PRESS RELEASE

A new Committee for the Corporate Governance of Listed Companies

Borsa Italiana has promoted a New Committee for the Corporate Governance to review the current principles applied to listed companies with the aim of bringing them in line with the latest trends of the domestic, the UE and the international regulation and to draw a new release of a New Code of Conduct for listed companies.

Members of the Committee have been appointed by Borsa Italiana as well as by Abi, Ania, Assogestioni, Assonime and Confindustria.

The Committee is composed by Luigi Abete, Matteo Arpe, Aureliano Benedetti, Massimo Capuano, Fedele Confalonieri, Giovanni Consorte, Attilio Piero Ferrari, Gianpiero Fiorani, Gabriele Galateri di Genola, Edoardo Garrone, Piero Gnudi, Mario Greco, Giovanni Landi, Fausto Marchionni, Vittorio Merloni, Pietro Modiano, Corrado Passera, Giovanni Perissinotto, Alessandro Profumo, Maurizio Sella, Angelo Tantazzi and Marco Tronchetti Provera.

The Committee will be supported by a Working Group set up by representatives of Abi, Ania, Assirevi, Assogestioni, Assonime, Borsa Italiana and Confindustria.

Its activities will be coordinated by a Board of Experts including Mr Guido Ferrarini, Mr Franzo Grande Stevens and Mr Piergaetano Marchetti.

Milan, 25 April 2005