9M 2006 Results

Assets under administration: 32 billion euro, +9%
Gross inflows: 5,716 million euro, +29%
Net inflows: 1,722 million euro, +27%
Net income: 166 million euro, -8%

2006 Interim dividend: 8.5 eurocents per share

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements as at September 30, 2006, and resolved to distribute an interim dividend of 8.5 eurocents per share before any withholding tax. The dividend will become payable on November 23, 2006 (ex-dividend date November 20, 2006; coupon No. 13).


With reference to the GROUP RESULTS, we would like to highlight in particular:

	Net Profit was at 166.4 million euro, a decrease of 8% compared to the results for the same period last year. Profit before Tax was at 215 million euro, a decrease of 5% with respect to the same period last year. The fall in markets this year resulted in performance fees 43% lower than for the same period in 2005. Net of performance fees, Profit before Tax would have increased by 25% compared to the first nine months of last year.
	Assets under Administration, grew by 9% with respect to September 30, 2005 totalling 32,235 million euro.
	Inflows registered a strong increase with respect to the same period last year. In particular, Gross Inflows came in at 5,716 million euro, increasing by 29%, while Net Inflows were positive at 1,722 million euro, a growth of 27%.

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

	Net Profit was at 166.8 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 10% with respect to September 30, 2005, totalling 29,200.5 million euro.

In particular, excluding Banca Esperia:

	Gross Premiums Written in total came to 2,194 million euro, +20% with respect to the same period last year. Life New Business increased by 20% (1,396 million euro), with Recurring Premiums growing 11% to 141 million euro, and Single Premiums growing by 22%, to 1,255.5 million euro.
	Asset Management registered Gross Inflows of 2,012 million euro, with an increase of 65% compared to the same period last year.
	Net Inflows came in at 1,336 million euro, an increase of 28% with respect to the same period last year. In particular, Managed Savings, grew by 34% to 1,091 million euro.
	As at September 30, 2006, the Sales Network of Banca Mediolanum grew by 905 individuals compared to September 30, 2005, totalling 5,884 financial advisors (of whom 3,996 licensed advisors).
	As at September 30, 2006, there was a total of 824,700 Primary Account Holders, 34,200 more than for the same period last year.
	There were a total of 440,382 bank accounts at September 30, 2006, an increase of 67,242 accounts with respect to September 30, 2005, +18%.

Highlights in particular with respect to Banca Esperia:

	A Net Profit of 9.9 million euro (4.8 million euro for Mediolanum’s share), a decrease of 7%.
	Assets under Administration grew 17% with respect to September 30, 2005, reaching 6,466 million euro (3,136 million euro for Mediolanum’s share).

With reference to the FOREIGN MARKETS:

	The Net Economic Result improved by 88% with respect to the same period last year, passing from –3.4 million euro to –0.4 million euro. The business in Spain through Fibanc contributed 4.5 million euro to the Consolidated Net Profit, compared to 0.4 million euro for the same period last year.
	Assets under Administration grew by 3% with respect to September 30, 2005, totalling 3,034.5 million euro.

In an effort to provide more complete information about the results for first nine months, we have attached the segment report for the period detailing the economic data, reclassified to reflect the criteria used by the Mediolanum Group.

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

The quarterly report at September 30, 2006, including the Directors’ Report, prepared in accordance with the requirements of article 2433 bis of the Italian Civil Code, and the Independent Auditors’ report, will be available at the company’s Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website www.mediolanum.it and at the Borsa Italiana S.p.A.


ADOPTION OF NEW CODE OF CONDUCT RULES

The Board of Directors also resolved to incorporate into its governance system certain changes introduced into the Code of Conduct for publicly traded companies by the Corporate Governance Committee of Borsa Italiana S.p.A. in March 2006.


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


Basiglio - Milano 3 City, November 9, 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

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