Treatment of corporate information

The Board of Directors since March 2006, has adopted a procedure for the management and market disclosure of privileged information that, taking into account the legislation on market abuses, governs the management of inside information concerning Pirelli & C., its unlisted subsidiaries and any issues of listed financial instruments.

The Procedure also applies as an instruction to all subsidiaries, in order to obtain from them, without delay, the information required for timely and correct compliance with the reporting obligations to the general public.

The procedure, which is available in its updated version on the Pirelli website, also governs the register of persons with access to inside information, in operation since 1 April 2006.

Even in the absence of regulatory obligations in this regard, the Board of Directors has decided that it should continue to monitor the issues mentioned above, with specific times in the year (so-called "Black out periods6”), when no transactions with the Company's shares or related financial instruments will be permitted. However these periods may, in exceptional cases, be extended or suspended by the Board of Directors.

6 The procedure relating to black out periods can be found on the Company's website