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Société Générale Joins BondVision

Milan, June 4, 2003 - Société Générale has joined BondVision as Dealer, bringing the number of liquidity providers on the Exchange to 24 and further reinforcing the depth and quality of prices available to BondVision clients.

Société Générale's decision reflects the continued progress of BondVision, particularly in France, since the introduction on the system of additional French instruments such as the ERAP's EMTN program and the inflation-linked securities issued by CADES. The recent launch of the EuroMTS Index, the real time pan European government bond indices widely tracked by French fund managers, has also brought increased interest in BondVision as it will integrate trading capabilities able to easily replicate the index.

Frédéric Desclaux, Head of Fixed Income for Institutional Sales at Société Générale said: "We are very pleased to join BondVision and to contribute to the growth of the Dealer-to-Client market in France and in the rest of Europe. Joining BondVision allows us to easily extend our prices from the MTS network to the European buy-side."

As the client base and turnover volumes grow, BondVision remains committed to its primary objective of offering a trading solution that responds to the needs of Institutional Clients. Fund managers have been accounting for 75% of the total turnover on the system with the remaining 25% divided between supranational entities and bank counterparties who use BondVision as a complementary tool to the MTS Markets. Clients access and trade on BondVision free of charge.

1. BondVision
   The Internet-based multi-Dealer to Client Market powered by MTS, the leading fixed-income wholesale market in Europe and Japan. BondVision is the only regulated Internet-based multi Dealer to Client Market with an ISD European passport. Institutional Clients connect via the Internet and request for quotes from a number of Dealers prior to trading the best incoming price. BondVision Dealers are amongst those currently participating on the wholesale trading platform of the MTS Markets. Listed securities include euro Government bonds, Agencies, Asset backed securities and corporate bonds. Cash and Switch trading are supported.
   
   For more information, please go to www.bondvision.com

2. List of BondVision Dealers
   

   ABN Amro Banca IMI Banc of America Securities Barclays Capital Banco Bilbao Viscaya Argentaria BNP Paribas Caboto Securities Capitalia CDC Ixis CM Commerzbank Crédit Agricole Indosuez Credit Suisse First Boston

   Dresdner Bank Deutsche Bank AG Fortis Bank Goldman Sachs ING Bank NV JP Morgan Securities Lehman Brothers Merrill Lynch Morgan Stanley Société Générale UBM UBS

3. Contacts
   Allan Malvar
   Corporate Communications
   Tel. +44 20 7786 6049
   Email. malvar_allan@mtsgroup.org