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Piaggio Aero Industries S.P.A. in Extraordinary Administration

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Piaggio Aero Industries S.P.A. in Extraordinary Administration Piaggio Aero Industries S.p.A. in Extraordinary Administration INVESTMENT OPPORTUNITY The Company at a Glance Villanova d’Albenga, 24 April 2020 The Businesses Design, development, production and maintenance activities on business and special mission aircraft Design, development, production and maintenance activities on Unmanned Aerial Systems (UAS) and on Multirole (manned) Patrol Aircraft (MPA) Production, assembly and maintenance on aero engines 2 Timeline • Delivery of the first P.1HH in Abu Dhabi (July 2018) First flight of Inauguration of the Villanova • Admission to the maritime patrol D'Albenga plant with Premier Extraordinary Receivership M. Renzi (Nov. 2014) aircraft MPA Beginning Motorcycle (Vespa) Enters the Procedure (EA) and of aircraft and aircraft shareholding by appointment of production production are split Mubadala and Commissioner V. Nicastro activities TATA (Dec. 2018) • Signing of new contracts for Engine and Customer Service P180 for €45M (Dec. 2018) 2006 - 1917 1957 1964 1986 2014 2015 2016 2017 2018 2019 2008 Signing of the • Delivery of 3 new P180 and P.166 for the P.180 Certification of Financial ongoing operations both in the Italian Air Avanti P.1HH first the P.180 Restructuring Engine and Aircraft Customer Force first flight flight Avanti EVO Plan between service sectors Mubadala, • Signing of new contracts for banks and approximately €400M. Leonardo (Dec. 2017) 3 Why Piaggio is a unique investment opportunity 3 years revenue stream secured by The Envisaged Transaction Wide range of products approx. 900 €M backlog • Constant growth in revenues stream • Sale of assets only: tangible, • Development, production, sale and for the next 3 years, secured by a intangible and inventory. maintenance activities for backlog of 515 €M, of which 449 €M • No liability will be transferred P180, fully developed except for severance indemnity fund signed during Extraordinary and personnel related debt. Receivership. P1HH (UAS), almost developed • State-of-the-art industrial plant • Upcoming order intake of additional MPA (Multirole Patrol Aircraft) inaugurated in 2014, strategically 386 €M (out of which 346 €M with partially developed located for direct access to the Institutional customers) will raise • Maintenance of helicopter and Villanova d’Albenga airport. backlog to approx. 900 €M. aircraft engines. • Appropriate Personnel size • Manufacturing, Assembly and reached during Extraordinary Testing of Engine parts. Receivership Piaggio uniqueness Market Future development • Long term customer relationships • High potential niche market, with • The mix of manufacturing and MRO quality standards and regulatory businesses makes Piaggio a • Best-in-class product and service requirements generating high resilient and growing business in the quality standards. barriers to entry. long term. • Skilled engineers with a wide range • Defense and institutional spending • Limited capex requirements due to of capabilities in all the technical sustained by current geopolitical recent plant relocation, with areas. and social trends, as confirmed by additional growth potential. • Efficiency driven processes and full recent contracts. • Opportunity to increase easily requalification from customers and • Outstanding positioning as a market share by launching new third parties. supplier to selected Governments. P.180 derivative products. 4 Group Overview Mubadala Development MDC P.A Cooperatief U.A. Legal DispossessionCompany PJSC from Shareholders after Entities 24,98%Extraordinary, receivership75,02%, Perimeter of the sale of Piaggio Aero Industries S.p.A. the business complexes in extraordinary receivership proceedings 100%, 100%, 100%, Piaggio Aviation S.p.A. Piaggio Aero Engines Piaggio America Inc. in extraordinary receivership Canada S.p.A. proceedings 25% P&W Turbo Engines Comp. (*) . Villanova d’Albenga . Villanova d’Albenga . Villanova d’Albenga . West Palm Beach Location . Genova, . Pratica di Mare, Ciampino and Viterbo . Trapani Personnel . Nr 0 . Nr 4 . ~ Nr 958 . ~ Nr 21 5 Business Units AVIATION ENGINE DEVELOPMENT PRODUCTION & SALE CUSTOMER SERVICE MANUFACT. & ASSEMBLY MRO P 180 AVANTI EVO ENGINE and SPARES Development, production and commercialization of . Customer turboprop business aircraft support; . Maintenance, . Maintenance CIVIL (P.180 Avanti EVO). repair and and support overhaul of a of 100% services wide range of % completion engines, covered by P1HH . Manufacturing of spare parts, license Development, assembly and testing of a wide agreements; production and sale of range of engines; . Integrated Main programs: an unmanned aircraft . Sale of spare parts; system (P1HH). Logistic − Viper 632; . Legal entity PAEC: joint venture 80% Support (ILS) − GEM; % completion with Pratt&Whitney Canada; − T53, T55, CIVIL / MILITARY . Main programs: L712 – 14; MPA (Multirole Patrol Aircraft) − PW200; − RR 250. MILITARY Development, − F135; production and sale − T53, T55, L712 – 14; of manned patrol − RTM 322 – Aneto 1K aircraft (MPA). As of today the Company has 10 active programs, in the 50% forms of: i) LTA (Long Term Agreement); ii) RSP (Risk % completion Sharing Partnership); iii) LA (Licensing Agreement). KEY CUSTOMERS Government Private . Italian Institutional Customers: . Italian Institutional Customers − Air Force − Police − Corporations (Italian Army, Navy and Air Force; − Navy − Coast Guard − Private individuals Ministry of Economy and Defense…) − Army; − Finance Police . Foreign Institutional Customers − Fire Fighters (Foreign Armed Forces…) . Foreign Institutional Customers. 6 Geographical Presence PIAGGIO AEROSPACE VILLANOVA FACILITY Villanova d'Albenga, Liguria, Italy * . #FTE: ~ 753 . Activities: Development, production, sales, engine MRO. Status: Property Genoa airport, Liguria, Italy . #FTE: ~ 214 . Activities: Development and testing for aircraft; . Customer Service for P.180 . Status: Rent Pratica di Mare, Ciampino and Viterbo, Lazio, Italy . #FTE: ~ 12 . Activities: Support for Institutional fleet MAIN FEATURES . Status: Rent Total Surface (s.m.) 127.000 Trapani, Sicily, Italy . #FTE: ~ 0 . Activities: Development and Offices (s.m.) 8.800 testing for P.1HH . Status: Rent Production (s.m.) 44.950 Piaggio America Inc. ("PAM"), West Palm Beach, Florida, USA Warehouse (s.m.) 1.900 . #FTE: ~ 4 . Activities: Sales and Cust Service P180 * Villanova Plant includes 21 FTE of Piaggio Aviation S.p.A. ("PAV") 7 Extraordinary Receivership Management – Key actions 1 2 3 4 “Programma Piaggio” Relaunch of commercial Staff reorganization Expressions of interest and sale of assets activity An internal reorganization On 30 April 2019, the The Extraordinary The company's commercial process has been launched Extraordinary Commissioner Commissioner sent the activity has been restarted drawing exclusively on published on leading program (“Programma through the participation in internal resources, which led newspapers and on the Piaggio”) to the Minister of Business Aviation to the definition of new key company’s website a Economic Development Exhibitions and enhancing roles for the various areas, preliminary call for obtaining the approval on commercial relation with including the formalisation expressions of interest in (i) November 2019. Following Italian Institutional of the necessary powers of the purchase of Piaggio's this “Programma Piaggio”, Customers. attorney/delegation, so as to business units or (ii) the on 27 February 2020, a call Those activities have led to allow the efficient and execution of operations for expressions of interest the stipulation of a series of effective continuation of relating to its restructuring. for the purchase of the new contracts, almost business activities during As a result, 42 expressions business complexes has entirely with institutional the extraordinary of interest have been been published; the customers administration. submitted, of which (i) 21 deadline for the submission Reduction of employees from industrial entities, (ii) of the expressions of from 1.145 to 980 with a 13 from investment funds interest is 29 May 2020. saving of €10M. and (iii) 8 from consultants The sale process is expected and/or physical persons. to be completed within the year 2020. 8 Order intake and Backlog: coverage next 3 years sales plan Order Intake almost secured and Backlog €/mio Sales – 3 Years Plan +386 901 40 90% of the next 3 years sales plan is secured from backlog Recurrent backlog 346 mainly with Engine and order intake production customers 515 To be signed in 2020 with Italian Institutional Customers 120% 91% 89% 90% Backlog Order Order Total 2019 2020 2021 2022 april 2020 intake intake Institutional Private Customers Actual Add Orders Backlog / Order Intake 9 Thank You Disclaimer - This document contains predictions, estimates or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward- looking statements, which reflect our opinions only as of the date of this presentation. .
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