H1 2006 Results

Net income: 106 million euro, -8%
Assets under administration: 31 billion euro, +10%
Gross inflows: 4,225 million euro, +47%
Net inflows: 1,218 million euro, +30%
Net income: 106 million euro, -8%

Embedded value: 2,974 million euro, +6%
New business value: 151 million euro, +64%

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements as at June 30, 2006.


With reference to the GROUP RESULTS:

	Net Profit was at 106 million euro, a decrease of 8% compared to the results for the same period last year. Profit before Tax was at 139 million euro, a decrease of 6% with respect to the same period last year. It should be noted that the first half of 2005 was characterised by strong growth in equity markets, and as a consequence generated performance fees 72% higher than in 2006. Net of performance fees, Profit before Tax would have increased by 17% compared to the same period last year.
	Assets under Administration, grew by 10% with respect to June 30, 2005 totalling 31,062 million euro.
	Gross Inflows came in at 4,225 million euro, +47% with respect to the same period last year.
	Net Inflows came in positive at 1,218 million euro, +30% 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 107 million euro, with a decrease of 9% with respect to the same period last year, due to the same reasons that affected the results at the Group level.
	Assets under Administration grew 11% with respect to June 30, 2005, totalling 28,093 million euro.
	Gross Inflows came in at 3,892 million euro, +48% with respect to the same period last year.

In particular, pertaining to Mediolanum:

	Gross Premiums Written in total came to 1,580 million euro, an increase of 24% with respect to the same period last year. Life New Business grew by 25% (1,042 million euro), with Recurring Premiums growing 28% to 102 million euro, and Single Premiums increasing by 25%, to 940 million euro.
	Asset Management registered Gross Inflows of 1,647 million euro, a growth of 129% compared to the same period last year.
	Net Inflows came in at 902 million euro, an increase of 24% with respect to the same period last year. In particular, Managed Savings, grew by 40% to 793 million euro.
	As at June 30, 2006, the Sales Network of Banca Mediolanum had registered an additional 823 compared to June 30, 2005, totalling 5,658 financial advisors (of whom 3,954 licensed advisors).
	There were a total of 814,900 Primary Account Holders as at June 30, 2006, 26,900 more than for the same period last year.
	There were a total of 424,676 bank accounts at June 30, 2006, an increase of 61,531 with respect to June 30, 2005, +17%.

Highlights in particular with respect to Banca Esperia:

	A Net Profit of 6.2 million euro (3.0 million euro for Mediolanum’s share), a growth of 36%.
	Assets under Administration grew 17% with respect to June 30, 2005, reaching 6,232 million euro (3,022 million euro for Mediolanum’s share).

Embedded Value, calculated by Tillinghast-Towers Perrin, including the Life, Asset Management, domestic Banking businesses, and the Spanish business registered an increase of 6%, from 2,807 million euro (reclassified according to European Embedded Value) as at June 30, 2005 to 2,974 million euro.
The Value of New Business for Life, Asset Management and the Bank was positive at 151 million euro, an increase of 64% with respect to the same period last year.



With reference to the FOREIGN MARKETS:

The Net Economic Result improved by 35% with respect to the same period last year, passing from –2.4 million euro to –1.5 million euro. The business in Spain through Fibanc contributed 1.9 million euro to the Consolidated Net Profit, compared to 0.6 million euro for the same period last year. Also with reference to Spain and Embedded Value, the Value of New Business for the first six months of the year was at 9 million euro, equal to Value of New Business generated during the entire preceding year.

Assets under Administration grew by 6% with respect to June 30, 2005, totalling 2,968 million euro.

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

In an effort to provide more complete information of the half-year results, we have attached the segment report for the period detailing the economic data for the half-year, reclassified to reflect the criteria used by the Mediolanum Group. This restated report isn’t subject to certification by the auditors. These auditors are commissioned to certify the half-year results on a limited basis and they have not yet completed their audit review.


Attachments:
Balance Sheet as at June 30, 2006
Income Statement as at June 30, 2006
Segment Report


Basiglio, Milano 3 City, September 11, 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