MLP SE — Interim / Quarterly Report 2004

Nov 24, 2004

Nine months 2004

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Gaining speed

24[th] November 2004

Uwe Schroeder-Wildberg, CEO Nils Frowein, CFO

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Business highlights

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• Consultant fluctuation annualised back to normal

� Increasing productivity of branch office network and consultants

� Acquiring new clients is gaining speed

• Year-end business on track

• Considering streamlining group structure

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Number of consultants is levelling off

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Segment Consultation and Sales

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----- Start of picture text ----- Clients Consultants Branch offices600,000 3,000 400589,000350579,000 2,696 2,625 321 316 303580,0002,534571,000 3002,500560,000 250200540,0001502,000100520,00050500,000 1,500 0Q1 2004 Q2 2004 Q3 2004 Q1 2004 Q2 2004 Q3 2004 Q1 2004 Q2 2004 Q3 2004----- End of picture text -----

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Strong demand for old-age provision

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New business in EUR million

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----- Start of picture text ----- Old-age provision Private health insurance Loans and mortgages Inflows into mutual(premium sum in EUR (annual premium) fundsbln.)6 5.9 55 800 50073546.545 700 -16 % 4595 +37 % 39.3 -15 % 620 450 447 +3 %4.3 600354 500 400254003 350153002 5 200 3009M 2003 9M 2004 9M 2003 9M 2004 9M 2003 9M 2004 9M 2003 9M 2004----- End of picture text -----

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Increased client penetration

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Number of clients increased to 589,000, Segment Consultation and Sales

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----- Start of picture text ----- Revenue per client in EUR Funds under management per client in EUR ‘000600 85386.6+21 % 6.2443 +6 %6400420020 09M 2003 9M 200431.12.2003 30.09.2004----- End of picture text -----

MLP-BEST VALUE program continues to bear fruits

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Consultants and branch office network becomes increasingly productive

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Segment Consultation and Sales

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----- Start of picture text ----- Revenue per branch office in EUR Revenue per consultant in EUR1,200,000 140,000125,1551,046,680120,0001,000,000+57 % 100,000 +46 %800,000 85,995666,34080,000600,00060,000400,00040,000200,00020,0000 09M 2003 9M 2004 9M 2003 9M 2004----- End of picture text -----

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Considering streamlining corporate structure

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• Opening the broker increased new business of 3rd party products

• Potential sale of Life- and Non-life insurance subsidiaries

• Details on decision still open

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Financial highlights

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• Total revenue up by 22% to EUR 431.7 million

� Net profit increased by 47% to EUR 32.1 million

� Adjusted EBIT margin of brokerage business at ≈ 20 %

• EBT forecast at EUR 85 - 90 million FY ´04

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Brokerage business drives revenues

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MLP Group total revenue, in EUR million

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----- Start of picture text ----- 350 500Revenue brokerageRevenue insurance431.7450 Revenue banking300 Other income400 22%352.8250350245.2300200185.1250 32%145.7150 15%127.1 20081.8 15010067.8 21%145.0100 124.9 16%5043.1 15% 49.7 5012.0 -3% 11.6 33.3 4% 34.50 4.3 2.7 0 9.6 7.0Q3 2003 Q3 2004 9M 2003 9M 2004----- End of picture text -----

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Strong demand for old-age provision

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Revenue from brokerage business split, nine months in EUR million

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----- Start of picture text ----- 1%2%4% (2%) (1%)(6%)4%(5%)16% Pension insurance(21%)Life insuranceOccupational disability insuranceUnit-linkedLife annuityWith profit73%(64%)----- End of picture text -----

Old-age provision Health insurance Non-life insurance Mutual funds Loans and Mortgages Other income

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Increasing revenues and cost control leverages profit

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Nine months 2004 review

Nine months 2004 review	Nine months 2004 review	Nine months 2004 review	Nine months 2004 review	Nine months 2004 review
All figures in milli
	All figures in milli	on of Euro	**9M 2004 **	9M 2003 % Change
			431.7	352.822.4%
	Change in deferred acquisition costs		55.1	53.23.6%
	Expenses for brokerage business		-133.6	-72.983.3%
	Expenses for insurance business		-90.9	-85.95.8%
	Expenses for bankingbusiness		-8.9	-8.63.5%
	Personnel expenses		-56.7	-57.4-1.2%
	Depreciation and amortisation expense		-18.8	-18.80.0%
	Other operatingexpenses		-118.1	-115.32.4%
	Profit from operations(EBIT)		59.9	47.127.2%
	Finance cost		-7.4	-8.4-11.9%
	Profit before tax(EBT)		52.5	38.735.7%
	Taxes		-20.4	-16.722.2%
	Netprofit for the	period	32.1	21.946.6%

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Brokerage drives MLP’s profit

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Nine months 2004 review, in EUR million

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----- Start of picture text ----- 80+5.0 -1.8 -5.670 +11.7 +2.4 +1.1 59.96047.150403020100EBIT Consultation Life insurance Non-Life Bank Internal Consolidation EBITand Sales insurance services and9M / 2003 admin. 9M / 2004----- End of picture text -----

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Adjusted EBIT margin improves further…

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Consultation & Sales segment

All figures in million of Euro	**9M 2004 **	9M 2003 % Change
Total segment revenue	317.1	241.231.5%
Profit from operations(EBIT)	50.6	38.930.1%
EBIT margin	16.0%	16.1%-
Restructuring costs(BEST VALUE)	12.6
Adjusted EBIT	63.2
Adjusted EBIT margin	19.9%
EBT foreign operations	-4.7	-7.5-37.3%

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Efficiency further increased

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Nine months 2004 review

ine months 2004 review	ine months 2004 review	ine months 2004 review	ine months 2004 review	ine months 2004 review
All figures in million of Euro9M 20049M 2003
	All figures in million of Euro	9M 2004	9M 2003	% Change
	Segment life insurance
	Total sement revenue	1233	1047	17.8%
	g	.	.
				17.8%
	Profit from operations(EBIT)	15.9	13.5
	IiHGB	3831	343	11.5%
	nsurancepremums()	.	.
	APE	62.6	40.0	56.5%
	FUM-unit-linked	14	12	16.7%*****
		.	.
	Segment Non-life insurance
	Ttlt	295	26	13.5%
	oa segmen revenue	.	.
	Profit from operations(EBIT)	4.1	3.036.7%
	Segment Bank
	Total segment revenue	37.2	35.25.7%
	Profit from operations(EBIT)	6.7	1.7>100%

*** 31.12.2003**

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Summary

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� MLP continues to show dynamic growth

� High profitable brokerage business

� Long lasting favourable environment

• Considering streamlining corporate structure

Substantial growth

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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.

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MLP Investor Relations

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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, Investor Relations Manager Tel. +49 (0) 6221 308 8320 Fax. +49 (0) 6221 308 1131 E-mail: investorrelations@mlp-ag.com

MLP Investor Relations information on the internet: financial reports, presentations and calendar etc. under www.mlp.de

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