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- ISSUE OF ZERO-COUPON TREASURY BONDS (CTZ)

Press release N° 80 of 05/22/2009

The MEF announces the issuance of the following zero-coupon treasury bonds, to beauctioned on 26 May 2009 and settled on 29 May 2009:

24-monthCTZs:

startingaccrual date: 31 March 2009; fifth tranche

maturitydate: 31 March 2011

nominalamount of issue: 3,000 million euro

ISIN :IT0004480858

Theabove-mentioned bonds can be subscribed in minimum lots of one-thousand euro;the issue takes place through the uniform-price auction mechanism, without anyindication of the minimum price and without considering bids submitted atprices below the "exclusion price." To set the exclusion price, bidssubmitted at prices exceeding the "maximum accepted price" - ascalculated in the issuance decree - will not be considered.

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.

Theprices indicated will vary by a minimum amount of one-thousandth euro; anyvariations by a different amount will be rounded upwards.

Bids fromdealers must be submitted - by 11 AM of the deadline shown in the calendarbelow - by means of electronic bid sent to the Banca d'Italia via the NationalInterbanking Network, in compliance with the technical procedures andconditions established by the Banca d'Italia and familiar to dealers.

Theallocation of bonds, on the day auction operations are finalised, will takeplace at the lowest price among those offered by the remaining allottees.

In theevent that not all bids can be accepted at the uniform price, allotment will beon a pro-rata basis, with rounding as required.

Theallotment price and the exclusion price shall be announced by way of a pressrelease, which shall also state the amounts allocated to the specialists at thelast three auctions.

Dealersparticipating in the auction shall arrange for the allocated bonds to beassigned to subscribers, without charging any fees on top of the allotmentprice.

Settlementof the bonds allocated by dealers shall be at the allotment price.

Aspayment for collecting bids from the public, a commission shall be paid to thesaid dealers - commensurate with the nominal amount of bonds allocated -equivalent to 0.20%.

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.

Onsettlement date, subscribers shall pay the sum due for the bonds allocated, onthe basis of the allotment price. A receipt will be issued on payment.

Thecalendar for subscriptions is as follows:

- publicto reserve by 25 May 2009;

-submission of bids to auction by 11 AM of 26 May 2009;

-settlement of subscriptions on 29 May 2009.

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

Theamount of the additional tranche is fixed at a maximum sum equivalent to 10% ofthe nominal amount offered. Specialists who did not participate in the issuanceauction shall not be eligible to participate in the additional placing.

Theadditional allocation shall be at the allotment price set at the auction forthe current issuance.

Theprocedures and conditions for the participation of specialists in theadditional allocations are set out in the decree authorising the issuance ofthe related bonds.

05/22/2009
IT

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