9M 2020 RESULTS

Milan, November 11th, 2020

DISCLAIMER

In General. This document, is referred to herein as the "Presentation". This document has been prepared by Pirelli & C. S.p.A. ("Pirelli" or the "Company" and, together with its subsidiaries the "Group"). The Presentation is being furnished to you for information purposes only and for use in presentations of the results and strategies of the Group.

No distribution of this Presentation. This Presentation is being furnished to you solely for your information and may not be reproduced, in whole or in part, or redistributed to any other individual or legal entity. Forward-looking statement. "Forward-looking statements" (which expression shall include opinions, predictions or expectations about any future event) that may be contained in the Presentation are based on a variety of estimates and assumptions by the Group, including, among others, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive and financial risks that are outside of the Group's control. There can be no assurance that the assumptions made in connection with the forward-looking statements will prove accurate, and actual results may differ materially. The inclusion of the forward-looking statements herein should not be regarded as an indication that the Group considers the forward-looking statements to be a reliable prediction of future events and the forward-looking statements should not be relied upon as such. Neither the Group nor any of its representatives has made or makes any representation to any person regarding the forward-looking statements and none of them intends to update or otherwise revise the forward-looking statements to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the forward-looking statements are later shown to be in error.

The forward-looking statements does not take into account any additional negative effects that may arise from impacts on the global market in which Pirelli operates and more generally on the macroeconomic scenario, also following any further governmental measures related to the spread of Covid-19 (SARS-CoV-2).

No update. The information and opinions in this Presentation is provided to you as of the dates indicated and the Group does not undertake to update the information contained in this Presentation and/or any opinions expressed relating thereto after its presentation, even in the event that the information becomes materially inaccurate, except as otherwise required by applicable laws.

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No offer to purchase or sell securities. The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.

Rounding. Due to rounding, numbers presented throughout this Presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Neither the Company nor any member of the Group nor any of its or their respective representatives, directors, employees or agents accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.

Francesco Tanzi, the manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accounting information contained herein correspond to document results, books and accounting records. ****

Non-IFRS and Other Performance Measures

This Presentation contains certain items as part of the financial disclosure which are not defined under IFRS. Accordingly, these items do not have standardized meanings and may not be directly comparable to similarly-titled items adopted by other entities.

Pirelli management has identified a number of "Alternative Performance Indicators" ("APIs"). These APIs (i) are derived from historical results of Pirelli & C. S.p.A. and are not intended to be indicative of future performance, (ii) are non-IFRS financial measures and, although derived from the Financial Statements, are unaudited and (iii) are not an alternative to financial measures prepared in accordance with IFRS. The APIs presented herein include EBIT, EBIT margin, EBITDA, EBITDA margin.

In addition, this Presentation includes certain measures that have been adjusted by us to present operating and financial performance net of any non-recurring events and non-core events. The adjusted indicators are adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, adjusted EBIT margin, Net Income adjusted, Net Income adjusted margin.

In order to facilitate the understanding of our financial position and financial performance, this Presentation contains other performance measures, such as Investments in tangible and intangible assets (CapEx), Increases in the Rights of Use, Operating working capital related to continuing operations, Net Financial (liquidity) / debt Position, Operating net cash flow, Net cash flow and Net cash flow before dividends. These measures are not indicative of our historical operating results, nor are they meant to be predictive of future results.

These measures are used by our management to monitor the underlying performance of our business and operations. Similarly entitled non-IFRS financial measures reported by other companies may not be calculated in an identical manner, consequently our measures may not be consistent with similar measures used by other companies. Therefore, investors should not place undue reliance on this data.

KEY MESSAGES AND 2020 OUTLOOK

MARKET AND PIRELLI PERFORMANCE

9M 2020 FINANCIAL REVIEW

APPENDIX

Key Messages

9M Results in line with the expectations, recovering in 3Q from Covid-19 outbreak

High Value positioning strengthened in 3Q on both O.E. and Repl.
Profitability back to the top of Industry
sound cash profile, supported by lower inventories

> Competitiveness Program and "Covid Actions" in line with Plan

in 9M'20 reached >70% of yearly gross target
FY'20 targets confirmed: ~€280M gross impact, ~€140M net of inflation and slowdown
> Solid Cash Flow generation confirmed in FY'20 despite the increasing volatility of the external scenario

> New Industrial Plan 2021-23/25 under preparation, leveraging on a more flexible company capable of reacting to an environment of extreme uncertainty

PIRELLI COMPETITIVENESS PROGRAM AND «COVID ACTIONS» ON TRACK

9M 2020 RESULTS Milan, November 11th, 2020 4

2020 TARGETS UPDATE

€ billion CapEx Net Financial Position (IFRS 16) Net Cash Flow bef. Dividends Net Sales adj. EBIT margin 2019 A 0.39 3.5 0.33 5.3 0.9 17.2% ~0.13 2020 E ~3.3 ~0.19¹ ÷ ~0.22¹ assuming no div. ~4.15 ÷ ~4.25 @ 5-Aug Volumes Forex ~12% ÷ ~13% 2020 E @ 11-Nov 2020 KEY TARGETS ~0.14 ~11.5% ÷ ~12% confirmed ~4.18 ÷ ~4.23 confirmed¹

	@ 5-Aug	@ 11-Nov
	2020 E	2020 E

Volumes	~ -18% ÷ -20%	~ -17% ÷ -18%
• o/w High Value	~ -14%	~ -11%
Car ≥18": -13% • o/w Standard	Car ≥18": -10% ~ -26%	~ -25%
Price/mix	~ +2%	~ +1.5%
Forex	~ -4%	~ -5%

Efficiencies (net of inflation)	~ +€110m	confirmed
Raw Mat.	~ -€10m	~ -€15m
Cost Cutting (Covid Actions)	~ +€120m	confirmed
Slowdown	~ -€90m	confirmed
Other costs	~ -€70m	~ -€90m

Milan, November 11th, 2020 5 1. floor of this range if payment of the EU Commission fine on the cartel of electric cables takes place in 2020, as indicated in the 28 Oct 20 Company press release

PRELIMINARY REFLECTION ON THE DEVELOPMENT OF 2021-23/25 PLAN

HIGH VALUE STRATEGY ON TARGET AND ON TRACK

RESILIENCE OF OUR BUSINESS AND MANAGEMENT TEAM CONFIRMED DURING COVID 19 DISCONTINUITY

THE PLAN WILL CAPTURE NEW OPPORTUNITIES WITHIN MOBILITY DISCONTINUITIES AND ENSURE PROFITABLE & SUSTAINABLE GROWTH

KEY MESSAGES AND 2020 OUTLOOK

MARKET AND PIRELLI PERFORMANCE

9M 2020 FINANCIAL REVIEW

APPENDIX

3Q MARKET ENVIRONMENT AND PIRELLI PERFORMANCE

MARKET SCENARIO AND PIRELLI VOLUMES 3Q KEY PIRELLI PERFORMANCE

H.V.: outpacing market in both channels • O.E. >

APac: strengthened position in China
North America: customer base expansion

• Repl.

APac: market share increase in China through car dealers and increased online penetration
Europe: regaining share, after destocking, through product portfolio enrichment (e.g. Cinturato P7 and All-Season range extension)

• Standard >

• Market outperformance in LatAm taking advantage of limited imports, while continuing pruning in the other Regions

FY 2020 MARKET OUTLOOK

KEY TRENDS IN 4Q TYRE MARKET DEMAND

Cautious view on EU in light of mobility restrictions

Channels

O.E.: down low-single-digit, in line with 3Q >
Repl.: down mid-single-digit with the exception of APac (improving vs. 3Q pulled by China). Europe impacted by mobility restrictions >

High Value

APac: positive trend may continue driven by China in both O.E. and Repl. >
N.A. to keep 3Q momentum (positive low single digit) >
EU down low single digit

Standard

• LatAm and Russia down double-digit due to a weak economic environment

DEEP DIVE ON COMPETITIVENESS AND COVID ACTIONS

PIRELLI KEY PROGRAMS DEPLOYMENT

IMPROVE CUSTOMER SERVICE LEVEL

Best-in class service level in EU and N. America thanks to Business model predictability and flexibility
Commercial policy aimed at keeping low stock levels with distribution partners

DEVELOPMENT

COMMERCIAL

ONLINE DEVELOPMENT

Partnership with JD.com (dedicated product line) to further accelerate in the fast-growing China Online
China Online Sales +60% YoY in 9M, reaching a 20% weight on Repl. Sales

SALESFORCE APPROACH & EFFECTIVENESS

Extending to main EU countries new digital CRM platform (completed in Italy and go live in Germany in 3Q)
New level of effectiveness will be reached in covering retail market

STRENGHTENING KEY HOMOLOGATIONS

Increased EV penetration, ~1/3 of 3Q'20 new homologations fully dedicated to EV vehicles, achieved with both traditional EU clients (e.g. Mercedes, Audi, Porsche, VW), and major N. American and Chinese EV producers
Starting to supply the newly launched Ford F-150 iconic model in N. America

INCREASING WINTER AND ALL-SEASON LINEUP COVERAGE

Leading Winter marked portfolio among peers in H.V. segment (422 items, +30% Vs. closest Tier 1¹ )
New range of All-Season 3PMSF² sizes for Cars and SUVs (2x growth YoY Repl. ≥18" in 3Q)

2020 TARGETS UPDATE

• o/w Standard • o/w High Value € billion CapEx Net Financial Position (IFRS 16) Net Cash Flow bef. Dividends Net Sales adj. EBIT margin 2019 A 0.39 3.5 0.33 5.3 0.9 17.2% ~0.13 2020 E ~3.3 ~0.19¹ ÷ ~0.22¹ assuming no div. ~4.15 ÷ ~4.25 @ 5-Aug Volumes Price/mix Forex Efficiencies (net of inflation) Raw Mat. Cost Cutting (Covid Actions) Slowdown ~12% ÷ ~13% 2020 E @ 11-Nov ~0.14 ~11.5% ÷ ~12% confirmed ~4.18 ÷ ~4.23 confirmed¹

Milan, November 11th, 2020 12 1. floor of this range if payment of the EU Commission fine on the cartel of electric cables takes place in 2020, as indicated in the 28 Oct 20 Company press release

1 KEY MESSAGES AND 2020 OUTLOOK

2 MARKET AND PIRELLI PERFORMANCE

3 9M 2020 FINANCIAL REVIEW

4 APPENDIX

9M 2020 NET SALES BRIDGE

3Q / 9M 2020 ADJUSTED EBIT BRIDGE

9M 2020 CASH FLOW AND NET FINANCIAL POSITION

€ million

CURRENT CAPITAL STRUCTURE (SEPTEMBER 2020)

€ million

Net Financial Position Gross Debt maturity

Liquidity Margin covering maturities until 1H'23, considering the extension option

1 KEY MESSAGES AND 2020 OUTLOOK

2 MARKET AND PIRELLI PERFORMANCE

3 9M 2020 FINANCIAL REVIEW

4 APPENDIX

3Q / 9M 2020 RESULTS HIGHLIGHTS

€ million

	3Q'19	3Q'20	Δ YoY	9M'19	9M'20	Δ YoY
Revenues	1,382	1,277	-7.5%	4,036	3,094	-23.4%
Organic Growth1			-1.5%			-19.3%
High Value Revenues	932	918	-1.6%	2,720	2,203	-19.0%
% on total Revenues	67.5%	71.8%	+4.3pp	67.4%	71.2%	+3.8pp

EBITDA adjusted2	342	309	-9.6%	979	577	-41.0%
Margin	24.8%	24.2%	-0.6pp	24.2%	18.7%	-5.6pp
EBIT adjusted3	245	214	-12.6%	685	280	-59.1%
Margin	17.7%	16.7%	-1.0pp	17.0%	9.1%	-7.9pp
PPA amortization	(29)	(29)		(86)	(86)
Non recurring & restructuring costs	(43)	(33)		(1)	(99)
EBIT	173	152		598	96
Margin	12.5%	11.9%		14.8%	3.1%

Results from Equity Investments	(1)	(1)		1	(6)
Financial Income (Charges)	(65)	(40)		(75)	(113)
EBT	107	111		524	(24)
Tax Rate	26.4%	24.2%		26.4%	25.0%
Net Income	79	84		386	(18)

Net Income adjusted3	124	128		380	115

9M 2020 PIRELLI BALANCE SHEET

€ million	30-Sept-2019	31-Dec-2019	30-Sept-2020
Fixed assets related to continuing operations (before IFRS 16)	8,973	9,007	8,465
Right of use IFRS 16	464	463	444
Fixed assets related to continuing operations (incl. IFRS 16)	9,437	9,470	8,909
Inventories	1,104	1,094	825
Trade receivables	976	649	949
Trade payables	(1,147)	(1,612)	(808)
Operating net working capital related to continuing operations	933	132	965
Other receivables / payables	231	81	51
Net Working Capital related to continuing operations	1,164	213	1,016
Net invested capital held for sale	1	-	-
Total net invested capital	10,601	9,683	9,925
Equity	4,742	4,827	4,404
Provisions	1,379	1,349	1,269
Net Financial Position (excl. IFRS 16)	4,002	3,024	3,780
Lease Obligations (IFRS 16)	478	483	472
Net Financial Position (incl. IFRS 16)	4,480	3,507	4,252
Total financing and shareholders' equity	10,601	9,683	9,925

3Q / 9M 2020 PIRELLI GROUP CASH FLOW

€ million

	3Q'19	3Q'20	9M'19	9M'20
Adjusted EBIT1	245	214	685	280
Depreciation & amortization (excl. PPA amortization)	98	96	294	297
Capital expenditure	(75)	(25)	(242)	(106)
Rights of use (IFRS 16)	(9)	(15)	(26)	(62)
Change in working capital / other	(137)	(173)	(963)	(902)
Operating Cash Flow	123	97	(252)	(493)
Financial income / (expenses)	(65)	(40)	(75)	(113)
Reverse of financial income on Brazilian tax credits	-	-	(101)	-
Taxes paid	(37)	(16)	(113)	(70)
Dividends paid to minorities	-	-	(9)	-
Cash-out for non recurring items and restructuring costs	(7)	(42)	(41)	(91)
Exchange rates difference / other	-	15	(20)	23
Net cash flow before dividends & extraordinary operations	12	12	(612)	(745)
Financial asset disposals / (acquisitions)	-	-	(17)	-
Net cash flow before dividends	12	12	(629)	(745)
Dividends paid	-	-	(177)	-
Net cash flow	12	12	(806)	(745)

2020 E RAW MATERIAL GUIDANCE

COMMODITIES: AVERAGE COST OF GOODS SOLD

9M 2020 RESULTS Milan, November 11th, 2020 22

2020 E FOREX GUIDANCE

KEY CAR MARKET TRENDS: EUROPE

Milan, November 11th, 2020 24 Source: Pirelli tyre market estimates based on main data provider for the Region; historical market data may be subject to restatement

KEY CAR MARKET TRENDS: NORTH AMERICA

Milan, November 11th, 2020 25 Source: Pirelli tyre market estimates based on main data provider for the Region; historical market data may be subject to restatement; 1. N. America Replacement includes imports

KEY CAR MARKET TRENDS: ASIA PACIFIC

KEY MARKET TRENDS: RUSSIA & NORDICS / SOUTH AMERICA

Milan, November 11th, 2020 27 Source: Pirelli tyre market estimates based on main data provider for the Region; historical market data may be subject to restatement; 1. South America Replacement restated to include Brazilian imports