Shareholders' Meeting Approves 2001 Financial Statements

Milan, May 13, 2002 - The Shareholders' Meeting of Pirelli & C. that convened today has approved the Report on the Financial Statements at December 31, 2001 and passed a resolution for the distribution to shareholders of a dividend of 0.08 euro for ordinary shares and of 0.0904 euro for savings shares.
The ex-coupon date is May 20, and the dividend payout is scheduled from May 23, 2002.

The Shareholders' Meeting also appointed the Board of Statutory Auditors by means of the list vote system. The new members are: Roberto Bracchetti, Chairman; Salvatore Spiniello and Paolo Francesco Lazzati, Statutory Auditors; Paolo Colombo and Marco Reboa, Acting Auditors.

The Meeting also confirmed the appointment of PricewaterhouseCoopers as auditors of the company accounts for the three-year period 2002-2004. In addition it passed a resolution authorising the acquisition its own shares up to a maximum amount of 100 million euros, subject to revocation of the resolution passed by the Shareholders' Meeting of May 10, 2001, insofar as this amount was not used.

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