MLP SE — Annual Report 2006

Feb 13, 2007

Preliminary results 2006

Nils Frowein, CFO

13th February 2007

This presentation includes certain forward-looking state ments. Actual results coulddiffer materially fr om those included in the forward-looking state ments 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 A G does not undertake any responsibility t oupdate the forw ard looking state ments contained in this presentation.

Market environment 2006

• y Old-age provisions
• yMarket recovery after weak 2005 (pension reform)
• yStepwise increase of retirement age to 67
• y Increasing willingness to invest in old-age pension provisions
• y Private health insurances
• yNegative impact from ongoing reform discussion
• yEU Insurance Mediation Directive: market consolidation

Business Highlights 2006 (1)

• y Extensive realignment of MLP Group completed
• yDisposal of MLP insurances in 2005
• yAcquisition of Feri Finance AG
• y Successful integrated sales approach
• y Strong performance in the business segments health insurance, investments as well as loans and mortgages
• yCross selling quota increased
• yNumber of consultants increased significantly

Business Highlights 2006 (2)

• y Strong momentum in year-end business in old-age provisions segment
• y32% market share in basic pensions
• y Preparations for the new EU Insurance Mediation Directive completed
• yEarnings increased significantly
• yShare buy-backs and dividend payments of around € 211m

Income 2006 slightly above previous year's level

Total income

Strong performance in the health insurance business segment

Income from brokerage business, 2006 (2005): € 473.5m (€ 467.9m)

Strong seasonality

Quarterly development of EBT in 2006

• y Back-end loaded business year
• y 49% of EBT was generated in Q4

Earnings increased significantly

Continuing operations

i € n m	Q 4 2 0 0 6	Q 5 4 2 0 0	2 0 0 6	5 2 0 0
T l t o a i n c o m e	2 1 3 0	2 1 2 7	8 8 4 5	6 3 9 5
E B I T	4 4 8	3 7 2	8 4 9	7 1. 8
F i n a n c e t c o s	0 1	0 5	5 9	1. 0 -
E B T	4 4 8	3 7 7	9 0 8	7 0 8
T a x e s	1 1. 8 -	1 3 3 -	2 6 2 -	2 8 3 -
f N i t t e p r o	3 3 1	2 4 5	6 4 6	4 2 5
S E P i € n	0 3 2	0 2 2	0 6 2	0 3 9

• yTotal income + 4%
• yEBT + 28%
• y Net profit from continuing operations + 52%
• y Impact of corporate tax asset on net profit around € 5m
• y Net profit 2006 from discontinued operations € 1.1m

Expenses developed as planned

Expenses

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

• y Expenses for banking business increased in line with income
• y Increase in personnel expenses
• y Consolidation of Feri Finance AG
• y Additional personnel (corporate pension schemes, pre-sales)

Segment overview

Segments - consulting and sales, banking and wealth management

i € n m	Q 4 2 0 0 6	Q 4 2 0 0 5	2 0 0 6	2 0 0 5
C l i d l t o n s u n g a n s a e s t s e g m e n
S i t e g m e n n c o m e	1 6 7 7	1 8 6 8	4 9 3 1	4 9 1 7
( ) E i b f E B T t a r n n g s e o r e a x e s	4 3 0	3 2 3	8 0 5	6 8 7
E B T f i i * t o r e g n o p e r a o n s	3 0 -	3 0 -	6 2 -	5 7 -
E B I T i ( i ) % m a r g n n	2 3 9	1 7 7	1 7 0	1 5 3
B k i t a n n g s e g m e n
S i t e g m e n n c o m e	1 8 4	1 8 5	0 1 7	4 9 5
E i b f ( E B T ) t a r n n g s e o r e a x e s	3 1	2 9	8 5	7 6
W l h t t e a m a n a g e m e n t s e g m e n
S i t e g m e n n c o m e	9 3	-	9 3	-
( ) E i b f E B T t a r n n g s e o r e a x e s	2 3	-	2 3	-

• y Additional segment wealth management reflects business of Feri Finance AG
• y EBIT margin of segment consulting and sales increased by 170 bp
• y Positive revenue development in foreign operations

* excluding Switzerland

Page 10

Encouraging new business figures

Development of new business

i € n m	Q 4 2 0 0 6	Q 4 2 0 0 5	2 0 0 6	2 0 0 5
N b i e w u s n e s s
O l d- i i a g e p r o v s o n ( i € b l ) n n	2 8	2 3	7. 1	6. 7
H l h i t e a n s u r a n c e	1 5 6	1 9. 2	7 1. 4	5 6. 0
L d t o a n s a n m o r g a g e s	2 5 4	2 4 5	1, 2 1 7	1, 0 1 6
I f l i f d t n o w s n o u n s	2 1 2	2 9 5	9 8 0	9 1 8
/ A d t t s s e s n e r m a n a g e m e n u ( ) l i € b l t c o n r o n n			1 0. 8	8. 3

• y Dynamic year-end business in old-age provisions
• y Arranged new business health insurances up 28%
• y Loans and mortgages up 20%

Clients

Consulting and sales segment

Revenue per client (€)*

• y36,000 new clients
• y Acquisition of new clients accelerated throughout 2006
• y Increase in number of new clients expected in 2007

Consultants

Consulting and sales segment

Revenue per consultant (€ K)*

• Number of consultants increased significantly in Q4
• yFluctuation rate still low
• y Productivity at previous year's level
• y Distorted due to the high number of new consultants in Q4 2006
• y +133 new consultants in core market Germany

Outlook 2007

• y Management focus on growth drivers
• yCore competence old-age provisions
• yRecruitment of additional consultants
• yFixed remuneration for new consultants
• y Rollout of enhanced private wealth management concepts during 1H 2007
• y Difficult market environment for health insurance business expected

• EBIT increased by 18% in 2006
• Guidance for EBIT 2007e €110m
• Further increase of 30% expected

Contact

MLP Investor RelationsAlte Heerstraße 40 69168 WieslochGermany

Contact:Investor Relations:

Helmut Achatz, Head of Investor Relations Klaus Ringel, Manager Investor Relations

Tel. +49 (0) 6222 308 8320 Fax.+49 (0) 6222 308 1131 E-mail: investorrelations@mlp.de

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