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A Commercial Paper program established

Milan, 19 September 2003 Further to the Resolution
taken by the Board of Management on September 5th, Pirelli & C.
SpA announces the establishment of an Euro Commercial Paper Program
for a total amount of maximum 500 million Euros.

The main characteristics of the Program are:

Issuer: Pirelli Finance (Luxembourg) S.A.
Guarantor: Pirelli & C. S.p.A.
Total Amount: 500 million Euros
Tenor of the Program: 5 years
Single issues maximum maturity: 364 days

This new money market tool will enable the Pirelli Group to
collect short term liquidity on an extremely flexible rates regime
with the view to optimize the Group financial structure

Mediobanca – Banca di Credito Finanziario SpA is the Arranger
and the Dealer of the Program, while Socit
Europenne de Banque S.A. acts as Issue and Paying
Agent.

Download the Press Release (PDF, 12Kb)