Pirelli & C. Shareholders' Meeting approves 2006 financial statements

PIRELLI & C. SPA SHAREHOLDERS' MEETING HELD:

• 2006 FINANCIAL STATEMENTS APPROVED
• ALBERTO BOMBASSEI AND LUIGI ROTH APPOINTED DIRECTORS
• AMENDMENTS TO BY-LAWS AND TO SHAREHOLDERS' MEETING REGULATIONS APPROVED

Milan, 23 April 2007 - The Shareholders' Meeting of Pirelli & C. SpA was held today in ordinary and extraordinary sessions.
 
The Shareholders' Meeting resolved to approve the Financial Statemens of Pirelli & C. SpA for 2006, which does not foresee distribution of dividends.

Following the termination of two directors during the course of 2006, the Shareholders' Meeting appointed Alberto Bombassei and Luigi Roth directors of the Company, both in possession of the requisites of independence. The number of components of the Board of Directors of Pirelli & C. SpA thus returns to 20 (of which 11 independent). The curricula of the new directors are available on the Internet site www.pirelli.com. In the ordinary session, the Shareholders' Meeting then approved some amendments to the Shareholders' Meeting Regulations adopted on 11 May 2004.

In the extraordinary session, the Shareholders' Meeting approved the amendments to the by-laws aimed at integrating both the new discipline introduced by the so-called Law on Savings ("Legge sul Risparmio") and the recommendations of the new Self-Regulatory Code of Borsa Italiana (in particular: institution of the figure of the manager mandated with drafting corporate accounting documents; rules on the integration of Shareholders' Meeting agendas upon request by shareholders; rules on the terms for publication of slates).