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”), the following transactions took place during the period:

• on 4 January 2010, 500,000 options were assigned at an exercise price of EUR 1.892. On the date of assignment of the options, the market price of the underlying financial instruments was EUR 2.004;
• on 6 February 2010 75,000 option rights expired;
• on 30 September 2010 90,000 option rights expired.

As of 31 December 2010, 8,430,000 option rights had been assigned for a corresponding number of shares.
In addition, after the end of the reporting period, on 13 January 2011, 500,000 option rights expired.
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.