2. THE FINANCIAL CONVENTION ANNEXED
TO THE TREATY

   The Holy See and Italy having in consequence of the
stipulations of the Treaty which has definitely composed ‘ the Roman Question ‘
held it necessary to regulate with a distinct convention, forming an integral
part of the same, their financial relations;

   The supreme Pontiff considering on the one hand the immense
damage sustained by the Apostolic See through the loss of the patrimony of S.
Peter constituted by the ancient Pontifical States, and of the Ecclesiastical
property, and on the other side, the ever-increasing needs of the Church in the
City of Rome alone, and taking into consideration the present financial
condition of the State and the economic condition of the Italian people,
especially after the war, has deemed it well to restrict the request for
indemnity to the barest necessity; asking for a sum partly in cash and partly
in bonds which is much inferior in value to the which the State to-day should
disperse towards the Holy See if only in execution of the obligation assumed by
the law of May 13, 1871.

   The Italian
State appreciating the
paternal sentiments of the Supreme Pontiff has felt bound to adhere to the
request for the payment of the said sum.

Art. 1.   Italy, on the exchange of ratifications of the
Treaty, shall pay to the Holy See the sum of Italian lire 750,000,000 (seven
hundred and fifty millions) and a the same time consign Italian 5 per cent
bonds (with coupons, June 30) of the nominal value of Italian lire 1,000,000.

Art. 2.   The Holy See declares that it accepts the above
as a definite systemization of the financial relations with Italy in consequence of the events
of 1870.

Art. 3.   All the acts necessary for the execution of the
Treaty with regard to the present Convention and of the Concordat shall be
exempt from every form of taxation.

Rome,
eleventh February, one thousand nine hundred and twenty-nine.

PIETRO CARD. GASPARRI.
BENITO MUSSOLINI.