Press Release - Pirelli & C. A.P.A.

Pirelli announced that, in compliance with earlier agreements reached by the two groups in March 1998, on July 31st, 2001 BZ Group exercised the first option to sell a number of ordinary shares corresponding to 2,5% of the share capital of Pirelli SpA with the right to vote, at a price calculated (according to earlier agreements) on the average of the Stock Exchange quotations for the stock over the 90 sessions prior to the date of exercise, for a total amount of 169.3 millions.

The decision of BZ Group, given the temporary weakening of the Pirelli SpA shares value, is a purely technical operation, in the interests of the BZ Group's shareholders.
" We confirm our unwavering confidence in and our full support for the Pirelli Group in the mid to long term" , says Martin Ebner, Chairman of BZ Group, " and it is our intention to restore our shareholding" .

For the record it should be noted that BZ Group also has a second and final option to sell for a further 2,5% of the share capital of Pirelli SpA with the right to vote, which may be exercised on March 10th, 2003 at a price calculated on the same basis as above.

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