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Italian Government

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- Zero Coupon Bond (CTZ) and BTP€is indexed to Euro-zone inflation Announcement


Press release N° 103 of 07/24/2012

The Ministry of Economy and Finance disposes on the 26th July 2012 and the settlement 31st July 2012, issuance of the following Zero Coupon Bond (CTZ):

Issue Date : 31st May 2012; 5^ tranche

Maturity Date : 30th May 2014

ISIN : IT0004820251

nominal amount at issuance:

from a minimum of 1,500 millions of euro to a maximum of 2,500 millions of euro

Zero Coupon bonds can be subscribed for a minimum amount of 1,000 euro. They are offered through a marginal auction referred to the price, without any initial price reference. The subscription applications under the cut-off price are not taken into consideration.

For the calculation of the cut-off price, the requests whose price is higher than the "maximum acceptable price" are not considered. The maximum acceptable price is calculated in accordance with the issuance decree.

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

Any bid submitted must contain the reference price. Every dealer can submit a maximum of five bids, which can differ from each other. The minimum bid is 500,000 euro. Any bid inferior to the minimum amount won't be considered. Any bid more than the whole amount offered will be allowed only up to that amount. Bid prices can vary by at least 1 thousandth of euro and different changes will be rounded up.

Dealer's bids are to be transmitted within the deadline described in the following "subscription calendar" to Bank of Italy, using the National Interbanking Network by 11:00 a.m. with the technical modalities indicated by Bank of Italy itself and well-known to the dealers.

Bonds, allotted soon after the auction procedure is over, at the marginal price, that is the last price that can be accepted. If necessary requests at that price will be satisfied proportionately (pro quota apportionment) with the rounding needed. The allotment price and the cut-off one will be disseminated through press release, which will contain also the amount allocated to the Specialists in Government Bonds in the last three auctions.

Authorized dealers will credit the relative amounts in the subscribers accounts without further charging them in respect to the allotment price.

The settlement will be carried out at the allotment price.

The commission, equal to 0.20% of the amount allotted, will be awarded to dealers participating in the auction in order to compensate them for having collected bids from the public.

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

On the settlement date, subscribers will pay up the allotment price. A receipt will testify they have fulfilled this duty.

Subscription Calendar:

Underwriting Deadline Date for the Public 25 July 2012

Deadline date for Presentation of bids in auction (strictly prior 11.00 am) 26 July 2012

Settlement date 31 July 2012

Specialists in Government Bonds are allowed to participate in the additional reopenings which occur after each auction, on the following business day.

The manners and conditions for the participation of the "Specialists" in the supplementary allotment, and the percentage apportionment among the "Specialists", are indicated in the bond issuance decree.

Those reopenings reserved to the Specialists are set up for an amount equal to 15% of the maximum amount offered.

Only those Specialists who took part in the first auction are allowed to the additional reopenings.

The supplementary auction is allocated at the allotment price set in the first auction.

Consistently with the exchange transaction announced with press release n.99, dated 20th July 2012, issued by the Ministry of Economy and Finance, issuance of BTP€is, scheduled in the calendar for the 26th of July 2012, will not take place.

Rome 07/24/2012