FRN Variable Rate Fix

Banca Monte Dei Paschi Di Siena Spa
9 November 2001

RE:   BANCA MONTE DEI PASCHI DI SIENA 
      USD 250,000,000 EMTN 
      DUE: AUGUST 2004 
      ISIN: XS0100331528

THIS IS TO FORMALLY ADVISE YOU THAT THE INTEREST RATE FOR THE PERIOD
13NOV01 TO 12FEB02 HAS BEEN FIXED AT 2.14125 PCT. PER ANNUM.

THE COUPON AMOUNT DUE 12FEB02 WILL AMOUNT TO 
USD 54.13 PER USD 10,000 DENOMINATION.
USD 541.26 PER USD 100,000 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON 
44 171 508 3857/3855 OR FAX: [phone].

RATEFIX DESK
CITIBANK NA LONDON