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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

European stock markets were again positive in the week from 10 to 14 September 2012 (Milan +3.2%, London +2.1%, Frankfurt +2.7%, Paris +1.8%, Madrid +3.4%) supported by the positive macroeconomic newsflow.

The German Constitutional Court ratified the ESM (with a financial commitment of up to 190 €bln) and the Federal Reserve Governor, mr Bernanke, launched a third round of Quantitative Easing in order to improve employment in the United States (Mortgage Back Securities purchase without preset limits – first tranche of up to 40$bln). The Fed also reiterated its commitment to keep official interest rates near zero until mid 2015 (0.25% the current level).

Auto&Parts sector marked the best performance in Europe (+5.6% Stoxx Auto) driven by Audi and Volkswagen good car sales in August and positive newsflow on Chinese market.

Pirelli ended the week at € 9.37 with an increase of 4.6% and an average daily trading volume of about 3 million pieces. The stock has benefited from the upgrade of Societe Generale who brought the target price to 10.4 € (from 8.7€, Buy confirmed): following the broker, Pirelli fundamentals remain solid and 2012 objectives can be reached despite the difficult market environment. The consensus price target stands at 10.5 € with 75% of the coverage with Buy recommendation.

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PEERS & MARKETS

Main European stock markets were mixed in the week from the 9th to 13th July 2012 (Milan -0.1%, +0.1% in London, Frankfurt +2.3%, +0.4% Paris, Madrid -1.1%). After a good start thanks to the manufacturing sector data in the United Kingdom and Italy (both growing in May despite negative expectations), the publication of the minutes of the Fed last meeting reduced the expectations of a new round of Quantitative Easing with impact on markets.

The most affected by the newsflow were Bank and Industrial stocks with a decline respectively of 0.6% and 0.7% (Stoxx European reference).

Pirelli ended the week at € 7,905, down by 4.4% with a daily average of 4.7 million shares traded. The stock was affected by profit taking after an year-to-date performance of +21.5% (+30.6 pp vs FTSE MIB) and by the particular moment of automotive sector (uncertainties about demand in Europe).

The TP consensus on Pirelli amounted to 10.7€ with 87% of coverage with a Buy rating and a 35.4% upside to the market price (13/7).


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