“Group companies are committed to ensuring equal treatment for all categories of shareholders, avoiding any preferential treatment. The reciprocal benefits that derive from belonging to a group of companies are pursued in accordance with the relevant legislation and the autonomous interests of each Group Company as it seeks to create value” (Article 3 of the Ethical Code - Shareholders).

Pirelli attributes great strategic importance to financial communication, considering it a key tool for building a trust-based relationship with the financial markets.

Through top management and the Investor Relations Department, the Group maintains an open and transparent dialogue with analysts and investors - both individuals and institutional investors - in view of promoting fair valuation of its assets. At the same time, Pirelli believes that constant dialogue with professionals in the financial sector represents a key tool to enhancing the value of Company assets by keeping up-to-date on changes in business trends affecting the Group and, more generally, macroeconomic trends.

Accuracy, timeliness, equality and transparency are the basic rules that Pirelli applies to its financial disclosures.

It uses typical communication tools and channels: from conference calls to present financial results to one-on-one meetings between top management and analysts and investors; presentation of the Company business plan during road-shows to leading financial markets; from the web to daily contact through the Investor Relations Department with financial analysts and investors.

In February 2009 Pirelli unveiled its Business Plan for the three-year period 2009-2011. Its basic goal is to transform the Group through intensification of restructuring, reorganisation and rationalisation of businesses aimed at the development of solutions that anticipate market demand. This applies in particular to the businesses connected with the development of “green” technologies and products that are compatible with new environmental standards.

The Business Plan is based on four guidelines:

  • focus on core activity, then on tyres and the development of particulate filters;
  • stimulus for the development of cutting-edge products and solutions in the “green economy”, in the areas of sustainable mobility, environmentally compatible building construction and renewable energy sources. The Group has set a target percentage of total revenues that must double from 20% in 2008 to 40% in 2011;
  • accelerated reorganisation of Pirelli Real Estate to permit the evolution of strategic partnerships in property management in Italy and Germany;
  • sale of some equity holdings to improve the Group’s financial flexibility to support growth in its core business.

During the current market phase - characterised by extreme volatility in stock prices and uncertainty over changes in the macroeconomic situation - Pirelli intends to intensify its dialogue with the financial community.

Consequently, investor relations activities in 2009 will be focused on promoting more frequent meetings with analysts and investors and enhancing the visibility of the Group’s new Equity Story.

Consistently with its strategic goal of becoming a “green performer” in the industrial sector, Pirelli has always dedicated special commitment and attention to interaction with rating companies that address sustainability issues.

In January 2009 Pirelli was named world sustainability leader in the “Autoparts and Tyres” Sector and Gold Class Company for the second year in a row by Sustainability Asset Management Group (SAM). This recognition was accorded in the prestigious Sustainability Yearbook 2009, published by SAM in collaboration with PricewaterhouseCoopers.

During the 2008 financial year, Pirelli also confirmed its position in the most prestigious rankings of ethical finance at the global level, with its scores improving markedly. This topic has been illustrated extensively in the introductory section of this report, to which reference is made for more details.

Information on the composition of Company shareholders and its share capital is provided in the Corporate Governance Report that is a part of this annual report, to which reference is made for more details. The cited information is also published in the Governance section of the Company website,

The “Investors” section of the Company website web, whose layout and organisation were revised at the end of 2008, provides a complete information tool for matters of interest to shareholders and the financial community. Reference is made to that section for further details.

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Milano Bicocca, Italy. Pirelli Information Systems.