FRN Variable Rate Fix

Banca Monte Dei Paschi Di Siena Spa
10 February 2003


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 12FEB03 TO 12MAY03 HAS BEEN FIXED AT 1.47438 PCT PER ANNUM.

THE COUPON AMOUNT DUE 12MAY03 WILL AMOUNT TO:
USD 36.45     PER USD 10,000 DENOMINATION. 
USD 334.50    PER USD 100,000 DENOMINATION.
 

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


RATEFIX DESK
CITIBANK N.A., LONDON

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