Repurchase of Bonds

Banca Monte Dei Paschi Di Siena Spa
20 May 2003


Our ref: EDR 98/L004




                        20 May, 2003






Company Announcements Office

The London Stock Exchange

London

EC2N 1HP






Dear Sirs


Reference Lit 150 billion EDR's due 2004 issued by Banca Monte dei Paschi di
Siena Spa. Isin code XS0090610709


We hereby give you notice that with effect 22/05/2003 we will have repurchased
EDR's totalling more than 10% of the original amount of the issue. All EDR's
repurchased have been cancelled and following this last repurchase the remaining
amount of the issue will be Euro 69,476,356.89.



We trust that this information is satisfactory for your purposes and remain at
your disposal for any further information that you may require.


Yours sincerely,

For and on behalf of Banca Monte dei Paschi di Siena, London Branch






Meb Khatri

Financial Controller







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