261,8209) PERSONNEL EXPENSES

98,347,784 a) Salaries and wages 60,864,460 44,257,815 16,606,6451,727,725 b) Social security contributions 924,153 707,935 216,218

379,366 c) “Employees’ severance indemnity” 196,480 147,873 48,607103 e) Other costs - - -

10) AMORTISATION AND DEPRECIATION37,247,189 a) Amortisation of intangible fixed assets 34,521,168 18,807,692 15,713,476

454,840 b) Depreciation of tangible fixed assets 284,543 270,971 13,572d) Write-downs of receivables entered under

4,463,986 current assets and cash at bank and in hand 1,798,259 129,114 1,669,14512) ACCRUALS FOR RISKS

1,781,445 Other risks 5,460,571 1,380,727 4,079,84414) OTHER OPERATING EXPENSES

332,774 a) Match organisation expenses 150,966 146,900 4,066103,769 b) Official match expenses 60,688 45,812 14,876

4,261 c) Match registration fees 5,333 5,294 3914,986,402 d) Others 8,552,102 5,056,716 3,495,386

190,701,313 TOTAL PRODUCTION COSTS (B) 133,198,747 86,330,232 46,868,515

DIFFERENCE BETWEEN PRODUCTION(18,259,784) VALUE AND COSTS (A-B) (47,829,583) (9,343,538) - 38,486,045

C) FINANCIAL INCOME AND EXPENSES

15) INCOME FROM SHAREHOLDINGSwith separate indication of those fromsubsidiary and associated companies

- d) Others 147,940 - 147,94016) OTHER FINANCIAL INCOME

a) from receivables entered under fixed assets, withseparate indication of those from subsidiary and

1,241 associated companies and those from parent companies 355 572 - 217

Euro

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INCOME STATEMENT

FIRST HALF FIRST HALF Change2000/2001 2001/2002 2000/2001

c) from securities entered under current assets237,507 other than shareholdings 10,280 30,403 - 20,123

d) other income, with separate indication of thosefrom subsidiary and associated companies

11,383,400 and those from parent companies 2,928,121 10,396,651 - 7,468,530

17) INTEREST AND OTHER FINANCIAL EXPENSESwith separate indication of those due tosubsidiary and associated companies and

1,052,528 those due to parent companies 6,641,696 816,788 5,824,908

TOTAL FINANCIAL INCOME10,569,620 AND EXPENSES (15+16-17) (3,555,000) 9,610,838 - 13,165,838

D) VALUATION ADJUSTMENTS TOFINANCIAL ASSETS

19) WRITE-DOWNS147,940 a) of shareholdings - - -371,022 c) of securities entered under current assets 164,912 - 164,912

TOTAL VALUATION ADJUSTMENTS(518,962) TO FINANCIAL ASSETS (18-19) (164,912) - - 164,912

E) EXTRAORDINARY INCOME AND EXPENSES

20) INCOME with separate indication of capitalgains on disposals generating revenuewhich cannot be entered under item 5

20,468,247 a) capital gains on disposals 123,892,118 19,205,916 104,686,202551,106 b) use of reserve art. 25 of the Company By-laws 288,731 275,553 13,178

- c) pre-paid taxes - - -

21) EXPENSES, with separate indication of capitallosses on disposals the effects of which cannotbe entered under item 14, and on taxes fromprevious years

2,055,031 a) capital losses on disposals 33,879 1,300,528 - 1,266,649- c) other extraordinary costs - - -

TOTAL EXTRAORDINARY INCOME18,964,322 AND EXPENSES (20-21) 124,146,970 18,180,941 105,966,029

PROFIT BEFORE INCOME TAXES10,755,196 (A-B±C±D±E) 72,597,475 18,448,241 54,149,234

(4,980,569) 22) INCOME TAXES (35,347,778) (7,886,146) - 27,461,632

5,774,627 26) NET INCOME FOR THE PERIOD 37,249,697 10,562,095 26,687,602

Euro

34 Juventus Football Club Six-Monthly Report at 31 December 2001

NOTES TO SIX-MONTHLY FINANCIAL STATEMENTS

STRUCTURE AND CONTENT

The Six-Monthly Report has been drafted in compliance with the Consob regulation adopted with decision no.

11971 of 14 May 1999 and later modifications and additions and as indicated by the Federazione Italiana Giuoco

Calcio and the Commissione di Vigilanza per le Società di Calcio.

This Six-Monthly Report has not been drawn up as a consolidated report as the only company controlled by

Juventus Football Club S.p.A. (Campi di Vinovo S.p.A.) as specified in Art. 2359 of the Italian Civil Code is excluded

from consolidation through the application of clause 2, point a) of Art. 28 of legislative decree 127/91. The

consolidation of Campi di Vinovo S.p.A. is at the moment effectively irrelevant for the purposes of true and fair

representation of the financial and economic results of the controlling company Juventus Football Club S.p.A..

The financial statements (Balance Sheet and Income Statement) indicate the variations in the individual items. The

Notes to Six-Monthly Financial Statements are limited to comments on the main items. If not otherwise indicated,

the figures are given in thousands of euros.

The Appendices section, which is an integral part of the Notes to Six-Monthly Financial Statements, includes

tables containing both the obligatory information required by the regulations in force and those held useful for the

clarity and completeness of this Six-Monthly Report.

Significant events after the closure of the six months are commented in the "Management Report" to which

reference should be made.

EVALUATION CRITERIA AND ACCOUNTING PRINCIPLES

The Six-Monthly Report at 31 December 2001, concerning the first six months of the 2001/2002 financial year,

has been drawn up in observance of the criteria of evaluation, and the accounting principles adopted are

consistent with those adopted for the Financial Statements for the year closed at 30 June 2001. These criteria

conform to those laid down in Art. 2426 of the Italian Civil Code, to which explicit reference is made. Following

the introduction in January 2002 of the new accounting principle no. 30, the income/losses from disposals are

determined as the difference between the price agreed and the residual accounting value, inclusive of any

additional charges at the end of the quarter preceding that of disposal of players' registration rights and pro rata

temporis from the beginning of the financial year for other tangible and intangible assets.

In preparing the Six-Monthly Report, the provisions of the second paragraph of article 2423 of the Italian Civil

Code have been observed with respect to clarity and truthfulness, correct representation of the Company's

financial position, assets and economic performance for the period.

It should also be noted that in preparing this Six-Monthly Report, no derogation has been made as per the fourth

paragraph of article 2423 of the Italian Civil Code.

Considering the first paragraph of article 2423 ter of the Italian Civil Code and the particular activity of the Company,

in addition to the regulations referred to earlier, the rules indicated by the Federazione Italiana Giuoco Calcio, in the

documents dated October 1993 and November 1995 and by the Commissione di Vigilanza per le Società di Calcio,

were also observed, enabling us to interpret the laws from the technical point of view.

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The evaluation criteria adopted are analysed further on in this document, indicating the reasons for their adoption.

INTANGIBLE FIXED ASSETS

Cost of players’ registration rights

Intangible fixed assets related to the cost of players' registration rights are entered at cost, inclusive of any

incidental costs, and the amounts are net of amortisation as calculated on a straight-line basis in relation to the

duration of the contracts stipulated with the individual football players.

The original amortisation plan is extended following renewal, if applicable, of the contract.

The above-mentioned players' registration rights are entered in the Financial Statements on the date on which the

contracts are ratified by the Lega Nazionale Professionisti for national transfers and on the date of the "transfer"

issued by the Federazione Italiana Giuoco Calcio for international transfers.

For football players registered as "giovani di serie" (youth players), costs are amortised on a straight-line basis over 5 years.

Other intangible fixed assets

All other intangible fixed assets are entered at cost and, where provided for, with the approval of the Board of

Statutory Auditors. The amounts are net of amortisation as calculated on a straight-line basis in relation to their

remaining useful life. To be more precise, the following fixed assets are amortised according to the following criteria:

royalties for industrial patents and use of intellectual property: trademarks over 10 years; software over 3 years;

the "Juventus.com" domain for the Internet site and the "Immagini Juventus" (Juventus Pictures) historical

archives over 5 years.

TANGIBLE FIXED ASSETS

Tangible fixed assets are entered at purchase cost inclusive of incidental costs; the cost is adjusted by the

related depreciation accumulated.

In accordance with art. 10 of law no. 72 of 19 March 1983 no monetary or financial revaluation was carried out.

Depreciation entered in the Income Statement was calculated on a straight-line basis, reduced to 50% for assets

purchased during the period, on the basis of rates considered to be representative of their estimated useful

economic and technical life.

Purchases of assets with an individual value of less than Euro 516.46 were entered directly in the Income

Statement.

The annual depreciation rates are shown in the table below:

ASSETS RATE

Buildings 3.0%

Light constructions 10.0%

Fire-prevention, heating and electrical systems 10.0%

Ordinary office machinery and furniture 12.0%

Sanitary equipment 12.5%

Sport equipment 15.5%

Special technical systems 19.0%

Telephone switchboard 20.0%

Electronic office machines 20.0%

36 Juventus Football Club Six-Monthly Report at 31 December 2001

Ordinary maintenance and repair costs are entered in the Income Statement of the period in which they are

sustained while those of an incremental nature are capitalised.

INVESTMENTS

Players’ sharing costs ex art. 102 bis N.O.I.F.

These represent the value of the costs of 50% shareholdings in the football players' contracts held by the

companies which hold the players’ registration rights. Shareholdings in such rights are entered at the cost sustained.

Financial liabilities related to the disposal of players' sharing costs, entered at nominal value, are entered under

operating liabilities for player sharing.

Shareholdings in other companies

Shareholdings are evaluated at cost (inclusive of incidental costs) determined with the LIFO method. If at the date

of the closure of the period the value of a shareholding is considerably inferior to the value of the purchase cost

as defined previously, it is entered at this lesser value.

Should the reasons for the adjustment cease to exist during subsequent periods, the value of the shareholding is

restored within the limit of the purchase cost.

RECEIVABLES AND PAYABLES

Receivables are entered at their estimated realisable value, by creation of an allowance for bad debts, while

payables are entered at their nominal value.

Receivables and payables in foreign currencies for countries outside the euro monetary system are entered on the

basis of the exchange rate on the date on which the transactions were carried out. Any net losses on exchanges,

deriving from the adaptation of receivables and payables in foreign currencies to the average exchange rates of

the month of December, are set aside in a special currency risk fund.

Should, after the date of the operation from which receivables and payables originate, termed operations be carried

out in foreign currency to cover currency exchange risks, the difference between the exchange rate on the day of the

operation and that on the day of negotiation is deducted from or added, as necessary, to the Income Statement.

CURRENT FINANCIAL ASSETS

These are valued at purchase cost (inclusive of incidental costs) determined with the LIFO method, or at their sale

value if this is lower, as calculated according to market performance. Should the reasons for the adjustment cease

to exist, the values are restored within the limit of the purchase cost.

CASH AT BANK AND IN HAND

Cash at bank and in hand is entered at nominal value.

Cash at bank and in hand in foreign currency for countries outside the euro monetary system is aligned with the

exchange rates at the end of the period.

ACCRUED INCOME AND PREPAID EXPENSES

These are calculated according to the economic relevance and period of reference in accordance with the

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principle of correlation of operating costs and income.

OTHER PROVISIONS FOR LIABILITIES AND EXPENSES

This item includes provisions set aside to cover charges and probable losses for which, at the end of the period,

the amount or date of occurrence cannot be determined. The accruals reflect the highest possible estimate on

the basis of the information available.

EMPLOYEES’ SEVERANCE INDEMNITY

This indemnity is created on the basis of the sums matured by each individual employee at the date of 31

December 2001, in compliance with the legislation and employment contracts in force. This liability is subject to

annual revaluation, performed using special indices provided for by regulations.

MEMORANDUM ACCOUNTS

These indicate commitments made, guarantees received and granted and third party assets held by the company

and are entered at nominal value. Contracts with deferred execution are entered at purchase and sale cost.

INCOME AND EXPENSES

These are entered in the Financial Statements according to the prudence and accruals-matching principles

indicating related accruals and deferrals.

Premiums related to the achievements of sporting results and due to football players, trainers and managers, as

with insurance payments for coverage of the same and premiums from sponsors, are entered in the Income

Statements for the period in question.

Financial incomes and expenses are entered in the relevant Income Statement. These include capital gains and/or

losses deriving from players' sharing costs ex art. 102 bis N.O.I.F., on the basis of the date on which the contract

is ratified by the Lega Nazionale Professionisti.

Capital gains and losses deriving from the disposal of players' registrations are classified as extraordinary incomes

and expenses, in accordance with the accounting recommendations of the Federazione Italiana Giuoco Calcio

and are entered on the basis of the date on which the contracts are ratified by the Lega Nazionale Professionisti

for national transfers, and on the date of the "transfer" issued by the Federazione Italiana Giuoco Calcio for

international transfers.

TAXES

Taxes for the period are determined on the basis of the existing tax legislation.

In the event of a temporary difference between the net profit and the taxable income for the calculation of IRPEG

and IRAP, the temporarily deferred or prepaid tax is calculated taking into account the effective annual rate of

taxation, rounded off to the unit, i.e. the one that it is presumed will be in force at the end of the period, as

recommended by accounting principle no. 30. In the event of expectation that the period will close balanced or

with a loss, the company will evaluate in each intermediate period the possibility of entering prepaid taxes if the

conditions stated in accounting principle no. 25 are present.

According to this principle, in particular, deferred or prepaid taxes are accounted, on the basis of the principle of

38 Juventus Football Club Six-Monthly Report at 31 December 2001

Amortisation for the period in question amounts to a total of Euro 34,521 thousand.

Costs of players' registration net of amortisation amounted to Euro 257,044 thousand at 31 December 2001,

against Euro 116,555 thousand at 30 June 2001. The increase in players' registration rights was due to the

significant investments made by the Company during the July-August 2001 Transfer Campaign to strengthen the

First Team squad.

The movements of intangible assets are listed in special appendices which are part of these notes to the Six-

Monthly Financial Statements.

Tangible fixed assets

As at 31 December 2001 and at 30 June 2001, these amounted respectively to Euro 9,049 and Euro 8,518

thousand and include:

Euro in thousands 31/12/2001 30/06/2001 Change

Royalties on industrial patents and useof intellectual property 661 458 203

Fixed assets in progress and advance payments 53 86 - 33

Cost of players’ registrations- residual cost 257,044 116,555 140,489

TOTAL 257,758 117,099 140,659

Euro in thousands 31/12/2001 30/06/2001 Change

Land and buildings 6,828 6,933 - 105

Plants and machinery 261 323 - 62

Industrial and commercial equipment 407 390 17

Other assets 442 400 42

Fixed assets under construction and advance payments 1,111 472 639

TOTAL 9,049 8,518 531

prudence, only if there is reasonable certainty that they will be recovered in the future.

The calculation of deferred and prepaid taxes is made for each period.

Taxes are not set aside for taxable funds or reserves for distribution should said distribution be improbable.

Assets and liabilities in the form of deferred taxes are compensated and entered in the Balance Sheet among other

receivables in the case of assets, and in the tax provisions in the case of liabilities if compensation is legally permitted.

NOTES TO THE BALANCE SHEET

ASSETS

FIXED ASSETS

Intangible fixed assets

As at 31 December 2001 and at 30 June 2001, these amounted respectively to Euro 257,758 thousand and to

Euro 117,099 thousand and are composed of:

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Tangible assets increased by Euro 531 thousand, mainly following the research and design costs for the "Mondo

Juve" project, which were entered under fixed assets in progress and advance payments.

Depreciation for the period amounted to Euro 285 thousand (Euro 271 thousand in the same period of the previous

year) and is calculated on all depreciable assets applying the rates considered as representing their useful life.

The movements of tangible assets are listed in a special appendix which is part of the Notes to the Six-Monthly

Financial Statements.

Investments

Subsidiary companies

On 13 July 2001 the Company acquired 96.6% of the share capital (99.6% of the outstanding capital) of Campi

di Vinovo S.p.A. the owner of an area of circa 500,000 sq.m. located in the municipalities of Vinovo and Nichelino.

The sum agreed was approximately Euro 17,357 thousand, Euro 6,456 thousand of which already paid at 31

December 2001. At the beginning of January 2002 a further sum of about Euro 2,582 thousand was paid. The

difference of about Euro 8,319 thousand will be paid by 1 July 2002, the date by which the measures will have

to have been taken under the responsibility of and at the expense of the selling shareholders so that the facilities,

plants and areas owned by Campi di Vinovo S.p.A. be completely freed of any liens, encumbrances, easements

and contracts of an obligatory nature.

At 31 December 2001 the net shareholder equity of Campi di Vinovo S.p.A. was Euro 12,226 thousand. In the

2001 financial year, Campi di Vinovo S.p.A. made a net profit of about Euro 11 thousand, against a profit of Euro

127 thousand in the year closed at 31 December 2000.

It should also be noted that the balance sheet value of the shareholding in Campi di Vinovo S.p.A. is higher than

the corresponding share of net shareholders' equity as it appears in the last approved Financial Statements. In

observance of article 2426, number three, of the Italian Civil Code, taking into account the assets of the subsidiary

company, no alignment was made.

Players’ sharing costs ex art. 102 bis N.O.I.F.

Players' sharing costs ex art. 102 bis N.O.I.F. as at 31 December 2001 were Euro 4,420 thousand (Euro 14,377

thousand at 30 June 2001 and refer to players of the following teams:

Euro in thousands

Basel F.C. 1893 1,008

Como Calcio S.p.A. 78

Empoli F.C. S.p.A. 517

F.C. Crotone Calcio S.r.l. 90

Hellas Verona S.p.A. 129

Polisportiva Sassari Torres S.p.A. 5

Pro Vercelli Unione Sportiva Calcio S.r.l. 1

S.S. Gualdo S.r.l. 10

S.S.C. Napoli S.p.A. 1,291

Udinese Calcio S.p.A. 1,291

TOTAL 4,420

40 Juventus Football Club Six-Monthly Report at 31 December 2001

It should be noted that all player sharing agreements were drawn up in observance of the federal regulations and

on the date on which the Board of Directors approved this Six-Monthly Report the amount was unvaried

compared to 31 December 2001, as no player sharing agreements were made during the January 2002 Transfer

Campaign.

Shareholdings in other companies

At 31 December 2001 these amounted to Euro 3 thousand (Euro 342 thousand at 30 June 2001).

They are represented by a shareholding in the "Consorzio Fiat Media Center" and a share in the "Consorzio

CONAI". The fall of about Euro 349 thousand is due to the sale in September 2001 of 339,560 Ciaoweb S.p.A.

shares, of the nominal value of Euro 1 each, to Ciaoholding N.V., for a sum of about Euro 488 thousand.

Other receivables

These amount to a total of Euro 33 thousand and are represented by tax receivables for advance payments of

IRPEF on Employees' Severance Indemnity for Euro 30 thousand and various cautionary deposits which, at 31

December 2001, came to Euro 3 thousand. The decrease of Euro 1,295 thousand (compared to Euro 1,328

thousand at 30 June 2001) is due mainly to the closure of the cautionary deposit to the shareholders of "Campi

di Vinovo S.p.A." following the purchase of "Campi di Vinovo S.p.A." in July 2001.

NET WORKING CAPITAL

Before analysing the individual items, we would like to present the analysis of the net working capital at 31

December 2001 and at 30 June 2001:

Euro in thousands 31/12/2001 30/06/2001 Change

Current assets 225,644 132,026 93,618

Accrued income and prepaid expenses 4,353 2,102 2,251

Receivables, accruals and prepaid expenses collectableafter one year (66,642) (10,489) - 56,153

Investments collectables within one year 4,420 14,377 - 9,957

TOTAL 167,775 138,016 29,759

Payables (219,150) (98,323) - 120,827

Accrued liabilities and deferred income (122,611) (139,183) 16,572

Payables due after one year 78,134 28,527 49,607

TOTAL (263,627) (208,979) - 54,648

Net working capital (95,852) (70,963) - 24,889

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CURRENT ASSETS

Receivables

These amount to Euro 155,245 thousands and refer to the following:

The composition of receivables by currency is as follows:

Receivables from football clubs, expressed in thousands of Euros, derive essentially from the disposal of players'

registration rights and was divided as follows at 31 December 2001:

Euro in thousands 31/12/2001 30/06/2001 Change

Official sponsors 1,508 3,193 - 1,685

Football clubs 127,576 44,228 83,348

Lega Nazionale Professionisti and F.I.G.C. 168 73 95

Tax authority for EEC VAT - 2,351 - 2,351

Tax authority receivables for income taxes 3,033 253 2,780

Deferred tax assets 3.677 3.596 81

Others 26,137 15,837 10,300

162,099 69,531 92,568

Allowance for bad debts (6,854) (5,059) - 1,795

TOTAL 155,245 64,472 90,773

Euro in thousands 31/12/2001 30/06/2001 Change

Receivables in Lire/Euro 148,678 49,322 99,356

Receivables in Dutch Guilders/Euro - 227 - 227

Receivables in U.S. Dollars 6,927 8,796 - 1,869

Receivables in Pounds Sterling 5,493 9,538 - 4,045

Receivables in Swiss Francs 1,001 1,648 - 647

TOTAL 162,099 69,531 92,568

Euro in thousands

Arsenal F.C. PLC 4,688

B.V. Borussia Dortmund 2,948

Bologna 1909 F.C. S.p.A. 1,768

Fenerbahce Sports Club 1,549

Fulham Football Club (1987) Ltd. 8,139

Milan A.C. S.p.A. 25,546

Parma A.C. S.p.A. 9,296

Real Madrid Club de Futbol 56,345

S.S. Calcio Napoli S.p.A. 1,033

S.S. Lazio S.p.A. 11,731

Sevilla Futbol Club 1,349

Udinese Calcio S.p.A. 1,291

Others 1,893

TOTAL 127,576

42 Juventus Football Club Six-Monthly Report at 31 December 2001

Of the total sum of Euro 127,576 thousand, Euro 66,642 thousand are collectable beyond the next financial year.

Receivables from the tax authorities for income taxes refer to IRPEG for tax withheld on bank interest income, to

IRPEG receivables transferred by the parent company IFI S.p.A., to IRPEG receivables for previous financial years

for which reimbursement and related interest has been requested, to tax credits for tax withheld on foreign

revenues and to prepaid taxes.

Receivables from the tax authorities for deferred taxes (for Euro 3,677 thousand) are as follows:

These receivables were determined by the difference between the net profit and the fiscal result for the period in

question. It should also be underlined that there is no right to demand the above sum from the tax authorities.

Provision for the period was due principally to deferred tax on part of the allowance for bad debts, to adjustment

of the actual IRPEG rate compared to the rate applied for provisions at 30 June 2001, for new public relations

costs and for directors' remuneration still to be paid.

The use of Euro 685 thousand is due to the fiscal deduction of the payment of remuneration to directors

which was not tax deductible in the previous financial year and the amortisation of players' registration rights.

Other receivables for Euro 26,137 thousand refer to:

Euro in thousands

Balance at 30 June 2001 3,596

Use (685)

Provision 766

BALANCE AT 31 DECEMBER, 2001 3,677

Euro in thousands

Air Europe 512Ciaoweb Portal S.p.A. 2,582E-Comsport Group Plc. 300Fiat Auto S.p.A. 299Giraffe Entertainment Ltd. 279Lingotto S.p.A. 321Logos TV S.p.A. 403Lottomatica S.p.A. 391Lotto Sport Italia S.p.A. 1,043Marine Aviation & General Ltd. 3,008Master Service S.r.l. 255Media Partners Italia S.r.l. 574Pepsi Cola International 1,306Point Italia S.r.l. 305San Paolo IMI S.p.A. 233Sony Italia S.p.A. 341Sorgenti Montebianco Courmayeur S.p.A. 392Sportal UK Ltd. 3,668Spot & Sport 967Telecom Italia Mobile S.p.A. 398TU Mobile S.p.A. 2,274U.E.F.A. 974Others 5,312TOTAL 26,137

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The movement of the allowance for bad debts is as follows:

Accrued income is mainly composed of income for the right to use the image of a number of football players, for

commercial contracts and for revenue from the forward agreements in foreign currency. The increase in prepaid

expenses for Euro 885 thousand is due mainly to the deferral of rental charges, various commissions and the

purchase of material from Lotto Sport Italia S.p.A.

The conservative provision for the six months July-December 2001, for Euro 1,798 thousand, was made to take

into account the increase in receivables. The use is due to unrecoverable trade receivables.

Of the fund total of Euro 6,854 thousand, Euro 3,698 thousand refer to receivables from Sportal UK Ltd., a

company which on 30 August 2001 entered insolvency proceedings at the High Court of London. In the course

of the six months a sum of Euro 486 thousand was set aside, equal to the revenues matured from 1 July 2001

to 28 November 2001, the date of the termination of the management contract for the "Juventus.com" site. This

sum is added to the Euro 3,212 thousand set aside in the period closed at 30 June 2001. The receivables from

Sportal UK Ltd have thus been fully written off.

Assets other than fixed assets

These are composed of S.G.S.S. Quant Equity Fund/Sella Asset Management S.G.R.p.a. investment funds for

Euro 1,452 thousand (net of depreciation of Euro 536 thousand) and by an INA S.p.A. capitalisation policy for

Euro 1,020 thousand.

Cash at bank and in hand

This is made up of assets held at banks (deposited in time-deposit accounts and ordinary current accounts) for

a total of Euro 67,904 thousand at 31 December 2001.

It refers mainly to proceeds from the capital increase and advance revenue from commercial activity and television

rights.

Cash and other valuables amounted to Euro 23 thousand at 31 December 2001.

ACCRUED INCOME AND PREPAID EXPENSES

The accrued income and prepaid expenses item is composed as follows:

Euro in thousands

Balance at 30 June 2001 5,059

Use for credit losses (3)

Provision 1,798

BALANCE AT 31 DECEMBER, 2001 6,854

Euro in thousands 31/12/2001 30/06/2001 Change

Accrued income 1,381 831 550

Prepaid insurance premiums 1,138 322 816

Other prepaid expenses 1,834 949 885

Total prepaid expenses 2,972 1,271 1,701

TOTAL ACCRUED INCOME AND PREPAID EXPENSES 4,353 2,102 2,251

44 Juventus Football Club Six-Monthly Report at 31 December 2001

LIABILITIES

SHAREHOLDERS’ EQUITY

The analysis of the variations in the shareholders' equity accounts is presented in a special appendix which is an

integral part of the Notes to Six-Monthly Financial Statements.

Share Capital

The share capital is fully paid up and amounted as at 31 December 2001 to Euro 12,093,200, divided into

120,932,000 shares each with the nominal value of Euro 0.1 following the deliberation by the Extraordinary

Shareholders' Meeting on 4 September 2001 that approved the increase in company capital through the offering

of 16,930,210 new ordinary shares of the nominal value of Euro 0.1. The newly issued shares were made

available for the Global Offering for a total of 38,700,000 shares which, in turn, was divided into an offering for the

general public in Italy (Public Offering of sale and subscription) and an offering for professional investors in Italy

and institutional investors abroad, excluding those in the United States of America, Canada, Japan and Australia

(the Institutional Offering).

PROVISIONS FOR RISKS AND OTHER CHARGES

The provisions for risks and expenses are the following:

Provisions for risks and other charges - Tax provisions

The residual provisions of Euro 300 thousand is to cover any interpretative controversy of a fiscal nature.

The movement in the provisions is as follows.

Provisions for risk and other charges - Deferred tax provisions

These amounted to a total of Euro 34,464 thousand.

The movement in the provisions is as follows.

Euro in thousands 31/12/2001 30/06/2001 Change

Balance at 1 July 300 3,353 - 3,053

Use - (2,007) 2,007

Transferral to the Income Statement - (1,046) 1,046

Balance 300 300 -

Euro in thousands 31/12/2001 30/06/2001 Change

Balance at 1 July - - -

Use - - -

Accruals 34,464 - 34,464

Balance 34,464 - 34,464

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The increase in provisions of Euro 34,464 thousand covers the provisions for IRPEG due to the deferment over a

number of years of the capital gains made through the disposal of players' registration rights.

The deferment of the capital gains over a number of years can be made only for players' registration rights which,

in compliance with the recent amendment of article 54, paragraph 4 of DPR 917/86, are owned for a period of

no less than one year.

It should also be remembered that this regulation offers the possibility of deferring over a number of years the

capital gains made on each player's registration right that satisfies the tax regulations. In addition, the choice to

defer or not the capital gain made and the period of deferment (from two to five years according to the current

rules) can be reassessed at the end of the period, without significantly changing the taxes for the period as it

entails exclusively the reclassification from deferred taxes to current taxes.

Provisions for risks and other charges - Others

These amount to a total of Euro 9,570 thousand and is composed of risks to the company which might derive

from the interpretation of laws concerning taxation for IRAP of the capital gains on the disposal of players'

registration rights, and the interpretation of contractual clauses.

The movement during the year was as follows:

EMPLOYEES’ SEVERANCE INDEMNITY

This item underwent the following movement:

Accruals for the period are net of the withholding tax of 11% on the write-up of employees' severance indemnity

as of 1 January 2001, recorded under Taxes Payables.

PAYABLES

Trade payables

These amount to Euro 15,130 thousand, with an increase of Euro 10,419 thousand and also include invoices yet

to be received.

Due to parent companies

These amount to Euro 164 thousand and concern fees on guarantees granted by IFI S.p.A. towards F.I.G.C. -

Euro in thousands 31/12/2001 30/06/2001 Change

Balance at 1 July 4,110 2,333 1,777

Use - (5) 5

Accruals 5,460 1,782 3,678

Balance 9,570 4,110 5,460

Euro in thousands 31/12/2001 30/06/2001 Change

Balance at 1 July 1,416 1,109 307

Payments for termination of employment and advances (5) (70) 65

Accruals 194 377 - 183

Balance 1,605 1,416 189

46 Juventus Football Club Six-Monthly Report at 31 December 2001

L.N.P. (to guarantee payments regarding regulatory and contractual commitments for the purchase of players'

registration rights for the 2001/2002 sporting year for a total of Euro 103,953 thousand; in detail: Euro 17,012

thousand for payments to be made in the 2001/2002 season; Euro 41,079 thousand for payments to be made

in the 2002/2003 season; Euro 38,115 thousand for payments to be made in the 2003/2004 season; Euro 7,747

thousand for payments to be made in the 2004/2005 season) and charges deriving from staff services.

Tax payables

These amount to Euro 8,693 thousand and concern withholdings to be paid (and paid in January 2002) for

employees' IRPEF, scholarships, self-employed workers and additional regional/municipal IRPEF (for Euro 8,692

thousand) and the withholding tax on the revaluation of employees' severance indemnity as of 1 January 2001,

as provided for in Legislative Decree 47/2000 and later amendments (for about Euro 1 thousand).

Due to social security agencies

The sum is composed as follows:

Payables due to social security agencies are mainly contributions withheld from employees in December and paid

in the following month of January.

Payables to other authorities include the balance of the Players' and Trainers' Career Termination Indemnity for

Euro 26 thousand.

Other payables

These are composed as follows:

Payables due to employees are mainly related to wages for the month of December, paid in the following month

of January.

The increase of Euro 18,712 thousand in other payables is due mainly to the payment of services, in part

regarding the additional expenses on player transfers and payables to shareholders of Campi di Vinovo S.p.A.

(Euro 10,901 thousand).

Euro in thousands 31/12/2001 30/06/2001 Change

Payables to I.N.P.S. 43 68 - 25

Payables to ENPALS 180 201 - 21

Payables to INPDAI 45 55 -10

Payables to PREVINDAI 9 8 1

Payables to other authorities and assessments 93 24 69

TOTAL 370 356 14

Euro in thousands 31/12/2001 30/06/2001 Change

Employees for salaries 1,614 15,681 - 14,067

Other payables 21,921 3,209 18,712

TOTAL 23,535 18,890 4,645

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Due for players’ sharing costs ex art. 102 bis N.O.I.F.

These amount to Euro 5,371 thousand and refer to sums due to F.C. Modena S.p.A. for Euro 207 thousand and

to Bologna 1909 F.C. S.p.A. for Euro 5,164 thousand.

Due to specific sector bodies

At 31 December 2001 these amounted to Euro 166,012 thousand, an increase of Euro 108,545 thousand

compared to 30 June 2001. Of this sum, Euro 78,134 thousand is collectable after the next financial year.

The total sum of Euro 166.012 thousand includes mainly payables to Italian (Euro 130,353 thousand) and foreign

football clubs (Euro 25,319 thousand) for the purchase of players' registration rights.

The item is composed as follows:

ACCRUED EXPENSES AND DEFERRED INCOME

These amount to Euro 122,487 thousand, a fall of Euro 16,103 thousand compared to 30 June 2001.

These are composed of:

• accrued expenses for Euro 1,495 thousand regarding essentially charges on forward agreements in foreign

currency, costs for the use of players' images, the 18% on season tickets to be paid to guest teams and

Euro in thousands

A.C. Cesena S.p.A. 52

A.C.E.S.E. Viareggio 83

A.S. Gubbio S.r.l. 116

A.S. Monaco 15,494

Ancona Calcio S.p.A. 207

Biellese F.C. S.r.l. 31

Bologna 1909 F.C. S.p.A. 207

Brescello U.S. S.r.l. 77

Dundee United F.C. Ltd 63

F.C. Crotone Calcio 258

F.C. Viktoria Pizen A.S. 1,291

L’Aquila Calcio 62

Lega Nazionale Professionisti c/trasferimenti 10,340

Milan A.C. S.p.A. 13,342

Napoli S.S.C. S.p.A. 2,944

Parma A.C. S.p.A. 62,491

Pescara Calcio 258

Polisportiva Sassari Torres S.p.A. 134

Real Sociedad de Futbol S.A.D. 8,174

S.S. Gualdo Sr.l. 36

S.S. Lazio A.C. S.p.A. 46,998

Tacuary F.B.C. 297

Teramo Calcio S.p.A. 77

Udinese Calcio S.p.A. 2,841

Valenzana Calcio S.p.A. 41

Varese F.C. S.p.A. 52

Others 46

TOTAL 166,012

48 Juventus Football Club Six-Monthly Report at 31 December 2001

insurance premiums;

• deferred income for Euro 120.992 thousand referred mainly to advance invoicing of encoded television rights

of home matches for the 2001/2002 and 2002/2003 seasons, UMTS/SMS telephone rights and some

commercial contracts.

MEMORANDUM ACCOUNTS

These are represented by:

Third party guarantees in favour of third parties

A total of Euro 130,422 thousand divided as follows:

• issued by Banca Sella to foreign football clubs and banks for the purchase of players' registration rights for Euro

23,667 thousand;

• issued by IFI S.p.A. to F.I.G.C. - L.N.P. to guarantee regulatory and contractual commitments for the purchase

of players' registration rights for the sporting year 2001/2002 for Euro 103,953 thousand and more precisely:

• Euro 17,012 thousand for payments to be made in the 2001/2002 season;

• Euro 41,079 thousand for payments to be made in the 2002/2003 season;

• Euro 38,115 thousand for payments to be made in the 2003/2004 season;

• Euro 7,747 thousand for payments to be made in the 2004/2005 season;

• issued by La Viscontea S.p.A. to the tax authorities for the reimbursement of VAT for Euro 2,747 thousand;

• other guarantees for Euro 55 thousand.

Third party guarantees in our favour

These amount to Euro 76,511 thousand, essentially from leading banks as guarantees for commercial contracts,

television rights and contracts for the disposal of players' registration rights.

Forward agreements - payables

These amount to Euro 280 thousand and concern the residual debt for the purchase of the football player

Guzman Gaetan Tomas Andres (the original residual debt of USD 300,000 was covered by a commitment to

purchase foreign currency at the exchange rate of EUR/USD 1.06470 for the instalment of USD 150,000 that is

due in July 2002 and at the exchange rate of EUR/USD 1.08070 for the instalment due in July 2003).

Forward agreements - receivables

These amount to Euro 7,248 thousand and concern the residual credit from the disposal of the football players

Thierry Henry (the original residual credit of GPB 3,000,000 was covered by a commitment to sell foreign currency

at the exchange rate of EUR/GBP 0.68720 due in August 2002) and Sunday Oliseh (the original residual credit of

USD 2,550,000 was covered by a commitment to sell foreign currency at the exchange rate of EUR/USD 0.88450

due in July 2002).

Third party assets held by the Company

These amount to Euro 40 thousand, mainly for sports equipment supplied by Technogym Italia S.p.A., for 4

multimedia work stations supplied by LIS S.p.A., for one multimedia work station supplied by the Lega Nazionale

Professionisti and one CCTV system supplied by Vigilanza Telecontrol S.p.A.

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Company assets held by third parties

These amount to Euro 1,248 thousand and refer to deposits at Agenzia 10 of Turin of Banca Sella S.p.A. of

2,415,537 share certificates of Campi di Vinovo S.p.A.

Options granted by third parties to purchase players' registration rights

These amount to Euro 454 thousand (the equivalent in Euros of USD 400,000 at the exchange rate of 31

December 2001) and refer to the amount to be paid for the definitive purchase of the registration and image rights

of the football players Kovalenko Serhiy and Zeytulaev Ilyas in the event of exercising the option granted by the

company Sportacademclub F.C. of Moscow. Juventus Football Club S.p.A. exercised this option in February

2002.

NOTES TO SIX-MONTHLY INCOME STATEMENT

Before analysing the individual items, we would like to recall that comments on trends in income and expenses

are given in the "Management Report", to which reference should be made.

Moreover, the analytical presentation of revenues and expenses in the Income Statement and previous comments

on the items in the Balance Sheet enable us to restrict comments here to the main items.

Details are given in thousands of Euros.

Production value

Revenues from sales and services

Revenues from sales and services is split into:

Ticket sales are composed of match tickets and season ticket sales for First Team and youth team games. These

are divided as follows:

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Ticket sales 7,798 5,278 2,520

Income from temporary transfer of players 145 577 - 432

TOTAL 7,943 5,855 2,088

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

First Team ticket sales:

- Serie A Championship matches 2,899 1,437 1,462

- Cup matches 559 442 117

- Other matches 884 774 110

Total 4,342 2,653 1,689

Ticket sales from youth team matches 2 3 - 1

Season tickets 3,454 2,622 832

TOTAL TICKET SALES 7,798 5,278 2,520

50 Juventus Football Club Six-Monthly Report at 31 December 2001

The increase in ticket sales from First Team matches was due mainly to the higher number of Championship

games played in the six months closed at 31 December 2001 compared to the number of games played in the

same period of the previous season.

The breakdown of income from home and away matches is shown below:

The number of tickets sold for home matches is as follows:

The season tickets sold rose from 35,446 in the 2000/2001 season, generating income of Euro 6,775 thousand,

to 35,703 in the 2001/2002 season, for income of Euro 6,528 thousand. The income for the six months in

question amounted to Euro 3,454 thousand, an increase of about Euro 832 thousand, thanks largely to the high

number of games played in the period 1 July - 31 December 2001 compared to the same period of the previous

year.

Income from the temporary transfer of football players for the period 1 July - 31 December 2001 is composed of

sums deriving from the temporary transfer to other football clubs of players' registration rights. This income

amounted to Euro 145 thousand, a decrease of Euro 432 thousand compared to the same six months of the

previous year, and refers to the following players:

Euro in thousands First Half 2001/2002 First Half 2000/2001 Changehome away home away home away

Serie A Championship matches 1,817 1,082 318 1,119 1,499 - 37

Cup matches 503 56 299 143 204 - 87

Other matches - 884 - 774 - 110

2,320 2,022 617 2,036 1,703 - 14

TOTAL 4,342 2,653 1,689

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Serie A Championship matches 73,831 13,492 60,339

Cup matches 19,585 20,012 - 427

Other matches - - -

TOTAL 93,416 33,504 59,912

Euro in thousands

BRIGHI Matteo Bologna 1909 F.C. 52

GASBARRONI Andrea Varese F.C. S.p.A. 5

SCARDINA Francesco A.C. Cesena S.p.A. 8

SCULLI Giuseppe F.C. Crotone Calcio 6

VIERI Massimiliano Ancona Calcio 25

ZANCHI Marco Hellas Verona 25

ZAZZETTA Massimiliano Teramo Calcio S.p.A. 4

Others 20

TOTAL 145

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Sponsorship and other revenues

Revenues from sponsorship contracts (Euro 9,186 thousand) refer to the sums paid by Official Sponsors and

the Technical Sponsor to acquire the right to display their own trademark on official strips and team uniforms.

Revenues from other sponsorship and other commercial contracts (Euro 9,160 thousand) refer to sums paid for

contracts with Institutional Sponsors and Official and Technical Suppliers, as well as with Commercial Partners

and Licensees of the Juventus trademarks.

The decrease in revenues generated by official and technical sponsorship and by other sponsorship derive

essentially from the classification in "Other revenues and income" of the sum mutually agreed for the termination

of the sponsorship contracts stipulated with Ciaoweb S.p.A..

Television revenues (Euro 34,360 thousand) regard earnings from the sale of radio broadcasting rights, as well

as television filming and broadcasting rights for football matches, excluding the U.E.F.A. Champions League.

Revenues from the U.E.F.A. Champions League (Euro 12,033 thousand) is related to sums paid by U.E.F.A. to

the Company and deriving from the negotiation and exploitation of commercial rights (television rights and use

of advertising space) in relation to matches in the U.E.F.A. Champions League.

Revenues from television and the U.E.F.A. Champions League amounted to a total of Euro 46,393 thousand, an

increase of Euro 10,173 thousand compared to the corresponding period of the previous year, largely due to the

higher number of official matches played in the period in question compared to the first six months of the

2000/2001 financial year.

Revenue from the "away team TV percentage" (Euro 1,756 thousand) represents 18% of encoded TV rights for

Championship matches, paid by the home teams. Correspondingly, the negative income items include the sum

paid to visiting teams for a total of Euro 5,031 thousand.

Publishing revenues (Euro 221 thousand) decreased compared to the figure at 31 December 2000 by Euro 397

thousand. This decrease is due to the fact that on 28 September 2001 this company "branch" was outsourced

to Cantelli Editore S.r.l., revenue for which is classified under "Other revenues and income".

Revenues from telephone rights (Euro 2,395 thousand) derive from the sale of the transmission of information

and news using SMS and WAP technologies, as well as the transmission of audiovisual images (known as

"clips") using GPRS and UMTS technologies of home matches played by the First Team.

Revenues from players' image rights amounted to Euro 1,187 thousand (Euro 1,367 thousand at 31 December

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Official and technical sponsors 9,186 11,343 - 2,157

Other sponsorships and other commercial contracts 9,160 9,177 - 17

Television revenues 34,360 24,283 10,077

TV revenues percentage from visiting team 1,756 2,117 - 361

Telephonic rights 2,395 439 1,956

Revenues from U.E.F.A. Champions League 12,033 11,937 96

Publishing activity 221 618 - 397

Advertising 519 407 112

Players’ and coach image rights 1,187 1,367 - 180

Sundry income 318 174 144

TOTAL 71,135 61,862 9,273

52 Juventus Football Club Six-Monthly Report at 31 December 2001

2000) and regard revenues related to rights to use the image of football players.

Other revenues and income

For insurance indemnities, the decrease is due to the fact that the first six months of the 2000/2001 financial year

benefited from the payment of the indemnity on the "Loss of Revenue" policy following the failure to qualify for the

second round of the U.E.F.A. Champions League for Euro 7,747 thousand. The increase in casual profits is due

largely to the interest received from U.E.F.A. on the VAT reimbursement requested from the Italian tax authorities

for U.E.F.A. Champions League revenues for the 1995/1996 season.

The "other income" item also includes the sum regarding the mutually agreed termination of the sponsorship

contract with Ciaoweb S.p.A. (Euro 4,132 thousand).

Production costs

Purchases

These costs refer mainly to match and training clothing as well as the official First Team strip.

Service expenses

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Insurance indemnities 307 8,524 - 8,217

Casual profits 532 59 473

Publishing revenues (outsourced company branch) 128 - 128

Other income 5,324 686 4,638

TOTAL 6,291 9,269 - 2,978

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Technical material 720 911 - 191

Sanitary material 49 51 - 2

Other goods 580 334 246

TOTAL 1,349 1,296 53

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Costs for players 142 118 24

Costs for publishing activity 178 745 - 567Costs for sporting activity 1,994 1,744 250Specific technical costs 28 61 - 33Costs for food, accomodation and transport 902 670 232Ticket sales service and gate checks 531 444 87Insurance and social security 4,622 4,723 - 101Administration - advertising and general 8,723 3,842 4,881Others 261 342 - 81

TOTAL 17,381 12,689 4,692

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Publishing costs (Euro 178 thousand) decreased compared to 31 December 2000 by Euro 567 thousand.

This decrease is due to the fact that on 28 September 2001 this company "branch" was outsourced to Cantelli

Editore S.r.l..

Costs for sporting activity of Euro 1,994 thousand are related to expenses for First Team and youth team training

sessions and camps, medical expenses, fees of medical experts, masseurs and other outside experts, and the

payment of scholarships.

Insurance and social security expenses (Euro 4,622 thousand) refer mainly to premiums paid to insure football

players, premiums to football players upon achievement of sporting targets and coverage of salaries in the event

of injury.

Administration, advertising and general costs for a total of Euro 8,723 thousand include directors' remuneration

for Euro 558 thousand and annual payment of the Statutory Auditors for Euro 23 thousand. The increase

compared to the corresponding six months of the previous financial year is due (for Euro 3,413 thousand) to the

costs of the stock market listing (excluding listing and guarantee commissions, classified under "Interest and other

financial expenses") and the greater use of consultants, related to the development of work in the commercial area

and, finally, higher advertising costs.

Lease and rent costs

These lease and rental costs amounted to Euro 1,650 thousand at 31 December 2001 (Euro 1,389 thousand at

31 December 2000), Euro 915 thousand of which for the rent of pitches.

Personnel expenses

Personnel costs are divided as follows:

The cost of technical staff is divided as follows:

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Players’ contractual fees:- for sporting activity 49,380 36,374 13,006- for use of players’ images 6,006 4,781 1,225

Trainers and other technical staff contractual feesand premiums 3,567 1,760 1,807

Rights to use coach’s image 19 26 - 7

Players’ performance premiums - - -

TOTAL 58,972 42,941 16,031

Euro in thousands First Half 2001/2002 First Half 2000/2001 Changetech. staff other total tech. staff other total

Salaries and wages 58,972 1,893 42,941 1,317

Social securitycontributions 403 521 324 384

Severance Pay - 196 - 148

Other costs - - - -

Total 59,375 2,610 43,265 1,849

TOTAL 61,985 45,114 16,871

54 Juventus Football Club Six-Monthly Report at 31 December 2001

The increase in costs for technical staff derives essentially from the strengthening of the First Team squad.

The average number of staff employed by the Company is composed as follows:

The "other percentages on revenues from television rights" (Euro 5,031 thousand) represent 18% of the revenue

from the sale of encoded TV rights paid to visiting teams. This item increased by Euro 1,947 thousand compared

to 31 December 2000 due to both the contractual increase in the pay-TV/pay-per-view rights for Championship

matches and to the higher number of Championship matches played in the six months of the 2001/2002 season

Amortisation of intangible fixed assets

The criteria used to calculate the amortisation of players' registration rights is illustrated in the comment on the

item in the Balance Sheet.

Accruals for risks

Euro 5,461 thousand was set aside for uncertainties regarding the interpretation of legislation on whether the

capital gains deriving from the disposal of players' registration rights are subject to IRAP.

Other operating expenses

These are:

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Players 49 42 7

Coaching staff 9 9 0

Other technical staff 6 5 1

Managers 8 6 2

Employees 47 40 7

Workers 6 4 2

TOTAL AVERAGE PERSONNEL 125 106 19

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Match organisation expenses 151 147 4

Costs for official matches 61 46 15

Match registration fees 5 5 -

Indirect tax charges 83 65 18

Other percentages on gate receipts (visiting teams - UEFA) 1,084 915 169

Other percentages on TV revenues(visiting teams - LNP) 5,031 3,084 1,947

Taxes on gate receipts 50 18 32

Contingent liabilities 334 129 205

Match fines and penalties 85 57 28

Other expenses 1,885 789 1,096

TOTAL 8,769 5,255 3,514

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compared to the same six months of the previous period.

Other expenses for a total of Euro 1,884 thousand include public relations expenses, the membership fee for the

Fondo Lega Nazionale (an increase of Euro 366 thousand following higher contributions due to the L.N.P.),

Consob fees and the membership fee for the G14 (Gruppo Europeo di Interesse Economico - GEIE), of which

other leading European teams are also members.

Financial income and expenses

Income from shareholdings

Income from shareholdings in other companies came to Euro 148 thousand following the receipt of Euro 488

thousand from the sale of 339,560 shares in Ciaoweb S.p.A. to Ciaoholding N.V., whose balance sheet value was

Euro 340 thousand.

Other financial income

This is made up of the following items:

a) Receivables recorded as fixed assets.

These receivables represent the revaluation of payments to the tax authorities as advance payments of employees'

severance payments.

c) Income from securities recorded as current financial assets.

This amounts to Euro 10 thousand and regards the minimum return on the INA S.p.A. policy in which part of the

liquidity has been invested.

d) Other income, divided as follows:

The amount of Euro 4 thousand is composed of income from forward currency agreements. The decrease (of

Euro 776 thousand) compared to the same six months of the previous period is due mainly to income (for Euro

689 thousand) from repurchase agreements for the temporary use of liquidity entered for the period 1 July - 31

December 2000.

The income from players' sharing ex art. 102 N.O.I.F. refers to the following players:

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Bank interest 596 347 249

Income from financial investments 4 780 - 776

Income from players’ sharing (ex art. 102 bis N.O.I.F.) 2,298 8,322 - 6,024

Gains on foreign exchange rates 30 948 - 918

TOTAL 2,928 10,397 - 7,469

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

BINOTTO Jonathan Bologna 1909 F.C. S.p.A. - 5,087 - 5,087

DE SANCTIS Morgan Udinese Calcio S.p.A. - 2,840 - 2,840

FANTINI Enrico Venezia A.C. S.r.l. - 65 - 65

MILANO Paolo Biellese F.C. S.r.l. - 13 - 13

REGONESI Pierre Giorgio Atalanta Bergamasca S.p.A. 2,298 - 2,298

ROCCHI Tommaso Como Calcio S.p.A. - 310 - 310

SAVIOZZI Marco Como Calcio S.p.A. - 7 - 7

TOTAL 2,298 8,322 - 6,024

56 Juventus Football Club Six-Monthly Report at 31 December 2001

Interest and other financial expenses

Interest and other financial expenses are as follows:

The increase in the item "Other expenses and commissions" can be attributed principally to listing and guarantee

commissions for the stock market listing.

Players' sharing costs refer to the following transactions:

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Interest due to banks - 19 - 19

Other expenses and commissions 2,190 390 1,800

Players’ sharing costs (ex art. 102 bis N.O.I.F.) 4,452 408 4,044

TOTAL 6,642 817 5,825

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

BARISON Fabio U.S. Pro Vercelli Calcio S.r.l. - 3 - 3

BUGIOLACCHI Giuseppe Pontedera 1912 U.S. S.r.l. - 13 - 13

GIANDOMENICO Luigi Venezia A.C. S.r.l. 103 - 103

MOREO Luca Fidelis Andria A.S. S.r.l. 52 - 52

PECCHIA Fabio Torino Calcio S.p.A. 3,047 - 3,047

PERROTTA Simone Bari A.S. S.p.A. 1,250 - 1,250

CHIAVAROLI Paolo U.S. Alessandria Calcio S.r.l. - 5 - 5

GRABBI Corrado Ternana Calcio S.r.l. - 336 - 336

MANFREDINI SISOSTRIChristian Genoa Cricket and F.C. S.p.A. - 51 - 51

TOTAL 4,452 408 4,044

Euro in thousands First Half 2001/2002

AMETRANO Raffaele S.S. Calcio Napoli S.p.A. 1,678BACHINI Jonathan Parma A.C. S.p.A. 10,064BONETTO Riccardo Empoli F.C. S.p.A. 962CAMPESE Marco S.S. Gualdo S.r.l. 19INZAGHI Filippo Milan A.C. S.p.A. 31,124KOVACEVIC Darko S.S. Lazio S.p.A. 4,535VAN DER SAR Edwin Fulham Football Club (1987) Ltd 5,594ZIDANE Zinedine Real Madrid Club de Futbol 69,915

TOTAL 123,891

Valuation adjustments to financial assets

Write-downs

These refer to write-downs in investment funds (S.G.S.S. Quant Equity Fund) for Euro 165 thousand.

Extraordinary income and expenses

Extraordinary income

This item is composed mainly of capital gains from disposal of players' registration rights for Euro 123,891

thousand (Euro 19,205 thousand at 31 December 2000).

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In the extraordinary income, the sum of Euro 289 thousand has been used to cover the costs of technical and

sports training in the youth sector, as provided for in article 25 of the By-laws.

Extraordinary expenses

These amount to Euro 34 thousand and refer to losses on the disposal of football players' registration rights and

the non-renewal of the annual tie in the youth sector for Euro 28 thousand and the capital losses deriving from

the sale of other assets for Euro 6 thousand.

Income taxes

Income taxes for the period amount to Euro 35,348 thousand and include:

Current taxes

The sum of Euro 965 thousand refers to IRAP.

Deferred taxes

These amount to Euro 34,383 thousand and are composed of:

• Euro 685 thousand for use of deferred taxes created during the previous financial year (Euro 640 thousand for

IRPEG and Euro 45 thousand for IRAP);

• Euro 34,464 thousand for deferred IRPEG taxes due for the period;

• Euro 766 thousand for deferred taxes due set aside during the period (Euro 760 thousand for IRPEG and Euro

6 thousand for IRAP).

The deferred taxes due of Euro 34,464 thousand concern the deferment over several financial years of the

capital gains made on the disposal of players' registration rights.

This possibility, for players' registration rights owned for a period of no less than one year, was recently introduced

by Law 28/12/2001 no. 448, which amended article 54, paragraph 4 of DPR 917/86; it is applied for the first time

on capital gains recorded during the tax period as at 31/12/2001.

Turin, 22 April 2002

on behalf of the Board of DirectorsThe Chairman

Vittorio Caissotti di Chiusano

Euro in thousands First Half 2001/2002 First Half 2000/2001 Change

Current IRPEG - 1,541 - 1,541

Current IRAP 965 6,008 - 5,043

Net deferred IRPEG 34,344 298 34,046

Net deferred IRAP 39 39 -

TOTAL 35,348 7,886 27,462

58 Juventus Football Club Six-Monthly Report at 31 December 2001

APPENDICES

1. Variations in intangible fixed assets

2. Variations in cost of players' registration rights

3. Variations in tangible fixed assets

4. List of companies and significant shareholdings at 31 December 2001

5. Variation in shareholders' equity accounts for the periods closed at 30 June 2001 and 31 December 2001

6. Cash flow analysis for the financial years closed at 31 December 2001 and 31 December 2000

Turin, 22 April 2002

on behalf of the Board of DirectorsThe Chairman

Vittorio Caissotti di Chiusano

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Appendix 1: VARIATIONS IN INTANGIBLE FIXED ASSETS

ROYALTIES FOR INTANGIBLE FIXED TOTALINDUSTRIAL PATENTS ASSETS IN PROGRESS

AND USE OF AND ADVANCE INTELLECTUAL PROPERTY PAYMENTS

Purchases in previous years 935 86 1,021

Amortisation in previous years (477) - (477)

Residual value at 1.7.2001 458 86 544

Purchases 1.07.2001 - 31.12.2001 288 53 341

Transfer from fixed assets in progressand advance payments 86 - 86

Amortisation 1.07.2001 - 31.12.2001 (171) - (171)

Assets sold 1.07.2001 - 31.12.2001 - - -

Transfer to fixed assets - (86) (86)

Use of amortisation over previousyears - - -

Net balance as at 31.12.2001 661 53 714

Costs as at 31.12.2001 1,309 53 1,362

Amortisation as at 31.12.2001 (648) - (648)

Net balance as at 31.12.2001 661 53 714

Euro in thousand

60 Juventus Football Club Six-Monthly Report at 31 December 2001

Appendix 2: VARIATIONS IN COST OF PLAYERS’ REGISTRATION RIGHTS

PROFESSIONALS YOUTH PLAYERS TOTAL

Costs of players’ registration rights in previous years 220,144 797 220,941

Amortisation in previous years (104,087) (299) (104,386)

Residual value at 1.7.2001 (*) 116,057 498 116,555

Reclassification from youth players 35 (35) -

Purchases of rights 1.07.2001 - 31.12.2001 207,915 347 208,262

Disposal of rights 1.07.2001 - 31.12.2001 (66,177) (62) (66,239)

Amortisation 1.07.2001 - 31.12.2001 (34,246) (104) (34,350)

Reclassification of amortisation from youth players (24) 24 -

Use of amortisation over previousyears 32,771 45 32,816

Net balance as at 31.12.2001 256,331 713 257,044

Original costs as at 31.12.2001 361,917 1,047 362,964

Amortisation as at 31.12.2001 (105,586) (334) (105,920)

Net balance as at 31.12.2001 (*) 256,331 713 257,044

(*) net of preparation and promotion indemnity which was completely amortised in accordance with Law 586/96.

Euro in thousand

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Appendix 3: VARIATIONS IN TANGIBLE FIXED ASSETS

LAND AND BUILDINGS HEAD OFFICE TOTAL

Purchases in previous years 7,039 7,039

Depreciation in previous financial years (106) (106)

Net balance as at 1.7.2001 6,933 6,933

Purchases 1.07.2001 - 31.12.2001 - -

Amortisation 1.07.2001 - 31.12.2001 (105) (105)

Assets sold 1.07.2001 - 31.12.2001 - -

Use of depreciation from previous years - -

Net balance as at 31.12.2001 6,828 6,828

Costs as at 31.12.2001 7,039 7,039

Depreciation as at 31.12.2001 (211) (211)

Net balance as at 31.12.2001 6,828 6,828

Euro in thousand

PLANTS AND MACHINERY SPECIAL TECHNICAL FIRE PREVENTION, HEATING TOTALSYSTEMS AND ELECTRICAL SYSTEM

Purchases in previous years 655 55 710

Depreciation in previous financial years (384) (3) (387)

Net balance as at 1.7.2001 271 52 323

Purchases 1.07.2001 - 31.12.2001 - 3 3

Amortisation 1.07.2001 - 31.12.2001 (62) (3) (65)

Assets sold 1.07.2001 - 31.12.2001 - - -

Use of depreciation from previous years - - -

Net balance as at 31.12.2001 209 52 261

Costs as at 31.12.2001 655 58 713

Depreciation as at 31.12.2001 (446) (6) (452)

Net balance as at 31.12.2001 209 52 261

Euro in thousand

62 Juventus Football Club Six-Monthly Report at 31 December 2001

cont. VARIATIONS IN TANGIBLE FIXED ASSETS

INDUSTRIAL AND COMMERCIAL EQUIPMENTSANITARY SPORTS TELEPHONE LIGHT TOTAL

EQUIPMENT EQUIPMENT SWITCHBOARD CONSTRUC.

Purchases in previous years 206 510 125 154 995

Depreciation in previous years (134) (292) (61) (119) (606)

Residual value at 1.7.2001 72 218 64 35 389

Purchases 1.07.2001 - 31.12.2001 23 53 2 - 78

Depreciation 1.07.2001 - 31.12.2001 (11) (36) (11) (2) (60)

Assets sold 1.07.2001 - 31.12.2001 - - - - -

Use of depreciation in previous years - - - - -

Net balance as at 31.12.2001 84 235 55 33 407

Costs as at 31.12.2001 229 563 127 154 1.073

Depreciation as at 31.12.2001 (145) (328) (72) (121) (666)

Net balance as at 31.12.2001 84 235 55 33 407

Euro in thousand

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cont. VARIATIONS IN TANGIBLE FIXED ASSETS

ORDINARY OFFICE ELECTRONIC TOTALFURNITURE AND MACHINES

MACHINERY

Purchases in previous years 338 462 800

Depreciation in previous years (182) (218) (400)

Residual value at 1.7.2001 156 244 400

Purchases 1.07.2001 - 31.12.2001 53 66 119

Amortisation 1.07.2001 - 31.12.2001 (12) (41) (53)

Assets sold 1.07.2001 - 31.12.2001 - (41) (41)

Adjustments of assets of previous financial year (16) - (16)

Use of depreciation in previous years 1 32 33

Net balance as at 31.12.2001 182 260 442

Costs as at 31.12.2001 375 487 862

Depreciation as at 31.12.2001 (193) (227) (420)

Net balance as at 31.12.2001 182 260 442

Euro in thousand

FIXED ASSETS UNDER CONSTRUCTION AND ADVANCE PAYMENTS MONDO JUVE PROJECT TOTAL

Purchases in previous years 472 472

Depreciation in previous years - -

Residual value at 1.7.2001 472 472

Purchases 1.07.2001 - 31.12.2001 639 639

Amortisation 1.07.2001 - 31.12.2001 - -

Use of depreciation fund - -

Net balance as at 31.12.2001 1,111 1,111

Costs as at 31.12.2001 1,111 1,111

Depreciation as at 31.12.2001 - -

Net balance as at 31.12.2001 1,111 1,111

Euro in thousand

64 Juventus Football Club Six-Monthly Report at 31 December 2001

Appendix 4:

LIST OF COMPANIES AND SIGNIFICANT SHAREHOLDINGS AT 31 DECEMBER 2001

In accordance with Consob decision no. 11971 of 14 May 1999 (art. 126 of the Regulation) and later amendments, the

list of companies and significant shareholdings is given below.

The list indicates the companies divided by sector of activity. The list also indicates: company name, country of origin and

share capital in the original currency. The percentage share held by Juventus Football Club S.p.A. is also given.

The voting percentage at the Ordinary General Meeting is also indicated.

COMPANY NAME COUNTRY SHARE CURRENCY SHARE- % % OGM SECTORCAPITAL AT HOLDING SHARE OF VOTE OF ACTIVITY31-12-2001 COMPANIES CAPITAL

JUVENTUSFOOTBALL CLUB S.P.A. ITALY 12,093,200 Euro

IMPRESE CONTROLLATE

- Campi di Vinovo S.p.A. ITALY 1,300,000 Euro Juventus 96.62% 96.62% Rental ofFootball own assetsClub S.p.A. andCampi di 3.00% 3.00% subrentalVinovo S.p.A. (*)

(*) Voting rights of shares suspended

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Appendix 5:

VARIATIONS IN THE SHAREHOLDERS’ EQUITY ACCOUNTS FOR THE FINANCIAL YEARSENDED AT 30 JUNE 2001 AND THE SIX MONTH PERIOD ENDED AT 31 DECEMBER 2001

SHARE ADDITIONAL LEGAL RESERVE art. 25 PURCHASE RETAINED NET PROFIT SHAREHOLDERS’PAID-IN-CAPITAL RESERVE COMPANY OF OWN PROFIT (LOSS) EQUITY

BY-LAWS SHARES RESERVE

SHAREHOLDERS’ EQUITYAS AT 30/6/2000 10,742 - 729 - - 11,328 5,511 28,310

Shareholders’ OrdinaryMeeting 15/12/2000 -

to Legal Reservefor profit allocation - - 276 - - - (276) -

to Legal Reservefor share capital decrease (342) - 342 - - - - -

to Reserve art. 25(ex art. 21) of CompanyBy-laws: used for youthtraining school andtechnical-sports training - - - 551 - - (551) -

to Shareholders dividends - - - - - - (1,074) (1,074)

to Retained profits - - - - - 3,610 (3,610) -

to Income Statement - - - (551) - - - (551)

Operating profitas at 30/06/2000 - - - - - - 5,775 5,775

SHAREHOLDERS’EQUITY AS AT 30/6/2001 10,400 - 1,347 - - 14,938 5,775 32,460

Shareholders’ OrdinaryMeeting 04/09/2001

Allocation of profit30/06/2001

to Legal Reservefor profit use - - 289 - - - (289) -

to Reserve art. 25 (ex art. 21)of Company By-laws:used for youth training schooland technical-sports training - - - 577 - - (577) -

to Shareholders dividends - - - - - - (1,123) (1,123)

to Retained profits - - - - - 3,785 (3,785) -

to Income Statement - - - (289) - - - (289)

Authorisation to purchaseown shares

to Reserve for purchaseof own shares - - - - 17,000 - - 17,000

to Retained profits - - - - - (17,000) - (17,000)

Shareholders’ ExtraordinaryMeeting 04/09/2001

Capital increase on admissionto listing

to share capital 1,693 - - - - - - 1,693

to additional paid-in-capital - 60,949 - - - - - 60,949

Net profit as at 31/12/2001 - - - - - - 37,250 37,250

BALANCES AS AT 31/12/2001 12,093 60,949 1,636 288 17,000 1,723 37,251 130,940

Euro in thousand

66 Juventus Football Club Six-Monthly Report at 31 December 2001

Appendix 6:

CASH FLOW ANALYSIS FOR THE PERIOD 1 JULY - 31 DECEMBER 2001 AND FOR THEFINANCIAL YEAR CLOSED AT 30 JUNE 2001

YEAR 2000/2001 FIRST HALF 2001/2002

NET FINANCIAL POSITION AT THE BEGINNING 95,012 67,555

Operating activities:Net profit 5,775 37,250Amortisation of players’ registrations rights 37,028 34,350Other depreciations 674 456(Increase)/Decrease in receivables from football clubs (5,798) (83,348)Increase/(Decrease) in payables due to football clubs (6,730) 100,016(Increase)/Decrease in other receivables 3,097 (9,677)Increase/(Decrease) in other payables 9,298 4,239Increase/(Decrease) in Employees’ Severance indem. fund and other provisions (970) 40,113

Cash flow provided by operating activities 42,374 123,399

Investments:Purchase of players’ registrations rights (70,372) (208,262)Disposal of players’ registrations rights 15,857 33,423Other net investments (13,690) (6,947)

Cash flow used for investing activities (68,205) (181,786)

Distribution of profits (1,074) (1,123)

Other variations in shareholders’ equity (552) 62,354

NET FINANCIAL POSITION AT THE END 67,555 70,399

Euro in thousand

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INDEPENDENT AUDITORS’ REPORT

68 Juventus Football Club Six-Monthly Report at 31 December 2001

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FINANCIAL COMMUNICATION AND INVESTORRELATIONS

Juventus Football Club devotes particular attention to relations with Italian and international shareholders,

analysts, institutional investors and journalists.

Since the date of listing (20 December 2001):

• Several hundred copies of the Annual Report, Quarterly Reports, in Italian and English, have been distributed

on request to shareholders; these publications, in addition to the Prospectus for the Public Offering of Sale and

Subscription and admission to listing on the Mercato Telematico Azionario, are also available via the Internet

site in the Investor Relations sections of www.juventus.com and www.juventusbiz.com;

• Institutional meetings have been held with investors and analysts, organised by Borsa Italiana S.p.A. (February,

in collaboration with AIAF - Associazione Italiana Analisti Finanziari) and by Banca IMI S.p.A. (April);

• Meetings have been held at financial institutions in Milan, London and Edinburgh;

• Frequent contacts have been maintained through individual meetings with financial analysts and institutional

investors; international contacts have been significant;

• Ample information has been provided through the daily, periodical, financial and sports press.

72 Juventus Football Club Six-Monthly Report at 31 December 2001

Graphic design and editorial co-ordinationBeatrice Coda Negozio

PhotographyLaPresse

English versionDavid Henderson

Printed byG. Canale & C. S.p.A.

The Six-Monthly Report at 31 December 2001 was approved by the Board of Directors on 22 April 2002.

Information for shareholders, investors and the press:

Relations with Institutional Investors and Financial AnalystsTel. +39 011 65 63 437

Fax. +39 011 56 31 177

Press OfficeTel. +39 011 65 63 426 Fax. +39 011 44 07 461

Juventus Football Club S.p.A. Corso Galileo Ferraris, 32 ñ 10128 Torino

www.juventus.com

www.juventus.com