10 Year BTP Auction Results 26

Ministero dell’Economia e delle Finanze Auction Results: 10 YEAR BTP Date: February 26, 2015 - February 27, 2015

ISIN Code Tranche Coupon(*) Issue Date Maturity Date Auction Date Settlement Date Amount Max Offered Amount Min Offered Amount Bid Amount Allotted Allotment Price Bid To Cover Ratio Gross Yield Accrued Coupon Days Placement Fee Price for Individual Investors Price for fiscal purpose Amount Offered to Specialists Amount Bid to Specialists Amount Allotted to Specialists

IT0005090318 1st - 2nd 1.50% March 02, 2015 June 01, 2025 February 26, 2015 March 02, 2015 4,500.000 3,500.000 6,885.885 4,500.000 101.40 1.53 1.36% 0.35% 101.400000 100.000 1,350.000 2,923.537 1,350.000

Issue Volume

Outstanding Amounts allotted to Specialists in supplementary placements and/or syndacated

5,850.000 1,350.000

(*) First short coupon: 0.375000% with accrual period: 2 Mar 2015 - 1 Jun 2015 (91 days) - After the first, the ordinary cycle will be: 1 Dec - 1 Jun

Nominal Amounts are expressed in millions of Euros. Gross Yields are calculated on 365 days basis.