MLP SE

Investor Presentation • Nov 23, 2005

Dynamic profit growth at MLP

Nils Frowein

CFO, MLP AG

November 23rd, 2005

Business highlights Q3 2005 (1)

• y Extensive restructuring of the MLP Group completed as planned
  • y Closing of sale of life and non-life insurances
  • y Accounting profit around € 161 mln. (thereof earn-out of around € 40 mln. 2005 – 2008)
• y Strategic usage of excess cash
  • y Share buyback programme of around € 180 mln.
  • y Extra dividend of € 0.30 per share
  • y Termination of existing factoring agreements of € 115 mln.
• yBusiness unit Private Wealth Management developed as planned

Business highlights Q3 2005 (2)

• y MLP has fully adopted the changes from pension reform in Germany
  • y MLP has been the first market participant who was able to take full advantage of new products
  • y Market share in basic pension (Rürup) remains high in Q3
  • y Excellent starting position to increase market share in the future
• y Positive trend continued in Q3 as planned
  • y Total revenues +5%
  • y Revenues from brokerage business +2%
  • y EBT of continued operations +23%

Q3 revenues above previous year's level

MLP Group

Total revenues

Strong performance in the new product world

MLP continued operations

Brokerage revenues split, 9M 2005 (2004)

Strong increase in EBT of continued operations in Q3

P&L according to IFRS 5

A l l f i i € l g r e s n m n. u	Q 3 2 0 0 5	Q 3 2 0 0 4	9 M 2 0 0 5	9 M 2 0 0 4
T l t o a r e e n e s v u	1 2 7. 5	1 2 1. 2	3 4 8. 3	3 6 0 5.
E f b k x p e n s e s o r r o e r a g e	4 9. 6 -	4 3. 7 -	1 2 6. 0 -	1 3 9. 5 -
E f b k i x p e n s e s o r a n n g	3. 9 -	3. 0 -	1 0. 9 -	8. 9 -
P l e r s o n n e e x p e n s e s	1 7. 5 -	1 4. 3 -	3. 4 5 -	4 6. 1 -
D i i / A i i t t t e p r e c a o n m o r s a o n	4. 3 -	4. 4 -	1 3. 3 -	1 3. 4 -
O h i t t e r o p e r a n g e p e n s e s x	3 6. 5 -	3 9. 0 -	1 1 1. 8 -	1 0 9. 4 -
P f i f i ( E B I T ) t t r o r o m o p e r a o n s	1 5. 7	1 6. 8	3 2. 9	4 7. 7
F i t n a n c e c o s	1. 3	3. 0 -	1. 5 -	6 7. -
( ) P f i b f E B T t t r o e o r e a x	1 7. 0	1 3. 8	3 1. 4	4 0. 1
I t n c o m e a e s x	4 7. -	6. 3 -	1 0 5. -	1 7. 7 -
N f i f i d i t t t t e p r o o c o n n e o p e r a o n s u	9. 6	5 7.	1 6. 4	2 2. 4
N f i f d i i d i t t t t e p r o o s c o n n u e o p e r a o n s	1 4 2 7.	1 5.	1 8. 5 5	8. 6
N f i f i d d d i i d i t t t t t e p r o o c o n n e a n s c o n n e o p e r a o n s u u	1 5 6. 8	1 2. 6	1 4. 8 7	3 1. 0

Sale of insurance companies boosts results from discontinued operations

P&L discontinued operations

A l l f i i € l g u r e s n m n.	Q 3 2 0 0 5	Q 3 2 0 0 4	9 M 2 0 0 5	9 M 2 0 0 4
T l t o a r e v e n u e s	5 0. 1	5 0. 0	1 6 7. 2	5. 1 4 9
C h i d f d i i i t t a n g e n e e r r e a c q u s o n c o s s	5. 1	1 8. 1	4 4. 0	5 5. 1
f E i b i x p e n s e s o r n s u r a n c e u s n e s s	3 1. 5 -	0. 6 5 -	1 3 6. 0 -	1 8 5 7. -
O h t e r e x p e n s e s	5. 5 -	1 0. 4 -	2 4. 2 -	3 2. 1 -
P f i f i ( E B I T ) t t r o r o m o p e r a o n s	1 8. 3	2 7.	5 1. 0	1 1. 1
F i t n a n c e c o s	0. 1	0. 1	0. 2	0. 2
P f i b f ( E B T ) t t r o e o r e a x	1 8. 4	2 7.	5 1. 2	1 1. 3
I t n c o m e a e s x	6. 9 -	2. 1 -	1 3 7. -	2. 7 -
f i f i i i N d d t t t t e p r o o s c o n n u e o p e r a o n s	1 1. 5	5. 1	3 3. 9	8. 6
D i l l t s p o s a r e s u	1 4 4. 4		1 4 0. 5
I t n c o m e a e s x	8. 7 -		1 5. 9 -
i P d l l t- t t o s a x s p o s a r e s u	1 3 5. 7		1 2 4. 6
f i f i i i T l d d t t t t t o a n e p r o r o m s c o n n u e o p e r a o n s	1 4 7. 2	5. 1	1 5 8. 5	8. 6

Balance sheet

Balance sheet according to IFRS 5

A A l l f i i € l t s s e s g u r e s n m n. –	3 0. 0 9. 2 0 0 5	3 1. 1 2. 2 0 0 4
I i b l t t n a n g e a s s e s	2 2. 6	6 0. 3
P l d i t t t r o p e r p a n a n e q p m e n y, u	1 1 4. 1	1 1 4 7.
F i i l t n a n c a a s s e s	1 9 4. 2	2 0 4. 6
I h l d d i k f l i f i t t t t n e s m e n s e o n a c c o n a n a r s o e n s r a n c e v u u l i h l d p o c y o e r s		1, 6 4. 1 5
R i i b l e n s u r a n c e r e c e v a e s		3 0. 5
f R i b l d b k i b i e c e v a e s u e r o m a n n g u s n e s s	4 6 7. 4	3 7 1. 6
A i b l d h t t t c c o u n s r e c e v a e a n o e r a s s e s	1 1 1. 8	1 3 7. 7
C h d h i l t a s a n c a s e q u v a e n s	2 6 1. 8	1 9 1. 0
( C ) D f d i i i D A t t e e r r e a c q s o n c o s s u		3 6 5 7.
D f d t t e e r r e a a s s e s x	4 0. 4	1. 5 5
	1, 2 1 2. 3	3, 0 8 6. 2

Balance sheet

Balance sheet according to IFRS 5

S h h l d ' i d l i b i l i i A l l f i i € l t t a r e o e r s e q u y a n a e s g u r e s n m n. –	3 0. 0 9. 2 0 0 5	3 1. 1 2. 2 0 0 4
S h h l d ' i t a r e o e r s e q u y	4 4 0. 5	2 8 9. 6
I i i n s u r a n c e p r o v s o n s		4 3 1. 6
I i i f i h l d d i k f l i f t t t t n s u r a n c e p r o v s o n s o r n v e s m e n s e o n a c c o u n a n a r s o e i l i h l d n s r a n c e p o c o e r s u y		1, 6 4. 1 5
O h i i t e r p r o s o n s v	1 8 1. 4	1 9 2. 5
R i l i b i l i i t e n s r a n c e a e s u		3 6. 6
L i b i l i i d b k i b i t t a e s e o a n n g s n e s s u u	4 5 9. 9	3 5 5. 4
O h l i b i l i i t t e r a e s	1 3 0. 3	2 1 4. 8
f D d l i b i l i i t t e e r r e a a e s x	0. 2	1. 6
	1, 2 1 2. 3	3, 0 8 6. 2

Continued operations

Segment information

Consulting and Sales and Bank

A l l f i i € l g r e s n m n. u	Q 3 2 0 0 5	Q 3 2 0 0 4	9 M 2 0 0 5	9 M 2 0 0 4
S C i S l d l t t e g m e n o n s u n g a n a e s
T l t t o a s e g m e n r e e n e s v u	1 0 8. 1	1 0 4. 5	2 9 3. 9	3 1 7. 1
f f ( ) P i b E B T t t r o e o r e a x	1 6. 6	1 5. 6	3 3. 3	4 4. 7
N b i e w u s n e s s
O ( ) l d i i € b l a g e p r o v s o n n	2. 3	2. 7	4. 4	5. 9
H l h i t e a n s u r a n c e	1 2 5.	1 6 5.	3 2 7.	4 1. 6
L d t o a n s a n m o r g a g e s	2 9 9. 6	2 0 4. 0	7 7 1. 6	6 2 0. 1
f f I l i d t n o w n o u n s	2 9 0. 6	1 4 7. 0	6 2 3. 0	4 5 9. 3
F d d ( € b l ) t u n s u n e r m a n a g e m e n n			4. 9	4. 1 *
f E B T i i t o r e g n o p e r a o n s	-1 0	-1 8	-4 4	-3 5
S B k t e g m e n a n
T l t t o a s e g m e n r e v e n u e s	1 3. 8	1 2. 6	3 9. 2	3 7. 2
( ) P f i b f E B T t t r o e o r e a x	1. 6	2. 6	4. 7	6. 5

Discontinued operations

Segment information

Life and Non-life insurance

f i i A l l € l g u r e s n m n.	Q 3 2 0 0 5 *	Q 3 2 0 0 4	9 M 2 0 0 5 *	9 M 2 0 0 4
S i f i l t e g m e n e n s u r a n c e
T l t t o a s e g m e n r e v e n u e s	4 1. 2	4 2. 1	1 3 7. 0	1 2 3. 3
f f ( ) P i i E B T t t r o r o m o p e r a o n s	1 1. 4	7. 4	4 2. 4	1 6. 1
S N l i f i t e g m e n o n- e n s r a n c e u
T l t t o a s e g m e n r e v e n u e s	8. 1	1 0. 3	3 3. 2	2 9. 5
( ) P f i f i E B T t t r o r o m o p e r a o n s	2. 4	1. 7	0 5.	4. 1

* Until deconsolidation

Number of consultants increases

MLP Group

Number of consultants

• y Low fluctuation
• y Hiring new consultants slower than expected
• y Long-term client relationship requires high quality consultants
• y Expected number of consultants by the end of 2007: ~3,000

Number of clients continues to increase

MLP Group

Number of clients

y Transition year still challenging

• yCustomer growth slower than expected
• y Highly attractive German market
• y Mid-term target by the end of 2007: 825,000 customers

Summary and Outlook

• y MLP is well on track with the strategic repositioning of the company
  • y Focus on core competence of financial advice
  • y Successful entry in the market for occupational pension schemes
  • y Development of business unit Private Wealth Management
• y MLP showed great strength in Q3 compared to the industry trend
• y Advantage of focused business model became obvious
• y Attractive Riester conditions in 2005
  • y Sales and marketing campaign for Riester pension
• y Upcoming weeks will be important for year-end business
• Æ Group EBT target raised to € 110 mln. for FY 2005

Contact

MLP Investor Relations Forum 7 69126 Heidelberg Germany

Contact: Investor Relations:

Michael Pfister, Head of Communications Helmut Achatz, Head of Investor Relations Sebastian Slania, Investor Relations Manager

Tel. +49 (0) 6221 308 8320 Fax.+49 (0) 6221 308 1131 E-mail: investorrelations@mlp-ag.com

MLP Investor Relations information on the internet: Financial reports, presentations and calendar etc. under http://www.mlp.de

Disclaimer

This presentation includes certain forward-looking statements. Actual results could differ materially from those included in the forward-looking statements due to various risk factors and uncertainties, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Past performance is no guarantee for future performance. MLP AG does not undertake any responsibility to update the forward- looking statements contained in this presentation.