2012 Half year financial report

Introduction

This Interim Financial Report as of 30 June 2012 was drafted in compliance with Italian Legislative Decree no. 58/1998 and subsequent amendments, as well as the Consob Regulation on Issuers.

This Interim  Financial Report has been prepared in compliance with International Financial Reporting Standards (« IFRS ») issued by the International Accounting Standards Board (« IASB ») and approved by the European Union and in accordance with IAS 34 – Interim Financial Reporting.

Since the 2012 Half-year Financial Statements, the Piaggio Group has adopted IAS 19 revised, in advance. For further details, see section 2.1. Accounting standards, amendments and interpretations applied as from 1 January 2012 in the "Notes".

Therefore published income statement data for the first half of 2011 and as of 31 December 2011 have been restated where necessary in this document, for the purpose of uniform comparison.