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					Frankfurt – September 16, 2009
IAA Investor & Analyst Conference




            Pirelli Tyre
             Francesco Gori
     CEO & Managing Director Pirelli Tyre
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Frankfurt – September 16, 2009
IAA Investor & Analyst Conference         1
Agenda


                      Pirelli Group overview

                      Pirelli Tyre
                                 Positioning and strategy

                                 2009 Outlook
                                 2009 -2011 Targets


                      Annex



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference     2
Pirelli Group snapshot
                                                             5th global tyre player
                                 100%     Pirelli Tyre
                                                             leading company for high range products
  Core Business
                                          Pirelli Eco        the Group company aiming at a
                                    51%                       leadership position in Emission Control
                                          Technology          Technologies

                                 100%     PZero              Pirelli fashion project: developing synergies
                                                              with core business while maximising Pirelli
                                                              brand value
  Start-up engines
                                    51%   Pirelli Ambiente   a player on renewable energy and
                                                              sustainable development sector
                                          Pirelli Labs       Pirelli industrial businesses’ engine of
                                 100%
                                                              innovation


 Business towards                   58%   Pirelli RE         leader in Italy and one of the main
                                                              players in Europe with 14.7 €  /bln of
   consolidation                                              AUM (as of June ’09)
                                 100%     Pirelli BB
                                                              a BB solutions provider for home and
                                          Solutions           small office

 A green performer multinational company focusing on the automotive sector
Frankfurt – September 16, 2009
IAA Investor & Analyst Conference    3
Pirelli Group 2009 – 2011

We want to use the discontinuity of the external scenario to transform Pirelli
   Group & seize new opportunities
                                             leveraging on

                                 Strenghts                   5 transformation levels

    Capacity of matching innovation,                  Portfolio reshaping
     technology and industrial
        management                                     Competitiveness

    Rapid success in green-field       start-ups      Leadership team
    Global brand
                                                       Broad geographical coverage
    Rooted multinational player also
        present in emerging market                     Open collaboration
    Financial strength


Frankfurt – September 16, 2009
IAA Investor & Analyst Conference   4
Pirelli Group targets

€
/bln
                                                               1H’09A         2009             2011
Group Revenues                                                  2.1              ~4.3         4.7–4.8
                                                                        (vs. 4.7 in 2008)
        of which “Green Performance”                                               25%           40%
                                                                              (+6pp yoy)



EBIT %
    After continuous restructuring                             4.7%        4.5-5.0%             ~ 8%
                                                                        (vs. 1%* in 2008)


CAPEX                                                                            ~0.7 in 3y plan


NFP                                                                                              <0.8
                                                                1.1            ~0.8**
                                                                            (1.0 in 2008)      before
* 4,1% before restructuring costs (144 €/mln)                                               dividends
                                                           )
** target revised in July 2009 (previous target: = 1.0 bln €


Frankfurt – September 16, 2009
IAA Investor & Analyst Conference                        5
Agenda


                      Pirelli Group overview


                      Pirelli Tyre
                                 Positioning and strategy
                                 2009 Outlook

                                 2009 -2011 Targets


                      Annex



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference     6
Pirelli Tyre: the advantage of a fast, focused & flexible
business model updated


                  ’09 Industry Issues              Pirelli Strengths & Strategy

                                        A sound positioning
        Market demand drop / price         75% to 80% Replacement
                                            ~50% Emerging Countries
         discipline
                                            a favourable product/mix

                                          > 70% of production capacity in low cost
                                           Countries (almost 80% in 2011)
        Low Production volumes
                                          First movers in restructuring actions
                                          Cost cutting program 09-11: 300 €  /mln savings

                                        strong reduction in raw material and Finished
                                         Product inventories
        Cash Management                Investments focused on quality mix and
                                         competitiveness improvement
                                        Tight/safe credit policy


Frankfurt – September 16, 2009
IAA Investor & Analyst Conference   7
1H09 Top Line trend: Pirelli vs. main peers

                                                               Top 4                                       Pirelli performance highlights
                                                            competitors*



                                                                                              Market share increase in all
          Volumes                                                                              major markets
                                     -15.7%
                                                                 -22.2%


                                                                                              Price/mix holding well in both
                                     +6.4%                       +6.0%
          Price/mix                                                                            Industrial and Commercial
                                                                                               Segments (respectively +7.4%
                                                                                               and +5.9% yoy)


                                                                                              Top line QoQ improvement in a
            Sales                                                                              still recessive market
                                    -11.6%
                                                                                               environment: +6.7% 2Q revenues
                                                                -21.2%
                                                                                               vs. 1Q09

* Simple average: Michelin, Bridgeston excl Diversified Prod.; Goodyear, Continental: Rubber Group excl Conti Tech



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference                       8
1H09 Profitability Trend: Pirelli Tyre vs. main peers


                                                                                                          Pirelli performance highlights
                                                          Top 4
                                                       competitors*
                                                                                         Pirelli Tyre profitability trend rebound in 2Q09
                                                                                          in both Consumer & Industrial segments
                  -1.2 pp
                                                            -5.9p.p.
                                                                                         raw materials price reduction (raw material
                                                                                          price index: -10% QoQ, -16% yoy)
            8.8%
                             7.6%                      7.5%                              increasing cost efficiencies (45% of 200 €/mln
                                                                                          2009 gross savings achieved in 1H09)
                                                                       1.6%
                                                                                         1H09 margins in line with 3Y plan targets


             Ebit margin 1H08                 Ebit margin 1H09




* Simple average: Michelin, Bridgeston excl Diversified Prod.; Goodyear, Continental: Rubber Group excl Conti Tech

Frankfurt – September 16, 2009
IAA Investor & Analyst Conference                       9
Pirelli Tyre positioning in the consumer business


     SALES BREAKDOWN BY AREA                                          PIRELLI STRENGTH                    PRODUCTION BY AREA
% of sales volume                                                                                  % of production volume
                    100%                  100%                                   Pirelli segment
                                                           Segment                                            100%          100%
                                          10%                                       share (08)

North
America
                    29%                                                                                                      39%
                                                           Prestige                                High
                                          54%                                            #1
                                                                                                   cost       60%

Europe              32%                                    Premium                    Strong,
                                            10%                                       2-digits
                                                                                                   Low
                                                                                                                             61%
Asia – Pac                                                                                         cost       40%
                    33%                   26%
& Africa                                                                               Low,
                                                           Synergic
Latam                6%                                                               1-digit

                 Market in               Pirelli in                                                           Top 4         Pirelli in
                                                                                                           competitors       2008
                   2008                    2008
                                                                                                             in 2008

 Historical leadership in South                            Leading brand in Prestige niche        Only high-end, high added value
  America                                                   Development partner of most             products in high cost countries
 Low exposure to North America                              premium car makers
 Solid foothold in Europe, due to high                     Leading supplier to the Automotive     Production Footprint is moving
  OE pull-through                                            Industry in South America               forward (~71% in low cost
 Growth opportunities in Asia-Pacific                      Leader in the Motorcycle business       countries by 2011)
  markets with new China source
Source: Tire Business Report, Pirelli estimates

Frankfurt – September 16, 2009
IAA Investor & Analyst Conference                     10
Motorbike: world leader with Pirelli and Metzeler


                             PRODUCT                                          RACING

   TWO PREMIUM BRANDS




   Performance, Passion, Lifestyle   Technology & Touring

   A CONSUMER ORIENTED BUSINESS
    Passion and Fun, no Cyclic Business
    Internet: 1.5 million surfers connected
    Co-marketing (Events, Promotions)
    OE Partnerships

   TECHNOLOGY AND INNOVATION
                                                            “We Race What We Sell, We Sell What We Race”
    New product / process Patents                          World Superbike: exclusivity until 2012
    First Winter Tyre
                                                            Moto Cross: 51 World Championship Victories
    First 0° Front on Enduro Street
    Continuous stream of New Products                      DAKAR ‘09: 1st and 2nd


Frankfurt – September 16, 2009
IAA Investor & Analyst Conference         11
Consumer Business: Pirelli economics in 1H‘09
€/mln, %




Profit & Loss              1Q’09       Δ%        2Q ‘09     Δ%        1H ‘09      Δ%

                                                                                            Price/mix still holding well
 Revenues                   670.5     -10.4%     701.5     -6.0%      1,372.0    -8.2%
                                                                                            Pirelli volumes better than
 EBITDA (before                       -28.8%                                                 market trends in all regions
                             77.4                 90.4     +1.1%       167.8    -15.3%
 restructuring costs)
                                                                                             except Russia, where credit
 margin                    11.5%     -3.0 p.p.   12.9%    +0.9 p.p.    12.2%    -1.1 p.p.    risk remains high

 EBIT (before
                             41.9     -42.6%      54.6     +1.5%
                                                                                            Ebit margin rebound thanks
 restruct.costs)                                                       96.5     -23.6%
                                                                                             to raw materials price
 margin                     6.2%     -3.5 p.p.   7.8%     +0.6 p.p.             -1.5 p.p.
                                                                                             reduction and cost
                                                                       7.0%
                                                                                             efficiencies


 Revenues drivers 1Q’09                          2Q ‘09               1H ‘09

    Price/Mix             +6.6%                 +5.1%                 +5.9%
    Volume                -14.7%                 -9.8%               -12.3%


    Rev. (before Exch. rate -8.1%                -4.7%                -6.4%
    impact)

    Exch. Rate             -2.3%                 -1.3%                -1.8%




Frankfurt – September 16, 2009
IAA Investor & Analyst Conference          12
Industrial Business: a unique competitive position



 SALES BREAKDOWN BY AREA                                        PIRELLI STRENGTH                PRODUCTION BY AREA
 % of sales                                                                                     % of production
 volume                                                                                         volume


                    100%                 100%               Area                Pirelli rank                      100%       100%
                                        ~25%                Mercosur                   #1                                    ~13%
 Mature             40%                                                                                           ~40%
                                                                                                High cost
                                                            Southern EU                #2
                                                            and Near-East
                                                                                                                              ~87%
                                        ~75%
                    60%                                     North Africa               #1                         ~60%
 Emerging                                                                                       Low cost

                                                            China                   new entry
                 Market in          Pirelli in 2008                                                              Top 4      Pirelli in
                  2008                                                                                        competitors    2008
                                                                                                                in 2008

  Sales focus in high              growth                 Leading position in Pirelli          Product cost leadership
     areas                                                   key markets                          supported by a low-cost production
                                                            Steelcord technology                 base (~89% in low cost countries
                                                                                                  by 2011)

Source: TyreBusiness Report, Pirelli estimates



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference                     13
Industrial Business: Pirelli economics in 1H‘09
€/mln, Percent




Profit & Loss              1Q’09        Δ%        2Q‘09      Δ%        1H‘09      Δ%
                                                                                             Price/Mix holding well
 Revenues                   256.4      -22.0%      287.5   -16.3%       543.9   -19.1%       Increasing market share in
                                                                                              all regions
 EBITDA (before                        -28.1%
                             30.4                  42.6     -7.6%       73.0    -17.4%
 restructuring costs)
                                                                                             Double digit margin
 margin                    11.9%      -1.0 p.p.   14.8%    +1.4 p.p.            +0.2 p.p.
                                                                                              confirmed in a difficult
                                                                       13.4%
                                                                                              market scenario thanks to
 EBIT (before
                             19.1      -36.8%      31.0    -10.1%
                                                                                              the exposure to the rapid
 restruct.costs)                                                        50.1    -22.6%
                                                                                              developing countries
 margin                     7.5%      -1.7 p.p.   10.8%    +0.8 p.p.            -0.4 p.p.
                                                                       9.2%                  Positive impact from raw
                                                                                              materials price decrease

 Revenues drivers 1Q’09                           2Q‘09                1H‘09

    Price/Mix             + 7.2 %                 +6.8%               +7.4%
    Volume               - 25.7 %                -20.9%               -23.1%


    Rev. (before Exch. rate -18.5%               -14.1%               -15.7%
    impact)

    Exch. Rate             -3.5%                  -2.1%               -3.4%




Frankfurt – September 16, 2009
IAA Investor & Analyst Conference           14
Three drivers for deep, sustainable change


                     Cost                                                          360-Degrees
          competitiveness                                                          eco-innovation
                                                                             Bio-materials
                                Industrial                                  Green factory:
                             restructuring &                                  Settimo Torinese
                                cost-cutting                                 Processes
                                                                              NEXT MIRS & TCM
                                                                              Supply Chain




                                               Enter and establish position in
                                                Green segments with “Cinturato
                                                P7” and “Snowcontrol II”

                                                         Market


Frankfurt – September 16, 2009
IAA Investor & Analyst Conference       15
Pirelli Tyre 2009 Cost reduction program update

                                                                            1H’09
                                 COST REDUCTION PROGRAMS                ACHIEVEMENTS


                            15% rightsizing in high-cost             82% of the target
   Labour                    countries; bonus and pay freeze for       (over 1,200 headcount)
                             management and staff in 2009


                             360° purchasing contracts
                              renegotiation                           -10% Q0Q Raw             45% of 200 €mln
                                                                       Material Price Index     of 2009 gross
   Raw                       Selective adoption of “spot
                                                                       (-16% yoy)
   materials                  purchases” to best capture the                                    savings already
                              benefits of price decrease                                        achieved in 1H09
                             Reduction of usage and weight



                             Crash program for the reduction of
                              discretionary / indirect expenses
   Other Costs                (except R&D and marketing)                 >50% vs. ’09
                             Savings from lower energy costs,            target
                              lower transportation / logistic rates



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference       16
Pirelli Tyre R&D expenses still top of the sector, getting                                   greener and
greener
               R&D EXPENSES                                       KEY PROJECTS             “GREEN” TYRE

2008, % of Tyre revenues                                                         % of total sales            Traditional
                                                    PRODUCT
                                                                                                             Green

                                                     Cybertyre
          Pirelli                       3.5%
                                                                                          100%            100%
      Michelin                          3.2%
                                                    PROCESS
   Sumitomo                             3.2%
                                                     Next MIRS
  Yokohama                              3.0%         “TCM” low
                                                      energy high
 Bridgestone                          2.9%            quality
                                                                                                          40%
                                                      compound
                                                      mixer                                 20%
          Toyo                        2.7%

                                                    MATERIALS                              2008           2011
  Continental                     2.5%
                                                Organic-derived,
     Hankook                   2.1%              bio-ingredients
                                                 such as Rice
                                                 husk ash
    Goodyear                 1.9%

 Source: Tire Business 31 Aug. 2009


Frankfurt – September 16, 2009
IAA Investor & Analyst Conference              17
Greener and Greener: already in line with the new regulation

  Cinturato (P7 launch April’09)                                    (R:01 launch May’09)




  THE MARKET SEGMENT                                   THE PRODUCT
                                                        A truck product family combining the new
   Environment-sensitive consumers asking for           European Tire regulation standards with high
    low-impact products                                  cost efficiency
  THE TECHNOLOGY
                                                       KEY BREAKTHROUGHS OF THE 01 SERIES
   Distinctive features thanks to new bio-materials     Mileage: 30% higher than previous products
    LRR improvement at high performance level            Retreadability: 4 lives
                                                         Lower rolling resistance: 3% savings on annual
  THE PRODUCT                                             fuel consumption
   The Green Performance tyre already                   Lower environmental impact: lower rolling noise;
    homologated on the new platforms of premium           no high aromatic oils
    OEMs

Frankfurt – September 16, 2009
IAA Investor & Analyst Conference   18
Greener and Greener: the Cinturato P7 vs. its peers



                                         Mileage   Fuel Consumption




                                         Mileage
                                                   Fuel Consumption




Frankfurt – September 16, 2009
IAA Investor & Analyst Conference   19
Agenda


                      Pirelli Group overview


                      Pirelli Tyre
                                 Positioning and strategy

                                 2009 Outlook
                                 2009 -2011 Targets


                      Annex



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference     20
Consumer: tough 2009 market outlook with replacement
demand recovery from 2010

                      MARKET OUTLOOK                        (Sept. ’09
                                                                                       OUR GROWTH STRATEGIES
  Car tires, Mln pieces, Percent                             update)
                                                                               North America
                    Total: -7% -6%                                              Keep increasing the market share in the
   1000                                                                          Replacement segment: new products, new
                                                             Replacement         customers, brand pull


    800                                                                        Europe
                               2009 Replacement:          -2%                  More selective and focused on OEMs, while
                                Mature:                   -3%
                                Emerging:                  0% slightly pos.     increasing sales in Replacement with the new
    600                                                                          Cinturato brand and new Winter products


                               2009 OE:                   -18% -16%           LatAm
    400                         Mature:                   -20%
                                                                                Defend OE leadership and improve Replacement
                                Emerging:                 -15% -10%
                                                                                 market share thanks to better competitiveness vs.
                                                                  OE
                                                                                 low cost imports from Asia
    200
                                                                               Asia-Pacific
      0                                                                         Exploit competitive China source to increase
          2008         2009         2010            2011      2012               service and coverage in Asean, Japan, Pacific,
                                                                                 Taiwan, Korea

 Source: LMC, Pirelli estimates



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference                   21
Industrial: Market Outlook & Pirelli response


                       MARKET OUTLOOK                        (Sept. ’09                 OUR GROWTH STRATEGIES
                                                              update)
   Mln pieces, Percent, Radial + truck tires


                  Total: -12% -14%                                               Europe
   140                                                                            Share growth in premium segments: Highway,
                                                                   Replacement     Regional and Megatrailer, Green products
   120
                                                                                 Africa, Near and Middle East
   100                          2009 Replacement:           -8%                  Market leadership consolidation
                                 Mature:                   -10%
                                 Emerging:                  -5%
     80                                                                          LatAm
                                                                                  Market leadership and growth in Mexico
     60
                                2009 OE:                   -25% -33%
                                 Mature:                   -35% -50%            China, Far East and Pacific
     40                          Emerging:                 -15%
                                                                                  Leverage local sourcing and market share
                                                                    OE             growth
     20
                                                                                 SteelCord
       0                                                                          Leverage vertical integration and innovation on
           2008         2009           2010          2011      2012                Premium Products


Source: LMC, Global Insight, Pirelli estimates



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference                    22
Agenda


                      Pirelli Group overview


                      Pirelli Tyre
                                 Positioning and strategy

                                 2009 Outlook

                                 2009 -2011 Targets

                      Annex



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference     23
Pirelli Tyre Capex and Cash management plan

 €Million




 NET INVESTMENTS RENEWAL                     NET CASH FLOW BEFORE               NET FINANCIAL POSITION BEFORE
           RATIO                                   DIVIDENDS                              DIVIDENDS
Capex / Depreciation


                                                                                                 -20%

                                                               250
                                                                                         1,266
            1.4           1.0-1.1
                                                                                                    1,016




                                                  0
    2006-2008           2009-2011               2009        2010-2011                     2009          2011


 Industrial: “lean” business system      EBITDA recovery                       Including 150 mln €cash-out for
 Consumer: China, Romania, new           Strong reduction in raw material &     restructuring
  green factory in Italy                   finished good inventory
                                          Tight / safe credit policy



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference   24
Pirelli Tyre Targets: back to full steam by 2011

€Million, Percent


                                REVENUES                                                  EBIT %

                                                                           8.7%   8.6%
                                                                                                              8.0÷8.5%

                    4,162       4,100                                                            6.5 ÷ 7.0%


     3,950                                                                               6.1%*
                                        -6÷-7%            +9÷+10%




      2006          2007        2008        2009                    2011


   Top line recovery after a negative growth in 2009

   Higher cost efficiencies and lower raw materials prices impacting progressively on P&L, from 2009 onwards

   In current scenario, 2009 profitability can be better than 2008

   Additional restructuring will support increasing profitability beyond 2011

  Note: at current exchange rates   *Before restructuring costs



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference                   25
Agenda


                      Pirelli Group overview


                      Pirelli Tyre
                                 Positioning and strategy

                                 2009 Outlook

                                 2009 -2011 Targets


                      Annex


Frankfurt – September 16, 2009
IAA Investor & Analyst Conference     26
 Pirelli a real sustainable multinational company

Worldwide leader in Autoparts and Tyre industry

            Best in class for Economic, Environmental and Social dimension; Pirelli rating:
             88% (+11pp yoy) vs. Autoparts & Tyre average 48% rating

            Excellence Areas: Health & Safety, Brand Management, Innovation Management,
             Human Capital development, Labour practice indicators, Talent attraction &
             retention, Environmental Reporting, Climate Strategy, Standards for Suppliers


Included in all major sustainability global indexes:




Best Italian Company for Corporate Governance


 Frankfurt – September 16, 2009
 IAA Investor & Analyst Conference   27
1H’09 Pirelli Tyre Mix

                    Sales by segment                                   Sales by region
                                                                                              Europe
               Car                                                 Latin                       44%
               62%                                  Moto 10%     America
                                                                    32%

                                                    Steelcord
                                                    & others
                                  Truck                2%            MEA 10%                Asia
                                                                                  North    Pacific
                                   26%                                           America    6%
                                                                                   8%


                Raw materials mix                                      Sales by channel
                                 Synt. Rubber 24%    Carbon        Replacement
             Natural                                  black            81%
             Rubber                                    12%
               23%

                                                     Chemicals
                                                     17%

             Steelcord 10%                 Textiles 14%                          OE 19%




Frankfurt – September 16, 2009
IAA Investor & Analyst Conference         28
1H’09 Pirelli Tyre People
                           Headcount                    Headcount by region
                     28.601                                           North America
                                                       Europe
                                    27.241                                 1%
                                                        39%




                                                                              Latin
                                                         Asia                America
                                                        Pacific   MEA         42%
                    Dec ‘08         Jun ‘09              7%       11%


              Headcount by contract                    Headcount by cluster
                                                          Blue Collar workers
                                           Permanent             81%
                                              92%




                                                                                Staff
              Temps &                                                           18%
               Agency                                           Management
                 8%                                             1%


Frankfurt – September 16, 2009
IAA Investor & Analyst Conference     29
Pirelli Tyre
                                                    Italy
                         U.K.                                                     Germany
                                                    Bollate (Mi)           Car
                        Burton-on-trent      Car    Carlisle Torinese
                                                    Settimo                Car
                                                                           Car   Breuberg Car/Motorcycle
                        Carlisle             Car    Settimo Torinese    Truck    Merzig        Steelcord
                                                    Figline Valdarno Steelcord


         Spain                                                                             Turkey
       Manresa              Car                                                           Izmit            Car/Truck
                                                                                          Izmit            Steelcord




         U.S.A.                                                                                Romania
        Rome (GA)           Car                                                           Slatina                Car
                                                                                          Slatina          Steelcord




         Venezuela                                                                             China
        Guacara             Car                                                           Yanzhou          Car/Truck



                        Brazil
                                                                                    Egypt
                       Campinas
                         Brazil
                                             Car
                       Feira de Santana Car/Truck
                                                     Argentina
                       Santo André    Truck/Agro                                  Alexandria           Truck
                                                    Merlo                 Car
                        Gravatal Motorcycle/Truck
                        Sumaré          Steelcord



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference          30
Recent Pirelli Tyre Highlights:
                                         Pirelli Tyre introduces Cinturato P7, the first green-performance tyre for medium and high-
  April 6, 2009                          powered cars




                                         Pirelli Tyre introduces the R:01 Series. The new regional tyre for medium heavy trucks
  May 20, 2009                           offers higher mileage, reduced consumption, better retreading potential




  May 21, 2009                           Pirelli wins the 2009 Tyre of the Year Award of the English magazine Auto Express.
                                         Pzero beats three other competitor brands in several areas, including braking and
                                         handling in wet and dry, aquaplaning, rolling resistance and price



                                         Gettyre.it has gone live, making it the first site dedicated to shopping for motorcycle tyres
  May 22, 2009                           and related services



  May 2009                               Pirelli tyre keeps winning both in Superbike and world and national Rallys




                                         Pirelli Tyre wins the “2009 National Award for Innovation” promoted by Confindustria.
  June 9, 2009                           Chairman Marco Tronchetti Provera receives the award from the President of Italy,
                                         Giorgio Napolitano



                                         Pirelli celebrates its 80th anniversary of its industrial and commercial presence in Brazil
  July 2, 2009                           while announcing that will invest another 200 million Dollar in Brazil between 2009 and
                                         2011


Frankfurt – September 16, 2009
IAA Investor & Analyst Conference   31
Targets for the consumer business


                                  REVENUES                                                  EBIT %

 €Million, Percent

                                                                              8.8%   8.8%
                                                                                                                  8.0÷8.5%
                  2,861           2,801
                                                                                                     6.5 ÷ 7.0%

     2,735                                -4÷-6%             +9÷+10%

                                                                                             5.0%*



      2006           2007         2008       2009                      2011   2006   2007    2008         2009         2011


         2009 sales reduction driven by lower OEM demand

         Channel mix (Replacement vs. OE) improving margins in all markets, supported by new product
          family (CINTURATO)

         Strong cost reduction supporting EBIT improvement from 2009
Note: at current exchange rates      *Before restructuring costs



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference                   32
Targets for the industrial business

€Million, Percent


                                   REVENUES                                                     EBIT %




                    1,300     1,299                                                             8.6%*
                                                                                 8.4%                                 8.0 ÷ 8.5%

                                                                                         8.1%

   1,214                               -8÷-10%               +9÷+10%                                     7.0 ÷ 7.5%




   2006             2007       2008         2009                       2011      2006    2007   2008       2009         2011


 Historical           profitability level restored after expected slowdown in 2009
          Unmatchable cost-competitive structure
           Best cost / benefit ratio for fleet users
          Favourable product / mix balance on a geographical basis
 2009 results affected by production                                  slowdown needed to adjust inventories
 Note: at current exchange rates     *Before restructuring costs



Frankfurt – September 16, 2009
IAA Investor & Analyst Conference                   33

				
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