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Ministry of Economy and FinanceFirst Quarter 2012 Issuance Program

Press Release N° 208 of 12/23/2011

The Ministry of Economy and Finance announces that during the first quarter of 2012 the following new securities will be issued:

CTZ 31st January 2012 -31st January 2014 Minimum final outstanding: 9 billion Euros

BTP 1st March 2012 - 1st March 2015 Minimum final outstanding: 9 billion Euros

BTP 1st February 2012 - 1st May 2017 Minimum final outstanding: 10 billion Euros

BTP 1st March 2012 - 1st September 2022 Minimum final outstanding: 12 billion Euros

With reference to the BTP 1st February 2012 - 1st May 2017 the coupon cycle will be May/November.

The minimum final outstanding refers to the overall issuance of the bond and therefore it relates to the minimum amount the bond shall reach before being replaced by a new benchmark.

The settlement date of the first auction of a new bond may not coincide with the interest accrual date.

New bonds, in addition to the above mentioned ones, could be issued during the first quarter, according to market conditions.

Further tranches of the following on-the-run securities will be issued too:

BTP 11/01/2011 - 11/01/2014 coupon 6.00%

BTP 09/01/2011 - 03/01/2022 coupon 5.00%

CCTeu 04/15/2011 - 04/15/2018

Moreover, according to market conditions, the Ministry of Economy and Finance reserves the right to reopen medium and long-term instruments, both nominal and inflation linked, including off-the-run instruments, in order to ensure secondary market efficiency.

The Treasury will place medium and long term securities, both nominal and indexed, through the usual uniform-price (marginal) auction mechanism and it will discretionally set the price and the issuance amount.

Rome 12/23/2011

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