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Companies listed on STAR, the stock market segment with high requirements, will meet tomorrow with analysts and investors at the 3rd STAR Company Results, an event organised by Borsa Italiana - the Italian Stock Exchange - to present their financial results and their future prospects.

STAR started on the 2nd of April 2001 with 20 companies - today, it counts 42 - and since that day it has shown constant growth. At the end of January 2004 it had a capitalisation of over €9.7 billion and trading volumes for the month of over €532 million.

Since its start, the MIBSTAR index recorded a better performance than the MIB and the NUMEX indices.

The volatility of the STAR segment (7.5% in 2003) is lower than Borsa (14.5%) and Nuovo Mercato (22.2%).

The 42 STAR companies have a free float higher than the percentage required by STAR rules - 35% for IPOs and 20% if already listed; three companies have a free float higher than 75%, 10 between 40% and 75%, eight between 35% and 40%, 11 between 30% and 35% and 10 between 20% and 30% of capital.

With regard to 2003 financial highlights, the companies showed an average growth in revenues of 7% compared to 2002 while the average rise in EBITDA was 19%. Net debt at 31 December 2003 declined by 5% compared to the 2002 figure and six companies recorded a net cash position.

During 2003, 71% of the companies showed a positive trend in their share price performance: among these were Manuli (de-listed on the 29th of January 2004 following a take-over bid), up 82.3%, Banca Finnat, up 58.8%, Banca Popolare Etruria e Lazio, up 52.6%, Centrale del Latte di Torino, up 48.7%, Stefanel, up 46.6%, Brembo, up 37.7%, Emak, up 37.2, Astaldi, up 36.8%, Vittoria Assicurazioni, up 35.3% and Cembre, up 34.4%.

Corporate Governance and Transparency

71% of the STAR companies' Board of Directors are composed of a majority of non-executive and/or independent directors and 55% have a higher number of independent members than the minimum required. On average, over 30% of the members of STAR company Boards are independent directors.

With regard to the independent members in the internal control committees, 95% of the STAR companies have a number higher than 50%. On average, 80% of the members of a STAR company's internal control committee are independent.

31% of the companies have adopted more stringent criteria - in terms of thresholds and/or timeliness of communications - than those defined in Borsa Italiana's Code of Internal Dealing.

Milan, 25 February 2003