H1 2008 Results

Q2 2008 Net income: 39 million euro, +27% compared to Q1
H1 Net income: 70 million, -38%
Banca Mediolanum net inflows: 1,142 million euro, +57%

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements as at June 30, 2008.

The CONSOLIDATED GROUP RESULTS showed a clearly improving trend versus the first quarter, with bottom-line results in second quarter (39 million euro), 27% higher than in Q1.

The dismal trend in the financial markets in the first half had an impact on commissions from managed assets (-26 million euro with respect to June 30, 2007), and on the net financial margin of the investments at fair value (-25 million euro compared to June 30, 2007).
The Company confirms they do not have any write-downs that would come from sub-prime mortgages or mortgage-backed securities.

In light of the aforementioned:

	Net income was at 70 million euro, a decrease of 38% compared to the result for the same period last year.
	Profit before Tax was at 89 million euro, a decrease of 38%.
	Assets under Administration totalled 32,070 million euro, a decrease of 9% compared to June 30, 2007.
	Net Inflows, on the other hand, remained significantly positive at 689 million euro.

The same considerations made for the Group can also be applied to the DOMESTIC MARKET where the following results were achieved (Net Income and Assets include Banca Esperia for the 48.5% share pertaining to the Group):

	Net Income was at 74.1 million euro, with a decrease of 33% with respect to the same period last year.
	Assets under Administration decreased 8% with respect to June 30, 2007, totalling 29,834 million euro.

It should be highlighted that Banca Mediolanum made progress in all strategic projects.
In particular,

	Net Inflows were positive at 1,142 million euro, an increase of 57% compared to the first half last year. In contrast with the rest of the market, Net Inflows into Managed Savings were very positive at 579 million euro, up 53%.
	Life Gross Premiums Written totalled 1,465 million euro, 15% less with respect to the same period last year. This result is due, on one hand, to an extraordinary performance in new business of Recurring Premiums, which grew by 89% to 153 million euro, and in particular in the sales of the Individual Pension Plans, ‘Tax Benefit New’; on the other hand, to a reduction of 32% in Single Premiums, coming in at 726 million euro.
	There was particularly significant growth in the number of licensed advisors: 5,032 or +22% compared to June 30, 2007. At June 30, 2008, the Sales Network of Banca Mediolanum totalled 6,059 Family Bankers including non-licensed advisors.
	There was a total of 1,073,000 Customers at June 30, 2008, an increase of 4%.
	There was a total of 548,300 bank accounts at June 30, 2008, an increase of more than 46,000 accounts with respect to June 30, 2007, +9%.

Highlights in particular with respect to Banca Esperia:

	Net Income was at 6.8 million euro (3.3 million euro for Mediolanum’s share), a decrease of 62%, substantially due to the absence of performance fees.
	Assets under Administration fell 4% with respect to June 30, 2007, reaching 8,791 million euro (4,264 million euro for Mediolanum’s share).

With reference to the FOREIGN MARKETS:

	The Net Economic Result was a negative 3.8 million euro, with respect to 2.3 million euro for the same period last year. The business in Spain, through Fibanc Mediolanum, due to the negative impact of the market on the financial components of the income statement, closed the half-year with a negative net result of 0.4 million, a result that otherwise would have been positive.
	Assets under Administration totalled 2,235 million euro, down 26% with respect to June 30, 2007.

The Board of Directors of Mediolanum S.p.A. also acknowledged that on July 30, 2008, the Board of Directors of Banca Mediolanum nominated Massimo Doris as CEO and General Manager of the Bank. At the same time, Edoardo Lombardi, Vice-President of the Bank and of the Group was given the mandate for the management and the development of the foreign banking subsidiaries and for institutional relationships.

In an effort to provide more complete disclosure about the results as at June 30, 2008, we have attached the segment report detailing income statement data, reclassified to reflect the criteria used by the Mediolanum Group. This reclassified segment report is not subject to audit by the independent auditors, who moreover, haven’t yet finished the audit on a limited basis of the consolidated financial statements as at June 30, 2008.

A presentation in English of the financial information contained herein will be available at Borsa Italiana.

The half-year Financial Statements as at June 30, 2008 will be available at the company’s Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website http://www.mediolanum.ite and at Borsa Italiana S.p.A.

The Officer responsible for preparing Mediolanum S.p.A accounting documents, Luigi Del Fabbro, certifies that, in compliance with the requirements of the second paragraph of section 154 bis of the Consolidated Finance Act, the financial information contained herein reflects the accounting entries, records and the books.

Basiglio - Milano 3 City, July 31, 2008

Attachments:
Balance Sheet as at June 30, 2008
Income Statement as at June 30, 2008
Segment Report

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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