FRN Variable Rate Fix

Banca Monte Dei Paschi Di Siena Spa
9 May 2002


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 13MAY02 TO 12AUG02 HAS BEEN FIXED AT 2.04 PCT PER ANNUM.

THE COUPON AMOUNT DUE 12AUG02 WILL AMOUNT TO:
USD 51.57       PER USD 10,000 DENOMINATION.
USD 515.67      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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