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- CCTs AND BTPs ISSUANCE

Press release N° 79 of 05/22/2009

The MEF announces the issuance ofthe following state bonds on 28 May 2009, with settlement on 1 June 2009:

- CCTs (Treasury CreditCertificates):

start date: 1 September 2008; seventeenth tranche

maturity: 1 September 2015

six-month coupon: equal to the yield on six -monthBOTs referring to the auction held at the end of the month prior to the startdate of the six-monthly payment, increased by a spread of 0.15 percentagepoints; the current coupon, with maturity date falling due on 1 September 2009,stands at 0.77%.

ISIN: IT0004404965

- BTPs (Long Term TreasuryBonds):

start date: 1 March 2009; seventh tranche

maturity: 1 March 2012

coupon: 3%

ISIN : IT0004467483

Start date: 1 March 2009; third tranche

maturity: 1 September 2019

coupon: 4.25%

ISIN : IT0004489610

In addition, the MEF announcesthat on the same day of 28 May 2009 and with settlement date on 1 June 2009, the following off-the-run state bonds will be issued:

- CCTs (Treasury CreditCertificates):

start date: 1 March 2005; fifteenth tranche

maturity: 1 March 2012

six-month coupon: equal to theyield on six -month BOTs (Treasury Bonds) referring to the auction held at theend of the month prior to the start date of the six-monthly payment, increasedby a spread of 0.15 percentage points; the current coupon, maturing on 1 September2009, stands at 0.75%.

ISIN : IT0003858856

The above-mentioned bonds will beplaced using the uniform-price auction mechanism, with allotment price andissuance amount being set discretionally within an issuance interval to beannounced in a subsequent press release.

The amount placed will bedetermined by excluding bids at prices considered to be unfavourable on thebasis of market conditions.

Italian, EU and non EU banks aswell as the brokerage companies and EU and non-EU investment businessesreferred to in the decrees authorising the issuance of the above mentionedbonds are eligible to participate in the auction.

The dealers referred to above maybid on their own account or on behalf of third parties.

Each bid submitted must state therelevant offer price. Each dealer may submit up to a maximum of three bids,each at a different price and for a minimum amount of 500,000 euros of nominalcapital; any bid below the minimum amount will not be considered. Each bid mustnot exceed the issuance amount; any bids in excess of the issuance amount willbe admitted only up to that amount.

Prices will vary by a minimum ofone euro cent; any variations by a different amount will be rounded upwards.The minimum sum subscribable is one thousand euros.

Bids from dealers must besubmitted by the deadlines set down in the calendar below and by means ofelectronic bid sent to the Banca d'Italia via the National Interbanking Networkin accordance with the technical procedures established by the Banca d'Italiaand familiar to dealers.

In the event that not all bids atthe uniform price can be accepted, allotment will be on a pro- rata basis, withrounding as required.

The allotment price shall beannounced by way of a press release, which shall also state the amountsallocated to the specialists in the last three auctions.

Dealers participating in theauction shall arrange for the bonds allocated to be assigned to subscribers,without further charges being added to the allotment 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.

As payment for collecting bidsfrom the public, commission shall be paid to the said dealers, commensuratewith the nominal amount of bonds allocated, being:

- 0.30% for CCTs 1.9.2008/2015

- 0.20% for BTPs 3% 1.3.2009/2012

- 0.40% for BTPs 4.25% 1.3.2009/1.9.2019

- 0.30% for CCTs 1.3.2005/2012.

The public will be able to reservebonds via the above-mentioned groups of dealers by the deadline set down in thecalendar; brokers shall be able to request a payment on account of the nominalamount reserved as security for completion of subscription.

On the settlement date,subscribers shall pay the sum due for the bonds allocated, on the basis of theallotment price, as well as daily interest due. A receipt will be issued onpayment.

The calendar for subscriptionoperations is as follows:

  CCTs maturity 1.9.2015 BTPs maturity 1.3.2012 BTPs maturity 1.9.2019 CCTs maturity 1.3.2012
Public to reserve by 27 May 2009 27 May 2009 27 May 2009 27 May 2009
Submission of bids to auction: by 11.00am on 28 May 2009 28 May 2009 28 May 2009 28 May 2009
Settlement of subscriptions 1 June 2009 1 June 2009 1 June 2009 1 June 2009
Daily interest payable (days) 92 92 92 92

State bond specialist dealers areeligible to participate in the placements of state bonds that shall take placeautomatically in addition to the issuance auctions.

The offer of the additional trancheis fixed at an amount not exceeding:

- 10% ofthe maximum nominal amount offered in respect of CCTs 1.9.2015,

- 10% of the maximum nominalamount offered in respect of BTPs 1.3.2012,

- 10% of the maximum nominalamount offered in respect of BTPs 1.9.2019,

- 10% of the maximum nominalamount offered in respect of CCTs 1.3.2012.

Specialists who did notparticipate in the issuance auction shall not be eligible to participate in theadditional placing.

The additional allocation shall beat the allotment price set at the auction for the current issuance.

The procedures and conditions forthe participation of specialists in the additional allocations are set forth inthe relevant decrees authorising the issuance of the above-mentioned bonds.

05/22/2009
IT

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