Dual tranche issue of a new 10-year BTP and a new 30-year BTP € ia

The Ministry of Economy and Finance announces that it has entrusted Citigroup Global Markets Europe AG, Deutsche Bank AG, Goldman Sachs Bank Europe SE, Monte dei Paschi di Siena Capital Services Banca per le Imprese SpA and Nomura Financial Products Europe GmbH the mandate for a dual tranche issue through syndication of a new 10-year BTP benchmark maturing 1 August 2031 and a new 30-year BTP € ia benchmark - a security indexed to euro area inflation with the exclusion of tobacco products - expiring May 15, 2051. The transaction will be carried out in the near future, in relation to market conditions.

It should be noted that the announcement of the securities and quantities on offer in the auctions scheduled for Tuesday 23 and Thursday 25 February will take place taking into account the announced operation.

This document may not be distributed, directly or indirectly, in the United States of America, Australia, Canada or Japan. This document (and the information contained therein) does not contain and does not constitute an offer to sell or an offer to buy any securities in the United States of America, Australia, Canada or Japan or any other jurisdiction where such an offer would be illegal . The financial instruments referred to have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States of America or US persons, unless they are registered under the Securities Act or under applicable exemptions under the Securities Act. Such securities will not be the subject of any public offer in the United States of America.

Dual tranche issue of a new 10-year BTP and a new 30-year BTP € ia

| Economics, EVIDENCE 3 |