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- Medium-Long Term Securities: Offering Announcement

Press release N° 59 of 05/09/2012

The Ministry of Economy and Finance disposes for 14th May 2012 and with settlement 16th May 2012, the issue ofthe following Government Securities:

- On the run BTP

Issue Date : 1stMarch 2012; 5^ tranche

Maturity Date : 1stMarch 2015

Coupon : 2.50%

ISIN :IT0004712748

nominal amount at issuance:

from a minimum of 2,500millions of euro to a maximum of 3,500 millions of euro

The placementmechanism for the above mentioned bonds will be that of a uniform-price(marginal) auction with discretionary determination of allotment price andissued amount within the aforesaid issuance range.

Moreover the Ministry of Economy and Financedisposes for 14th May 2012 and with settlement 16th May2012, the issue of the following additional Government Securities:

- Off the run BTPs

Issue Date : 1stSeptember 2009; 13^ tranche

Maturity Date : 1stMarch 2020

Coupon : 4.25%

ISIN : IT0004536949

Issue Date : 1stSeptember 2011; 13^ tranche

Maturity Date : 1stMarch 2022

Coupon : 5%

ISIN : IT0004759673

Issue Date : 1stMarch 2009; 16^tranche

Maturity Date : 1stMarch 2025

Coupon : 5%

ISIN : IT0004513641

total amount for all off-the-runBTPs offered bonds:

from a minimum of 1,000millions of euro to a maximum of 1,750 millions of euro

The placementmechanism will be that of a uniform-price (marginal) auction with discretionarydetermination of allotment price and issued amount within the issuance rangereferred altogether to the three above mentioned bonds.

The issued amountwill be set excluding all the bids submitted at prices deemed not to beconvenient given market conditions.

The following subjects are allowed to participate in the auction:Italian, EU and non-EU banks, financial brokers and EU and non-EU investmentcompanies as indicated in each issuance decree. They submit bids for their ownproperty or on their clients behalf.

Any bid submitted must contain the reference price. Every dealer cansubmit a maximum of five bids, which can differ from each other. The minimumbid is 500,000 euro. Any bid inferior to the minimum amount won't beconsidered. Any bid more than the whole amount offered will be allowed only upto that amount. Bid prices can vary by at least 1 cent of euro and differentchanges will be rounded up. Medium and long-term bonds can be subscribed for aminimum amount of 1,000 euro.

They are offered through a uniform-price (marginal) auction referredto the price, without any initial price reference.

Dealer's bids have to be transmitted within the deadline describedin the following "subscription calendar" to Bank of Italy, using the NationalInterbanking Network with the technical modalities indicated by Bank of Italyitself and well-known by the dealers.

Bonds are allotted soon after the auction procedure is over at themarginal price, that is the last price that can be accepted. If necessary,requests at that price will be satisfied proportionately (pro quotaapportionment) with the rounding needed. The allotment price will be disseminatedthrough press release, which will contain also the amount allocated to theSpecialists in Government Bonds in the last three auctions.

Authorized dealers will credit the relative amounts in thesubscribers accounts without further charging them in respect to the allotmentprice.

The settlement will be carried out at the allotment price adding anyinterest accrued from the day after the coupon first accrual date to thesettlement one.

The followingcommissions, related to the amount allotted, will be awarded todealers participating in the auction in order to compensate them for havingcollected bids from the public:

ü 0.20% for BTP 1.3.2015.

ü 0.40% for BTP 1.3.2020, BTP 1.3.2022 and BTP 1.3.2025.

Everyone can book his requests through authorizeddealers; dealers may ask for an advanced amount proportional to that requestedto be deposited, in order to have the placement work out properly.

On the settlement date, subscribers will pay up both the allotmentprice and the accrued interest. A receipt will testify they have fulfilled thisduty.

SubscriptionCalendar:

Underwriting Deadline Date for thePublic 11 May 2012

Deadline date for Presentation of bidsin auction (strictly prior 11.00 am) 14 May 2012

Settlement date 16 May 2012

Coupon accrued days:

for BTP 1.3.2015: 76

for BTP 1.3.2020: 76

for BTP 1.3.2022: 76

for BTP 1.3.2025: 76

Specialists in Government Bonds are allowed to participate in theadditional reopening which occur after the auction, on the following businessday.

The manners and conditions for the participation of the"Specialists" in the supplementary allotment, and the percentage apportionmentamong the "Specialists", are indicated in the respective bond issuance decrees.

The additional reopening offering is set up for:

- an amount equal to 15% of the maximum amountoffered for BTP 1.3.2015,

- an amount equal to 15% of the amount allocatedfor BTP 1.3.2020,

- an amount equal to 15% of the amount allocatedfor BTP 1.3.2022,

- an amount equal to 15% of the amount allocatedfor BTP 1.3.2025.

Only those Specialists who took part in themarginal auction are allowed to attend the additional reopening, where theallotment price is that set in the marginal auction. The issuance decree willset rules for the Specialists to take part in the additional reopening.

Rome 05/09/2012
IT

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