The agreement makes it possible to confirm reduction targets and all initiatives already announced to the market.

Pension Fund activated for 1,000 employees as of 31 December.

As a result, the number of resources affected by the back office project drops from 2,360 to 1,110 New supplementary labour contract with a focus on welfare, security and economic supplements for new recruits.

A draft agreement was reached late yesterday evening between Banca Monte dei Paschi di Siena and the Trade Unions on all issues contained in the Business Plan projects. The agreement is a decisive step towards relaunching the Bank and the Group through the full implementation of the Business Plan. As a result of other initiatives already in place, all cost reduction targets previously announced to the market remain unchanged as do the restructuring objectives, in the aim of greater efficiency and profitability with the impact being sustainable for all employees.

The signing of the agreement makes it possible to confirm the economic aims of the Plan thanks to the activation of an Income Support Fund financed by "one-off" labour cost reductions through a "solidarity plan", which will permit approximately 1,000 employees (meeting pension requirements over the next 5 years) to leave the company as of the 31 December 2012.

The agreement also paves the way for a new Supplementary Corporate Labour Agreement, whose guidelines will be a basis for back office processes and personnel relocation due to Group reorganisation with new Regional Areas, Local Market Units and branch network rationalisation. The core elements of the employment relationship will be safeguarded (welfare, health and safety, conditions for personnel). The contents of the Supplementary Corporate Labour Agreement will be more relevant and appropriate to the prevailing context and will confirm the Montepaschi Group's focus on young resources with the introduction of economic supplements for new recruits.

In confirmation of the industrial importance that Banca Mps attaches to the back office project as a strategic lever in delivering objectives of efficiency, productivity and profitability, strict safeguard clauses have been identified to maintain the employment levels of personnel involved.

The Bank appreciates the profound sense of responsibility with which the latest phase of negotiations has been conducted though it regrets the failure of certain Trade Unions to sign the agreement at a time when, considering the very challenging situation, it would have been preferable to reach a fully agreed upon solution.



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