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MLP SE

Investor Presentation • Jun 4, 2008

289_ip_2008-06-04_58be7161-5230-4a75-bc66-b3f5622f284a.pdf

Investor Presentation

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Shaping change - Creating opportunities

Dr. Uwe Schroeder-Wildberg CEO

Deutsche BankGerman Corporate Conference June 04, 2008

Agenda

  • •MLP´s business model and KPI
  • •Market environment
  • •Growth drivers
  • •Outlook and summary

MLP Private Finance: Intelligent concepts for retirement provision, insurance coverage, investment and finance

Business model

MLP concludes 2007 with significant growth

Highlights – Results continuing operations

  • yEBIT margin of 17% emphasises high profitability
  • yCross-selling rate further improved to 6.9

Page 5

Increasing number of clients

Q1 2008: Seasonal development in the number of consultants

Total revenues growth trend

Continuing operations

Total revenues

[in € million]

* pro forma

EBIT margin has increased continuously since 2005

Continuing operations

EBIT margin

* Pro forma

Extensive profit distribution

Dividends and share buy- backs

Dividend payment

  • Share buy-backs: € 166.5 million
  • Distribution of 77% of the net profit from 2006

Extensive statutory changes

Regulatory requirements

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Independent brokers are regarded as the best partners

Effects of the regulation in Great Britain

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  • Significant fall in the number of brokers Æ rising quality
  • Consolidation in the market
  • Sustained rising sales volume
  • Clients almost exclusively choose commissions for payment
  • Independent brokers are regarded as the best providers

Independent brokers gain significant market shares

Effects of the regulation in Great Britain

Sales by channel in 1992 Sales by channel in 2006

IFA sales channel is expected to gain market share

Market share of different sales channels for life insurance products in Germany

Source: Tillinghast Sales Channel Surveys Germany 2007

* Estimate, ** incl. IFAs and multi-tied agents, *** Direct incl. internet sales

MLP is optimally prepared to meet the requirements of the future

Extensive new regulations:

  • xBrokerage guideline, MiFID, VVG
  • x Flat-rate capital gains tax, healthcare reform

Increasing competition:

x Banks and new providers are entering the market

High client requirements:

x Clients demand quality and comprehensive consultation

High complexity:

x Numerous products/high tax complexity

  • x Capability to adjust rapidly to changed framework conditions
  • x Highly developed IT systems and processes
  • xUnique positioning in the market
  • x Industry-leading education and further training
  • x High quality target group and excellent quality parameters

Æ Excellent prospects through clear positioning and targeted further development

Growth through holistic consulting approach

High revenue potential with old-age pension provisions

Potential sales revenue – MLP Finanzdienstleistungen AG per year and client

High potential in old-age pension provision

The pension level of the future – as a percentage of gross salary*

* Level of state pension according to current legislation. Selected countries. Basis for calculation: employee, aged 20 who starts full time work in 2004 and continues working up until the legal pension age (average earner).

Business segment - Occupational pensions firmly established

Occupational pensions

  • •Continuation of the positive business development
  • Around 7% share of new business in old-age pension provision, continued high growth rates
  • •Extensive cross-selling
  • •Acquisition of TPC (March 2008)
  • •Number of licensed consultants increased to 1,300
  • •MLP covers the entire spectrum of occupational pension

Market share of old-age pension provision business increased

Core competence strengthened

MLP market share

Source: Own calculations / market share measured as percentage of total annual premiums

Growth through a holistic consultancy approach

Rising revenue potential in wealth management

Potential sales revenue - MLP Finanzdienstleistungen AG per client and year

Low average age offers high potential

Targeted expansion of MLP Wealth Management

Clients by age

  • y MLP clients' income and savings quotas clearly exceed average levels
  • y The average age of an MLP client is 39
  • y Already 37 per cent of clients are older than 40
  • y The number of clients over 40 years of age will double within five years

Misallocation of financial assets in Germany

Financial assets of private households in Germany

MLP and Feri cover the whole market

Higher client penetration through transfer of know how

Wealth management strengthened

MLP and Feri

  • •Successful positioning of Feri within the MLP Group
  • •Exercise of option to take over remaining Feri stake
  • Innovative wealth management concepts with multi manager / multi asset approach launched
  • FY 2007: Proportion of revenues generated through wealth management business increased to 15.3%

ÆTarget: Further increase up to 20% until end of 2010

Increase in productivity through targeted support for the consultants

Example: Mortgages

    1. Personal consultation
    1. Customised mortgage offers
    1. Offers from several companies
    1. Innovative mortgage products
    1. Quick and simple processes
    1. Favourable terms

Requirements – MLP client Requirements – MLP consultant

    1. Support with
  • Inspection/preparation of the files
  • Collecting the documents
  • Consultation
    1. Technology/Use
  • Intuitive, current, fast
    1. Comprehensive product portfolio

Guidance 2008 reiterated

Outlook

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2008:

  • •Rapid adjustment to the new regulatory environment
  • •Gaining additional market share in old-age pension provision
  • Despite changed framework conditions, increase total revenues beyond the record figure achieved in 2007

  • Slight and one-off fall in the operating margin due to adjustment to the German Insurance Contract Law

  • •MLP had a dynamic start to 2008

  • The market is in a state of profound change due to the German Insurance Contract Law reform
  • •Adjustments to structures, processes and technology necessary
  • •Extensive training of the sales force; 10,000 training days in Q1
  • •MLP is optimally prepared to gain market share as a first mover
  • Despite changes, MLP expects total revenues for 2008 to exceed the previous year's level

Shaping change - Creating opportunities

Dr. Uwe Schroeder-Wildberg CEO

Deutsche BankGerman Corporate Conference June 04, 2008

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