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- PLACING AT AUCTION OF BTP€i 2021 INDEXED TO EUROZONE INFLATION

Press release N° 74 of 05/23/2011

The Ministry for the Economy and Finance announces the auction of the following BTP€i on 27 May 2011, with settlement on 31 May, 2011:

- Long term treasury bonds indexed to Eurozone inflation:

start date: 15 March 2010; fourteenth tranche

maturity: 15 September 2021

real annual coupon rate: 2.10% annual, payable six-monthly

nominal amount of issue: from a minimum of €1,00 million to a maximum of €1,500 million.

ISIN: IT0004604671

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.

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 by the 26 May 2011. All dealers can submit, via the National Interbanking Network and until 11.00 on the 27 May 2011, 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) 31 May 2011. In relation to the bonds referred to above, those subscribing shall pay daily interest for 77 days.

Commission shall be paid to dealers as payment for collecting bids from the public, commensurate with the nominal amount of bonds allocated equal to 0.40%.

State bond specialists are eligible to participate in the additional placement; the maximum amount for each issuance is equal to 10% of the nominal amount placed at auction, purchase bids must be submitted by 15.30 on 30 May 2011. 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 05/23/2011
IT