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Ministry of Economy and FinanceTHE DECREE ON TRANSPARENCY

Press Release N° 155 of 10/22/2009

MEF announces that Gazzetta Ufficiale della Repubblica Italiana has today published Decree n. 81768 of 19 October 2009 regarding the "Revision of the rules governing the transparency of state bond issue operations" that amends the Decree of the Ministry for the Economy and Finance of 12 February 2004.

The amendment had become necessary with a view to protecting savers in the present market situation where especially short-term securities have been characterised by particularly low interests rates.

The change concerns exclusively the Buoni Ordinari del Tesoro (BOT) and comes into effect only when the total price of the sale - including the sum due to tax and charged as a commission for the financial brokers acting on behalf of the clients who subscribe the bonds that are being auctioned - is above 100. In which case, the maximum amount due as a subscription commission will be reduced so as to allow clients to pay a sum that is, in any case, not higher than € 100 euro for every € 100 of capital that is subscribed.

Rome 10/22/2009

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