03/26/2014
2.07 p.m.

FY 2013 Results

Profit before Tax: 544 million euro, +9%
Net income: 337 million euro, -4%
Assets under administration: 57.8 billion euro, +12%
Totale net inflows: 3,681 million euro
of which Mutual Funds: 4,825 million euro

Dividend proposed: 25 eurocents per share
Dividend balance to be paid: 15 eurocents per share

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated and Separate Financial Statements of the Mediolanum Group as at December 31, 2013.

The Board of Directors resolved to propose to the Shareholders the payment of a dividend of 25 eurocents per share relative to the net income for 2013. Considering the interim dividend of 10 eurocents per share already paid out in November 2013, the Board of Directors will propose at the General Shareholders' Meeting the distribution of a dividend balance of 15 eurocents per share, gross of any applicable taxes, payable on May 22, 2014^* (ex-dividend date May 19, 2014; coupon No. 28).

The General Shareholders’ Meeting for the approval of the financial statements will take place in a single call on April 29, 2014 at 2:30 p.m. in the Meucci Building in Milano Tre, Basiglio.

CONSOLIDATED GROUP RESULTS for 2013 confirm the excellent quality of business: management fees – the most important of the recurring revenues – are continuing to increase, thanks to the strong net inflows into mutual funds that registered an all-time record in 2013 – and amply compensate the decrease in the net interest income. Therefore:

Profit before Tax was at 544.1 million euro, +9% with respect to a record 2012. This is the best result in the history of the company;
Net income was at 336.6 million euro, -4% with respect to the previous year, due to some non-recurring tax expenses that had a significant impact on the results for the year;
Assets under Administration totalled 57,832 million euro, an increase of 12% with respect to December 31, 2012.

In more detail, with reference to Banca Mediolanum:

Net Inflows were positive at 3,339 million euro overall; Asset Management Net Inflows of 4,583 million euro deserve particular attention;
The number of Licensed Advisors came to a total of 4,407;
There was a total of nearly 1,042,900 customers as at December 31, 2013;
There was a total of over 729,200 bank accounts, including deposit accounts, as at December 31, 2013, an increase of 3% compared to the previous year.

Highlights in particular with respect to Banca Esperia:

Net Income was at 1.5 million euro (0.8 million for Mediolanum’s share), compared to 5.1 million euro at year-end 2012. The result incorporates the impact of provisions related to non-recurring charges, totalling 11.5 million euro;
Assets under Administration grew by 11% with respect to December 31, 2012 reaching 15,300 million euro (7,650 million euro for Mediolanum’s share).

With reference to the Foreign markets:

The business in Spain closed the year with a profit of 26.3 million euro compared to 7.2 million euro registered in 2012;
The business in Germany closed the year with a net loss of 4.5 million euro, a slight improvement compared to a loss of 4.7 million euro in 2012. Moreover, an impairment of 4.3 million euro was made, bringing the final result to -8.7 million euro;
Overall, Assets under Administration of the foreign banking subsidiaries totalled 2,821 million euro, a growth of 26% with respect to December 31, 2012.

Embedded Value, which refers to all the Domestic Market business excluding Banca Esperia, and the business in Spain excluding banking, hit a record of 3,999 million euro at the end of 2013 (+27% with respect to 2012).
Embedded Value Earnings came in at 660 million euro. In particular, the Value added by New Business was 345 million euro.

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As announced in a joint press release from Bank of Italy, IVASS and CONSOB dated August 5, 2013, Mediolanum S.p.A. is now classified as a Financial Conglomerate with a banking prevalence, and as a result, Banca d’Italia takes on the role of coordinator of supervisors.
The consolidated financial statements as at December 31, 2013 will be drafted for the first time according to the framework of “Instructions for the layout of the financial statements of companies and of the consolidated financial statements of banks and financial companies, which are parent companies of banking groups” issued by the Bank of Italy, executing the powers established by art. 9 of the D.Lgs. n. 38/2005, with Memo n. 262 dated December 22, 2005, including subsequent amendments and additions .

Please note that the Consolidated and Separate Financial Statements as at December 31, 2013 are currently under review by the independent auditors, who have not yet issued their report. In an effort to provide more complete disclosure about the results for the year 2013, we have attached the segment report detailing income statement data, reclassified to reflect the criteria used by the Mediolanum Group. This reclassified segment report is not subject to audit by the independent auditors.

The Officer responsible for preparing Mediolanum S.p.A accounting documents, Luigi Del Fabbro, declares that, in compliance with the requirements of paragraph 2 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 financial information contained herein will be available on the Italian Stock Exchange website, and www.mediolanum.com under Investor Relations > Financial Data > Presentations.
The Financial Statements as at December 31, 2013 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 www.mediolanum.com, and on the Borsa Italiana S.p.A. website.
The Independent Auditors’ report will be published in the same manner, as soon as it becomes available pursuant to current applicable regulations.

The Board of Directors also approved the 2013 Social Report. For the past 8 years, this document has accompanied the Annual Report and presents data and information regarding the intangible aspects of corporate activities and their impact at the ethical, social, environmental and safety level, with the aim of providing better, deeper insight into the work, commitment and values of the Group. The Social Report also serves the purpose of highlighting Mediolanum’s contribution to sustainable development through concrete practices in the relationships with the main internal and external stakeholders.

Resignation of Director
Mediolanum S.p.A. announces that it has received the resignation today of Mr. Paolo Sciumé, non-executive Director and member of the Audit and Risk Committee.
Acknowledging Mr. Sciumé’s initiative, and on behalf of the Board of Directors and the Board of Auditors, the company would like to express warm thanks for his precious contribution and profound commitment. Furthermore the Board decided today, having conferred with the Board of Auditors, to not proceed with a replacement of the Board member and to leave any decision on the matter to the Annual General Meeting of shareholders already scheduled for April 29.
Based on the available information as per Art. 114, paragraph 7 of the Consolidated Finance Act, Mr. Sciumé does not hold directly or indirectly any Mediolanum shares.

Attachments:

^*Pursuant to Art. ‘83-terdecies’ of Leg. Decree no. 58 of February 24, 1998 (TUF) the legitimacy of the dividend payment is determined by the account information registered by the intermediary referenced in Art. ‘83-quater’ TUF as at the end of the “record date” May 21, 2014.

Basiglio - Milano 3 City, March 26, 2014

Contacts:
Media Relations
Rosamaria Salatino
Tel +39 02 9049 2027
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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