MLP SE

Investor Presentation • May 26, 2003

Analyst conference call: first quarter 2003

Encouraging start to fiscal year 2003

Dr. Uwe Schroeder-Wildberg, CFO

MLP Group total revenue (adjusted)

First quarter 2003 review

(in EUR million)

Breakdown of sales revenue (by product lines)

First quarter 2003 review

Note: 2002 Results are noted in parenthesis

Profit & Loss account

F i 2 0 0 3 i t t r s q a r e r r e e u v w	( i i i ) E U R l l n m o n

M L P G r o p u	Q 1 2 0 0 3	Q 1 2 0 0 2	i ( ) % n
T l t o a r e e n e v u	2 3 3 7	2 4 1. 9	3 % -
M i l t t a e r a c o s s P l e r s o n n e e p e n s e s x D i i t e p r e c a o n O h i t t e r o p e r a n g e p e n s e s x E i h i i d t t p e n s e s n o e r a c c o n n g p e r o s x u E l d i t t p e n s e s r e a e o n s r a n c e r e s e r e s x u v R i i e n s r a n c e p r e m m s u u ( ) F i i t n a n c e n c o m e n e / G U l i d L i f i t t n r e a s e o s s e s a n s r o m n v e s m e n s	2 9 1 1 6 9 6 1 5 5 5 0 8 1 8 6 4 3 7 3 9 - 0 6 5 -	2 9 0 1 0 7 1 5 4 8 0 0 8 0 7 4 1. 9 0 2 - 4 5	0 % 1 % 2 0 % 1 6 % n a % 7 7 - 1 1 % 1 0 0 % < 1 0 0 % <
P f i t t r e a p r o x -	8 5	2 4 5	6 5 % -
T a x e s	3 4 -	9 5 -
N i t e n c o m e	5 1	1 5 0	6 6 % -
E i h ( D V F A ) i t a r n n g s p e r s a r e n c e n	6 1	1 4 4	5 8 % -

Overview: Other operating expenses

First quarter 2003 review

E U R i l l i n m o n	1 Q 2 0 0 3	1 Q 2 0 0 2	( ) i % n
O h i l d t t e r n s u r a n c e -r e a e e x e n s e s	1 5 9	1 3 7	1 6 %
p L f d i l f i l i k d i k t- t t t o s s e s r o m s p o s a o n n e n e s m e n s o c u v	5 9	3 2	8 4 %
S u m	2 1. 8	1 6 9	2 9 %
I T e x p e n s e s	1 3 4	1 2 2	1 0 %
C f i t o s o p r e m s e s	6 1	5 4	1 3 %
C i i t t o m m n c a o n c o s s u	3 9	3 0	3 0 %
T i i d i r a n n g a n s e m n a r s	1. 2	1. 6	2 % 5 -
O f f i l i c e s p p e s u	1. 0	1. 4	2 9 %
A d i i t e r s n g e p e n s e s v x	1. 0	1. 6	3 8 % -
C l i t o n s u n g e x p e n s e s	1. 1	1. 1	0 %
V l d j i b l t t a e a s m e n s o n r e c e a e s u u v	0 6 -	0 1	n a
f E l i t t x p e n s e s o r s a e s r e p r e s e n a v e s	1. 0	0 5	1 0 0 % -
O h t e r	5 6	4 2	3 3 %
S m u	3 3 7	3 1. 1	8 %
T l t o a	5 5 5	4 8 0	1 6 %

Reinsurance result

First quarter 2003 review

	M L P L b e e n s v e r- i h A G s c e r u n g		M L P i V h A G e r s c e r u n g		M L P L b e e n s v e r - i h A G s c e r u n g , i V e n n a		G r o	u p
i i i E U R l l n m o n	Q '0 1 3	Q '0 1 2	Q '0 1 3	Q '0 1 2	Q '0 1 3	Q '0 1 2	Q '0 1 3	Q '0 1 2
I f i d b i n c o m e r o m r e n s u r e u s n e s s	3 9 8	3 4 4	1. 3	2 0	0	6 3	4 1. 1	4 2 7
R i i e n s u r a n c e p r e m u m s	4 2 1 -	3 3 8 -	1. 7 -	2 9 -	0	2 5 -	4 3 7 -	4 1. 9 -
T h i l i t t e c n c a n e r e s	6 1 -	0	0	0	0	0 5 -	6 1 -	0 5 -
R i l t e n s r a n c e r e s u u	8 4 -	0 6	0 4 -	0 9 -	0	0 6	8 8 -	0 3

Reconciliation of pre-tax profit

First quarter 2003 review

Operating cash flow and investments

First quarter 2003 review

( ) i E U R i l l i n m o n	Q 1 2 0 0 3	Q 1 2 0 0 2	i % n
f i N t t e p r o	5 1	1 5 0	6 6 % -
i i D t + e p r e c a o n	6 1	5 1	2 0 %
I t t n v e s m e n s -	9 2 -	1 6 8 -	4 5 % -
C f h l a s o w =	2 0	3 3	3 9 % -

8

Consultation & Sales segment

First quarter 2003 review

M L P F i d i l i A G ( i l d i f i i ) t t t n a n e n s e s n g e n n c n g o r e g n c o n r e s z u u u	Q 1 2 0 0 3	Q 1 2 0 0 2	i % n
( i E U R i l l i ) n m o n
S l a e s r e v e n u e	3 8 7	8 4 7	6 % -
S f f i f l b t t t t e g m e n r e s u e o r e p r o r a n s e r	6 8	1 6 0	5 8 % -
C l i t e n s	5 1 8 0 0 0 ,	4 0 0 0 7 7 ,	9 %
C l t t o n s u a n s	2 8 9 5 ,	2 3 0 7 ,	6 %
B h f f i r a n c o c e s	3 8 8	3 4 8	1 1 %

Consultation & Sales segment Sales revenue

First quarter 2003 review

Note: 2002 Results are noted in parenthesis

Other segments

First quarter 2003 review

• ! MLP Lebensversicherung AG
  • ! Premium income EUR 112.9 million (Q1 2002: EUR 94.2 million)
  • ! Pre-tax profit EUR 1.1 million (Q1 2002: EUR 4.7 million)
• ! MLP Versicherung AG
  • ! Premium income EUR 10.1 million (Q1 2002: EUR 8.6 million)
  • ! Pre-tax profit EUR 0.7 million (Q1 2002: EUR 0.6 million)
• ! MLP Bank AG
  • ! Interest result EUR 2.1 million (Q1 2002: EUR 1.7 million)
  • ! Commission result EUR 5.3 million (Q1 2002: 5.5 million)
  • ! Pre-tax profit EUR 0.4 million (Q1 2002: EUR 1.6 million)

Summary Q1 2003

First quarter 2003 review

• ! + 13.000 new clients; in total 518,000
• ! Increased demand for traditional life insurance
• ! Adjusted total revenues +7%
• ! Pre-tax profit EUR 8.5 million

⇒ Operating business in line with plans

This presentation includes certain forward- looking statements. Actual results could differ materially from those included in the forwardlooking statements due to various risk factors and uncertainties, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchangerate 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.