Province of Naples

As Agent Bank, please be advised of the following rate determined on:26-May-2006

Issue               : Province Of Naples - Series 1
                      EUR33,714,000 (MTN) FRN Due 27/5/2014
ISIN Number         : XS0097828189
Common Code/        : 97828189
144A ISIN
Issue Nomin     EUR : 33,714,000.00
Period              : 30-May-2006 to 27-Nov-2006    Payment Date 27-Nov-2006 
Number of Days      : 181
Rate                : 3.253                Pool Factor:  0.53338
Denomination    EU  : 533.38

Amount Payable 
per Denomination    : 8.72

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 1267

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