MLP SE — Interim / Quarterly Report 2003

Nov 16, 2003

Conference call third quarter 2003

Further increase in productivity and efficiency

Dr. Uwe Schroeder-Wildberg, CFO

Best quarterly results this year

MLP Group at a glance

MLP is on track:

• !Pre-tax profit increased by 84% to EUR 14.1 mil.
• !Adjusted total revenues increased by 24% to EUR 261.4 mil.
• !Strongest 3rd quarter ever: Sales revenue + 27% to EUR 79.2 mil.
• !PBT 2003 confirmed
• !High demand for provision products
• !Further productivity increase

Further increase in productivity in Q3

Segment Consultation and Sales - Sales revenue per consultant (adjusted for factoring)

Continuous trend towards endowment policies

MLP Group sales revenue

MLP Group adjusted total revenue*

Third quarter 2003 review

*Adjusted for MLP-Lebensversicherung AG, Vienna (in total EUR 33.9 million) and profit neutral effects.

Profit & Loss account

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

Overview: Other operating expenses

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

Reinsurance result

i E U R i l l i n m on	Q 3 2 0 0 3	Q 3 2 0 0 2
I f ei d b i n c om e r om r n s ur e us n e s s	4 7 .5	0 .1 5	% -5
of h i ch ei i si w r n s ur an c e c om m s on	1 .3	5 .5	-7 6 %
R ei i n s ur an c e pr em um s	-5 1 .0	-5 1 .1	n. a.
T ch ni al i t t e c n er e s	-5 .7	-0 .3	n. a.
R ei ul t n s ur an c e r e s	-9 .3	-1 .4	n .a

Reconciliation of pre-tax profit

Third quarter 2003 review

(in EUR million)

Consultation & Sales segment

i E U R i l l i n m o n	Q 3 2 0 0 3	Q 3 2 0 0 2
S l a e s r e e n e v u	8 5 .0	8 1 .6	% 4
S l b f f i f 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	1 1 .3	.9 7	4 3 %
C l i t e n s	5 4 4 ,0 0 0	4 9 5 ,0 0 0	1 0 %
C l t t o n s u a n s	2 ,8 0 5	2 ,9 7 1	-6 %
f f B h i r a n c o c e s	3 6 2	3 9 0	% -7

Consultation & Sales segment

Sales revenue split

Note: Q3 2002 Results are noted in parenthesis

Other segments

Second quarter 2003 review

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

* excluding MLP-Lebensversicherung AG, Vienna

Revenues leverage profit in Q4

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.

MLP Investor Relations

MLP AG

MLP Investor Relations Forum 7 69126 Heidelberg Germany

Contact:

Investor Relations: Michael Pfister, Head of Communications Andreas Dittmar, Head of Investor Relations Sebastian Slania, Manager Investor Relations Tel. +49 (0) 6221 308 8320 Fax. +49 (0) 6221 308 1131 E-mail: investorrelations@mlp-ag.com

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