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Ministry of Economy and FinanceCCTs AND BTPs ISSUANCE

Press Release N° 92 of 06/19/2009

The MEF announces the issuance of the following state bonds on 26 June 2009, with settlement date on 1 July 2009,:

- CCTs (Treasury Credit Certificates):

start date: 1 September 2008; nineteenth tranche

maturity: 1 September 2015

six-month coupon: equal to the yield on six -month BOTs referring to the auction held at the end of the month prior to the start date of the six-monthly payment, increased by a spread of 0.15 percentage points; the current coupon, with maturity date falling due on 1 September 2009, stands at 0.77%.

ISIN : IT0004404965

- BTPs (Long Term Treasury Bonds):

start date : 1 July 2009; first tranche

maturity: 1 July 2012

coupon: 2.50%

ISIN: to be assigned

start date: 1 March 2009; fifth tranche

maturity: 1 September 2019

coupon: 4.25%

ISIN : IT0004489610

In addition, the MEF announces that, on the same day of 26 June 2009 and with settlement date on 1 July 2009, the following off-the-run state bonds will be issued:

- CCTs (Treasury Credit Certificates):

start date: 1 December 2007; seventeenth tranche

maturity: 1 December 2014

six-month coupon: equal to the yield on six -month BOTs (Treasury Bonds) referring to the auction held at the end of the month prior to the start date of the six-monthly payment, increased by a spread of 0.15 percentage points; the current coupon, maturing on 1 December 2009, stands at 0.66%.

ISIN: IT0004321813

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

The amount placed will be determined by excluding bids at prices considered to be unfavourable on the basis of market conditions.

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

The dealers referred to above may bid on their own account or on behalf of third parties.

Each bid submitted must state the relevant offer price. Each dealer may submit up to a maximum of three bids, each at a different price and for a minimum amount of 500,000 euros of nominal capital; any bid below the minimum amount will not be considered. Each bid must not exceed the issuance amount; any bids in excess of the issuance amount will be admitted only up to that amount.

Prices will vary by a minimum of one euro cent; any variations by a different amount will be rounded upwards. The minimum sum subscribable is one thousand euro.

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

In the event that not all bids at the uniform price can be accepted, allotment will be on a pro- rata basis, with rounding as required.

The allotment price shall be announced by way of a press release, which shall also state the amounts allocated to the specialists in the last three auctions.

Dealers participating in the auction shall arrange for the bonds allocated to be assigned to subscribers, without further charges being added to the allotment price.

Settlement of the bonds allocated by dealers shall be at the allotment price and with payment of daily interest from the day following the start date of the current coupon to the day of settlement.

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

- 0.30% for CCTs 1.9.2008/2015

- 0.20% for BTPs 2.50% 1 .7.2009/2012

- 0.40% for BTPs 4.25% 1.3.2009/1.9.2019

- 0.30% for CCTs 1.12.2007/2014.

The securities will be reservable by the public via the above-mentioned groups of dealers by the deadline set down in the calendar; brokers may request a payment on account of the nominal amount reserved as security for completion of subscription.

On settlement date, subscribers shall pay the sum due for the bonds allocated, on the basis of the allotment price, as well as daily interest due. A receipt will be issued on payment.

The calendar for subscription operations is as follows:

CCTs maturity 1.9.2015

BTPs maturity 1.7.2012

BTPs maturity 1.9.2019

CCTs maturity 1.12.2014

Public to reserve by

25 June 2009

25 June 2009

25 June 2009

25 June 2009

Submission of bids to auction: by 11.00am on

26 June 2009

26 June 2009

26 June 2009

26 June 2009

Settlement of subscriptions

1 July 2009

1 July 2009

1 July 2009

1 July 2009

Daily interest payable (days)

122

-

122

30

State bond specialist dealers are eligible to participate in the placements of state bonds that shall take place automatically in addition to the issuance auctions.

The offer of the additional tranche is fixed at an amount not exceeding:

- 10% of the maximum nominal amount offered in respect of CCTs 1.9.2015,

- 25% of the maximum nominal amount offered in respect of BTPs 1.7.2012,

- 10% of the maximum nominal amount offered in respect of BTPs 1.9.2019,

- 10% of the maximum nominal amount offered in respect of CCTs 1.12.2014.

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

The additional auction will be held at 3:30pm of 30 June 2009 in that 29 June is a holiday in the city of Rome.

The additional allocation shall be at the allotment price set at the auction for the current issuance.

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

Rome 06/19/2009

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