Piaggio & C : Proxy Form - novies

PIAGGIO & C. S.p.A.

ASSIGNING PROXY/SUB-PROXY TO THE DESIGNATED REPRESENTATIVE PURSUANT TO ARTICLE 135-NOVIES OF LEGISLATIVE DECREE 58/1998 ("TUF")

As permitted by article 106, paragraph 4, of Decree Law no. 18 of 17 March 2020, converted with amendments into Law no. 27 of 24 April 2020, and as extended due to article 3, Decree Law 228/2021, converted by Law no. 15 of 25 February 2022, those with voting rights may only take part in the Shareholders' Meeting through the Designated Representative pursuant to article 135- undecies of Legislative Decree 58/98. Pursuant to that Decree, the Designated Representative may also be granted proxies and/or sub-proxies pursuant to article 135-novies of Legislative Decree 58/1998 ("TUF"), as an exception to article 135-undecies, paragraph 4, of the TUF, by signing this proxy form

Declarations of the Designated Representative: Spafid declares that it has no interest for what concerns the draft proposals to be voted. However, considering the (i) contractual relations in force between Spafid and the Company related, in particular, to technical assistance for shareholders' meetings and accessory services, and (ii) the presence of trust assignments through which Spafid could hold for its customers, for a trust purpose, shareholdings in the Company, related to which it will exercise the right to vote in the Meeting based on the specific instructions issued by its grantors, in order to avoid any subsequent disputes connected to the supposed presence of circumstances that could cause a conflict of interest pursuant to article 135-decies, paragraph 2, letter f), of the TUF, SPAFID specifically declares that, if any circumstances should occur that were not known when the proxy was issued, that cannot be communicated to the delegating party, or with an amendment or integration of proposals submitted to the Shareholders' Meeting, it does not intend to vote in a way that does not comply with what is indicated in the instructions. If the delegating party should not provide specific instructions for those circumstances by filling in the specific boxes, the principle instructions provided shall be considered as confirmed, as far as possible. If it should not be possible to vote following instructions provided, Spafid will abstain on those topics. In any case, if it has no voting instructions on certain topics on theagenda, Spafid will not vote on those topics.

N.B. This form could be changed following any integration to the agenda or presentation of draft proposals pursuant to Article 126-bis TUF, or single draft proposals, in terms and procedures indicated in the Notice of call.

With reference to the ordinary and extraordinary Shareholders' Meeting of PIAGGIO & C. S.p.A. (hereinafter, the "Company" or "PIAGGIO") called for 11 April 2022, at 11:00, in first call, in Mantova (MN), Piazza Vilfredo Pareto no. 3, in the registered office of Immsi S.p.A., and, when needed, in second call on 12 April 2022, same time and place, as per the procedures and terms reported in the notice of call published on the company website at the address www.piaggiogroup.com/it/governance/assemblea, on 11 March 2022 and in extract form in the daily newspaper "Corriere della Sera" and having read the documents made available by the Company (§) in this

PROXY FORM (Part 1 of 2)

Please complete with the information required based on the warnings provided at the bottom of the form)(§)

The undersigned party signing the proxy	(Name and Surname) (*)
Born in (*)	On (*)	Tax Code (*)
Resident in (*)	Street (*)
Telephone no. (**)	Email (**)
Valid identity document - type (*)	Issued by (*)	Number (*)
(copy attached)

1. The Company will process personal data in compliance with the annexed information notice.
   (*) Obligatory; (**) Please fill this in.

Società per Amministrazioni Fiduciarie SPAFID S.p.A.

PIAGGIO & C. S.p.A.

ASSIGNING PROXY/SUB-PROXY TO THE DESIGNATED REPRESENTATIVE PURSUANT TO ARTICLE 135-NOVIES OF LEGISLATIVE DECREE 58/1998 ("TUF")

as (tick the box in question) (*)

shareholder with voting rights

OR IF NOT THE HOLDER OF THE SHARES

• legal representative or attorney with powers to sub-delegate (attach copy of documents proving representation powers)
• secured creditor  contango broker -  usufructuary  custodian  manager  other (specify) ………………………………………………………………………………………………

(to be completed only if the holder ofvoting rights is not the party signing the proxy)

Name Surname/Company Name (*)

Born in (*)

On (*)

Tax Code (*)

Registered Office/Resident in (*)

related to
no. (*) ___________________ Piaggio shares - ISN IT0003073266	Registered in securities account (1) no. ________________with the intermediary ______________ ABI_______ CAB________
pursuant to communication (pursuant to Article 83-sexies Legislative Decree 58/1998) (2) no. __________________________	performed by the intermediary: __________________________________

(to be filled in with information on any further communications related to deposits)

DELEGATES/SUB-DELEGATES Società per Amministrazioni Fiduciarie SPAFID S.P.A. ("SPAFID") with registered office in Milan, Tax Code no. 00717010151, to take part and vote in the abovementioned shareholders' meeting as per instructions for it provided below.

DECLARES

• that the voting right will be exercised by the proxy/sub-proxy in compliance with specific voting instructions provided by the undersigned delegating party;
• that it asked the depositary intermediary for the notification to take part in the abovementioned Shareholders' Meeting;
• that there are no grounds for incompatibility or suspension from the right to vote.
• (with a sub-proxy) that it holds the original copies of the proxies granted to them and will keep them for one year, available for any controls.

AUTHORISES Spafid and the Company to process their personal data for the purposes, under the conditions and terms indicated in the information notice attached.



(Place and Date)

(Party signing the proxy)

Società per Amministrazioni Fiduciarie SPAFID S.p.A.

2

PIAGGIO & C. S.p.A.

ASSIGNING PROXY/SUB-PROXY TO THE DESIGNATED REPRESENTATIVE PURSUANT TO ARTICLE 135-NOVIES OF LEGISLATIVE DECREE 58/1998 ("TUF")

VOTING INSTRUCTIONS (Part 2 of 2)

Section containing information intended solely for the Designated Representative - Cross the boxes chosen

The undersigned (3) party signing the proxy (Name and Surname)	__________________________________________________________________________________________________________
(indicate the holder of the voting right if not the same
name and surname/company name)	__________________________________________________________________________________________________________

delegate Spafid to vote in accordance with the following voting instructions at the Ordinary Shareholders' Meeting of Piaggio & C. S.p.A. convened to take place in Mantova (MN), Piazza Vilfredo Pareto no. 3, in the registered office of Immsi S.p.A. on 11 April 2022, at 11:00, in first call and, when needed, in second call on 12 April 2022, at the same time and place.

RESOLUTIONS TO BE VOTED

1. Financial statements of Piaggio & C. S.p.A. as of 31 December 2021 and allocation of retained earnings;

1.1. Approval of the Financial Statements of Piaggio & C. S.p.A. as of 31 December 2021, review of the Report on Operations for 2021 and Reports of the Board of Statutory Auditors and Independent Auditors; presentation of the Consolidated Financial Statements as of 31 December 2021 of the Piaggio Group; related and consequent resolutions.

Vote on the Board of Directors' proposal	Only cross	 In favour	 Against	 Abstained
out one box

In circumstances that are not known when the proxy was issued or with amendments or integrations to the draft proposals submitted to the Shareholders' Meeting, the undersigned party

Only cross out one box		Changes the instructions (express the preference)
confirms the instructions	revokes the instructions	In favour: ___________________________	Against	 Abstained

Società per Amministrazioni Fiduciarie SPAFID S.p.A.

3

PIAGGIO & C. S.p.A.

ASSIGNING PROXY/SUB-PROXY TO THE DESIGNATED REPRESENTATIVE PURSUANT TO ARTICLE 135-NOVIES OF LEGISLATIVE DECREE 58/1998 ("TUF")

1.2. Proposal to allocate operating profit; related and consequent resolutions.

Vote on the Board of Directors' proposal	Only cross	 In favour	 Against	 Abstained
out one box

In circumstances that are not known when the proxy was issued or with amendments or integrations to the draft proposals submitted to the Shareholders' Meeting , the undersigned party

Only cross out one box		Changes the instructions (express the preference)
confirms the instructions	revokes the instructions	In favour: ___________________________	Against	 Abstained

2. Report on remuneration policy and compensation paid:

2.1. approval of the remuneration policy pursuant to Article 123-ter, paragraph 3-ter, of Legislative Decree 58/1998;

Vote on the Board of Directors' proposal	Only cross	 In favour	 Against	 Abstained
out one box

In circumstances that are not known when the proxy was issued or with amendments or integrations to the draft proposals submitted to the Shareholders' Meeting, the undersigned party

Only cross out one box		Changes the instructions (express the preference)
confirms the instructions	revokes the instructions	In favour: ___________________________	Against	 Abstained

2.2. resolutions on the "second section" of the report pursuant to Article 123-ter, paragraph 6, of Legislative Decree 58/1998;

Vote on the Board of Directors' proposal	Only cross	 In favour	 Against	 Abstained
out one box

In circumstances that are not known when the proxy was issued or with amendments or integrations to the draft proposals submitted to the Shareholders' Meeting, the undersigned party

Only cross out one box		Changes the instructions (express the preference)
confirms the instructions	revokes the instructions	In favour: ___________________________	Against	 Abstained
Società per Amministrazioni Fiduciarie SPAFID S.p.A.	4

PIAGGIO & C. S.p.A.

ASSIGNING PROXY/SUB-PROXY TO THE DESIGNATED REPRESENTATIVE PURSUANT TO ARTICLE 135-NOVIES OF LEGISLATIVE DECREE 58/1998 ("TUF")

3. Authorisation to purchase and use treasury shares, pursuant to articles 2357 and 2357-ter of the Italian Civil Code, as well as article 132 of Italian Legislative Decree 58/1998 and relative provisions for enactment, subject to withdrawal of the authorisation granted by the Ordinary Shareholders' Meeting of 14 April 2021, for the portion not executed. Related and consequent resolutions.

Vote on the Board of Directors' proposal	Only cross	 In favour	 Against	 Abstained
out one box

In circumstances that are not known when the proxy was issued or with amendments or integrations to the draft proposals submitted to the Shareholders' Meeting, the undersigned party

Only cross out one box		Changes the instructions (express the preference)
confirms the instructions	revokes the instructions	In favour: ___________________________	Against	 Abstained



(Place and Date)

(Party signing the proxy)

Liability action

In a vote on the liability action proposed pursuant to article 2393, paragraph 2, of the (IT) civil code by shareholders when the financial statements are being approved, the undersigned party delegates the Designated Representative to vote as follows:

Only cross out one box	 In favour	 Against	 Abstained

	(Place and Date)	(Party signing the proxy)

Società per Amministrazioni Fiduciarie SPAFID S.p.A.

5