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IMMSI GROUP: FIRST HALF 2010Consolidated figures:Net sales € 869.5 million (+0.8%, compared to H1 2009)EBITDA € 111.1 million (+10.2%, compared to H1 2009)EBITDA margin increased to 12.8% of net sales (11.7% in H1 2009)Operating earnings € 66.1 million (+24.9%, compared to H1 2009)Consolidated net earnings € 10.4 million (+140.4%, compared to H1 2009)Net debt € 636.3 million (down 1.7 million €, compared to 31.12.2009)* * *Immsi S.p.A., the parent company:Net profit of € 22.9 million (+96.6%, compared to H1 2009)Net debt € 62.3 million (a reduction of 18 million €, compared to 31.12.2009)* * *Michele Colaninno appointed Chief Executive of Immsi S.p.A. Mantova, 27 August 2010 – At a meeting today in Mantova chaired by Roberto Colaninno, the Board of Directors of Immsi S.p.A. appointed the General Manager, Michele Colaninno, a member of the Board of Directors of Immsi S.p.A. since 2006, as Chief Executive of Immsi S.p.A.. Michele Colaninno, who will continue as General Manager of the Company, will remain in office until the shareholders’ meeting called to approve the financial statements for the period ending 31 December 2011. The Board of Directors, assisted by the Internal Control Committee, also appointed the new Chief Executive Michele Colaninno as the Executive Director in charge of supervising the workings of the Internal Control System. The Board of Directors also appointed –in accordance with article 2386 of the Italian Civil Code – Ruggero Magnoni a Director of Immsi S.p.A., substituting Luciano La Noce. His curriculum vitae will be available online at www.immsi.it. At today’s meeting, the Board of Directors also examined and approved the Group’s results for the first half of 2010. Immsi Group consolidated net sales at 30 June 2010 total € 869.5 million, an increase of 0.8%, compared to € 862.9 million in H1 2009. Consolidated EBITDA totals € 111.1 million at 30 June 2010, an increase of 10.2%, compared to the € 100.9 million recorded in the first half of 2009. Also of note is the increase in the EBITDA margin on net sales, from 11.7% in H1 2009 to 12.8% of H1 2010. First half 2010 consolidated operating profit (EBIT) totals € 66.1 million, an increase of 24.9%, compared to the € 52.9 million in first half 2009. Consolidated profit before tax at 30 June 2010 totals € 51 million, an increase of 69.4%, compared to € 30.1 million of first half 2009. Taxation for the period totals € 29.7 million, compared to € 18.7 million at 30 June 2009. The consolidated net profit for the period, after taxation and minority interests, totals € 10.4 million at 30 June 2010, an increase of 140.4%, compared to the € 4.3 million recorded in H1 2009. Group net debt at 30 June 2010 stands at € 636.3 million, down € 1.7 million, compared to 31 December 2009. Group consolidated shareholders' equity (including minority interest capital and reserves) at 30 June 2010 stands at € 639 million, compared to € 620.6 million at 31 December 2009. Examining the various sectors in which Immsi Group operates, in the industrial sector (Piaggio Group), net sales for the first six months of 2010 total € 820.8 million, an increase of 3.2%, compared to the same period in 2009. H1 2010 EBITDA totals € 117.5 million, or 14.3% of net sales, an increase of 9.3%, compared to € 107.5 million (or 13.5% of net sales) in the first half of the previous year. H1 2010 operating earnings (EBIT) total € 74.6 million, +21.1%, compared to the same period in 2009. In H1 2010, Piaggio Group recorded pre-tax earnings of € 62.8 million - an increase of 39.1%, compared to the same period in 2009 – and a net profit of € 33.1 million, an increase of 28.6%, compared to H1 2009, after taxation totalling € 29.7 million (€ 19.4 million in H1 2009). Net debt at 30 June 2010 stands at € 341.7 million, a reduction, compared to the € 352 million recorded at 31 December 2009 and the € 348.9 million at 30 June 2009. In the first six months of 2010, Piaggio Group sold 340,800 vehicles globally (+8.5%, compared to H1 2009), recording an increase in volumes in both the 2-wheeler business, with 232,800 vehicles (+2.6%, compared to the first six months of 2009), and in the commercial vehicle business with 108,000 vehicles sold (+23.9%, compared to the first six months of 2009). The significant increases in sales volumes and in all the main indicators of financial performance and position are attributable to the success achieved by Piaggio Group in the Asian 2-wheeler market – as a result of the industrial and marketing operations in Vietnam – and in the Indian commercial vehicle market. Added to this performance, Piaggio Group essentially held its own in 2-wheels in Europe (losing just 3.1%, against a European motorcycle and scooter market in decline by 11%, compared to the first six months of 2009), as a result of improved market shares in various product segments and markets. In the shipbuilding sector (Rodriquez group), consolidated net sales at 30 June 2010 total € 46 million, down 29.1%, compared to 30 June 2009, due to the river Magra breaking its banks twice in 2009, which led to a four-month halt in production at the Sarzana shipyard (Rodriquez group’s main production facility). As regards the property and holding company sector, especially the subsidiary Is Molas S.p.A., which manages a tourist, hotel and sports complex in Pula (Cagliari), net sales of € 1.3 million were recorded in the first half of 2010, an increase of some 13.5%, compared to the first half of the previous year. Immsi S.p.A., the parent companyIn H1 2010, the parent company, Immsi S.p.A., recorded a net profit for the period (before intragroup transactions) of € 22.9 million, an increase of 96.6%, compared to € 11.6 million at 30 June 2009, primarily as a result of more components of financial income, especially the dividends paid out in May by the subsidiary Piaggio & C. S.p.A. and received by Immsi S.p.A. totalling € 14.2 million (12.7 million in H1 2009), against a decrease in the number of shares held (from about 212.2 million shares at the end of May 2009, when they went ex-dividend, to about 202.2 million shares when they went ex-dividend at the end of May 2010), with the dividend improving from 0.06 euros per share in 2009 to 0.07 euros per share in 2010. Furthermore, in March, 10 million Piaggio shares were sold to Banca IMI for 22.1 million euros and a pre-tax gain of some 9.6 million euros: N.B. this gain does not affect the consolidated net earnings, in accordance with the accounting standards employed. Net debt at 30 June 2010 stands at € 62.3 million, a significant reduction (about 18 million euros), compared to 31 December 2009. Events after 30 June 2010 and operating outlookOn 23 July 2010, a credit line was signed with IFC (World Bank Group) for the development of industrial operations in Asia, regarding 2-wheelers, commercial vehicles and engines with low environmental emissions and fuel consumption. The credit line provided by IFC, for an amount up to € 45 million, is in favour of Piaggio Vietnam Company Limited (up to € 15 million) and Piaggio Vehicles Private Limited in India (up to € 30 million, initially underwritten for about € 15 million). Regarding the shipbuilding sector (Rodriquez group), the second MCMV 2010 class minesweeper that Intermarine built for the Finnish Navy was launched on 26 August 2010 at the Sarzana shipyard. As regards the operating outlook for Immsi Group in the second half of the year, Piaggio group will pursue its strategy of developing its industrial and marketing presence on the main Asian markets – supported by the group’s new global organizational model – strengthening its leadership in the Indian 3- and 4-wheeler light commercial vehicle market and gaining further market shares in the Vietnamese scooter sector. Centrally, the group’s research and development activities will focus on renewing the product lines - scooters, motorcycles and commercial vehicles – paying special attention to developing engines with low fuel consumption and low-to-no environmental emissions. * * *The manager in charge of preparing the company accounts and documents, Andrea Paroli, certifies that, in accordance with paragraph 2 Art. 154-bis of the Consolidated Financial Act, the accounting disclosures in this press release correspond to the documentation, the ledgers and the accounting records. The Interim Financial report at 30 June 2010, including the Auditors’ Report, will be available to the public as of today, at the registered offices of the company in Mantova, at Borsa Italiana S.p.A., and may also be viewed online at www.immsi.it. Furthermore, this press release not only provides the conventional financial indicators envisaged by the IFRS, but also some alternative performance indicators such as, for example, EBITDA (defined as operating earnings before amortisation and depreciation, as indicated in the reclassified consolidated Income Statement schedule) and net debt (consisting of current and noncurrent financial liabilities, net of current financial assets, cash and cash equivalents, as indicated in the reclassified Balance Sheet schedule). These indicators are provided also for an improved understanding of the financial situation and performance of the Group. N.B. Not being specifically governed by the accounting standards adopted, the methods of determining these indicators may differ from those employed by others and, therefore, may not be directly comparable. Below are the schedules of the reclassified consolidated Income Statement, the consolidated statement of comprehensive income, the reclassified Balance Sheet and the consolidated cash flows. In compliance with CONSOB Communication no. 9081707 of 16 September 2009, the unaudited reclassified schedules have been specifically disclosed. At the date of this press release, the audit activities of the concise consolidated half-year financial statements at 30 June 2010 of Immsi Group have not yet been completed. For further information:Immsi Press OfficeRoberto M. ZerbiVia Broletto, 13 - 20121 MilanTel. +39 02.319612.15/16/17/18roberto.zerbi@piaggio.comufficiostampa@immsi.itwww.immsi.it