2012 Half year financial report

Commercial Vehicles

Europe

In the first 6 months of 2012, the European light commercial vehicles market (EU27+EFTA) (vehicles with a maximum mass of up to 3.5 tons), where the Piaggio Group operates, accounted for 0.748 million unit sold, registering a downturn of 12.7% compared to the same period (January - June 2012 estimate based on May data). The trend in main European countries was as follows: Italy reported a decrease of 38.7%, with sales falling from 101,878 units in the first five months of 2011 to 62,452 units in the same period of 2012; likewise Spain reported a 24.3% decrease. France and Germany also reported a downturn, albeit to a lesser extent, of 9% and 3.6% respectively.

India

Sales on the Indian three-wheeler market, in which Piaggio Vehicles Private Limited, a subsidiary of Piaggio & C. S.p.A. operates, fell from 253,000 units in the first half of 2011 to 241,400 in 2012, registering a 4.6% decrease.

On this market, the passenger transport vehicles segment sold 192,190 units, down 2.6%, while the cargo segment decreased by more than 11.5%, with sales falling from 55,590 to 49,210 units.

Sales of four-wheeler light commercial vehicles (LCV) for the transport of goods (cargo), with Piaggio Vehicles Private Limited selling its Apé Truk and Apé Mini models, were up by 15.9%, from 110,750 units in the first half of 2011 to 128,350 units in the same period.