Disclosure pursuant to art.114, paragraph 5, of Legislative Decree no. 58/1998 - "Banca Monte dei Paschi di Siena Spa 2011/2017 "TassoMisto Cap&Floor BancoPosta, Series 3" bonds 13 January 2012 h.17:51
Banca Monte dei Paschi di Siena S.p.A. (hereinafter "BMps") as issuer pursuant to and by effect of Consob communication no. DEM/DME/9053316 of 8 June 2009, in compliance with art. 114, paragraph 5, Legislative Decree no. 58/1998, under the terms set out in Section III, Title II, Paragraph I of Consob resolution no. 11971 of 14 May 1999 and following amendments, announces that  

WHEREAS

- BMps issued and Poste Italiane S.p.A. - company with sole shareholder - Patrimonio BancoPosta (hereinafter "Poste Italiane S.p.A.") placed the "Banca Monte dei Paschi di Siena S.p.A. 2011/2017 "TassoMisto Cap&Floor Bancoposta, Series 3" bonds, ISIN Code IT0004739576 (hereinafter the "Bonds");  

- Poste Italiane S.p.A. signed a placement agreement with BMps backed by a support liquidity provider agreement and repurchase obligations for the issuer;  

- intermediaries providing support liquidity are the counterparties who entered into bond swap agreements with BMps (hereinafter the "Price Makers");  

- Poste Italiane S.p.A. shall select from among them one or more intermediaries to act as Price Makers by way of a repurchase agreement with the issuer under which the latter, as party delegated by the issuer to comply with the repurchase obligations, undertakes to repurchase -also through MPS Capital Services S.p.A. (hereinafter "MPSCS"), a company belonging to the Montepaschi Group- up to 14% of the amount of Bonds placed, at a price reflecting, in terms of interest rate spreads, the creditworthiness of the issuer at the time of issuance (hereinafter "at-issue spread Price Makers");  

-other intermediaries, on the recommendation of Poste Italiane S.p.A., may quote bid prices based on market rates (hereinafter "at market-rate Price Makers");  

- the at-issue spread Price Makers shall purchase the Bonds on the market under the price terms set forth in the mandate conferred to them by Poste Italiane S.p.A. for up to the aforementioned percentage in those cases where:              
(a) the issuer's creditworthiness deteriorates with respect to the Bond issuance dare; or
(b) the issuer's creditworthiness does not deteriorate with respect to the Bond issuance date but the price quoted by the at-market rate Price Makers is lower than the one formulated by the at-issue spread Price Makers;  

- during the life of the Bonds, Poste Italiane S.p.A. may have each Price Maker replaced or supplemented with one or more Price Makers,  based on the best quote received;  

- on 22 December 2011, access to trading by MPSCS as at-issue spread Price Maker on the Mercato Telematico delle Obbligazioni (MOT, Electronic Government Bonds and Securities Market) was disclosed to the market.      

THEREFORE

as of 13 January 2012, BNP Paribas shall trade on the MOT as at-issue spread Price Maker, in addition to MPSCS.  

As at 12 January 2012, the value of the 5-year[1] BMPS Credit Default Swaps (CDS)[2] stood at 536 bps; this same indicator at the Bond issuance date was 524 bps.  

BMps, or persons specifically appointed by BMps, shall inform the market when, as a result of purchases by the at-issue spread Price Makers, the thresholds of 25%, 50%, 75% and 100% of the maximum amount of Bonds purchasable at the aforementioned price terms are reached.  

Once the at-issue spread Price Makers reach a level of repurchase corresponding to the maximum amount of Bonds purchasable at the aforementioned price terms, the purchase price quoted by the Price Makers on the listing or trading market shall reflect all market conditions, including the creditworthiness of the issuer at that time, and may be lower than the at-issue spread price.