PRESS RELEASE

The process of improving the technological platforms supporting the fixed income markets continues. As of Monday, 11 April 2005, EuroMOT* has successfully migrated to the MOT** infrastructure (MTA trading system).

The new trading system will allow the introduction of new functionalities which will boost efficiency and operating capacity in accordance with the market model adopted by MOT. EuroMot features such as access requirements, instruments traded and settlement modalities will not change.

Through this further evolution of its platforms, Borsa Italiana confirms its commitment to enhancing the range of products and services on the fixed income market.

Milan, 15 April 2005

(*) Founded 17 Jan 2000, EuroMOT is Borsa Italiana's electronic market for euro-bonds and asset backed securities

(**) MOT, founded in 1994, is Borsa Italiana's market for Italian Government securities and non-convertible bonds