Voluntary Partial Public Offering for Exchange and Settlement

Launch offering notice pursuant to Article 102, paragraph 3 of Legislative Decree no. 58 of 24 February 1998 and Article 37-ter of Consob Regulation no. 11971 of 14 May 1999

Milano, 6 October 2017 - Banca Monte dei Paschi di Siena S.p.A. (the “Offeror” or “BMPS”) announces that today has filed with CONSOB - pursuant to and in accordance with Article 102, paragraph 3 of Legislative Decree no. 58 of 24 February 1998 and Article 37-ter of Consob Regulation no. 11971 of 14 May 1999 - the offer memorandum relating to the voluntary partial public offering for exchange and settlement, announced by the Offeror on 5 October 2017 in respect of BMPS shares arising out of the conversion - following the application of burden-sharing measures under article 22(2) of Decree Law No. 237 of 23 December 2016 (as converted, with amendments, into Law No. 15 of 17 February 2017, as subsequently amended) - of the subordinated bond issue €2,160,558,000 Floating Rate Subordinated Upper Tier II 2008-2018 (ISIN code IT0004352586).

The press release with be available on www.mps.it