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

The week definitely started with a downturn in the major European market (Milan -4.1%, London -2.1%, Frankfurt -2.6%, Paris -2.1%, Madrid -2.2%). Tensions over Spain’s debt (spread Bonos-Bund at 415 points) and the uncertain outcome of elections in Greece and France are making markets very volatile and encourage selling. The negative sentiment is also fuelled by U.S. macroeconomic data on new jobs and unemployment, which proved to be worse than expected.

Bearish attitude also in the Auto&Parts Industry (-4.7%), after the strong rebound earlier in the year (up +20.5% since January 1, 2012).

Pirelli closes the week at 9.355€ (+0.6%) against the trend of the sector and of the reference market. Over 5 million shares, the daily average of dealings. HSBC upgraded Pirelli stock to 15€ (from 12€), confirming its “Overweight” recommendation. The average Consensus Target Price, therefore, goes up to 10.3€ with 96% of analysts covering the stock giving positive recommendations.

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PEERS & MARKETS

The main European stock markets were up in the week from the 23rd to the 27th of March, 2012 (Milan +2.6%, London +0.1%, Frankfurt +0.8%, Paris +2.4%, Madrid +1.5%). Indices started weak, due to the political news flow in The Netherlands and France; trading in the remainder of week was supported by the successful placement of European sovereign bonds (Italy, Spain, The Netherlands), positive leading indicators in the USA (real estate and manufacturing) and better than expected Q1 ’12 results (according to Goldman Sachs, 45% of companies beat consensus by more than 5%).

Auto & Parts stocks (+5%) led gains among European equities (Stoxx 600 +0.5%), followed by Industrals (+2%).

Pirelli shares outperformed the market, advancing +6.8% at €9.3. Daily average trading volume amounted to 3.6 million shares. Italian broker Centrobanca upped the stock’s Target Price (€10 from €9.37), confirming the “Buy” rating. The analyst highlighted the good prospects of the business in the medium term, thanks to the expansion in Russia and the ongoing improvement in production efficiency. Consensus Target price is at €10.06, with 91% positive recommendations.

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PEERS & MARKETS

The main European stock markets were down in the week from the 9th to the 13th of April 2012 (Milan -5.8%, London -0.9%, Frankfurt -3.0%, Paris -3.8%). Trading was affected by the renewed worries around the sovereign debt of Southern European countries and the global economic trend (Chinese GDP in the first quarter of the year and US consumer sentiment data were worse than expected).

Auto & Parts stocks (-3.8% in the week) were affected by weak European car registration data, showing a 9% decline over last year.

Pirelli stock showed a different trend, closing the week flat at 8.77€, with an average daily volume of 4.3 million shares.

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