Q1 2007 Results

Profit before tax: 80 million euro, +7%
Net Income: 61 million euro, +4%
Assets under administration: 34 billion euro, +9%
Gross Inflows: 2,574 million euro, +30%
Net Inflows: 645 million euro, +23%
Surpassed 1 million customers

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements for the first quarter of 2007.

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

	Net Income was at 61 million euro, a growth of 4% compared to the same period last year.
	Profit before tax was at 80 million euro, an increase of 7%.
	It should be noted that results for the first quarter of 2006 were characterised by very strong performance fees,  which during the first quarter of 2007, due to the trend in the stock and ForEx markets,  were  41% lower. Net of performance fees, Profit before Tax thus increased by 30% compared to the same period last year.
	Assets under Administration, grew by 9% March 31, 2006 totalling 34,193 million euro.
	Inflows registered a strong increase with respect to the same period last year. In particular, Gross Inflows came in at 2,574 million euro, increasing by 30%, while Net Inflows were positive at 645 million euro, a growth of 23%.

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 Income was at 59 million euro, flat with respect to the same period last year.
	Assets under Administration grew 9% with respect to March 31, 2006, totalling 30,847 million euro.

Moreover, excluding Banca Esperia:

	Gross Premiums Written in total came to 864 million euro, +34% with respect to the same period last year. Life New Business jumped 49% to 584 million euro, with Recurring Premiums dropping 42% to 36 million euro, and  Single Premiums increasing  by 66%, to 547 million euro. The drop in Recurring Premiums is a result of the preclusion to distribute the new individual pension products not yet authorized by COVIP.
	Asset Management registered Gross Inflows of 749 million euro, with an decrease of 24% compared to the previous year.
	Net Inflows were positive at 420 million euro, an increase of 43%. In particular, Life Net Inflows, grew by 41% to 377 million euro.
	As at March 31, 2007, there were 1,010 individuals in the Sales Network of Banca Mediolanum, up 18%, totalling 6,475 Family Bankers, of whom 4,036 are licensed advisors.
	As at March 31, 2007, there was a total of 1,006,500 customers.
	There were a total of 480,000 bank accounts at March 31, 2007, an increase of 71,000 accounts with respect to March 31, 2006, +17%.

Highlights in particular with respect to Banca Esperia:

	Net Income was at 7.2 million euro (3.5 million euro for Mediolanum’s share), an increase of 79%.
	Assets under Administration grew 25% compared to March 31, 2006, reaching 7,571 million euro (3,672 million euro for Mediolanum’s share).

With reference to the FOREIGN MARKETS:

	The net economic result was positive passing from breakeven at the first quarter last year to a Net Income of 1.9 million euro. The business in Spain, through Fibanc-Mediolanum, registered a growth in Consolidated Net Profit, passing from 1.5 million euro to 2.3 million euro.
	Assets under Administration grew by 9% with respect to March 31, 2006, totalling 3,346 million euro.

The Board of Directors have also appointed Luigi Del Fabbro, currently General Manager and CFO of the Mediolanum Group, as the “officer in charge of preparing the corporate financial statements and reports” of Mediolanum S.p.A..

In an effort to provide more complete disclosure about the results as at March 31, 2007, we have attached the Segment Report for the quarter 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 S.p.A..
The Quarterly Report as at March 31, 2007, will be available at the company’s Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website www.mediolanum.com and at the Borsa Italiana S.p.A.


Attachments:
Consolidated Balance Sheet as at March 31, 2007
Consolidated Income Statement as at March 31, 2007
Consolidated Segment Report


Basiglio, Milano 3 City, May 10, 2007

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