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Press release N° 81 of 05/22/2009

The MEF announces the issuance of long-term treasury bonds indexed to Euro-zoneinflation, to be auctioned on 27 May 2009 and settled on 29 May 2009:

- 15-year Euro-zone inflation-indexed treasury bonds:

starting accrual date: 15 March 2007; fourteenth tranche

maturity:15 September 2023

real annual coupon: 2.60% payable on a half-yearly basis

maximum nominal amount of issue: 2,000 millioneuro

ISIN : IT0004243512

Theabove-mentioned bonds will be placed using the uniform-price auction mechanism,with allotment price and issuance amount being set discretionally. The amountplaced will be determined by excluding bids at prices considered to beunfavourable on the basis of market conditions.

Asfor the rest of the procedure, placement will be conducted in accordance withthe technical criteria and praxis applicable when placing nominal BTPs. Bonds arereservable by 26 May 2009. Each dealer, by and no later than 11am of 27 May2009, may submit via the National Interbanking Network, up to a maximum ofthree bids, each offer having a real value (not recalculated on the basis ofthe Indexation Coefficient) not below 500,000 euro. Bid prices, they tooformulated in real terms, shall differ one from the other by at least 1 eurocent. The Banca d'Italia, on the basis of the Indexation Coefficientreferring to the settlement date, will calculate the amount relative to thecapital subscribed and the accrued interest payable on settlement for the bondssubscribed at auction. Settlement will take place two working days following auctiondate (T+2), on 29 May 2009. On the aforementioned Euro zone inflation-indexedlong-term treasury bonds, in respect of which the fourth coupon reachedmaturity on 15 March 2009, subscribers will be required to pay 75 days'interest.

Aspayment for collecting bids from the public, dealers will receive a commission commensuratewith the nominal amount of bonds allocated, being 0.40%.

Statebond specialist dealers are eligible to participate in the additional placementwhose maximum amount will be equivalent to 10% of the auctionamount, submitting bids by 15:30pm of 28 May 2009. The procedures and conditions for the participation of specialists in the additional allocations are setforth in the relevant decree authorising the issuance of the above-mentionedbonds.


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