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Investor Channel is the communication channel between Pirelli and the financial community. Analysts, shareholders and web users can use the channel for direct dialogue with the Group. The blog is moderated by Pirelli Investor Relations.

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PEERS & MARKETS

The main European stock markets were up in the week from the 21st to the 25th of May 2012 (Milan +0.8%, London +1.6%, Frankfurt +1.1%, Paris +1.3%), after G8 leaders said they are ready to take the “necessary steps” to aid growth.

Bank stocks rebounded (+2.2%), after being down 9.8% over the last month.

Pirelli closes the week at €8.03, down 6%, in line with Nokian. The year-to-date overperformance of the tyre sub-sector (+31% vs Stoxx 600), together with uncertainties over the economic outlook, prompted Goldman Sachs to turn more cautious on tyre stocks in the short term. The broker confirms its positive stance on Pirelli: solid fundamentals and appropriate strategy which will allow the achievement of 2012-2014 targets. The revised target price on the stock is €13.5 (previous was €13.7) – the second highest in the coverage – with a Hold rating. Differently from other brokers, Goldman Sachs adopts a relative rating within the whole Auto & Parts sector: according to this methodology, Pirelli – which gained 30% since the beginning of the year – provides a lower upside if compared with other stocks in the sector (Pirelli +60% vs. +160% Faurecia).

Pirelli Investor Relations


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PEERS & MARKETS

Major European stock exchanges was sharply down in the week from May 14th to 18th 2012 (Milan -7.1%, -5.5% in London, Frankfurt -4.7%, -3.9% Paris, Madrid -6.1%). Markets were affected by the worsening political situation in Greece which will have to resort to new elections, and the ECB statement of no new intervention to stimulate the European economy.

The European Auto&Parts sector was down by 7.7% penalized by macroeconomic concerns and fears of a slowdown in the Chinese market. Pirelli ended the week better than the sector at € 8,305 (-3.6%) with an approximate average of 4.6 million shares traded daily.


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PEERS & MARKETS

The main European stock markets were mixed last week (Milan +0.9%, London -3.3%, Frankfurt +0.3%, Paris -1%, Madrid +1.7%). Trading was affected by renewed tensions in the peripheral countries of the Euro zone. Political crisis in Greece and fears of the country’s exit from the Euro area added volatility and pushed sales. US May Consumer Confidence data was up more than expected (77.8 ps) and helped market sentiment towards the end of the week.

Auto&Parts stocks were flat in the week (-0.4%). Pirelli (8.9€, -4.9%) saw some profit taking after the Q1’012 Results. Year-to-date performance is +36.7%. Analysts’ comments on the results were positive; Morgan Stanley, among others, considers the current stock price a very good entry-point for what is considered a top-pick in the sector.

Average consensus target price went up to 10.4€ with 96% of the coverage with a positive recommendation.


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