Pirelli & C.

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Business outlook

For the whole of 2010 the Real Estate Group expects to achieve for the services business an operating income of between +20 and +30 million euro, thanks to further actions to increase efficiency and to leverage the development of fund management, on internal and external lines.

The target envisaged for sales of properties by the end of 2010 is between 1.3 and 1.5 billion euro, maintaining total assets under management substantially stable.

Pirelli Real Estate also confirms the 2011 targets as recently indicated in the Plan, and in particular the achievement of net income of 50 million euro from service businesses.

It is worth remembering that the projections for 2010 and 2011 may however be heavily influenced by uncontrollable exogenous factors, such as changes in the macroeconomic scenario, the trend on the real estate market, movements in interest rates and the terms of access to credit, as these are independent of the intentions of the Real Estate Group and currently unforseeable.