Consob Communication no. DME/0047343 of 6 June 2014

Re: Banca Monte dei Paschi di Siena S.p.A. rights issue

On Monday 9 June 2014 the rights issue by Banca Monte dei Paschi di Siena S.p.A. ("Banca MPS") begins.

This rights issue has a significant dilutive effect. This in turn implies a high risk of anomalies during the subscription period, consisting in a marked overestimation of the market price of the shares compared to their theorical value.

Consob will carefully monitor the trading activities on Banca MPS shares (ISIN code IT0004984842) during the subscription period, with particular reference to compliance with the measures on short selling activities provided for in the Regulation EU no. 236/2012, as well as the obligation to timely deliver the shares in the settlement system, pursuant to the Rules of the Markets organised and managed by Borsa Italiana spa.

It is therefore recommended the stricter compliance by everybody, natural and legal persons, Italian and foreign entities, with the prohibition to carry out uncovered short sales (also called naked short sales) pursuant to Article 12 of Regulation EU no. 236/2012, and with the obligation to report net short positions pursuant to Articles 5, 6, 9 of the same Regulation.

It is also recommended to all market participants a virtuous behavior, in order to minimize the risk of the abovementioned price anomalies during the subscription period. In particular, it is recommended to the members of the Italian regulated market MTA, where Banca MPS shares are admitted to trading, and to the members of the Italian regulated market IDEM, where derivatives instruments having Banca MPS shares as underlying are traded, the rigorous observance of the obligation to timely deliver the shares in the settlement system, according to the Rules of the Markets organised and managed by Borsa Italiana spa.

Finally, it is highlighted that, on occasion of previous rights issues operations, breaches of the abovementioned rules have led Consob to apply monetary sanctions.

THE CHAIRMAN
Giuseppe Vegas