1,000,000,000 ISPA SERIES 6 HIGH SPEED RAILWAY AMORTISING FUNDING NOTES DUE 2045 ISIN: IT COMMON CODE:

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1,000,000,000 ISPA SERIES 6 HIGH SPEED RAILWAY AMORTISING FUNDING NOTES DUE 2045 ISIN: IT COMMON CODE: ORIGINAL PRICING SUPPLEMENTS UNDER THE 25,000,000,000 ISPA HIGH SPEED RAILWAY
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1,000,000,000 ISPA SERIES 6 HIGH SPEED RAILWAY AMORTISING FUNDING NOTES DUE 2045 ISIN: IT COMMON CODE: ORIGINAL PRICING SUPPLEMENTS UNDER THE 25,000,000,000 ISPA HIGH SPEED RAILWAY FUNDING NOTE PROGRAMME AND RELEVANT FINAL TERMS UNDER THE MTN PROGRAMME OF THE REPUBLIC OF ITALY 1,000,000,000 ISPA SERIES 6 HIGH SPEED RAILWAY AMORTISING FUNDING NOTES DUE 2045 ISIN: IT COMMON CODE: PRICING SUPPLEMENTS AI SENSI DEL 25,000,000,000 ISPA HIGH SPEED RAILWAY FUNDING NOTE PROGRAMME E RELATIVI FINAL TERMS NELL'AMBITO DEL PROGRAMMA DI EMISSIONE INTERNAZIONALE DELLA REPUBBLICA ITALIANA FINAL TERMS Series No.: [ ] Tranche No.: [ ] Republic of Italy U.S. $56,000,000,000 Programme for the Issuance of Debt Instruments Issue of EUR 1,000,000,000 Floating Rate Instruments due 2045 The Instruments constitute direct, unconditional and general obligations of the issuer and rank pari passu among themselves and equally with all other unsecured External Indebtedness (as defined in the Simplified Base Prospectus dated 21 March 2007 (the Base Prospectus ) in relation to the Programme) of the Issuer. These Final Terms (as referred to in the Base Prospectus) relates to the Tranche of Instruments referred to above, contains the final terms and conditions of the Instruments and should be read in conjunction with the Base Prospectus dated 21 March From the dated hereof, these Final Terms replace and constitute the terms and conditions of the Euro 1,000,000,000 Floating Rate notes due 2045 issued by Infrastrutture S.p.A. on 25 April 2005, under its Euro 25,000,000,000 ISPA High Speed Railway Funding Note Programme dated [ ] 2004 (the ISPA Programme ), further to the joint meeting of all holders of the notes issued by Infrastrutture S.p.A. (as merged by way of incorporation by operation of law in Cassa depositi e prestiti S.p.A.) under the ISPA Programme having approved on [ ] 2007 the full replacement of (i) the terms and conditions of the ISPA Programme with the terms and conditions contained in the Base Prospectus, (ii) the rules governing the meeting of the holders of the notes issued under the ISPA Programme with the provisions for meetings of holders of the Instruments issued under the Programme as scheduled to the agency agreement relating thereto, and (iii) each pricing supplement relating to a series of notes issued under ISPA Programme with corresponding Final Terms, in each case with acceptance of any differences between the conditions, the rules and pricing supplement relating to the said notes issued by Infrastrutture S.p.A. and, respectively, terms and conditions incorporated under the Base Prospectus, the rules governing meetings scheduled to the agency agreement of the Programme and the relevant Final Terms. The particulars to be specified in relation to such Tranche are as follows: 1. Issuer: Republic of Italy 1. Arranger: N/A 2. Relevant Dealer/Lead Manager: Depfa Bank Plc 3. Syndicated: No 4. Other Dealers/Managers (if any): None 5. Status: Unsubordinated 6. Currency: - of Denomination Euro ( EUR ) - of Payment (Condition 1.10) EUR 7. Aggregate Principal Amount: (i) Series EUR 1,000,000,000 (ii) Tranche EUR 1,000,000, If interchangeable with existing Series: No 9. Issue Date: 25 April Issue Price: 100 per cent. of the Aggregate Principal Amount of the Tranche 11. Commission Payable: EUR 150, Selling Concession: None 13. Expenses: None 14. (a) Form of Instruments: The Instruments will be held in dematerialised form on behalf of the beneficial owners, until redemption or cancellation thereof, by Monte Titoli S.p.A. for the account of the relevant Monte Titoli Account Holders. The Instruments have been accepted for clearance by Monte Titoli S.p.A. with effect from their Issue Date. The Instruments will at all times be held in book entry form and title to the Instruments will be evidenced by book entries in accordance with the provision of Italian Legislative Decree No. 213 of 24 June 1998 and CONSOB Resolution No of 28 December 1998, as amended. No physical document of title will be issued in respect of the Instruments. The expression Monte Titoli Account Holders means any authorised financial intermediary institution entitled to hold accounts on behalf of their customers with Monte Titoli S.p.A. and includes any depository banks appointed by Euroclear Bank S.A./N.V. as operator of the Euroclear System and Clearstream Banking, société anonyme, Luxembourg (b) Bearer Instruments exchangeable for Registered Instruments: No 15. If issued in Bearer form: (a) Initially represented by a Temporary Global Instrument or Permanent Global Instrument: (Condition 1.2) Not Applicable (b) (c) (d) Temporary Global Instrument exchangeable for Definitive Instruments: Permanent Global Instrument exchangeable at the option of the bearer for Definitive Instruments: (Condition 1.5) Talons for future Coupons to be attached to Definitive Instruments: (Condition 1.6) No No No (e) Receipts to be attached to Instalment Instruments which are Definitive Instruments: (Condition 1.7) No (f) Definitive Instruments to be in IPMA or successors format: Not Applicable 16. New Global Note form: Not Applicable 17. Denomination(s): (Condition 1.8 or 1.9) 18. Partly Paid Instruments: (Condition 1.11) EUR 1,000 No 19. If issued in Registered Form: - Registrar: (Condition 2.2) 20. Interest: (Condition 5) 21. Interest Rate: (Condition 5.2) FIXED RATE INSTRUMENT PROVISIONS FLOATING RATE INSTRUMENT PROVISIONS 22. Relevant Screen Page: (Condition 5.3) 23. Relevant Margin: (Condition 5.3) 24. ISDA Rate: (Condition 5.4) 25. Minimum Interest Rate: (Condition 5.5) 26. Maximum Interest Rate: (Condition 5.5) 27. Interest Payment Dates (or if the Applicable Business Day Convention is Not Applicable Interest bearing 12-month EURIBOR (EUR-EURIBOR- TELERATE, Designated Maturity 12 months) plus per cent, save for the first Interest Period where the Interest Rate will be % (further particulars specified below) Not Applicable Applicable Not Applicable per cent per annum ISDA Rate save for the first Interest Period where the Interest Rate will be % Not Applicable Not Applicable 31 July in each year, with the first Interest Payment Date falling in July the FRN Convention) Interest Period: If an Interest Payment Date is not a Business Day, Holders of Instruments will not be entitle to payment of the relevant amount until the immediately following Business Day. For the avoidance of doubt, no interest or principal will be due on the Instruments prior to the Interest Payment Date falling in July Interest Period End Dates (or if the Applicable Business Day Convention is the FRN Convention) Interest Accrual Period: Not Applicable 29. Applicable Business Day Convention: - for Interest Payment Dates: Following Business Day Convention - for Interest Period End Dates: No Adjustment - for Maturity Date: Following Business Day Convention - any other date: Not Applicable 30. Definition of Business Day: (Condition 5.9) 31. Day Count Fraction: (Condition 5.9) 32. Interest Commencement Date: (Condition 5.9) 33. Interest Determination Date: (Condition 5.9) Rome and Milan Actual/360 Issue Date 2 Business Days prior to commencement of Interest Period for which Interest Rate is being calculated. 34. Relevant Time: (Condition 5.9) 35. Default Interest Rate: (Condition 5.6) 36. Calculation Agent: (Condition 5.9) Not Applicable Not Applicable The Bank of New York (Luxembourg) S.A. 37. Reference Banks: (Condition 5.9) Not Applicable 38. If non-interest bearing: Not Applicable PROVISIONS RELATING TO REDEMPTION 39. Maturity Date: (Condition 6.1) 40. Dates for payment of Instalment Amounts (Instalment Instruments): (Condition 6.1) 41. Maturity Redemption Amount: (Condition 6.1) 42. Instalment Amounts: (Condition 6.1) 43. Optional Early Redemption (Call): (Condition 6.3) 44. Optional Early Redemption (Put): (Condition 6.6) Interest Payment Date falling in July 2045 See Schedule Instalment Amount payable on Maturity Date - See Schedule See Schedule. No No 45. Events of Default (Condition 7.1): (a) Early Termination Amount: Not Applicable (b) Any additional (or modifications to) Events of Default: None 46. Payments: (Condition 9) Not Applicable (a) Unmatured Coupons missing upon Early Redemption: 47. Replacement of Instruments: (Condition 12) 48. Notices: (Condition 14) Not Applicable Notices in relation to the Instruments will be given through the Monte Titoli S.p.A. system as well as on the web page of the Luxembourg Stock Exchange (www.bourse.lu) 49. Listing: Luxembourg DISTRIBUTION 50. Selling Restrictions: Not Applicable Other: None 51. Stabilising Manager(s): Not Applicable 52. If syndicated, names of Managers: Not Applicable 53. If non-syndicated, name of Dealer: Depfa Bank Plc 54. ISIN: IT Common Code: New Global Note intended to be held in a manner which would allow Eurosystem eligibility: Not Applicable 57. Common Depositary: Not Applicable 58. Any Clearing System other than Euroclear and Clearstream, Luxembourg: Monte Titoli S.p.A. 59. Settlement Procedures: Delivery free of payment 60. Other Relevant Terms and Conditions: None LISTING APPLICATION These are the Final Terms required to list the issue of Instruments pursuant to the U.S. $56,000,000,000 Debt Issuance Programme of The Republic of Italy. RESPONSIBILITY The Issuer accepts responsibility for the information contained in these Final Terms. CONFIRMED REPUBLIC OF ITALY By:... Authorised Signatory Date:... Schedule Interest Payment Date falling in Instalment Amount July July July July July July July July July July July July July July July
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