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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 continued to deliver positive returns in the week from the 29th of April to the 3rd of May (Milan +2.2%, London +1.5%, Frankfurt +3.9%, Paris +2.7%, Madrid +3.0%). Expectations of an intervention by the ECB to lower the benchmark interest rate sustained the market (rate lowered by 25bps to 0.5% in line with expectations).

Auto & Parts stocks were up, with the European Stoxx index gaining 4.5% as the main players reported Q1 earnings. Investors reacted positively to results by the main German OEMs; car makers underlined how inventory is under control and the second half of the year should see an uptick in earnings.

Pirelli closes the week at 8.2€, up 6.8% with an average daily volume of 2.3 million shares. According to CITI, Pirelli’s exposure to emerging markets should allow the company to outperform the sector for what concerns volume growth in the first quarter of 2013. Goldman Sachs expresses a more cautious view on the sector, due to ongoing competitive pressures in mature markets.


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PEERS & MARKETS

15-21 April was a positive week for the principal international markets (London +0.9%, Frankfurt +2.1%, Paris, +1.3%), sustained by the good start of the reporting season:. quarterly figures that exceeded market expectations contributed to a more positive attitude to prices.

Auto & Parts was the best performing sector (+4.2%) after the Fiat results (+6.9%).

Pirelli closed the week at €6.8, a rise of 4.9% on the upswing in the European tyre sector. Pirelli is among Morgan Stanley’s best picks in 2011: the broker predicts growth of 24% (to 1.381) in the tyre sector for the first quarter of 2011 with an ebit margin of 9.7%.


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