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Ministry of Economy and FinanceBOTs ISSUE

Press Release N° 36 of 03/07/2009

The MEF announces the issuance of 12,000 million euro of BOTs, auctioned on 11 March 2009 and with settlement on 16 March 2009, consisting of:

Amount (in million euro)

Maturity

Days

Three-month

4,500

15.06.2009

91

One-year

7,500

15.03.2010

364

Please note that on 16 March 2009, 11,656,666 million euro of BOTs will reach maturity (of which, 4,500 million euro are three-month BOTs and 7,156,666 million are one-year BOTs).

BOTs are offered via a competitive auction and without indication of the minimum price by the Treasury.

Treasury bills are subscribable for a minimum amount of one thousand euro.

The prices indicated by dealers participating in auctions of BOTs, expressed in percentage terms, may vary, in respect of all type of securities, by 0.001% or multiple thereof. Bids without price reference will not be admitted to auction.

Each bid will not be lower than one and a half million euro (1,500,000 €).

Dealers set forth in the decrees authorising the issuance of the BOTs are eligible for participation in the auction.

In implementation of the provisions set forth in Sec. II - Title V of Legislative Decree 24 June 1998, no. 213, and related implementation provisions, on the dematerialization of Government bonds, BOTs are represented by account registrations entered in favour of the entitled.

The Banca d'Italia automatically enters the BOT amounts subscribed at auction and settles them through the clearing and settlement facility for financial instruments, entering the date of settlement as value date. On the basis of allocations, the broker allocatees will credit the related amounts to the subscribers' accounts.

Purchase bids - a maximum of three for each tranche - must be submitted to the Banca d'Italia strictly by means of the national Interbanking network, within and no later than 11am of 11 March 2009 in accordance with the procedure and provisions set forth in the issuance decrees.

Please note that should there be a malfunctioning of the system, thereby preventing the transmission of messages on the network, requests for participation in the auction must be sent via fax.

Bids received after the deadline set in the issuance decrees will not be considered. Bids in replacement of previously submitted requests will be taken into consideration only if they arrive by the aforementioned deadline. Requests cannot be withdrawn after the aforementioned deadline.

Should any dealer's bids exceed, including as a whole, the amount offered by the Treasury, they will be taken into consideration starting from the one at the highest price, up to the amount offered, unless otherwise provided for in the issuance decrees.

State Bond Specialists are eligible for participation in the additional placement of one-year BOTs, which is set to take place automatically on12 March 2009.

The amount of the additional tranche is fixed at 10% of the nominal amount offered in the issuance auction. This percentage is the minimum amount offered in the additional placement, which the Treasury may increase after the closing of the issuance auction to satisfy the demand expressed by dealers. In the event, a specific press release will be published.

Specialists who did not participate in the issuance auction shall not be eligible to participate in the additional placement.

Allocation will take place at the weighted average price set in the issuance auction.

The additional placement procedure will follow the provisions set forth in the issuance decree. Specifically, purchase bids must be submitted within and no later than 3:30pm of 12 March 2009.

Outstanding BOTs at 27 February 2009 amounted to 165,602,666 million euro, of which 2,500 million euro at 119 days, 3,500 million euro at 276 days, 14,500 million euro at three months, 64,696 million euro at six months and 80,406,666 million euro at 12 months.

Rome 03/07/2009

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