Press Release

Issued by Baykar Piaggio Aerospace.

November 12, 2013

Piaggio Aero announced today the new composition of the fully subscribed share capital that was completed on October 31th, 2013, following the resolution of the shareholders' assembly to increase the equity of the company by Euros 190 million.

Tata Limited, the British company part of the Indian TATA Group and Mubadala Development Company (Mubadala), the investment and development company based in Abu Dhabi, became the main shareholders of Piaggio Aero Industries fully subscribing to the new share capital, together with Mr. Piero Ferrari.

As a result of the subscription Tata Limited now holds 44.5 % of Piaggio Aero's equity, with Mubadala owning 41% and Mr Piero Ferrari the 2%. The HDI hedge fund, who did not subscribe to the capital increase, retains 12.5% of the overall share capital.

The Piaggio Aero share capital increase has been made in support of the business development and diversification plan of the company focused on the development of new programs and existing activities.

“We are very pleased that Tata Limited and Mubadala Development Company have chosen to support the business development and diversification plans of Piaggio Aero.” said Mr. Alberto Galassi, ceo of Piaggio Aero “The new shareholding structure and the increased share capital pave the way for our Company's growth and reinforcing its prominent role in the business aviation and aero engines sectors”.