GOVERNMENT BOND SINKING FUND BUDGET PROSPECTUS (up to )

Transcription

1 TABLE - A1 GOVERNMENT BOND SINKING FUND BUDGET PROSPECTUS (up to ) Origin Date of income Budget value Budget Date of transfer (description) into budget (values are in uros) item to account 522 c/o B.I. IMI Privatization 16 and 17/02/ , /12/ lug , /09/ lug , /09/1996 INA privatization from 13/07 to 11/10/ , /12/ feb , /06/ ott , /12/1995 ENI privatization from 5 to 29/12/ , /03/1996 from 5 to 29/11/ , /02/ dic , /02/ dic , /03/ mar , /03/ mag , /10/ mag , /10/1997 from 8 to 15/07/ , /10/1997 Revenue adjustments on ENI 3 contract notes 29-lug , /10/1997 San Paolo Torino privatization 3-giu , /10/1997 TELECOM privatization 4-nov , /11/ nov , /11/1997 SEAT S.p.A. privatization 25-nov , /02/1998 Sale of Banco di Napoli rights 4-dic , /09/1998 San Paolo To privatization (final balance) 16-dic , /06/1998 Real estate sale December , /09/1998 Telecom privatization (greenshoe) 7-gen , /06/1998 Telecom share loan 7-gen , /06/1998 Banco di Napoli 22-gen , /09/1998 ENI 2: release of amounts under attachment 27 and 29 /01/ , /06/1998 Quota 1997 loan convertible to INA shares 16-feb , /09/1998 Adjustment SEAT S.p.A. shares 12-mag , /12/99 Erroneous IVA payment Morgan Stanley privat. Telecom 16-giu , /09/1998 ENI 4 7-lug , /09/1998 ENI 4 (greenshoe) 27-lug , /09/1998 Share loan ENI 27-lug , /09/1998 Bonds converted to INA shares 30-lug , /09/1998 BNL privatization global offer 1-dic , /12/1998 BNL privatization stable nucleus 3-dic , /12/1998 Payment ENI 4 commissions with relative interest 21-dic , /05/1999 Deposit authoriz. n (burdens reserve fund) 21-dic , /06/1999 BNL privatization (greenshoe) 4-gen , /05/1999 Bonds converted to INA shares 10-mar , /10/1999 BNL privatization (accrued interest in escrow account) 10-giu , /11/1999 Bonds converted to INA shares 17-ago , /12/2000 ENEL privatization 5-nov , /11/1999 Deposit lacking specific reason 13-dic , /09/2000 ENEL privatization (greenshoe) 14-dic , /04/2000 Mediocredito Centrale privatization 17-dic , /04/2000 UNIM privatization 12-gen , /04/2000 Bonds converted to INA shares 17-feb , /07/2000 Banca CIS privatization 25-mag , /09/2000 BNL privatization (global offer) 17-lug , /12/2000 Meliorbanca privatization 27-lug , /12/2000 Bonds converted to INA stock 26-set , /12/2001 Activity upon closure account /23/32 BCI 26-set , /12/2003 Mediocredito Lombardo privatization 28-set , /01/2001 IRI - liquidation advance 27-nov , /03/2001 Banco Napoli - takeover bid SANPAOLO 1-dic , /03/2001 UMTS licenses allocation (90%) 11-dic , /12/2000 ENI 5 21-feb , /03/2001 Meliorbanca privatization (difference) 26-feb , /04/2001 IRI - liquidation advance 16-mar , /04/2001 Dismissal S. Paolo IMI shares (residual quota) 12-giu , /11/2001 Dismissal Beni Stabili S.p.A. shares 20-giu , /11/2001 Dismissal Mediocredito Centrale S.p.A. shares 12-lug , /11/2001 UMTS license allocation (deposit n. 2 and interest) 30-nov , /12/2002 Total privatization income ,62 Profits and dividends jan-dec , /10/1995 feb , /12/1995 Voluntary deposits jan-dec , /09/1995 jan-dec , /03/1996 jan-dec , /03/1997 jan-dec , /09/ apr-00 67, /09/ nov , /03/2001 Other jan-dec , /12/1997 jan-dec , /12/2003 Exceptional allocations (Enel reserves) 11-ott , /11/1999 Exceptional allocations (IRI reserves) 13-dic , /04/2000 Reimb. from budget for erroneous fixed-bond payments dec ,96 account /12/1999 Reimb. from budget for erroneous fixed-bond payments year ,01 account 523 credited year 2000 Restitution B.I. commission on year 2000 reimbmts. 23-feb-01 1,72 account /02/2001 General total budget income ,14 Emissions balance (ex reserve fund) /10/1995

2 TABLE - A2 TABLE -A2 GOVERNMENT BOND SINKING FUND BUDGET PROSPECTUS (MANAGEMENT FROM 2002 TO 2005 values in uros ) Summary from 1994 to 2001 General total privatization income as at General total budget income as at Emissions balance (ex reserve fund) General total accrued interest as at Total Fund stock as at , , , , ,55 Origin Date of entrance Budget value Budget Transfer date (description) into budget (values are in euros) item to Account 522 c/o B.I. BNL privatization (residual quota) 03-gen , dic-02 Cariverona privatization 15-gen , dic-02 MEDIOVENEZIE privatization 15-gen , dic-02 MPS MERCHANT S.p.A. privatization 22-feb , dic-02 Dismissal of INA-GENERALI S.p.A. stock 09-apr , mag-03 Dismissal of Medioc.Fondiario Centroitalia S.p.A. shares 17-mag , mag-03 Telecom Privatization (residual quota) 12-dic , mag-03 Total privatization income ,69 Total budget income ,69 Dismissal of Medioc.Friuli V.G. (residual quota) 28-ott , nov-03 ENEL privatization (2nd tranche) 4-nov , nov-03 Sale of Italian tobacconists authority 23-dic , mar-04 Dismissal to C.D.P. S.p.A. of ENEL, ENI and Poste Italiane quotas 12-dic , ago-04 Sale of 30% of C.D.P. S.p.A. to 65 bank establishments 30-dic , ago-04 Total privatization income ,56 FINTECNA : partial distribution of merger profits 21-mag , ott-03 Total budget income ,88 Instalment quota UMTS frequencies ,00-12-lug-04 Dismissal of Coopercredito S.p.A. stock 22-apr , ago-04 ENEL privatization (3rd tranche) 27-ott , apr-05 Total privatization income ,00 Total budget income ,00 Dismissal of Demanio Servizi S.p.A. stock , ott-05 Sale of majority stake FIME S.p.A. 19-mag , ott-05 Quota voluntary takeover bid Telecom Italia Media's own shares 1-lug , awaiting transfer ENEL privatization (4th tranche) 7-lug , ott-05 Sale of Finmeccanica shares exceeding entire lot 3-ago-05 13, awaiting transfer Dismissal of Alitalia S.p.A. stock options 29-nov , awaiting transfer Instalment quota UMTS frequencies ,00-20-dic-05 Total privatization income ,57 Total budget income ,57 Summary from 1994 to 2005 General total privatization income as at General total budget income as at General total accrued interest as at , , ,46

3 TABLE - B1 GOVERNMENT BOND SINKING FUND FUND ACCOUNT ACTIVITY (Summary up to values are in uros) CREDITS UTILIZATIONS (values are in uros) (values are in uros) Amounts transferred on 23/12/ ,16 1st purchase by auction 30/11/ ,69 Amounts transferred on 08/06/ ,08 2nd purchase by auction 21/12/ ,26 Amounts transferred on 01/09/ ,19 3rd purchase by auction 24/06/ ,20 Amounts transferred on 16/10/ ,48 4th purchase by auction 03/11/ ,02 Amounts transferred on 04/12/ ,03 5th purchase by auction 19/12/ ,83 Amounts transferred on 29/12/ ,25 6th purchase by auction 24/11/ ,61 Amounts transferred on 18/03/ ,68 7th purchase by auction 25/05/ ,96 Amounts transferred on 10/09/ ,27 8th purchase by auction 22/06/ ,65 Amounts transferred on 06/02/ ,65 Redemption of BTP 01/10/1993/ ,90 Amounts transferred on 01/04/ ,32 Redemption of CTO 20/11/1990/ ,81 Amounts transferred on 01/04/ ,78 Redemption of BTP 01/12/1994/ ,19 Amounts transferred on 15/10/ ,45 Redemption of CTZ 30/10/1996/ ,62 Amounts transferred on 30/10/ ,64 Redemption of BTP 01/11/1995/ ,57 Amounts transferred on 21/11/ ,74 Redemption of CTZ 30/06/97-30/12/ ,17 Amounts transferred on 18/12/ ,73 Redemption of CCT 01/11/92-01/11/ ,00 Amounts transferred on 25/02/ ,25 Redemption of CTE 22/11/94-22/11/ ,40 Amounts transferred on 08/06/ ,42 Redemption of BTP 01/12/94-01/12/ ,79 Amounts transferred on 08/06/ ,09 Redemption of CTZ 15/12/97-15/12/ ,81 Amounts transferred on 14/09/ ,57 Redemption of BTP 15/04/98-15/04/ ,00 Amounts transferred on 29/09/ ,09 Redemption of CTZ 14/05/99-15/05/ ,00 Amounts transferred on 17/12/ ,47 Adv. reimbursements (MD ) ,64 Amounts transferred on 21/05/ ,89 Adv. reimbursements (MD ) ,88 Amounts transferred on 02/06/ ,64 Adv. reimbursements (MD ) ,54 Amounts transferred on 06/10/ ,29 Adv. reimbursements (MD ) ,87 Amounts transferred on 09/11/ ,65 Redemption of unsettled Enel account 0,13 Amounts transferred on 19/11/ ,22 Purchase through Bank of Italy 31/10/ ,93 Amounts transferred on 19/11/ ,48 Purchase through Bank of Italy 31/12/ ,59 Amounts transferred on 21/12/ ,58 Purchase by mandate settled on 23/11/ ,79 Amounts transferred on 21/12/ ,96 Purchase by mandate settled on 07/12/ ,57 Amounts credited on 31/01/ ,25 Purchase by mandate settled on 29/12/ ,60 Amounts credited on 21/02/ ,16 Purchases by mandate settled on 08/08/ ,00 Amounts credited on 07/04/ ,61 Purchases by mandate settled on 17/12/ ,00 Amounts transferred on 14/04/ ,17 Purchases by mandate settled on 18/12/ ,50 Amounts transferred on 19/07/ ,71 Purchases by mandate settled on 19/12/ ,00 Amounts transferred on 28/09/ ,15 1st payment STET shares 27/12/ ,27 Amounts transferred on 15/12/ ,52 2nd payment STET shares 12/03/ ,26 Amounts transferred on 22/12/ ,51 3rd payment STET shares 16/06/ ,00 Amounts transferred on 22/12/ ,90 4th payment STET shares 17/12/ ,45 Amounts credited on 23/01/01 1,72 5th payment STET shares 02/01/ ,41 Amounts transferred on 09/01/ ,82 6th payment STET shares 02/04/ ,63 Amounts transferred on 01/03/ ,85 7th payment STET shares 18/06/ ,90 Amounts transferred on 28/03/ ,30 8th payment STET shares 24/07/ ,71 Amounts transferred on 20/04/ ,94 Amounts transferred on 13/11/ ,00 Amounts transferred on 04/12/ ,82 Accrued interest as at 01/01/ ,52 Accrued interest as at 01/07/ ,25 Accrued interest as at 01/01/ ,91 Accrued interest as at 01/07/ ,34 Accrued interest as at 01/01/ ,69 Accrued interest as at 01/07/ ,82 Accrued interest as at 01/01/ ,72 Accrued interest as at 01/07/ ,74 Accrued interest as at 01/01/ ,58 Accrued interest as at 01/07/ ,23 Accrued interest as at 01/01/ ,48 Accrued interest as at 01/07/ ,61 Accrued interest as at 01/01/ ,40 Accrued interest as at 01/07/ ,50 Sinking Fund activity ,28 Total Fund debits ,15 Fund stock as at 31/12/ ,13

4 TABLE - B2 GOVERNMENT BOND SINKING FUND FUND ACCOUNT ACTIVITY TO 2005 MANAGEMENT Fund stock as at 31/12/01 in uro ,13 CREDITS UTILIZATIONS (values are in euros) (values are in euros) Amounts credited on 02/12/ ,92 Adv. reimbursements (MD ) ,27 Amounts transferred on 11/12/ ,77 Accrued interest as at 01/01/ ,59 Accrued interest as at 01/07/ ,41 Fund activity ,69 Total Fund debits ,27 Accounting rectifications ,58 Adv. reimbursements (MD ) ,27 Amounts credited on 14/05/ ,00 Reimbursement upon maturity of BTP ,00 Amounts transferred on 08/10/ ,00 Reimbursement upon maturity of BTP ,00 Amounts transferred on 25/11/ ,00 Purchases by mandate settled ,00 Residuals transferred on 16/12/ ,83 Residual payment of STET shares ,32 Accrued interest as at 01/01/ ,71 Accrued interest as at 01/07/ ,66 Fund activity ,78 Total Fund debits ,59 Adv. reimbursements (MD ) ,14 Amounts transferred on 16/03/ ,00 Amounts transferred on 12/07/ ,00 Auction with settlement date ,48 Amounts transferred on 03/08/ ,00 Reimbursement upon maturity of CCT ,00 Accrued interest as at 01/01/ ,89 Reimbursement upon maturity of BTP ,00 Accrued interest as at 01/07/ ,14 Reimbursement upon maturity of CTZ ,00 Fund activity ,03 Total Fund debits ,62 Amounts transferred on 21/04/ ,00 Adv. reimbursements (MD ) ,57 Amounts transferred on 31/10/ ,00 Auction with settlement date ,50 Amounts transferred on 20/12/ ,00 Reimbursement upon maturity of CCT ,00 Reimbursement upon maturity of BTP ,00 Accrued interest as at 01/01/ ,18 Fintecna reimbursement ,72 Accrued interest as at 01/07/ ,08 Fund activity ,26 Total Fund debits ,79 Fund stock as at 31/12/ ,62

5 TABLE - C BOND SINKING FUND ACTIVITY BROKEN DOWN BY YEAR (up to values in uros) CREDITS UTILIZATIONS 1994 Total 1st purchase by auction 30/11/ , Total Amounts transferred on 23/12/ , ,16 2nd purchase by auction 21/12/ , ,95 Amounts transferred on 08/06/ ,08 3rd purchase by auction 24/06/ ,20 Amounts transferred on 01/09/ ,19 Purchase through Bank of Italy 31/10/ ,93 Amounts transferred on 16/10/ ,48 Purchase through Bank of Italy 31/12/ ,59 Amounts transferred on 04/12/ , Total Redemption of BTP 01/10/1993/ ,90 Amounts transferred on 29/12/ , ,03 Redemption of CTO 20/11/1990/ , Total Amounts transferred on 18/03/ , Total 1st payment STET shares 27/12/ , ,70 Amounts transferred on 10/09/ , ,95 2nd payment STET shares 12/03/ ,26 Amounts transferred on 06/02/ ,65 3rd payment STET shares 16/06/ ,00 Amounts transferred on 01/04/ ,32 4th purchase by auction 03/11/ ,02 Amounts transferred on 01/04/ ,78 Redemption of BTP 01/12/1994/ ,19 Amounts transferred on 15/10/ ,45 4th payment STET shares 17/12/ , Total Amounts transferred on 30/10/ ,64 5th purchase by auction 19/12/ , ,75 Amounts transferred on 21/11/ , Total 5th payment STET shares 02/01/ ,41 Amounts transferred on 18/12/ , ,31 6th payment STET shares 02/04/ ,63 Amounts transferred on 25/02/ ,25 7th payment STET shares 18/06/ ,90 Amounts transferred on 08/06/ ,42 8th payment STET shares 24/07/ ,71 Amounts transferred on 08/06/ ,09 Redemption of CTZ 30/10/1996/ ,62 Amounts transferred on 14/09/ ,57 Redemption of BTP 01/11/1995/ ,57 Amounts transferred on 29/09/ , Total Redemption of CTZ 30/06/97-30/12/ , Total Amounts transferred on 17/12/ , ,89 Adv. reimbursements (MD ) , ,65 Amounts transferred on 21/05/ ,89 Adv. reimbursements (MD ) ,88 Amounts transferred on 02/06/ ,99 Redemption of Enel unsettled account 0,13 Amounts transferred on 06/10/ ,29 Redemption of CCT 01/11/92-01/11/ ,00 Amounts transferred on 09/11/ ,65 Redemption of CTE 22/11/94-22/11/ ,40 Amounts transferred on 19/11/ ,70 Redemption of BTP 01/12/94-01/12/ ,79 Amounts credited on 21/12/ , Total Redemption of CTZ 15/12/97-15/12/ , Total Amounts transferred on 21/12/ , ,07 6th purchase by auction 24/11/ , ,62 Amounts credited on 31/01/ ,25 7th purchase by auction 25/05/ ,96 Amounts credited on 21/02/ ,16 Adv. reimbursements (MD ) ,54 Amounts credited on 07/04/ ,61 Purchase by mandate settled on 23/11/ ,79 Amounts transferred on 14/04/ ,17 Purchase by mandate settled on 07/12/ , Total Amounts transferred on 19/07/ ,71 Purchase by mandate settled on 29/12/ , ,46 Amounts transferred on 28/09/ ,15 8th purchase by auction 22/06/ ,65 Amounts transferred on 15/12/ ,52 Redemption of BTP 15/04/98-15/04/ ,00 Amounts transferred on 22/12/ , Total Redemption of CTZ 14/05/99-15/05/ ,00 Amounts transferred on 22/12/ , ,99 Adv. reimbursements (MD ) ,87 Amounts credited on 23/01/01 1,72 Purchases by mandate settled on 08/08/ ,00 Amounts transferred on 09/01/ ,82 Purchases by mandate settled on 17/12/ ,00 Amounts transferred on 01/03/ ,85 Purchases by mandate settled on 18/12/ , Total Amounts transferred on 28/03/ ,30 Purchases by mandate settled on 19/12/ , ,02 Amounts transferred on 20/04/ ,94 Adv. reimbursements (MD ) , Total Amounts transferred on 13/11/ , Total ,27 Amounts transferred on 04/12/ , ,44 Adv. reimbursements (MD ) ,27 Amounts credited on 02/12/ , Total Reimbursement upon maturity of BTP ,00 Amounts transferred on 11/12/ , ,69 Reimbursement upon maturity of BTP ,00 Accounting rectifications ,58 Purchases by mandate settled , Total Amounts credited on 14/05/ ,00 Residual payment STET shares , ,59 Amounts transferred on 08/10/ ,00 Amounts transferred on 25/11/ , Total Adv. reimbursements (MD ) ,14 Residuals transfered on 16/12/ , ,41 Auction with settlement date ,48 Amounts transferred on 16/03/ ,00 Reimbursement upon maturity of CCT ,00 Amounts transferred on 12/07/ , Total Reimbursement upon maturity of BTP , Total Amounts transferred on 03/08/ , ,00 Reimbursement upon maturity of CTZ , ,62 Amounts transferred on 21/04/ ,00 Reimbursement upon maturity of CCT ,00 Amounts transferred on 31/10/ ,00 Reimbursement upon maturity of BTP ,00 Amounts transferred on 20/12/ ,00 Adv. reimbursements (MD ) , Total Auction with settlement date , Total ,00 Fintecna reimbursement , ,79 Total transfers as at ,93 Total Fund debits as at ,42 Total interest as at ,46

6 TABLE - C bis Interest credited to the Fund from 1995 to 2005 Values in uros Accrued interest as at 01/01/ ,52 Accrued interest as at 01/07/ , Total ,78 Accrued interest as at 01/01/ ,91 Accrued interest as at 01/07/ , Total ,26 Accrued interest as at 01/01/ ,69 Accrued interest as at 01/07/ , Total ,52 Accrued interest as at 01/01/ ,72 Accrued interest as at 01/07/ , Total ,45 Accrued interest as at 01/01/ ,58 Accrued interest as at 01/07/ , Total ,81 Accrued interest as at 01/01/ ,48 Accrued interest as at 01/07/ , Total ,09 Accrued interest as at 01/01/ ,40 Accrued interest as at 01/07/ , Total ,90 Accrued interest as at 01/01/ ,59 Accrued interest as at 01/07/ , Total ,00 Accrued interest as at 01/01/ ,71 Accrued interest as at 01/07/ , Total ,37 Accrued interest as at 01/01/ ,89 Accrued interest as at 01/07/ , Total ,03 Accrued interest as at 01/01/ ,18 Accrued interest as at 01/07/ , Total ,26 TOTAL INTEREST ,46

7 TABLE - D "Government bond sinking fund" YEAR 2005 MANAGEMENT Item 9565 (values are in euros) Fund stock as at 31/12/2004 uro Transfers by mandate 2005 Competence 2005 * Interest ,15 Utilizations , ,18 Redemption of CCT 01/10/ , , ,08 Redemption of BTP 15/12/ , ,00 Auction with settlement 06/10/ ,50 TOTAL (a) TOTAL (b) Adv. Reimb. (MD ) , , ,26 Fintecna reimbursement 06/05/ ,72 Total increase (a)+(b) , Fund stock increase ,41 Total management cost (Fund utilization) ,79 Fund stock as at 31/12/ ,62 Development of utilizations for bond buybacks (includes adv. Reimbursements (MD )) Nominal reimbursed Accrued interest Contingencies and commissions Paid from Fund 929,62 35,20 214, , , , , , , , , , , , , , , , , , , , , , , , , ,07 (A) (B) (C) (D) Total paid from Fund for buybacks (D)=(A)+(B)+(C) ,07 The Fund's income items are: 3330 e 4055 * Interest is credited on 1 January and 1 July each year, directly on account n. 522, held at the Bank of Italy, in the name of the Fund.

8 TABLE - E SUMMARY OF DEBT RELIEF OPERATIONS WITH THE GOVERNMENT BOND SINKING FUND - YEAR 2005 MANAGEMENT (nominal values in millions of uro) Settlement date Bond type Issuance date Expiration date Nominal rate / spread Buy-backs with Fund Redemptions at maturity with Fund Total 01-ott-05 CCT 01-ott ott-05 0,15% ott-05 BTP 01-feb feb-06 2,75% ott-05 BTP 15-mar mar-06 4,75% ott-05 BTP 01-set set-06 2,75% ott-05 BTP 01-giu giu-07 3,00% ott-05 BTP 15-gen gen-08 3,50% ott-05 BTP 01-feb feb-06 3,28% dic-05 BTP 15-giu dic-05 5,25% B.T.P C.C.T TOTAL

9 TABLE - F GENERAL SUMMARY OF DEBT RELIEF OPERATIONS WITH GOVERNMENT BOND SINKING FUND (nominal values ) BUYBACKS YEAR BOT CTZ CCT BTP Total (mln. ) REIMBURSEMENTS CTO CCT BTP CTE CTZ Total (mln. ) GENERAL TOTAL mln. uros ,5 915, TOTAL (mln. uros ) 57,5 915, , , , ,1

10 SITUAZIONE AL valori nominali BOT BTP CCT CTZ FOREIGN treasury buyback gen feb mar apr mag giu lug ago set ott nov dic Totale mln BOND SINKING FUND BUYBACKS RESULTS FOR YEAR 2005 MATURITIES (nominal values in millions of uros) gen-05 feb-05 mar-05 apr-05 mag-05 giu-05 lug-05 ago-05 set-05 ott-05 nov-05 dic-05 BOT BTP CCT CTZ FOREIGN treasury buyback

11 mln. SCADENZE MENSILI (MLN. ) (Aggiornamento BOND dati SINKING al ) FUND BUYBACKS RESULTS FOR YEAR Totale 2006 MATURITIES valori nominali BOT BTP CCT (nominal CTZ values in foreign millions treasury of uros) buyback gen feb mar apr mag giu lug ago set ott nov dic Totale gen-06 feb-06 mar-06 apr-06 mag-06 giu-06 lug-06 ago-06 set-06 ott-06 nov-06 dic-06 BOT BTP CCT CTZ foreign treasury buyback

12 BOND SINKING FUND BUYBACKS BTP CCT CTZ RESULTS FOREIGN FOR YEAR treasury 2007 MATURITIES buyback gen (nominal values in millions of uros) feb mar apr mag-07 giu lug ago set ott nov dic Totale mln gen-07 feb-07 mar-07 apr-07 mag-07 giu-07 lug-07 ago-07 set-07 ott-07 nov-07 dic-07 BTP CCT CTZ FOREIGN treasury buyback

13 mln. BOND SINKING FUND BUYBACKS RESULTS FOR YEAR 2008 MATURITIES BTP CCT FOREIGN Treasury buyback (nominal values in millions of uros) gen feb mar apr mag giu lug ago set ott nov-08 dic Totale gen-08 feb-08 mar-08 apr-08 mag-08 giu-08 lug-08 ago-08 set-08 ott-08 nov-08 dic-08 BTP CCT FOREIGN Treasury buyback

14 GOVERNMENT BOND SINKING FUND - Year 2005 Management - Distribution of Utilization CCTs reimbursed at maturity ml. Purchase by auction ml. Fintecna reimbursement 788 ml. BTPs reimbursed at maturity ml.

15 GOVERNMENT BOND SINKING FUND Utilization for debt relief (nominal values) BTPs reimbursed at maturity BTP buy-backs through auction CCTs reimbursed at maturity 3.000