Piaggio Group

September Ytd 2009 Financial Results

Conference Call
Milan, October 30th, 2009

Disclaimer

THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT THE ANALYST CONFERENCE CALL ON PIAGGIO FIRST NINE MONTHS 2009 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 TODIFFER 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 (IFRS-IAS)

Sept. Ytd 09 Vs Sept. Ytd 08 (mln , %)

Piaggio Group operating results (IFRS-IAS)

Sept. Ytd 09 Vs Sept. Ytd 08 (mln , %)
Net Sales
(mln ) 1.289,3 1.173,1 179,4
-9,0% % margin 13,9% -4,1% 14,7%

EBITDA
(mln )

172,1

Sept 08

Sept 09

Sept 08

Sept 09

Net Income
(mln ) 62,0
% margin 4,8%

NFP
(mln ) (327,4)

40,1
3,4%

(352,6) Sept 09

Sept 08

Sept 09

Sept 08

Net Sales trend (by CGU, by Business)

Sept. Ytd 09 Vs Sept. Ytd 08 (mln , %)

1.289,3
CV India CV Europe 2w Asia 2w Americas
189,2

-9,0%

1.289,3 1.173,1
Others Spare Parts CV India
102,9 43,9 52,5
18,1 149,4

-9,0%

1.173,1
n.s. -5,4% 9,8%
3,1 141,3

9,8%
109,8 35,2 76,9 207,7

-6,3% 24,8% -31,7%

178,1 94,1 195,5 87,4 126,1

CV Europe Moto

-7,2%
181,6

-30,5%

2w EMEA

878,2

-12,8%

766,1

Scooter

668,0

-7,2%

619,7

Sept. 08

Sept. 09

Sept. 08

Sept. 09

Volumes trend (by CGU, by Business)

Sept. Ytd 09 Vs Sept. Ytd 08 (000 sell-in units, %)

537,9
CV India CV Europe 2w Asia 2w Americas

-11,7%

537,9 475,1
Other CV India
130,5
2,0

-11,7%

475,1
n.a.

125,2

4,2%
14,7 17,7 25,8

125,2

4,2%

-18,2% 3,9% -36,5%

CV Europe Moto

14,7 53,2

130,5

-18,2% -37,2%
12,1 33,4

12,1 18,4 16,4

2w EMEA

354,6

-16,0%

297,7

Scooter

342,7

-12,7%

299,1

Sept. 08

Sept. 09

Sept. 08

Sept. 09

EBITDA Evolution (IFRS-IAS)

Sept. Ytd 09 Vs Sept. Ytd 08 (mln , %)

(16,2)

9,2

(0,3)

179,4
13,9%

172,1
14,7%

Sept. ytd 08

Gross Margin

Opex

Amortiz.

Sept. ytd 09

Net Income Evolution (IFRS-IAS)

Sept. Ytd 09 Vs Sept. Ytd 08(mln , %)

62,0
4,8%

(7,0) 2,8 (17,7) 40,1

3,4%

Sept. ytd 08

Ebit

Financial Expenses

Tax

Sept. ytd 09

Group Balance Sheet (IFRS-IAS)

Sept. 2009 Vs Sept. 2008 and Year End 2008 (mln , %)

NFP Evolution (IFRS-IAS)

September 2009 Vs Year End 2008 (mln )

Receivable: Inventories: Payables: Others

(89,2) (20,8) 50,1 45,7

- Dividends: - Others:

(22,1) ( 1,0)

(359,7)

107,7

(14,2)

(67,1)

3,8

(23,1)

(352,6)

YE 08

Operating Working Cash Flow Capital

Capex

Disinvest. and others

Equity

Sept. 09

10