Ministero dell'Economia e delle Finanze

The Ministry of Economy and Finance announces that during the second quarter of 2012 the following new securities will be issued:

CTZ 31^st May 2012 -30^th May 2014 Minimum final outstanding: 9 billion Euros

BTP 1^st June 2012 - 1^st June 2017 Minimum final outstanding: 10 billion Euros

CCTeu 15^th December 2011 - 15^th June 2017 Minimum final outstanding: 9 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 ones, could be issued during the second quarter, according to market conditions.

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

BTP 1^st March 2012 - 2015 coupon 2.50%

BTP 1^st February 2012 - 1^st May 2017 coupon 4.75%

BTP 1^st March 2012 - 1^st September 2022 coupon 5.50%

CTZ 31^st January 2012 - 31^st January 2014

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 medium and long term securities, both nominal and indexed, through the usual uniform-price (marginal) auction mechanism and it will discretionally set the price and the issuance amount.