MASSIMO CAPUANO, PRESIDENT AND CEO OF BORSA ITALIANA, ELECTED CHAIRMAN OF THE WORLD FEDERATION OF EXCHANGES

Milan - 17 October 2006

International Recognition for Borsa Italiana

Massimo Capuano, President and CEO of Borsa Italiana, has been elected Chairman of the World Federation of Exchanges (WFE) for the next two years.

The WFE General Assembly, held in Sao Paolo, Brazil, also elected Bill Brodsky,
Chairman del CBOE (Chicago Board Options Exchange) as Vice-President.

Established in London in 1961, the WFE membership today encompasses 57
exchanges from all over the world, representing over 97% of world exchange market capitalisation and members possessing a combined market cap. of over $35,000 billion.

Massimo Capuano commented: “My election is the recognition of the role that Borsa Italiana plays on an international level and of the results that it has achieved since its privatisation. In the next two years the exchange industry will be characterized by rapid change and challenges which will require innovative solutions.”

Massimo Capuano has been President and CEO of Borsa Italiana since January 1998, the year in which the Company was privatised, and President of the Federation of the European Securities Exchanges (FESE) since January 2004.

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