Guidance of the Board of Directors concerning the maximum number of appointments considered compatible with serving as a director of the company

In principle, serving as a director or auditor of more than five companies other than those directed and coordinated by Pirelli & C S.p.A, or controlled or affiliated to such companies, is not considered compatible with serving as a director of the Company, when the companies are (i) listed companies included in the S&P/MIB index (or equivalent foreign indices), or (ii) companies operating prevalently in the retail finance sector (members of the lists specified in article 107 of legislative decree no. 385 of 1 September 1993) or (iii) companies that undertake banking or insurance activities; nor it is considered compatible for a director to hold more than three executive positions in companies described in (i), (ii) or (iii).

Offices held in more than one company in the same group are considered a single office, and executive positions prevail over non-executive ones.

The Board of Directors retains the right to form a different opinion, and this will be made public in the annual report on corporate governance, together with the congruent grounds for doing so.