Notification to Consob and Borsa Italiana

Milan, January 3rd, 2002 - Pirelli informs that it has notified Consob and Borsa Italiana of a recourse to the Regional Administrative Court of the Region Lazio (TAR) against the decision taken by Consob on October 30th last, regarding its go ahead on the deposit of the offering circular for the Olivetti capital increase decided on October 13th, 2001, in the part in which it subordinates, among other things, the release of the go ahead to the indication, in the offering circular itself, that "Consob believes Olivetti SpA to be at the moment de facto controlled by Olimpia SpA and that the latter is controlled solely by Pirelli SpA".

Presentation of the recourse has been done for precautionary reasons, in order to avoid that expiry of legal terms (60 days) may render Consob's decision irrevocable.

Pirelli, who has presented an instance of revision of Consob's decision displayed in the indication of October 30th regarding the control of Olimpia and Olivetti, still awaits Consob's decision on the issue.