Pirelli Real Estate stock option plan approved

Milan, December 17^th, 2001 - The Board of Directors of Pirelli & C sapa has decided to give 22 employees of the controlled company Pirelli & C. Real Estate S.p.A. a call option for a total of n. 6.925 shares of the latter (equal to 2,08% of the share capital), at the price of euro 1.862,07 per share on the basis of an appositedly prepared appraisal

The option can be exercised between 1/7/2002 and 31/12/2002, and shares deriving from it can be sold by the holders to Pirelli & C from 1/1/2004 to 31/12/2004.

Considering also another existing stock option plan, the Pirelli & C. Real Estate S.p.A. shares under option for employees amount to approximately 9.8% of the latter's share capital.

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