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Pirelli: 1 bln euro credit line re-negotiated

PIRELLI: 1 BLN EURO CREDIT LINE
RE-NEGOTIATED

Maturity extended to 2010 and financial terms
improved

Milan, 20 December 2005 – Pirelli & C. SpA has
re-negotiated a committed revolving credit line of 1 billion euros,
signed in December 2003 with Barclays Capital, BNP Paribas, HSBC
Bank plc, J.P. Morgan plc and The Royal Bank of Scotland plc, as
mandate lead arrangers.

Under the terms of the new agreement, the maturity of the credit
line has been extended from 2008 to 2010, with the option for the
financing banks to further extend the maturity up to 2012. Should
the credit line be utilized, the margin would be halved from the
original conditions to 50 basis points.

Such operation will optimize the Pirelli & C. SpA financial
structure both in terms of costs and duration.

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