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Ministry of Economy and FinancePLACEMENT THROUGH AUCTION OF EURO-ZONE INFLATION INDEXED LONG-TERM TREASURY BONDS

Press Release N° 63 of 04/22/2009

MEF announces the issuance of treasury bonds, to be auctioned on 28 April 2009 and settled on 30 April 2009, represented by the following loans:

- Long-Term Treasury Bonds (Buoni del Tesoro Poliennali - BTP) indexed to Euro Area inflation

- 10-year bonds

start date: 15 March 2008; twelfth tranche

maturity: 15 September 2019

real annual coupon: 2.35% yearly, payable on a half-yearly basis

maximum nominal amount of issue: € 1,000 million

ISIN : IT0004380546

- 15-year bonds

start date: 15 March 2007; twelfth tranche

maturity date: 15 September 2023

real annual coupon: 2.60% yearly, payable on a half-yearly basis

maximum nominal amount of issue: € 1,000 million

ISIN: IT0004243512

The above-mentioned bonds will be placed using the uniform-price auction mechanism, with allotment price and issuance amount being set discretionally. The amount placed will be determined by excluding bids at prices considered to be unfavourable on the basis of market conditions.

As for the rest of the procedure, placement will be conducted following the technical criteria and regulations applied when placing nominal BTPs. Bonds can be subscribed by the public within the time-limits shown in the calendar below. Each dealer may submit via the National Interbanking Network - by and no later than 11 am of the date shown below - a maximum of three bids, each offer having a real value (not recalculated on the basis of the Indexation Coefficient) of not less than € 500,000 euro. Bid prices, which must also be formulated in real terms, shall differ one from the other by at least 1 euro cent. On the basis of the Indexation Coefficient referring to the settlement date, Banca d'Italia will calculate the value equivalent to the capital subscribed and the daily accrued interest payable for the bonds subscribed at auction. Settlement will take place two working days following the auction date (T+2). On both the aforementioned bonds, subscribers will pay accrued interest for the period from 15 March 2009 to settlement date (46 days).

As payment for collecting bids from the public, dealers are entitled to receive the payment of a commission commensurate with the nominal amount of bonds allocated:

- 0.40% for BTPs€i 15/9/2019

- 0.40% for BTPs€i 15/9/2023.

The calendar for subscription operations is as follows:

BTPs€i 15/9/2019

BTPs€i 15/9/2023

Public to reserve by

27 April 2009

27 April 2009

Submission of bids to auction: by 11.00 am on

28 April 2009

28 April 2009

Settlement of subscriptions

30 April 2009

30 April 2009

Daily interest payable (days)

46

46

State bond specialist dealers are eligible to participate in the additional placement whose maximum amount will be equivalent to 10% of the auction amount, submitting bids by 3.30 pm of 29 April 2009.

The procedures and conditions for the participation of state bond specialists in the additional allocations are set down in the relevant decrees authorising the issuance of the above-mentioned bonds.

Rome 04/22/2009

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