Header Relazione

Events occurring after the end of the period

1 July 2011 Simest sold 12.5% of Piaggio Vietnam to Piaggio & C.. Following this operation, Piaggio Vietnam is held 100% by the Group.

Following the Board of Directors' meeting of 13 July 2011 which resolved to authorise the issue of long-term debt securities for a total nominal amount of 75 million USD on 25 July 2011 Piaggio & C. S.p.A. finalised the private placement of Senior Unsecured Notes on the American market (US Private Placement) entirely subscribed by an institutional investor for an amount of 75 USD, with last maturity at 10 years and coupon at 6.50%. The income will be used to refinance the debt, improving the profile by increasing the average maturity and a further differentiation of lenders.