The Republic ofItaly has mandated Banca IMI S.p.A., Commerzbank A.G.,HSBC France, Monte dei Paschi di Siena Capital Services Banca per le ImpreseSpa e Unicredit Bank A.G. for a new syndicated CCTeu with a maturity 15thof October 2017. The new bond will have a semi-annual coupon indexed to 6-montheuribor. The other Specialists in Government Bonds will be invited as Co-leadsin the transaction. The Republic of Italy will also offer to investors theopportunity to purchase the new CCTeu by exchanging selected CCTs, from thoseoutstanding, in off-shore transactions to non-US persons in accordance withRegulation S under the US Securities Act of 1933 as amended, to be separatelyannounced, subject to certain offering restrictions, via the Bookrunners only.The transaction is expected to launch and price in the near future, subject tomarket conditions. FSA/ICMA stabilisation.
Not forrelease, directly or indirectly, in or into the United States of America or inany other jurisdiction in which action is required for such purpose. Thisdocument (and the information contained herein) does not contain or constitutean offer of securities for sale, an offer to purchase securities or thesolicitation of an offer to sell or purchase securities, in the United States or any other jurisdiction where it is unlawful to do so. The securitiesreferred to herein have not been and will not be registered under the U.S.Securities Act of 1933, as amended (the "Securities Act"), and may not beoffered or sold in the United States or to U.S. persons unless the securitiesare registered under the Securities Act, or an exemption from the registrationrequirements of the Securities Act is available. No public offering of suchsecurities is intended to be made in the United States.