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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.

PEERS & MARKETS

European stock markets were down in the week from the 22nd to the 26th of October 2012 (Milan -1.7%, London -1.5%, Frankfurt -2%, Paris -2%, Madrid -1.7%). Market sentiment weakened due to poor EU manufacturing data – PMI Euro area contracted, as well as Germany IFO, down for 6 straight months – as well as Q3 results below expectations for a number of global Blue Chip companies; Chemical stocks (-2.2%) and Telecoms (-3%) lagged other sectors during the week.

Auto & Parts stocks edged down as well (-2.2% in the week) following disappointing Q3 results and lowered 2012 targets for several Auto and Component makers; broker Goldman Sachs, moreover, lowered its global light vehicle production estimates for the years 2012-2014 (new estimates: +4.9% in 2012, +2.8% in 2013, +5% in 2014).

European tyre stocks advanced in the week, outperforming the overall market. Pirelli ended the week at €8.53, up 1.5 percentage points with a daily average traded volume of approximately 2.6 million shares. Average Target Price was unchanged in the week at €10.3 (20% above Friday’s close price), as well as the percentage of analysts with a positive recommendation on the stock, 92% of total.

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PEERS & MARKETS

Key European stock markets were up in the week from the 3rd to the 7th of September 2012 (Milan +6.7%, London +1.5%, Frankfurt +3.5%, Paris +3.1%, Madrid +6.2%) thanks to the announcement of an unlimited government bond buying program by the ECB, welcomed by investors. Important indicators of economic activity, however, continued to disappoint: US manufacturing contracted in August for the third month in a row and job growth slowed more than expected adding only 96,000 jobs (forecast was 130,000 units); this fueled expectations of a stimulus intervention by the FED.

Auto & Parts stocks performed in line with the market (+1.9% in the week vs. European index Stoxx 600 +2.6%). New car registrations for the month of August showed a negative trend for the major markets: Italy -20%, France -11% and Germany -5%.

Pirelli shares ended the week at €8.96, up 2.3%, with limited trading volume (2.6 mln shares traded on average per day, lower than three month average at 4 mln shares). In a report on the tyre sector, French broker Cheuvreux confirmed the appeal of the industry thanks to the current discount on historical multiples and the positive earnings momentum. According to the analyst, Pirelli stock should continue to outperform on the back of the company’s right strategy and excellent execution; “Buy” rating confirmed, as well as the €11Target Price.

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PEERS & MARKETS

Key European stock markets were down in the week from the 20th to the 24th of August (Milan -1.6%, Frankfurt -1%, Paris -1.6%, London -1%, Madrid -3.3%), after a strong performance over the last month (European equity index Stoxx 600 was up 7% in the last 4 weeks). News flow surrounding the European debit crisis weighted on sentiment, with Greece asking for more time to repay its debt. In a report published over the week, rating agency Moody’s said the process of reform started by European countries is only half complete, noting the achievements made in labor competitiveness and trade balance. The Chinese economy is another cause for concern, with PMI data suggesting economic activity contracted for the 10th month in a row.

Auto & Parts stocks performed in line with the market (-1.8% in the week), remaining the best performing sector in Europe this year (+22% since the beginning of 2012, compared with the 9.6% of the Stoxx 600).

Pirelli closes the week unchanged (-0.3%) at €8.97. Trading volumes were lower than average (2.8 million per day, lower than last month average at 4.2 million shares per day).

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