H1 2005 Results

First Time Application of IAS/IFRS

Group net income: 115 million euro, +29%
Embedded Value Earings: 318 million euro, +47%
Group Assets Under Administraton: 28 billion euro, +12%

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements for the first half of 2005 according to the new international accounting principle, and also the document on Shareholders’ Equity coming from the First Time Application of IAS/IFRS.

The First Time Application of IAS/IFRS was implemented based on all of the principles accepted by the European Union as at January 2005, including IAS 32, 39 and IFRS4.


With reference to the GROUP RESULTS:

	Group Net Profit was at 115 million euro, a growth of 29% compared to the results for the same period last year, on an IAS homogenous basis (+50% compared to the local GAAP result for the same period last year.
	Group Assets under Administration, grew 12% with respect to June 30, 2004 totalling 28,147 million euro.

With reference to the DOMESTIC MARKET, (only 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 117 million euro, a growth of 27% with respect to the results for the same period last year.
	Assets under Administration grew 13% with respect to June 30, 2004, totalling 25,339 million euro.
	Gross Inflows came in at 2,164 million euro, + 12% with respect to the same period last year.
	Gross Premiums Written in total came to 1,271 million euro, an increase of 11% with respect to the same period last year. In particular, Life New Business grew 11% (842 million euro), with New Business in Recurring Premiums contributing 90 million euro, +1%, and Single Premiums adding 751 million euro, +12%.
	Asset Management registered Gross Inflows of 719 million euro.
	Net Inflows came in at 729 million euro, +5% with respect to the same period last year. Net Inflows into Managed Savings, were positive at 566 million euro and were positive each month. Net Inflows into Administered Savings were positive at 163 million euro.
	As at June 30, 2005, the Sales Network of Banca Mediolanum totalled 4,835 financial advisors – of which 3,980 were licensed advisors.
	There were a total of 788,000 Primary Account Holders as at June 30, 2005 (782,000 at June 30, 2004)
	There were a total of 363,100 bank accounts as at June 30, 2005, an increase of 29,000 with respect to June 30, 2004.
	Banca Esperia registered a profit of 4.6 million euro (2.2 million euro for Mediolanum’s share), +130% with respect to the same period last year.Assets under Administration reached 5,306 million euro (2,578 million euro for Mediolanum’s share), an increase of 43% with respect to June 30, 2004.
	Embedded Value, calculated by Tillinghast-Towers Perrin for the Life and Asset Management businesses, and which does not yet value the future profits of banking activities of Banca Esperia, nor of the foreign subsidiaries, registered an increase of 19%, from 2,166 million euro as at June 30, 2004 to 2,574 million euro. In particular, Embedded Value Earnings came in at 318 million euro, +47% with respect to the same period year..

With reference to the FOREIGN MARKETS:

	Economic results improved with respect to the same period last year passing from –3.6 million euro to –2.4 million euro.
	Assets under Administration grew by 4% with respect to June 30, 2004, totalling 2,807 million euro.

Shareholders’ Equity as at January 2005 passed from 623.9 million euro to 662.3 million euro, net of the positive tax effects amounting to 6.9 million euro. The principle effects from the adoption of the new accounting standards as at January 1, 2005 are the following:

- Valuation at market value of Financial Assets available-for-sale: 35.2 million euro
- Elimination of Goodwill Amortisation for 2004: 21.2 million euro.
- Application of DAC accounting to net revenues from Life financial contracts, or rather all products characterised by having an insurance component that is not significant: -14.4 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 June 30, 2005
Reclassified Income Statement H105
Segment Report

Basiglio, Milano 3 City, September 28, 2005

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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