Piaggio Group

1st Half 07 Operating Results

Milan, September 7th 2007

Disclaimer

THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT THE ANALYST CONFERENCE CALL ON PIAGGIOS FIRST HALF2007 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 ORANY 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 COMPANYS 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 PIAGGIOS CORE BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, FUTURE CAPITAL EXPENDITURES.

Financial Statement (IFRS-IAS)

1H 07 vs 1H 06 (mln )

Piaggio Group operating results (IFRS-IAS)

1H 07 vs 1H 06
Net Sales
(mln ) 903,3 968,6 135,0
+7,2% +8,1% % margin 14,9% 15,1%

EBITDA
(mln )

145,9

1H 06 EBIT
(mln )

1H 07

1H 06

1H 07
Net Income

(mln )

92,7
% margin 10,3% +14,7%

106,4 64,8
11,0% % margin 7,2% -20,5%

51,5
5,3%

1H 06

1H 07

1H 06

1H 07
4

Net Sales trend

1H 07 vs 1H 06 (mln )

+7.2%

+7.2%

968,6 903,3
Others Spare Parts Ltv India Ltv Eu Moto 5,7 87,3 91,4 68,5 151,7
n.s. +14.5% +14.6% -4.4% +16.9%

11,8 99,9 104,8 65,5 177,3

903,3 Guzzi Aprilia

45,9 192,8
+10,1% +10.5%

968,6
50,5 213,1

Piaggio
Scooter 498,7
+2.1%

664,7

+6.1%

705,0

509,3

1H 06

1H 07

1H 06

1H 07

Note: 2006 Net Sales include 36,5M turnover Vs Poste Italiane

Total Volumes trend

1H 07 vs 1H 06 (000 units, sell in)

+4.0%

+4.0%

380,7 LTV Eu LTV India Moto

11,3 63,7 38,5
-5.4% +15.5% +28.9%

395,8
10,7 73,6 49,6

380,7 Guzzi Aprilia

5,9 69,2
+4.7% +6.4%

395,8
6,2 73,6

Scooter

267,2

Piaggio
-2.0%

261,9

305,5

+3.4%

316,0

1H 06

1H 07

1H 06

1H 07

Note: 2006 Volumes include 24.3 K vehicles sold to Poste Italiane

EBITDA Evolution (IFRS-IAS)

1H 07 vs 1H 06 (mln )

10,9

2,8

(2,8)

145,9

135,0

15,1% EBITDA Margin 14,9%

1H 06

Gross Margin

Opex

Amortiz.

1H 07

Net Result Evolution (IFRS-IAS)

1H 07 vs 1H 06 (mln )
Due to delta criterio on tax calculation according to IAS 12 and IAS 34

64,8

10,9

2,8

(3,3)

(23,7)

51,5

Gross 1H 06 Margin

Opex

Financial Expenses

Tax

1H 07

Group Balance Sheet (IFRS-IAS)

YE 06 vs 1H 07 (mln )

PFN Evolution (IFRS-IAS)

YE 06 vs 1H 07 (mln )

Receivable: Inventories: Payables: Others : -

(165,2) (24,7) 127,8 76,8

AuCap Stock Options: 6,3 Buy Back: (16,8) Dividends (11,9) Exchange & Others: 3,9

14,6 (318,0) 87,1

(42,1)

(0,2)

(18,5)

(277,1)

+ 40,9
Operating Working Cash Flow Capital

YE 06

Capex

Disinvest. and others

Equity

1H 07

10