Borsa Italiana: New Trading Hours Starting From 23 June 2003

With the aim of bringing them in line with those of the principal European markets as required by the European Market Model, the Board of Directors has recently voted to change trading hours of the markets organised and managed by Borsa Italiana.

Starting June 23rd, the end of the auction phase and the start of continuous trading on the MTA and Nuovo Mercato markets will be brought forward.

These changes will effect the trading hours on the IDEM and MCW markets: the start of trading on these markets will be moved up to coincide, respectively, with the end of the pre-auction phase and the start of continuous trading on the stock market (IDEM: 9:00, MCW: 9:10).

The trading hours are changed as follows:

MTA, blue chip and STAR segments and Nuovo Mercato:

1. the end of the pre-auction phase will be brought forward to 9:00.
2. the start of continuous trading will be brought forward to 9:10, after the contracts have been validated and matched.

Segmento di Borsa Ordinario, MTF segment, class 2 and Mercato Ristretto:

1. the pre-auction phase will be extended by five minutes to 10:50.

MTF segment, class 1:

1. the start of continuous trading will be brought forward to 9:10.