Press Release

White & Case Advises Pirelli Group on Amendments to Bonds

Global law firm White & Case LLP has advised the Pirelli Group on a consent solicitation on a €500 million series of notes due 2016, issued by Pirelli & C. S.p.A. and guaranteed by Pirelli Tyre S.p.A., and a €600 million series of notes due 2016, issued by Pirelli International plc and guaranteed by Pirelli Tyre S.p.A.

The purpose of the consent solicitation is for noteholders to approve certain amendments to the terms and conditions of the notes, through extraordinary resolutions, that take into account changes to the Pirelli Group's shareholding structure in context of ChemChina's acquisition of 20.3 percent of the ordinary shares in Pirelli and related tender offer on the remaining shares.

Barclays and Société Générale are acting as Solicitation Agents on the consent solicitations.

The White & Case team which advised on the transaction included Paola Leocani, Nicholas Lasagna (both Milan) and Francis Fitzherbert-Brockholes (London) with support from associates Baldassarre Battista, Pietro Magnaghi (both Milan) and Catherine Andrews (London) and lawyer Luca Bella (Milan).

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