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- CCT AND BTP ISSUANCE

Press release N° 15 of 01/23/2009

CCTand BTP ISSUANCE

Therewill be an issuance of state bonds on 29 January 2009, with a settlement dateof 2 February 2009, represented by the following loans:

CCTs('Certificati di Credito del Tesoro' - Treasury Credit Certificates):

startdate: 1 September 2008; ninth tranche

maturity:1 September 2015

six-monthcoupon: equal to the yield on six -month BOT ('Buoni Ordinari del Tesoro' -Treasury Bonds) in relation to the auction held at the end of the month priorto the start date of the six-monthly payment, plus a spread of 0.15 percentagepoints; the current coupon, with a maturity date of 1 March 2009, is 2.32%.

BTPs('Buoni del Tesoro Poliennale' - Long Term Treasury Bonds)

startdate: 1 September 2008; eleventh tranche

maturity:1 September 2011

coupon:4.25%

startdate: 1 September 2008; seventh tranche

maturity:1 March 2019

coupon:4.50%

Theabove-mentioned bonds will be placed using the uniform-price auction mechanism,with allotment price and issuance amount being set discretionally within an issuanceinterval to be announced in a subsequent press release.

Theamount placed will be determined excluding bids at prices considered to beunfavourable on the basis of market conditions.

Italian,EU and non EU banks as well as the brokerage companies and EU and non-EUinvestment businesses referred to in the decrees authorising the issuance ofthe above mentioned bonds are eligible to participate in the auction.

Thedealers referred to above may bid on their own account or on behalf of thirdparties.

Each bidsubmitted must state the relevant offer price. Each dealer may submit up to amaximum of three bids, each at a different price and for a minimum amount of500,000 euros nominal capital. Any bid below the minimum amount will not beconsidered. Each bid must not exceed the issuance amount; any bids in excess ofthe issuance amount will be admitted only up to that amount.

Pricesmay vary by a minimum of one euro cent; any variations will be rounded up. Theminimum sum subscribable is 1,000 euros.

Bids fromdealers must be submitted by the deadlines set down in the calendar below andby means of electronic bid sent to the Banca d'Italia via the NationalInterbanking Network in accordance with the technical procedures established bythe Banca d'Italia and familiar to dealers.

In theevent that not all bids at the uniform price can be accepted, there shall be anallotment pro rata, with rounding as necessary.

Theallotment price shall be announced by way of a press release, which shall alsostate the amounts allocated to the specialists at the last three auctions.

Dealersparticipating in the auction shall arrange for the bonds allocated to beassigned to subscribers, without any charges being made in addition to theallotment price.

Settlementof the bonds allocated by dealers shall be at the allotment price and withpayment of daily interest from the day following the start date of the currentcoupon to the day of settlement.

Aspayment for collecting bids from the public, commission shall be paid to thesaid dealers, commensurate with the nominal amount of bonds allocated, being:

- 0.30%for CCT

- 0.20%for BTP 4.25% 1.9.2008/2011

- 0.40%for BTP 4.50% 1.9.2008/1º.3.2019

Thepublic shall be able to reserve bonds via the above mentioned groups of dealersby the deadline set down in the calendar; brokers shall be able to request apayment on account of the nominal amount reserved as security for completion ofsubscription.

On thesettlement date, subscribers shall pay the sum due for the bonds allocated, onthe basis of the allotment price, as well as daily interest due. A receipt willbe issued on payment.

Thecalendar for subscriptions is as follows:

CCT

BTP mat 1/9/2011

BTP mat 1/3/2019

Public to reserve by

28 January 2009

28 January 2009

28 January 2009

Submission of bids to auction: by 11.00am on

29 January 2009

29 January 2009

29 January 2009

Settlement of subscriptions

2 February 2009

2 February 2009

2 February 2009

Daily interest payable

154

154

154

Statebond specialist dealers are eligible to participate in the placing of statebonds that shall take place automatically in addition to the issuance auctions.

The offerof an additional tranche is, for each issuance, fixed at a maximum sum of nomore than 10% of the nominal amount offered.

Specialistswho did not participate in the issuance auction shall not be eligible toparticipate in the additional placing.

Theadditional allocation shall be at the allotment price determined at the auctionfor the current issuance.

Theprocedures and conditions for the participation of specialists in theadditional allocations are set out in the relevant decrees authorising theissuance of the above mentioned bonds.

01/23/2009
IT