FRN Variable Rate Fix

Banca Monte Dei Paschi Di Siena Spa
8 November 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 12NOV02 TO 12FEB03 HAS BEEN FIXED AT 1.52 PCT PER ANNUM.

THE COUPON AMOUNT DUE 12FEB03 WILL AMOUNT TO:
USD 38.84     PER USD 10,000 DENOMINATION. 
USD 388.44    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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