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") during the year 2,000,000 option rights expired and 2,340,000 option rights were exercised.

As of 31 December 2011, 4,090,000 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.

No. of options Average exercise price (Euro) Market price (Euro)
    
Rights existing as of 31/12/2010
- of which exercisable in 2010
8,430,000
Rights exercised in 2011 (2,340,000) 1.216 2.454
Rights expired in 2011 (2,000,000) 1.843
Rights existing as of 31/12/2011
- of which exercisable as of 31/12/2011
4,090,000

300,000