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The Board of Directors approves the quarterly report at 31 March 2008 FIRST QUARTER 2008NET PROFIT € 3.5 MLN (€ 2 mln in Q1 ’07)NET SALES € 398.9 MLN (€ 420.9 mln in Q1 ’07)EBITDA € 31.5 MLN (€ 41.7 mln in Q1 ’07)NET DEBT € 477.7 MLN Mantua, 13 May 2008 – At a meeting today in Mantua chaired by Roberto Colaninno, the IMMSI S.p.A. Board of Directors examined and approved the quarterly report on Group performance in the first quarter of 2008. Consolidated net sales in the quarter to 31 March 2008 totalled € 398.9 million; of the total, more than 91%, or € 363.9 million, was attributable to the Piaggio Group, 8%, or € 33.9 million, to the shipbuilding business (Rodriquez Group) and the residual € 1.1 million to the real estate business and the holding (Immsi S.p.A. and Is Molas S.p.A.). In the first quarter of 2007 consolidated net sales were € 420.9 million. The decrease in the first quarter of 2008 from the year-earlier period was essentially due to the Piaggio Group, which benefited, in the year-earlier period, from particularly lively market demand compared with normal seasonal trends and also recognised in the first three months a significant portion (approximately € 11 million) of the 2007 share of a BMW five-year supply order. Shipbuilding work at the Rodriquez Group gained 31.8% in the first quarter of 2008, with net sales of € 33.9 million against € 25.7 million in the year-earlier period; the improvement reflected significant production progress on current orders. At 31 March 2008 the Rodriquez Cantieri Navali Group order book stood at € 401 million. Consolidated EBITDA at 31 March 2008 was € 31.5 million (7.9% of net sales), from € 41.7 million (9.9% of net sales) in the year-earlier period. Consolidated EBIT in the first quarter of 2008 was € 8.5 million (2.1% of net sales) from € 21.8 million (5.2% of net sales) in the year-earlier period. Depreciation and amortisation for the quarter totalled € 23 million, comprising depreciation of property, plant and equipment for € 10.9 million and amortisation of intangible assets for € 12.1 million. Profit before tax was € 3.7 million against € 11.6 million in the first quarter of 2007. Consolidated net profit for the first quarter, after tax and minority interests, amounted to € 3.5 million, for YoY growth of 72% from € 2 million in the year-earlier period. Group net debt at 31 March 2008 amounted to € 477.7 million, an increase of € 15.1 million from 31 March 2007. Key factors were the good financial performance of the Piaggio Group, which cut its debt by € 33 million over 12 months (after dividend payouts and share buybacks totalling € 38.7 million), the investment in the tourist/property development project at the Rodriquez worksite in Pietra Ligure (Savona) for approximately € 19.7 million, and payment by Immsi S.p.A. of dividends for € 10.3 million and tax of € 13.5 million. Group net debt at 31 December 2007 was € 428.1 million: the increase of € 49.6 million in the first three months of 2008 was essentially due to the impact of typical seasonal trends in the Piaggio Group business. Group consolidated shareholders' equity at 31 March 2008 was € 644.8 million, compared with € 666.8 million at 31 December 2007. Events after the end of the first quarter At Piaggio, almost all the banks holding Piaggio & C. S.p.A. 2004/2009 warrants exercised their instruments, in accordance with the warrant regulation. Of a total of 10,000 warrants outstanding, 9,959 warrants were exercised. In compliance with the regulation, the company appointed an independent valuer to determine the cash value of the warrants and financial instruments issued in favour of EMH. The parent company purchased 250,000 Piaggio & C. S.p.A. shares in April, for a total of € 0.4 million. Outlook At the Piaggio Group, management will focus in particular on cash flow control. With regard to sales, the Group confirmed its expectations of growth outside Europe and normalisation of seasonal trends in Europe. In the shipbuilding sector, in light of the major contracts currently under execution, production volumes can be expected to show further growth compared with 2007; the sector therefore expects to report a break-even, despite the slowdown in sales of medium-size yachts. Important negotiations are underway, especially in the military sector, indicating new growth in the order book from the € 401 million as at 31 March 2008. Following the receipt in the first quarter of authorisation to proceed from the Sardinian Regional Council and the imminent completion of administrative procedures, building work on the Is Molas Golf Resort tourist-property development project will commence by the end of the year. 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 further information:IMMSI Press OfficeVia Vivaio, 6 - 20122 MilanMassimiliano LeviTel. +39 02 76212621Fax +39 02 76212629 massimiliano.levi@immsi.it www.immsi.it