Province of Naples


As Agent Bank, please be advised of the following rate determined on:23-Nov-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              : 27-Nov-2006 to 29-May-2007    Payment Date 29-May-2007
Number of Days      : 183
Rate                : 3.924                Pool Factor:  0.50005
Denomination    EU  : 500.05

Amount Payable
per Denomination    : 9.97

JPMorgan Chase Bank
Rate Fix Desk                     Telephone   44 (0) 1202 32 6660
Institutional Trust Services      Facsimile   44 (0) 1202 34 7939



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