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AUCTION RESULTS OF 13W T - BILLS

During the auction of EUR 1,000 mln of 13W T-Bills conducted today, the total bids reached EUR 2,688 mln and the amount finally accepted was EUR 1,300 mln.

On top of that, Primary Dealers can additionally submit non-competitive bids up to 30% of the amount initially auctioned until March 22, 2012 (12 p.m   local time)

Settlement date is March 23, 2012.  The results of the auction are as follows:

AUCTION   RESULTS

A U C T I O N

Today

Previous

13W T – BILLS

March 20, 2012 (amounts in mln euro)

February 14, 2012 (amounts in mln euro)

1.- Amount Auctioned

1,000

1,000

2.- Total amount offered

2,688

2,701

3.- Coverage ratio

2.69

2,70

4.- Amount Accepted

1,300

1,300

5.- Uniform yield

4.25%

4.61%

6.- Cut-off  price

98.937

98.848

7.- Cut – off ratio

100%

100%