Piaggio Group 2010-2013

Investor Day

Milano, September 23rd, 2010

 Growing International Presence

2003 2009 2013 E

Asia: 8% Asia: 25% Asia: 40%

Rest of the Rest of the Rest of the

world: 92% world: 75% world: 60%

2
 Key Financial Indicators evolution
Mln euro, %

Net Financial
Position 360
352

~ 300

~1.780 ~1.900
Revenues
1.570 ~1.650
1.487 ~1.500 ~15,0%
13,5% ~13,3% ~13,4% ~14,2%
Ebitda Margin 12,0%

2008 2009 2010E 2011E 2012E 2013E

3
2011 2013 Capex Plan
Mln euro

~25 ~312
~100

~50

~137

Product Product Manufacturing Other Total

2 wheels CVs Capex

4
 Volumes Breakdown by Business Unit
.000 sell-in units

09-13 Growth: ~200

CAGR 09-13

~810 7,5%
7,5% Total
66
75 (3)

70 8,1%
8,1% CV India
248
Total 607,7 (4)

13 -4,5%
-4,5% CV Europe
CV India 181,7 75 n.a. 2w India
n.a.

CV Europe 15,7
2w India 106 30,3%
30,3% 2w Asia
2w Asia 36,9 0,0

2w EMEA +
2w EMEA + 373,4 370 -0,2%
-0,2%
Americas
Americas

2009 2w EMEA + 2w 2w CV CV 2013 E

Americas Asia India Europe India
5
 Volumes Breakdown by Business
.000 sell-in units

09-13 Growth: ~200

CAGR 09-13

~810 7,5%
7,5% Total
66

133 8 (3)

248 8,1%
8,1% CV India
Total 607,7

13
-4,5%
-4,5% CV Europe
CV India 181,7 49 4,4%
4,4% Bikes

CV Europe 15,7
Bikes 41,3

502 8,0%
8,0% Scooters

Scooters 369,0

2009 Scooters Bikes CV CV 2013 E

Europe India
6
 Net sales breakdown by Business Unit
Mln euro

09-13 Growth: ~410

CAGR 09-13

~1.895 6,2%
6,2% Total
199

51 (30)
104
486 14,1%
14,1% CV India
85
Total 1.486,9

104
-6,2%
-6,2% CV Europe
CV India 287,0
51 n.a.
n.a. 2w India
CV Europe 134,7 188 22,3%
22,3% 2w Asia
2w India 0,0
2w Asia 84,0

1065 2,1%
2,1% 2w EMEA +
2w EMEA + 981,2 Americas
Americas

2009 2w EMEA + 2w 2w CV CV 2013 E

Americas Asia India Europe India
7
 Net sales breakdown by Business
Mln euro

09-13 Growth: ~410

CAGR 09-13

6,2%
6,2% Total
~1.895
66
190

(34) 254 7,8%

7,8% Other
88
96
Total 1.486,9

459 14,3%
14,3% CV India
Spare Parts, 187,7
Acc. & Other**

CV India* 268,8 80 -8,4%

-8,4% CV Europe

CV Europe* 114,3 246 11,7%

11,7% Bikes
Bikes* 158,2

854 3,0%
3,0% Scooters
Scooters* 757,8

2009 Scooters* Bikes* CV CV Other** 2013 E

* Vehicles net sales Europe* India* 8
** Engines, racing, other
 EBITDA Bridge
Mln. Euro, %

09-13 Growth: ~85

~285
(40) 15,0%

125
EBITDA 200,8
% on sales 13,5%

2009 Cash Gross Cash 2013 E

Margin Opex

9
 Net Result Bridge
Mln. Euro, %

09-13 Growth: ~43

(4) 1 (40)

~90
4,7%
85
Net result 47,4
% on sales 3,2%

2009 Ebitda Deprec. Financial Tax 2013 E

Expenses

10
 NFP Evolution 2010 2013
Mln. Euro,

303 (312)

(352) (300)

207 (86)

(60)

NFP Net Result Amortization Capex Dividend Working Capital NFP

YE 10 YE 13

11