Press Release

In connection with the approval of the acquisition of control of MTS jointly with Euronext, Borsa Italiana confirms it will continue to timely grant access to the group's post-trading services in an equitable, transparent and non-discriminatory manner and on the basis of criteria and procedure aimed at assuring interoperability, security and equal treatment among market infrastructures, to all subjects who so request and are qualified in accordance with national and community legislation, applicable rules and decisions of the competent Authorities. The above is witnessed by the recent start of operations with Monte Titoli S.p.A. of a new foreign bond market platform.

To this end, Borsa Italiana undertook to propose some amendments to its regulations and procedures reflecting the new needs deriving from requests of access by trading platforms.

Borsa Italiana reaffirms the relevance for the Italian market of the acquisition of MTS, also in the context of the development of European financial markets, and is pleased to take note of the Antitrust Authority's positive evaluation of the behaviour of Borsa Italiana's subsidiaries in offering access to its services to international platforms.

Milan, 16 December 2005