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Ministry of Economy and FinanceBOTS ISSUE

Press release N° 184 of 12/04/2008

The MEF announces the issuance of 11,000 million euro of BOTs to be auctioned on 10 December 2008, with settlement date on 15 December 2008, consisting of:

Amount (in million euro)











Please note that on 15 December 2008, 10,500 million euro of BOTs will reach maturity (of which 3,000 million euro are three-month BOTs and 7,500 million are one-year BOTs).

BOTs are offered via a competitive auction and without indication of the minimum price by the Treasury.

Treasury bills are subscribable for a minimum amount of one thousand euro.

The prices indicated by dealers participating in auctions of BOTs, expressed in percentage terms, may vary, in respect of all type of securities, by 0.001% or multiple thereof. Bids without price reference will not be admitted to auction.

Each bid shall not be lower than one and a half million euro (1,500,000 €).

Dealers set forth in the decrees authorising the issuance of the BOTs are eligible for participation in the auction.

In application of the provisions set forth in Sec.II - Title V of Legislative Decree 24 June 1998, no. 213, and related implementation provisions, on the dematerialization of Government bonds, BOTs are represented by account registrations entered in favour of the entitled.

The Banca d'Italia automatically enters the BOT amounts subscribed at auction and settles them through the securities clearing and settlement facility, entering the settlement date as value date. On the basis of allocations, the broker allocatees will credit the related amounts to the subscribers' accounts.

Purchase bids - a maximum of three for each tranche - must be submitted to the Banca d'Italia strictly by means of the national Interbanking network, within and no later than 11am of 10 December 2008 in accordance with the procedure and provisions set forth in the issuance decrees.

Please note that should there be a malfunctioning of the system, thereby preventing the transmission of messages on the network, requests for participation in the auction must be sent via fax.

Bids received after the deadline set in the issuance decrees will not be considered. Bids in replacement of previously submitted requests will be taken into consideration only if they arrive by the aforementioned deadline. Requests cannot be withdrawn after the aforementioned deadline.

Should any dealer's bids exceed, including as a whole, the amount offered by the Treasury, they will be taken into consideration starting from the one at the highest price, up to the amount offered, unless otherwise provided for in the issuance decrees.

Outstanding BOTs at 28 November 2008 amounted to 161,202,666 million euro, of which 3,500 million euro are 92-day BOTs, 2,500 million euro are 76-day BOTs, 13,500 million euro are three-month BOTs, 61,546 million euro are six-month BOTs and 80,156,666 million euro are one-year BOTs.

Rome 12/04/2008

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