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Ministry of Economy and FinanceFirst Quarter 2010 Issuance Program

Press Release N° 201 of 12/24/2009

The Ministry of Economy and Finance announces that during the first quarter of 2010 the following new securities will be issued:

CTZ 26th February 2010 - 29th February 2012 Minimum final outstanding: 9 billion Euros

BTP 15th December 2009 - 2012 coupon 2% Minimum final outstanding: 9 billion Euros

BTP 15th January 2010 - 15th April 2015 Minimum final outstanding: 10 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.

Thanks to the increased functionality provided by the new auction system adopted by the Bank of Italy since September 2008, the new five year BTP will have a first short coupon and then will follow the usual six months cycle.

Please note that 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 ones, could be issued during the first quarter, according to market conditions.

Further tranches of the following on-the-run securities will be issued too:

BTP 1st September 2009 - 1st March 2020 coupon 4.25%

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 12/24/2009

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