Piaggio Group

First Quarter 2010 Financial Results

Conference Call
Milan, April 29th, 2010

Disclaimer

THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT THE ANALYST CONFERENCE CALL ON PIAGGIO FIRST QUARTER 2010 CONSOLIDATED RESULTS.

THE INFORMATION CONTAINED HEREIN HAS NOT BEEN INDEPENDENTLY VERIFIED. NONE OF THE COMPANY OR REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER IN NEGLIGENCE OR OTHERWISE FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THESE SLIDES OR THEIR CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THESE SLIDES OR ANY MATERIAL DISCUSSED DURING THE ANALYST CONFERENCE CALL.

THIS DOCUMENT IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON.

THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED DURING THE ANALYST CONFERENCE CALL MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS,AND THEREFORE YOU SHOULD NOT PLACE UNDUE RELIANCE ON THEM.

FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU THAT A NUMBER OF IMPORTANT FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT.

SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN PIAGGIO CORE BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, FUTURE CAPITAL EXPENDITURES.

Financial Statement
1Q 10 vs 1Q 09 (mln , %)

1Q 2009 Net Sales EBITDA % on Sales Depreciation EBIT % on Sales Financial Expenses Income before Tax Tax Net Income % on Sales Gross Margin % on Sales 306,3 21,0 6,9% 20,8 0,2 0,1% -8,4 -8,2 3,5 -4,7 -1,5% 87,8 28,7%

1Q 2010 340,6 31,8 9,3% 20,5 11,3 3,3% -5,9 5,4 -2,6 2,9 0,8% 102,5 30,1%

% '10-'09 11,2% 51,2%

-1,7% 5509,4% -30,0% n.a. n.a. n.a.

16,8%

Key Figures
1Q 10 vs 1Q 09 (mln , %)

Net Sales
340,6 306,3
+11,2% % on sales 6,9% 6,9%

EBITDA
9,3% 9,3%

31,8 21,0
+51,2%

1Q 09

1Q 10

1Q 09

1Q 10

Net Income
% on sales -1,5% -1,5% 0,8% 0,8%

Net Financial Position

2,9 (4,7)
n.a. -5,4%

(446,7)

(422,6)

1Q 09

1Q 10

1Q 09

1Q 10

Net Sales trend (by Business Unit, by Business)

1Q 10 vs 1Q 09 (mln , %)

+11,2%

+11,2%

340,6 306,3
CV India CV Europe 2w Asia 2w Americas
61,3

340,6 306,3
1,3

-22,5%
40,4

+41,7% -5,8% +419,8% -77,3%

86,9

Other Acc. & S.Parts CV India CV Europe Moto

1,7

+2,7%
39,4 82,4

35,5 6,5 21,0

33,4 33,7 4,8

57,8 30,0 36,1

+42,5% -7,6% -1,7%

27,8 35,5

2w EMEA

182,1

-0,2%

181,7

Scooter

141,4

+8,4%

153,2

1Q 09

1Q 10

1Q 09

1Q 10

Volumes trend (by Business Unit, by Business)

1Q 10 vs 1Q 09 (000 sell-in units, %)

+19,7%

+19,7%

143,7 120,1
52,2

143,7 120,1
52,2

+38,0%

+38,0%

CV India CV Europe 2w Asia 2w Americas

37,9

CV India
-10,0%
3,9 15,0 1,1

37,9

-10,0%

4,3 2,5 6,4

+504,7% -82,4%

CV Europe Moto

4,3 9,4

3,9 9,8

+4,0%

2w EMEA

69,0

+3,5%

71,4

Scooter

68,5

77,8

+13,6%

1Q 09

1Q 10

1Q 09

1Q 10

EBITDA Evolution
1Q 10 vs 1Q 09 (mln , %)

14,6

(3,8)

31,8
9,3%

21,0
6,9%

1Q 09

Cash Gross Margin

Cash Opex

1Q 10

Net Income Evolution

1Q 10 vs 1Q 09 (mln , %)

2,5 11,1

(6,1)

2,9
0,8%

(4,7)
-1,5%

1Q 09

Ebit

Financial Expenses

Tax

1Q 10

Group Balance Sheet

1Q 10 vs 1Q 09 (mln , %)
2008
Trade Receivable Inventories Commercial Payables Other assets / liabilities Working Capital Tangibles Fixed Assets Intangibles Fixed Assets Financial Investments Provisions 88,0 258,0 -359,9 10,3 -3,7 250,4 648,2 0,6 -137,5

1Q 2009
149,3 286,5 -353,9 -1,5 80,5 248,7 649,8 0,6 -136,8

2009
99,0 252,5 -341,8 7,5 17,2 250,4 641,3 0,6 -133,7

1Q 2010
149,2 276,4 -342,0 9,1 92,8 248,9 645,8 0,4 -132,1

Net Invested Capital

Net Financial Position Equity

757,9
359,7 398,2

842,8
446,7 396,1

775,8
352,0 423,8

855,7
422,6 433,2

Total Sources

757,9

842,8

775,8

855,7

Group Cash Flow and NFP Evolution

1Q 10 vs Year End 09 (mln )

(352,0)

21,7 Operating Cash Flow

(75,6) Working Capital

(14,7)

(3,1)

1,1 Equity

(422,6)

NFP YE 09

Capex

Others

NFP 1Q 10

10