Piaggio: Accelerated Bookbuild offer completed

15 November 2006

Price sensitive

Citigroup, Deutsche Bank AG, Lehman Brothers, Mediobanca and Banca Caboto (the “joint bookrunners”), announce that they have placed 23,553,611 shares, equal to 6.1% of Piaggio & C. S.p.A. through an accelerated bookbuild offering at price of € 3,05. The shares of Piaggio & C. S.p.A. (ticker: PIA IM on Bloomberg: ISIN: IT0003073266) have been sold on behalf of Deutsche European Partners IV (Deutsche Morgan Grenfell) along with co-investors, former members of Piaggio’s management Mr Sabelli and Mr Neri as well as Interbanca, a former creditor bank (altogether the “sellers”). The shares sold by each seller represent their entire stake in Piaggio. The joint bookrunners have agreed to waive the lock up agreement of these aforementioned 23,553,611 shares for this offering.