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The Board of Managing Partners has today examined the Group's financial statements, which are still preliminary and unaudited, for the year ended December 31, 2000

Consolidated sales revenues amount to approx. ? 7,670
million (? 6,654 million in 1999), and show an increase of over 15%
compared to the previous year. The gross operating profit,
with an increase of approx. 23%, has risen from ? 699 million
(10.5% of sales) in 1999 to approx. ? 860 million (11% of sales).
The operating profit, before financial costs and provisions
for taxes, shows an even bigger increase, equal to 35%, rising from
? 322 million (4.8% of sales) in 1999 to approx. ? 435 million
(5.7% of sales). The Pirelli & C. Group net financial
at December 31, 2000 is positive by over ? 2,600
million, compared to a net debt of ? 1,597 million at December 31,
1999. In addition to the positive trend of the operating profit in
year 2000, extraordinary items are expected from the Industrial
activities (Cisco, Corning, restructuring) as well as from Milano
Centrale – for the Unim operation accounted for Pirelli &C. in
the second half of year 2000. The final Pirelli & C. and
Group’s consolidated statements for the year ended December 31,
2000 will be submitted for the approval of the Board of Managing
Partners on March 22, 2001.

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