FRN Variable Rate Fix

Banca Monte Dei Paschi Di Siena Spa
8 August 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 12AUG02 TO 12NOV02 HAS BEEN FIXED AT 1.8675 PCT PER ANNUM.

THE COUPON AMOUNT DUE 12NOV02 WILL AMOUNT TO:
USD 47.73  PER USD 10,000 DENOMINATION
USD 477.25 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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