This paper presents the results of the work carried out in an ongoing Research Project, funded by the Italian Civil Protection Department, aimed at computing the risk of collapse of existing masonry buildings. Other papers submitted to this conference describe the overall Research Project [1], its different areas of application ([2][3][4][5][6]), the overall seismic risk calculation procedure, the seismic hazard assessment and the ground motion selection process followed to identify the recorded ground motions used for nonlinear dynamic analyses. Several unreinforced masonry buildings were considered, characterized by stone and clay masonry, regular and irregular geometries and number of storeys varying from two to seven. These buildings were retrofitted according to the prescriptions of different Italian seismic codes, applying commonly adopted retrofit techniques (e.g. floor stiffening, injection of masonry, addition of tie beams, etc). The paper presents the results for a single case study building. Equivalent frame models are used to simulate the in-plane response, whereas outof-plane failure modes are prevented by the selected strengthening interventions. Pushover analyses are performed to estimate the capacity in terms of a properly selected engineering demand parameter, whereas the demand is obtained by multi-stripe nonlinear dynamic analyses for ten different earthquake's return periods. The results allow to understand the different level of risk implicit in buildings retrofitted according to various codes and strategies.