Province of Naples


As Agent Bank, please be advised of the following rate determined on: 25-May-2007

Issue               : Province of Naples - Series 1
                      EUR 33,714,000.00 MTN FRN Due 27 May 2014
ISIN Number         : XS0097828189
Common Code/        : 97828189
144A ISIN
Issue Nomin     EUR : 33,714,000.00
Period              : 29-May-2007 to 27-Nov-2007          Payment Date 27-Nov-2007
Number of Days      : 182
Rate                : 4.423                       Pool Factor:    0.46672
Denomination EUR    : 466.72

Amount Payable
per Denomination    : 10.44

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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