PRESS RELEASE

From November 7th 2005, Borsa Italiana will launch through its BIt Club Service (the online platform for communication between Borsa Italiana and its Clients) two new functions: a reporting channel for "blocks" and transactions executed off-market – the BIt Club "BFM" Service – and a tool for displaying market share data.

The BFM Service will enable reporting of "blocks" and "off-market transactions", as set forth by article 11 of the CONSOB Market Rules (regulation no. 11768), to be handled quickly and securely on-line, replacing current fax communication.

The BFM service will be available as an alternative reporting tool for Borsa Italiana market members (their market access platforms already offer reporting functions). For intermediaries who are not market members, the BFM service will replace the current fax system, becoming the sole reporting channel available.

Access to the service will be controlled by userID and password (allocated by Borsa Italiana to intermediaries with the relevant subscription contract), which will enable the entry of single or multiple reporting functions and enquiries regarding the historical database containing all the off-market transactions.

Moreover, starting from November 7 2005, the BIt Club Service will be improved with a new function allowing market members to directly display and download their own market share data.

Access to this function will be available via a dedicated area of BIt Club – the Member Area – and controlled by userID and password, allocated directly by the client, who will be able to select the internal users and the markets for which each user is authorised to display market share data.

Milan, November 4, 2005

BIt Club (www.bit-club.it) is the website exclusively dedicated by Borsa Italiana to its Members. The platform provides all necessary information for a correct trading activity: procedures for membership to the markets and for access to the services of Borsa Italiana, details of new initiatives and projects, forthcoming technological upgrades, information on relevant measures and formal acts for markets and intermediaries.