Pirelli Group 1H09 Results vs 2009 Targets

Pirelli Group ended the first semester 2009 with results in line with 2009 targets, thanks to the benefits deriving from the restructuring actions made in 2008 in order to contrast the difficult macroeconomic and business scenario.

48% of the 250 €/mln '09 Group savings plan has been achieved in 1H09.

Following also the complete success of Pirelli RE Capital Increase, 2009 Group Net Financial Position target has been reviewed. Net Debt is expected to be down to around 800 €/mln vs. the 1 €/bln forecasted at the time of the presentation of the business plan, on February 11, 2009.