The outcome of the Comprehensive Assessment (“CA”) exercise has confirmed Banca Monte dei Paschi di Siena's (“BMPS” or the “Bank”) capital structure to be sound and capable of absorbing the impact of the Asset Quality Review (“AQR”). This result was achieved thanks to the appropriately-sized capital increase carried out in June 2014. In fact, the exercise showed a post-AQR Common Equity Tier 1 (“CET1”) of 9.5% as at 31 December 2013 against a threshold of 8.0%.

The Stress Test in the Baseline Scenario was also passed with the exercise revealing a CET1 of 8.8%[1] against a threshold of 8.0%. [1] Capital ratios in the Baseline and Adverse Scenarios of the Comprehensive Assessment were calculated on the basis of biggest cumulative impacts calculated during the 2014-2016 Stress Test period adjusted to the Bank’s capital as at 1 January 2014, post AQR and Join-up.

On the other hand, the Adverse Stress Test Scenario at 2016 was not passed, showing a shortfall of €2.1 billion net of actions already implemented.

The result of the exercise applied to the Bank - which has recently embarked upon a restructuring exercise approved by the European Commission - was penalized by the methodologies adopted in the CA.

The Board of Directors of BMPS has begun a review of the potential actions to be included in the Capital Plan which will be submitted for approval by Supervisory Authorities within the terms established by regulations. Resulting changes in the Restructuring Plan already approved by the European Commission, should be approved by the same authority.

The Board of Directors of the Bank has appointed UBS and Citigroup as financial advisers for the definition, structuring and execution of the mitigating actions of the Capital Plan, as well as to explore all strategic alternatives for the Bank.


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