Sustainability Channel

FINANCIAL STATEMENTS AS OF 30 JUNE

The Board of Directors of Pirelli & C. SPA approves financial statements as of 30 June 2009:

• second quarter operating results improved over the first quarter;
• operating trend in line with overall targets of 2009-2011 industrial plan;
• target for financial position improves: net debt forecast for year end at approximately 800 mil lion euros;
• new model of risk monitoring and management introduced: broadens functions and number of components of internal control and Corporate Governance committee; compliance function introduced, separate from internal audit function; risk officer instated.

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PIRELLI LEADER IN CORPORATE GOVERNANCE

The corporate governance model of Pirelli & C. has been rated by GMI (Governance Metrics International) the best in Italy, with a 10/10 score given by the company, which specializes in corporate governance research. GMI’s latest ‘Country Ranking’ (September 2008) assigned an average rating of 5.32/10 to Italy.

In addition to placing in the top slot on a national basis, Pirelli also received a rating of 9/10 in the ranking that includes 4,162 companies evaluated on a worldwide basis, finishing among the highest-ranking companies in the ‘Automobile and Components’ category, where the average score was 5/10.

Governance Metrics International (GMI) is a corporate governance research and ratings firm, which ranked as ‘Top Corporate Governance Research Firm’ in the 2009 Thomson Reuters Extel Survey. The results Pirelli obtained are confirmation of the attention the Pirelli Group reserves to its corporate governance, consistently adopting national and international best practices as its own.

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CHINA: P7 AND P ZERO BEST TYRES OF THE YEAR

Pirelli scored a double at the 2009 China Tyre Enterprise Summit, which concluded recently in Shanghai.
The Cinturato P7 was voted “The Best New Tyre of the Year”, the Summit’s most prestigious award, while the P Zero, the high range tyre, won “The Best Ultra-High Performance Tyre” award as a result of its excellent performance in relation to that of its competitors in the category.
 
The Summit, which focused on an eco-sustainable theme of energy saving and protection of the environment, had at the centre of its debate research into new eco-compatible materials, the introduction of technological innovations that imply a lesser environmental impact and the creation of tyres that are increasingly ‘green’.
The attribution of two such important awards demonstrates the general appreciation by the industrial world of Pirelli’s policy of safety and respect for the environment, which it has pursued in recent years.
 
The awards were received on behalf of Pirelli by Michael Cati, commercial director of Pirelli Tyre China, who said, “It is a great honour for Pirelli to receive this recognition. From 2005, when the company entered the Chinese market, it has always introduced its latest technology and its new products. The P Zero and Cinturato P7 are proof of that. In line with the theme of the Summit, Pirelli will continue to focus on ‘green’ technology and energy saving while continuing to marry respect for the environment and performance“.