Events occurring after the end of the period

15 February 2013 - Nacional Motor submitted the "E.R.E.” (Expediente de Regulacion de Empleo - Employment Regulations Plan), after the Group announced its intention to close the Spanish plant and transfer production to Italian sites.

In particular, the employment plan will involve leaving incentives for nearly all employees, based on agreements made with trade unions and signed in 2009, 2011 and 2012. In particular, the purpose of agreements made in July 2012 was to define the procedures and remuneration for employees if production activities stopped. In February 2013, the Piaggio Group announced its decision to adopt the incentive procedure in order to streamline its production activities. This procedure will comprise restructuring costs for the Group amounting to approximately 5 million euro. Based on IAS 37, these costs will be recognised in 2013.