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Disclosures on FY2000 results

Milan, February 23, 2001 – During a
meeting with some institutional investors that will take place
today in London, Pirelli SpA will make the following important
disclosures.

Concerning the Group’s consolidated financial
statements, which are still preliminary and unaudited, for the year
ended December 31, 2000, Pirelli SpA specifies that consolidated
sales revenues
which amount to approx. 7,460 million
(showing an increase of 15% compared to the previous year) are so
composed:

  • Energy Cables and Systems: approx. 3,160 million (+23%
    compared to the previous year)
  • Telecom Cables and Systems: approx. 1,375 million (+24%
    compared to the previous year)
  • Tyre Sector: approx. 2,870 million (+12% compared to the
    previous year).

Concerning the investments aimed at
strengthening Pirelli’s strategic and competitive positioning on
the international key markets in its core businesses, Pirelli SpA
declares that:

  • In the fiscal year ended December 31, 2000, Pirelli SpA decided
    to accelerate the ongoing reorganisation plan, assigning 432
    million to optimise productive efficiency in both Cables and
    Systems and Tyre Sectors.
  • In the year 2001 the strengthening plan will be carried out
    with an envisaged global investment of approx. 850 million,
    so distributed:
  • approx. 400 million have been earmarked for the
    telecommunications area, mainly to establish the new Pirelli
    Optical Labs and to increase optical fiber production
    capacity;
  • approx. 120 million have been earmarked for the Energy
    Cables and Systems Sector, mainly for the technical upgrade of the
    production plants and for the industrialization of the new high
    voltage ” Air Bag” cable;
  • approx. 330 million have been earmarked for the Tyre
    Sector, of which 150 million to establish new production
    sites using the MIRS technology (Modular Integrated Robotized
    System), which will revolutionize the tyre production process and
    further enhance Pirelli’s leadership in the high performance
    segment .

Pirelli SpA confirms that the full disclosure of
2000 results will be released during the customary annual meeting
with analysts and investors scheduled in Milan on March 21, 2001,
after the already announced Board of Directors Meeting.