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- ISSUE OF ZERO-COUPON TREASURY BONDS (CTZ)

Press release N° 96 of 06/23/2009

The MEF announces the issue of the following zero-coupontreasury bonds, to be auctioned on 25 June 2009 and settled on 30 June 2009:

24-month CTZs:

starting accrual date: 30 June2009; first tranche

maturity date: 30 June 2011

nominal amount of issue: 4,000million euro

ISIN : to be assigned

The above-mentioned bonds can besubscribed in minimum lots of one-thousand euro; the issue takes place throughthe uniform-price auction mechanism, without any indication of the minimumprice and without considering bids submitted at prices below the "exclusionprice." To set the exclusion price, bids submitted at prices exceeding the"maximum accepted price" - as calculated in the issuance decree - will not beconsidered.

Italian, EU and non-EU banks aswell as the brokerage companies and EU and non-EU investment businessesreferred to in the decrees authorising the issuance of the above-mentionedbonds are eligible to participate in the auction.

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

Each bid submitted must statethe 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 nominalcapital. Any bid below the minimum amount will not be considered. Each bid mustnot exceed the issuance amount; any bid in excess of the issuance amount willbe admitted only up to that amount.

The prices indicated will varyby a minimum amount of one-thousandth euro; any variations by a differentamount will be rounded upwards.

Bids from dealers must besubmitted - by 11 AM of the deadline shown in the calendar below - by means ofelectronic bid sent to the Banca d'Italia via the National InterbankingNetwork, in compliance with the technical procedures and conditions establishedby the Banca d'Italia and familiar to dealers.

The allocation of bonds, on theday auction operations are finalised, will take place at the lowest price amongthose offered by the remaining allottees.

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

The allotment price and theexclusion price shall be announced by way of a press release, which shall alsostate the amounts allocated to the "specialists" at the last three auctions.

Dealers participating in theauction shall arrange for the allocated bonds to be assigned to subscribers,without charging any fees on top of the allotment price.

Settlementof the bonds allocated by dealers shall be at the allotment price.

As payment for collecting bidsfrom the public, a commission shall be paid to the said dealers - in proportionwith the nominal amount of bonds allocated - equivalent to 0.20%.

The public shall be able toreserve bonds via the above mentioned groups of dealers by the deadline setdown in the calendar; brokers shall be able to request a payment on account ofthe nominal amount reserved as security for completion of subscription.

On settlement date, subscribersshall pay the sum due for the bonds allocated, on the basis of the allotmentprice. A receipt will be issued on payment.

The calendar for subscriptionsis as follows:

- public to reserve by 24 June2009;

- submission of bids to auctionby 11 AM of 25 June 2009;

- settlement of subscriptions on30 June 2009.

"State bond specialist dealers"are eligible to participate in the placing of state bonds that shall take placeautomatically in addition to the issuance auctions.

The amount of the additional trancheis fixed at a maximum sum equivalent to 10% of the nominal amount offered."Specialists" who did not participate in the issuance auction shall not beeligible to participate in the additional placing.

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

The procedures and conditionsfor the participation of "specialists" in the additional allocations are setout in the decree authorising the issuance of the related bonds.

06/23/2009
IT