Consob opinion

Milan, October 30th 2001 - Pirelli has received notice that Consob, whilst authorising publication of the Offering Circular for the capital increase in Olivetti, has requested that its opinion be reported, stating that Olivetti SpA is at the moment controlled by Olimpia SpA and that the latter is in its turn subject to solitary control by Pirelli SpA.

Whilst acknowledging the comment, Pirelli, backed by numerous and important opinions on the matter, highlights its different stance, maintaining the position expressed by Consob to be unfounded, also on the basis of different orientations expressed by Consob itself with regard to the stake held by Bell S.A. in Olivetti SpA.