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Press release N° 44 of 03/23/2010

The Ministry for the Economy and Finance hereby announces that state bonds for the following loans are to be issued on 29 March, 2010, with settlement on 31 March, 2010:

- Long term treasury bonds indexed to Eurozone inflation:

start date: 15 March 2007; twentieth tranche

maturity: 15 September 2023

real annual coupon rate: 2.60% annual, payable six-monthly

ISIN: IT0004243512

start date: 15 September 2009; fourth tranche

maturity: 15 September 2041

real annual coupon rate: 2.55% annual, payable six-monthly

ISIN: IT0004545890

The placement mechanism to be used will be the uniform-price mechanism, with allotment price and issuance amount within an issuance period being set discretionally, referring in aggregate to the two loans mentioned, between a minimum of 750 million euros and a maximum of 1,250 million euros.

The amount placed will be determined excluding bids at prices considered unfavourable on the basis of market conditions.

As regards the remainder of the procedure, placement will be conducted following the technical criteria and standard practice applied when placing nominal BTPs. The public can reserve bonds within the time limit set down in the calendar below. All dealers can submit, via the National Interbanking Network and until 11.00 on the day indicated below, a maximum of three bids, each having a real value (not revalued on the basis of the Indexation Coefficient) of no less than 500,000 euros. Bid prices, which must also be formulated in real terms, shall differ by at least 1 euro cent. On the basis of the Indexation Coefficient with reference to the settlement date, Banca d'Italia will calculate the equivalent values in relation to the capital subscribed and the accrued interest payable for settlement of the bonds subscribed at auction. Settlement is to be two working days after the day of the auction (T+2). In relation to both sets of bonds referred to above, those subscribing shall pay daily interest for the period 15 March 2010 to the date of settlement (16 days).

Commission shall be paid to dealers as payment for collecting bids from the public, commensurate with the nominal amount of bonds allocated and being:

- 0.40% for BTP€i 15/9/2023

- 0.40% for BTP€i 15/9/2041

The calendar for subscriptions is as follows:

BTP€i 15/9/2023 BTP€i 15/9/2041
Public to reserve by 26 March 2010 26 March 2010
Submission of bids to auction: by 11.00am on 29 March 2010 29 March 2010
Settlement of subscriptions 31 March 2010 31 March 2010
Daily interest payable 16 16

State bond specialist dealers shall be eligible to participate in the additional placing, the maximum amount of which shall for each issuance be equal to 10% of the amount placed at auction, submitting subscription bids by 15.30 on 1º April 2010.

The procedure and conditions for the participation of specialists in the additional allocations are set out in the relevant decrees authorising the issuance of the above mentioned bonds.

Rome 03/23/2010