Q1 2006 Results

Net income: 59 million euro, +17%
Assets under administration: 31.5 billion euro, +18%
Gross inflows: 1,973 million euro, +32%

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements as at March 31, 2006.


With reference to the GROUP RESULTS:

	Net Profit was at 59 million euro, a growth of 17% compared to the results for the same period last year.
	Assets under Administration, grew 18% with respect to March 31, 2005 totalling 31,466 million euro.
	Gross Inflows came in at 1,973 million euro, +32% with respect to the same period last year.

With reference to the DOMESTIC MARKET, (Net Income, Assets and Gross Inflows include Banca Esperia for the 48.5% share pertaining to the Group), the following results were achieved:

	Net Profit was at 59 million euro, a growth of 14% with respect to the same period last year.
	Assets under Administration grew 18% with respect to March 31, 2005, totalling 28,384 million euro.
	Gross Inflows came in at 1,794 million euro, +35% with respect to the same period last year.

In particular, pertaining to Mediolanum:

	Gross Premiums Written in total came to 646 million euro, a decrease of 7% with respect to the same period previous year. In particular, Life New Business fell 19% (392 million euro), but with Recurring Premiums growing 47% to 63 million euro, and Single Premiums down 26%, to 329 million euro.
	Asset Management registered Gross Inflows of 989 million euro, a growth of 183% compared to the same period last year.
	Net Inflows came in at 294 million euro, a drop of 8% with respect to the same period last year. In particular, Managed Savings, grew by 47% to 449 million euro.
	As at March 31, 2006, the Sales Network of Banca Mediolanum totalled 5,465 financial advisors (of whom 3,947 licensed advisors), +14% with respect to March 31, 2005.
	There were a total of 806,700 Primary Account Holders as at March 31, 2006, 21,800 more than at March 31, 2005). There were 380,300 bank customers at March 31, 2006, an increase of 19% with respect to March 31, 2005.
	There were a total of 408,700 bank accounts at March 31, 2006, an increase of 59,510 with respect to March 31, 2005, +17%.

Highlights in particular with respect to Banca Esperia:

	A net profit of 3 million euro (1.6 million euro for Mediolanum's share), a growth of 57%.
	Assets under Administration grew 20% with respect to the same period last year, reaching 6,033 million euro. (2,926 million euro for Mediolanum's share).

With reference to the FOREIGN MARKETS:

	Profit before Tax came in at 0.5 million euro, with respect to the loss of the same period last year of 1.4 million euro.
	The Net Result reached breakeven, compared to a loss of 1.6 million euro for the first quarter of 2005. In particular, Spain registered Net Profit of 1.5 compared to breakeven for the same period last year.
	Assets under Administration grew by 14% with respect to March 31, 2005, totalling 3,082 million euro.

A presentation in English with the data contained in this document will be available at the Borsa Italiana offices (Italian Stock Exchange).


Attachments:
Balance Sheet as at March 31, 2006
Income Statement as at March 31, 2006
Segment Report


Basiglio, Milano 3 City, May 10, 2006

Contacts: Media Relations Roberto Scippa Tel +39 02 9049 2902 Fax +39 02 9049 2345 e-mail: gmmedia@mediolanum.it

Investor Relations Alessandra Lanzone Tel +39 02 9049 2039 e-mail: investor.relations@mediolanum.it