The Axia indexes

In the selection of its investable universes and the construction of its ethical benchmarks Axia Financial Research adopts two different valuation logics that form the basis for the design and structuring of various ethical financial instruments:

1. Ethical valuation, the basis for the construction of the Axia Ethical indices, and
2. CSR valuation, the basis for the construction of the Axia CSR indices

Ethical Valuation is a method of analysis based on two types of screening: the consideration of the exclusion criteria that Axia Financial Research uses to assess what a company does, and then the consideration of the Qualitative screens that are used to evaluate how the company operates.

CSR valuation is a method of analysis that focuses on analysing how a company manages its operations, regardless of its sector and the businesses it is involved in. It is therefore solely based on valuations that use Qualitative Screens, and it analyses the gap between what a company declares it is doing and what it actually does.

The Axia indices include the best practices in the area of corporate social responsibility in a universe selected from amongst the most highly capitalised companies of the S&P MIB and the Eurostoxx 60. The Axia indices interact with the main international platforms for financial operators.

Pirelli has been included in the Axia Ethical Index since 2004 (the year the index was created) and in the Axia CSR Index since 2005 (the year the index was created).

Pirelli is also part of the investable universe of the Axia Euro Ethical Index and the Axia Euro CSR Index.

Pirelli's current rating is A+++ (was A++ through 2006), which is the highest rating possible in terms of "ethics class"

For more information on the Axia indices visit: