Province of Naples




As Agent Bank, please be advised of the following rate determined on: 23-Nov-2007

Issue               : Province Of Naples - Series 1
                      EUR 33,714,000.00 (MTN) FRN Due 27/5/2014
ISIN Number         : XS0097828189
Common Code/        : 97828189
144A ISIN
Issue Nomin     EUR : 33,714,000.00
Period              : 27-Nov-2007 to 27-May-2008          Payment Date 27-May-2008
Number of Days      : 182
Rate                : 4.859                       Pool Factor:    0.43339
Denomination EUR    : 433.39

Amount Payable
per Denomination    : 10.65

Bank of New York
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services           Facsimille 44 1202 689601



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