Press release

Statement by Massimo Capuano
CEO of Borsa Italiana Spa

"Borsa Italiana SpA closes its third year of activity with very important results.

We exceeded the all-time high in new admissions (49) and created a new record (297) in the number of companies listed.

The overall raising of over 16 billion Euro confirmed the fundamental role the Exchange carries on in financing Italian companies and in increasing the value of the entire Country system.

The high competitiveness of our market and the efficient trading system are seen in increased trading in the number of shares (+73% on 1999), covered warrants (+110%), IDEM - standard share option contracts have almost tripled -, capitalization and its relationship to GDP (70,6%), highlighting the Exchange's growing capacity to represent the national economy.

Various projects were started during the year: After Hours Trading was launched, i.e. the new evening session offering brokers and retail public further investment opportunities; a new trading platform for covered warrants was implemented - which more than doubled the system's capacity - enabling the development of this market which saw a considerable increase in the number of instruments negotiated and volumes traded with an ever greater interest on the part of investors; the number of products offered rose with launching of the miniFIB on the IDEM and eurobonds on the EuroMot.

I also wish to point out the acquisition of a majority holding in Cassa di Compensazione e Garanzia, an all-important element for a balanced market growth.

All the initiatives carried out in 2000 come within the action of the Italian Exchange for managing and developing its own markets and constantly improving liquidity, transparency and competiveness. Aims that will be pursued even in 2001, by improving the trading system service levels, examining possible international partnerships in order to offer market participants new opportunities while promoting international best practice among market operators, for example, by complying with the rules of the Corporate Governance Code, which the Italian Exchange has already included in the body of its regulations.

2001 will see a continuation of the study and realization of new initiatives, including the creation and launching of new instruments, the

starting of STAR - the new Exchange segment for enhancing small and medium capitalization companies by increasing their visibility and

liquidity - and further development, in international terms, of the covered warrants market."

Milan, 29 December 2000