BMPS to demerge in favour of AMCO.

Banca Monte dei Paschi di Siena, an Italian bank, agreed to demerge in favour of Asset Management Company, an Italian debt purchaser and servicer. Financial terms were not disclosed. Such demerger will be implemented through the assignment to AMCO of the compendium with allocation to MPS Shareholders of AMCO Class B shares issued through a capital increase and cancellation of MPS shares owned by MPS shareholders, in a non-proportional measure to their shareholding held in MPS before the effective date of the demerger.