FRN Variable Rate Fix

BANCA MONTE DEI PASCHI DI SIENA S P A
                  

RE: BANCA MONTE DEI PASCHI
    USD 250,000,000.00
    MATURING: 12-Aug-2004
    ISSUE DATE: 12-Aug-1999
    ISIN: XS0100331528

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
12-Nov-2003 TO 12-Feb-2004 HAS BEEN FIXED AT 1.305000 PCT.

INTEREST PAYABLE VALUE 12-Feb-2004 WILL AMOUNT TO 
USD 33.35 PER USD 10,000.00 DENOMINATION.
USD 335.50 PER USD 100,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: [phone]/3855 OR FAX: [phone].