Environmental sustainability

In compliance with its Code of Ethics, the Piaggio Group operates at a global level with “The choices of investment and of industrial and commercial initiatives […..] based on the respect of the environment and ofpublic health.” (article 7). In particular “In compliance with the applicable regulations, the Company has respect for environmental issues in determining its choices, also adopting – where operationally and economicallycompatible and possible – eco-compatible technologies and methods of production, withthe purpose of reducing the environmental impact of its own activities.” (article 8).

The Piaggio Group firmly believes that safeguarding the environment while carrying out all Company operations is essential for mankind, technology and nature to coexist peacefully. It is convinced that commitment to sustainable development is not only a business ethic, but also an important variable of all corporate strategies. The Group therefore makes sustainable products, which must be manufactured using production facilities with the minimum environmental impact.

Production systems are made sustainable through optimising process efficiency and converting facilities that are no longer competitive.

In particular, the environmental strategy for the Group's production sites aims for a more rational use of natural resources and minimal harmful emissions and waste from production. With these objectives in mind, initiatives focus on four areas:

• maintaining environmental certification awarded to the Group's production sites;
• reducing energy consumption;
• reducing emissions of CO₂ and other pollutants;
• conserving water resources;
• waste handling and recovering.

Quantitative data on resources used and emissions of CO₂ and other pollutants produced by Piaggio in carrying out its operations are reported on in the sections below. Data refer to the entire Group, with the exception of business offices in various countries, whose use of resources and emissions/waste mainly concern office activities and therefore contribute marginally to Group data, and so have not been included in the attached tables.