End of the year

PRESS RELEASE

Diversification overcomes market difficulties

Massimo Capuano, CEO of Borsa Italiana S.p.A.

MILAN, 28 December 2001 - "A difficult year for financial markets has now ended. The year was characterised by a deterioration in macroeconomic fundamentals exacerbated by the events of September 11 and the international atmosphere of tension. Nevertheless, markets had a positive reaction.

During 1998-2000 Borsa Italiana had experienced consistent growth and improvement. But in 2001, like many other international stock exchanges, the exchange suffered from this international situation.

However, Borsa Italiana's policy of expansion through diversification created new opportunities for both its shareholders and users, namely its listed companies, intermediaries and investors.

The STAR segment, launched in April 2001, successfully created opportunities for small and medium quality companies to gain visibility and to maximise their value nationally and internationally.

Developments on the derivatives markets, including the introduction of the miniFIB and the strengthening of the share option markets, have important new opportunities for investors - including retail - to vary their investments. Trading After Hours has also attracted growing volumes, adding more flexibility for investors.

In 2002 other new projects will be introduced. These include a new dedicated market for small and medium companies, an expansion into international markets of the highly successful domestic market for covered warrants, the starting of a new technological platform for derivatives. the launch of Exchange Traded Funds and of new indices on the stock market.

All the projects carried out by Borsa Italiana Spa in year 2001 and those planned for 2002 are consistent with the policy of developing the markets to constantly improve their efficiency, liquidity, transparency and competitiveness."