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Board of Directors approves the quarterly report at 30 September 2008NET PROFIT UP BY 10.9% (€ 32.6 MLN FROM € 29.4 MLN AT 30.09.07)NET SALES € 1,402.6 MLN ( € 1,472.3 MLN AT 30.09.07)NET DEBT € 535.3 MLNGIOVANNI SALA JOINS THE BOARD Milan, 13 November 2008 – The Immsi S.p.A. Board of Directors examined and approved Group figures for the first nine months of 2008. For the first nine months to September 30, 2008, the Immsi Group posted a net profit of € 32.6 million, an improvement of 10.9% from the result at 30 September 2007. Turnover also recovered with respect to the end of the first half of 2008, thanks largely to improved performance at the Piaggio subsidiary during the third quarter. Immsi Group consolidated net sales for the first nine months of 2008 were € 1,402.6 million, down by 4.7% from € 1,472.3 million in the first nine months of 2007. Specifically, the Piaggio Group reported net sales of € 1,289.3 million, accounting for 92% of Immsi Group net sales, a YoY decrease of 5.9%. The reduction was due in part to the rise in value of the euro against other currencies (a negative exchange-rate effect of approximately € 34.4 million compared with the first nine months of 2007). Net of the exchange-rate effect, the reduction in Piaggio Group net sales was 3.4%. The Rodriquez Cantieri Navali Group reported net sales of € 109.0 million, up by 11.3% on the year-earlier nine months as a result of production progress on current projects. Orders at 30 September 2008 stood at € 339 million. Revenues for the real estate sector and holding were substantially in line with the first nine months of 2007. Consolidated EBITDA amounted to € 169.7 million, for an EBITDA margin of 12.1%. This compared with € 194.9 million and a margin of 13.2% in the year-earlier period. After an increase of € 72.6 million in depreciation and amortisation, mainly in relation to new production investments at the Piaggio Group, consolidated EBIT was € 97.1 million, or 6.9% of net sales. In the first nine months of 2007, EBIT was € 129.4 million (8.8% of net sales). Profit before tax at 30 September 2008 totalled € 70.9 million, compared with € 102.2 million at 30 September 2007. After tax and minority interests, the Immsi Group posted a consolidated net profit of € 32.6 million for the first nine months of 2008, up from € 29.4 million in the year-earlier period. Tax for the period has been determined on the basis of a lower projected fullyear average tax rate compared with 2007, due in part to recognition of deferred tax assets. Net debt at 30 September 2008 was € 535.3 million, from € 515.8 million at 30 June 2008 and € 428.2 million at 31 December 2007. The increase of € 107.1 million from the year-end figure was generated by capital expenditure in the nine months totalling € 76.1 million, the cash settlement of 2004-2009 Piaggio warrants for € 64.2 million, dividend payouts of € 20.3 million and share buybacks at Immsi (€ 1.8 million) and Piaggio (€ 19.2 million), covered in part by cash flows from operating activities of € 61.2 million. Group consolidated shareholders' equity including minority interests at 30 September 2008 was € 570.3 million. At 30 December 2007 it was € 666.8 million. Significant events after 30 September 2008At the beginning of October, the Rodriquez Cantieri Navali Group collected receivables totalling € 32.5 million. In October, work was completed on the production facility in Hanoi (Vietnam), ahead of schedule, and the Vespa went into pre-production: mass production will begin in January 2009. On 7 October the Environmental Impact Assessment services conference for the Is Molas tourist property investment was held. The resolution of the Sardinian Regional Government, a formal act establishing final approval of the project, is pending. Full-year outlookWith regard to full-year performance, the Immsi Group will continue to focus on consolidating the programmes begun in previous years. At the Piaggio Group, the fourth quarter will aim in particular at boosting productivity and containing costs, as in the first nine months of the year. At the Rodriquez Cantieri Navali Group, further YoY growth in production volumes is expected. Developments are still underway with regard to Compagnia Aerea Italiana operation in which Immsi is taking part. *** The Board of Directors coopted Giovanni Sala to replace Marco Reboa. Mr Sala’s curriculum vitae will be published on the website www.immsi.it. The Board also designated Directors Giovanni Sala (Chairman), Giorgio Cirla and Mauro Gambaro as members of the Internal Control Committee. Mr Gambaro was named Lead Independent Director. *** The manager in charge of preparing the company accounts and documents, Andrea Paroli, certifies, pursuant to paragraph 2, art. 154 bis of Legislative Decree no. 58/1998 (Consolidated Law on Financial Intermediation), that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.For more information:IMMSI Press OfficeVia Vivaio, 6 - 20122 MilanMassimiliano LeviTel. +39 02 76212621Fax +39 02 76212629massimiliano.levi@immsi.it