Q1 2014 Results

Net income: 81 million euro
Assets under administration: 58.9 billion euro
Banca Mediolanum net inflows: 859 million euro
Stock Option resolutions

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Interim Financial Statements as at March 31, 2014.

The CONSOLIDATED GROUP RESULTS in the first quarter of the year once again confirm the steady increase in management fees, the most important of recurring revenues; while the contribution of performance fees was modest with respect to the historical average. G&A expenses were significantly higher compared to the same period in 2013 following the launch of a number of new development projects, as announced, especially in the IT area, and due to the different timing of some marketing costs.

As proof of the aforementioned:

• Group Net Income for the quarter was at 80.9 million euro, -41% with respect to the same period last year, which benefitted from higher-than-average performance fees and higher realised capital gains, in addition to the lower G&A costs already mentioned;
• Total Assets under Administration went up to 58,943 million euro, an increase of 10% with respect to March 31, 2013, and 2% with respect to the beginning of the year.

In greater detail, with reference to Banca Mediolanum:

• Total Net Inflows were positive at 859 million euro. Net inflows into mutual funds were particularly noteworthy, reaching 809 million euro;
• The number of Financial Advisors as at March 31, 2014 totalled 4,425;
• There was a total of 1,055,006 customers as at March 31, 2014;
• The number of Current accounts and Deposit accounts was approximately 743,300 as at March 31, 2014, with an increase of 4% with respect to the same date last year, and of 2% since the beginning of the year.

Highlights in particular with respect to Banca Esperia:

• Net Income was at 5.2 million euro (2.6 million euro for Mediolanum’s share), +44% with respect to the same period in 2013;
• Assets under Administration totalled 14,960 million euro (7,480 million euro for Mediolanum’s share), an increase of 5% with respect to March 31, 2013, -2% since the beginning of the year.

With reference to the Foreign Markets:

• Net Income came in at 2.9 million euro, posting a decrease of 75% with respect to the first quarter of 2013, when significant capital gains had been realised in Spain;
• Assets under Administration totalled 2,907 million euro, a growth of 23% with respect to March 31, 2013 and 3% since the beginning of the year.

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Stock option resolutions

The Board of Directors of the Company, after consulting the Nomination and Remuneration Committee, exercising the authorities conferred by the shareholders at the Ordinary and Extraordinary meetings of April 27, 2010 (as amended by the resolutions passed at the annual General Meeting of April 19, 2012) resolved to:

(i) increase share capital of the Company for a consideration up to maximum of 97,335 euro by issuing a maximum of 973,350 shares reserved for the assignment of Options to service the Top Management Plan 2010;
(ii) increase share capital of the Company for a consideration up to a maximum of 121,425 euro by issuing a maximum of 1,214,250 shares reserved for the assignment of Options to service the Sales Network Plan 2010;
(iii) proceed with the allotment of part of the Options under the Plans to the beneficiaries – a total of 18 beneficiaries under the Top Management Plan 2010 and 185 beneficiaries under the Sales Network Plan 2010.

The Board has furthermore verified the conditions relating to the exercise of the Options granted in previous years, and set the exercise conditions for future Options grants.
For anything not expressly mentioned in this press release and for information about disclosure required under Attachment 3A, Schedule 7 of the Issuer Regulation, readers are referred to the Information Documents and related tables that will be updated to reflect today's Board resolutions and made available on the website www.mediolanum.com within the deadline required by law.

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In an effort to provide more complete disclosure about the economic results as at March 31, 2014, we have attached a report detailing economic data reclassified by business division to reflect the criteria used by the Mediolanum Group. The Officer responsible for preparing Mediolanum S.p.A accounting documents, Luigi Del Fabbro, declares 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 books. A presentation in English of the information contained herein will be available on the Borsa Italiana website and on www.mediolanum.com in the section Investor Relations > Financial Data > Presentations. The Interim Financial Statements as at March 31, 2014 will be made available by the deadlines set by law at the company's Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website www.mediolanum.com and on the Borsa Italiana S.p.A website.

Attachments:

• Consolidated Balance Sheet as at March 31, 2014
• Reclassified Income Statement as at March 31, 2014
• Segment Report by Division as at March 31, 2014

Basiglio - Milano 3 City, May 14, 2014

Contacts: Media Relations Rosamaria Salatino Tel +39 02 9049 2027 e-mail: gmmedia@mediolanum.it

Investor Relations Alessandra Lanzone Tel +39 02 9049 2039 e-mail: investor.relations@mediolanum.it

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