MLP SE

Earnings Release • May 7, 2008

Q1 2008 Results

Andreas Dittmar, Head of Finance

7th May 2008

Overview

• yHighlights Q1 2008
• yFinancial details Q1 2008
• yClients
• yConsultants
• yOutlook and summary

Highlights Q1 2008

• y Reform of the German Insurance Contract Law came into effect on 1 January 2008
• yAround 10,000 compulsory training days in Q1
• yBasis for a rapid adjustment to the new regulatory environment
• y New business in old-age pension provision reached new record high
• ySignificant inflows into new wealth management concepts
• y Acquisition of TPC further strengthens occupational pension business
• yProposed dividend increase by 25% from € 0.40 to € 0.50 per share

Total revenues up by 9%

Total revenues

[in € million]

Revenues from old-age pension provision increased significantly

Revenues –commissions and fees, Q1 2008 (Q1 2007): € 141.0 (€ 129.3)

EBIT 18% above previous year´s level

Continuing operations

Income statement

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

• yEBIT margin 14.7% (13.6%)
• y Finance cost burdened by dividend payment to remaining Feri shareholders
• y Dividend payment to remaining Feri shareholders is not tax deductible
• y EPS €0.07 (0.10)

Q1 2008: Record high in new business for old-age pension provision

New business and AuM

Strong balance sheet

MLP Group

Dividend will increase by 25%

Dividends

Dividend payment

• y Dividend proposal € 0,50 (€ 0,40) per share
• y Dividends will be taxfree up to € 400 m
• y FY 2007: Pay-out of € 59 m (dividends and share buy-backs)

Increasing number of clients

Continuing operations

Q1 2008: Seasonal development in the number of consultants

Productivity is benchmark in the industry

Revenue per consultant

Revenue per consultant

• y Productivity increased by 8%
• y Most productive sales force in the German financial services industry

Guidance 2008 reiterated

Outlook

	2 0 0 8	M d i t e m e r m u -
R l d i e v e n u e s o -a g e p e n s o n s -
R l h t t e e n e s e a m a n a g e m e n v u w -
R h l h i t e v e n u e s e a c a r e n s u r a n c e -

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
• •Extensive training of the sales force
• •Adjustments to structures, processes and technology necessary
• •MLP is optimally prepared to gain market share as a first mover
• •Guidance for 2008 reiterated

Contact

MLP Investor RelationsAlte Heerstraße 4069168 WieslochGermany

Contact:Investor Relations:

Helmut Achatz, Head of Investor Relations Ines Kittlitz, Manager Investor Relations

Tel.: +49 (0) 6222 308 1135 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