Board of Statutary Auditors Renewal

Pirelli & C. : Board Of Statutary Auditors Renewal To Allow The Minority Representation

Milan, April 2nd, 2003 - Pirelli & C. announces that the next General Meeting, which is intended to decide over the merger of Pirelli S.p.A. and Pirelli & C. Luxembourg into Pirelli & C., will be asked to elect a new Board of Statutary Auditors.

The election will take place following the resignation of the current Board of Statutary Auditors. The decision has been taken to allow minority shareholders to submit their own lists of candidates. Please note that, currently, Pirelli & C. minority shareholders aren't represented by the Board of Statutary Auditors, following their own decision dated 13/5/2002, when the Board has been appointed, whilst minority shareholders are represented in the Pirelli S.p.A. Board of Statutary Auditors.

The resignations will be effective after the merger completion.

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