Stabilisation Notice

RNS Number:2187D
JPMorgan Securities Ltd
18 May 2006


18 May 2006

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

                      Banca Monte dei Paschi di Siena SpA
                              Stabilisation Notice

JPMorgan Securities Limited, (contact: Richard Howard telephone: 0207 779 2468)
hereby gives notice that the Stabilising Manager(s) named below may stabilise
the offer of the following securities in accordance with Commission Regulation
(EC) No. 2273/2003 implementing the Market Abuse Directive (2003/6/EC).

The securities:

Issuer:                            Banca Monte dei Paschi di Siena SpA

Guarantor (if any):                n/a

Aggregate nominal amount:          2 Tranches:
                                   EUR 750mm
                                   (GBP 200mm to follow shortly)

Description:                       2 Tranches:
                                   EUR 750mm 10 year Fixed notes due 31 May
                                   2016
                                   (GBP 200mm 10 year Fixed notes due 30 Sept
                                   2016 - to follow shortly)

Offer price:                       99.219

Other offer terms:                 Luxembourg regulated market, Tefra D Reg S 2

Stabilisation:

Stabilising Manager(s):            JPMorgan Securities Limited (both Euro and
                                   GBP tranches)
                                   125 London Wall,
                                   London EC2Y 5AJ

                                   Royal Bank of Scotland (GBP tranche only)
                                   135 Bishopsgate
                                   London EC2M 3UR

                                   MPS Finance BM/Siena (Euro tranche only)
                                   Viale Mazzini 23
                                   53100 Siena
                                   Italy

                                   UBS Limited (Euro tranche only)
                                   100 Liverpool Street
                                   London EC2M 2RH

Stabilisation period expected to   18 May 2006
start on:

Stabilisation period expected to   18 June 2006
end no later than:

Maximum size of over-allotment     5% of the aggregate nominal amount stated
facility:(1)                       above for each tranche.

In connection with the offer of the above securities, the Stabilising 
Manager(s), or persons acting on behalf of the Stabilising Manager(s) may over-
allot the securities, provided that the aggregate principal amount of the
securities allotted does not exceed 105 percent of the aggregate principal
amount of the securities, or effect transactions with a view to supporting the
market price of the securities at a level higher than that which might otherwise
prevail. However, there is no assurance that the Stabilising Manager(s) or
persons acting on behalf of the Stabilisation Manager(s) will take any
stabilisation action. Stabilisation action may begin on or after the date on
which adequate public disclosure of the final terms of the offer is made and, if
begun, may be ended at any time, but it must end no later than the earlier of 30
days after the issue date of the securities and 60 days after the date of
allotment of the securities.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or dispose
of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the securities to which it relates are only
addressed to and directed at persons outside the United Kingdom and persons in
the United Kingdom who have professional experience in matters related to
investments or who are high net worth persons within article 12(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and
must not be acted on or relied on by other persons in the United Kingdom.

In addition, if and to the extent that this announcement is communicated in, or
the offer of the securities to which it relates is made in, any EEA Member State
that has implemented Directive 2003/71/EC (together with any applicable
implementing measures in any Member State, the "Prospectus Directive") before
the publication of a prospectus in relation to the securities which has been
approved by the competent authority in that Member State in accordance with the
Prospectus Directive (or which has been approved by a competent authority in
another Member State and notified to the competent authority in that Member
State in accordance with the Prospectus Directive), this announcement and the
offer are only addressed to and directed at persons in that Member State who are
qualified investors within the meaning of the Prospectus Directive (or who are
other persons to whom the offer may lawfully be addressed) and must not be acted
on or relied on by other persons in that Member State.

This announcement is not an offer of securities for sale into the United States.
The securities have not been, and will not be, registered under the United
States Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an exemption from registration. There will be no
public offer of securities in the United States. 

END



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