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PRESS RELEASE

BondVision introduces Danish Government Bonds as Third Quarter Volumes Soar

Milan, October 14, 2003 – BondVision today announced that following the recent addition of Danske and Nykredit to its Dealer community, European investors will be able to trade Danish Government bonds (DGBs) electronically on the market as of November 4, 2003. BondVision dealers supporting the liquidity of DGBs include JP Morgan, ABN Amro, Morgan Stanley and Barclays, Primary Dealers officially nominated by the Danmarks Nationalbank

The listing of the first non-euro denominated bonds on the B2C arm of the MTS Group, the only regulated Dealer to Client market, coincides with the new record volumes recently achieved on the platform. BondVision saw September volumes up by 107%, with a daily turnover in excess of €2 billion (single-counted), in comparison to figures in the same period of last year.

“The continued rise in BondVision volumes signals growing support for the market and is a testament to the expansion of our client base and the support of our Market Makers,” said Lorenzo Pelizzola, BondVision Market Director. “We expect both the client base and turnover will continue to grow as we expand our product coverage to non euro denominated instruments, roll out the FIX post-trading solution to institutional clients and prepare to launch the second generation of our trading application.”

BondVision remains committed to serving the market by offering the most efficient, cost-effective Dealer-to-Client product in the industry. Adhering to the MTS Group’s model, BondVision’s focus will always rest on providing participants with the benefits of technology at the lowest possible costs. Clients continue to trade free of charge on the BondVision market.

A brief note to editors:

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 SIM Capitalia CDC Ixis CM Commerzbank Crédit Agricole Indosuez Credit Suisse First Boston Danske Bank

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

   
   
3. Contacts
   
   Europe
   Allan Malvar
   Communications
   Tel. +44 20 7786 6049
   Email. malvar_allan@mtsgroup.org
   
   USA
   Rebecca Smith
   Communications
   Tel. +1 212 514 5880
   Email. smith_rebecca@mtsspa.it