MLP SE

Investor Presentation • Apr 23, 2003

MLP AG ñ Analyst Conference 2003

Review. Insights. Outlook.

Dr. Bernhard Termühlen, Chairman and CEO Dr. Uwe Schroeder-Wildberg, CFO

Challenges in 2002

• ! Disappointing development of the world economy
• ! Long-term uncertainty regarding the conflict in Iraq
• ! Sluggish capital markets
• ! Continuing discussion concerning new tax legislation
• ! External allegations against MLP

Measures in 2002

• ! Two independent auditors certify MLP's 2002 financial statements (joint audit).
• ! Professor Küting and Professor Weber made comments on the financial statements
• ! MLP restructures its financial accounting
• ! Significant provisions and value adjustments

Achievements in 2002

• ! 505,000 clients in the premium segment
• ! MLP achieves EUR 720 commission per client* ⇒ more than other European financial services companies
• ! MLP leads in bancassurance: Cross-selling-quota is 5.1 contracts per client
• ! One third of all medical practitioners and 20% of all dentists in Germany are MLP clients

* 2002 figures

Achievements in 2002

• ! Market share Riester-policies: 5%
• ! Market share in unit-linked insurance policies: 8.5%
• ! Leading broker in new health insurance
• ! Leading broker for loans and mortgages for private clients

Client development (in thousands)

Brokered new business production figures (in EUR million)

Private Health Insurance (annual premium)

Branch offices and consultants

Branch offices

Consultants

MLP Group Key Figures

M L P G ( i E U R i l l i ) r o u p n m o n	2 0 0 2	2 0 0 1
T l R t o a e v e n u e	1 1 2 6 4 ,	1 0 4 6 6 ,
/ f P T L P i t r e a x o s s r o -	3 6 6 -	1 5 0 8
N L / P f i t t e o s s r o	4 6 7 -	9 8 9
I t t n v e s m e n s	9 0 5	4 8 5
E i t q u y	1 7 8 7	2 2 5 6

MLP Group total revenue

(in EUR million)

Breakdown of sales revenue (by business segment)

Note: 2001 Results are noted in parenthesis; adjusted by factoring-proceeds in the amount of 57.5 million EUR

Profit & Loss Account (in EUR million)

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

Overview: Other Operating Expenses

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

2002 in Review

Adjusted Pre-Tax Result (in EUR million)

Creating a Provision as a Result of Factoring

• ! Creating a provision as a result of factoring of EUR 120.1 million
• ! Turnaround of previous factoring proceeds from the old unit-linked tariff
• ! Total factoring proceeds from 1998- 2001: EUR 112 million

Planned schedule of unwinding

In EUR million reserves (not taking lapses into account)

Reinsurance Results

	M L P G r	o u p			O f h i h w c : M L P L b i h A G e e n s v e r s c e r u n g
I E U R i l l i n m o n	2 0 0 2	2 0 0 1	D i f f i e r e n c e n E U R i l l i m o n	2 0 0 2	2 0 0 1
I f i d b i * n c o m e r o m r e n s r e s n e s s u u	1 8 6. 6	2 4 0. 4	5 3. 8 -	1 6 1. 0	2 0 8. 1
R i i e n s u r a n c e p r e m u m s	2 0 0. 3 -	1 8 1. 8 -	1 8. 5 -	1 6 7 5. -	1 3 5 7. -
T h i l i t t e c n c a n e r e s	1 6. 6 -	1 2. 3 -	4. 3 -	1 5. 2 -	1 1. 1 -
R i l t e n s u r a n c e r e s u	3 0. 3 -	4 6. 3	7 6. 6 -	2 9. 8 -	3 9. 7

* Note: The received reinsurance commissions as part of Income from reinsured business declined by 85% from EUR 90.9 million to EUR 13.3 million.

Consultation & Sales Segment

M L P F i d i l i A G ( i l d i f i i ) t t t n a n z e n s e s u n g e n n c u n g o r e g n c o u n r e s	2 0 0 2	2 0 0 1	i % n
( i E U R i l l i ) n m o n
S l R a e s e v e n u e	3 6 3. 6	3 8. 8 7	4 % -
S l b f d f i / l f t t t t t e g m e n r e s u s e o r e a x e s a n p r o o s s r a n s e r	9 6. 2 -	1 1 8. 5	1 8 1 % -
B k d N B i r o e r e e w u s n e s s :
L i f I i ( i E U R b i l l i ) e n s u r a n c e p r e m u m s n o n	6. 3	6. 0	5 %
P i H l h I l i t t r v a e e a n s u r a n c e, a n n u a p r e m u m	7 4. 7	7 1. 0	5 %
P t i t t l f d a y m e n n o m u u a u n s	6 6 4	9 9 5	3 3 % -
L & t o a n s m o r g a g e s	8 9 3	1, 1 2 0	2 0 % -

Life Insurance Segment

M L P L b i h A G ( i E U R i l l i ) e e n s v e r s c e r u n g n m o n	2 0 0 2	2 0 0 1	i % n
P i I r e m u m n c o m e	4 4 3. 2	3 1. 7 5	1 9 %
I k i l i k d l i f i t t t t- n v e s m e n s o c u n n e e n s u r a n c e	8 0 0	7 6 8	4 %
P t t l t * r e- a x s e g m e n r e s u	5 1. 8	1 4. 3	2 6 2 %
( ) I b i l l i E U R t i d n o n a m o u n n s u r e
T t l d d i t i o a a o n s	3. 0	4. 2	2 9 % -
f h i h i l i k d f d l i i t- o c n n e n p o c e s w : u u	2. 4	2. 5	4 % -
B i i f u s n e s s n o r c e	1 9 7.	1 6. 1	1 1 %
f h i h i l i k d f d l i i t- o w c : u n n e u n p o c e s	1 0. 7	9. 2	1 6 %

* Including MLP Lebensversicherung AG, Wien, for the first nine months in 2002

Non-Life Insurance Segment

M L P V i h A G ( i E U R i l l i ) e r s c e r u n g n m o n	2 0 0 2	2 0 0 1	i % n
P i I r e m u m n c o m e	3 0. 3	2 3. 4	2 9 %
P l t t t r e- a s e g m e n r e s x u	1. 7	2. 8	3 9 % -
T l b f i l i i t o a n u m e r o n s u r a n c e p o c e s	3 2 4, 0 0 0	2 6 0 0 0 5,	2 2 %

Bank Segment

M L P B k A G ( i E U R i l l i ) a n n m o n	2 0 0 2	2 0 0 1	i % n
I l t t t n e r e s r e s u	7. 5	4. 4	0 % 7
C i i l t o m m s s o n r e s u	2 1. 1	2 4. 4	1 4 % -
P t t l t * r e- a x s e g m e n r e s u	2. 1	1 0. 4	8 0 % -
A t d t M L P G ( E U R b ) s s e s u n e r m a n a g e m e n r o u p n	2. 9	3. 3	1 2 % -

* The significant reduction is a result of the increase of risk provision and the declining results in the area of asset management due to the weak capital markets.

Investments for the Future

• ! Investments for the development of future growth opportunities
  • ! EUR 30.5 million: IT-Infrastructure
  • ! EUR 28.5 million: Branch Offices, Corporate Headquarters
• ! Strengthening cash flow through
  • ! Sale of MLP-Lebensversicherung, Wien

Investments for the Future

• ! Minimal financial needs through
  • ! Change of tariff for unit-linked insurance policies
  • ! Increased focus on traditional products
  • ! Highly-developed infrastructure

Strengthening of cash flow: Substantial increase in liquidity and short-term securities from EUR 56 million to EUR 97 million

Change in Financial Statements

• ! Clearer, stronger balance sheet ✔
• ! No dividends due to one-off expenses in 2002 ✔
• ! Financial strength significantly increased ✔
• ! IAS accounting standards to be implemented in 2003

Indicators from the First Quarter 2003

• ! Some 13,000 new clients
• ! 2,895 financial consultants (11% above 1Q/02 and 3% below 4Q/02 level)
• ! New business in life/ non-life, loans and inflows in mutual funds at same level or one digit percent point below strong 1Q/02 level
• ! Increasing requests for traditional life insurance
• ! New business in private health insurance 20% below 1Q/02 level

MLP's operating business is on track

Goals for 2003

Assumption: Sluggish economy continues

• ! Pre-tax profit at least EUR 65 million
• ! Moderate organic growth
• ! Increase in number of clients to 575,000
• ! Moderate increase in number of consultants to max. 3,200
• ! Dividend disbursement

MLP Remains on Track

• ! MLP acts in a dynamic growth market
• ! MLP offers a unique and comprehensive financial concept
• ! MLP focusses on an attractive target group
• ! MLP has over 500,000 clients in the premium segment
• ! MLP is known for its high quality consultation
• ! MLP offers tailored and flexible financial solutions

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.