9M 2011 Results

Assets under administration: 44.9 billion euro
Net inflows: 2,318 million euro
Net income: 61 million euro
2011 Interim dividend: 7 euro cents per share
Bond issue

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Interim Financial Statements as at September 30, 2011, as well as the Separate Financial Statements for Mediolanum S.p.A. as at the same date, and based on the latter, resolved to distribute an interim dividend of 7 eurocents per share before any withholding tax. The dividend will be payable on November 24, 2011 (ex-dividend date November 21, 2011; coupon No. 23).

CONSOLIDATED GROUP RESULTS in the First Nine Months of 2011 felt the impact of the impairment of the Greek government bonds in the group’s portfolio , with a pre-tax cost of 80 million euro, and by the negative contribution of investments at fair value of 52 million euro. Regarding the latter, it should be noted that there are 73 million euro unrealised (therefore only potential) capital losses due to the difficult situation in the markets at the end of September. These losses are not expected to be realised and will be recuperated when these securities reach maturity. Excluding these unrealised losses and the one-off impairment of the Greek bonds, the result for the Nine Months of 2011 would have been greater than the same period in 2010, regardless of the 66 million euro less in performance fees compared to last year.

In light of the aforementioned:

• Net income was at 60.7 million euro, -60% compared to the same period last year.
• Assets under Administration totalled 44,859 million euro, a decrease of 2% since the beginning of the year, and an increase of 1% compared to September 30, 2010.
  

With specific reference to the DOMESTIC MARKET the following results were registered:

• Net Income was at 64.4 million euro, -59% with respect to the same period last year;
• Assets under Administration were down by 2% since the beginning of the year and increased by 2% with respect to September 30, 2010, totalling 42,955 million euro.

In more detail, with reference to Banca Mediolanum:

• Net Inflows were positive at 1,659 million euro in total.
• The number of Licensed Advisors came to a total of 4,613.
• There was a total of over 1,070,000 customers as at September 30, 2011.
• There was a total of about 600,000 bank accounts as at September 30, 2011, an increase of 26,000 accounts (+5%) compared to the same period last year.

Highlights in particular with respect to Banca Esperia:

• Assets under Administration grew by 5% with respect to September 30, 2010 reaching 13,026 million euro (6,513 million euro for Mediolanum’s share);
• Profit before tax was at 1.1 million euro, more than doubling compared to the first nine months of last year.

With reference to the FOREIGN MARKETS:

• The Net Economic Result registered 0.8 million euro less, bringing the result to -3.7 million euro, a change of 27%;
• Assets under Administration totalled 1,903 million euro, unchanged with respect to September 30, 2010 (-3% compared to December 31, 2010).

In an effort to provide more complete disclosure about the results as at September 30, 2011, we have attached the segment report detailing income statement data, reclassified 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 the books.
A presentation in English of the financial information contained herein will be available at the Italian Stock Exchange.
The Interim Financial Statements as at September 30, 2011, as well as the Separate Financial Statements for Mediolanum S.p.A. as at the same date, will be available according to the terms set by law at the company’s Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website http://www.mediolanum.com and at Borsa Italiana S.p.A.



Moreover, the Board resolved to issue non-convertible bonds up to a maximum amount of 250 million euro to be placed by June 30th 2012 on the Italian retail market by Banca Mediolanum S.p.A., which is also acting as calculation agent.

The amount raised through the bond issue will mainly go towards the restructuring of the existing short-term debt instruments currently outstanding between the Issuer and credit institutions outside the Mediolanum Group.

The aforementioned bond offering, providing for a minimum total of 50,000 euro per single investment or separate offering, is exempt from the obligation to publish a prospectus as per article 100, paragraph 1 letter c) of the Consolidated Finance Law (“TUF”) currently in force, and article 34-ter, paragraph 1, letter d) of the “Issuers Regulation” adopted by CONSOB (resolution n. 11971 dated May 14, 1999, as subsequently amended).

The Issuer doesn’t intend to submit an application for the admission to trading of the Bonds on any Italian or foreign regulated market.

The board, following the unanimous favourable opinion of the committee composed of the three independent directors, also unanimously approved the update of the procedures adopted pursuant to the CONSOB Deliberation n. 17221 of March 12, 2010, which discipline transactions with related parties; such update aims at better explaining some formal aspects of the procedure, said procedures will be made available on the websitehttp://www.mediolanum.com

Basiglio - Milano 3 City, November 9, 2011

Attachments:

• Balance Sheet as at September 30, 2011
• Income Statement as at September 30, 2011
• Segment Report as at September 30, 2011

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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