NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

Banca Monte dei Paschi di Siena ("BMPS") announces that today its Board of Directors approved the final terms of its capital increase of up to Euro 3 billion, approved on April 16, 2015 by the Shareholders' Meeting of BMPS (the "Offering").

In particular, the Board of Directors approved the issuance of up to 2,558,256,930 new BMPS ordinary shares, without par value and having the same characteristics as the BMPS shares already outstanding, including the entitlement to regular dividends, to be pre-emptively offered to the shareholders of BMPS at a subscription price of Euro 1.17 per share, to be fully recognized as share capital, at a ratio of 10 (ten) new BMPS shares for each BMPS share held.

The overall maximum amount of the Offering will be Euro 2,993,160,608.10.

The issue price of Euro 1.17 per share represents a discount of approximately 38.9% to the theoretical ex right price (TERP) calculated on the basis of the closing market price of Borsa Italiana S.p.A. of today.

According to the Offering timetable, the rights for the subscription of new BMPS shares are exercisable between 25 May 2015 and 12 June 2015 inclusive, failing which such rights will expire without value. The rights can be traded on the MTA between 25 May 2015 and 8 June 2015 inclusive.

The final terms of the Offering will be included in a supplement to the prospectus that will be published following approval by CONSOB.

Furthermore, on the basis of the final terms of the Offering, the number of shares that will be allocated to the Ministry of Economy and Finance ("MEF") on July 1, 2015 as payment for the interest accrued in 2014 on the New Financial Instruments will be 117,997,241, which corresponds to approximately 4% of the Bank's share capital, assuming subscription in full of the Offering.

The related Italian Prospectus will be made available within the terms provided for by law at the BMPS's Registered office in Siena Piazza Salimbeni n. 3, and will also be published on the Bank's website at www.mps.it.

This communication and the information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States, Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or otherwise be unlawful (the "Other Countries"). Neither this document nor any part of it nor the fact of its distribution may form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or pursuant to the corresponding regulations in force in the Other Countries. The securities may not be offered or sold in the United States unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available.

For further information:

Media Relations
Tel.:
ufficio.stampa@mps.it

Investor Relations
Tel.:
investor.relations@mps.it

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