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Ministry of Economy and FinanceISSUE OF BTPS (LONG TERM TREASURY BONDS)

Press Release N° 6 of 01/08/2009

The MEFannounces the issuance of the following treasury bonds, to be auctioned on 14thJanuary 2009 and settled on 16th January 2009:

- BTPs(Long Term Treasury Bonds):

startdate: 15 December 2008; first tranche

maturity:15 December 2013

coupon:3.75%

startdate: 1 August 2007; tenth tranche

maturity:1 August 2039

coupon:5%

Theabove-mentioned bonds will be placed using the uniform-price auction mechanism,with allotment price and issuance amount being set discretionally within anissuance interval to be announced in a subsequent press release.

Inaddition, the MEF announces, for the same date of 14th January 2009, withsettlement on 16th January 2009, the issuance of the following off-the-runtreasury bonds:

- BTPs(Long Term Treasury Bonds):

start date:1st November 1998; thirty-second tranche

maturity:1st November 2029

coupon:5.25%

Thissecurity, too, will be placed by using the uniform-price auction mechanism,with allotment price and issuance amount being set discretionally within anissuance interval to be announced in a subsequent press release.

Theamount placed will be determined excluding bids at prices considered to beunfavourable on the basis of market conditions.

Italian,EU and non-EU banks as well as brokerage companies and EU and non-EU investmentbusinesses referred to in the decrees authorising the issuance of theabove-mentioned bonds are eligible to participate in the auction.

Thedealers referred to above may bid on their own account or on behalf of thirdparties.

Each bidsubmitted must state the relevant offer price. Each dealer may submit up to amaximum of three bids, each at a different price and for a minimum amount of500,000 euro of nominal capital. Any bid below the minimum amount will not beconsidered. Each bid must not exceed the issuance amount; any bids in excess ofthe issuance amount will be admitted only up to that amount.

Pricesmay vary by a minimum of one euro cent; any variations will be rounded up. Theminimum sum subscribable is 1,000 euro.

Bids fromdealers must be submitted by the deadlines set down in the calendar below andby means of electronic bid sent to the Banca d'Italia via the NationalInterbanking Network in accordance with the technical procedures established bythe Banca d'Italia and familiar to dealers.

In theevent that not all bids at the uniform price can be accepted, there shall be anallotment pro rata, with rounding as necessary.

Theallotment price shall be announced by way of a press release, which shall alsostate the amounts allocated to the specialists at the last three auctions.

Dealersparticipating in the auction shall arrange for the bonds allocated to beassigned to subscribers, without any charges being made in addition to theallotment price.

Settlementof the bonds allocated by dealers shall be at the allotment price and withpayment of daily interest from the day following the start date of the currentcoupon to the day of settlement.

Aspayment for collecting bids from the public, commission shall be paid to thesaid dealers, commensurate with the nominal amount of bonds allocated, being:

- 0.30%for BTPs 3.75% 15.12.2008/2013

- 0.40%for BTPs 5% 1.8.2007/2039

- 0.40%for BTPs 5.25% 1.11.1998/2029

Thepublic shall be able to reserve bonds via the above mentioned groups of dealersby the deadline set down in the calendar; brokers shall be able to request apayment on account of the nominal amount reserved as security for completion ofsubscription.

On thesettlement date, subscribers shall pay the sum due for the bonds allocated, on thebasis of the allotment price, as well as daily interest due. A receipt will beissued on payment.

Thecalendar for subscriptions is as follows:

BTPs maturity 15/12/2013

BTPs maturity 1/8/2039

BTPs maturity 1/11/2029

Public to reserve by

13 January 2009

13 January 2009

13 January 2009

Submission of bids to auction: by 11.00am on

14 January 2009

14 January 2009

14 January 2009

Settlement of subscriptions

16 January 2009

16 January 2009

16 January 2009

Daily interest payable

32

168

76

Statebond specialist dealers are eligible to participate in the placing of statebonds that shall take place automatically in addition to the issuance auctions.

The offerof an additional tranche is fixed at a maximum sum of no more than:

- 25% ofthe nominal amount offered for BTPs 15.12.2013

- 10% ofthe nominal amount offered for BTPs 1.8.2039 and 1.11.2029.

Specialistswho did not participate in the issuance auction shall not be eligible toparticipate in the additional placement.

Theadditional allocation shall be at the allotment price determined at the auctionfor the current issuance.

Theprocedures and conditions for the participation of specialists in theadditional allocations are set out in the relevant decrees authorising theissuance of the above mentioned bonds.

01/08/2009

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