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Ministry of Economy and FinanceFOURTH QUARTER 2009 ISSUANCE PROGRAM

Press Release N° 140 of 09/26/2009

The Ministry of Economy and Finance announces that during the fourth quarter of 2009 the following new security will be issued:

BTP 1st September 2009 - 1st March 2020 coupon 4.25% Minimum final outstanding: 12 billion Euros

The minimum final outstanding refers to the overall issuance of the bond and therefore it relates to the minimum amount the bond shall reach before being replaced by a new benchmark.

The settlement date of the first auction of a new bond may not coincide with the interest-accrual date.

New bonds, in addition to the above mentioned one, could be issued during the fourth quarter, according to market conditions.

The following on-the-run securities will be issued:

BTP 1st July 2009 - 2012 coupon 2.50%

BTP 1st June 2009 - 2014 coupon 3.50%

CCT 1st July 2009 - 2016

CTZ 30th September 2009 - 2011

Moreover, according to market conditions, the Ministry of Economy and Finance reserves the right to reopen medium and long-term instruments, both nominal and inflation linked, including off-the-run instruments, in order to ensure secondary market efficiency.

The Treasury will place BTPs, BTP€is and CCTs through the usual uniform-price (marginal) auction mechanism and discretionally set the price and the issuance amount.

Rome 09/26/2009

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