Date: March 8, 2011 Contact: Sales & Marketing Subject: Piaggio Group Americas Executive Leadership Change

Dear Dealers,

Today Piaggio Group Americas announced a change in executive leadership with the departure of Paolo Timoni as president and CEO. After six years in this role, Paolo has stepped down to pursue other professional interests. The corporate responsibility of PGA has been appointed to Miguel Martinez, former general manager of Piaggio Spain, effective immediately.

Miguel will report to Stefano Sterpone, Executive VP EMEA & Americas 2-Wheeler Sales & Marketing. Prior to joining Piaggio Group Americas, Miguel was the general manager of Piaggio Spain, where he spent three years. In that short period Mr. Martinez increased Piaggio Group's market share in Spain by two points. Before joining Piaggio Spain, Miguel spent three years as the general manager of and S.p.A. for Spain and Portugal. Prior to his position at Ferrari and Maserati he held similar positions as general manager of export markets for worldwide and Piaggio Latin America.

“The opportunity to lead Piaggio Group Americas in its next phase is extremely exciting for me and a challenge I welcome as the opportunity for growth in this market is great,” said Miguel Martinez. “The Piaggio Group portfolio of Italian products represents the highest quality, most innovative and stylish and motor scooters available on the market today. I look forward to working with our experienced dealer body and continuing to grow sales and market share in North America.”

As the critical selling season starts to ramp-up, we expect a very smooth transition because of the depth of experience and knowledge Miguel brings to the Piaggio helm. In the coming weeks we will set up regional conference calls to introduce Miguel to our dealers.

Regards,

Piaggio Group Americas