H1 2007 Results

Assets under administration: 35.3 billion euro, +15%
Gross inflows: 5,597 million euro, +34%
Net inflows: 1,479 million euro, +21%
Net income: 113 million euro, +7%

Embedded value: 3,173 million euro, +7%

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statementsas at June 30, 2007.


With reference to the GROUP RESULTS:

	Net Income was at 113 million euro, an increase of 7% compared to the results for the same period last year. Profit before Tax was at 143 million euro, up 3%.
	Assets under Administration, grew by 15% with respect to June 30, 2006 totalling 35,314 million euro.
	Inflows grew markedly compared to the same period last year. Specifically, Gross Inflows came in at 5,597 million euro, up 34% and Net Inflows came in positive at 1,479 million euro, up 21%.

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 111 million euro, with an increase of 3% with respect to the same period last year.
	Assets under Administration grew 15% with respect to June 30, 2006, totalling 32,270 million euro.

In particular, excluding Banca Esperia:

	Life Gross Premiums Written in total came to 1,726 million euro, an increase of 9% with respect to the same period last year. Life New Business grew by 11% (1,155.5 million euro), with Single Premiums increasing by 14% to 1,075 million euro and Recurring Premiums declining 21% to 81 million euro. Please bear in mind that following the reform of the supplementary pension legislation, in the first six months of the year we could only collect sign-ups but not issue any policies in relation to individual pension plans for those in the employee category. The 89,000 sign-ups received by Banca Mediolanum would have entailed a substantial increase in Recurring Premium Income, which, instead, will be reflected in the accounts from July 1, 2007 in accordance with the law.
	Asset Management registered Gross Inflows of 1,894 million euro, a growth of 15% compared to the same period last year.
	Net Inflows came in positive at 728 million euro.
	As at June 30, 2007, the Sales Network of Banca Mediolanum had registered an additional 657 individuals compared to June 30, 2006, totalling 6,315 Family Bankers (of whom 4,108 licensed financial advisors).
	There were a total of 1,035,000 customers as at June 30, 2007.
	There were a total of 501,913 bank accounts at June 30, 2007, an increase of 77,237 with respect to June 30, 2006, +18%.

Highlights in particular with respect to Banca Esperia:

	Net Income of 18 million euro (8.7 million euro for Mediolanum’s share), a growth of 135%.
	Assets under Administration grew 47% with respect to June 30, 2006, reaching 9,130 million euro (4,428 million euro for Mediolanum’s share).

With reference to the FOREIGN MARKETS:

The Net Economic Result became positive, improving from –1 million euro in the first six months of 2006 to 2.3 million euro. The business in Spain through Fibanc Mediolanum more than doubled its contribution to the Group Net Income from 1.9 million euro to 4.1 million euro. Assets under Administration grew by 16% with respect to June 30, 2006, totalling 2,684 million euro

Embedded Value, calculated by Tillinghast-Towers Perrin in relation to all domestic businesses (excluding Banca Esperia) and the Spanish business excluding the banking business, registered an increase of 7% to 3,173 million euro as at June 30, 2007.

In relation to the events that led to the US subprime mortgage crisis after the end of the first half of the year, the analysis made throughout the Group in accordance with the instructions issued by domestic Supervisory Authorities did not reveal any exposure of Mediolanum S.p.A. or other companies of the Mediolanum Group.
In fact, no investment was made on own accounts or on behalf of customers in securities or issues related to said high-risk mortgages. In addition, no financial instrument with such underlying is held by any bank within the Mediolanum Group either in custody or under administration.
Any impact of the subprime mortgage crisis on the Mediolanum Group may solely arise, as for most players, in connection with market performance, or investments in instruments or products issued by entities that in turn are exposed to the subprime mortgage risk.

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 reclassified 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.


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, 2007
Income Statement as at June 30, 2007
Segment Repor

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, September 11, 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

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