Header Relazione

Stock option plan

With regard to the 2007-2009 incentive plan approved by the General Meeting of Shareholders on 7 May 2007 and subsequently amended, for executives of the Company or of its Italian and/or foreign subsidiaries, in compliance with article 2359 of the Italian Civil Code, as well as for directors having powers in the aforesaid subsidiaries ("2007-2009 plan") on 13 January 2011, 500,000 option rights expired.

As of 30 June 2011, a total of 7,930,000 option rights had been assigned for a corresponding number of shares.

Detailed information on the 2007-2009 Plan is available in the documents published by the Issuer in accordance with article 84-bis of Consob Regulation on Issuers. These documents can be consulted on the institutional web site of the Issuer www.piaggiogroup.com under Governance.

Rights No. of options Average exercise price (Euro) Market price (Euro)
Rights existing as of 31/12/2010       8,430,000
 - of which exercisable in 2010
New rights assigned in the first half of 2011
Rights exercised in the first half of 2011
Rights expired in the first half of 2011          500,000 1.892 2.004
Rights existing as of 30/06/2011       7,930,000
- of which exercisable as of 30/06/2011

Mantua, 27 July 2011

For the Board of Directors

Chairman and Chief Executive Officer

Roberto Colaninno