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Ministry of Economy and FinanceISSUE OF CTZs

Press release N° 188 of 11/22/2010

The MEF announces the issuance of the following zero-coupon treasury bonds (CTZ), to be auctioned on 25 November 2010, and settled on 30 November 2010:

start date: 31 August 2010; seventh tranche

maturity date: 31 August 2012

nominal amount of issue: € 2,000 million

ISIN: IT0004634124

The above-mentioned bonds can be subscribed in minimum lots of one-thousand Euros; the issue takes place through the uniform-price auction mechanism, without any indication of the minimum price and excluding bids submitted at prices below the "exclusion price." To set the exclusion price, bids submitted at prices exceeding the "maximum accepted price" - which is calculated according to the criteria outlined in the issuance decree - will not be considered.

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

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

Each submitted bid must state the relevant offer price. Each dealer may submit up to a maximum of three bids, each at a different price and for an amount that is not lower than € 500,000 of nominal capital. Any bid below the minimum amount will not be considered. Each bid must not exceed the issuance amount; any bid in excess of the issuance amount will be admitted only up to that amount.

The prices indicated will vary by a minimum amount of one-thousandth euro; any variations by a different amount will be rounded upwards.

Bids from dealers must be submitted - by 11 AM of the deadline shown below - through an electronic bid sent to the Banca d'Italia via the National Interbanking Network, in compliance with the technical procedures and conditions established by the Banca d'Italia that dealers are familiar with.

The allocation of bonds, on the day auction operations are finalised, will take place at the lowest price among those offered by the remaining allottees.

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

Allotment and exclusion prices will be announced by way of a press release, which will also state the amounts allocated to the "specialists" in the last three auctions.

Dealers participating in the auction will arrange for the allocated bonds to be assigned to subscribers, without charging any fees on top of the allotment price.

Settlement of the bonds, allocated by the dealers, shall be at the allotment price.

As payment for collecting bids from the public, a commission will be paid to the said dealers - proportional to the nominal amount of bonds allocated - equal to 0.20%.

The bonds can be reserved by the public via the above mentioned groups of dealers by the deadline shown below; brokers may request a payment on account of the nominal amount reserved as security for completion of subscription.

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

The calendar for subscription operations is as follows:

- public to reserve by 24 November 2010;

- submission of bids to auction by 11 AM of 25 November 2010;

- settlement of subscriptions on 30 November 2010.

"State bond specialist" dealers are eligible to participate in the placing of state bonds that will take place automatically in addition to the issuance auctions.

The amount of the additional tranche is set at a maximum of 10% of the nominal amount offered. "Specialists" who did not participate in the issuance auction will not be eligible to participate in the additional placing.

The additional allocation will be at the allotment price set at the auction for the current issuance.

The procedures and conditions for the participation of "specialists" in the additional allocations are set out in the decree authorising the issuance of the related bonds.

Rome 11/22/2010
IT

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