Banca Monte dei Paschi di Siena SpA : Board of Directors' considerations on the situation of the bank subsequent to the outcome of the shareholders' meeting of 28 december 2013

The Board of Directors of Banca Monte dei Paschi di Siena met today to evaluate,among other things, the situation of the Bank subsequent to the outcome of the Shareholders' Meeting of 28December 2013.

In particular, the Board of Directors acknowledged the economic, financial and operational overviewpresented by the Chief Executive Officer who, among other aspects, focused on the activities carried outduring the last two years of management, and referred in particular to issues that have emerged, actionstaken for their solution and results achieved.

Having examined the situation, the Chief Executive Officer (as the proposer of the capital increase under theterms originally proposed by the Board and the person ultimately responsible for the Restructuring Plan)deemed it his duty to remit his mandate as CEO and director to the Board's decision.

The Board of Directors unanimously confirmed its confidence in the Chief Executive Officer, taking intoconsideration the Bank's interest and in the hope that, based on the statements made by the Monte Paschidi Siena Foundation, the latter will rapidly succeed in disposing of its shareholding in BMPS, with a positiveimpact in implementing the capital increase.

Against these premises, Mr. Fabrizio Viola, in consideration of the Bank's interest, has withdrawn hisresignation.

Having reasserted the reasons underlying the need for recapitalisation, the Board of Directors andManagement of the Bank will, as early as from today, undertake every reasonable effort to successfully carryout the capital increase in the shortest time possible, according to the timeframe approved by theShareholders' Meeting and under the best conditions possible in the current context.

The Board of Directors - including on the basis of a specific letter of request received from the ItalianSecurities and Exchange Commission (CONSOB) - finally resolved that a technical-legal ascertainment beinitiated to gain insight into any potentially damaging effects arising from the postponement of the capitalincrease with respect to the timing originally proposed by the Board. The Related Parties' Committee will beengaged in this activity and may, if deemed necessary, engage independent advisors to corroborate theirassessments. With a specific letter, the Monte dei Paschi di Siena Foundation has duly been notified of theascertainment which is being initiated and of the Bank's BoD willingness to do everything within its power tocarry out the capital increase as per the timeframe approved by the Shareholders' Meeting.

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