Piaggio Group

First Quarter 2009 Financial Results

Conference Call
Mantova, April 29th, 2009

Disclaimer

THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT THE ANALYST CONFERENCE CALL ON PIAGGIO FIRST QUARTER 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)

1Q 09 Vs 1Q 08 (mln , %)

Piaggio Group operating results (IFRS-IAS)

1Q 09 Vs 1Q 08 (mln , %)

Net Sales
(mln ) 363,9 (mln ) 306,3
-15,8% % margin

EBITDA

35,1
9,7%

21,0
6,9%

1Q 08

1Q 09

1Q 08

1Q 09

Net Income
(mln ) (mln ) (311,8) -4,7
-1,5%

NFP

3,2
% margin 0,9%

(446,7) 1Q 09

1Q 08

1Q 09

1Q 08

Total Sales trend (by Geographic Area)

1Q 09 Vs 1Q 08 (mln , %)
363,9
Rest of World Asia Pacific India Americas
4,9 14,5 62,2 13,9

-15,8% +40,6% -55,0% -1,4% +52,5%

21,2

306,3
6,8 6,5 61,3

Rest of Europe

147,3

-16,7%
122,8

Italy

121,1

-27,6%

87,7

1Q 08

1Q 09

Total Sales trend (by Business, by Brand)

1Q 09 Vs 1Q 08 (mln , %)

363,9
Others Spare Parts LCV India LCV Eu
31,2 3,7 44,5

-15,8%

363,9 306,3
Guzzi
15,0 70,9

-15,8%

306,3
-38,6% -30,3%
15,3 9,2 49,4 6,4

n.s. -10,4%
1,1 39,9

Aprilia Derbi

58,6

-1,4%
57,8

-57,9% -2,4%

Moto
55,5

-3,5%
30,0

Piaggio LCV

99,2

96,8

-34,9%

36,1

Scooter

170,4

-17,0%

PVG
141,4

163,5

-11,7%

144,4

1Q 08

1Q 09

1Q 08

1Q 09

Total Volumes trend (by Business, by Brand)

1Q 09 Vs 1Q 08 (000 units, sell in)

150,6
Other LCV Eu LCV India
40,5 0,4 5,3

-20,2%

150,6
Guzzi

-20,2%

n.s. -18,1% -6,5%

120,1
0,0 4,3 37,9

1,8

Aprilia Derbi Piaggio LCV

-35,5%
23,8

120,1
1,1

-30,9%
8,2

Moto
15,7

-60,0%
45,8

16,4 3,3

-39,8%

-7,9%
42,2

9,4

Scooter

88,7

-22,8%

68,5

PVG

71,1

-19,7%

57,1

1Q 08

1Q 09

1Q 08

1Q 09

EBITDA Evolution (IFRS-IAS)

1Q 09 Vs 1Q 08 (mln , %)

(16,3)

3,4 35,1
9,7%

(1,2) 21,0
6,9%

1Q 08

Gross Margin

Opex

Amortiz.

1Q 09

Net Income Evolution (IFRS-IAS)

1Q 09 Vs 1Q 08 (mln , %)

3,2
0,9%

(12,9) 5,5 (0,4) (4,7)

-1,5%

1Q 08

Ebit

Financial Expenses

Tax

1Q 09

Group Balance Sheet (IFRS-IAS)

1Q 09 Vs 1Q 08 (mln , %)

10

PFN Evolution (IFRS-IAS)

1Q 09 Vs Year End 08 (mln )

Receivable: Inventories: Payables: Others :

(61,3) (28,6) ( 6,0) 11,7

(359,7)

15,4

(84,2)

(20,0)

(0,8)

2,6 Equity

(446,7)

YE 08

Operating Working Cash Flow Capital

Capex

Disinvest. and others

1Q 09

11