Changes to the Policy in comparison to that of the previous financial year

The Policy has been drawn up based on the Policy of previous years, on relevant experience of application, and takes into account the regulatory requirements adopted by Consob.

With respect to last year, the Policy was revised to simplify the structure without prejudice to its content and to provide further details on the remuneration structure, in particular as regards the targets of incentive systems that determine the short and medium-long term variable components for Top Management.

Lastly, it was planned that the annual (MBO) and multiannual (LTI) incentive plans adopted by Pirelli after 1 January 2015 in favour of: Directors with special offices or who are assigned specific functions, General Managers and Executives with strategic responsibility, provide, inter alia, for mechanisms known as clawbacks.