PIRELLI & C. SPA BOARD APPROVES RESULTS FOR QUARTER ENDED 31 MARCH 2015

FURTHER STRENGTHENING OF PREMIUM, WHICH TODAY REPRESENTS ABOUT 59% OF CONSUMER REVENUES (COMPARED WITH 57% IN FIRST QUARTER Q1 2014); PREMIUM VOLUMES GREW +10% EFFICIENCIES OF 21.1 MILLION EURO, EQUAL TO 23% OF FULL-YEAR TARGET CONSOLIDATED RESULTS

• REVENUES: 1,568.4 MILLION EURO, GROWTH OF 6.5% COMPARED WITH 1,473.2 MILLION EURO ON 31 MARCH 2014; +2.4% EXCLUDING POSITIVE FOREX EFFECT OF +4.1%

• EBIT: +4.5% TO 210.1 MILLION EURO (201.0 MILLION EURO ON 31 MARCH 2014)

• EBIT MARGIN 13.4% (13.6% ON 31 MARCH 2014), EBIT MARGIN BEFORE RESTRUCTURING CHARGES 13.6% (14% ON 31 MARCH  2014)

• NET PROFIT FOR CONTINUING OPERATIONS: +12.2% TO 101.4 MILLION EURO (90.4  MILLION ON 31 MARCH 2014)

• NET FINANCIAL POSITION NEGATIVE 1,732.9 MILLION EURO (1,965.6 MILLION EURO ON 31 MARCH 2014 AND 979.6 MILLION ON 31 DECEMBER 2014), IN LINE WITH USUAL BUSINESS SEASONALITY

TYRE ACTIVITIES

• REVENUES: 1,565.3 MILLION EURO, AN INCREASE OF 6.5% COMPARED WITH 1,469.5 MILLION ON 31 MARCH 2014; +2.4% EXCLUDING POSITIVE FOREX EFFECT (+4.1%)

• PREMIUM REVENUES: 726.9 MILLION EURO, AN INCREASE OF 13.6% COMPARED WITH 639.9 MILLION ON 31 MARCH 2014

• PRICE/MIX IMPROVES TO +3.7% AS A RESULT OF GOOD PREMIUM PERFORMANCE

• TOTAL VOLUMES -1.3% (CONSUMER +0.4%, INDUSTRIAL -6.7%) BECAUSE OF MARKET DECLINE IN LATAM AND RUSSIA

• EBIT: +4.1% TO 213.3 MILLION EURO (204.9 MILLION ON 31 MARCH 2014)

• EBIT MARGIN 13.6% (13.9% ON 31 MARCH 2014); EBIT MARGIN BEFORE RESTRUCTURING CHARGES 13.8% (14.3% ON 31 MARCH 2014)

2015 TARGETS

• CONSOLIDATED EBIT CONFIRMED AT ~930 MILLION EURO AFTER RESTRUCTURING EXPENSES OF ABOUT 40 MILLION EURO

• TOTAL REVENUES CONFIRMED AT ~6.4 BILLION EURO DERIVING FROM: -VOLUMES’ GROWTH EXPECTED AT ABOUT +2% (PREVIOUS ESTIMATE: EQUAL TO ABOVE +3%). PREMIUM GROWTH CONFIRMED AT EQUAL TO OR ABOVE +10% WITH AN ACCELERATION IN EMERGING MARKETS, APAC IN PARTICULAR -PRICE/MIX GROWTH EXPECTED AT AROUND +4% (PREVIOUS ESTIMATE: EQUAL TO OR ABOVE +4%) -POSITIVE EXCHANGE RATE EFFECT OF ABOUT +1% (PREVIOUS ESTIMATE: ~-1%) IN CONSIDERATION OF THE APPRECIATION OF THE US DOLLAR

• INVESTMENTS CONFIRMED AT BELOW 400 MILLION EURO

• CASH GENERATION BEFORE DIVIDENDS CONFIRMED AT EQUAL TO OR ABOVE 300 MILLION EURO BEFORE THE DISPOSAL OF STEELCORD

• NET FINANCIAL POSITION ESTIMATED ABOUT 850 MILLION EURO

As a consequence of the underwriting of the agreement for the sale of 100% of the steelcord activities, signed on February 28h 2014, this business has been classified as a “discontinued operation” and consequently the results for 2014 and for the first quarter of 2015 have been reclassified in the accounts under the heading “results for disposed operating activities”. The economic indicators for the first quarter of 2015, as well as the comparative data for first quarter 2014, refer to continuing operations. Milan, 13 May 2015 – The Board of Directors of Pirelli & C. SpA today reviewed and approved the intermediary results for the quarter ended 31 March 2015. The results for the first quarter of 2015, which show growth in the main economic indicators, were characterized in particular by:

• further strengthening of the Premium segment, as seen in the 10% volume growth. In line with 2015 guidance, in particular in emerging markets, Apac, Latam, Meai and Russia, where Pirelli increased its market share; while the growth trend in Europe and Nafta is in line with the market’s performance.  Premium climbed to about 59% of Consumer revenues, an improvement of 2 percentage points compared with the first quarter of 2014;
• revenue growth of 6.5% (+2.4% at the organic level), in line with full-year targets thanks to the positive performance of Consumer business (+9.6%), while the Industrial business (revenues -3.8%) continues to discount the general decline of the market, in particular in South America;
• The positive performance of the price/mix component (+3.7%), in line with 2015 guidance;
• The positive Consumer volumes (+0.4%), with Premium the growth of Premium (+10%) offsetting weakness in non-Premium. The Industrial business (volumes -6.7%) discount the weakness of the truck and agro market in South America. Total volumes saw a decline of 1.3%;
• The achievement of efficiencies of 21.1 million euro (23% of the full-year target of 90 million euro) in the context of the 4-year (2014-2017) efficiency plan of 350 million euro announced in November 2013 (92 million euro efficiencies achieved in 2014);
• The growth of the operating result (Ebit) by 4.5% to 210.1 million euro compared with the first quarter of 2014, with an Ebit margin of 13.4% (substantially in line with 13.6% in the first quarter of 2014);
• net result of continuing operations of 101.4 million euro (+12.2% compared with 90.4 million in the first quarter of 2014);
• Net financial position of negative 1,732.9 million euro, compared with negative 979.6 million euro on 31 December 2014 due to the seasonality of working capital which entails the usual increase of commercial credits in the first quarter of the year in view of their receipt in the second quarter.